Someone

SELECT DISTINCT ON (t.id)
	t.id,
	t.headline,
	t.posted_at,
	r.id
	r.posted_at,
FROM threads AS t
JOIN replies AS r ON r.thread_id = t.id
ORDER BY
	CASE
		WHEN r.posted_at > t.posted_at THEN r.posted_at
		ELSE t.posted_at
	END DESC
LIMIT 100