Bryant R. Riley and affiliated entities filed Amendment No. 21 to a Schedule 13D with the SEC on November 12, 2026, disclosing updated beneficial ownership positions in the common stock of Babcock & Wilcox Enterprises, Inc.

Key Highlights

  • Bryant R. Riley total stake: Riley individually reported beneficial ownership of 27,794,353 shares, representing 19.1% of Babcock & Wilcox common stock outstanding.
  • BRC Group Holdings position: BRC Group Holdings, Inc. reported shared voting and dispositive power over 27,446,522 shares, equal to 18.9% of the class.
  • B. Riley Securities holding: B. Riley Securities, Inc. reported shared voting and dispositive power over 15,573,362 shares, representing 10.7% of the class.
  • BRF Investments position: BRF Investments, LLC reported shared voting and dispositive power over 11,873,160 shares, equal to 8.2% of the class.
  • Share base used for calculations: All percentage figures are based on 145,446,002 shares of common stock outstanding as of November 3, 2026, as reported by Babcock & Wilcox in its quarterly report filed November 9, 2026.
  • Riley sole voting power: Bryant R. Riley reported sole voting and dispositive power over 347,831 shares in addition to his shared positions.

Riley Group Beneficial Ownership in Babcock & Wilcox as of November 2026

According to the filing, this amendment is the twenty-first update to a Schedule 13D originally filed on November 30, 2018, relating to the common stock, par value $0.01, of Babcock & Wilcox Enterprises, Inc., an industrial company headquartered at 1200 E. Market Street, Suite 650, Akron, Ohio 44305. The filing identifies four reporting persons: BRC Group Holdings, Inc. (a Delaware holding company), B. Riley Securities, Inc. (a Delaware broker-dealer), BRF Investments, LLC (a Delaware entity whose principal business the filing describes as investing in securities), and Bryant R. Riley individually, who is identified as Co-Chief Executive Officer and Chairman of the Board of Directors of BRC Group Holdings.

The filing discloses that Bryant R. Riley holds sole voting and dispositive power over 347,831 shares and shared voting and dispositive power over an additional 27,446,522 shares, for an aggregate beneficial ownership of 27,794,353 shares, or 19.1% of the class. BRC Group Holdings, Inc. reported no sole voting or dispositive power, with all 27,446,522 shares held on a shared basis. B. Riley Securities, Inc. separately reported shared voting and dispositive power over 15,573,362 shares, while BRF Investments, LLC reported shared voting and dispositive power over 11,873,160 shares. The source of funds listed for BRC Group Holdings is "AF" (affiliated funds), for B. Riley Securities and BRF Investments is "WC" (working capital), and for Bryant R. Riley individually is "PF" (personal funds).

The filing states that none of the reporting persons nor any person listed on the annexed Schedule A have been convicted in a criminal proceeding in the past five years, and none have been subject to a judgment, decree, or final order related to federal or state securities laws during that period, according to the disclosure.

What Was Disclosed

Amendment No. 21 to the Schedule 13D reported updated beneficial ownership in Babcock & Wilcox Enterprises common stock by Bryant R. Riley and three affiliated entities, with Riley's aggregate position totaling 27,794,353 shares, or 19.1%, based on 145,446,002 shares outstanding as of November 3, 2026.