[SCHEDULE 13D/A] IES Holdings, Inc. SEC Filing

Rhea-AI Filing Summary

IES Holdings Schedule 13D/A (Amendment No. 31) shows that affiliates of Tontine and Jeffrey L. Gendell collectively beneficially own 10,769,717 shares, equal to 54.2% of the company's 19,854,463 outstanding shares (per the Company's report as of July 31, 2025). The filing lists individual holdings for Tontine entities ranging from 0.2% to 37.9% and explains that shares were acquired with working capital, on margin, or granted to Mr. Gendell under the company's Equity Incentive Plan. TCP 2 sold 145,837 shares in the last 60 days at prices shown in the filing. Mr. Gendell is Executive Chairman since July 1, 2025, and the filing references a Board Observer Letter that permits appointment of a non-voting observer while the Reporting Persons own at least 20% of outstanding stock. The Reporting Persons state they may buy or sell shares and currently have no specific plans for extraordinary transactions or corporate changes.

Positive

• Clear disclosure of aggregate and entity-level beneficial ownership totaling 54.2%, enabling investors to assess voting control
• Board Observer Letter provides formal, documented board-access rights while observer remains non-voting
• Detailed recent transactions by TCP 2 (145,837 shares sold) with dates and prices included
• Equity incentive disclosure including a one-time grant of 100,000 PSUs to Jeffrey L. Gendell under the Equity Incentive Plan

Negative

• Concentrated ownership (>50% held by Reporting Persons) creates single-group control over corporate decisions
• Disposition activity by TCP 2 (145,837 shares sold in last 60 days) represents recent selling by an affiliate
• Potential governance risk from substantial related-party influence given Mr. Gendell's multiple management and controlling roles

Insights

Financial Analyst

TL;DR The Tontine group and Mr. Gendell control a majority stake (54.2%), which is a material governance and valuation factor for IESC.

The filing confirms concentrated ownership by affiliated investment vehicles and Mr. Gendell, providing them effective control over board elections and major corporate actions. Aggregate ownership and the breakdown by entity are explicitly disclosed, which clarifies voting power and potential influence on strategic outcomes. Recent dispositions by TCP 2 of 145,837 shares are documented with transaction dates and prices, showing limited recent liquidity activity by one affiliate while others did not trade in the last 60 days. The Board Observer Letter and the 100,000 PSU grant to Mr. Gendell are disclosed, indicating both continued governance influence and equity-based compensation arrangements.

Corporate Governance Expert

TL;DR Majority ownership by related parties and an Executive Chairman role create clear control, with formal observer rights and disclosed equity grants.

The Schedule 13D/A details that affiliated parties and Mr. Gendell can control elections, charter amendments and mergers due to >50% ownership. The Board Observer Letter grants non-voting board access when the group holds at least 20%, and the Letter Agreement documents a one-time PSU grant to Mr. Gendell tied to prior CEO service. The filing also states there are no present plans for extraordinary transactions or charter changes, while preserving the Reporting Persons' broad right to trade or otherwise change holdings. These disclosures are material to shareholders assessing governance concentration and related-party influence.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 31)

IES Holdings, Inc.

(Name of Issuer)

Common stock, par value of $.01 per share

(Title of Class of Securities)

44951W106

(CUSIP Number)

Jeffrey L. Gendell
1 Sound Shore Drive, Suite 304,
Greenwich, CT, 06830
203-769-2000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/15/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 44951W106

1

Name of reporting person

Tontine Capital Partners, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 5,614,644.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,614,644.00

11

Aggregate amount beneficially owned by each reporting person

5,614,644.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

28.3 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 19,854,463 shares of Common Stock outstanding as of July 31, 2025, as disclosed in the Company's Quarterly Report on Form 10-Q filed on August 1, 2025.

SCHEDULE 13D

CUSIP No. 44951W106

1

Name of reporting person

Tontine Capital Management, L.L.C.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,910,529.00
8	Shared Voting Power 5,614,644.00
9	Sole Dispositive Power 1,910,529.00
10	Shared Dispositive Power 5,614,644.00

11

Aggregate amount beneficially owned by each reporting person

7,525,173.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

37.9 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 19,854,463 shares of Common Stock outstanding as of July 31, 2025, as disclosed in the Company's Quarterly Report on Form 10-Q filed on August 1, 2025.

