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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 $168,320,575 across 23 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 83.21% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001193125-26-053630

Period
2025-12-31
Reported value
$168M
Holdings
23
Top 10 weight
83.21%
New
1
Sold out
3

Part of the filer group Mill Road Capital Management LLC

How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
GOadded+956,593$9.66M
RSVRadded+697,686$5.28M
MATWnew+131,615$3.44M
QNSTadded+152,200$2.19M
CVEOadded+77,676$1.78M

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
PERFORMANT HEALTHCARE INCexited-3,261,675-$25.2M
NGSreduced-295,745-$9.95M
PLABreduced-244,420-$7.82M
ZIMVIE INCexited-187,430-$3.55M
TRUEreduced-837,725-$1.89M

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, Q4 2025

Share positions as resolved from 13F-HR 0001193125-26-053630, largest first. % of portfolio is the value over $168,320,575, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
NVRIENVIRI CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,090,743 shares 2,090,743$37.5M22.26%0Timeline
MGMISTRAS GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,672,681 shares 1,672,681$21.2M12.57%+300Timeline
ALTGALTA EQUIPMENT GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 4,293,208 shares 4,293,208$19.7M11.73%0Timeline
BZHBEAZER HOMES USA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 368,069 shares; 2024Q4: 666,058 shares; 2025Q1: 816,458 shares; 2025Q2: 816,458 shares; 2025Q3: 814,474 shares; 2025Q4: 834,474 shares 834,474$16.9M10.05%+20,000Timeline
GOGROCERY OUTLET HLDG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 10,000 shares; 2025Q3: 34,900 shares; 2025Q4: 991,493 shares 991,493$10M5.95%+956,593Timeline
BXCBLUELINX HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 142,297 shares; 2024Q4: 117,864 shares; 2025Q1: 117,864 shares; 2025Q2: 127,864 shares; 2025Q3: 127,864 shares; 2025Q4: 134,964 shares 134,964$8.29M4.93%+7,100Timeline
RSVRRESERVOIR MEDIA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 23,099 shares; 2025Q3: 327,746 shares; 2025Q4: 1,025,432 shares 1,025,432$7.76M4.61%+697,686Timeline
QNSTQUINSTREET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 499,505 shares; 2024Q4: 363,400 shares; 2025Q1: 303,596 shares; 2025Q2: 329,996 shares; 2025Q3: 366,679 shares; 2025Q4: 518,879 shares 518,879$7.46M4.43%+152,200Timeline
KRPKIMBELL RTY PARTNERS LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 538,195 shares 538,195$6.33M3.76%-70,000Timeline
NOODLES & CONOODLES & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 6,965,291 shares 6,965,291$4.92M2.92%0
LCUTLIFETIME BRANDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,065,810 shares 1,065,810$4.21M2.5%0Timeline
FWRDFORWARD AIR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 127,650 shares; 2025Q4: 167,650 shares 167,650$4.19M2.49%+40,000Timeline
NGSNATURAL GAS SVCS GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 921,508 shares; 2024Q4: 792,799 shares; 2025Q1: 404,745 shares; 2025Q2: 404,745 shares; 2025Q3: 404,745 shares; 2025Q4: 109,000 shares 109,000$3.67M2.18%-295,745Timeline
MATWMATTHEWS INTL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 131,615 shares 131,615$3.44M2.04%newTimeline
BBCPCONCRETE PUMPING HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 430,805 shares 430,805$2.89M1.72%+1,800Timeline
PLABPHOTRONICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 223,400 shares; 2025Q2: 324,620 shares; 2025Q3: 324,620 shares; 2025Q4: 80,200 shares 80,200$2.57M1.52%-244,420Timeline
CVEOCIVEO CORP CDAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 14,000 shares; 2025Q4: 91,676 shares 91,676$2.1M1.25%+77,676Timeline
TRUETRUECAR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 886,075 shares 886,075$2M1.19%-837,725Timeline
CNTYCENTURY CASINOS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,095,900 shares 1,095,900$1.46M0.87%0Timeline
CULPCULP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 324,669 shares; 2024Q4: 324,669 shares; 2025Q1: 324,669 shares; 2025Q2: 324,669 shares; 2025Q3: 324,669 shares; 2025Q4: 324,669 shares 324,669$1.16M0.69%0Timeline
BLBDBLUE BIRD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 5,800 shares; 2025Q3: 5,800 shares; 2025Q4: 5,800 shares 5,800$273K0.16%0Timeline
AIOTPOWERFLEET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 15,000 shares; 2025Q3: 15,000 shares; 2025Q4: 15,000 shares 15,000$79.8K0.05%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$232K0

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
PERFORMANT HEALTHCARE INCPERFORMANT HEALTHCARE INC3,261,675$25.2Mshares
ZIMVIE INCZIMVIE INC187,430$3.55Mshares
TTAMTITAN AMER SA47,100$704Kshares

How Q4 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 0001193125-26-053630 base2026-02-17acceptance time not in the bulk data set