DLH Holdings (NASDAQ: DLHC) insider boosts indirect stake with $5.50 buys

Rhea-AI Filing Summary

DLH Holdings Corp. disclosed an insider filing showing that a 10% owner increased its indirect stake through affiliated investment funds. On December 17, 2025, Mink Brook Partners LP purchased 44,208 shares of DLH common stock at a weighted average price of $5.50 per share, followed by an additional purchase of 78 shares at $5.50 per share on December 18, 2025. After these transactions, the reporting person was shown as indirectly beneficially owning 1,931,525 shares through Mink Brook Partners LP and 694,322 shares through Mink Brook Opportunity Fund LP. The filing notes that certain affiliated entities, including Mink Brook Asset Management LLC and Mink Brook Capital GP LLC, disclaim beneficial ownership beyond their economic interest.

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)
12/17/2025

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")	12/17/2025		P		44,208	A	$5.5(1)	1,931,447	I	By Mink Brook Partners LP(2)(3)
Common Stock, par value $0.001 per share ("Common Stock")	12/18/2025		P		78	A	$5.5(1)	1,931,525	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	12/18/2025
	** 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 transaction did DLH Holdings Corp. (DLHC) report in this Form 4?

The filing reports that a 10% owner indirectly increased its holdings in DLH Holdings Corp. by purchasing shares of common stock through investment funds managed by Mink Brook Asset Management LLC.

How many DLHC shares were purchased and on what dates?

Mink Brook Partners LP purchased 44,208 shares of DLH common stock on December 17, 2025 and an additional 78 shares on December 18, 2025.

At what price were the DLH Holdings Corp. (DLHC) shares bought?

The purchases reported in the Form 4 were made at a weighted average price of $5.50 per share, which the filing states includes multiple transactions at that price level.

What is the reporting persons beneficial ownership in DLHC after these transactions?

After the reported transactions, the Form 4 shows indirect beneficial ownership of 1,931,525 DLH shares through Mink Brook Partners LP and 694,322 DLH shares through Mink Brook Opportunity Fund LP.

What is the relationship of the reporting person to DLH Holdings Corp. (DLHC)?

The reporting person is identified as a 10% owner of DLH Holdings Corp., with the holdings held indirectly through investment funds and related management entities.

Do the Mink Brook entities claim full beneficial ownership of the reported DLHC shares?

The filing states that Mink Brook Asset Management LLC, Mink Brook Capital GP LLC, and William Mueller disclaim beneficial ownership of the reported DLH shares except to the extent of their pecuniary interest in those securities.