[Form 4] DLH Holdings Corp. Insider Trading Activity

Rhea-AI Filing Summary

Mink Brook Asset Management LLC reported purchases of DLH Holdings Corp. (DLHC) common stock on 08/21/2025 and 08/22/2025 at a weighted average price of $5.50 per share. The filing shows 18,016 shares bought on 08/21/2025 and 100 shares on 08/22/2025, and indicates indirect holdings of 1,837,477 shares attributable to Mink Brook Partners LP after these transactions. The reporting group also holds 694,322 shares indirectly through Mink Brook Opportunity Fund LP. The Form 4 is signed by William Mueller and includes disclosures that the asset manager may be deemed to beneficially own the funds' securities but disclaims direct beneficial ownership beyond pecuniary interest.

Positive

• Open-market purchases recorded: 18,016 shares on 08/21/2025 and 100 shares on 08/22/2025 at a weighted average price of $5.50.
• Significant indirect holdings disclosed: 1,837,477 shares via Mink Brook Partners LP and 694,322 shares via Mink Brook Opportunity Fund LP.
• Proper Section 16 disclosure with signature by William Mueller and explanatory disclaimers regarding manager/GP beneficial ownership.

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider group increased its DLHC stake through small open-market purchases at $5.50, consolidating indirect holdings above 2.5 million shares.

The transactions are routine open-market purchases executed over two days at a reported weighted average price of $5.50. The Form 4 shows aggregate indirect holdings of 1,837,477 shares via Mink Brook Partners LP and 694,322 shares via Mink Brook Opportunity Fund LP, implying combined indirect exposure reported in this filing. The disclosure and disclaimer language follow standard Section 16 practice for investment managers and general partners; no derivative transactions, dispositions, or changes in control are reported.

Corporate Governance Expert

TL;DR: Filing is a standard Section 16 disclosure noting purchases and customary beneficial ownership disclaimers by the manager and GP.

The Form 4 contains required statements that Mink Brook Asset Management LLC, as investment manager, may be deemed to beneficially own fund-held shares and includes a disclaimer limiting claimed ownership to pecuniary interest. The signature by William Mueller completes the reporting obligations. There are no amendments, special plans, or contractual plan disclosures indicated on the form.

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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hours per response:			0.5

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)
08/21/2025

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")	08/21/2025		P		18,016	A	$5.5(1)	1,837,377	I	By Mink Brook Partners LP(2)(3)
Common Stock, par value $0.001 per share ("Common Stock")	08/22/2025		P		100	A	$5.5(1)	1,837,477	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(1)(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	08/22/2025
	** 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 transactions did Mink Brook Asset Management report for DLHC?

The filing reports purchases of 18,016 shares on 08/21/2025 and 100 shares on 08/22/2025 at a weighted average price of $5.50 per share.

How many DLHC shares are indirectly owned after these transactions?

The Form 4 reports 1,837,477 shares indirectly owned by Mink Brook Partners LP and 694,322 shares indirectly owned by Mink Brook Opportunity Fund LP.

Did the Form 4 disclose any derivative transactions or dispositions?

No. The filing includes only non-derivative purchases and does not report any derivative transactions or dispositions.

Who signed the Form 4 for these DLHC transactions?

The Form 4 is signed by William Mueller on 08/22/2025.

Does Mink Brook Asset Management claim direct beneficial ownership of the shares?

The filing states the manager may be deemed to beneficially own the funds' securities but disclaims beneficial ownership except to the extent of its pecuniary interest.