Mill Road Capital Management LLC

Name: Mill Road Capital Management LLC 13F holdings, Q1 2026
Creator: Mill Road Capital Management LLC
Published: 2026-05-15

Q2 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Mill Road Capital Management LLC reported 23 stock positions worth $190.6 million. Its top holding was Enviri (NVRI) at 21.5% of the portfolio, followed by Mistras (MG, 14.5%) and Alta Equipment (ALTG, 12.3%). Compared with Q4 2025, it opened 3 new positions, sold out of 2, added to 8 and reduced 3. The biggest buy was a new position in Bowman Consulting (BWMN) and the biggest sale an exit from Natural Gas Services (NGS).

Most Recent 13F: Q2 2026
Location: Greenwich, CT
CIK: 0001512275
Portfolio Value: $190.6M (Q1 2026)
SEC Filing: 0001193125-26-225515 ↗ filed May 15, 2026

Holdings Value

Holdings 23 stocks · $190.6M


NVRI Enviri Corp.	21.52%	2,090,743	$41.0M	No change
MG Mistras Group Inc.	14.51%	1,870,580	$27.6M	Add +11.8%
ALTG Alta Equipment Group Inc.	12.32%	4,373,208	$23.5M	Add +1.9%
GO Grocery Outlet Holding Corp.	8.77%	2,370,897	$16.7M	Add +139.1%
BZH Beazer Homes USA Inc.	8.46%	838,035	$16.1M	Add +0.4%
NDLS Noodles & Co.	3.91%	870,660	$7.4M	Reduce -87.5%
BXC Bluelinx Holdings Inc.	3.84%	134,964	$7.3M	No change
QNST Quinstreet Inc.	3.27%	518,879	$6.2M	No change
LCUT Lifetime Brands Inc.	3.21%	1,065,810	$6.1M	No change
BWMN Bowman Consulting Group Ltd.	3.14%	210,333	$6.0M	New
RSVR Reservoir Media Inc.	2.88%	560,658	$5.5M	Reduce -45.3%
MATW Matthews Intl Corp. Class A	2.34%	172,715	$4.5M	Add +31.2%
FWRD Forward Air Corp.	1.99%	226,750	$3.8M	Add +35.3%
PLAB Photronics Inc.	1.70%	80,200	$3.2M	No change
KRP Kimbell Royalty Partners LP	1.68%	221,295	$3.2M	Reduce -58.9%
BBCP Concrete Pumping Holdings Inc.	1.61%	430,805	$3.1M	No change
ARHS Arhaus Inc.	1.44%	403,900	$2.7M	New
CVEO Civeo Corp.	1.41%	101,738	$2.7M	Add +11.0%
CNTY Century Casinos Inc.	0.80%	1,095,900	$1.5M	No change
PZZA Papa John's Intl Inc.	0.54%	31,900	$1.0M	New
CULP Culp Inc.	0.47%	324,669	$890K	No change
BLBD Blue Bird Corp.	0.17%	5,800	$329K	No change
AIOT Powerfleet Inc.	0.02%	15,100	$47K	Add +0.7%

Other holdings (1): bonds, preferreds, convertibles and warrants · $235K (not counted above)

Security	Class	Shares / Principal	Value	Change
INOTIV INC (NOTV 3.25 10/15/27)	NOTE 3.250%10/1 · principal	1,000,000	$235K	No change

Total filed on the 13F, all lines: $190.8M.

Portfolio Sells Q4 2025 → Q1 2026


NGS Natural Gas Services Group	Sold out	0.00%	−2.18
KRP Kimbell Royalty Partners LP	Reduce -58.9%	1.68%	−2.09
RSVR Reservoir Media Inc.	Reduce -45.3%	2.88%	−1.74
TRUE Truecar Inc.	Sold out	0.00%	−1.19
NDLS Noodles & Co.	Reduce -87.5%	3.91%	+0.98

Portfolio Buys Q4 2025 → Q1 2026


BWMN Bowman Consulting Group Ltd.	New	3.14%	+3.14
GO Grocery Outlet Holding Corp.	Add +139.1%	8.77%	+2.81
MG Mistras Group Inc.	Add +11.8%	14.51%	+1.92
ARHS Arhaus Inc.	New	1.44%	+1.44
ALTG Alta Equipment Group Inc.	Add +1.9%	12.32%	+0.57
PZZA Papa John's Intl Inc.	New	0.54%	+0.54
MATW Matthews Intl Corp. Class A	Add +31.2%	2.34%	+0.29
CVEO Civeo Corp.	Add +11.0%	1.41%	+0.17
AIOT Powerfleet Inc.	Add +0.7%	0.02%	−0.02
FWRD Forward Air Corp.	Add +35.3%	1.99%	−0.51
BZH Beazer Homes USA Inc.	Add +0.4%	8.46%	−1.60

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