# EDGAR Filing Document

**Accession Number:** 0001630805
**File Stem:** 0001213900-26-016557
**Filing Date:** 2026-2
**Character Count:** 40449
**Document Hash:** 074bfc669c96719f7be77fca15e8ff64
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-016557.hdr.sgml**: 20260213

**ACCESSION NUMBER**: 0001213900-26-016557

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260213

**DATE AS OF CHANGE**: 20260213

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Babcock & Wilcox Enterprises, Inc.
- **CENTRAL INDEX KEY:** 0001630805
- **STANDARD INDUSTRIAL CLASSIFICATION:** HEATING EQUIPMENT, EXCEPT ELECTRIC & WARM AIR FURNACES [3433]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 472783641
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-89270
- **FILM NUMBER:** 26634246

**BUSINESS ADDRESS:**
- **STREET 1:** 1200 E. MARKET STREET, SUITE 650
- **CITY:** AKRON
- **STATE:** OH
- **ZIP:** 44305
- **BUSINESS PHONE:** 3308606205

**MAIL ADDRESS:**
- **STREET 1:** 1200 E. MARKET STREET, SUITE 650
- **CITY:** AKRON
- **STATE:** OH
- **ZIP:** 44305
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BRC Group Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001464790
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 270223495
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 11100 SANTA MONICA BLVD
- **STREET 2:** SUITE 800
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90025
- **BUSINESS PHONE:** 818-884-3737

**MAIL ADDRESS:**
- **STREET 1:** 11100 SANTA MONICA BLVD
- **STREET 2:** SUITE 800
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90025

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** B. Riley Financial, Inc.
- **DATE OF NAME CHANGE:** 20141104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Great American Group, Inc.
- **DATE OF NAME CHANGE:** 20090522

## Ex-99.A

**<u>SCHEDULE A</u>**

**Executive Officers and Directors of BRC Group Holdings, Inc.**

---

| | | | |
|:---|:---|:---|:---|
| **Name and Position** | **Present Principal Occupation** | **Business Address** | **Citizenship** |
| Bryant R. Riley<br> Chairman of the Board of Directors and Co-Chief Executive Officer | Chairman of the Board of Directors and Co-Chief Executive Officer of BRC Group Holdings, Inc.; Chief Executive Officer and Board of Managers of B. Riley Capital Management, LLC | 11100 Santa Monica Blvd. <br> Suite 800 <br> Los Angeles, CA 90025 | United States |
| Thomas J. Kelleher<br> Co-Chief Executive Officer and Director | Co-Chief Executive Officer and Director of BRC Group Holdings, Inc.; and President and Board of Managers of B. Riley Capital Management, LLC | 11100 Santa Monica Blvd. <br> Suite 800 <br> Los Angeles, CA 90025 | United States |
| Scott Yessner<br> Executive Vice President and Chief Financial Officer | Executive Vice President and Chief Financial Officer of BRC Group Holdings, Inc. | 11100 Santa Monica Blvd. <br> Suite 800 <br> Los Angeles, CA 90025 | United States |
| Alan N. Forman<br> Executive Vice President, General Counsel and Secretary | Executive Vice President, General Counsel and Secretary of BRC Group Holdings, Inc. | 299 Park Avenue, 21st Floor <br> New York, NY 10171 | United States |
| Howard E. Weitzman<br> Senior Vice President and Chief Accounting Officer | Senior Vice President and Chief Accounting Officer of BRC Group Holdings, Inc. | 30870 Russell Ranch Rd<br> Suite 250<br> Westlake Village, CA 91362 | United States |
| Robert L. Antin<br> Director | Co-Founder of VCA, Inc., an owner and operator of Veterinary care centers and hospitals | 11100 Santa Monica Blvd. <br> Suite 800 <br> Los Angeles, CA 90025 | United States |
| Tammy Brandt<br> Director | Senior Member of the Legal team at Creative Artists Agency, a leading global entertainment and sports agency | 11100 Santa Monica Blvd. <br> Suite 800 <br> Los Angeles, CA 90025 | United States |
| Robert D'Agostino<br> Director | President of Q-mation, Inc., a supplier of software solutions | 11100 Santa Monica Blvd. <br> Suite 800 <br> Los Angeles, CA 90025 | United States |
| Renée E. LaBran<br> Director | Founding partner of Rustic Canyon Partners (RCP), a technology focused VC fund, currently on the boards of Idealab, Inc. and Stravos Education, LLC | 11100 Santa Monica Blvd.<br> Suite 800<br> Los Angeles, CA 90025 | United States |
| Randall E. Paulson<br> Director | Serves on the board of Dash Medical Holdings, LLC | 11100 Santa Monica Blvd.<br> Suite 800<br> Los Angeles, CA 90025 | United States |
| Mimi Walters<br> Director | U.S. Representative from California's 45th Congressional District – Retired | 11100 Santa Monica Blvd. <br> Suite 800 <br> Los Angeles, CA 90025 | United States |

