Mill Road Capital Management LLC In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Mill Road Capital Management LLC reported 24 stock positions worth $176.3 million . Its top holding was Alta Equipment (ALTG) at 11.4% of the portfolio, followed by Mistras (MG, 10.0% ) and Landsea Homes (LSEA, 9.5% ). Compared with Q4 2024, it opened 3 new positions, sold out of 3, added to 5 and reduced 5. The biggest buy was a new position in Photronics (PLAB) and the biggest sale Natural Gas Services (NGS, shares −49% ).
Location Greenwich, CT
CIK 0001512275
Portfolio Value $176.3M (Q1 2025) Holdings 24 stocks · $176.3M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 ALTG Alta Equipment Group Inc. 4,293,208 $20.1M Add +0.6% MG Mistras Group Inc. 1,667,681 $17.6M Reduce -3.3% LSEA Landsea Homes Corp. 2,618,987 $16.8M Add +44.0% BZH Beazer Homes USA Inc. 816,458 $16.6M Add +22.6% NVRI Enviri Corp. 2,016,149 $13.4M Add +12.3% KRP Kimbell Royalty Partners LP 902,198 $12.6M Reduce -1.1% PHLT Performant Healthcare Inc. 3,261,675 $9.7M No change SSUP Superior Industries Intl 4,380,940 $9.3M No change NGS Natural Gas Services Group 404,745 $8.9M Reduce -49.0% BXC Bluelinx Holdings Inc. 117,864 $8.8M No change NDLS Noodles & Co. 6,965,291 $7.6M No change QNST Quinstreet Inc. 303,596 $5.4M Reduce -16.5% LCUT Lifetime Brands Inc. 1,065,810 $5.3M No change PLAB Photronics Inc. 223,400 $4.6M New ACEL Accel Entertainment Inc. 285,485 $2.8M No change TRUE Truecar Inc. 1,723,800 $2.7M No change FWRD Forward Air Corp. 127,650 $2.6M No change BBCP Concrete Pumping Holdings Inc. 429,005 $2.3M Reduce -59.9% ZIMV Zimvie Inc. 187,430 $2.0M Add +86.6% BWMN Bowman Consulting Group Ltd. 91,107 $2.0M New CNTY Century Casinos Inc. 1,095,900 $1.9M No change CULP Culp Inc. 324,669 $1.6M No change ALNT Allient Inc. 50,000 $1.1M No change INOTIV INC (NOTV 3.25 10/15/27) 1,000,000 $333K New
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ NGS Natural Gas Services Group Reduce -49.0% 5.04% −5.18 BBCP Concrete Pumping Holdings Inc. Reduce -59.9% 1.33% −2.10 QNST Quinstreet Inc. Reduce -16.5% 3.07% −0.96 ATRO Astronics Corp. Sold out 0.00% −0.73 ARHS Arhaus Inc. Sold out 0.00% −0.22 MRC MRC Global Inc. Sold out 0.00% −0.21 KRP Kimbell Royalty Partners LP Reduce -1.1% 7.17% +0.04 MG Mistras Group Inc. Reduce -3.3% 10.01% +2.49
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ PLAB Photronics Inc. New 2.63% +2.63 LSEA Landsea Homes Corp. Add +44.0% 9.54% +2.11 BWMN Bowman Consulting Group Ltd. New 1.13% +1.13 NVRI Enviri Corp. Add +12.3% 7.61% +0.96 BZH Beazer Homes USA Inc. Add +22.6% 9.44% +0.65 ZIMV Zimvie Inc. Add +86.6% 1.15% +0.47 INOTIV INC (NOTV 3.25 10/15/27) New 0.19% +0.19 ALTG Alta Equipment Group Inc. Add +0.6% 11.42% −2.01
Notes & Other Activity Q4 2024 → Q1 2025 Security Class Change vs Q4 2024 Shares / Principal Value ▼ INOTIV INC (NOTV 3.25 10/15/27) NOTE 3.250%10/1 · principal Sold out 1,000,000 $353Kbefore exit
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 22 $202.5M MG, ALTG, GO, BZH, NVRI Q1 2026 23 $190.6M NVRI, MG, ALTG, GO, BZH Q4 2025 22 $168.1M NVRI, MG, ALTG, BZH, GO Q3 2025 24 $191.8M ALTG, NVRI, PHLT, BZH, MG Q2 2025 23 $155.9M ALTG, BZH, NVRI, MG, PHLT Q1 2025 24 $176.3M ALTG, MG, LSEA, BZH, NVRI Q4 2024 24 $207.9M ALTG, NGS, BZH, MG, LSEA Q3 2024 23 $210.0M ALTG, KRP, MG, NGS, BXC Q2 2024 20 $187.2M ALTG, KRP, NGS, SSUP, MG Q1 2024 22 $229.5M ALTG, KRP, NGS, BXC, MG