[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 08/08/2025 and 08/11/2025. The reporting person purchased 26,563 shares and 50,000 shares respectively at a weighted average price of $5.50 per share, for a combined purchase of 76,563 shares. After these transactions, indirect holdings via Mink Brook Partners LP increased to 1,771,591 shares. The filing also shows 694,322 shares owned indirectly by Mink Brook Opportunity Fund LP.

The reporting entity is listed as Director. The filing notes that Mink Brook Asset Management LLC, as investment manager, may be deemed to beneficially own the funds' securities but disclaims beneficial ownership except to its pecuniary interest. No derivative transactions were reported and the price shown is a weighted average of multiple purchases at $5.50 inclusive.

Positive

• Open-market purchases totaling 76,563 shares at a weighted average price of $5.50, increasing reported indirect ownership.
• Indirect holdings increased to 1,771,591 shares via Mink Brook Partners LP, with an additional 694,322 shares held by Mink Brook Opportunity Fund LP.

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider purchases totaling 76,563 shares at $5.50 raise indirect stake to 1.77M shares; routine but notable buying activity.

The reporting person executed purchases on 08/08/2025 and 08/11/2025 totaling 76,563 common shares at a weighted average price of $5.50. Following the trades, indirect beneficial ownership via Mink Brook Partners LP is reported at 1,771,591 shares; an additional 694,322 shares are shown as held by Mink Brook Opportunity Fund LP. No options or other derivatives are listed. For investors, these are clear, disclosed open-market purchases by an investment manager associated with the issuer, increasing the manager-linked indirect stake. Absent company-wide share counts or further context, the market impact cannot be quantified from this filing alone.

Corporate Governance Expert

TL;DR: Filing discloses indirect fund ownership and an express disclaimer of direct beneficial ownership by the manager.

The Form 4 identifies Mink Brook Asset Management LLC as the reporting person and marks the Director relationship. The explanatory notes state the manager may be deemed to beneficially own fund-held shares but expressly disclaims direct beneficial ownership except for pecuniary interest. This distinction is important for governance and control analysis: the manager reports and aggregates fund holdings for transparency while clarifying legal ownership boundaries. There are no derivative positions or transfers that would indicate changes in control rights.

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

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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)
08/08/2025

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")	08/08/2025		P		26,563	A	$5.5(1)	1,721,591	I	By Mink Brook Partners LP(2)(3)
Common Stock, par value $0.001 per share ("Common Stock")	08/11/2025		P		50,000	A	$5.5(1)	1,771,591	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	08/11/2025
	** 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 insider transactions were reported for DLHC on this Form 4?

The filing reports purchases of 26,563 shares on 08/08/2025 and 50,000 shares on 08/11/2025, each at a weighted average price of $5.50.

How many DLHC shares does Mink Brook report beneficially owning after these transactions?

Following the reported purchases, indirect ownership via Mink Brook Partners LP is reported as 1,771,591 shares; Mink Brook Opportunity Fund LP is shown with 694,322 shares.

Did the Form 4 report any derivative securities for DLHC?

No. Table II shows no derivative securities were acquired, disposed of, or beneficially owned in this filing.

What does the filing say about beneficial ownership attribution?

The filing states Mink Brook Asset Management LLC may be deemed to beneficially own securities held by the funds as investment manager but disclaims direct beneficial ownership except to its pecuniary interest.

What relationship to DLHC is listed for the reporting person?

The reporting person, Mink Brook Asset Management LLC, is listed as a Director in the relationship section of the Form 4.