Mink Brook Asset Management LLC 4

What Happened

• Mink Brook Asset Management LLC, disclosed as a 10% owner, made open-market/private purchases of DLH Holdings Corp. (DLHC) common stock. The filings show two purchases: 7,944 shares at a weighted-average price of $4.96 (total $39,399) on July 30, 2026, and 441 shares at a weighted-average price of $4.86 (total $2,145) on July 31, 2026 — combined purchases of 8,385 shares for ~$41,544. These were purchases (code P), which are generally interpreted as buying interest rather than selling.

Key Details

• Transaction dates and prices:
  • 2026-07-30: 7,944 shares at $4.96 (weighted avg); reported range $4.775–$5.10 (F1).
  • 2026-07-31: 441 shares at $4.86 (weighted avg); reported range $4.845–$4.90 (F4).
• Total value: ~$41,544 across both transactions ($39,399 + $2,145).
• Shares owned after transaction: Not specified on the Form 4; purchases represent securities owned directly by two funds (see footnotes).
• Footnotes of note:
  • F2/F5: These shares are owned directly by Mink Brook Partners LP and Mink Brook Opportunity Fund LP; as investment manager, Mink Brook Asset Management LLC may be deemed to beneficially own those fund-held securities.
  • F3: The manager and its general partner disclaim beneficial ownership except to the extent of any pecuniary interest.
  • F1/F4: Reported prices are weighted averages across multiple trades; full per-trade breakdown available on request to the SEC/staff or issuer/security holder.
• Filing timeliness: Reported Period of Report 2026-07-30 and filed 2026-07-31 — appears timely.

Context

• This activity is by an institutional 10% owner (asset manager of two funds), not an individual executive. Institutional buys can indicate the funds are increasing stakes, but the filing includes standard disclaimers about beneficial ownership.
• No derivatives, option exercises, sales, gifts, or awards were reported in this Form 4.