Threadneedle/TAM Group Discloses 8.8% Ownership in ERII

Rhea-AI Filing Summary

Ameriprise Financial, Inc. and several affiliated Ameriprise/Threadneedle entities filed a Schedule 13G/A reporting material beneficial ownership in Energy Recovery, Inc. common stock (CUSIP 29270J100). The cover pages show Ameriprise Financial, Inc. (AFI) with an aggregate of 5,401,044 shares (9.9%), a group of Threadneedle/TAM entities with 4,788,751 shares (8.8%), and CT (Lux) American Smaller Companies (sub-fund) with 2,963,406 shares (5.4%). The reporting persons indicate 0 sole voting and dispositive power for each, with shared voting/dispositive power reported.

The filing states the shares were acquired and are held in the ordinary course of business and not for the purpose of influencing control. The document lists signing officials and signature dates of 08/14/2025 and references the event date requiring filing as 06/30/2025.

Positive

• AFI disclosed a substantial stake of 5,401,044 shares (9.9%) in Energy Recovery, Inc.
• Threadneedle/TAM entities disclosed 4,788,751 shares (8.8%), a material institutional position.
• CT (Lux) American Smaller Companies sub-fund reported 2,963,406 shares (5.4%), exceeding 5% disclosure threshold.
• Filing states shares were acquired in the ordinary course and not to influence control, consistent with Schedule 13G treatment.

Negative

• Each reporting person reports 0 sole voting and dispositive power, indicating no unilateral control over the shares.
• Ameriprise entities disclaim beneficial ownership of shares separately reported by subsidiaries, which may complicate clear attribution of control.

Insights

Securities Analyst

TL;DR: Significant institutional positions disclosed—AFI 9.9%, Threadneedle/TAM 8.8%, CT (Lux) fund 5.4%—all reported as shared holdings.

The Schedule 13G/A is a routine, material disclosure showing multiple affiliated institutional holders with combined stakes that are meaningful relative to a single shareholder threshold. AFI's cover page reports 5,401,044 shares (9.9%), while the Threadneedle/TAM group reports 4,788,751 shares (8.8%) and the CT (Lux) sub-fund reports 2,963,406 shares (5.4%). All reporting persons list 0 sole voting or dispositive power, indicating these are shared positions rather than unilateral control positions. The filing also affirms the positions were acquired in the ordinary course and not to influence control, which is consistent with Schedule 13G treatment rather than a 13D.

Corporate Governance Specialist

TL;DR: Disclosure confirms material institutional ownership but reports shared, not sole, voting/dispositive power; no control intent stated.

The filing documents substantive institutional ownership in Energy Recovery, Inc. with AFI and affiliated entities collectively reporting holdings that cross common regulatory notice thresholds. Each reporting person indicates shared voting and dispositive power for the reported shares and explicitly disclaims acquisition for the purpose of changing control. These facts limit governance implications arising from a single controlling stakeholder but demonstrate concentrated institutional interest that may affect shareholder dynamics and engagement channels.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Energy Recovery, Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

29270J100

(CUSIP Number)

06/30/2025

(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)

SCHEDULE 13G

CUSIP No. 29270J100

1

Names of Reporting Persons

Ameriprise Financial, Inc.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,400,544.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,401,044.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,401,044.00

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)

9.9 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 29270J100

1

Names of Reporting Persons

TAM UK International Holdings Limited

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 KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,788,751.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,788,751.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,788,751.00

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)

8.8 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

CUSIP No. 29270J100

1

Names of Reporting Persons

Threadneedle Holdings Limited

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 KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,788,751.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,788,751.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,788,751.00

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)

8.8 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

CUSIP No. 29270J100

1

Names of Reporting Persons

TAM UK Holdings Limited

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 KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,788,751.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,788,751.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,788,751.00

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)

8.8 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

CUSIP No. 29270J100

1

Names of Reporting Persons

Threadneedle Asset Management Holdings Limited

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 KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,788,751.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,788,751.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,788,751.00

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)

8.8 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

CUSIP No. 29270J100

1

Names of Reporting Persons

TC Financing Ltd

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 KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,788,751.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,788,751.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,788,751.00

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)

8.8 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

CUSIP No. 29270J100

1

Names of Reporting Persons

Threadneedle Asset Management Limited

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 KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,788,751.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,788,751.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,788,751.00

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)

8.8 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

CUSIP No. 29270J100

1

Names of Reporting Persons

Threadneedle Investment Services Limited

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 KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,788,751.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,788,751.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,788,751.00

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)

8.8 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

CUSIP No. 29270J100

1

Names of Reporting Persons

Threadneedle Management Luxembourg S.A.

