<SEC-DOCUMENT>0001213900-25-028339.txt : 20250402
<SEC-HEADER>0001213900-25-028339.hdr.sgml : 20250402
<ACCEPTANCE-DATETIME>20250402210014
ACCESSION NUMBER:		0001213900-25-028339
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250402
DATE AS OF CHANGE:		20250402

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:		25807174

	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:			B. Riley Financial, 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:	Great American Group, Inc.
		DATE OF NAME CHANGE:	20090522
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13D" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13D/A</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: B. Riley Financial, Inc. -->
          <cik>0001464790</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>19</amendmentNo>
      <securitiesClassTitle>Common Stock, par value $0.01</securitiesClassTitle>
      <dateOfEvent>03/31/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0001630805</issuerCIK>
        <issuerCUSIP>05614L100</issuerCUSIP>
        <issuerName>Babcock &amp; Wilcox Enterprises, Inc.</issuerName>
        <address>
          <com:street1>1200 E. Market Street, Suite 650</com:street1>
          <com:city>Akron</com:city>
          <com:stateOrCountry>OH</com:stateOrCountry>
          <com:zipCode>44305</com:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>Bryant R. Riley</personName>
          <personPhoneNum>(818) 884-3737</personPhoneNum>
          <personAddress>
            <com:street1>B. Riley Financial, Inc.</com:street1>
            <com:street2>11100 Santa Monica Boulevard, Suite 800</com:street2>
            <com:city>Los Angeles</com:city>
            <com:stateOrCountry>CA</com:stateOrCountry>
            <com:zipCode>90025</com:zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0001464790</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>B. Riley Financial, Inc.</reportingPersonName>
        <fundType>AF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>11873160.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>11873160.00</sharedDispositivePower>
        <aggregateAmountOwned>11873160.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>12.1</percentOfClass>
        <typeOfReportingPerson>HC</typeOfReportingPerson>
        <commentContent>Percent of class is calculated based on 98,404,024 shares of common stock, par value $0.01 (the "Common Stock"), of Babcock &amp; Wilcox Enterprises, Inc. (the "Issuer") outstanding as of March 10, 2025, as reported by the Issuer in its Quarterly Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") on March 31, 2025 (the "10-K").</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001880803</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>BRF Investments, LLC</reportingPersonName>
        <fundType>WC</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>11873160.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>11873160.00</sharedDispositivePower>
        <aggregateAmountOwned>11873160.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>12.1</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
        <commentContent>Percent of class is calculated based on 98,404,024 shares of Common Stock outstanding as of March 10, 2025, as reported by the Issuer in the 10-K.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001207269</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Bryant R. Riley</reportingPersonName>
        <fundType>PF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>1373213.00</soleVotingPower>
        <sharedVotingPower>11873160.00</sharedVotingPower>
        <soleDispositivePower>1373213.00</soleDispositivePower>
        <sharedDispositivePower>11873160.00</sharedDispositivePower>
        <aggregateAmountOwned>13246373.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>13.5</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
        <commentContent>Percent of class is calculated based on 98,404,024 shares of Common Stock outstanding as of March 10, 2025, as reported by the Issuer in the 10-K.</commentContent>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Stock, par value $0.01</securityTitle>
        <issuerName>Babcock &amp; Wilcox Enterprises, Inc.</issuerName>
        <issuerPrincipalAddress>
          <com:street1>1200 E. Market Street, Suite 650</com:street1>
          <com:city>Akron</com:city>
          <com:stateOrCountry>OH</com:stateOrCountry>
          <com:zipCode>44305</com:zipCode>
        </issuerPrincipalAddress>
        <commentText>This Amendment No. 19 (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 , and Amendment No. 18 to Schedule 13D, filed with the SEC on September 25, 2024 (as amended, the "Schedule 13D"), by the Reporting Persons relating to the common stock, par value $0.01 (the "Common Stock"), of Babcock &amp; 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.</commentText>
      </item1>
      <item4>
        <transactionPurpose>Item 4 of the Schedule 13D is hereby amended and supplemented by the addition of the following:

As previously disclosed, on March 11, 2025, BRF effected a transaction pursuant to which BRF separated B. Riley Securities Holding, Inc. ("BRSH"), the parent company of BRS, from BRF. As a result of the transaction, BRS implemented its own operating and governance structure and established a board of directors independent from BRF. As a result, BRF is no longer the beneficial owner of the Shares held by BRS.</transactionPurpose>
      </item4>
      <item5>
        <percentageOfClassSecurities>(1) As of the date hereof, BRFI beneficially owned directly 11,873,160 shares of Common Stock, representing 12.1% of the Issuer's Common Stock. BRF is the parent company of BRFI. As a result, BRF may be deemed to indirectly beneficially own the Shares held BRFI.

(2) Bryant R. Riley may beneficially own 1,373,213 shares of Common Stock representing 1.4% of the Issuer's Common Stock, of which (i) 1,155,382 shares are held jointly with his wife, Carleen Riley, (ii) 45,436 shares are held as sole custodian for the benefit of Abigail Riley, (iii) 45,801 shares are held as sole custodian for the benefit of Charlie Riley, (iv) 45,431 shares are held as sole custodian for the benefit of Eloise Riley, (v) 43,810 shares are held as sole custodian for the benefit of Susan Riley, and (vi) 37,353 shares are held in Bryant R. Riley's 401(k) account. Bryant R. Riley may also beneficially own 11,873,160 shares of Common Stock, representing 12.1% of the Issuer's Common Stock, outstanding and held directly by BRFI in the manner specified in paragraph (1) above. Bryant R. Riley disclaims beneficial ownership of the shares held by BRFI in each case except to the extent of his pecuniary interest therein.</percentageOfClassSecurities>
        <numberOfShares>The information contained on the cover pages to this Amendment is incorporated by reference herein.</numberOfShares>
        <transactionDesc>None.</transactionDesc>
        <listOfShareholders>Not applicable.</listOfShareholders>
      </item5>
      <item6>
        <contractDescription>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.</contractDescription>
      </item6>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>B. Riley Financial, Inc.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Bryant Riley</signature>
          <title>Bryant Riley/Co-Chief Executive Officer</title>
          <date>04/02/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>BRF Investments, LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Bryant Riley</signature>
          <title>Bryant Riley/Authorized Signatory</title>
          <date>04/02/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Bryant R. Riley</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Bryant R. Riley</signature>
          <title>Bryant R. Riley</title>
          <date>04/02/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
  </formData>
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</SEC-DOCUMENT>
