[SCHEDULE 13G/A] DLH Holdings Corp. SEC Filing

Rhea-AI Filing Summary

Amendment No. 3 to Schedule 13G filed 29 Jul 2025 shows that William Mueller-affiliated vehicles—Mink Brook Partners LP, Mink Brook Opportunity Fund LP, Mink Brook Capital GP LLC and Mink Brook Asset Management LLC—collectively own 2,383,450 DLHC shares, or 16.57 % of the 14,386,468 shares outstanding as of 5 May 2025.

• Mink Brook Partners LP: 1,689,128 shares (11.74 %).
• Mink Brook Opportunity Fund LP: 694,322 shares (4.83 %).
• All voting and dispositive power is shared; no party holds sole power.
• Filed under Rule 13d-1(c); certifies the stake is passive with no intent to influence control.

Mink Brook Capital GP LLC (general partner) and Mueller (managing member) may be deemed beneficial owners but expressly disclaim ownership beyond their pecuniary interest.

The sizeable passive stake makes Mink Brook one of DLHC’s largest shareholders, potentially supporting the share price while concentrating ownership.

Positive

• Mink Brook entities report a 16.6 % stake, indicating strong institutional confidence in DLHC.
• Filing under passive Rule 13d-1(c) reduces near-term risk of activist pressure.

Negative

• Concentrated ownership could heighten share-price volatility if the fund reduces its position.
• Stake size allows significant voting influence despite passive intent, adding governance uncertainty.

Insights

Equity Analyst

TL;DR: 16.6 % passive stake signals confidence, tightens float, modestly positive for valuation.

Mink Brook’s aggregated holding exceeds the 10 % reporting threshold, moving it into a position of material influence even though the filing is passive (13G, not 13D). A committed institutional holder can stabilise the register and support liquidity, especially for a small-cap like DLHC. However, concentrated ownership reduces free float and could amplify price swings on any future exit. No financial metrics are disclosed, so the impact is limited to share-register dynamics rather than fundamentals.

Corporate Governance Specialist

TL;DR: Large but passive holding reduces takeover risk; governance impact presently neutral.

Because Mink Brook certified it is not seeking control, immediate governance implications are muted. Nevertheless, at 16.6 % it can materially influence shareholder votes on proposals or contested elections. The fund’s shared voting structure suggests coordinated decision-making across entities. Investors should watch for any conversion from 13G to 13D, which would indicate an activist turn. For now, risk of board disruption is low, but governance leverage exists.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

DLH Holdings Corp.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

23335Q100

(CUSIP Number)

07/17/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 23335Q100

1

Names of Reporting Persons

Mink Brook Partners LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,689,128.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,689,128.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,689,128.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

11.7 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: This percentage is calculated based upon 14,386,468 shares outstanding as of 5/5/25 disclosed in its 3/31/25 Form 10-Q

SCHEDULE 13G

CUSIP No. 23335Q100

1

Names of Reporting Persons

Mink Brook Opportunity Fund LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 694,322.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 694,322.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

694,322.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.8 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: This percentage is calculated based upon 14,386,468 shares outstanding as of 5/5/25 disclosed in its 3/31/25 Form 10-Q

SCHEDULE 13G

CUSIP No. 23335Q100

1

Names of Reporting Persons

Mink Brook Capital GP LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,383,450.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,383,450.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,383,450.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

16.6 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: This percentage is calculated based upon 14,386,468 shares outstanding as of 5/5/25 disclosed in its 3/31/25 Form 10-Q

SCHEDULE 13G

CUSIP No. 23335Q100

1

Names of Reporting Persons

William Mueller

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,383,450.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,383,450.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,383,450.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

16.6 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: This percentage is calculated based upon 14,386,468 shares outstanding as of 5/5/25 disclosed in its 3/31/25 Form 10-Q

SCHEDULE 13G

CUSIP No. 23335Q100

1

Names of Reporting Persons

Mink Brook Asset Management LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,383,450.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,383,450.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,383,450.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

16.6 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: This percentage is calculated based upon 14,386,468 shares outstanding as of 5/5/25 disclosed in its 3/31/25 Form 10-Q

