Mill Road Capital Management LLC Diversified Active

CIK: 0001512275 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $168,321 (99.9% shares, 0.1% debt)

Holdings (23)

New Positions (1)

MATW MATTHEWS INTL CORP 2.0%

Value ($000) $3,438 Shares 131,615 Est. Cost $24.17 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MATW	MATTHEWS INTL CORP	131,615	$3,438	2.0%	$24.17	0.0%	COM CL A	577128101

Increased Positions (7)

GO GROCERY OUTLET HLDG 5.9%

Value ($000) $10,014 (+1687.8%) Shares 991,493 (+2741.0%) Est. Cost $12.69 Unrealized -0.8%

RSVR RESERVOIR MEDIA INC 4.6%

Value ($000) $7,763 (+191.0%) Shares 1,025,432 (+212.9%) Est. Cost $7.58 Unrealized -1.2%

BZH BEAZER HOMES USA INC 10.0%

Value ($000) $16,915 (-15.4%) Shares 834,474 (+2.5%) Est. Cost $29.20 Unrealized -23.8%

QNST QUINSTREET INC 4.4%

Value ($000) $7,456 (+31.4%) Shares 518,879 (+41.5%) Est. Cost $15.21 Unrealized -5.2%

CVEO CIVEO CORP 1.2%

Value ($000) $2,097 (+551.1%) Shares 91,676 (+554.8%) Est. Cost $22.38 Unrealized -0.8%

BXC BLUELINX HLDGS INC 4.9%

Value ($000) $8,291 (-11.3%) Shares 134,964 (+5.6%) Est. Cost $86.95 Unrealized -25.8%

FWRD FORWARD AIR CORP 2.5%

Value ($000) $4,191 (+28.1%) Shares 167,650 (+31.3%) Est. Cost $27.28 Unrealized -17.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GO	GROCERY OUTLET HLDG	991,493 (+2741.0%)	$10,014 (+1687.8%)	5.9%	$12.69	-0.8%	COM	39874R101
RSVR	RESERVOIR MEDIA INC	1,025,432 (+212.9%)	$7,763 (+191.0%)	4.6%	$7.58	-1.2%	COM	76119X105
BZH	BEAZER HOMES USA INC	834,474 (+2.5%)	$16,915 (-15.4%)	10.0%	$29.20	-23.8%	COM NEW	07556Q881
QNST	QUINSTREET INC	518,879 (+41.5%)	$7,456 (+31.4%)	4.4%	$15.21	-5.2%	COM	74874Q100
CVEO	CIVEO CORP	91,676 (+554.8%)	$2,097 (+551.1%)	1.2%	$22.38	-0.8%	COM NEW	17878Y207
BXC	BLUELINX HLDGS INC	134,964 (+5.6%)	$8,291 (-11.3%)	4.9%	$86.95	-25.8%	COM NEW	09624H208
FWRD	FORWARD AIR CORP	167,650 (+31.3%)	$4,191 (+28.1%)	2.5%	$27.28	-17.5%	COM	34986A104

Exited Positions (3)

— PERFORMANT HEALTHCARE INC 15.0%

Value ($000) $25,213 Shares 3,261,675 Est. Cost $2.64 Unrealized —

— ZIMVIE INC 2.1%

Value ($000) $3,550 Shares 187,430 Est. Cost $12.49 Unrealized —

TTAM TITAN AMER SA 0.4%

Value ($000) $704 Shares 47,100 Est. Cost $13.54 Unrealized +15.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	PERFORMANT HEALTHCARE INC	3,261,675	$25,213	15.0%	$2.64	—	—	71377E105
—	ZIMVIE INC	187,430	$3,550	2.1%	$12.49	—	—	98888T107
TTAM	TITAN AMER SA	47,100	$704	0.4%	$13.54	+15.6%	—	B9151N105

Decreased Positions (4)

NGS NATURAL GAS SVCS GROUP INC 2.2%

Value ($000) $3,668 (-67.6%) Shares 109,000 (-73.1%) Est. Cost $10.12 Unrealized +193.5%

PLAB PHOTRONICS 1.5%

Value ($000) $2,566 (-65.6%) Shares 80,200 (-75.3%) Est. Cost $21.16 Unrealized +21.9%

