Askeladden Capital Management LLC and Samir Patel report their holdings of Duluth Holdings Inc. Class B Common Stock on an amended Schedule 13G, stating aggregate beneficial ownership of 1,698,483 shares, representing 4.9% of the Class B Common Stock outstanding. The percentage is based on 34,637,871 shares outstanding as of June 8, 2026, as reported by Duluth Holdings Inc. Askeladden’s separately managed accounts are the record and direct beneficial owners of these securities, with Askeladden and Mr. Patel each reporting 0 sole voting and dispositive power and 1,698,483 shares of shared voting and shared dispositive power.
Both reporting persons state that this filing does not constitute an admission of beneficial ownership for any purpose and include disclaimers about being considered a member of a group under Section 13(d) or 13(g).
Positive
None.
Negative
None.
Key Figures
Shares beneficially owned:1,698,483 sharesOwnership percentage:4.9%Shares outstanding baseline:34,637,871 shares+2 more
5 metrics
Shares beneficially owned1,698,483 sharesClass B Common Stock reported by Askeladden Capital Management LLC and Samir Patel
Ownership percentage4.9%Percent of Duluth Holdings Inc. Class B Common Stock outstanding
Shares outstanding baseline34,637,871 sharesClass B Common Stock outstanding as of June 8, 2026, per issuer’s Form 10-Q
Shared voting power1,698,483 sharesShares over which the reporting persons have shared voting power
Shared dispositive power1,698,483 sharesShares over which the reporting persons have shared dispositive power
"As the investment adviser to the Managed Accounts, Askeladden may be deemed to beneficially own the securities covered"
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.
shared voting powerfinancial
"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 powerfinancial
"Shared Dispositive Power 1,698,483.00"
separately managed accountsfinancial
"The separately managed accounts on behalf of investment advisory clients ("Managed Accounts")"
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.
Section 13(d) or 13(g)regulatory
"for the purposes of Section 13(d) or 13(g) of the Act or any other purpose"
What percentage of Duluth Holdings (DLTH) does Askeladden Capital report owning?
Askeladden Capital Management LLC and Samir Patel report beneficial ownership of 4.9% of Duluth Holdings Inc. Class B Common Stock, based on 34,637,871 shares outstanding as of June 8, 2026, as disclosed by the issuer.
How many Duluth Holdings (DLTH) shares are reported as beneficially owned?
The reporting persons disclose beneficial ownership of 1,698,483 shares of Duluth Holdings Inc. Class B Common Stock. These shares are held in separately managed accounts advised by Askeladden Capital Management LLC, which may be deemed to beneficially own them.
What voting and dispositive powers over DLTH shares are reported by Askeladden and Samir Patel?
Both Askeladden and Samir Patel report 0 shares with sole voting or sole dispositive power and 1,698,483 shares with shared voting and shared dispositive power over Duluth Holdings Inc. Class B Common Stock.
On what share count is the 4.9% DLTH ownership calculation based?
The 4.9% ownership of Duluth Holdings Inc. Class B Common Stock is calculated using 34,637,871 shares outstanding as of June 8, 2026, as reported in Duluth Holdings Inc.’s Quarterly Report on Form 10-Q for the quarter ended May 3, 2026.
Do Askeladden Capital and Samir Patel admit to being part of a group regarding DLTH stock?
They state that nothing in the filing should be construed as an admission that they are part of any group under Section 13(d) or 13(g) with respect to Duluth Holdings Inc. or its securities, despite the filing being made jointly.
Who is the direct owner of the reported Duluth Holdings (DLTH) shares?
The separately managed accounts of Askeladden’s investment advisory clients are the record and direct beneficial owners of the Duluth Holdings Inc. shares, with Askeladden and Samir Patel potentially deemed beneficial owners due to their advisory roles.
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.
