Mill Road Capital Management LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Mill Road Capital Management LLC reported 22 stock positions worth $168.1 million. Its top holding was Enviri (NVRI) at 22.3% of the portfolio, followed by Mistras (MG, 12.6%) and Alta Equipment (ALTG, 11.7%). Compared with Q3 2025, it opened 1 new position, sold out of 3, added to 9 and reduced 4. The biggest buy was Grocery Outlet (GO, shares +2741%) and the biggest sale an exit from Performant Healthcare (PHLT).

Most Recent 13F
Q2 2026
Location
Greenwich, CT
CIK
0001512275
Portfolio Value
$168.1M (Q4 2025)
SEC Filing
0001193125-26-053630 ↗ filed Feb 17, 2026

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 Q3 2025 Q4 2025: $168.1M $168.1M Q4 2025 Q1 2026: $190.6M Q1 2026 Q2 2026: $202.5M Q2 2026

Holdings 22 stocks · $168.1M
NVRI Enviri Corp. 22.29% 2,090,743 $37.5M No change
MG Mistras Group Inc. 12.59% 1,672,681 $21.2M Add +0.0%
ALTG Alta Equipment Group Inc. 11.75% 4,293,208 $19.7M No change
BZH Beazer Homes USA Inc. 10.06% 834,474 $16.9M Add +2.5%
GO Grocery Outlet Holding Corp. 5.96% 991,493 $10.0M Add +2740.9%
BXC Bluelinx Holdings Inc. 4.93% 134,964 $8.3M Add +5.5%
RSVR Reservoir Media Inc. 4.62% 1,025,432 $7.8M Add +212.9%
QNST Quinstreet Inc. 4.44% 518,879 $7.5M Add +41.5%
KRP Kimbell Royalty Partners LP 3.77% 538,195 $6.3M Reduce -11.5%
NDLS Noodles & Co. 2.93% 6,965,291 $4.9M No change
LCUT Lifetime Brands Inc. 2.50% 1,065,810 $4.2M No change
FWRD Forward Air Corp. 2.49% 167,650 $4.2M Add +31.3%
NGS Natural Gas Services Group 2.18% 109,000 $3.7M Reduce -73.1%
MATW Matthews Intl Corp. Class A 2.05% 131,615 $3.4M New
BBCP Concrete Pumping Holdings Inc. 1.72% 430,805 $2.9M Add +0.4%
PLAB Photronics Inc. 1.53% 80,200 $2.6M Reduce -75.3%
CVEO Civeo Corp. 1.25% 91,676 $2.1M Add +554.8%
TRUE Truecar Inc. 1.19% 886,075 $2.0M Reduce -48.6%
CNTY Century Casinos Inc. 0.87% 1,095,900 $1.5M No change
CULP Culp Inc. 0.69% 324,669 $1.2M No change
BLBD Blue Bird Corp. 0.16% 5,800 $273K No change
AIOT Powerfleet Inc. 0.05% 15,000 $80K No change
Other holdings (1): bonds, preferreds, convertibles and warrants · $232K (not counted above)
SecurityClassShares / PrincipalValueChange
INOTIV INC (NOTV 3.25 10/15/27) NOTE 3.250%10/1 · principal 1,000,000$232KNo change

Total filed on the 13F, all lines: $168.3M.

Portfolio Sells Q3 2025 → Q4 2025
PHLT Performant Healthcare Inc. Sold out 0.00% −13.14
NGS Natural Gas Services Group Reduce -73.1% 2.18% −3.72
PLAB Photronics Inc. Reduce -75.3% 1.53% −2.36
ZIMV Zimvie Inc. Sold out 0.00% −1.85
KRP Kimbell Royalty Partners LP Reduce -11.5% 3.77% −0.51
TRUE Truecar Inc. Reduce -48.6% 1.19% −0.46
TTAM Titan America SA Sold out 0.00% −0.37

Portfolio Buys Q3 2025 → Q4 2025
GO Grocery Outlet Holding Corp. Add +2740.9% 5.96% +5.67
MG Mistras Group Inc. Add +0.0% 12.59% +4.01
RSVR Reservoir Media Inc. Add +212.9% 4.62% +3.23
MATW Matthews Intl Corp. Class A New 2.05% +2.05
QNST Quinstreet Inc. Add +41.5% 4.44% +1.48
CVEO Civeo Corp. Add +554.8% 1.25% +1.08
FWRD Forward Air Corp. Add +31.3% 2.49% +0.79
BBCP Concrete Pumping Holdings Inc. Add +0.4% 1.72% +0.14
BXC Bluelinx Holdings Inc. Add +5.5% 4.93% +0.06
BZH Beazer Homes USA Inc. Add +2.5% 10.06% −0.36

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