GENDELL JEFFREY L ET AL 4

What Happened Jeffrey L. Gendell (reported as a 10% owner via Tontine Capital Partners, L.P.) sold 46,720 shares of IES Holdings, Inc. (IESC) in open-market transactions on June 12, 2026, generating aggregate proceeds of approximately $35.34 million. The filing shows the following disposals:

• 19,996 shares at a weighted average around $750.24 — $15,001,799
• 4 shares at $752.18 — $3,009
• 7,491 shares at a weighted average around $758.74 — $5,683,721
• 10,000 shares at $760.47 — $7,604,700
• 2,509 shares at $761.73 — $1,911,181
• 6,720 shares at $764.54 — $5,137,709

These were sales (not purchases or option exercises) and therefore are generally routine dispositions by an affiliate rather than a direct buy signal.

Key Details

• Transaction date: June 12, 2026; Form 4 filed June 16, 2026 (within required filing window).
• Price details: sales executed across prices ranging roughly from $750.24 to $764.54 (see footnotes for exact per-lot ranges and fixed-price lots).
• Who sold: All shares reported were sold by Tontine Capital Partners, L.P. (TCP), an entity affiliated with Mr. Gendell.
• Holdings after sale: TCP’s direct shares drop from 5,477,671 to about 5,430,951 following these disposals. Mr. Gendell’s personal direct holdings (44,599 shares) were not reported as sold and remain unchanged.
• Notable footnotes: multiple footnotes describe that certain lots were sold at specific single prices (e.g., 10,000 at $760.47; 2,509 at $761.73; 6,720 at $764.54) and that some reported prices are weighted averages across multiple trades. Joint filing and standard disclaimers about beneficial ownership are included.
• Filing status: Report appears timely (filed within the two-business-day deadline).

Context

• These sales were executed by a fund (TCP) controlled by Mr. Gendell rather than a direct sale by him personally; for retail investors, that distinction matters because fund-level liquidity or rebalancing is a common reason for such trades.
• No options exercises, awards, or gifts are reported in this filing — solely open-market sales (transaction code S).
• Facts only: the filing documents the transactions and remaining holdings; it does not state motivations for the sales.