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

LUXEMBOURG

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,788,751.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,788,751.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,788,751.00

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)

8.8 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

CUSIP No. 29270J100

1

Names of Reporting Persons

CT (Lux) American Smaller Companies, a sub-fund of Columbia Threadneedle (Lux) I SICAV

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

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,963,406.00
6	Shared Voting Power
7	Sole Dispositive Power
8	Shared Dispositive Power 2,963,406.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,963,406.00

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)

5.4 %

12

Type of Reporting Person (See Instructions)

IV

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Energy Recovery, Inc
(b)	Address of issuer's principal executive offices: 1717 Doolittle Drive, San Leandro, CA 94577
Item 2.
(a)	Name of person filing: (a) Ameriprise Financial, Inc. ("AFI") (b) TAM UK International Holdings Limited ("TAMUKI") (c) Threadneedle Holdings Limited ("THL") (d) TAM UK Holdings Limited ("TUHL") (e) Threadneedle Asset Management Holdings Limited ("TAMHL") (f) TC Financing Ltd ("TCFL") (g) Threadneedle Asset Management Limited ("TAML") (h) Threadneedle Investment Services Limited ("TISL") (i) Threadneedle Management Luxembourg S.A. ("TML") (j) CT (Lux) American Smaller Companies, a sub-fund of Columbia Threadneedle (Lux) I SICAV ("Fund") Persons (a) through (i) are sometimes referred to herein as the "Ameriprise Entities".
(b)	Address or principal business office or, if none, residence: (a) 145 Ameriprise Financial Center, Minneapolis, MN 55474 (b) Cannon Place, 78 Cannon Street, London, EC4N 6AG (c) Cannon Place, 78 Cannon Street, London, EC4N 6AG (d) Cannon Place, 78 Cannon Street, London, EC4N 6AG (e) Cannon Place, 78 Cannon Street, London, EC4N 6AG (f) Cannon Place, 78 Cannon Street, London, EC4N 6AG (g) Cannon Place, 78 Cannon Street, London, EC4N 6AG (h) Cannon Place, 78 Cannon Street, London, EC4N 6AG (i) 6E, route de Treves, L-2633, Senningerberg, Grand Duchy of Luxembourg (j) 31, Z.A. Bourmicht, L - 8070 Bertrange, Grand Duchy of Luxembourg
(c)	Citizenship: (a) Delaware (b) United Kingdom (c) United Kingdom (d) United Kingdom (e) United Kingdom (f) United Kingdom (g) United Kingdom (h) United Kingdom (i) Luxembourg (j) Luxembourg
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 29270J100
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: Incorporated by reference to Items (5)-(9) and (11) of the cover page pertaining to each reporting person. AFI, as the parent company of the other Ameriprise Entities, may be deemed to beneficially own the shares reported herein by those reporting persons. Accordingly, the shares reported herein by AFI include those shares separately reported herein by those reporting persons. Each of the Ameriprise Entities disclaims beneficial ownership of any shares reported on this Schedule.
(b)	Percent of class: The information required by Item 4(b) is set forth in Rows (5)-(9) and (11) of the cover page for each Reporting Person hereto and is incorporated herein by reference for each Reporting Person.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Item 4(c) is set forth in Rows (5)-(9) and (11) of the cover page for each Reporting Person hereto and is incorporated herein by reference for each Reporting Person.
	(ii) Shared power to vote or to direct the vote: The information required by Item 4(c) is set forth in Rows (5)-(9) and (11) of the cover page for each Reporting Person hereto and is incorporated herein by reference for each Reporting Person.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Item 4(c) is set forth in Rows (5)-(9) and (11) of the cover page for each Reporting Person hereto and is incorporated herein by reference for each Reporting Person.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Item 4(c) is set forth in Rows (5)-(9) and (11) of the cover page for each Reporting Person hereto and is incorporated herein by reference for each Reporting Person.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. To the knowledge of the Ameriprise Entities and the Fund, no other persons besides the Ameriprise Entities and the Fund and those persons for whose shares of common stock the Ameriprise Entities report beneficial ownership have the right to receive or the power to direct the receipt of dividends from or the proceeds from the sale of the securities of the issuer reported herein. Any remaining shares reported herein by the Ameriprise Entities are held by various other funds or accounts managed by one or more of the Ameriprise Entities which each have the right to receive any dividends paid by the issuer and could terminate their respective investment advisory relationship with the applicable Ameriprise Entity and then subsequently direct the use of proceeds from the sale of the common stock owned by such fund or account. To the knowledge of the Ameriprise Entities, none of these other funds or accounts own more than 5% of the outstanding shares of the issuer as June 30, 2025, other than the Fund.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. AFI: See Exhibit I
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.

