[Form 4] IES Holdings, Inc. Insider Trading Activity

Rhea-AI Filing Summary

IES Holdings insider sale by joint reporting persons led by Jeffrey L. Gendell. On 09/15/2025, Tontine Capital Partners (through related entities and Mr. Gendell) sold 6,811 shares of IESC common stock at $380.74 per share in multiple transactions. After the sale, the group reports beneficial ownership of 10,769,717 shares, held directly and indirectly across several affiliated entities and trusts. The filing is a joint report by multiple affiliated entities and discloses ownership allocations and disclaimers of beneficial ownership among those entities.

Positive

• Transparent disclosure of the sale, including price per share and number of shares sold
• Substantial remaining beneficial ownership reported at 10,769,717 shares across affiliated entities
• Detailed ownership allocation among affiliated entities and clear disclaimers help clarify control relationships

Negative

• None.

Insights

Financial Analyst

TL;DR: Small, disclosed sale by a major shareholder; ownership remains large and sale appears routine.

The reported disposition of 6,811 shares at $380.74 is explicitly documented and represents a very small percentage of the group's total reported beneficial ownership of 10,769,717 shares. The report is filed jointly by affiliated investment entities and Mr. Gendell, with detailed allocations of direct holdings among those entities. The disclosure includes customary disclaimers of beneficial ownership and clarifies control relationships. Based solely on the filing, there is no indication of material change to control or a significant shift in ownership concentration.

Corporate Governance Expert

TL;DR: Filing shows proper Section 16 disclosure and internal allocation of holdings among entities.

The Form 4 provides required transparency: transaction code, share amounts, price, and the post-transaction beneficial ownership figure. Joint filing by multiple related entities and the managing member's signature are included, and the explanation footnotes detail the ownership structure and disclaimers. The disclosure meets reporting requirements and clarifies which entities directly own specific share counts.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

GENDELL JEFFREY L ET AL

(Last) (First) (Middle)

1 SOUND SHORE DRIVE

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
IES Holdings, Inc. [ IESC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Chairman

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.01 per share	09/15/2025		S		6,811	D	$380.74(1)	10,769,717	I	See Footnotes(2)(3)(4)(5)(6)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

GENDELL JEFFREY L ET AL

(Last) (First) (Middle)

1 SOUND SHORE DRIVE

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Chairman

1. Name and Address of Reporting Person^*

TONTINE CAPITAL PARTNERS L P

(Last) (First) (Middle)

1 SOUND SHORE DRIVE

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

TONTINE CAPITAL MANAGEMENT LLC

(Last) (First) (Middle)

1 SOUND SHORE DRIVE

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

TONTINE MANAGEMENT LLC

(Last) (First) (Middle)

1 SOUND SHORE DRIVE

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

TONTINE CAPITAL OVERSEAS MASTER FUND II, L.P.

(Last) (First) (Middle)

1 SOUND SHORE DRIVE

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

TONTINE ASSET ASSOCIATES, L.L.C.

(Last) (First) (Middle)

1 SOUND SHORE DRIVE

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Tontine Associates, LLC

(Last) (First) (Middle)

1 SOUND SHORE DRIVE

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Tontine Capital Overseas GP, LLC

(Last) (First) (Middle)

1 SOUND SHORE DRIVE

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. On September 15, 2025, TCP 2 sold 6,811 shares of Common Stock. These shares were sold in multiple transactions, each at a price of $380.74 per share. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold in each separate transaction described in this footnote

2. This report is filed jointly by Tontine Capital Partners, L.P., a Delaware limited partnership ("TCP"), Tontine Capital Management, L.L.C., a Delaware limited liability company ("TCM"), Tontine Management, L.L.C., a Delaware limited liability company ("TM"), Tontine Capital Overseas Master Fund II, L.P., a Delaware limited partnership ("TCP 2"), Tontine Asset Associates, L.L.C., a Delaware limited liability company ("TAA"), Tontine Associates, L.L.C., a Delaware limited liability company ("TA"), Tontine Capital Overseas GP, L.L.C., a Delaware limited liability company ("TCO"), and Jeffrey L. Gendell ("Mr. Gendell"). Mr. Gendell is the managing member of: (a) TCM, the general partner of TCP; (b) TM; (c) TAA, the general partner of TCP 2; (d) TA; and (e) TCO.

