[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 August 25–27, 2025 at a weighted average price of $5.50 per share. The filing shows incremental purchases recorded as 336, 837 and 22 shares on the three dates, and the reporting table lists beneficial ownership after those transactions of 1,837,813, 1,838,650 and 1,838,672 shares respectively. The report states these shares are held indirectly through Mink Brook Partners LP and that Mink Brook Opportunity Fund LP beneficially owns 694,322 shares.

The filer clarifies that Mink Brook Asset Management acts as investment manager and may be deemed to beneficially own the funds' securities, while disclaiming beneficial ownership except to the extent of pecuniary interest. The Form 4 is signed by William Mueller on 08/27/2025.

Positive

• Open-market purchases disclosed at a clear weighted average price of $5.50, showing transparent accumulation activity
• Detailed beneficial ownership figures are provided: 1,838,672 shares reported beneficially owned after the last transaction
• Clear identification of indirect holdings through Mink Brook Partners LP and Mink Brook Opportunity Fund LP with accompanying disclaimers

Negative

• None.

Insights

Securities Analyst

TL;DR Small, disclosed purchases at $5.50 raised reported beneficial holdings to ~1.84 million shares, held indirectly via affiliated funds.

The transactions are routine open-market purchases aggregated across three dates, with a disclosed weighted average price of $5.50. The filing documents indirect ownership through two funds, and the manager explicitly disclaims beneficial ownership beyond pecuniary interest. For investors, the filing provides clear, audit-ready disclosure of incremental accumulation and current indirect holdings; there are no derivative positions disclosed on this Form 4.

Corporate Governance Expert

TL;DR Filing complies with Section 16 disclosure norms and clarifies manager/fund relationships and disclaimers.

The Form 4 records timely purchases with an accompanying explanation that the asset manager may be deemed to own securities held by the funds while disclaiming broader beneficial ownership. The signature and remarks follow standard practice for investment-manager filings, providing necessary transparency on indirect holdings and the manager's stated legal position.

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)
08/25/2025

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")	08/25/2025		P		336	A	$5.5(1)	1,837,813	I	By Mink Brook Partners LP(2)(3)
Common Stock, par value $0.001 per share ("Common Stock")	08/26/2025		P		837	A	$5.5(1)	1,838,650	I	By Mink Brook Partners LP(2)(3)
Common Stock, par value $0.001 per share ("Common Stock")	08/27/2025		P		22	A	$5.5(1)	1,838,672	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	08/27/2025
	** 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 report for DLHC?

The Form 4 reports open-market purchases on 08/25/2025, 08/26/2025 and 08/27/2025 at a weighted average price of $5.50.

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

The filing shows beneficial ownership totals of 1,837,813, 1,838,650 and 1,838,672 shares following the reported transactions.

Through which entities are the DLHC shares held indirectly?

The shares are reported as held indirectly by Mink Brook Partners LP and Mink Brook Opportunity Fund LP.

Does the filing state whether Mink Brook Asset Management claims direct beneficial ownership?

The filing states the manager may be deemed to beneficially own the funds' securities but expressly disclaims beneficial ownership except to the extent of its pecuniary interest.

Were any derivative securities reported in this Form 4?

No derivative securities are listed in Table II of this filing.