[SCHEDULE 13G/A] Friedman Industries Inc. SEC Filing

Rhea-AI Filing Summary

Friedman Industries, Inc. (FRD) has a Schedule 13G/A showing that Tontine-associated entities and Mr. Jeffrey L. Gendell together report beneficial ownership of the company's common stock. Tontine Capital Overseas Master Fund II, L.P. and its general partner Tontine Asset Associates, LLC report shared voting and dispositive power over 267,952 shares, representing 3.8% of the 7,059,440 shares outstanding. Mr. Gendell reports shared voting and dispositive power over 354,576 shares, equal to 5.0% of the class, which includes 86,624 shares owned by Tontine Financial Partners, L.P. The filing states these holdings were not acquired to change or influence control of the issuer.

Positive

• Disclosure of beneficial ownership: Mr. Gendell and Tontine entities clearly report holdings totaling 354,576 shares (5.0%) and 267,952 shares (3.8%) respectively.
• Clarified voting/dispositive power: Filing specifies shared voting and dispositive power rather than sole control, aiding investor understanding of influence.

Negative

• None.

Insights

Securities Analyst

TL;DR: Beneficial ownership disclosed: Tontine entities hold 3.8% and Jeffrey Gendell reports 5.0% of FRD, a material disclosure for investor ownership transparency.

The filing is a routine Schedule 13G/A reporting beneficial ownership under the Exchange Act. Key metrics are 267,952 shares (3.8%) held by Tontine Capital Overseas Master Fund II, L.P. and affiliates, and 354,576 shares (5.0%) attributed to Mr. Gendell, which aggregates additional directly held shares. The report clarifies voting and dispositive power are shared, not sole, and includes the required certification that the holdings were not acquired to influence control. This disclosure provides investors clarity on notable shareholders but does not indicate a change in control or new transaction activity.

Corporate Governance Expert

TL;DR: Ownership structure disclosed; shared control via general partner roles could affect engagement but filing states no control intent.

The document identifies the governance relationships: Tontine Asset Associates, LLC is general partner of TCOM II, and Mr. Gendell serves as Managing Member of TAA and of entities tied to additional shares. These relationships explain why voting and dispositive powers are reported as shared. The filing’s certification that the securities were not acquired to change control is important for governance signals. As a Schedule 13G/A, the communication is informational and does not by itself evidence activist intentions or governance changes.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

FRIEDMAN INDUSTRIES INC

(Name of Issuer)

Common Stock, $1 par value

(Title of Class of Securities)

358435105

(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. 358435105

1

Names of Reporting Persons

Tontine Asset Associates, LLC

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 267,952.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 267,952.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

267,952.00

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)

3.8 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: The percentages used in this Schedule 13G/A are calculated based upon the 7,059,440 shares of Common Stock, $1 par value ("Common Stock"), of Friedman Industries, Incorporated (the "Company") issued and outstanding at August 7, 2025, as set forth in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025 filed with the Securities and Exchange Commission on August 7, 2025.

SCHEDULE 13G

CUSIP No. 358435105

1

Names of Reporting Persons

Tontine Capital Overseas Master Fund II, L.P.

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 267,952.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 267,952.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

267,952.00

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)

3.8 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 358435105

1

Names of Reporting Persons

Jeffrey L. Gendell

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 STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 354,576.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 354,576.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

354,576.00

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)

5.0 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: FRIEDMAN INDUSTRIES INC
(b)	Address of issuer's principal executive offices: The Company's principal executive offices are located at 1121 Judson Road, Suite 124, Longview, Texas 75601
Item 2.
(a)	Name of person filing: This statement is filed by: (i) Tontine Capital Overseas Master Fund II, L.P. ("TCOM II"), a limited partnership organized under the laws of the State of Delaware, with respect to 267,952 shares of Common Stock directly owned by TCOM II; (ii) Tontine Asset Associates, LLC, a limited liability company organized under the laws of the State of Delaware ("TAA"), which serves as general partner of TCOM II, with respect to the shares of Common Stock directly owned by TCOM II; and (iii) Jeffrey L. Gendell, a United States citizen ("Mr. Gendell"), who serves as the Managing Member of TAA, with respect to the shares of Common Stock directly owned by TCOM II, and with respect to 86,624 shares of Common Stock directly owned by Tontine Financial Partners, L.P., a limited partnership organized under the laws of the State of Delaware ("TFP"). Mr. Gendell serves as the Managing Member of Tontine Management, L.L.C., a limited liability company organized under the laws of the State of Delaware ("TM"), which serves as general partner of TFP. The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons." Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party.
(b)	Address or principal business office or, if none, residence: The address of the business office of each of the Reporting Persons is 1 Sound Shore Drive, Suite 304, Greenwich, CT 06830-7251.
(c)	Citizenship: See Item 2(a) above.
(d)	Title of class of securities: Common Stock, $1 par value
(e)	CUSIP No.: 358435105
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: 354,576
(b)	Percent of class: 5.0%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: -0-
	(ii) Shared power to vote or to direct the vote: 354,576
	(iii) Sole power to dispose or to direct the disposition of: -0-
	(iv) Shared power to dispose or to direct the disposition of: 354,576 The amounts and percentage set forth above in this Item 4 reflect the beneficial ownership of Mr. Gendell. TAA and TCOM II each beneficially own, and have shared voting and dispositive power over, 267,952 shares of Common Stock, or approximately 3.8% of the Common Stock issued and outstanding.
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. TAA, the general partner of TCOM II, has the power to direct the affairs of TCOM II, including directing the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock directly owned by TCOM II. Mr. Gendell is the Managing Member of TAA and in that capacity directs its operations. TM, the general partner of TFP, has the power to direct the affairs of TFP, including directing the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock directly owned by TFP. Mr. Gendell is the Managing Member of TM and in that capacity directs its operations.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
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 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.

Tontine Asset Associates, LLC

Signature:	/s/ Jeffrey L. Gendell
Name/Title:	Managing Member
Date:	08/14/2025

Tontine Capital Overseas Master Fund II, L.P.

Signature:	/s/ Jeffrey L. Gendell
Name/Title:	Managing Member of Tontine Asset Associates, LLC, the general partner of Tontine Capital Overseas Master Fund II, L.P.
Date:	08/14/2025

Jeffrey L. Gendell

Signature:	/s/ Jeffrey L. Gendell
Name/Title:	Jeffrey L. Gendell
Date:	08/14/2025

FAQ

How many Friedman Industries (FRD) shares does Jeffrey L. Gendell beneficially own?

According to the filing, Jeffrey L. Gendell beneficially owns 354,576 shares, representing 5.0% of FRD's outstanding common stock.

What stake do Tontine entities report in FRD?

Tontine Capital Overseas Master Fund II, L.P. and related Tontine entities report beneficial ownership of 267,952 shares, or 3.8% of the outstanding shares.

Does the filing indicate these holdings were intended to change control of Friedman Industries?

No. The certification in the filing states the securities were not acquired and are not held for the purpose of changing or influencing control of the issuer.

How were the ownership percentages calculated?

Percentages are based on 7,059,440 shares of common stock outstanding as of August 7, 2025, per the filing.

Who signed the Schedule 13G/A for the reporting persons?

The filing is signed by /s/ Jeffrey L. Gendell in capacities for Tontine Asset Associates, LLC, Tontine Capital Overseas Master Fund II, L.P., and personally, dated 08/14/2025.