Duluth Holdings (DLTH): Askeladden discloses 1.7M-share, 4.9% Class B position

Rhea-AI Filing Summary

Askeladden Capital Management LLC and Samir Patel report beneficial ownership of 1,698,483 shares of Duluth Holdings Inc. Class B common stock. This represents 4.9% of the class, based on 34,637,871 shares outstanding as of June 8, 2026. The shares are held in separately managed accounts for Askeladden’s investment advisory clients, for which Askeladden and Mr. Patel have shared voting and dispositive power and no sole power. Both reporting persons file jointly and expressly state that the filing should not be construed as an admission of beneficial ownership or of being part of a group under Section 13(d) or 13(g). The position is reported as ownership of 5 percent or less of the class.

Key Figures

Beneficial ownership: 1,698,483 shares Ownership percentage: 4.9% Shares outstanding baseline: 34,637,871 shares +4 more

7 metrics

Beneficial ownership 1,698,483 shares Class B Common Stock reported as beneficially owned by Askeladden and Samir Patel

Ownership percentage 4.9% Percentage of Duluth Holdings Class B based on 34,637,871 shares outstanding

Shares outstanding baseline 34,637,871 shares Class B Common Stock outstanding as of June 8, 2026 per Form 10-Q

Shared voting power 1,698,483 shares Shares over which the reporting persons have shared power to vote

Shared dispositive power 1,698,483 shares Shares over which the reporting persons have shared power to dispose

Sole voting power 0 shares Sole power to vote or direct the vote reported by the filers

Sole dispositive power 0 shares Sole power to dispose or direct disposition reported by the filers

Key Terms

beneficial owner, separately managed accounts, investment adviser, shared voting power, +1 more

5 terms

beneficial owner financial

"may be deemed to beneficially own the securities covered by this statement"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

separately managed accounts financial

"The separately managed accounts on behalf of investment advisory clients"

A separately managed account is an investment portfolio owned by a single investor but professionally managed to that investor’s specific goals and preferences, rather than pooled with other clients’ money. It matters to investors because it offers greater customization, tax control and transparency—like hiring a personal chef instead of eating from a shared buffet—though it often requires higher minimums and can have different fee and liquidity implications.

investment adviser financial

"As the investment adviser to the Managed Accounts, Askeladden may be deemed"

An investment adviser is a person or firm that professionally manages money and gives recommendations about buying, selling, or holding investments. Like a financial coach or guide, they have a legal duty to act in a client's best financial interest, so their advice, fees and potential conflicts can directly affect returns and risk — making their role important for investors who want informed, accountable help with portfolios.

shared voting power financial

"Shared Voting Power 1,698,483.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"Shared Dispositive Power 1,698,483.00"

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

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Available on EDGAR 08/07/2026 - 05:06 PM Accepted by SEC EDGAR 08/07/2026 - 05:05 PM Learn about SEC filing dates

FAQ

What stake in DLTH does Askeladden Capital Management report in this Schedule 13G/A?

Askeladden Capital Management reports beneficial ownership of 1,698,483 shares of Duluth Holdings Inc. Class B common stock, equal to 4.9% of that class, held through separately managed accounts for its investment advisory clients.

How is the 4.9% ownership percentage in DLTH calculated in this filing?

The 4.9% ownership is based on 34,637,871 Class B shares outstanding as of June 8, 2026, as reported in Duluth Holdings Inc.’s Form 10-Q for the quarter ended May 3, 2026 and filed on June 9, 2026.

Who are the reporting persons in the Duluth Holdings (DLTH) Schedule 13G/A Amendment No. 4?

The reporting persons are Askeladden Capital Management LLC, a Texas investment adviser, and Samir Patel, its Member. They jointly file for shares held in managed accounts for Askeladden’s investment advisory clients.

What voting and dispositive powers over DLTH shares are reported by Askeladden and Samir Patel?

They report 0 shares with sole voting or dispositive power and 1,698,483 shares with shared voting and shared dispositive power, reflecting authority exercised through separately managed accounts for advisory clients.

Do Askeladden Capital Management and Samir Patel admit being part of a group regarding DLTH stock?

No. They explicitly state the filing should not be construed as an admission that they are beneficial owners or that they are acting as a group under Section 13(d) or 13(g) with respect to Duluth Holdings securities.

What address is listed for the reporting persons in the Duluth Holdings (DLTH) filing?

The principal business address for the reporting persons is given as 1452 Hughes Road, Suite 200 #582, Grapevine, Texas 76051, which is identified as their principal business office in the ownership report.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 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 1,698,483.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,698,483.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,698,483.00

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)

4.9 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP Number(s): 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 1,698,483.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,698,483.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,698,483.00

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)

4.9 %

12

Type of Reporting Person (See Instructions)

HC, IN

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: 1452 Hughes Road, Suite 200 #582 Grapevine, Texas 76051
(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 34,637,871 shares of Class B Common Stock outstanding as of June 8, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarter ended May 3, 2026 and as filed with the SEC on June 9, 2026.
(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.
	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 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:	Managing Member
Date:	08/07/2026

Samir Patel

Signature:	/S/ Samir Patel
Name/Title:	Managing Member
Date:	08/07/2026