---

## Exhibit 99.1

**Exhibit 99.1**

**STOCK PURCHASE AGREEMENT**

This Stock Purchase Agreement (this "**Agreement**"), dated as of and effective as of February 11, 2026, is entered into between Bryant and Carleen Riley JTWROS and Riley Family Trust (together, the "**Seller**"), and AFOB FIP MS, LLC ("**Buyer**"). Capitalized terms used in this Agreement have the meanings given to such terms herein.

**RECITALS**

WHEREAS, Seller owns 1,155,382 issued and outstanding shares of common stock, $0.01 par value (the "**Shares**") of Babcock & Wilcox Enterprises, Inc., a Delaware corporation (the "**Company**"); and

WHEREAS, Seller wishes to sell to Buyer, and Buyer wishes to purchase from Seller, the Shares, pursuant to Section 4(a)(7) of the Securities Act of 1933, as amended (the "**Securities Act**") and subject to the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

**ARTICLE I<br> Purchase and sale**

**Section 1.01 Purchase and Sale.** Subject to the terms and conditions set forth herein, at the Closing, Seller shall sell to Buyer, and Buyer shall purchase from Seller, the Shares, free and clear of any lien, pledge, mortgage, deed of trust, security interest, charge, claim, easement, encroachment or other similar encumbrance, other than any restrictions on transfer that may be imposed by Law (as defined in Section 3.02 herein) and any restrictive legends that may be contained on the Shares.

**Section 1.02 Purchase Price.** The aggregate purchase price for the Shares shall be $10,398,438 (the "**Purchase Price**"). Buyer shall pay the Purchase Price to Seller at the Closing in cash by wire transfer of immediately available funds in accordance with the wire transfer instructions provided by Seller to Buyer prior to the Closing.

**ARTICLE II<br> CLOSING**

**Section 2.01 Closing.** The closing of the transaction contemplated by this Agreement (the "**Closing**") shall take place simultaneously with the execution of this Agreement on the date hereof (the "**Closing Date**") remotely by exchange of documents and signatures (or their electronic counterparts). The consummation of the transactions contemplated by this Agreement shall be deemed to occur on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On the Closing Date, upon release of signatures to this Agreement, Buyer shall deliver the Purchase Price to Seller pursuant to Section 1.02.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon receipt of the Purchase Price from Buyer, Seller shall deliver to Buyer the Shares.

**ARTICLE III<br> Representations and warranties of seller**

Seller represents and warrants to Buyer that the statements contained in this Article III are true and correct as of the date hereof.

