[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 08/28/2025 and 08/29/2025. The Form 4 shows purchases of 446 shares on 08/28/2025 at a weighted average price of $5.50 and 181 shares on 08/29/2025 at $5.50. The filing reports indirect beneficial ownership of 1,839,118 and 1,839,299 shares held by Mink Brook Partners LP and indirect ownership of 694,322 shares held by Mink Brook Opportunity Fund LP, with Mink Brook Asset Management LLC identified as investment manager. The reporting person checked the box indicating a relationship as Director and 10% owner. The signature is by William Mueller dated 08/29/2025.

Positive

• Insider/affiliated manager purchases recorded on 08/28/2025 and 08/29/2025 at a weighted average price of $5.50, indicating incremental buying interest
• Substantial indirect holdings reported: 1,839,118–1,839,299 shares via Mink Brook Partners LP and 694,322 shares via Mink Brook Opportunity Fund LP

Negative

• None.

Insights

Financial Analyst

TL;DR: Modest open-market buys by an investment manager; existing indirect stakes exceed one million shares.

The Form 4 discloses small purchases executed on 08/28 and 08/29, 2025 at a weighted average price of $5.50 per share (446 and 181 shares respectively). More material is the reported indirect beneficial ownership: 1,839,118–1,839,299 shares via Mink Brook Partners LP and 694,322 shares via Mink Brook Opportunity Fund LP, reflecting sizeable aggregate positions managed by Mink Brook entities. Transactions appear to be open-market purchases rather than derivative exercises. For investors, the filing documents insider/aligned-manager incremental buying accompanied by substantial existing holdings.

Corporate Governance Expert

TL;DR: Filing shows the investment manager as reporting person with large indirect holdings and minor incremental purchases.

The filing names Mink Brook Asset Management LLC as reporting person and indicates its role as investment manager to funds that directly own the shares. The disclosure includes a standard disclaimer about beneficial ownership. The form is properly signed by William Mueller. From a governance perspective, the filing documents compliance with Section 16 disclosure rules and records only routine small purchases in the context of much larger fund 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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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)
08/28/2025

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")	08/28/2025		P		446	A	$5.5(1)	1,839,118	I	By Mink Brook Partners LP(2)(3)
Common Stock, par value $0.001 per share ("Common Stock")	08/29/2025		P		181	A	$5.5(1)	1,839,299	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	08/29/2025
	** 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 Asset Management LLC report for DLHC?

The Form 4 reports purchases of 446 shares on 08/28/2025 and 181 shares on 08/29/2025, each at a weighted average price of $5.50.

How many DLHC shares are reported as indirectly owned by Mink Brook entities?

The filing reports indirect beneficial ownership of 1,839,118–1,839,299 shares by Mink Brook Partners LP and 694,322 shares by Mink Brook Opportunity Fund LP.

Who signed the Form 4 for these DLHC transactions?

The Form 4 is signed by William Mueller with a signature date of 08/29/2025.

What relationship to DLHC is indicated by the reporting person?

The filing checks the boxes indicating the reporting person as a Director and a 10% owner.

Were the reported transactions open-market purchases or derivative transactions?

The transactions are reported in Table I as purchases of common stock (transaction code P), indicating acquisitions of shares rather than derivative exercises.