JCP Investment Management Acquires 5.1% Stake in Barnwell Industries Inc

On April 17, 2026, JCP Investment Management, LLC, along with its affiliates and James C. Pappas, filed a Schedule 13D reporting a 5.1% stake in Barnwell Industries Inc (BRN). The reporting group acquired a total of 724,547 shares of common stock, with 380,788 shares held directly by JCP Investment Partnership, LP and 343,759 shares held in managed accounts. The acquisitions were made using working capital, with an aggregate purchase price of approximately $828,974. The reporting persons believe the shares were undervalued and represent an attractive investment opportunity. JCP intends to review its investment continuously and may engage in discussions with Barnwell's management and board regarding capital allocation, board composition, and potential strategic transactions, including a sale of the company. Recent activity shows consistent open-market purchases throughout March and April 2026. James C. Pappas, as managing member of JCP Management, shares voting and dispositive power over the reported securities.