**Section 3.01 Organization and Authority of Seller.** Seller has all necessary power and authority to enter into this Agreement, to carry out its obligations hereunder and to consummate the transactions contemplated hereby. This Agreement constitutes a legal, valid and binding obligation of Seller enforceable against Seller in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors' rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

**Section 3.02 No Conflicts or Consents.** The execution, delivery and performance by Seller of this Agreement, and the consummation of the transactions contemplated hereby, do not and will not: (a) violate or conflict with any provision of any Law applicable to Seller; or (b) other than approval of the Audit Committee of BRC Group Holdings, Inc., require the consent, notice or other action by any Person. For purposes of this Agreement: (i) "**Law**" means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law or other requirement or rule of law of any Governmental Authority; (ii) "**Person**" means an individual, corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated organization, trust, association or other entity; and (iii) "**Governmental Authority**" means any federal, state, local or foreign government or political subdivision thereof, or any agency or instrumentality of such government or political subdivision, or any arbitrator, court or tribunal of competent jurisdiction.

**Section 3.03 Brokers.** No broker, finder or investment banker is entitled to any brokerage, finder's or other fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Seller.

**Section 3.04 No Other Representations and Warranties.** Except for the representations and warranties contained in this Article III, none of Seller or any other Person has made or makes any other express or implied representation or warranty, either written or oral, on behalf of Seller.

**ARTICLE IV<br> Representations and warranties of buyer**

Buyer represents and warrants to Seller that the statements contained in this Article IV are true and correct as of the date hereof.

**Section 4.01 Organization and Authority of Buyer.** Buyer is a limited liability company duly organized, validly existing and in good standing under the Laws of the state of Delaware. Buyer has all necessary corporate power and authority to enter into this Agreement, to carry out its obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery by Buyer of this Agreement, the performance by Buyer of its obligations hereunder, and the consummation by Buyer of the transactions contemplated hereby have been duly authorized by all requisite corporate action on the part of Buyer. This Agreement constitutes a legal, valid and binding obligation of Buyer enforceable against Buyer in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors' rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

**Section 4.02 No Conflicts; Consents.** The execution, delivery and performance by Buyer of this Agreement, and the consummation of the transactions contemplated hereby, do not and will not: (a) violate or conflict with any provision of the operating documents of Buyer; (b) violate or conflict with any provision of any Law applicable to Buyer; or (c) require the consent, notice or other action by any Person under, violate or conflict with, or result in the acceleration of any agreement to which Buyer is a party.

**Section 4.03 Investment Purpose.** Buyer is acquiring the Shares solely for its own account for investment purposes and not with a view to, or for offer or sale in connection with, any distribution thereof or any other security related thereto within the meaning of the Securities Act. Buyer acknowledges that Seller has not registered the offer and sale of the Shares under the Securities Act or any state securities laws, and that the Shares may not be pledged, transferred, sold, offered for sale, hypothecated or otherwise disposed of except pursuant to the registration provisions of the Securities Act or pursuant to an applicable exemption therefrom and subject to state securities laws and regulations, as applicable. Buyer is able to bear the economic risk of holding the Shares for an indefinite period (including total loss of its investment), and has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risk of its investment.

**Section 4.04 Brokers.** No broker, finder, or investment banker is entitled to any brokerage, finder's or other fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Buyer.

**Section 4.05 Accredited Investor.** Buyer is an "accredited investor" as such term is defined in Regulation D of the Securities Act.

**Section 4.06 No General Solicitation.** Buyer acknowledges that it has no knowledge of being introduced to Seller by means of any general solicitation or advertising relating to the sale of the Shares and the Purchase Price was determined through private arm's length negotiations between Buyer and Seller and neither Buyer nor Seller is under any obligation or compulsion to enter into this Agreement.

