Askeladden reports 6.6% stake in Duluth

Rhea-AI Filing Summary

Askeladden Capital Management and its managing member Samir Patel report beneficial ownership of 2,207,287 shares of Duluth Holdings Inc.

The ownership percentage is based on 33,361,992 Class B shares outstanding as of December 15, 2025, as reported in Duluth’s Form 10-Q for the quarter ended November 2, 2025. The filers state the holdings are in the ordinary course of business and not for the purpose of changing or influencing control.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake in Duluth Holdings (DLTH) does Askeladden report?

Askeladden Capital Management reports beneficial ownership of 2,207,287 Duluth Holdings Class B shares, equal to 6.6% of that class. The shares are held in separately managed accounts for its investment advisory clients, with Askeladden deemed a beneficial owner in its adviser role.

Who are the reporting persons in this Duluth Holdings (DLTH) Schedule 13G/A?

The reporting persons are Askeladden Capital Management, LLC and Samir Patel. Askeladden is a Texas investment adviser, and Patel is its managing member. Both may be deemed beneficial owners of the Class B shares held in client managed accounts, subject to their stated disclaimers.

How was Askeladden’s 6.6% Duluth (DLTH) ownership percentage calculated?

The 6.6% figure uses 33,361,992 Duluth Class B shares outstanding as of December 15, 2025. That share count comes from Duluth’s Form 10-Q for the quarter ended November 2, 2025, which was filed with the SEC on December 17, 2025 and cited in the filing.

Does Askeladden aim to influence control of Duluth Holdings (DLTH)?

The filing states the securities were acquired and are held in the ordinary course of business, not to change or influence control of Duluth Holdings. It also notes the holdings are not in connection with any transaction having that purpose or effect, aside from specified nomination activities.

Who is the direct owner of the Duluth Holdings (DLTH) shares reported?

The direct and record owners are the separately managed accounts of Askeladden’s investment advisory clients. Askeladden, as investment adviser, may be deemed to beneficially own these Duluth Class B shares, and Samir Patel may be deemed to beneficially own securities owned by Askeladden, subject to their disclaimers.

What voting and dispositive powers are reported for Duluth Holdings (DLTH) shares?

The filing reports zero sole voting and dispositive power, and 2,207,287 shares with shared voting and shared dispositive power for each reporting person. This reflects their role over client managed accounts holding Duluth Class B common stock under the investment advisory arrangement described.

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

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Accepted by SEC EDGAR 02/17/2026 - 03:24 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

DULUTH HOLDINGS INC.

(Name of Issuer)

Class B Common Stock

(Title of Class of Securities)

26443V101

(CUSIP Number)

08/09/2024

(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. 26443V101

1

Names of Reporting Persons

ASKELADDEN CAPITAL 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

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,207,287.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,207,287.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,207,287.00

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)

6.6 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. 26443V101

1

Names of Reporting Persons

Samir Patel

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,207,287.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,207,287.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,207,287.00

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)

6.6 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: DULUTH HOLDINGS INC.
(b)	Address of issuer's principal executive offices: 201 EAST FRONT STREET, MOUNT HOREB, WISCONSIN, 53572.
Item 2.
(a)	Name of person filing: This statement is being jointly filed by and on behalf of each of Askeladden Capital Management, LLC, a Texas limited liability company ('Askeladden') and Samir Patel. The separately managed accounts on behalf of investment advisory clients (?Managed Accounts?) of Askeladden are the record and direct beneficial owners of the securities covered by this statement. As the investment adviser to the Managed Accounts, Askeladden may be deemed to beneficially own the securities covered by this statement. Mr. Patel is the Member of, and may be deemed to beneficially own securities owned by, Askeladden. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, the beneficial owner of any securities covered by this statement. Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any group with respect to the issuer or any securities of the issuer.
(b)	Address or principal business office or, if none, residence: 201 East Front Street, Mount Horeb, Wisconsin 53572, USA
(c)	Citizenship: See Item 4 on the cover page(s) hereto.
(d)	Title of class of securities: Class B Common Stock
(e)	CUSIP No.: 26443V101
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: See Item 9 on the cover page(s) hereto.
(b)	Percent of class: The percentage calculated in Item 11 is based on 33,361,992 shares of Class B Common Stock outstanding as of December 15, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarter ended November 2nd, 2025 and as filed with the SEC on December 17, 2025.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Item 5 on the cover page(s) hereto.
	(ii) Shared power to vote or to direct the vote: See Item 6 on the cover page(s) hereto.
	(iii) Sole power to dispose or to direct the disposition of: See Item 7 on the cover page(s) hereto.
	(iv) Shared power to dispose or to direct the disposition of: See Item 8 on the cover page(s) hereto.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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 acquired and are held in the ordinary course of business and 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.

ASKELADDEN CAPITAL MANAGEMENT LLC

Signature:	/s/ Samir Patel
Name/Title:	Samir Patel / Managing Member
Date:	02/17/2026

Samir Patel

Signature:	/s/ Samir Patel
Name/Title:	Samir Patel / Managing Member
Date:	02/17/2026