3. TCP directly owns 5,614,644 shares of Common Stock, TCM directly owns 1,910,529 shares of Common Stock, TM directly owns 1,410,162 shares of Common Stock, TCP 2 directly owns 810,934 shares of Common Stock, TAA directly owns 96,891 shares of Common Stock, TA directly owns 640,057 shares of Common Stock, TCO directly owns 47,284 shares of Common Stock, Mr. Gendell directly owns 163,218 shares of Common Stock and 72,635 phantom stock units granted to him pursuant to the IES Holdings, Inc. 2006 Equity Incentive Plan, as amended and restated, and Mr. Gendell's adult children own 3,363 shares of Common Stock through trusts for which Mr. Gendell acts as trustee.

4. All of the foregoing securities may be deemed to be beneficially owned by Mr. Gendell. The foregoing securities held by TCP may be deemed to be beneficially owned by TCM. The foregoing securities held by TCP 2 may be deemed to be beneficially owned by TAA.

5. Mr. Gendell disclaims beneficial ownership of the Issuer's securities reported herein for purposes of Section 16(a) under the Securities Exchange Act of 1934, as amended, or otherwise, except as to securities directly owned by Mr. Gendell or representing Mr. Gendell's pro rata interest in, and interest in the profits of, TCM, TCP, TM, TCP 2, TAA, TA and TCO. TCM disclaims beneficial ownership of the Issuer's securities reported herein for purposes of Section 16(a) under the Securities Exchange Act of 1934, as amended, or otherwise, except as to securities directly owned by TCM or representing TCM's pro rata interest in, and interest in the profits of, TCP.

6. TAA disclaims beneficial ownership of the Issuer's securities reported herein for purposes of Section 16(a) under the Securities Exchange Act of 1934, as amended, or otherwise, except as to securities directly owned by TAA or representing TAA's pro rata interest in, and interest in the profits of, TCP 2. TA disclaims beneficial ownership of the Issuer's securities reported herein for purposes of Section 16(a) under the Securities Exchange Act of 1934, as amended, or otherwise, except as to securities directly owned by TA. TM disclaims beneficial ownership of the Issuer's securities reported herein for purposes of Section 16(a) under the Securities Exchange Act of 1934, as amended, or otherwise, except as to securities directly owned by TM. TCO disclaims beneficial ownership of the Issuer's securities reported herein for purposes of Section 16(a) under the Securities Exchange Act of 1934, as amended, or otherwise, except as to securities directly owned by TCO.

Remarks:

	Tontine Capital Partners, L.P., By: its General Partner, Tontine Capital Management, L.L.C., By: its Managing Member, /s/ Jeffrey L. Gendell	09/17/2025
	Tontine Capital Management, L.L.C., By: its Managing Member, /s/ Jeffrey L. Gendell	09/17/2025
	Tontine Management, L.L.C., By: its Managing Member, /s/ Jeffrey L. Gendell	09/17/2025
	Tontine Capital Overseas Master Fund II, L.P. By: its General Partner, Tontine Asset Associates, L.L.C., By: its Managing Member, /s/ Jeffrey L. Gendell	09/17/2025
	Tontine Asset Associates, L.L.C., By: its Managing Member, /s/ Jeffrey L. Gendell	09/17/2025
	Tontine Associates, L.L.C., By: its Managing Member, /s/ Jeffrey L. Gendell	09/17/2025
	Tontine Capital Overseas GP, L.L.C. By: its Managing Member,/s/ Jeffrey L. Gendell	09/17/2025
	/s/ Jeffrey L. Gendell	09/17/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction was reported for IESC in this Form 4?

The filing reports a sale of 6,811 shares of IES Holdings (IESC) common stock executed on 09/15/2025 at a price of $380.74 per share.

Who filed the Form 4 for IESC and who is the principal reporting person?

The report was filed jointly by Tontine Capital Partners, L.P., related Tontine entities, and Jeffrey L. Gendell, who is the managing member of several of the reporting entities.

How many IESC shares does the group beneficially own after the sale?

After the reported transactions, the group reports beneficial ownership of 10,769,717 shares of IESC common stock.

Are the holdings held directly or indirectly according to the filing?

The filing specifies a combination of direct and indirect ownership across affiliated entities and trusts, with footnotes allocating specific direct holdings to each entity.

Did the filing include any disclaimers about beneficial ownership?

Yes. The filing contains explicit disclaimers where certain entities and Mr. Gendell disclaim beneficial ownership except as to direct holdings or pro rata interests described in the footnotes.