Raymond James 6.8% Perma-Pipe (PPIH) passive ownership filing

Rhea-AI Filing Summary

Perma-Pipe International Holdings, Inc. received an amended Schedule 13G from Raymond James & Associates, which reports beneficial ownership of 553,190 shares of Perma-Pipe common stock, representing 6.8% of the class as of the event date of 12/31/2025. Raymond James & Associates reports no sole or shared voting power over these shares, but has sole dispositive power over all 553,190 shares. The firm certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Perma-Pipe.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Perma-Pipe International Holdings, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

714167103

(CUSIP Number)

12/31/2025

(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. 714167103

1

Names of Reporting Persons

RAYMOND JAMES & ASSOCIATES

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 0.00
7	Sole Dispositive Power 553,190.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

553,190.00

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)

6.8 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Perma-Pipe International Holdings, Inc.
(b)	Address of issuer's principal executive offices: 25025 I-45, SUITE 200, THE WOODLANDS, TEXAS, 77380
Item 2.
(a)	Name of person filing: RAYMOND JAMES & ASSOCIATES
(b)	Address or principal business office or, if none, residence: 880 CARILLON PARKWAY, ST PETERSBURG FL 33716
(c)	Citizenship: US
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 714167103
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: 553,190
(b)	Percent of class: 6.8 %
(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: 0
	(iii) Sole power to dispose or to direct the disposition of: 553,190
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
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 acquired and are held in the ordinary course of business and 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.

RAYMOND JAMES & ASSOCIATES

Signature:	Rachel Jacobson
Name/Title:	Manager, Operations
Date:	01/07/2026

FAQ

What percentage of Perma-Pipe (PPIH) does Raymond James & Associates report owning?

Raymond James & Associates reports beneficial ownership of 6.8% of Perma-Pipe International Holdings, Inc.'s common stock, as stated in the Schedule 13G/A.

How many Perma-Pipe (PPIH) shares does Raymond James & Associates beneficially own?

The filing shows that Raymond James & Associates beneficially owns 553,190 shares of Perma-Pipe International Holdings, Inc. common stock.

Does Raymond James & Associates have voting power over its Perma-Pipe (PPIH) shares?

No. The Schedule 13G/A reports 0 shares with sole voting power and 0 shares with shared voting power for Raymond James & Associates.

What powers does Raymond James & Associates have over its Perma-Pipe (PPIH) holdings?

Raymond James & Associates reports sole dispositive power over 553,190 shares and no shared dispositive power in the Perma-Pipe common stock.

Is Raymond James & Associates filing as a passive investor in Perma-Pipe (PPIH)?

Yes. Raymond James & Associates certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Perma-Pipe.

What type of entity is Raymond James & Associates in this Perma-Pipe (PPIH) filing?

The Schedule 13G/A classifies Raymond James & Associates as an investment adviser, indicated by the type of reporting person code "IA".

What date triggered the Raymond James & Associates Schedule 13G/A filing for Perma-Pipe (PPIH)?

The date of the event that required the filing is reported as 12/31/2025.