Data as of Q4 2025 (Dec 31, 2025)

Mill Road Capital Management LLC

•CIK: 1512275•Filing: Q4 2025

**Mill Road Capital Management LLC** manages $168M across a concentrated portfolio of 23 positions. The fund exhibits significant conviction in select names, with its largest allocation to NVRI at $37.5M. Further notable holdings include MG ($21.2M), ALTG ($19.7M), and BZH ($16.9M). This structure suggests a focused, high-conviction approach within its investment mandate.

Total AUM
$168.1M
QoQ Performance
-12.4%
Positions
22
Top 10 Concentration
83.3%
Latest Filing
Q4 2025

Top Holdings Allocation

NVRI
MG
ALTG
BZH
GO
NVRI22.3%
MG12.6%
ALTG11.7%
BZH10.1%
GO6.0%
BXC4.9%
RSVR4.6%
QNST4.4%

📈 Biggest Buys

GO
GROCERY OUTLET HLDG
+2741.0%
6.0% of portfolio
RSVR
RESERVOIR MEDIA INC
+212.9%
4.6% of portfolio
MATW
MATTHEWS INTL CORP
NEW
2.0% of portfolio
QNST
QUINSTREET INC
+41.5%
4.4% of portfolio
CVEO
CIVEO CORP
+554.8%
1.2% of portfolio

📉 Biggest Sells

NGS
NATURAL GAS SVCS GROUP INC
-73.1%
2.2% of portfolio
PLAB
PHOTRONICS
-75.3%
1.5% of portfolio
5TC
TRUECAR INC
-48.6%
1.2% of portfolio
KRP
KIMBELL RTY PARTNERS LP
-11.5%
3.8% of portfolio

Sector Breakdown

Other100.0%

🚪 Exited Positionssold since Q3 2025

—
PERFORMANT HEALTHCARE INC
SOLD
$25.2M
—
ZIMVIE INC
SOLD
$3.5M
—
TITAN AMER SA
SOLD
$703.7K

Changes from Q3 2025

NEW1 new position
↑9 increased
↓4 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

NVRI22.3%
ENVIRI CORP
$37.5M
MG12.6%
MISTRAS GROUP INC
$21.2M
ALTG11.7%
ALTA EQUIPMENT GROUP INC
$19.7M
BZH10.1%
BEAZER HOMES USA INC
$16.9M
GO6.0%
GROCERY OUTLET HLDG
$10.0M

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