DEBT

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

DEBT

DEBT

The following table provides information on the Company’s debt agreements as of March 31, 2026 and December 31, 2025:

$ in thousands							Balance as of:
Note	Loan Date	Maturity Date	Interest Rate		Amount Financed		March 31, 2026		December 31, 2025
Senior Unsecured Notes	October 2021/December 2021	October 2026	8.5	%	$	72,200	$	39,001	$	39,780
Senior Unsecured Notes	July 2025/September 2025	June 2030	10.0	%	2,280		3,249		3,306
Total Debt							42,250		43,086
Less: Current portion							(39,229)		(40,008)
Long-term debt, net of current portion							$	3,021	$	3,078

The Company incurred interest expense of $0.2 million and $2.9 million during the three months ended March 31, 2026 and 2025, 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):

	Three Months Ended March 31,
$ in thousands	2026		2025
Contractual interest expense on Senior Notes	$	—	$	1,431
Amortization of debt premium and issuance costs	—		(81)
Total interest expense on Senior Notes	—		1,350
Interest expense on Equity Interest Payment Agreement	160		1,505
Other interest expense	7		—
Total interest expense	$	167	$	2,855

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.

From October 2024 through December 2025, the Company entered into privately negotiated exchange agreements, pursuant to which it issued an aggregate of 1,934,889 shares of Class A common stock and paid an aggregate of $2.9 million in cash in exchange for $14.5 million in aggregate principal amount of the Senior Notes. The Company did not enter into privately negotiated exchange agreements during the three months ended March 31, 2026.

During 2025, the Company completed a series of public tender/exchange offers, pursuant to which the Company repurchased $15.0 million in aggregate principal amount of the Senior Notes for a total of $5.7 million in cash and exchanged $5.0 million in aggregate principal amount of the Senior Notes for $2.3 million in aggregate principal amount of the New Notes. There was no tender/exchange offer activity during the three months ended March 31, 2026.

The Company concluded the privately negotiated exchanges and the public tender/exchange offers 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 adjusted carrying value of the Senior Notes and New Notes (collectively the “Notes”) exceeded the undiscounted cash flows of the Notes, and therefore, the Company wrote down the carrying value of the Notes to the undiscounted future cash flows of the Notes and began to recognize a gain on troubled debt restructuring. The Company did not recognize a gain on troubled debt restructuring during the three months ended March 31, 2026.

In December 2025, the Company paid $0.7 million in cash to repurchase an aggregate of $1.1 million principal amount of its Senior Notes in open market transactions. There were no repurchases in the open market during the three months ended March 31, 2026.

During the three months ended March 31, 2026, the Company made contractual interest payments of $0.8 million and $0.1 million on the Senior Notes and New Notes, respectively, which reduced the carrying value of the Notes.

As of March 31, 2026, the Company had $36.7 million and $2.3 million in aggregate principal amount and capitalized contractual interest payments, respectively, in connection with the Senior Notes outstanding and $2.3 million and $1.0 million in aggregate principal amount and capitalized contractual interest payments, respectively, in connection with the 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 March 31, 2026 were as follows:

$ in thousands
Remainder of 2026	$	36,664
2027	—
2028	—
2029	—
Thereafter	2,280
Total	$	38,944

Fair Value Disclosure

The notional value and estimated fair value of the Company’s Senior Notes totaled $36.7 million and $28.6 million, respectively, at March 31, 2026 and $36.7 million and $27.1 million, respectively, at December 31, 2025. The notional value of the Senior Notes does not include contractual interest payments of $2.3 million and $3.1 million at March 31, 2026 and December 31, 2025, respectively. The estimated fair value of the Senior Notes was measured using quoted market prices at the reporting date. Such instruments were valued using Level 1 inputs. The Company believes the notional value of the New Notes of $2.3 million and $2.3 million at March 31, 2026 and December 31, 2025, respectively,

which does not include contractual interest payments of $1.0 million and $1.0 million at March 31, 2026 and December 31, 2025, respectively, approximates its fair value.