SCHEDULE 13D

CUSIP No. 44951W106

1

Name of reporting person

Tontine Management, L.L.C.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,410,162.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1,410,162.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

1,410,162.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.1 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 19,854,463 shares of Common Stock outstanding as of July 31, 2025, as disclosed in the Company's Quarterly Report on Form 10-Q filed on August 1, 2025.

SCHEDULE 13D

CUSIP No. 44951W106

1

Name of reporting person

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

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 810,934.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 810,934.00

11

Aggregate amount beneficially owned by each reporting person

810,934.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.1 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 19,854,463 shares of Common Stock outstanding as of July 31, 2025, as disclosed in the Company's Quarterly Report on Form 10-Q filed on August 1, 2025.

SCHEDULE 13D

CUSIP No. 44951W106

1

Name of reporting person

Tontine Asset Associates, L.L.C.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 96,891.00
8	Shared Voting Power 810,934.00
9	Sole Dispositive Power 96,891.00
10	Shared Dispositive Power 810,934.00

11

Aggregate amount beneficially owned by each reporting person

907,825.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.6 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 19,854,463 shares of Common Stock outstanding as of July 31, 2025, as disclosed in the Company's Quarterly Report on Form 10-Q filed on August 1, 2025.

SCHEDULE 13D

CUSIP No. 44951W106

1

Name of reporting person

Tontine Associates, L.L.C.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 640,057.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 640,057.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

640,057.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

3.2 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 19,854,463 shares of Common Stock outstanding as of July 31, 2025, as disclosed in the Company's Quarterly Report on Form 10-Q filed on August 1, 2025.

SCHEDULE 13D

CUSIP No. 44951W106

1

Name of reporting person

Tontine Capital Overseas GP, L.L.C.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 47,284.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 47,284.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

47,284.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.2 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 19,854,463 shares of Common Stock outstanding as of July 31, 2025, as disclosed in the Company's Quarterly Report on Form 10-Q filed on August 1, 2025.

SCHEDULE 13D

CUSIP No. 44951W106

1

Name of reporting person

Jeffrey L. Gendell

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 239,216.00
8	Shared Voting Power 10,530,501.00
9	Sole Dispositive Power 239,216.00
10	Shared Dispositive Power 10,530,501.00

