[Form 4] DLH Holdings Corp. Insider Trading Activity

Rhea-AI Filing Summary

DLH Holdings Corp. (DLHC) – Form 4 filing dated 06/25/2025 discloses that Mink Brook Asset Management LLC, acting as investment manager for two funds and classified as a 10% owner, purchased an additional 11,248 common shares in the open market over three consecutive sessions.

• 06/23/2025: 2,659 shares acquired at a weighted-average price of $5.4656
• 06/24/2025: 900 shares acquired at $5.50
• 06/25/2025: 7,689 shares acquired at a weighted-average price of $5.4962

Following these transactions, Mink Brook Partners LP now holds 1,619,363 shares. A separate vehicle, Mink Brook Opportunity Fund LP, continues to hold 694,322 shares. Taken together, the reporting person’s indirect beneficial ownership rises to approximately 2.314 million shares of DLHC common stock.

No derivatives were reported, and the purchases were executed within a narrow range of $5.40-$5.50, implying disciplined accumulation. As the filer remains above the 10% threshold, the activity may be interpreted by investors as a vote of confidence from a significant shareholder. No sales, option exercises, or other dispositions were disclosed.

Insights

Securities Analyst

TL;DR: 10% owner adds 11.2k DLHC shares, total indirect stake ≈2.31 M; insider buying generally viewed bullish.

The Form 4 shows modest but consistent accumulation by Mink Brook Asset Management, already a control-level holder. While the incremental 11,248 shares represent a small percentage of DLHC’s float, increasing the fund’s stake reinforces long-term alignment with minority shareholders. The narrow price band suggests the buyer sees fair value near $5.50, potentially providing downside support. No red flags—no dispositions, no derivative hedging—were noted. Overall, the filing is a marginally positive signal, especially in thinly traded small-cap names where insider sentiment can sway valuation.

Portfolio Manager

TL;DR: Steady insider accumulation under $5.50 underscores conviction; impact modest but directionally positive.

For portfolio context, DLHC trades lightly and insiders already control a meaningful slice of equity. The additional purchase reflects continued engagement by a sophisticated fund manager who can influence governance. Although the dollar value is limited (~$62k), any incremental buying from a 10% holder can tighten supply and signal valuation support. Absent broader catalysts, I’d view this as a constructive but not transformative datapoint—worth integrating into sentiment screens rather than driving a position change alone.

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)
06/23/2025

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")	06/23/2025		P		2,659	A	$5.4656(1)	1,610,774	I	By Mink Brook Partners LP(2)(3)
Common Stock, par value $0.001 per share ("Common Stock")	06/24/2025		P		900	A	$5.5(4)	1,611,674	I	By Mink Brook Partners LP(2)(3)
Common Stock, par value $0.001 per share ("Common Stock")	06/25/2025		P		7,689	A	$5.4962(5)	1,619,363	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(4)(6)

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 prices ranging from $5.40 - $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. 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

5. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $5.46 - $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.

6. 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	06/25/2025
	** Signature of Reporting Person	Date
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