[Form 4] DLH Holdings Corp. Insider Trading Activity

Rhea-AI Filing Summary

DLH Holdings Corp. (DLHC) – Form 4 insider activity: On 26-27 June 2025, 10% owner Mink Brook Asset Management LLC disclosed open-market purchases of the issuer’s common stock.

• 06/26/2025: 5,198 shares acquired at a weighted-average price of $5.50.
• 06/27/2025: 47,882 shares acquired at a weighted-average price of $5.498.

After the transactions, Mink Brook’s indirect holding through Mink Brook Partners LP rose to 1,672,443 shares. The filing also reiterates an existing indirect position of 694,322 shares held via Mink Brook Opportunity Fund LP, bringing the combined reported indirect ownership to 2,366,765 shares. No derivative securities were listed, and all trades were coded “P” (open-market purchase). The Form 4 was signed by managing member William Mueller on 06/27/2025.

The disclosure confirms that Mink Brook remains a >10% beneficial owner and continues to accumulate DLHC shares at prices around $5.50.

Positive

• 10% beneficial owner purchased 53,080 DLHC shares over two days, indicating continued accumulation.
• Indirect holdings increased to 1,672,443 shares via Mink Brook Partners LP, reinforcing long-term commitment.

Negative

• None.

Insights

Securities Analyst

TL;DR: 10% owner added 53k DLHC shares at ~$5.50, modest increase but reinforces insider confidence; mildly positive signal.

The purchase totals 53,080 shares, only about 3% of the holder’s pre-existing 1.62 million-share stake, yet it confirms ongoing accumulation at current market levels. Insider buying—especially by a >10% holder—tends to be interpreted positively because it aligns management-adjacent capital with minority investors. No sales or derivative exercises were reported, removing immediate dilution concerns. While the dollar value is limited (~$0.29 million), the timing may suggest the investor perceives the shares as undervalued near the $5.50 range. Overall impact is constructive but not transformational, as the stake increase is incremental rather than strategic.

Portfolio Manager

TL;DR: Incremental insider buy supports sentiment; transaction size unlikely to shift float meaningfully—moderately bullish.

From a portfolio perspective, the trade’s scale is small relative to DLHC’s public float, so liquidity and supply-demand dynamics remain unchanged. Nevertheless, continued buying by a concentrated holder reduces downside float and can act as a psychological floor for other investors. The absence of selling pressure or complex derivatives simplifies the thesis: insider money is net adding, not hedging. Risk profile unchanged; fundamental catalyst still required for re-rating, but the filing marginally improves sentiment.

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 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)
06/26/2025

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")	06/26/2025		P		5,198	A	$5.5(1)	1,624,561	I	By Mink Brook Partners LP(2)(3)
Common Stock, par value $0.001 per share ("Common Stock")	06/27/2025		P		47,882	A	$5.498(4)	1,672,443	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(4)(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 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. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $5.45 - $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.

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	06/27/2025
	** 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

Who is the reporting person in the DLHC Form 4?

Mink Brook Asset Management LLC, acting as investment manager for affiliated funds.

How many DLHC shares were bought on 26 June 2025?

5,198 common shares at a weighted-average price of $5.50.

What was the share volume purchased on 27 June 2025?

47,882 common shares at a weighted-average price of $5.498.

What is Mink Brook’s new indirect ownership after the transactions?

The filing shows 1,672,443 shares held via Mink Brook Partners LP and 694,322 shares via Mink Brook Opportunity Fund LP.

Did the Form 4 report any derivative security activity?

No; Table II lists no derivative acquisitions or dispositions.

Is Mink Brook an officer or director of DLH Holdings?

No; the box checked indicates status as a 10% owner only.