Mink Brook funds add to DLH Holdings (DLHC) stake with open-market buys

Rhea-AI Filing Summary

Mink Brook Asset Management LLC, a ten percent owner of DLH Holdings Corp., reported additional open-market purchases of the company’s common stock through its affiliated funds. Mink Brook Partners LP bought 9,343 shares on June 25 at a weighted average price of $5.50 per share, bringing that fund’s holdings to 2,101,273 shares. On June 26, Mink Brook Partners LP purchased a further 15,280 shares at a weighted average price of $5.275 per share, increasing its position to 2,116,553 shares. A separate line shows Mink Brook Opportunity Fund LP holding 694,322 shares of DLH common stock. The filing notes that prices reflect weighted averages over multiple trades and that Mink Brook Asset Management, its general partner, and managing member disclaim beneficial ownership beyond their pecuniary interest.

Insider Trade Summary

Net Buyer: 24,623 shares ($131,989)

Net Buy 3 txns

Insider Mink Brook Asset Management LLC

Role null

Bought 24,623 shs ($132K)

Type	Security	Shares	Price	Value
Purchase	Common Stock, par value $0.001 per share ("Common Stock")	15,280	$5.275	$81K
Purchase	Common Stock, par value $0.001 per share ("Common Stock")	9,343	$5.50	$51K
holding	Common Stock, par value $0.001 per share ("Common Stock")	--	--	--

Holdings After Transaction: Common Stock, par value $0.001 per share ("Common Stock") — 2,116,553 shares (Indirect, By Mink Brook Partners LP)

Footnotes (1)

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. 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. 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. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $5.13 to $5.42 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. 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.

Key Figures

Total shares bought: 24,623 shares June 25 purchase: 9,343 shares at $5.50/share June 26 purchase: 15,280 shares at $5.275/share +3 more

6 metrics

Total shares bought 24,623 shares Net open-market purchases reported in this Form 4

June 25 purchase 9,343 shares at $5.50/share Mink Brook Partners LP weighted average price

June 26 purchase 15,280 shares at $5.275/share Mink Brook Partners LP weighted average price

Partners LP holdings 2,116,553 shares Mink Brook Partners LP after June 26 transaction

Opportunity Fund holdings 694,322 shares Mink Brook Opportunity Fund LP holding entry

Ownership status Ten percent owner Mink Brook Asset Management LLC status in issuer

Key Terms

open-market purchase, weighted average price, ten percent owner, beneficial ownership, +1 more

5 terms

open-market purchase financial

"transaction_action": "open-market purchase""

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

weighted average price financial

"The price reported in column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

ten percent owner regulatory

"is_ten_percent_owner": 1"

beneficial ownership regulatory

"may be deemed to beneficially own the securities owned directly by the Fund."

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"disclaims beneficial ownership of the shares reported herein except to the extent of its pecuniary interest therein"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/26/2026 - 04:21 PM Accepted by SEC EDGAR 06/26/2026 - 04:20 PM Learn about SEC filing dates

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 FLORIDA 33405

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/25/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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")	06/25/2026		P		9,343	A	$5.5(1)	2,101,273	I	By Mink Brook Partners LP(2)(3)
Common Stock, par value $0.001 per share ("Common Stock")	06/26/2026		P		15,280	A	$5.275(4)	2,116,553	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 $5.13 to $5.42 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	06/26/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider activity did Mink Brook report in DLH Holdings (DLHC)?

Mink Brook’s affiliated funds reported open-market purchases of DLH Holdings common stock totaling 24,623 shares. These transactions raised Mink Brook Partners LP’s stake to over 2.1 million shares, reflecting incremental accumulation rather than a sale or reduction in position.

At what prices did Mink Brook’s funds buy DLH Holdings (DLHC) shares?

Mink Brook Partners LP bought DLH Holdings common stock at weighted average prices of about $5.50 and $5.275 per share. The filing notes these averages reflect multiple trades, some ranging between $5.13 and $5.42, with full trade details available upon request.

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

After the reported purchases, Mink Brook Partners LP holds 2,116,553 shares of DLH common stock. A separate fund, Mink Brook Opportunity Fund LP, is shown holding 694,322 shares. These positions are reported as indirect holdings through the respective limited partnerships.

Who is the reporting person on this DLH Holdings (DLHC) Form 4?

The reporting person is Mink Brook Asset Management LLC, identified as a ten percent owner of DLH Holdings. The common stock is held indirectly through Mink Brook Partners LP and Mink Brook Opportunity Fund LP, for which Mink Brook Asset Management serves as investment manager.

Does Mink Brook Asset Management claim full beneficial ownership of its DLH (DLHC) holdings?

No. The filing states that Mink Brook Asset Management LLC, its general partner, and managing member disclaim beneficial ownership of the reported shares, except to the extent of their pecuniary interest. This is a common legal disclaimer under Section 16 rules.