[Form 4] DLH Holdings Corp. Insider Trading Activity

Rhea-AI Filing Summary

Insider purchases reported for DLH Holdings Corp. (DLHC). Mink Brook Asset Management LLC, as investment manager, reported purchases of Common Stock at a weighted average price of $5.50. Transactions occurred on 09/15/2025 (74 shares) and 09/16/2025 (15,523 shares). Following those trades, the filing shows 1,872,027 shares beneficially owned by Mink Brook Partners LP (reported indirectly through the manager). The filing also discloses 694,322 shares directly owned by Mink Brook Opportunity Fund LP. The reporting person is identified as a Director and the form is signed by William Mueller. The filer notes the $5.50 figure is a weighted average and offers to provide per-transaction detail on request. The filer disclaims beneficial ownership except to the extent of pecuniary interest.

Positive

• Insider purchases disclosed at a weighted average price of $5.50
• Director-level reporting person (William Mueller) signed the Form 4
• Substantial indirect holdings reported: 1,872,027 shares by Mink Brook Partners LP and 694,322 shares by Mink Brook Opportunity Fund LP
• Filer offers transparency by noting willingness to provide per-transaction details on request

Negative

• None.

Insights

Financial Analyst

TL;DR: Director/manager purchases common stock at $5.50, increasing indirect holdings to 1.87M shares.

The reported transactions show modest open-market acquisitions on successive days at a disclosed weighted average price of $5.50. While the executed quantities reported for the two purchase dates are relatively small (74 and 15,523 shares), the filing highlights substantial indirect holdings through Mink Brook Partners LP totaling 1,872,027 shares and an additional 694,322 shares held by Mink Brook Opportunity Fund LP. For investors, insider buying can signal confidence, but this Form 4 does not provide timing, tranche-level pricing, or total percentage ownership of the issuer, limiting assessment of materiality.

Corporate Governance Expert

TL;DR: Director filing shows purchases and includes a standard disclaimer of direct beneficial ownership.

The filing properly discloses the director-level reporting person and notes indirect ownership via two funds managed by Mink Brook Asset Management LLC. The signature by William Mueller and the explicit disclaimer that the manager disclaims beneficial ownership except to the extent of pecuniary interest are routine governance language. The form includes an offer to provide detailed per-transaction pricing upon request, which supports transparency but does not expand on control rights or voting arrangements tied to the reported holdings.

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).

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)
09/15/2025

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")	09/15/2025		P		74	A	$5.5(1)	1,856,504	I	By Mink Brook Partners LP(2)(3)
Common Stock, par value $0.001 per share ("Common Stock")	09/16/2025		P		15,523	A	$5.5(1)	1,872,027	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	09/16/2025
	** 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 insider transactions were reported for DLHC on this Form 4?

The filing reports purchases of Common Stock at a weighted average price of $5.50 on 09/15/2025 (74 shares) and 09/16/2025 (15,523 shares).

How many shares does Mink Brook Partners LP beneficially own after the reported transactions?

The Form 4 shows 1,872,027 shares beneficially owned by Mink Brook Partners LP (reported indirectly through the investment manager).

What holdings does Mink Brook Opportunity Fund LP report?

The filing discloses 694,322 shares owned directly by Mink Brook Opportunity Fund LP.

Who signed the Form 4 and what is their role?

The Form 4 is signed by William Mueller. The reporting entity is Mink Brook Asset Management LLC and the form indicates a Director relationship.

Is the $5.50 price exact for each trade?

The filing states the $5.50 is a weighted average and the filer offers to provide per-transaction pricing details upon request.