Tontine funds tied to Jeffrey Gendell (IESC) sell 46,720 IES Holdings shares
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
IES Holdings, Inc. insider entities associated with Jeffrey L. Gendell reported open-market sales of 46,720 shares of Common Stock on June 12, 2026. The trades, executed by Tontine Capital Partners, L.P., occurred at weighted-average prices between $750.24 and $764.54 per share. After these transactions, filings show various affiliated Tontine entities and Mr. Gendell together directly holding more than 10 million shares and additional phantom stock units.
Positive
- None.
Negative
- None.
Insights
Large Gendell-affiliated funds sold 46,720 IES Holdings shares but retain a sizable position.
Investment entities affiliated with Jeffrey L. Gendell, led by Tontine Capital Partners, L.P., completed open-market sales totaling 46,720 shares of IES Holdings Common Stock on June 12, 2026 at prices around $750–$765 per share.
Footnotes clarify that the trades were executed by Tontine Capital Partners, L.P., with the Form 4 filed jointly by multiple Tontine entities and Mr. Gendell. The filing lists substantial remaining direct holdings across these entities and Mr. Gendell, aggregating to more than 10 million shares plus 65,069 phantom stock units.
Tontine entities and Mr. Gendell include standard Section 16(a) disclaimers, limiting beneficial ownership claims to securities directly owned or to their proportional interests. Overall, this appears as a notable but portfolio-style sale by a long-standing large holder rather than a full exit.
Insider Trade Summary
Net Seller: 46,720 shares ($35,342,118)
Net Sell
6 txns
Insider
GENDELL JEFFREY L ET AL, TONTINE ASSET ASSOCIATES, L.L.C., TONTINE CAPITAL MANAGEMENT LLC, TONTINE CAPITAL OVERSEAS MASTER FUND II, L.P., TONTINE CAPITAL PARTNERS L P, TONTINE MANAGEMENT LLC, Tontine Associates, LLC, Tontine Capital Overseas GP, LLC
Role
Executive Chairman | null | null | null | null | null | null | null
Sold
46,720 shs ($35.34M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock, par value $0.01 per share | 19,996 | $750.24 | $15.00M |
| Sale | Common Stock, par value $0.01 per share | 4 | $752.18 | $3K |
| Sale | Common Stock, par value $0.01 per share | 7,491 | $758.74 | $5.68M |
| Sale | Common Stock, par value $0.01 per share | 10,000 | $760.47 | $7.60M |
| Sale | Common Stock, par value $0.01 per share | 2,509 | $761.73 | $1.91M |
| Sale | Common Stock, par value $0.01 per share | 6,720 | $764.54 | $5.14M |
Holdings After Transaction:
Common Stock, par value $0.01 per share — 10,433,283 shares (Indirect, See footnotes)
Footnotes (1)
- All shares of Common Stock reported as sold in this Form 4 were sold by Tontine Capital Partners, L.P., a Delaware limited partnership ("TCP"). The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $750.24 to $750.43, inclusive. The reporting person undertakes to provide IES Holdings, Inc. (the "Issuer"), any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. This report is filed jointly by 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. TCP directly owns 5,477,671 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 710,934 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 44,599 shares of Common Stock and 65,069 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. 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. 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. 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $758.74 to $759.31, inclusive. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. These shares were sold in multiple transactions each at a price of $760.47. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold in each separate transaction described in this footnote. These shares were sold in multiple transactions each at a price of $761.73. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold in each separate transaction described in this footnote. These shares were sold in multiple transactions each at a price of $764.54. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold in each separate transaction described in this footnote.
Key Figures
Shares sold: 46,720 shares
Sale price range: $750.24–$764.54 per share
TCP direct holding: 5,477,671 shares
+4 more
7 metrics
Shares sold
46,720 shares
Total open-market sales on June 12, 2026
Sale price range
$750.24–$764.54 per share
Weighted-average prices across multiple transactions
TCP direct holding
5,477,671 shares
Common Stock directly owned by Tontine Capital Partners, L.P.
TCM direct holding
1,910,529 shares
Common Stock directly owned by Tontine Capital Management, L.L.C.
TM direct holding
1,410,162 shares
Common Stock directly owned by Tontine Management, L.L.C.
TCP 2 direct holding
710,934 shares
Common Stock directly owned by Tontine Capital Overseas Master Fund II, L.P.
Gendell phantom units
65,069 units
Phantom stock units held by Jeffrey L. Gendell under equity plan
Key Terms
weighted average price, beneficially owned, phantom stock units, Section 16(a), +1 more
5 terms
weighted average price financial
"The price reported in Column 4 is a weighted average price."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
beneficially owned financial
"All of the foregoing securities may be deemed to be beneficially owned by Mr. Gendell."
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
phantom stock units financial
"Mr. Gendell directly owns 44,599 shares of Common Stock and 65,069 phantom stock units granted to him..."
Phantom stock units are company promises that pay a cash or stock-equivalent award tied to the firm’s share price or value growth, but they do not issue actual shares. Think of them as a bonus check that moves with the stock like a mirror rather than handing over an ownership slice. Investors care because these awards can affect a company’s future cash obligations, executive incentives and reported expenses without causing share dilution.
Section 16(a) regulatory
"disclaims beneficial ownership of the Issuer's securities reported herein for purposes of Section 16(a) under the Securities Exchange Act of 1934..."
Form 4 regulatory
"All shares of Common Stock reported as sold in this Form 4 were sold by Tontine Capital Partners, L.P."
Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.
FAQ
What are the phantom stock units held by Jeffrey Gendell in IES Holdings (IESC)?
Jeffrey L. Gendell directly holds 65,069 phantom stock units granted under the IES Holdings, Inc. 2006 Equity Incentive Plan. Phantom stock units are a form of equity-linked compensation that track the value of the company’s shares but typically settle in cash or stock under plan terms.