DLH Holdings: Mink Brook buys 1,221 shares

Ten percent owner Mink Brook Asset Management LLC reported open-market purchases of DLHC shares and updated indirect fund holdings, while disclaiming full beneficial ownership.

Rhea-AI Filing Summary

DLH Holdings Corp. (DLHC) had insider activity reported by ten percent owner Mink Brook Asset Management LLC. Through Mink Brook Partners LP, it purchased 1,221 shares of common stock in open-market transactions on September 9–10, 2026 at weighted average prices around $3.93–$3.94 per share. A related holding entry reports held indirectly by Mink Brook Opportunity Fund LP, with Mink Brook Asset Management LLC disclaiming beneficial ownership beyond its pecuniary interest. No Rule 10b5-1 trading plan is reported.

Insider Trade Summary

Net Buyer: 1,221 shares

Net Buy 3 txns

Insider Mink Brook Asset Management LLC

Role 10% Owner

Bought 1,221 shs ($5K)

Type	Security	Shares	Price	Value
Purchase	Common Stock, par value $0.001 per share ("Common Stock") F4, F2, F3	221	$3.9391	$870.54
Purchase	Common Stock, par value $0.001 per share ("Common Stock") F1, F2, F3	1,000	$3.9273	$4K
holding	Common Stock, par value $0.001 per share ("Common Stock") F3, F5	--	--	--

Holdings After Transaction: Common Stock, par value $0.001 per share ("Common Stock") — 2,183,626 shares (Indirect, By Mink Brook Partners LP); Common Stock, par value $0.001 per share ("Common Stock") — 694,322 shares (Indirect, By Mink Brook Opportunity Fund LP)

Footnotes (5)

1. F1. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.85 to $4.04 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. F2. 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. F3. 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. F4. The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.895 to $3.975 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. F5. 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

Shares purchased September 9, 2026: 1,000 shares Weighted average price September 9, 2026: $3.9273 per share Shares purchased September 10, 2026: 221 shares +3 more

6 metrics

Shares purchased September 9, 2026 1,000 shares Open-market purchase by Mink Brook Partners LP, indirect for Mink Brook Asset Management LLC

Weighted average price September 9, 2026 $3.9273 per share DLHC common stock, multiple trades from $3.85 to $4.04

Shares purchased September 10, 2026 221 shares Open-market purchase by Mink Brook Partners LP, indirect for Mink Brook Asset Management LLC

Weighted average price September 10, 2026 $3.9391 per share DLHC common stock, multiple trades from $3.895 to $3.975

Total net shares bought 1,221 shares Net buy across reported transactions in this Form 4

Indirect holdings by Mink Brook Opportunity Fund LP 694,322 shares DLHC common stock reported as held indirectly as of September 9, 2026

Key Terms

weighted average price, beneficially own, pecuniary interest, indirect

4 terms

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.

beneficially own financial

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

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

pecuniary interest financial

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

indirect financial

"Represents securities owned directly by Mink Brook Partners LP ... indirect ownership"

FAQ

What insider transactions in DLHC did Mink Brook Asset Management report on this Form 4?

Mink Brook Asset Management LLC reported two open-market purchases totaling 1,221 DLHC common shares on September 9–10, 2026, made indirectly through Mink Brook Partners LP, plus an updated indirect holding entry for Mink Brook Opportunity Fund LP.

How many DLHC shares did Mink Brook Asset Management buy and at what prices?

It bought 1,000 shares of DLHC on September 9, 2026 at a weighted average price of $3.9273 per share, and 221 shares on September 10, 2026 at a weighted average price of $3.9391 per share, both via Mink Brook Partners LP.

What indirect DLHC share holdings are reported for Mink Brook Opportunity Fund LP?

An indirect holding entry shows 694,322 DLHC common shares held by Mink Brook Opportunity Fund LP as of September 9, 2026. Mink Brook Asset Management LLC may be deemed to beneficially own these as investment manager, subject to its footnoted ownership disclaimer.

Does Mink Brook Asset Management LLC claim full beneficial ownership of the reported DLHC shares?

No. Mink Brook Asset Management LLC, Mink Brook Capital GP LLC, and William Mueller disclaim beneficial ownership of the reported DLHC shares except to the extent of their pecuniary interest, stating the filing should not be construed as an admission of beneficial ownership.

Were the reported DLHC trades made under a Rule 10b5-1 trading plan?

The Form 4 indicates no Rule 10b5-1 trading plan; the document-level checkbox for Rule 10b5-1 is not checked, and the footnotes do not describe any such pre-arranged plan for these transactions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/10/2026 - 04:28 PM Accepted by SEC EDGAR 09/10/2026 - 04:28 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)
09/09/2026

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")	09/09/2026		P		1,000	A	$3.9273(1)	2,183,405	I	By Mink Brook Partners LP(2)(3)
Common Stock, par value $0.001 per share ("Common Stock")	09/10/2026		P		221	A	$3.9391(4)	2,183,626	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(3)(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 prices ranging from $3.85 to $4.04 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 $3.895 to $3.975 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	09/10/2026
	** 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)