Mill Road Capital Management LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Mill Road Capital Management LLC reported 23 stock positions worth $155.9 million. Its top holding was Alta Equipment (ALTG) at 17.4% of the portfolio, followed by Beazer Homes USA (BZH, 11.7%) and Enviri (NVRI, 11.6%). Compared with Q1 2025, it opened 5 new positions, sold out of 6, added to 4 and reduced 2. The biggest buy was Enviri (NVRI, shares +3%) and the biggest sale an exit from Landsea Homes (LSEA).

Most Recent 13F
Q2 2026
Location
Greenwich, CT
CIK
0001512275
Portfolio Value
$155.9M (Q2 2025)
SEC Filing
0000950123-25-008240 ↗ filed Aug 14, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $229.5M Q1 2024 Q2 2024: $187.2M Q2 2024 Q3 2024: $210.0M Q3 2024 Q4 2024: $207.9M Q4 2024 Q1 2025: $176.3M Q1 2025 Q2 2025: $155.9M $155.9M Q2 2025 Q3 2025: $191.8M Q3 2025 Q4 2025: $168.1M Q4 2025 Q1 2026: $190.6M Q1 2026 Q2 2026: $202.5M Q2 2026

Holdings 23 stocks · $155.9M
ALTG Alta Equipment Group Inc. 17.40% 4,293,208 $27.1M No change
BZH Beazer Homes USA Inc. 11.71% 816,458 $18.3M No change
NVRI Enviri Corp. 11.55% 2,074,849 $18.0M Add +2.9%
MG Mistras Group Inc. 8.57% 1,667,681 $13.4M No change
PHLT Performant Healthcare Inc. 8.37% 3,261,675 $13.0M No change
NGS Natural Gas Services Group 6.70% 404,745 $10.4M No change
BXC Bluelinx Holdings Inc. 6.10% 127,864 $9.5M Add +8.5%
KRP Kimbell Royalty Partners LP 6.05% 676,195 $9.4M Reduce -25.1%
PLAB Photronics Inc. 3.92% 324,620 $6.1M Add +45.3%
LCUT Lifetime Brands Inc. 3.49% 1,065,810 $5.4M No change
QNST Quinstreet Inc. 3.41% 329,996 $5.3M Add +8.7%
NDLS Noodles & Co. 3.18% 6,965,291 $5.0M No change
TRUE Truecar Inc. 2.10% 1,723,800 $3.3M No change
BBCP Concrete Pumping Holdings Inc. 1.69% 429,005 $2.6M No change
BWMN Bowman Consulting Group Ltd. 1.62% 88,007 $2.5M Reduce -3.4%
CNTY Century Casinos Inc. 1.49% 1,095,900 $2.3M No change
ZIMV Zimvie Inc. 1.12% 187,430 $1.8M No change
CULP Culp Inc. 0.82% 324,669 $1.3M No change
TTAM Titan America SA 0.30% 38,100 $475K New
BLBD Blue Bird Corp. 0.16% 5,800 $250K New
RSVR Reservoir Media Inc. 0.11% 23,099 $177K New
GO Grocery Outlet Holding Corp. 0.08% 10,000 $124K New
AIOT Powerfleet Inc. 0.04% 15,000 $65K New
Other holdings (1): bonds, preferreds, convertibles and warrants · $239K (not counted above)
SecurityClassShares / PrincipalValueChange
INOTIV INC (NOTV 3.25 10/15/27) NOTE 3.250%10/1 · principal 1,000,000$239KNew

Total filed on the 13F, all lines: $156.2M.

Portfolio Sells Q1 2025 → Q2 2025
LSEA Landsea Homes Corp. Sold out 0.00% −9.54
SSUP Superior Industries Intl Sold out 0.00% −5.29
ACEL Accel Entertainment Inc. Sold out 0.00% −1.61
FWRD Forward Air Corp. Sold out 0.00% −1.45
KRP Kimbell Royalty Partners LP Reduce -25.1% 6.05% −1.11
ALNT Allient Inc. Sold out 0.00% −0.62
INOTIV INC (NOTV 3.25 10/15/27) Sold out 0.00% −0.19
BWMN Bowman Consulting Group Ltd. Reduce -3.4% 1.62% +0.49

Portfolio Buys Q1 2025 → Q2 2025
NVRI Enviri Corp. Add +2.9% 11.55% +3.94
PLAB Photronics Inc. Add +45.3% 3.92% +1.29
BXC Bluelinx Holdings Inc. Add +8.5% 6.10% +1.09
QNST Quinstreet Inc. Add +8.7% 3.41% +0.34
TTAM Titan America SA New 0.30% +0.30
BLBD Blue Bird Corp. New 0.16% +0.16
RSVR Reservoir Media Inc. New 0.11% +0.11
GO Grocery Outlet Holding Corp. New 0.08% +0.08
AIOT Powerfleet Inc. New 0.04% +0.04

Notes & Other Activity Q1 2025 → Q2 2025
INOTIV INC (NOTV 3.25 10/15/27) NOTE 3.250%10/1 · principal New 1,000,000 $239K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 22$202.5MMG, ALTG, GO, BZH, NVRI
Q1 2026 23$190.6MNVRI, MG, ALTG, GO, BZH
Q4 2025 22$168.1MNVRI, MG, ALTG, BZH, GO
Q3 2025 24$191.8MALTG, NVRI, PHLT, BZH, MG
Q2 2025 23$155.9MALTG, BZH, NVRI, MG, PHLT
Q1 2025 24$176.3MALTG, MG, LSEA, BZH, NVRI
Q4 2024 24$207.9MALTG, NGS, BZH, MG, LSEA
Q3 2024 23$210.0MALTG, KRP, MG, NGS, BXC
Q2 2024 20$187.2MALTG, KRP, NGS, SSUP, MG
Q1 2024 22$229.5MALTG, KRP, NGS, BXC, MG