11

Aggregate amount beneficially owned by each reporting person

10,769,717.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

54.2 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

The percentages used herein are calculated based upon 19,854,463 shares of Common Stock outstanding as of July 31, 2025, as disclosed in the Company's Quarterly Report on Form 10-Q filed on August 1, 2025.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common stock, par value of $.01 per share
(b)	Name of Issuer: IES Holdings, Inc.
(c)	Address of Issuer's Principal Executive Offices: 13131 Dairy Ashford Rd., Suite 500, Sugar Land, TEXAS , 77478.
Item 1 Comment: This Amendment No. 31 to Schedule 13D is being filed by the Reporting Persons to amend the Schedule 13D originally filed by certain of the Reporting Persons on May 18, 2006 (the "Original 13D"), as amended on August 25, 2006, January 11, 2007, September 7, 2007, December 19, 2007, March 5, 2008, November 10, 2008, October 23, 2009, February 3, 2010, March 10, 2010, May 13, 2010, February 11, 2011, July 21, 2011, September 17, 2013, March 5, 2014, August 15, 2014, October 5, 2015, December 24, 2015, March 25, 2016, August 10, 2016, October 5, 2016, December 14, 2018, January 11, 2019, June 26, 2020, October 9, 2020, February 26, 2021, December 16, 2022, September 8, 2023, February 16, 2024, March 15, 2024 and June 13, 2024 (the Original 13D, together with the amendments, the "Schedule 13D") with respect to the common stock, par value of $.01 per share (the "Common Stock"), of IES Holdings, Inc. (the "Company"). The principal executive offices of the Company are located at 13131 Dairy Ashford Rd., Suite 500, Sugar Land, TX 77478.
Item 2.	Identity and Background
(a)	This statement is filed by: (i) Tontine Capital Partners, L.P., a Delaware limited partnership ("TCP"), with respect to the shares of Common Stock directly owned by it; (ii) Tontine Capital Management, L.L.C., a Delaware limited liability company ("TCM"), with respect to the shares of Common Stock directly owned by it and by TCP; (iii) Tontine Management, L.L.C., a Delaware limited liability company ("TM"), with respect to the shares of Common Stock directly owned by it; (iv) Tontine Capital Overseas Master Fund II, L.P. a Delaware limited partnership ("TCP 2") with respect to shares of Common Stock directly owned by it; (v) Tontine Asset Associates, L.L.C., a Delaware limited liability company ("TAA"), with respect to the shares of Common Stock directly owned by it and by TCP 2; (vi) Tontine Associates, L.L.C., a Delaware limited liability company ("TA"), with respect to shares of Common Stock directly owned by it; (vii) Tontine Capital Overseas GP, L.L.C., a Delaware limited liability company ("TCO"), with respect to shares of Common Stock directly owned by it; and (viii) Jeffrey L. Gendell ("Mr. Gendell") with respect to the shares of Common Stock, and phantom stock units ("PSUs") convertible into Common Stock, directly owned by him and the shares of Common Stock directly owned by each of TCP, TCM, TM, TCP 2, TAA, TA and TCO. TCP, TCM, TM, TCP 2, TAA, TA, TCO and Mr. Gendell 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)	The address of the principal business and principal office of each of TCP, TCM, TM, TCP 2, TAA, TA and TCO is 1 Sound Shore Drive, Suite 304, Greenwich, Connecticut 06830. The business address of Mr. Gendell is 1 Sound Shore Drive, Suite 304, Greenwich, Connecticut 06830.
(c)	The principal business of each of TCP and TCP 2 is serving as a private investment limited partnership. The principal business of TCM is serving as the general partner of TCP. The principal business of TM is serving as the general partner of an investment fund affiliated with the Reporting Persons. The principal business of TAA is serving as the general partner of TCP 2. The principal business of TA is to serve as the fund manager of an investment fund affiliated with the Reporting Persons. The principal business of TCO is that of managing its assets. Mr. Gendell serves as the managing member of TCM, TM, TA, TCO and TAA.
(d)	None of the Reporting Persons has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	None of the Reporting Persons has, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and, as a result of such proceeding, was, or is subject to, a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such laws.
(f)	Each of TCP and TCP 2 is a limited partnership organized under the laws of the State of Delaware. Each of TCM, TM, TAA, TA and TCO is a limited liability company organized under the laws of the State of Delaware. Mr. Gendell is a United States citizen.
Item 3.	Source and Amount of Funds or Other Consideration
	All securities of the Company owned by the Reporting Persons were purchased with working capital and on margin or, with respect to certain securities owned directly by Mr. Gendell, were granted to Mr. Gendell by the Company for service as a member of the Company's Board of Directors or in connection with his service as the Company's Chief Executive Officer pursuant to the IES Holdings, Inc. 2006 Equity Incentive Plan as amended and restated through February 20, 2025 (the "Equity Incentive Plan"). The securities of the Company owned by the Reporting Persons that were purchased on margin are all currently held in cash accounts.
Item 4.	Purpose of Transaction
