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Mill Road Capital Management LLC

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13F filer, CIK 1512275, Greenwich, CT

Mill Road Capital Management LLC reported $192,046,048 across 25 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 83.98% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001193125-25-281910

Period
2025-09-30
Reported value
$192M
Holdings
25
Top 10 weight
83.98%
New
2
Sold out
1

Part of the filer group Mill Road Capital Management LLC

How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
FWRDnew+127,650$3.27M
RSVRadded+304,647$2.48M
QNSTadded+36,683$567K
GOadded+24,900$400K
CVEOnew+14,000$322K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
BWMNexited-88,007-$2.53M
KRPreduced-68,000-$917K
BZHreduced-1,984-$48.7K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001193125-25-281910, largest first. % of portfolio is the value over $192,046,048, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
ALTGALTA EQUIPMENT GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,213,208 shares; 2024Q4: 4,269,508 shares; 2025Q1: 4,293,208 shares; 2025Q2: 4,293,208 shares; 2025Q3: 4,293,208 shares 4,293,208$31.1M16.19%0Timeline
NVRIENVIRI CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 983,272 shares; 2024Q4: 1,795,131 shares; 2025Q1: 2,016,149 shares; 2025Q2: 2,074,849 shares; 2025Q3: 2,090,743 shares 2,090,743$26.5M13.82%+15,894Timeline
PERFORMANT HEALTHCARE INCPERFORMANT HEALTHCARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,261,675 shares; 2024Q4: 3,261,675 shares; 2025Q1: 3,261,675 shares; 2025Q2: 3,261,675 shares; 2025Q3: 3,261,675 shares 3,261,675$25.2M13.13%0
BZHBEAZER HOMES USA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 368,069 shares; 2024Q4: 666,058 shares; 2025Q1: 816,458 shares; 2025Q2: 816,458 shares; 2025Q3: 814,474 shares 814,474$20M10.41%-1,984Timeline
MGMISTRAS GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,599,145 shares; 2024Q4: 1,724,482 shares; 2025Q1: 1,667,681 shares; 2025Q2: 1,667,681 shares; 2025Q3: 1,672,381 shares 1,672,381$16.5M8.57%+4,700Timeline
NGSNATURAL GAS SVCS GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 921,508 shares; 2024Q4: 792,799 shares; 2025Q1: 404,745 shares; 2025Q2: 404,745 shares; 2025Q3: 404,745 shares 404,745$11.3M5.9%0Timeline
BXCBLUELINX HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 142,297 shares; 2024Q4: 117,864 shares; 2025Q1: 117,864 shares; 2025Q2: 127,864 shares; 2025Q3: 127,864 shares 127,864$9.34M4.87%0Timeline
KRPKIMBELL RTY PARTNERS LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,246,477 shares; 2024Q4: 912,298 shares; 2025Q1: 902,198 shares; 2025Q2: 676,195 shares; 2025Q3: 608,195 shares 608,195$8.2M4.27%-68,000Timeline
PLABPHOTRONICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 223,400 shares; 2025Q2: 324,620 shares; 2025Q3: 324,620 shares 324,620$7.45M3.88%0Timeline
QNSTQUINSTREET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 499,505 shares; 2024Q4: 363,400 shares; 2025Q1: 303,596 shares; 2025Q2: 329,996 shares; 2025Q3: 366,679 shares 366,679$5.67M2.95%+36,683Timeline
NOODLES & CONOODLES & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,965,291 shares; 2024Q4: 6,965,291 shares; 2025Q1: 6,965,291 shares; 2025Q2: 6,965,291 shares; 2025Q3: 6,965,291 shares 6,965,291$4.43M2.31%0
LCUTLIFETIME BRANDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,065,810 shares; 2024Q4: 1,065,810 shares; 2025Q1: 1,065,810 shares; 2025Q2: 1,065,810 shares; 2025Q3: 1,065,810 shares 1,065,810$4.12M2.15%0Timeline
ZIMVIE INCZIMVIE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 100,453 shares; 2025Q1: 187,430 shares; 2025Q2: 187,430 shares; 2025Q3: 187,430 shares 187,430$3.55M1.85%0
FWRDFORWARD AIR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 127,650 shares 127,650$3.27M1.7%newTimeline
TRUETRUECAR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,723,800 shares; 2024Q4: 1,723,800 shares; 2025Q1: 1,723,800 shares; 2025Q2: 1,723,800 shares; 2025Q3: 1,723,800 shares 1,723,800$3.17M1.65%0Timeline
BBCPCONCRETE PUMPING HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,070,405 shares; 2024Q4: 1,070,405 shares; 2025Q1: 429,005 shares; 2025Q2: 429,005 shares; 2025Q3: 429,005 shares 429,005$3.02M1.57%0Timeline
CNTYCENTURY CASINOS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,095,900 shares; 2024Q4: 1,095,900 shares; 2025Q1: 1,095,900 shares; 2025Q2: 1,095,900 shares; 2025Q3: 1,095,900 shares 1,095,900$2.86M1.49%0Timeline
RSVRRESERVOIR MEDIA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 23,099 shares; 2025Q3: 327,746 shares 327,746$2.67M1.39%+304,647Timeline
CULPCULP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 324,669 shares; 2024Q4: 324,669 shares; 2025Q1: 324,669 shares; 2025Q2: 324,669 shares; 2025Q3: 324,669 shares 324,669$1.45M0.75%0Timeline
TTAMTITAN AMER SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 38,100 shares; 2025Q3: 47,100 shares 47,100$704K0.37%+9,000Timeline
GOGROCERY OUTLET HLDG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 10,000 shares; 2025Q3: 34,900 shares 34,900$560K0.29%+24,900Timeline
BLBDBLUE BIRD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 5,800 shares; 2025Q3: 5,800 shares 5,800$334K0.17%0Timeline
CVEOCIVEO CORP CDAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 14,000 shares 14,000$322K0.17%newTimeline
AIOTPOWERFLEET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 15,000 shares; 2025Q3: 15,000 shares 15,000$78.6K0.04%0Timeline

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

SecurityTypeAmountValueChange
INOTIV INCINOTIV INC Convertible Bondprincipal1,000,000$222K0

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
BWMNBOWMAN CONSULTING GROUP LTD88,007$2.53Mshares

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001193125-25-281910 base2025-11-14acceptance time not in the bulk data set