Share-based compensation expense is recognized in Direct operating costs and General and administrative expense on the Consolidated Statements of Operations. The Company accounts for forfeitures as they occur. The following table summarizes share-based compensation expense recognized for the periods indicated below:


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2026		2025		2026		2025
Restricted stock units	$	1,736	$	1,314	$	3,274	$	2,756
Cash-settled restricted stock units	—		8		—		(64)
Performance restricted stock units	767		(242)		1,004		13
Director's fees	20		38		40		84
GDEV incentive fees(1)	(45)		(467)		(210)		(871)
GDEV II incentive fees(1)	(150)		(215)		(622)		232
GDEV II special profits interest	—		15		—		20
GDEV Management Holdings LLC member interests	76		82		151		1,832
Total	$	2,404	$	533	$	3,637	$	4,002

(1)The GDEV I and GDEV II incentive units are carried interest awards that were issued by GDEV GP and GDEV GP II to certain employees and non-employee service providers of GCM and GDEV Management Holdings LLC that provide services to GDEV GP and GDEV GP II.

The following table provides a summary of the restricted share unit activity during the periods indicated below:


(in thousands, except per share data)	Restricted Share Units	Weighted Average Fair Value




Unvested balance as of December 31, 2025	2,589	$	5.78
Granted	2,151	1.83
Vested	(876)	5.74
Forfeited	(141)	5.81
Unvested balance as of June 30, 2026	3,723	$	3.51

Unrecognized compensation expense related to restricted share units as of June 30, 2026 was $10.1 million, which the Company expects to recognize over a weighted average period of 1.4 years.

In April 2026, the Company granted PRSUs of up to 2.3 million Class P-I shares to certain employees with an aggregate grant date fair value of approximately $4.3 million. The grant-date fair value was determined using an estimated fair value of the Company’s Class P-I shares based on contemporaneous market transaction information and indications of value available at the grant date.

The following table provides a summary of performance restricted share unit activity during the periods indicated below:


(in thousands, except per share data)	Performance Restricted Share Units	Weighted Average Fair Value




Unvested balance as of December 31, 2025	2,834	$	4.82
Granted	2,348	1.83

Forfeited	(188)	4.76
Unvested balance as of June 30, 2026	4,994	$	3.42