KRP KIMBELL RTY PARTNERS LP 3.8%

Value ($000) $6,329 (-22.9%) Shares 538,195 (-11.5%) Est. Cost $13.86 Unrealized —

— TRUECAR INC 1.2%

Value ($000) $2,003 (-36.9%) Shares 886,075 (-48.6%) Est. Cost $2.24 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NGS	NATURAL GAS SVCS GROUP INC	109,000 (-73.1%)	$3,668 (-67.6%)	2.2%	$10.12	+193.5%	COM	63886Q109
PLAB	PHOTRONICS	80,200 (-75.3%)	$2,566 (-65.6%)	1.5%	$21.16	+21.9%	COM	719405102
KRP	KIMBELL RTY PARTNERS LP	538,195 (-11.5%)	$6,329 (-22.9%)	3.8%	$13.86	—	UNIT	49435R102
—	TRUECAR INC	886,075 (-48.6%)	$2,003 (-36.9%)	1.2%	$2.24	—	COM	89785L107

Unchanged Positions (11)

ALTG ALTA EQUIPMENT GROUP INC 11.7%

Value ($000) $19,749 Shares 4,293,208 Est. Cost $10.60 Unrealized -48.2%

NVRI ENVIRI CORP 22.3%

Value ($000) $37,466 Shares 2,090,743 Est. Cost $9.30 Unrealized +60.2%

MG MISTRAS GROUP INC 12.6%

Value ($000) $21,159 Shares 1,672,681 Est. Cost $6.31 Unrealized +78.9%

CNTY CENTURY CASINOS INC 0.9%

Value ($000) $1,458 Shares 1,095,900 Est. Cost $8.64 Unrealized -79.3%

NDLS NOODLES & CO 2.9%

Value ($000) $4,917 Shares 6,965,291 Est. Cost $4.78 Unrealized —

CULP CULP INC 0.7%

Value ($000) $1,156 Shares 324,669 Est. Cost $13.18 Unrealized -70.1%

BBCP CONCRETE PUMPING HLDGS INC 1.7%

Value ($000) $2,891 Shares 430,805 Est. Cost $5.93 Unrealized +10.9%

LCUT LIFETIME BRANDS INC 2.5%

Value ($000) $4,210 Shares 1,065,810 Est. Cost $12.19 Unrealized -70.4%

BLBD BLUE BIRD CORP 0.2%

Value ($000) $273 Shares 5,800 Est. Cost $38.08 Unrealized +37.3%

— INOTIV INC 0.1%

Value ($000) $232 Shares 1,000,000 Est. Cost $0.50 Unrealized —

AIOT POWERFLEET INC 0.0%

Value ($000) $80 Shares 15,000 Est. Cost $4.94 Unrealized +3.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ALTG	ALTA EQUIPMENT GROUP INC	4,293,208	$19,749	11.7%	$10.60	-48.2%	COMMON STOCK	02128L106
NVRI	ENVIRI CORP	2,090,743	$37,466	22.3%	$9.30	+60.2%	COM	415864107
MG	MISTRAS GROUP INC	1,672,681	$21,159	12.6%	$6.31	+78.9%	COM	60649T107
CNTY	CENTURY CASINOS INC	1,095,900	$1,458	0.9%	$8.64	-79.3%	COM	156492100
NDLS	NOODLES & CO	6,965,291	$4,917	2.9%	$4.78	—	COM CL A	65540B105
CULP	CULP INC	324,669	$1,156	0.7%	$13.18	-70.1%	COM	230215105
BBCP	CONCRETE PUMPING HLDGS INC	430,805	$2,891	1.7%	$5.93	+10.9%	COM	206704108
LCUT	LIFETIME BRANDS INC	1,065,810	$4,210	2.5%	$12.19	-70.4%	COM	53222Q103
BLBD	BLUE BIRD CORP	5,800	$273	0.2%	$38.08	+37.3%	COM	095306106
—	INOTIV INC	1,000,000	$232	0.1%	$0.50	—	NOTE 3.250%10/1	45783QAB6
AIOT	POWERFLEET INC	15,000	$80	0.0%	$4.94	+3.6%	COM	73931J109