**Section 4.07 Independent Investigation.** Buyer is a sophisticated investor that, in the normal course of its business, invests in or purchases securities similar to the Shares and has (a) by reason of its business and financial experience, the capacity to protect its own interests in connection with the purchase of the Shares hereunder, (b) such knowledge and experience in financial, tax and business matters to enable Buyer to evaluate the merits and risks associated with the purchase of the Shares hereunder and to make an informed investment decision with respect thereto, (c) adequate information concerning the Shares, (d) conducted, to the extent it deemed necessary, an independent investigation and exercised its own due diligence of such matters as, in its judgment, is necessary for it to make an informed investment decision with respect to the Shares and the purchase of the Shares hereunder, and (e) not relied upon the Seller for any investigation into, assessment of, or evaluation with respect to the Shares and/or the purchase of the Shares hereunder. Without limiting the generality of the foregoing, Buyer has reviewed with its own tax advisors the federal, state, local and foreign tax consequences of its investment in the Shares. Buyer is relying solely on such advisors and not on any statements or representations of the Seller or any of its agents. Buyer understands that it (and not the Seller) shall be responsible for Buyer's own tax liability that may arise as a result of its investment in the Shares.

**Section 4.08 Further Representations.** Buyer acknowledges and confirms that Seller may have, and later may come into possession of, information with respect to the Company, its business affairs and financial condition, its immediate and long term prospects, its resources and ability to raise additional capital as well as its financing and opportunities generally, that is not known to the Buyer and that may, if known by the Buyer, be material to a decision to buy the Shares; that Buyer has determined to buy the Shares notwithstanding its lack of knowledge of the information that Seller may be in possession of or may later come into possession of by the Seller; and Seller shall have no liability to Buyer or any other person or entity, and the Buyer waives and releases any claims that it might have against Seller or any other party that is based, in whole or in part, on any disparity in access to the Company, knowledge, information or beliefs, including without limitation, under any federal or state securities laws, common law or statute, rule or regulation. Seller has no duty, fiduciary or otherwise, to inform Buyer of any information. Buyer has acknowledged and do acknowledge that as a result of the foregoing, the value of the ownership of the Shares may increase or decrease, in certain cases, potentially significantly, and Buyer shall have no right to adjustment of the Purchase Price, and the Seller has no obligation to provide the Buyer any other protection, consideration or value.

**ARTICLE V<br> Covenants**

**Section 5.01 Filings.** Buyer acknowledges and agrees that Seller will be required to file an amendment to Seller's existing Form 13D and a Form 4 as a result of Seller's ownership position and Seller's affiliate status with BRC Group Holdings, Inc with whom Seller makes joint filings. This Agreement will be attached as an exhibit to the Form 13D as required by Law.

**Section 5.02 Further Assurances.** Following the Closing, each of the parties hereto shall, and shall cause their respective Affiliates to, execute and deliver such additional documents and instruments and take such further actions as may be reasonably required to carry out the provisions hereof and give effect to the transactions contemplated by this Agreement.

**Section 5.03 Transfer Taxes.** All transfer, documentary, sales, use, stamp, registration, value added and other such taxes and fees shall be borne and paid by Buyer when due.

**ARTICLE VI<br> Miscellaneous**

**Section 6.01 Expenses.** Except as otherwise expressly provided herein, all costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses.

**Section 6.02 Notices.** All notices, claims, demands and other communications hereunder shall be in writing and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or email of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next business day if sent after normal business hours of the recipient; or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid, if sent to the respective parties at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 6.02).

---

| | |
|:---|:---|
| **If to Seller:** | 11100 Santa Monica Blvd., Suite 800<br> Los Angeles, California 90025 |
| **If to Buyer:** | 1011 Lake Street, Suite 311<br> Oak Park, Illinois 60301 |

---

**Section 6.03 Interpretation; Headings.** This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted. The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

**Section 6.04 Severability.** If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement.

**Section 6.05 Entire Agreement.** This Agreement constitutes the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained herein, and supersedes all prior and contemporaneous representations, warranties, understandings and agreements, both written and oral, with respect to such subject matter.

**Section 6.06 Successors and Assigns.** This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. Neither party may assign its rights or obligations hereunder without the prior written consent of the other party, which consent shall not be unreasonably withheld or delayed. No assignment shall relieve the assigning party of any of its obligations hereunder.