	In the last 60 days, in the transactions described in the table below, TCP 2 has sold a total of 145,837 shares of Common Stock. Transaction Number of Weighted Low High Date Shares Average Price Per Share 8/13/2025 1,710 $355.45 $355.24 $355.97 8/27/2025 21,464 $359.80 $359.74 $360.58 8/28/2025 10,000 $360.40 $360.40 $360.40 8/28/2025 8,016 $362.64 $362.16 $362.76 8/28/2025 3,972 $363.33 $363.16 $364.12 8/28/2025 2,832 $364.80 $364.17 $365.16 8/28/2025 11,032 $365.35 $365.19 $366.10 9/10/2025 20,495 $367.24 $367.24 $367.24 9/10/2025 9,505 $372.24 $372.24 $372.24 9/10/2025 433 $375.87 $375.52 $376.34 9/10/2025 1,884 $377.32 $376.64 $377.60 9/10/2025 3,331 $378.11 $377.67 $378.66 9/10/2025 5,679 $379.12 $378.70 $379.69 9/10/2025 7,329 $380.21 $379.73 $380.70 9/10/2025 4,169 $381.22 $380.73 $381.71 9/10/2025 1,275 $381.95 $381.73 $382.67 9/10/2025 400 $383.39 $382.88 $383.75 9/10/2025 741 $385.28 $384.70 $385.60 9/10/2025 259 $385.88 $385.75 $385.93 9/11/2025 10,663 $378.25 $378.24 $378.43 9/11/2025 6,660 $381.64 $381.35 $382.06 9/11/2025 40 $385.00 $385.00 $385.00 9/12/2025 570 $376.57 $376.02 $376.87 9/12/2025 1,727 $377.41 $377.08 $378.01 9/12/2025 4,122 $378.45 $378.15 $379.08 9/12/2025 7 $379.21 $379.21 $379.21 9/12/2025 711 $380.25 $380.24 $380.37 9/15/2025 6,811 $380.74 $380.74 $380.74 The Reporting Persons acquired their shares of Common Stock for investment purposes and in the ordinary course of business or, with respect to certain of the shares of Common Stock and the PSUs owned directly by Mr. Gendell, through grants to Mr. Gendell by the Company for service as a member of the Company's Board of Directors or as the Company's Chief Executive Officer pursuant to the Equity Incentive Plan. All of the Reporting Persons may dispose of securities of the Company at any time and from time to time in the open market, through dispositions in kind to parties holding an ownership interest in TCP, TCM, TM, TA, TCP 2, TAA and/or TCO, or otherwise. In addition, the Reporting Persons may obtain securities of the Company through open market purchases, transfers from other Reporting Persons, grants to Mr. Gendell pursuant to the Equity Incentive Plan or otherwise. As discussed in this Schedule 13D, the Reporting Persons own approximately 54.2% of the Company's outstanding Common Stock and can control the Company's affairs, including (i) the election of directors who in turn appoint management, (ii) any action requiring the approval of the holders of Common Stock, including the adoption of amendments to the Company's corporate charter, and (iii) approval of a merger or sale of all or substantially all assets. The Reporting Persons can also control certain decisions affecting the Company's capital structure. Mr. Gendell has served as a member of the Company's Board of Directors and as Chairman of the Board since November 2016, and as Executive Chairman of the Board since July 1, 2025. Mr. Gendell served as Interim Chief Executive Officer of the Company from July 31, 2020 through September 30, 2020 and served as Chief Executive Officer of the Company from October 1, 2020 through June 30, 2025. While serving in such capacities, Mr. Gendell may have the ability to affect the composition of the Company's management and influence the business operations of the Company or extraordinary transactions outside the normal course of the Company's business. If the Reporting Persons dispose of all or a portion of their holdings in the Company, they may not retain sufficient voting power to cause Mr. Gendell to continue to be a director. David B. Gendell, the brother of Jeffrey L. Gendell and, until December 2017, an employee of an affiliate of the Reporting Persons, has served as a member of the Company's Board of Directors since February 2012. Previously, he served as Interim Director of Operations from November 2017 through January 2019, non-executive Vice Chairman of the Board from November 2016 to November 2017 and as non-executive Chairman of the Board from January 2015 to November 2016. While serving in his capacity as a director, David B. Gendell may have the ability to affect the composition of the Company's management and influence the business operations of the Company or extraordinary transactions outside the normal course of the Company's business. If the Reporting Persons dispose of all or a portion of their holdings in the Company, they may not retain sufficient voting power to cause David B. Gendell to continue to be a director. Although the foregoing represents the range of activities presently contemplated by the Reporting Persons with respect to the Company, it should be noted that the possible activities of the Reporting Persons are subject to change at any time. Accordingly, the Reporting Persons reserve the right to change their plans or intentions and to take any and all actions that they may deem to be in their best interests. Except as set forth in this Schedule 13D, the Reporting Persons do not have any current intention, plan or proposal with respect to: (a) the acquisition by any person of additional securities of the Company, or the disposition of securities of the Company; (b) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Company or any of its subsidiaries; (c) a sale or transfer of a material amount of assets of the Company or any of its subsidiaries; (d) any change in the present Board of Directors or management of the Company, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the Board; (e) any material change in the present capitalization or dividend policy of the Company; (f) any other material change in the Company's business or corporate structure; (g) changes in the Company's charter, bylaws or instruments corresponding thereto or other actions which may impede the acquisition of control of the Company by any person; (h) causing a class of securities of the Company to be delisted from a national securities exchange, if any, or cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association; (i) a class of equity securities of the Company becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Act, or (j) any action similar to any of those enumerated in items (a) through (i) above.
