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

Rhea-AI Filing Summary

Jeffrey L. Gendell and affiliated Tontine entities reported multiple sales of IES Holdings, Inc. (IESC) common stock on August 27-28, 2025. TCP 2 sold 21,464 shares on August 27 at a weighted average price of $359.80. Between August 28 sales, TCP 2 sold an additional 35,852 shares in four tranches at weighted average prices ranging from $362.64 to $365.35. Total shares reported sold across the transactions equal 57,316 shares. After these transactions, the group reports beneficial ownership of approximately 10,856,528 shares. The Form 4 is a joint filing by multiple Tontine entities and Mr. Gendell, who is identified as Executive Chairman and a 10% owner through these entities.

Positive

• None.

Negative

• Reported disposition of 57,316 shares by Tontine-affiliated accounts and TCP 2 across August 27-28, 2025, indicating insider selling activity
• Sales executed at elevated price levels with weighted average prices disclosed between $359.80 and $365.35 per share

Insights

Financial Analyst

TL;DR: Significant insider disposition of 57,316 IESC shares over two days at prices near $360–$365; ownership still large at ~10.86M shares.

The sale of 57,316 shares by Tontine-affiliated accounts and reported by Jeffrey Gendell occurred in multiple transactions on August 27-28, 2025, with weighted average prices disclosed for each tranche ($359.80, $362.64, $363.33, $364.80, $365.35 and one 10,000-share sale at $360.40). The filing shows continued substantial aggregated beneficial ownership across the reporting group, totaling approximately 10.86 million shares after the transactions. From an investor-impact perspective, the disclosure documents a notable insider liquidation event in absolute share terms and at market price levels specified in the filing, while preserving transparency through detailed weighted-average pricing footnotes.

Corporate Governance Expert

TL;DR: Joint Form 4 shows compliant disclosure of multiple sales by related reporting persons and explicit disclaimers of beneficial ownership by entities.

The Form 4 is filed jointly by Tontine Capital Partners, its management entities, affiliated funds and Jeffrey L. Gendell, reflecting organizational ownership complexity. The filing includes standard disclaimers about beneficial ownership limits and provides granular footnotes on transaction price ranges and requests for further detail if needed, which aligns with Section 16 disclosure expectations. The signatures from each reporting entity and Mr. Gendell are included, indicating formal execution of the filing.

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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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)
08/27/2025

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	08/27/2025		S		21,464	D	$359.8(1)	10,892,380	I	See Footnotes(2)(3)(4)(5)(6)
Common Stock, par value $0.01 per share	08/28/2025		S		10,000	D	$360.4	10,882,380	I	See Footnotes(2)(3)(4)(5)(6)
Common Stock, par value $0.01 per share	08/28/2025		S		8,016	D	$362.64(7)	10,874,364	I	See Footnotes(2)(3)(4)(5)(6)
Common Stock, par value $0.01 per share	08/28/2025		S		3,972	D	$363.33(8)	10,870,392	I	See Footnotes(2)(3)(4)(5)(6)
Common Stock, par value $0.01 per share	08/28/2025		S		2,832	D	$364.8(9)	10,867,560	I	See Footnotes(2)(3)(4)(5)(6)
Common Stock, par value $0.01 per share	08/28/2025		S		11,032	D	$365.35(10)	10,856,528	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 August 27, 2025, TCP 2 sold 21,464 shares of Common Stock at a weighted average price of $359.80 per share. These shares were sold in multiple transactions at prices ranging from $359.74 to $360.58, inclusive. 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 at each separate price within the range set forth 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 897,745 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.

7. On August 28, 2025, TCP 2 sold 8,016 shares of Common Stock at a weighted average price of $362.64 per share. These shares were sold in multiple transactions at prices ranging from $362.16 to $362.76, inclusive. 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 at each separate price within the range set forth in this footnote.

8. Also on August 28, 2025, TCP 2 sold 3,972 shares of Common Stock at a weighted average price of $363.33 per share. These shares were sold in multiple transactions at prices ranging from $363.16 to $364.12, inclusive. 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 at each separate price within the range set forth in this footnote.

9. Also on August 28, 2025, TCP 2 sold 2,832 shares of Common Stock at a weighted average price of $364.80 per share. These shares were sold in multiple transactions at prices ranging from $364.17 to $365.16, inclusive. 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 at each separate price within the range set forth in this footnote.

10. Also on August 28, 2025, TCP 2 sold 11,032 shares of Common Stock at a weighted average price of $365.35 per share. These shares were sold in multiple transactions at prices ranging from $365.19 to $366.10, inclusive. 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 at each separate price within the range set forth in this footnote.

Remarks:

	Tontine Capital Partners, L.P., By: its General Partner, Tontine Capital Management, L.L.C., By: its Managing Member, /s/ Jeffrey L. Gendell	08/29/2025
	Tontine Capital Management, L.L.C., By: its Managing Member, /s/ Jeffrey L. Gendell	08/29/2025
	Tontine Management, L.L.C., By: its Managing Member, /s/ Jeffrey L. Gendell	08/29/2025
	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	08/29/2025
	Tontine Asset Associates, L.L.C., By: its Managing Member, /s/ Jeffrey L. Gendell	08/29/2025
	Tontine Associates, L.L.C., By: its Managing Member, /s/ Jeffrey L. Gendell	08/29/2025
	Tontine Capital Overseas GP, L.L.C. By: its Managing Member,/s/ Jeffrey L. Gendell	08/29/2025
	/s/ Jeffrey L. Gendell	08/29/2025
	** 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 did Jeffrey L. Gendell and affiliated Tontine entities report on Form 4 for IESC?

They reported multiple sales of IES Holdings common stock totaling 57,316 shares on August 27-28, 2025, with weighted average prices disclosed for each tranche.

How many IESC shares did the reporting group own after the transactions?

The filing reports aggregated beneficial ownership of approximately 10,856,528 shares following the reported sales.

What were the weighted average prices for the reported sales?

Weighted average prices reported include $359.80 (Aug 27), $360.40 (Aug 28, 10,000-share sale), $362.64, $363.33, $364.80, and $365.35 for the various tranches on Aug 28.

Which entities filed the Form 4 jointly?

The report was filed jointly by Tontine Capital Partners, L.P.; Tontine Capital Management, L.L.C.; Tontine Management, L.L.C.; Tontine Capital Overseas Master Fund II, L.P.; Tontine Asset Associates, L.L.C.; Tontine Associates, L.L.C.; Tontine Capital Overseas GP, L.L.C.; and Jeffrey L. Gendell.

Are there footnotes or explanations about the transactions?

Yes. Footnotes detail that sales were executed in multiple transactions with price ranges for each tranche and include disclaimers about which entities may or may not be deemed beneficial owners.