**Section 6.07 Amendment and Modification; Waiver.** This Agreement may only be amended, modified or supplemented by an agreement in writing signed by each party hereto. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving. No failure to exercise or delay in exercising, any right or remedy arising from this Agreement shall operate or be construed as a waiver thereof. No single or partial exercise of any right or remedy hereunder shall preclude any other or further exercise thereof or the exercise of any other right or remedy.

**Section 6.08 Governing Law; Submission to Jurisdiction.** All matters arising out of or relating to this Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction).

**Section 6.09 Counterparts.** This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by email or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

[signature page follows]

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed as of the date first written above by their respective officers thereunto duly authorized.

---

| | |
|:---|:---|
| Bryant and Carleen Riley JTWROS | Bryant and Carleen Riley JTWROS |
| By | /s/ Bryant R. Riley |
| Name: | Bryant R. Riley |
| Title: | Trustee |
| Riley Family Trust U/A 5/12/2000, Bryant Riley and Carleen Riley TTEE | Riley Family Trust U/A 5/12/2000, Bryant Riley and Carleen Riley TTEE |
| By | /s/ Bryant R. Riley |
| Name: | Bryant R. Riley |
| Title: | Trustee |
| AFOB FIP MS, LLC | AFOB FIP MS, LLC |
| By: | AFO Blackberry LLC, its Manager |
| By | /s/ John Rijo |
| Name: | John Rijo |
| Title: | President |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 20)**

**Babcock & Wilcox Enterprises, Inc.**

*(Name of Issuer)*

**Common Stock, par value $0.01**

*(Title of Class of Securities)*

**05614L100**

*(CUSIP Number)*

**Bryant R. Riley**<br>BRC Group Holdings, Inc.,<br>11100 Santa Monica Boulevard, Suite 800<br>Los Angeles CA 90025<br>(818) 884-3737

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**02/11/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **05614L100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**BRC Group Holdings, Inc.** | Name of reporting person<br>**BRC Group Holdings, Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**27446522.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**27446522.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**27446522.00** | Aggregate amount beneficially owned by each reporting person<br>**27446522.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**24.7%** | Percent of class represented by amount in Row (11)<br>**24.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**HC** | Type of Reporting Person (See Instructions)<br>**HC** | |

---

**Comment for Reporting Person:** Percent of class is calculated based on 111,100,100 shares of common stock, par value $0.01 (the "Common Stock"), of Babcock & Wilcox Enterprises, Inc. (the "Issuer") outstanding as of November 4, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission (the "SEC") on November 10, 2025 (the "10-Q").

| **CUSIP No.** | **05614L100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**BRF Investments, LLC** | Name of reporting person<br>**BRF Investments, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**11873160.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**11873160.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**11873160.00** | Aggregate amount beneficially owned by each reporting person<br>**11873160.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**10.7%** | Percent of class represented by amount in Row (11)<br>**10.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Percent of class is calculated based on 111,100,100 shares of Common Stock outstanding as of November 4, 2025, as reported by the Issuer in the 10-Q.

| **CUSIP No.** | **05614L100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**B. Riley Securities, Inc.** | Name of reporting person<br>**B. Riley Securities, Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**15573362.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**15573362.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**15573362.00** | Aggregate amount beneficially owned by each reporting person<br>**15573362.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**14.0%** | Percent of class represented by amount in Row (11)<br>**14.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**BD** | Type of Reporting Person (See Instructions)<br>**BD** | |

---

**Comment for Reporting Person:** Percent of class is calculated based on 111,100,100 shares of Common Stock outstanding as of November 4, 2025, as reported by the Issuer in the 10-Q.

