Mink Brook boosts DLH Holdings (DLHC) stake through fund-level share buys

Rhea-AI Filing Summary

Mink Brook Asset Management LLC, a 10% owner of DLH Holdings Corp., reported indirect open-market purchases of the company’s common stock through affiliated investment funds. Mink Brook Partners LP bought 13,577 shares on February 12, 2026 and 319 shares on February 13, 2026, both at a weighted average price of $5.50 per share. After these transactions, Mink Brook Partners LP held 1,950,448 DLH shares, while Mink Brook Opportunity Fund LP held 694,322 shares, all reported as indirect holdings of Mink Brook Asset Management LLC. The reporting entities and their general partner disclaim beneficial ownership beyond their pecuniary interest.

Insights

Equity ownership analyst

Mink Brook funds modestly increased their DLH Holdings stake via open-market buys.

The filing shows Mink Brook Partners LP, an affiliated fund of Mink Brook Asset Management LLC, purchasing DLH Holdings common stock in the open market at a weighted average price of $5.50 per share. Two small trades added 13,577 shares and 319 shares across consecutive days.

Following these trades, Mink Brook Partners LP held 1,950,448 DLH shares, and Mink Brook Opportunity Fund LP held 694,322 shares, all reported as indirect holdings of the investment manager. The entities explicitly disclaim beneficial ownership beyond their pecuniary interest, so the economic exposure is at the fund level rather than personal insider ownership.

This activity reflects incremental share accumulation by a large existing holder rather than a transformational change. Future ownership updates will continue to appear in subsequent beneficial ownership and insider reports as additional transactions occur.

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)
02/12/2026

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")	02/12/2026		P		13,577	A	$5.5(1)	1,950,129	I	By Mink Brook Partners LP(2)(3)
Common Stock, par value $0.001 per share ("Common Stock")	02/13/2026		P		319	A	$5.5(1)	1,950,448	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	02/13/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider activity did Mink Brook Asset Management report for DLHC?

Mink Brook Asset Management LLC reported indirect open-market purchases of DLH Holdings common stock by Mink Brook Partners LP. The fund bought 13,577 shares and 319 shares at a weighted average price of $5.50 per share across two days, modestly increasing its DLH position.

How many DLH Holdings (DLHC) shares do the Mink Brook funds now hold?

After the reported trades, Mink Brook Partners LP held 1,950,448 DLH Holdings shares, while Mink Brook Opportunity Fund LP held 694,322 shares. Both positions are reported as indirect holdings of Mink Brook Asset Management LLC through its role as investment manager to the funds.

At what price were the recent DLHC shares purchased by Mink Brook Partners LP?

The reported DLH Holdings purchases by Mink Brook Partners LP were executed at a weighted average price of $5.50 per share. The filing notes that the shares were bought in multiple transactions, and detailed trade breakdowns are available on request to regulators, the issuer, or its security holders.

Who is the actual owner of the DLH Holdings shares linked to Mink Brook Asset Management?

The DLH Holdings shares are owned directly by Mink Brook Partners LP and Mink Brook Opportunity Fund LP. Mink Brook Asset Management LLC is the investment manager and may be deemed a beneficial owner, but it disclaims ownership beyond its pecuniary interest in those fund holdings.

Does Mink Brook Asset Management personally claim full beneficial ownership of its DLHC holdings?

No. Mink Brook Asset Management LLC, its general partner Mink Brook Capital GP LLC, and managing member William Mueller disclaim beneficial ownership of the DLH shares beyond their pecuniary interest. The shares are held directly by the investment funds they manage, not personally by the individuals.

What type of transactions did Mink Brook report in DLH Holdings stock?

The filing reports open-market purchases of DLH Holdings common stock, coded as transaction type “P.” These were non-derivative transactions in common shares, executed indirectly through Mink Brook Partners LP, and increased that fund’s reported DLH share count to 1,950,448 shares.