STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Sep. 30, 2025

Share-based compensation

Summary of the activity in share options

The following table summarizes Barnwell’s equity-classified stock options activity from October 1, 2024 through September 30, 2025:

Options	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at October 1, 2024	465,000	$	3.37
Granted	—	—
Exercised	—	—
Expired/Forfeited	(50,000)	3.33
Outstanding at September 30, 2025	415,000	$	3.38	4.6	$	—
Exercisable at September 30, 2025	415,000	$	3.38	4.6	$	—

Summary of the activity in restricted stock units

The following table summarizes Barnwell’s restricted stock units activity from October 1, 2024 through September 30, 2025:

Restricted Stock Units	Shares	Weighted-Average Grant Date Fair Value
Nonvested at October 1, 2024	110,892	$	2.63
Granted	171,820	1.82
Vested (1)	(50,182)	2.37
Forfeited	(78,356)	2.13
Nonvested at September 30, 2025	154,174	$	2.07

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(1)          The underlying common stock for 30,182 vested restricted stock units were not yet issued as of September 30, 2025; in October 2025, the Company issued 30,182 shares of common stock for these vested restricted stock units.

Equity-classified share options

Share-based compensation

Schedule of assumptions used in estimating fair value

The following assumptions were used in estimating the fair value for equity-classified stock options granted in the year ended September 30, 2021:

	> 10% Owner-Employee	Others
Number of shares	60,000	605,000
Expected volatility	127.4%	105.8%
Expected dividends	None	None
Expected term (in years)	3.5	6.0
Risk-free interest rate	0.19%	0.82%
Expected forfeitures	None	None
Fair value per share	$2.51	$2.70