[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 during August 18-20, 2025 at a weighted average price of $5.50 per share. The filing shows three purchase transactions: 2,083 shares on 08/18/2025, 26,803 shares on 08/19/2025 and 14,154 shares on 08/20/2025. After the reported transactions, Mink Brook Partners LP is shown as beneficially owning 1,819,361 shares indirectly and Mink Brook Opportunity Fund LP is shown as beneficially owning 694,322 shares indirectly. The reporting person notes the price is a weighted average of multiple purchases at $5.50 and disclaims beneficial ownership except to the extent of pecuniary interest.

Positive

• Open-market purchases disclosed: The filing shows three purchases totaling 43,040 shares at a weighted average price of $5.50.
• Increased indirect holdings: Mink Brook Partners LP now shows 1,819,361 shares indirectly and Mink Brook Opportunity Fund LP shows 694,322 shares indirectly.
• Clear disclosure and compliance: Transaction dates, codes, weighted average price and explanatory notes are provided and the form is signed.

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider-affiliated funds made modest open-market purchases totaling 43,040 shares at $5.50, increasing indirect holdings.

The Form 4 discloses three purchases across three days for a combined 43,040 shares purchased at a reported weighted average price of $5.50 per share. The filing attributes indirect beneficial ownership of 1,819,361 shares to Mink Brook Partners LP and 694,322 shares to Mink Brook Opportunity Fund LP, with Mink Brook Asset Management LLC identified as the investment manager that may be deemed to beneficially own those positions. The filing includes a standard disclaimer that the manager disclaims beneficial ownership except to the extent of pecuniary interest. For investors, this is a clear disclosure of incremental accumulation by affiliated funds rather than a managerial sale or derivative activity.

Corporate Governance Expert

TL;DR: Form 4 documents rule-compliant acquisitions by affiliated funds and contains customary disclaimer language.

The filing follows Section 16 reporting conventions: it lists transaction codes as purchases (P), provides transaction dates, a weighted average price disclosure, and an executable signature by William Mueller. The explanations clarify which entities directly own the shares and state that the manager may be deemed to beneficially own them while disclaiming such ownership beyond pecuniary interest. There are no derivative transactions or dispositions reported. The disclosure appears procedural and compliant, conveying increased indirect holdings by the named funds.

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

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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)
08/18/2025

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")	08/18/2025		P		2,083	A	$5.5(1)	1,778,404	I	By Mink Brook Partners LP(2)(3)
Common Stock, par value $0.001 per share ("Common Stock")	08/19/2025		P		26,803	A	$5.5(1)	1,805,207	I	By Mink Brook Partners LP(2)(3)
Common Stock, par value $0.001 per share ("Common Stock")	08/20/2025		P		14,154	A	$5.5(1)	1,819,361	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	08/20/2025
	** 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 in the DLHC Form 4?

The Form 4 reports three purchases: 2,083 shares on 08/18/2025, 26,803 shares on 08/19/2025, and 14,154 shares on 08/20/2025, at a weighted average price of $5.50.

How many DLHC shares do the Mink Brook funds beneficially own after these transactions?

The filing shows Mink Brook Partners LP indirectly owns 1,819,361 shares and Mink Brook Opportunity Fund LP indirectly owns 694,322 shares.

What price was paid for the DLHC shares in these transactions?

The price reported is a weighted average of the purchases, shown as $5.50 per share.

Did the filing report any derivative transactions or sales?

No. Table II (derivative securities) shows no transactions, and all reported entries in Table I are purchases (transaction code P).

Who signed the Form 4 for Mink Brook Asset Management LLC?

The Form 4 is signed by /s/ William Mueller with the signature date 08/20/2025.