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Barnwell Industries

BRN on NYSEAmerican. Market value $14m.

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Should I look at this?

We have not checked this company yet

This is not advice.

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Who owns it

None of the long-term investors we follow own it. 23 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

5 investors own more than 5%.

  • MRMP-Managers LLC
    Passive investor
    27.5%0.0 pts
    Since 3 April 2025
    What they said

    Item 4 is amended and supplemented as follows: The Reporting Persons hereby issue an additional open letter to shareholders of Barnwell filed as Exhibit 99.1 herewith. The Reporting Persons once again hereby affirm that they have no current intent to engage in a control…

    Read the filing
  • Ned L. Sherwood
    Passive investor
    at least 21.9%−8.1 pts
    (filed with 2 related holders)
    Since 4 December 2025
  • Radoff Bradley Louis
    at least 11.4%−1.4 pts
    (filed with 1 related holder)
    Since 9 April 2026
  • Barnwell Industries, Inc. Employees' Pension Plan Trust
    Passive investor
    6.2%+1.0 pts
    Since 9 September 2025
  • at least 5.1%
    (filed with 4 related holders)
    Since 16 April 2026
    What they said

    The Reporting Persons purchased the Shares based on the Reporting Persons' belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the…

    Read the filing
  • Ned L. Sherwood Revocable Trust
    Activist
    Wants board seats
    Sold down below 5%
    Since 19 February 2025
    What they said

    Item 4 is amended and supplemented as follows: As previously reported in Amendments No. 34, No. 35 and No. 36, the Reporting Persons proposed certain amendments to the now terminated Cooperation & Support Agreement (previously entered into in January of 2023) to the Board of…

    Read the filing

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 3 insiders bought $201,261 of shares on the open market.

  • Patman Philip F Jr
    CFO and Treasurer, Director
    Bought
    Date
    9 September 2026
    Shares
    1,737
    Price
    $1.00
    Value
    $1,737
  • Patman Philip F Jr
    CFO and Treasurer, Director
    Bought
    Date
    8 September 2026
    Shares
    5,219
    Price
    $1.00
    Value
    $5,219
  • Horowitz Joshua
    Director
    Bought
    Date
    8 September 2026
    Shares
    10,478
    Price
    $1.00
    Value
    $10,436
  • Horowitz Joshua
    Director
    Bought
    Date
    26 February 2026
    Shares
    4,433
    Price
    $1.05
    Value
    $4,655
  • Patman Philip F Jr
    Executive VP - Finance, Director
    Bought
    Date
    24 November 2025
    Shares
    43,796
    Price
    $1.10
    Value
    $48,176
  • GROSSMAN KENNETH S
    Director
    Bought
    Date
    24 November 2025
    Shares
    59,563
    Price
    $1.10
    Value
    $65,519
  • Horowitz Joshua
    Director
    Bought
    Date
    24 November 2025
    Shares
    59,563
    Price
    $1.10
    Value
    $65,519

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 23 Dec 2025, plus the 10-Q filed 11 Aug 2026 and 15 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.