The following table presents activity related to the Company’s restricted stock awards and restricted stock units for the nine months ended March 31, 2026:


Restricted Stock Awards and Restricted Stock Units	Shares (in thousands)			Weighted Average Grant Date Fair Value
Outstanding at June 30, 2025		1,077		$	1.93
Granted		1,173			2.59
Vested		(751	)		2.13
Forfeited		-			-
Outstanding at March 31, 2026		1,499		$	2.34

Restricted stock awards and restricted stock units have vesting terms between 1-4 years and are subject to service requirements. During the nine months ended March 31, 2026, the Company granted 1,172,954 restricted stock awards and did not grant any shares of restricted stock units.

The following table presents activity related to the Company’s stock options for the nine months ended March 31, 2026:


Stock Options	Shares (in thousands)			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
Outstanding at June 30, 2025		3,006		$	2.57		6.00	$	-
Forfeited, cancelled or expired		(176	)		3.60		-		-
Outstanding at March 31, 2026		2,830		$	2.50		5.48	$	-
Exercisable at March 31, 2026		830		$	3.60		1.54	$	-

Stock-based compensation expense related to all restricted stock awards, restricted stock units, and stock options totaled $0.6 million and $1.8 million for the three and nine months ended March 31, 2026, respectively. Stock-based compensation expense related to all restricted stock awards, restricted stock units, and stock options totaled $0.5 million and $1.5 million for the three and nine months ended March 31, 2025, respectively. As of March 31, 2026, the Company had unrecognized compensation costs related to all unvested restricted stock awards and stock options totaling $3.0 million.

In December 2020, the Company established the Great Elm Group, Inc. Non-Employee Directors Deferred Compensation Plan allowing non-employee directors to defer their cash and/or equity compensation under a non-revocable election for each calendar year. Such compensation is deferred until the earlier of 3 years from the original grant date of such compensation, termination of service, or death, and is payable in common stock shares. As of March 31, 2026, there were no restricted stock awards and restricted stock units that were deferred under this plan (and thus included in the number of restricted stock awards and restricted stock units outstanding as of that date).

During the years ended June 30, 2025, 2024 and 2023 the Company issued compensation to certain employees in the form of GECC common shares to be settled with GECC shares currently held by the Company. The total value of GECC shares awarded for the nine months ended March 31, 2026 was $1.0 million, of which $0.3 million vested immediately, and the balance will vest annually pro-rata over two and three-year periods. Related compensation expense was $0.5 million for the nine months ended March 31, 2026. The total value of GECC shares awarded for the nine months ended March 31, 2025 was $1.3 million, of which $0.3 million vested immediately, and the balance will vest annually pro-rata over two and three-year periods. Related compensation expense was $0.3 million and $1.2 million for the three and nine months ended March 31, 2025, respectively.

During the years ended June 30, 2025, 2024 and 2023, the Company issued compensation to certain employees in the form of restricted membership interest rights in MP II to be settled with the membership interest currently held by the Company. The total value of the MP II restricted membership interests awarded for the years ended June 30, 2025, 2024 and 2023 was $0.8 million, which vest on the third anniversary of the grant date. Related compensation expense was $0.1 million and $0.3 million, respectively, for the three and nine months ended March 31, 2026. Related compensation expense was $0.1 million and $0.2 million, respectively, for the three and nine months ended March 31, 2025.

During the year ended June 30, 2025, the Company issued compensation to certain employees in the form of restricted membership interest rights in Monomoy REIT to be settled with the membership interest currently held by the Company. The total value of the Monomoy REIT restricted membership interests awarded for the year ended June 30, 2025 was $0.5 million, which will vest on the fifth anniversary of the grant date. Related compensation expense was $0.1 million and $0.2 million for the three and nine months ended March 31, 2026. Related compensation expense was $25 thousand and $25 thousand, respectively, for the three and nine months ended March 31, 2025.