Item 5.	Interest in Securities of the Issuer
(a)	See rows 11 and 13 of the Reporting Persons section of this Schedule 13D/A, which are incorporated herein by reference, for the aggregate number of shares of Common Stock and the percentage of shares of the Common Stock beneficially owned by each of the Reporting Persons. The percentages reported therein are calculated based upon 19,854,463 shares of Common Stock outstanding as of July 31, 2025, as disclosed in the Company's Quarterly Report on Form 10-Q filed on August 1, 2025.
(b)	See rows 7 through 10 of the Reporting Persons section of this Schedule 13D/A, which are incorporated herein by reference, for the number of shares of Common Stock as to which each Reporting Person has the sole or shared power to vote or direct the vote and the sole or shared power to dispose or to direct the disposition.
(c)	TCP 2 sold a total of 145,837 shares of Common Stock in the last 60 days. Please see the table in Item 4 for descriptions of such transactions. None of TCP, TCM, TM, TAA, TA, TCO, or Mr. Gendell have engaged in any transactions in Common Stock in the last 60 days.
(d)	TCM, the general partner of TCP, has the power to direct the affairs of TCP, including decisions respecting the receipt of dividends from, and the disposition of the proceeds from the sale of, shares of Common Stock. Mr. Gendell is the Managing Member of TCM and in that capacity directs its operations. TAA, the general partner of TCP 2, has the power to direct the affairs of TCP 2, including decisions respecting the receipt of dividends from, and the disposition of the proceeds from the sale of, shares of Common Stock. Mr. Gendell is the Managing Member of TAA and in that capacity directs its operations. Mr. Gendell is the Managing Member of TM and in that capacity directs its operations. Mr. Gendell is the Managing Member of TA and in that capacity directs its operations. Mr. Gendell is the Managing Member of TCO and in that capacity directs its operations.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	A. Board Observer Letter On December 6, 2018, TA entered into that certain Board Observer Letter Agreement, by and between TA and the Company (the "Board Observer Letter"). Subject to the terms and conditions set forth in the Board Observer Letter, the Company granted the Reporting Persons the right, at any time that the Reporting Persons hold at least 20% of the outstanding Common Stock of the Company, to appoint a representative to serve as an observer to the Company's Board of Directors (the "Board Observer"). The Board Observer, who must be reasonably acceptable to those members of the Company's Board of Directors who are not affiliates of TA, shall have no voting rights or other decision-making authority. Subject to the terms and conditions set forth in the Board Observer Letter, so long as the Reporting Persons have the right to appoint a Board Observer, the Board Observer will have the right to attend and participate in meetings of the Company's Board of Directors and the committees thereof, subject to confidentiality requirements, and to receive reimbursement for reasonable out-of-pocket expenses incurred in his or her capacity as a Board Observer and such rights to coverage under the Company's directors' and officers' liability insurance policy as are available to the Company's directors. On December 20, 2018, an employee of TA was appointed as TA's initial Board Observer pursuant to the terms of the Board Observer Letter. B. Letter Agreement On October 2, 2020, the Company and Mr. Gendell entered into an amended and restated letter agreement (the "Letter Agreement") to memorialize Mr. Gendell's appointment, effective October 1, 2020, as Chief Executive Officer of the Company. Pursuant to the Letter Agreement, among other things, the Company made a one-time grant of 100,000 PSUs to Mr. Gendell under the Company's Equity Incentive Plan in connection with Mr. Gendell's appointment as Chief Executive Officer of the Company, which PSUs are subject to certain vesting conditions. The terms of such grant are further described in the Phantom Stock Unit Award Agreement attached as Exhibit A to the Letter Agreement. The foregoing summaries of the Board Observer Letter and the Letter Agreement do not purport to be complete and are qualified in their entirety by reference to Exhibits 99.1 and 99.2, which are incorporated by reference herein. Except as described herein, the Reporting Persons do not have any contracts, arrangements, understandings or relationships (legal or otherwise) with any person with respect to any securities of the Company, including but not limited to, the transfer or voting of any of the securities, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or losses, or the giving or withholding of proxies.
Item 7.	Material to be Filed as Exhibits.
	99.1. Board Observer Letter Agreement, between Tontine Associates, L.L.C. and IES Holdings, Inc., dated December 6, 2018 (incorporated by reference to Exhibit 10.17 to the Company's Annual Report on Form 10-K filed December 7, 2018). 99.2. Letter Agreement, between IES Holdings, Inc. and Jeffrey L. Gendell, dated October 2, 2020 (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed October 5, 2020).

