SCHEDULE: Radoff Group Boosts Barnwell Industries Stake to 12.8%

Bradley Radoff and the Radoff Family Foundation have increased their beneficial ownership in Barnwell Industries Inc. to 12.8% due to exercisable warrants.

Summary

• Amendment No. 1 to Schedule 13D was filed by Bradley L. Radoff and the Radoff Family Foundation.
• The amendment reflects that Common Warrants held by the Reporting Persons are now exercisable within the next 60 days.
• The Radoff Family Foundation beneficially owns 840,135 shares, including 280,045 shares underlying Common Warrants, representing approximately 6.5% of Barnwell Industries Inc. outstanding shares.
• Bradley L. Radoff directly beneficially owns 840,136 shares, including 280,045 shares underlying Common Warrants, also representing approximately 6.5% of outstanding shares.
• Mr. Radoff's aggregate beneficial ownership, including shares from the Radoff Foundation, totals 1,680,271 shares, representing approximately 12.8% of the outstanding shares.
• The aggregate percentage is based on 12,566,314 shares outstanding as of February 20, 2026, plus the shares underlying exercisable warrants.
• No transactions in Barnwell Industries Inc. securities by the Reporting Persons occurred in the past 60 days.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a moderately positive development. While a procedural update, the increased reported stake by a significant shareholder group, including exercisable warrants, suggests continued interest and potential confidence in the company's long-term value.

Positives

• The increase in reported beneficial ownership reflects the inclusion of exercisable warrants, indicating a deeper potential stake by the Radoff group.
• Increased beneficial ownership by a significant shareholder group may signal confidence in the company's future.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that an increase in beneficial ownership by an activist or significant shareholder group, particularly when it involves exercisable warrants, can sometimes signal potential future engagement with management or a belief in undervalued assets. This is a common pattern observed across various industries where investors seek to influence corporate strategy or capitalize on perceived discrepancies between market valuation and intrinsic value.

Stakeholder Impact

• Shareholders: Existing shareholders may view the increased stake by the Radoff group as a sign of confidence, potentially leading to increased investor interest.
• Management: The increased stake by a significant shareholder group could lead to greater scrutiny or engagement from the Radoff group regarding corporate strategy or governance.

Next Steps

• The warrants are exercisable within the next 60 days, implying potential future exercise by the reporting persons.

Key Dates

Recommendation

The filing indicates a significant shareholder group has increased its reported beneficial ownership, including exercisable warrants, to 12.8%. While this signals continued interest and potential confidence, it is primarily a disclosure of ownership structure rather than a fundamental change in the company's operations or financial performance. Investors should hold to observe any subsequent actions by the Radoff group or changes in company strategy.

Keywords

Barnwell Industries Inc., BARN, Schedule 13D, beneficial ownership, Radoff Family Foundation, Bradley L. Radoff, common stock, warrants, SEC filing, institutional ownership