Ameriprise Financial, Inc.

Signature:	/s/ Michael G. Clarke
Name/Title:	Michael G. Clarke, Senior Vice President, North America Head of Operations & Investor Services
Date:	08/14/2025

TAM UK International Holdings Limited

Signature:	/s/ Michael G. Clarke
Name/Title:	By: Columbia Management Investment Advisers, LLC, as Attorney in Fact By: Michael G. Clarke SVP, North America Head of Operations & Investor Services
Date:	08/14/2025

Threadneedle Holdings Limited

Signature:	/s/ Michael G. Clarke
Name/Title:	By: Columbia Management Investment Advisers, LLC, as Attorney in Fact By: Michael G. Clarke SVP, North America Head of Operations & Investor Services
Date:	08/14/2025

TAM UK Holdings Limited

Signature:	/s/ Michael G. Clarke
Name/Title:	By: Columbia Management Investment Advisers, LLC, as Attorney in Fact By: Michael G. Clarke SVP, North America Head of Operations & Investor Services
Date:	08/14/2025

Threadneedle Asset Management Holdings Limited

Signature:	/s/ Michael G. Clarke
Name/Title:	By: Columbia Management Investment Advisers, LLC, as Attorney in Fact By: Michael G. Clarke SVP, North America Head of Operations & Investor Services
Date:	08/14/2025

TC Financing Ltd

Signature:	/s/ Michael G. Clarke
Name/Title:	By: Columbia Management Investment Advisers, LLC, as Attorney in Fact By: Michael G. Clarke SVP, North America Head of Operations & Investor Services
Date:	08/14/2025

Threadneedle Asset Management Limited

Signature:	/s/ Michael G. Clarke
Name/Title:	By: Columbia Management Investment Advisers, LLC, as Attorney in Fact By: Michael G. Clarke SVP, North America Head of Operations & Investor Services
Date:	08/14/2025

Threadneedle Investment Services Limited

Signature:	/s/ Michael G. Clarke
Name/Title:	By: Columbia Management Investment Advisers, LLC, as Attorney in Fact By: Michael G. Clarke SVP, North America Head of Operations & Investor Services
Date:	08/14/2025

Threadneedle Management Luxembourg S.A.

Signature:	/s/ Michael G. Clarke
Name/Title:	By: Columbia Management Investment Advisers, LLC, as Attorney in Fact By: Michael G. Clarke SVP, North America Head of Operations & Investor Services
Date:	08/14/2025

CT (Lux) American Smaller Companies, a sub-fund of Columbia Threadneedle (Lux) I SICAV

Signature:	/s/ Claire Manier
Name/Title:	Claire Manier/Conducting Officer, Threadneedle Management Luxembourg S.A.
Date:	08/14/2025

Comments accompanying signature: Contact Information Charles Chiesa VP Fund Treasurer Global Operations and Investor Services Telephone: 617-385-9593 Exhibit Index Exhibit I Identification and Classification of the Subsidiaries which Acquired the Security Being Reported on by the Parent Holding Company. Exhibit II Joint Filing Agreement Exhibit III Powers of Attorney

FAQ

What stake did Ameriprise Financial (AFI) report in Energy Recovery (ERII)?

AFI reported an aggregate beneficial ownership of 5,401,044 shares (9.9%) of Energy Recovery common stock on the Schedule 13G/A.

What percentage of ERII does the Threadneedle/TAM group hold?

The Threadneedle/TAM entities reported beneficial ownership of 4,788,751 shares, representing 8.8% of the class.

Did any filer report more than 5% ownership in ERII?

Yes. AFI reported 9.9%, the Threadneedle/TAM group reported 8.8%, and CT (Lux) American Smaller Companies reported 5.4%.

Were the reported shares held with sole voting or dispositive power?

No. The filing shows 0 sole voting power and 0 sole dispositive power for the reporting persons; voting and dispositive power are reported as shared.

When is the event date and when was the Schedule 13G/A signed?

The date of the event requiring filing is listed as 06/30/2025, and signatures on the Schedule are dated 08/14/2025.