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 Capital Partners, L.P.

Signature:	/s/ Jeffrey L. Gendell
Name/Title:	Jeffrey L. Gendell, managing member of Tontine Capital Management, L.L.C., general partner of Tontine Capital Partners, L.P.
Date:	09/17/2025

Tontine Capital Management, L.L.C.

Signature:	/s/ Jeffrey L. Gendell
Name/Title:	Jeffrey L. Gendell, managing member of Tontine Capital Management, L.L.C.
Date:	09/17/2025

Tontine Management, L.L.C.

Signature:	/s/ Jeffrey L. Gendell
Name/Title:	Jeffrey L. Gendell, managing member of Tontine Management, L.L.C.
Date:	09/17/2025

Tontine Capital Overseas Master Fund II, L.P.

Signature:	/s/ Jeffrey L. Gendell
Name/Title:	Jeffrey L. Gendell, managing member of Tontine Asset Associates, L.L.C., the general partner of Tontine Capital Overseas Master Fund II, L.P.
Date:	09/17/2025

Tontine Asset Associates, L.L.C.

Signature:	/s/ Jeffrey L. Gendell
Name/Title:	Jeffrey L. Gendell, managing member of Tontine Asset Associates, L.L.C.
Date:	09/17/2025

Tontine Associates, L.L.C.

Signature:	/s/ Jeffrey L. Gendell
Name/Title:	Jeffrey L. Gendell, managing member of Tontine Associates, L.L.C.
Date:	09/17/2025

Tontine Capital Overseas GP, L.L.C.

Signature:	/s/ Jeffrey L. Gendell
Name/Title:	Jeffrey L. Gendell, managing member of Tontine Capital Overseas GP, L.L.C.
Date:	09/17/2025

Jeffrey L. Gendell

Signature:	/s/ Jeffrey L. Gendell
Name/Title:	Jeffrey L. Gendell
Date:	09/17/2025

FAQ

How many IESC shares do the Reporting Persons beneficially own according to this 13D/A?

The Reporting Persons beneficially own 10,769,717 shares, representing 54.2% of the 19,854,463 outstanding shares used for the filing's calculations.

Did any affiliated party sell IESC shares recently?

Yes. Tontine Capital Overseas Master Fund II (TCP 2) sold a total of 145,837 shares in the last 60 days; the filing provides transaction dates and weighted average prices.

What roles does Jeffrey L. Gendell hold at IES Holdings as disclosed in the filing?

Mr. Gendell is disclosed as Executive Chairman of the Board since July 1, 2025 and previously served as Chief Executive Officer through June 30, 2025.

Are there any agreements between the Reporting Persons and IES Holdings?

Yes. The filing references a Board Observer Letter (Dec 6, 2018) and an amended Letter Agreement with Mr. Gendell (Oct 2, 2020) including a 100,000 PSU grant; exhibits are incorporated by reference.

What sources of funds were used to acquire the disclosed shares?

Shares were acquired with working capital, on margin, or granted to Mr. Gendell under the company's Equity Incentive Plan, according to the filing.

Do the Reporting Persons have plans for major corporate actions disclosed in this filing?

The Reporting Persons state they currently have no present intention or plan for extraordinary transactions, charter changes, material asset sales, or other specified corporate actions.