[Form 4] DLH Holdings Corp. Insider Trading Activity

Rhea-AI Filing Summary

Insider purchase reported for DLH Holdings Corp. (DLHC). Mink Brook Asset Management LLC, as reporting person, filed a Form 4 disclosing a purchase on 09/02/2025 of 197 shares of DLHC common stock at a weighted-average price of $5.50 (price reported as inclusive). The filing shows indirect beneficial ownership of 1,839,496 shares held by Mink Brook Partners LP and 694,322 shares held by Mink Brook Opportunity Fund LP. The Form 4 is signed by William Mueller on 09/03/2025. The filing includes a disclaimer that the manager and related entities disclaim beneficial ownership except to the extent of pecuniary interest.

Positive

• Purchase disclosed: Reporting person executed a purchase on 09/02/2025 of 197 shares at $5.50 (weighted-average price).
• Substantial disclosed indirect holdings: 1,839,496 shares via Mink Brook Partners LP and 694,322 shares via Mink Brook Opportunity Fund LP are reported.

Negative

• None.

Insights

Securities Analyst

TL;DR: Small reported purchase by related funds increases disclosed indirect holdings but is not a material change to ownership percentages.

The Form 4 shows a purchase of 197 shares at a weighted-average price of $5.50 and reports large indirect holdings held by two funds managed by Mink Brook Asset Management LLC: 1,839,496 shares and 694,322 shares respectively. The filing is routine Section 16 reporting of insider transactions and includes customary disclaimers about beneficial ownership. No derivative transactions or dispositions are reported. For investors, this is a factual record of an acquisition by funds affiliated with the reporting manager rather than a corporate action by DLHC.

Corporate Governance Expert

TL;DR: Filing documents an affiliate purchase and clarifies affiliation and disclaimers; governance implications are limited.

The report lists Mink Brook Asset Management LLC as the reporting person and indicates its role as investment manager to two limited partnerships that directly own the disclosed shares. The filing includes a signed certification by William Mueller and explicit disclaimers that the manager and related GP disclaim beneficial ownership except for pecuniary interest. This is standard for manager-of-fund reporting and does not, by itself, alter control or governance status disclosed within the filing.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Mink Brook Asset Management LLC

(Last) (First) (Middle)

201 SUMMA STREET

(Street)

WEST PALM BEACH FL 33405

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
DLH Holdings Corp. [ DLHC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.001 per share ("Common Stock")	09/02/2025		P		197	A	$5.5(1)	1,839,496	I	By Mink Brook Partners LP(2)(3)
Common Stock, par value $0.001 per share ("Common Stock")								694,322	I	By Mink Brook Opportunity Fund LP(3)(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at a price of $5.50 inclusive. The reporting person undertakes to provide, upon request by the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares bought at each price.

2. Represents securities owned directly by Mink Brook Partners LP (the "Fund"). As the investment manager of the Fund, Mink Brook Asset Management LLC may be deemed to beneficially own the securities owned directly by the Fund.

3. Mink Brook Asset Management LLC, and the general partner for both funds, Mink Brook Capital GP LLC, disclaims beneficial ownership of the shares reported herein except to the extent of its pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that Mink Brook Asset Management LLC, Mink Brook Capital GP LLC or William Mueller as managing member of both, is the beneficial owner of any such shares for purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, or for any other purpose.

4. Represents securities owned directly by Mink Brook Opportunity Fund LP (the "Fund"). As the investment manager of the Fund, Mink Brook Asset Management LLC may be deemed to beneficially own the securities owned directly by the Fund.

Remarks:

	/s/ William Mueller	09/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did the Form 4 filed for DLHC disclose?

The Form 4 reports a purchase of 197 shares of DLH Holdings Corp. common stock on 09/02/2025 at a weighted-average price of $5.50 and shows indirect holdings of 1,839,496 and 694,322 shares by two affiliated funds.

Who is the reporting person on the DLHC Form 4?

The reporting person is Mink Brook Asset Management LLC, with the form signed by William Mueller on 09/03/2025.

Are the reported shares held directly by Mink Brook Asset Management LLC?

The filing indicates the shares are held indirectly by two funds: Mink Brook Partners LP (1,839,496 shares) and Mink Brook Opportunity Fund LP (694,322 shares); the manager disclaims beneficial ownership except for pecuniary interest.

Was any derivative or disposition reported in this Form 4?

No derivative securities or dispositions are reported; the filing lists only a non-derivative purchase transaction (code P).

Does the Form 4 change DLHC corporate governance or control disclosures?

The filing is a routine insider transaction report and includes disclaimers; it does not by itself change governance or control status in the document.