DEBT

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

DEBT

DEBT

The following table provides information on the Company’s debt agreements as of June 30, 2025 and December 31, 2024:

$ in thousands							Balance as of:
Note	Loan Date	Maturity Date	Interest Rate		Amount Financed		June 30, 2025		December 31, 2024
Senior Unsecured Notes	October 2021/December 2021	October 2026	8.5	%	$	72,200	$	58,275	$	68,541
Total Debt							58,275		68,541
Less: Debt premium (discount) and issue costs							5,000		(473)
Total debt at book value							63,275		68,068
Less: Current portion							—		—
Long-term debt, net of current portion and deferred financing fees							$	63,275	$	68,068

The Company incurred interest expense of $0.8 million and $1.8 million during the three months ended June 30, 2025 and 2024, respectively, detailed in the table below. The Company incurred interest expense of $3.6 million and $3.6 million during the six months ended June 30, 2025 and 2024, respectively, detailed in the table below.

The following table details our interest expense related to the Senior Notes and the Equity Interest Payment Agreement (defined below) (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Contractual interest expense on Senior Notes	$	1,295	$	1,534	$	2,730	$	3,069
Amortization of debt (premium) discount and issuance costs	(655)		261		(738)		529
Total interest expense on Senior Notes	$	640	$	1,795	$	1,992	$	3,598
Interest expense on Equity Interest Payment Agreement	117		—		1,621		—
Other interest expense	1		10		—		9
Total interest expense	$	758	$	1,805	$	3,613	$	3,607

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 six months ended June 30, 2025, the Company entered into privately negotiated exchange agreements, pursuant to which it issued an aggregate of 1,242,456 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 $1.5 million, as well as cash payments totaling $2.6 million, in exchange for $10.3 million in 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.

Tender/Exchange Offer

On July 21, 2025, the Company announced the expiration and final results of the Tender/Exchange Offer to purchase for cash, or issue New Notes in exchange for, the Senior Notes. Pursuant to the Tender/Exchange Offer, the Company purchased $8.9 million in aggregate principal amount of the Senior Notes for a total of $3.2 million in cash and exchanged $4.8 million in aggregate principal amount of the Senior Notes for $2.2 million in aggregate principal amount of the New Notes. Following the conclusion of the Tender/Exchange Offer, the Company had $44.6 million in aggregate principal amount of Senior Notes outstanding and $2.2 million in aggregate principal amount of New Notes outstanding.

Senior Unsecured New Notes

Interest on the New Notes is payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year to the holders of record at the close of business on the immediately preceding March 15, June 15, September 15 and December 15, respectively. The New 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 Company may redeem the New Notes for cash in whole or in part at any time (i) on or after July 31, 2026 and prior to July 31, 2027, 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 July 31, 2027 and prior to July 31, 2028, 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 July 31, 2028 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 New 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 June 30, 2025 were as follows:

$ in thousands
Remainder of 2025	$	—
2026	58,275
2027	—
2028	—
2029	—
Total	$	58,275

Fair Value Disclosure

The notional value and estimated fair value of the Company’s debt totaled $58.3 million and $18.8 million, respectively, at June 30, 2025 and $68.5 million and $24.8 million, respectively at December 31, 2024. The notional value does not include unamortized debt premium of $5.0 million and unamortized discounts and debt issuance costs $0.5 million at June 30, 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.