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SCHEDULE Filed 2026-01-09 Event 2026-01-07 SEC 0001104659-26-002521 →

TONTINE CAPITAL PARTNERS L P IES Holdings, Inc. IESC

Stake: 53.20% Shares: 10,595,320 CUSIP: 44951W106 Class: Common stock, par value of $.01 per share

Item 4 — Purpose of Transaction

As of December 26, 2025, as disclosed in the Company's Definitive Proxy Statement on Schedule 14A filed on January 7, 2026, the Company had 19,927,493 shares of Common Stock outstanding. This represents an increase of 73,030 shares of Common Stock outstanding as compared to the 19,854,463 shares of Common Stock outstanding as of July 31, 2025, as reported in the Company's Quarterly Report on Form 10-Q filed on August 1, 2025. As a result of this increase in the Company's outstanding shares of Common Stock, combined with a decrease in the shares of Common Stock beneficially owned by the Reporting Persons in the transactions described in this Item 4, the percentage of the Company's outstanding shares of Common Stock beneficially owned by the Reporting Persons as a group decreased from approximately 54.2%, as reported in Amendment No. 31 to Schedule 13D filed by the Reporting Persons on September 17, 2025, to approximately 53.2%, as reported in this Amendment No. 32 to Schedule 13D. In the last 60 days, in the transactions described in the table below, TCP 2 has sold a total of 100,000 shares of Common Stock. Transaction Number of Weighted Average Low High Date Shares Price Per Share 12/3/2025 16,122 $417.93 $417.52 $418.48 12/3/2025 12,922 $418.92 $418.52 $419.50 12/3/2025 2,636 $419.90 $419.52 $420.49 12/3/2025 2,827 $420.89 $420.54 $421.46 12/4/2025 35,823 $420.52 $420.24 $421.23 12/4/2025 5,193 $421.74 $421.27 $422.23 12/4/2025 6,924 $423.21 $422.27 $423.26 12/4/2025 12,528 $423.69 $423.27 $424.26 12/4/2025 1,251 $424.91 $424.32 $425.16 12/5/2025 3,774 $420.24 $420.24 $420.24 In the last 60 days, in the transactions described in the table below, TCP has sold a total of 82,094 shares of Common Stock. Transaction Number of Weighted Average Low High Date Shares Price Per Share 12/10/2025 5,534 $472.39 $472.24 $472.68 12/10/2025 80 $473.70 $473.70 $473.70 12/10/2025 80 $475.35 $475.35 $475.35 12/11/2025 28,264 $470.40 $470.24 $471.23 12/11/2025 884 $471.50 $471.24 $472.07 12/11/2025 24,382 $472.44 $472.24 $473.21 12/11/2025 60 $473.32 $473.26 $473.35 12/11/2025 716 $474.26 $474.26 $474.26 12/11/2025 10,000 $476.50 $476.26 $477.23 12/11/2025 671 $477.81 $477.76 $478.35 12/11/2025 10,000 $478.83 $478.76 $479.55 12/11/2025 1,423 $480.37 $480.37 $480.37 In the last 60 days, in the transactions described below, Mr. Gendell was engaged in the following transactions with respect to the securities of the Company: (1) On December 6, 2022, the Company granted Mr. Gendell time-based and performance-based PSUs pursuant to the Equity Incentive Plan. On November 21, 2025, (i) 8,365 time-based PSUs and 20,077 performance-based PSUs under the December 6, 2022 grant vested upon satisfaction of the applicable time and/or performance requirements, resulting in Mr. Gendell receiving one share of Common Stock from the Company for each PSU that vested, and (ii) 13,179 shares of Common Stock were withheld to satisfy the tax withholding obligation resulting from the vesting of these PSUs. The 8,365 time-based PSUs were included in Mr. Gendell's reports of security ownership at the time they were granted and, therefore, their vesting did not impact the number of securities of the Company owned by Mr. Gendell which are reported; and (2) On November 26, 2025, Mr. Gendell was granted 799 time-based PSUs pursuant to the Equity Incentive Plan. Each of these PSUs represents a contractual right in respect of one share of Common Stock and will vest upon the continued performance of services through the applicable scheduled vesting date. 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, in connection with his service as the Company's Executive Chairman, or in connection with his service 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 53.2% 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

Cross-References

Insider Activity (last 365d)
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Issuer Cluster
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Short Interest · settle 2026-03-31
DTC 4.61
816,485 shares short · +0.1% vs prior

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