SCHEDULE: Mink Brook Entities Increase Stake in DLH Holdings Corp.

Mink Brook Partners LP, Mink Brook Opportunity Fund LP, Mink Brook Capital GP LLC, William Mueller, and Mink Brook Asset Management LLC have collectively reported beneficial ownership of 19.9% of DLH Holdings Corp. common stock as of September 30, 2026.

Summary

• Mink Brook Partners LP, Mink Brook Opportunity Fund LP, Mink Brook Capital GP LLC, William Mueller, and Mink Brook Asset Management LLC have filed an amended Schedule 13G.
• The filing indicates a collective beneficial ownership of 2,882,004 shares of DLH Holdings Corp. common stock by Mink Brook Capital GP LLC, William Mueller, and Mink Brook Asset Management LLC, representing 19.9% of the class.
• Mink Brook Partners LP beneficially owns 1,988,583 shares (13.7%), and Mink Brook Opportunity Fund LP beneficially owns 893,421 shares (6.2%).
• The total reported beneficial ownership for all listed entities is 2,882,004 shares, representing 19.9% of the outstanding common stock.
• The percentages are calculated based on 14,493,035 shares of Common Stock outstanding as of July 29, 2026, as disclosed in DLH Holdings Corp.'s Form 10-Q.
• All securities reported are directly owned by advisory clients of Mink Brook Asset Management LLC, with no single client other than Mink Brook Partners LP and Mink Brook Opportunity Fund LP owning more than 5%.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this filing as neutral to slightly positive, reflecting significant ownership by Mink Brook entities without indicating any immediate intent to influence control, suggesting a stable, albeit invested, shareholder position.

Positives

• Significant collective ownership stake of 19.9% by Mink Brook entities suggests strong investor conviction in DLH Holdings Corp.
• The filing clarifies that the securities were not acquired for the purpose of influencing or changing control of the issuer, indicating a passive investment approach.
• The reporting entities are established investment and asset management firms, implying a professional and strategic approach to their holdings.

Negatives

• The filing does not provide specific details on the investment strategy or future intentions beyond not seeking to influence control.
• No financial performance data or operational updates are included in this Schedule 13G filing.

Risks

• While not explicitly stated as a risk, a large concentrated ownership by a single group could potentially lead to future activism if investment thesis changes.
• The filing is a snapshot of ownership as of a specific date and does not guarantee continued passive holding.

Future Outlook

This filing is primarily an ownership disclosure and does not contain forward-looking statements or specific future guidance from DLH Holdings Corp. management.

Management Comments

• Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his, her or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

Industry Context

StockSavvy.ai notes that Schedule 13G filings are common for institutional investors accumulating significant stakes. The substantial ownership by Mink Brook entities in DLH Holdings Corp. places them as a key shareholder, though the filing explicitly states no intent to influence control, which is typical for passive investment funds.

Comparison to Industry Standards

• Schedule 13G filings are standard for reporting beneficial ownership exceeding 5% of a class of securities. The format and content align with typical filings by investment management firms.
• The percentage of ownership (19.9%) is significant and places Mink Brook among the largest shareholders, comparable to stakes held by other institutional investors in similar-sized publicly traded companies.

Related Party Transactions

• All securities reported are directly owned by advisory clients of Mink Brook Asset Management LLC. None of those advisory clients, other than Mink Brook Partners LP and Mink Brook Opportunity Fund LP, may be deemed to beneficially own more than 5% of the Common Stock.

Stakeholder Impact

• Shareholders: The significant stake held by Mink Brook entities could influence market perception and potentially future corporate actions, although the filing indicates a passive intent.
• Management/Board: The large ownership may lead to increased engagement or scrutiny from Mink Brook, even without explicit control intentions.

Next Steps

• Continued monitoring of DLH Holdings Corp. for any changes in ownership or strategic direction by Mink Brook entities.
• Review of future DLH Holdings Corp. filings for any operational or financial updates.

Key Dates

Keywords

DLH Holdings Corp., Schedule 13G, Beneficial Ownership, Mink Brook, Investment Management, Shareholder, Common Stock, Ownership Stake