MILL ROAD CAPITAL MANAGEMENT LLC
Q4 2025 Form 13-F
GREENWICH, CONNECTICUT
CIK 0001512275
· CRD 157095
· SEC-registered investment adviser
$168.3M Reported Value Total
MILL ROAD CAPITAL reports 5 total accounts under management (AUM). There are 5 discretionary accounts valued at $753,816,698, and 0 non-discretionary accounts.
Source: Form ADV filed * Note that certain holdings are exempt from Form 13-F reporting, so the AUM totals may be greater than the Form 13-F total.
Private funds (Form ADV)
5 funds
· $753.8M gross asset value
Hedge Fund: $676.0M · Other: $77.8M
Source: Form ADV filed 2026-03-31
Reported value
$168.3M
Quarter over quarter
+1.3%
Holdings
22
Top-10 concentration
83.2%
Filing Structure
Reports holdings for
- Mill Road Capital III GP LLC · File #028-20932 · Q1 2024 – Q1 2025 · declared by one filing
- Mill Road Capital II GP LLC (not a 13F filer in our records) · File #028-18587 · Q4 2017 – Q3 2022 · declared by one filing
- Mill Road Capital III GP LLC (not a 13F filer in our records) · Q4 2020 – Q1 2021 · declared by one filing
- Mill Road Capital II GP LLC (not a 13F filer in our records) · Q4 2017 – Q4 2017 · declared by one filing
- Mill Road Capital GP LLC (not a 13F filer in our records) · File #028-14344 · Q2 2013 – Q3 2013 · declared by one filing
Key People
Form ADV owners & control persons
Thomas Edward Lynch
MANAGING MEMBER, MANAGEMENT COMMITTEE DIRECTOR AND CHAIRMAN, TAX MATTERS PERSON
Deven Hardwick Petito
MANAGING MEMBER, MANAGEMENT COMMITTEE DIRECTOR
Eric Tomio Yanagi
MANAGING MEMBER, MANAGEMENT COMMITTEE DIRECTOR
Filing Navigation
Coverage begins with the second quarter of 2013. Earlier quarters are not shown while their accuracy is being verified.
13F Metrics
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Q4 2025 13F record
Q4 2025 13F filing summary
| Period of report | December 31, 2025 |
|---|---|
| Filed | February 17, 2026 |
| Form | 13F-HR |
| Reported value | $168.3M |
| Positions | 22 |
| Change in reported value | -12.4% |
| New positions | 1 |
| Exited positions | 3 |
| Position turnover | 16.0% |
| Top-10 concentration | 83.2% |
13F filings by quarter
| Quarter | Positions | Value |
|---|---|---|
|
Q2 2026 13F
Filed Aug 14, 2026
|
22 | $202.5M |
|
Q1 2026 13F
Filed May 15, 2026
|
23 | $190.8M |
|
Q4 2025 13F
Filed Feb 17, 2026
|
22 | $168.3M |
|
Q3 2025 13F
Filed Nov 14, 2025
|
24 | $192.0M |
|
Q2 2025 13F
Filed Aug 14, 2025
|
23 | $156.2M |
|
Q1 2025 13F
Filed May 15, 2025
|
24 | $176.3M |
|
Q4 2024 13F
Filed Feb 14, 2025
|
24 | $208.2M |
|
Q3 2024 13F
Filed Nov 14, 2024
|
23 | $210.3M |
|
Q2 2024 13F
Filed Aug 14, 2024
|
20 | $187.7M |
|
Q1 2024 13F
Filed May 15, 2024
|
22 | $230.1M |
|
Q4 2023 13F
Filed Feb 14, 2024
|
22 | $218.9M |
|
Q3 2023 13F
Filed Nov 14, 2023
|
25 | $190.1M |
|
Q2 2023 13F
Filed Aug 14, 2023
|
25 | $184.8M |
|
Q1 2023 13F
Filed May 15, 2023
|
26 | $194.3M |
|
Q4 2022 13F
Filed Feb 14, 2023
|
23 | $183.0M |
|
Q3 2022 13F
Filed Nov 14, 2022
|
25 | $209.4M |
|
Q2 2022 13F
Filed Aug 15, 2022
|
26 | $239.1M |
|
Q1 2022 13F
Filed May 16, 2022
|
26 | $269.0M |
|
Q4 2021 13F
Filed Feb 14, 2022
|
27 | $300.7M |
|
Q3 2021 13F
Filed Nov 15, 2021
|
29 | $304.2M |
21 earlier quarters on file — choose one from the quarter menu above.
Top 20 holdings · Q4 2025
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | NVRI ENVIRI CORP | $37.5M | 22.26% |
| 2 | MG MISTRAS GROUP INC | $21.2M | 12.57% |
| 3 | ALTG ALTA EQUIPMENT GROUP INC | $19.7M | 11.73% |
| 4 | BZH BEAZER HOMES USA INC | $16.9M | 10.05% |
| 5 | GO GROCERY OUTLET HLDG | $10.0M | 5.95% |
| 6 | BXC BLUELINX HLDGS INC | $8.3M | 4.93% |
| 7 | RSVR RESERVOIR MEDIA INC | $7.8M | 4.61% |
| 8 | QNST QUINSTREET INC | $7.5M | 4.43% |
| 9 | KRP KIMBELL RTY PARTNERS LP | $6.3M | 3.76% |
| 10 | NDLS NOODLES & CO | $4.9M | 2.92% |
| 11 | LCUT LIFETIME BRANDS INC | $4.2M | 2.5% |
| 12 | FWRD FORWARD AIR CORP | $4.2M | 2.49% |
| 13 | NGS NATURAL GAS SVCS GROUP INC | $3.7M | 2.18% |
| 14 | MATW MATTHEWS INTL CORP | $3.4M | 2.04% |
| 15 | BBCP CONCRETE PUMPING HLDGS INC | $2.9M | 1.72% |
| 16 | PLAB PHOTRONICS | $2.6M | 1.52% |
| 17 | CVEO CIVEO CORP | $2.1M | 1.25% |
| 18 | TRUE TRUECAR INC | $2.0M | 1.19% |
| 19 | CNTY CENTURY CASINOS INC | $1.5M | 0.87% |
| 20 | CULP CULP INC | $1.2M | 0.69% |
Values as reported on the Q4 2025 Form 13F. Every position is in the holdings table below.