DEBT

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

DEBT

DEBT

The following table provides information on the Company’s debt agreements:

$ in thousands							Balance as of:
Note	Loan Date	Maturity Date	Interest Rate		Amount Financed		September 30, 2024		December 31, 2023
Senior Unsecured Notes	October 2021/December 2021	October 2026	8.5	%	$	72,200	$	72,200	$	72,200
Total Debt							72,200		72,200
Less: Debt discount and issue costs							(2,665)		(3,490)
Total debt at book value							69,535		68,710
Less: Current portion							—		—
Long-term debt, net of current portion and deferred financing fees							$	69,535	$	68,710

The Company incurred interest expense of $1.8 million and $3.0 million during the three months ended September 30, 2024 and 2023, respectively, under the terms of these notes payable. The Company incurred interest expense of $5.4 million and $9.7 million during the nine months ended September 30, 2024 and 2023, respectively, under the terms of these notes payable and other financings that were extinguished during the year ended December 31, 2023.

Senior Unsecured Notes

During the fourth quarter of 2021, the Company sold $72.2 million of 8.50% Senior Notes due October 2026 (the "Notes") pursuant to the Company’s registration statement on Form S-1. Interest on the Notes is payable quarterly in arrears on January 31, April 30, July 31 and October 31 of each year to the holders of record at the close of business on the immediately preceding January 15, April 15, July 15 and October 15, respectively. The Notes are senior unsecured obligations of the Company and rank equal in right of payment with the Company’s existing and future senior unsecured indebtedness. The Notes trade on the Nasdaq Global Select Market under the symbol "GREEL."

The Company may redeem the Notes for cash in whole or in part at any time (i) on or after October 31, 2023 and prior to October 31, 2024, at a price equal to 102% of their principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption, (ii) on or after October 31, 2024 and prior to October 31, 2025, at a price equal to 101% of their principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption, and (iii) on or after October 31, 2025 and prior to maturity, at a price equal to 100% of their principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption. In addition, the Company may redeem the Notes, in whole, but not in part, at any time at its option, at a redemption price equal to 100.5% of the principal amount plus accrued and unpaid interest to, but not including, the date of redemption, upon the occurrence of certain change of control events.

Minimum Future Principal Payments

Minimum future principal payments on debt at September 30, 2024 were as follows:

$ in thousands
Remainder of 2024	$	—
2025	—
2026	72,200
2027	—
2028	—
Total	$	72,200

Fair Value Disclosure

The notional value and estimated fair value of the Company’s debt totaled $72.2 million and $25.6 million, respectively at September 30, 2024 and $72.2 million and $29.3 million, respectively at December 31, 2023. The notional value does not

include unamortized discounts on debt issuance costs of $2.7 million and $3.5 million at September 30, 2024 and December 31, 2023, respectively. The estimated fair value of the senior unsecured notes, representing the fair value of the Company's 8.50% senior secured notes due October 2026, was measured using quoted market prices at the reporting date. Such instruments were valued using Level 1 inputs.