| **CUSIP No.** | **05614L100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Bryant R. Riley** | Name of reporting person<br>**Bryant R. Riley** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**217831.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**27446522.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**217831.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**27446522.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**27664353.00** | Aggregate amount beneficially owned by each reporting person<br>**27664353.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**24.9%** | Percent of class represented by amount in Row (11)<br>**24.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Percent of class is calculated based on 111,100,100 shares of Common Stock outstanding as of November 4, 2025, as reported by the Issuer in the 10-Q.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, par value $0.01

**(b) Name of Issuer:**
Babcock & Wilcox Enterprises, Inc.

**(c) Address of Issuer's Principal Executive Offices:**
1200 E. Market Street, Suite 650, Akron, OH, 44305

This Amendment No. 20 (this "Amendment") amends and supplements the Schedule 13D filed on November 30, 2018, as amended by Amendment No. 1 to Schedule 13D, filed with the Securities and Exchange Commission (the "SEC") on April 10, 2019, Amendment No. 2 to the Schedule 13D, filed with the SEC on May 7, 2019, Amendment No. 3 to Schedule 13D, filed with the SEC on July 23, 2019, Amendment No. 4 to Schedule 13D, filed with the SEC on July 29, 2019, Amendment No. 5 to the Schedule 13D, filed with the SEC on May 20, 2020, Amendment No. 6 to Schedule 13D, filed with the SEC on June 11, 2020, Amendment No. 7 to Schedule 13D, filed with the SEC on July 2, 2020, Amendment No. 8 to Schedule 13D, filed with the SEC on September 10, 2020, Amendment No. 9 to Schedule 13D, filed with the SEC on October 2, 2020, Amendment No. 10 to Schedule 13D, filed with the SEC on January 27, 2021, Amendment No. 11 to Schedule 13D, filed with the SEC on February 10, 2021, Amendment No. 12 to Schedule 13D, filed with the SEC on March 26, 2021, Amendment No. 13 to Schedule 13D, filed with the SEC on October 29, 2021, Amendment No. 14 to Schedule 13D, filed with the SEC on December 26, 2023, Amendment No. 15 to Schedule 13D, filed with the SEC on January 22, 2024, Amendment No. 16 to Schedule 13D, filed with the SEC on April 17, 2024, Amendment No. 17 to Schedule 13D, filed with the SEC on July 15, 2024 , Amendment No. 18 to Schedule 13D, filed with the SEC on September 25, 2024 and Amendment No. 19 to Schedule 13D, filed with the SEC on April 2, 2025 (as amended, the "Schedule 13D"), by the Reporting Persons relating to the common stock, par value $0.01 (the "Common Stock"), of Babcock & Wilcox Enterprises, Inc. (the "Issuer"). Information reported in the Schedule 13D remains in effect except to the extent that it is amended, restated or superseded by information contained in this Amendment. Capitalized terms used but not defined in this Amendment have the respective meanings set forth in the Schedule 13D. All references in the Schedule 13D and this Amendment to the "Statement" will be deemed to refer to the Schedule 13D as amended and supplemented by this Amendment.

This Amendment also amends, restates and replaces the Schedule 13D filed by B. Riley Securities, Inc. on April 2, 2025. All Common Stock of the Issuer directly or indirectly beneficially owned by BRC Group Holdings, Inc. will be reported on this Amendment and any amendments filed in the future.

**Item 4. Purpose of Transaction**

(a) Item 4 of the Schedule 13D is hereby amended and supplemented by the addition of the following:

Bryant Riley sold 1,155,382 shares ("Transferred Shares") of the Issuer personally held by him and his family trust in a private transaction to an unaffiliated third party pursuant to a stock purchase agreement, dated February 11, 2026. The Transferred Shares were sold at a value of $9.00 per share and were sold solely for the purpose of repaying a portion of debt ("Debt Paydown") owed by Mr. Riley to Axos Bank pursuant to his Credit Agreement with Axos Bank (the "Credit Agreement") that has previously been disclosed on Mr. Riley's Schedule 13D for BRC Group Holdings, Inc. filed on April 11, 2025. The Transferred Shares will remain restricted until registered for resale or sold pursuant to an exemption from registration.

