[Form 4] DLH Holdings Corp. Insider Trading Activity

Rhea-AI Filing Summary

Transaction summary: Mink Brook Asset Management LLC filed a Form 4 reporting purchases of DLH Holdings Corp. (DLHC) common stock on 08/04/2025 (4,687 shares), 08/05/2025 (245 shares) and 08/06/2025 (968 shares) at a reported weighted average price of $5.50. Following the reported transactions, the filing shows Mink Brook Partners LP beneficially owning 1,695,028 shares (indirect).

Additional holdings and disclosures: The Form also reports 694,322 shares indirectly owned by Mink Brook Opportunity Fund LP. The reporting person is identified as a Director. The Form is signed by William Mueller on 08/06/2025. The filing includes a footnote that the $5.50 figure is a weighted average and that transaction-level pricing will be provided upon request. The filing reports no derivative securities.

Insights

Financial Analyst

TL;DR: Reported insider purchases across three days; incremental indirect ownership increases, routine disclosure for investors.

The Form 4 documents three non-derivative purchases of DLHC common stock by or on behalf of funds managed by Mink Brook between 08/04/2025 and 08/06/2025 at a reported weighted average price of $5.50. The filing reports post-transaction indirect holdings of 1,695,028 shares by Mink Brook Partners LP and 694,322 shares by Mink Brook Opportunity Fund LP. No derivatives were reported. The filing is factual and procedural; it does not provide guidance, financial results, or other operational metrics that would materially alter valuation analysis.

Corporate Governance Expert

TL;DR: Disclosure includes manager disclaimers and signatures; standard Form 4 governance disclosures were made.

The filing identifies Mink Brook Asset Management LLC as the reporting person and lists the filer location as 201 Summa Street, West Palm Beach, FL 33405. It contains explicit disclaimers that Mink Brook Asset Management LLC, Mink Brook Capital GP LLC and William Mueller disclaim beneficial ownership except to the extent of pecuniary interest, while noting the investment-manager relationship to the funds that directly own shares. The Form is signed by William Mueller on 08/06/2025. These disclosures follow Section 16 reporting conventions and clarify managerial roles and claimed non-beneficial status.

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)
08/04/2025

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")	08/04/2025		P		4,687	A	$5.5(1)	1,693,815	I	By Mink Brook Partners LP(2)(3)
Common Stock, par value $0.001 per share ("Common Stock")	08/05/2025		P		245	A	$5.5(1)	1,694,060	I	By Mink Brook Partners LP(2)(3)
Common Stock, par value $0.001 per share ("Common Stock")	08/06/2025		P		968	A	$5.5(1)	1,695,028	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	08/06/2025
	** 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

Who filed the Form 4 for DLHC?

The Form 4 was filed by Mink Brook Asset Management LLC, listed at 201 Summa Street, West Palm Beach, FL 33405.

What DLHC transactions are reported and on what dates?

Purchases of DLHC common stock are reported on 08/04/2025 (4,687 shares), 08/05/2025 (245 shares), and 08/06/2025 (968 shares).

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

The Form reports a weighted average price of $5.50 for the purchases and notes the reporting person will provide transaction-level pricing on request.

How many DLHC shares are reported as beneficially owned after the transactions?

The filing reports 1,695,028 shares (indirect) by Mink Brook Partners LP following the reported transactions and separately reports 694,322 shares (indirect) by Mink Brook Opportunity Fund LP.

Who signed the Form 4 and when?

The Form 4 is signed by William Mueller on 08/06/2025.