Mink Brook Asset Management LLC 4

What Happened

• Mink Brook Asset Management LLC, identified as a 10% owner, acquired a total of 24,699 shares of DLH Holdings Corp. (DLHC) in open-market purchases. The purchases were made at a reported weighted average price of $5.50 per share: 2,642 shares on 2026-02-17 ($14,531) and 22,057 shares on 2026-02-18 ($121,314), for a combined cash outlay of roughly $135,845.
• These were outright purchases (P code) — purchases are often viewed as a more informative signal than sales because they show the buyer adding to a position, though this filing alone does not explain the buyer’s motive.

Key Details

• Transaction dates and prices: 2026-02-17 — 2,642 shares @ $5.50; 2026-02-18 — 22,057 shares @ $5.50. Filing reports the $5.50 as a weighted average price (Footnote F1).
• Shares owned after transaction: The Form 4 text provided does not state the total shares owned following these purchases.
• Footnotes of note:
  • F1: $5.50 is a weighted average; multiple trades occurred at that price.
  • F2 & F4: The reported shares are held directly by two funds (Mink Brook Partners LP and Mink Brook Opportunity Fund LP); Mink Brook Asset Management LLC is the investment manager and therefore may be deemed to beneficially own the funds’ holdings.
  • F3: The manager and related GP disclaim beneficial ownership except to the extent of any pecuniary interest.
• Filing timeliness: Reported with a Period of Report of 2026-02-17 and filed 2026-02-18 — appears timely (not marked late).

Context

• This filing reflects institutional buying by an investment manager on behalf of funds, not an individual executive. Institutional purchases can indicate confidence from a professional manager but do not carry the same insider-signaling implications as an executive or director buying stock.
• No option exercises, gifts, tax withholdings, or sales were reported in this filing — only open-market purchases.