DLH Holdings: Mink Brook buys 1,621 shares

A 10% owner’s affiliated funds reported open-market purchases of DLHC and an indirect holding of 694,322 shares.

Rhea-AI Filing Summary

DLH Holdings Corp. (DLHC) reported insider activity by large shareholder Mink Brook Asset Management LLC, which, through its affiliated fund Mink Brook Partners LP, purchased 1,621 shares of common stock on September 15–16, 2026 at weighted average prices around $3.68–$3.94 per share. A related holding entry shows 694,322 shares of common stock held indirectly by Mink Brook Opportunity Fund LP. Mink Brook Asset Management LLC and related entities state that they may be deemed to beneficially own these fund-held shares but disclaim beneficial ownership except to the extent of their pecuniary interest. No Rule 10b5-1 trading plan is reported.

Insider Trade Summary

Net Buyer: 1,621 shares

Net Buy 3 txns

Insider Mink Brook Asset Management LLC

Role 10% Owner

Bought 1,621 shs ($6K)

Type	Security	Shares	Price	Value
Purchase	Common Stock, par value $0.001 per share ("Common Stock") F4, F2, F3	1,000	$3.9405	$4K
Purchase	Common Stock, par value $0.001 per share ("Common Stock") F1, F2, F3	621	$3.6792	$2K
holding	Common Stock, par value $0.001 per share ("Common Stock") F3, F5	--	--	--

Holdings After Transaction: Common Stock, par value $0.001 per share ("Common Stock") — 2,186,469 shares (Indirect, By Mink Brook Partners LP); Common Stock, par value $0.001 per share ("Common Stock") — 694,322 shares (Indirect, By Mink Brook Opportunity Fund LP)

Footnotes (5)

1. F1. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.625 to $3.90 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. F2. 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. F3. 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. F4. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.84 to $4.00 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. F5. 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.

Key Figures

Shares purchased September 15, 2026: 621 shares Weighted average price September 15, 2026: $3.6792 per share Shares purchased September 16, 2026: 1,000 shares +3 more

6 metrics

Shares purchased September 15, 2026 621 shares Open‑market purchase by Mink Brook Partners LP

Weighted average price September 15, 2026 $3.6792 per share Trades ranged from $3.625 to $3.90 inclusive

Shares purchased September 16, 2026 1,000 shares Open‑market purchase by Mink Brook Partners LP

Weighted average price September 16, 2026 $3.9405 per share Trades ranged from $3.84 to $4.00 inclusive

Total shares purchased in reported period 1,621 shares Net buy across both reported transactions

Indirect holding via Mink Brook Opportunity Fund LP 694,322 shares Common stock held indirectly as of September 15, 2026 entry

Key Terms

weighted average price, beneficially own, pecuniary interest, ten percent owner

4 terms

weighted average price financial

"The price reported in column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

beneficially own regulatory

"Mink Brook Asset Management LLC may be deemed to beneficially own the securities"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

pecuniary interest financial

"disclaims beneficial ownership of the shares reported herein except to the extent of its pecuniary interest"

ten percent owner regulatory

"Mink Brook Asset Management LLC is reported as a ten percent owner of the issuer"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions in DLHC did Mink Brook Asset Management report?

Mink Brook Asset Management, as investment manager to affiliated funds, reported two open‑market purchases totaling 1,621 DLHC shares on September 15–16, 2026, plus an updated indirect holding of 694,322 shares through Mink Brook Opportunity Fund LP.

How many DLHC shares were bought in each transaction?

On September 15, 2026, an affiliated fund bought 621 shares of DLHC common stock. On September 16, 2026, it bought an additional 1,000 shares, for a combined total of 1,621 shares reported as purchased.

What prices were paid for the recent DLHC share purchases?

The filing reports weighted average prices: on September 15, 2026 at $3.6792 per share with actual trades between $3.625 and $3.90, and on September 16, 2026 at $3.9405 per share with trades between $3.84 and $4.00.

How many DLHC shares does the Opportunity Fund now hold indirectly?

A holding entry shows that 694,322 shares of DLHC common stock are held indirectly through Mink Brook Opportunity Fund LP, with Mink Brook Asset Management LLC as investment manager and disclaiming beneficial ownership beyond any pecuniary interest.

Were the DLHC insider trades made under a Rule 10b5-1 plan?

No. The filing indicates no Rule 10b5-1 trading plan for these transactions, and the footnotes do not state that the trades were executed under any pre‑arranged trading plan.

Does Mink Brook Asset Management have direct ownership of DLHC shares?

The filing attributes the shares to Mink Brook Partners LP and Mink Brook Opportunity Fund LP. Mink Brook Asset Management LLC, as investment manager, states it may be deemed to beneficially own these securities but disclaims beneficial ownership except to the extent of its pecuniary interest.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Available on EDGAR 09/16/2026 - 04:24 PM Accepted by SEC EDGAR 09/16/2026 - 04:23 PM Learn about SEC filing dates

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 FLORIDA 33405

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2026

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

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

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

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")	09/15/2026		P		621	A	$3.6792(1)	2,185,469	I	By Mink Brook Partners LP(2)(3)
Common Stock, par value $0.001 per share ("Common Stock")	09/16/2026		P		1,000	A	$3.9405(4)	2,186,469	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)(5)

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 $3.625 to $3.90 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 prices ranging from $3.84 to $4.00 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. 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	09/16/2026
	** 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.
* Form 4: SEC 1474 (03-26)