SCHEDULE 13G

Item 1.
(a)	Name of issuer: DLH Holdings Corp.
(b)	Address of issuer's principal executive offices: 3565 Piedmont Road, Building 3, Suite 700, Atlanta, GA, 30305
Item 2.
(a)	Name of person filing: Mink Brook Partners LP Mink Brook Opportunity Fund LP Mink Brook Capital GP LLC William Mueller Mink Brook Asset Management LLC
(b)	Address or principal business office or, if none, residence: 201 Summa Street West Palm Beach, FL 33405
(c)	Citizenship: Mink Brook Partners LP - Delaware Mink Brook Opportunity Fund LP - Delaware Mink Brook Capital GP LLC - Delaware William Mueller - Florida Mink Brook Asset Management LLC - Delaware
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 23335Q100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: As of the close of business on July 22, 2025, Mink Brook Partners LP and Mink Brook Opportunity Fund LP held an aggregate of 2,383,450 shares of the common stock of the Issuer. As the general partner to both Mink Brook Partners LP and Mink Brook Opportunity Fund LP, Mink Brook Capital GP LLC may be deemed to have shared power to vote or to direct the vote and to dispose or to direct the disposition of the shares held by Mink Brook Partners LP and Mink Brook Opportunity Fund LP. As the managing member of Mink Brook Capital GP LLC and Mink Brook Asset Management LLC, William Mueller may be deemed to have shared power to vote or to direct the vote and to dispose or to direct the disposition of the shares held by Mink Brook Partners LP and Mink Brook Opportunity Fund LP. Neither the filing of this Schedule 13G nor any of its contents shall be deemed to constitute an admission that Mr. Mueller or Mink Brook Capital GP LLC is the beneficial owner of the shares of the common stock of the Issuer referred to herein for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, or for any other purpose, and such beneficial ownership is expressly disclaimed, except to the extent of their respective pecuniary interests therein
(b)	Percent of class: Mink Brook Partners LP - 11.74% Mink Brook Opportunity Fund LP - 4.83% Mink Brook Capital GP LLC - 16.57% William Mueller - 16.57% Mink Brook Asset Management LLC - 16.57%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Mink Brook Partners LP - 0 Mink Brook Opportunity Fund LP - 0 Mink Brook Capital GP LLC - 0 William Mueller - 0 Mink Brook Asset Management LLC - 0
	(ii) Shared power to vote or to direct the vote: Mink Brook Partners LP - 1,689,128 Mink Brook Opportunity Fund LP - 694,322 Mink Brook Capital GP LLC - 2,383,450 William Mueller - 2,383,450 Mink Brook Asset Management LLC - 2,383,450
	(iii) Sole power to dispose or to direct the disposition of: Mink Brook Partners LP - 0 Mink Brook Opportunity Fund LP - 0 Mink Brook Capital GP LLC - 0 William Mueller - 0 Mink Brook Asset Management LLC - 0
	(iv) Shared power to dispose or to direct the disposition of: Mink Brook Partners LP - 1,689,128 Mink Brook Opportunity Fund LP - 694,322 Mink Brook Capital GP LLC - 2,383,450 William Mueller - 2,383,450 Mink Brook Asset Management LLC - 2,383,450
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Mink Brook Partners LP

Signature:	/s/ William Mueller
Name/Title:	William Mueller/Managing Member, general partner Mink Brook Capital GP LLC
Date:	07/29/2025

Mink Brook Opportunity Fund LP

Signature:	/s/ William Mueller
Name/Title:	William Mueller/Managing Member, general partner Mink Brook Capital GP LLC
Date:	07/29/2025

Mink Brook Capital GP LLC

Signature:	/s/ William Mueller
Name/Title:	William Mueller/Managing Member, general partner Mink Brook Capital GP LLC
Date:	07/29/2025

William Mueller

Signature:	/s/ William Mueller
Name/Title:	William Mueller
Date:	07/29/2025

Mink Brook Asset Management LLC

Signature:	/s/ William Mueller
Name/Title:	William Mueller/Managing Member, Mink Brook Asset Management LLC
Date:	07/29/2025

FAQ

How many DLHC shares does Mink Brook now own?

2,383,450 shares, representing 16.57 % of shares outstanding.

Which Mink Brook entities are listed in the Schedule 13G?

Mink Brook Partners LP, Mink Brook Opportunity Fund LP, Mink Brook Capital GP LLC, Mink Brook Asset Management LLC and individual William Mueller.

Does Mink Brook have sole or shared voting power over the DLHC shares?

All listed entities have shared voting and dispositive power; none have sole power.

Is the stake considered passive or activist?

Filed under Rule 13d-1(c); the group certifies the investment is passive with no intent to influence control.

What share-count base was used for the percentage calculation?

Percentages are based on 14,386,468 shares outstanding as disclosed on 5 May 2025.