The Debt Paydown will result in the release of 53.7% of the BRC shares pledged to Axos pursuant to the Credit Agreement (totaling 3,122,537 shares of BRC) and Mr. Riley anticipates that the remaining BRC shares pledged will be released within the next thirty days.

B. Riley Securities Holdings, Inc. ("BRSH") is a majority owned subsidiary of BRC. BRS is a wholly owned subsidiary of BRSH and, as such, BRC may be deemed to be a beneficial owner of the shares held by BRS and is required to report them on this Schedule 13D.

BRFI is a wholly owned subsidiary of BRC and, as such, BRC may be deemed to be a beneficial owner of the shares held by BRFI and is required to report them on this Schedule 13D.

The Reporting Persons hold their securities of the Issuer for investment purposes. The Reporting Persons may, from time to time, acquire additional shares of Common Stock and/or retain and/or sell all or a portion of the shares of Common Stock held by the Reporting Persons in the open market or in privately negotiated transactions, and/or may distribute the Common Stock held by the Reporting Persons.

**Item 5. Interest in Securities of the Issuer**

**(a)**
(1) As of the date hereof, BRFI beneficially owns directly 11,873,160 shares of Common Stock representing 10.7% of the Issuer's Common Stock. BRC is the parent company of BRFI. As a result, BRC may be deemed to indirectly beneficially own the Shares held by BRFI.

(2) As of the date hereof, BRS beneficially owns directly 15,573,362 shares of Common Stock representing 14.0% of the Issuer's Common Stock. BRC is the majority shareholder of BRSH, the parent company of BRS. As a result, BRC may be deemed to indirectly beneficially own the Shares held by BRS.

(3) Bryant R. Riley beneficially owns directly 217,831 shares of Common Stock representing 0.2% of the Issuer's Common Stock, of which (i) 45,436 shares are held as sole custodian for the benefit of Abigail Riley, (ii) 45,801 shares are held as sole custodian for the benefit of Charlie Riley, (iii) 45,431 shares are held as sole custodian for the benefit of Eloise Riley, (iv) 43,810 shares are held as sole custodian for the benefit of Susan Riley, and (v) 37,353 shares are held in Bryant R. Riley's 401(k) account. Bryant R. Riley may also beneficially own 27,446,522 shares of Common Stock, representing 24.7% of the Issuer's Common Stock, outstanding and held directly by BRFI and BRS in the manner specified in paragraphs (1) and (2) above. Bryant R. Riley disclaims beneficial ownership of the shares held by BRFI and BRS in each case except to the extent of his pecuniary interest therein.

**(b)**
The information contained on the cover pages to this Amendment is incorporated by reference herein.

**(c)**
The Reporting Persons have not effected any transactions in securities of the Issuer in the last 60 days, except for the sale of the Transferred Shares as set forth in Item 4 above.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 of the Schedule 13D is hereby amended and supplemented by the addition of the following: The Reporting Persons' response to Item 4 is incorporated by reference into this Item 6. The description of the stock purchase agreement is qualified in its entirety by reference to the full text of the stock purchase agreement, which is filed as Exhibit 99.1 and is incorporated herein by reference.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** BRC Group Holdings, Inc.

**Signature:** /s/ Bryant R. Riley

**Name/Title:** Bryant R. Riley/Co-Chief Executive Officer

**Date:** 02/13/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** BRF Investments, LLC

**Signature:** /s/ Bryant R. Riley

**Name/Title:** Bryant R. Riley/Authorized Signatory

**Date:** 02/13/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** B. Riley Securities, Inc.

**Signature:** /s/ Frank J. Pigott

**Name/Title:** Frank J. Pigott/General Counsel and Secretary

**Date:** 02/13/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Bryant R. Riley

**Signature:** /s/ Bryant R. Riley

**Name/Title:** Bryant R. Riley

**Date:** 02/13/2026