Interaction analyses of challenge episodes were used to investigate the role of student coping behavior in their socially shared regulation of learning (SSRL) and emotion during small group activities. Two groups each of third grade and fifth grade students were audio-recorded as they completed three fraction activities during their math class. Initial analysis of group recordings using the Group Behavior Checklist observation system identified points in the group activity were students struggled to complete the task. Next, analyses of group member interactions were completed to (a) determine if challenges were academic or social in nature, (b) identify student challenge management and coping strategies, and (c) determine how these strategies related to group SSRL and academic achievement. Results revealed that the sources of challenge episodes for this sample were academic in nature. However, academic challenges were exacerbated by the social complexities of working with others. Group management and coping strategies that focused members' attention on either negative academic emotions or avoiding negative academic emotions were related to relatively low group academic achievement. Group management strategies that focused students' attention on the task and fostered SSRL behaviors such as joint attention, shared problem-solving, and positive emotion were related to relatively moderate to high group academic achievement. This study demonstrates the necessity of investigating both academic and affective factors when considering students' socially shared regulation of learning during small group activities where the expectation is that students will work collaboratively.