Tontine / Gendell Report Ownership Dilution in IES Holdings Following Acquisition

Executive Summary

On October 6, 2026, Jeffrey L. Gendell and affiliated Tontine entities filed Amendment No. 33 to Schedule 13D regarding their beneficial ownership in IES Holdings, Inc. ($IESC). The amendment was triggered by a dilution event: on October 5, 2026, the company issued 430,974 shares of Common Stock as stock consideration in connection with the closing of its acquisition of DBM Global, Inc. As a result, the aggregate beneficial ownership of the Reporting Persons decreased from approximately 53.2% to approximately 51.7%.

Ownership & Holdings Breakdown

The reporting group continues to maintain majority voting control over IES Holdings, Inc. with an aggregate beneficial ownership of 20,813,118 shares (51.7% of the 40,279,686 shares outstanding):

• Jeffrey L. Gendell: 226,062 shares directly owned; shared power over 20,587,056 shares held through affiliated entities.
• Tontine Capital Management, L.L.C.: 3,821,058 shares sole power; 10,955,342 shares shared power (14,776,400 total / 36.7%).
• Tontine Capital Partners, L.P.: 10,955,342 shares shared power (27.2%).
• Tontine Management, L.L.C.: 2,820,324 shares sole power (7.0%).
• Tontine Capital Overseas Master Fund II, L.P.: 1,421,868 shares shared power (3.5%).
• Tontine Asset Associates, L.L.C.: 193,782 shares sole power; 1,421,868 shares shared power (1,615,650 total / 4.0%).
• Tontine Associates, L.L.C.: 1,280,114 shares sole power (3.2%).
• Tontine Capital Overseas GP, L.L.C.: 94,568 shares sole power (0.2%).

Trading Significance

• Significance Level: Low
• Rationale: Neither Jeffrey L. Gendell nor any affiliated Tontine funds conducted market purchases or sales within the past 60 days. The change in reported ownership percentage reflects passive dilution resulting from shares issued by the issuer in an M&A transaction.