[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 08/12/2025–08/14/2025. The filings show incremental open-market purchases at a weighted average price of $5.50 per share. Reported non-derivative transactions include 392 shares on 08/12, 3 shares on 08/13 and 4,335 shares on 08/14, after which Mink Brook Partners LP is shown as beneficially owning 1,776,321 shares indirectly. Separately, Mink Brook Opportunity Fund LP is reported as directly owning 694,322 shares. The filer is the investment manager and disclaims beneficial ownership except to the extent of pecuniary interest. The form is signed by William Mueller.

Positive

• Additional purchases made at a $5.50 weighted average price increased the reported indirect stake to 1,776,321 shares
• Transparent pricing disclosure: the filing states the $5.50 price is a weighted average and offers to provide granular purchase information on request

Negative

• Beneficial ownership disclaimer by the manager limits clarity on ultimate economic control beyond pecuniary interest
• No percentage ownership or context vs. total outstanding shares provided, so materiality of purchases to overall ownership is unclear

Insights

Financial Analyst

TL;DR: Incremental insider purchases at $5.50 modestly increase Mink Brook-affiliated holdings in DLHC.

The Form 4 discloses small, sequential open-market purchases over three days that raise the reported indirect stake held by Mink Brook Partners LP to 1,776,321 shares. The transactions were executed at a $5.50 weighted average price. For investors, these purchases signal the fund added exposure but not a change in control or a material shift in ownership percentage based on disclosed counts alone. No derivatives or dispositions were reported, and the manager includes standard disclaimers regarding beneficial ownership.

Compliance/Risk Analyst

TL;DR: Filing appears procedurally complete but relies on standard disclaimers about beneficial ownership.

The filing includes the required signature and an explanation that Mink Brook Asset Management LLC serves as investment manager and may be deemed to beneficially own the funds' shares, while disclaiming ownership beyond pecuniary interest. The report provides a weighted average price and commits to furnish transaction-level detail on request, which supports transparency. No material omissions are apparent within the disclosed data, but the disclaimer limits clarity on ultimate economic exposure.

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
Estimated average burden
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)
08/12/2025

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")	08/12/2025		P		392	A	$5.5(1)	1,771,983	I	By Mink Brook Partners LP(2)(3)
Common Stock, par value $0.001 per share ("Common Stock")	08/13/2025		P		3	A	$5.5(1)	1,771,986	I	By Mink Brook Partners LP(2)(3)
Common Stock, par value $0.001 per share ("Common Stock")	08/14/2025		P		4,335	A	$5.5(1)	1,776,321	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	08/14/2025
	** 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 report on DLHC Form 4?

The filer reported purchases of DLHC common stock on 08/12/2025 (392 shares), 08/13/2025 (3 shares), and 08/14/2025 (4,335 shares).

At what price were the DLHC shares purchased according to the Form 4?

The purchases were executed at a weighted average price of $5.50 per share.

How many DLHC shares does Mink Brook-affiliated entities report owning after these transactions?

The filing shows 1,776,321 shares indirectly owned by Mink Brook Partners LP and 694,322 shares directly owned by Mink Brook Opportunity Fund LP.

Who signed the Form 4 for these DLHC transactions?

The Form 4 is signed by William Mueller on behalf of the reporting person.

Does the filing indicate control or a change in ownership percentage?

No. The filing discloses purchases and holdings but does not state a change in control or provide ownership as a percentage of outstanding shares.