Mill Road Capital Management LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Mill Road Capital Management LLC reported 24 stock positions worth $191.8 million. Its top holding was Alta Equipment (ALTG) at 16.2% of the portfolio, followed by Enviri (NVRI, 13.8%) and Performant Healthcare (PHLT, 13.1%). Compared with Q2 2025, it opened 2 new positions, sold out of 1, added to 6 and reduced 2. The biggest buy was Enviri (NVRI, shares +1%) and the biggest sale Kimbell Royalty Partners (KRP, shares −10%).

Most Recent 13F
Q2 2026
Location
Greenwich, CT
CIK
0001512275
Portfolio Value
$191.8M (Q3 2025)
SEC Filing
0001193125-25-281910 ↗ filed Nov 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 Q2 2025 Q3 2025: $191.8M $191.8M Q3 2025 Q4 2025: $168.1M Q4 2025 Q1 2026: $190.6M Q1 2026 Q2 2026: $202.5M Q2 2026

Holdings 24 stocks · $191.8M
ALTG Alta Equipment Group Inc. 16.20% 4,293,208 $31.1M No change
NVRI Enviri Corp. 13.83% 2,090,743 $26.5M Add +0.8%
PHLT Performant Healthcare Inc. 13.14% 3,261,675 $25.2M No change
BZH Beazer Homes USA Inc. 10.42% 814,474 $20.0M Reduce -0.2%
MG Mistras Group Inc. 8.58% 1,672,381 $16.5M Add +0.3%
NGS Natural Gas Services Group 5.91% 404,745 $11.3M No change
BXC Bluelinx Holdings Inc. 4.87% 127,864 $9.3M No change
KRP Kimbell Royalty Partners LP 4.28% 608,195 $8.2M Reduce -10.1%
PLAB Photronics Inc. 3.88% 324,620 $7.5M No change
QNST Quinstreet Inc. 2.96% 366,679 $5.7M Add +11.1%
NDLS Noodles & Co. 2.31% 6,965,291 $4.4M No change
LCUT Lifetime Brands Inc. 2.15% 1,065,810 $4.1M No change
ZIMV Zimvie Inc. 1.85% 187,430 $3.5M No change
FWRD Forward Air Corp. 1.71% 127,650 $3.3M New
TRUE Truecar Inc. 1.65% 1,723,800 $3.2M No change
BBCP Concrete Pumping Holdings Inc. 1.58% 429,005 $3.0M No change
CNTY Century Casinos Inc. 1.49% 1,095,900 $2.9M No change
RSVR Reservoir Media Inc. 1.39% 327,746 $2.7M Add +1318.9%
CULP Culp Inc. 0.75% 324,669 $1.4M No change
TTAM Titan America SA 0.37% 47,100 $704K Add +23.6%
GO Grocery Outlet Holding Corp. 0.29% 34,900 $560K Add +249.0%
BLBD Blue Bird Corp. 0.17% 5,800 $334K No change
CVEO Civeo Corp. 0.17% 14,000 $322K New
AIOT Powerfleet Inc. 0.04% 15,000 $79K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $222K (not counted above)
SecurityClassShares / PrincipalValueChange
INOTIV INC (NOTV 3.25 10/15/27) NOTE 3.250%10/1 · principal 1,000,000$222KNo change

Total filed on the 13F, all lines: $192.0M.

Portfolio Sells Q2 2025 → Q3 2025
KRP Kimbell Royalty Partners LP Reduce -10.1% 4.28% −1.78
BWMN Bowman Consulting Group Ltd. Sold out 0.00% −1.62
BZH Beazer Homes USA Inc. Reduce -0.2% 10.42% −1.29

Portfolio Buys Q2 2025 → Q3 2025
NVRI Enviri Corp. Add +0.8% 13.83% +2.28
FWRD Forward Air Corp. New 1.71% +1.71
RSVR Reservoir Media Inc. Add +1318.9% 1.39% +1.28
GO Grocery Outlet Holding Corp. Add +249.0% 0.29% +0.21
CVEO Civeo Corp. New 0.17% +0.17
TTAM Titan America SA Add +23.6% 0.37% +0.06
MG Mistras Group Inc. Add +0.3% 8.58% +0.01
QNST Quinstreet Inc. Add +11.1% 2.96% −0.45

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