DEBT

3 Months Ended

Mar. 31, 2025

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		March 31, 2025		December 31, 2024
Senior Unsecured Notes	October 2021/December 2021	October 2026	8.5	%	$	72,200	$	66,710	$	68,541
Total Debt							66,710		68,541
Less: Debt premium (discount) and issue costs							460		(473)
Total debt at book value							67,170		68,068
Less: Current portion							—		—
Long-term debt, net of current portion and deferred financing fees							$	67,170	$	68,068

The Company incurred interest expense of $1.4 million and $1.8 million during the three months ended March 31, 2025 and 2024, respectively, under the terms of these notes payable.

The following table details our interest expense related to the Senior Notes (in thousands):

	For the three months ended
	March 31, 2025		March 31, 2024
Contractual interest expense	$	1,431	$	1,534
Amortization of debt (premium) discount and issuance costs	(81)		268
Total interest expense	$	1,350	$	1,802

Senior Unsecured Notes

During the fourth quarter of 2021, the Company sold $72.2 million of the Senior Notes pursuant to the Company’s registration statement on Form S-1. Interest on the Senior 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 Senior 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 Senior Notes trade on the Nasdaq Global Select Market under the symbol "GREEL."

The Company may redeem the Senior 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 Senior 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.

During the first quarter of 2025, the Company entered into privately negotiated exchange agreements, pursuant to which it issued an aggregate of 643,456 shares of the Company's Class A common stock. The shares of the Company's Class A common stock were issued with an aggregate fair value of $0.8 million in exchange for $1.8 million aggregate principal amount of the Senior Notes, the net of which was recorded as a premium to be amortized over the remaining term of the Senior Notes. The Company concluded the exchanges met the definition of a troubled debt restructuring under ASC 470-60, Troubled Debt Restructurings by Debtors, as the Company was experiencing financial difficulties and the creditors granted a concession. The future undiscounted cash flows of the Senior Notes after the exchanges exceeded the adjusted carrying value of the Senior Notes prior to the exchanges. As such, the carrying value of the Senior Notes was reduced by the fair value of the Class A common stock granted and no gain was recognized as a result of the exchanges.

Minimum Future Principal Payments

Minimum future principal payments on debt at March 31, 2025 were as follows:

$ in thousands
Remainder of 2025	$	—
2026	66,710
2027	—
2028	—
2029	—
Total	$	66,710

Fair Value Disclosure

The notional value and estimated fair value of the Company’s debt totaled $66.7 million and $17.8 million, respectively at March 31, 2025 and $68.5 million and $24.8 million, respectively at December 31, 2024. The notional value does not include unamortized debt premium of $0.5 million and unamortized discounts and debt issuance costs $0.5 million at March 31, 2025 and December 31, 2024, respectively. The estimated fair value of the senior unsecured notes, representing the fair value of the Senior Notes, was measured using quoted market prices at the reporting date. Such instruments were valued using Level 1 inputs.