DLH (DLHC) 10% Owner Mink Brook Buys 475 Shares

What Happened
Mink Brook Asset Management LLC, identified as a 10% owner, purchased a total of 475 shares of DLH Holdings Corp. (DLHC) across two open-market/private transactions. On 2026-09-21 it acquired 174 shares reported at $4.00 (reported value $695) and on 2026-09-22 it acquired 301 shares at $4.00 (reported value $1,204), for a combined reported outlay of $1,899. These were purchases (transaction code P), which are generally viewed as a bullish signal compared with sales.

Key Details

• Transaction dates: 2026-09-21 (174 shares) and 2026-09-22 (301 shares).
• Reported prices: $4.00 reported weighted averages; aggregated value reported $695 and $1,204 respectively (total $1,899).
• Footnotes note weighted-average pricing and price ranges: purchases occurred at multiple prices (ranges reported as $3.92–$4.00 and $3.985–$4.00); the filer will provide per-transaction price breakdown on request (F1, F4).
• Ownership structure notes: some shares are held directly by funds (Mink Brook Partners LP and Mink Brook Opportunity Fund LP) for which Mink Brook Asset Management acts as investment manager and may be deemed to beneficially own those holdings (F2, F5). The manager and related GP disclaim beneficial ownership except to the extent of pecuniary interest (F3).
• Shares owned after the transactions are not specified in this Form 4.
• Filing timeliness: Form 4 was filed on 2026-09-22 for trades on 9/21–9/22 (no late-filing flag in the filing).

Context
This filing reflects institutional buying by a reported 10% holder (an investment manager and affiliated funds), not an individual executive. Such purchases signal the holder increased its position but do not reveal the manager’s motive. The disclosure includes standard weighted-average pricing notes and ownership disclaimers common for investment managers.