Common Stock, par value $0.50 per share

BARNWELL INDUSTRIES INC

1100 ALAKEA ST., HONOLULU, HI, 96813

Item 5 of the Schedule 13D is hereby amended as follows: The information set forth on the cover page of this Amendment No. 40 is incorporated herein by reference. As of the date hereof, Mr. Sherwood beneficially owns in the aggregate 2,685,792.690 shares of Common Stock, which represents approximately 21.85% of the Company's outstanding shares of Common Stock. Each percentage ownership of Common Stock owned by the Reporting Persons set forth in this Statement is based on the (i) 10,073,534 shares of Common Stock reported by the Company as outstanding as of August 11, 2025 in the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission ("SEC") on August 13, 2025 and (ii) 2,221,141 shares of Common Stock reported by the Company as being issued in connection with the Company's latest offering as reported in the Company's Form 8-K filed with the SEC on November 26, 2025.

Transactions effected by MRMP-Managers LLC and Ned L. Sherwood Revocable Trust in the Common Stock since the filing of Amendment No. 39 to the Schedule 13D are set forth below. Each of these transactions was effected through the open market. On December 2, 2025, MRMP-Managers LLC sold 174,587.448 shares at prices ranging between $1.14 and $1.18, with a weighted average price of $1.15.* On December 2, 2025, Ned L. Sherwood Revocable Trust sold 13,743 shares at a price of $1.14.* On December 3, 2025, MRMP-Managers LLC sold 131,910 shares at prices ranging between $1.07 and $1.14, with a weighted average price of $1.10.* *Transactions effected for tax planning purposes. Except as reported herein, no Reporting Person has effected any transactions in shares of the Issuer's Common Stock during the last 60 days.