Core Viewpoint - FTAI Infrastructure Inc. is set to announce its financial results for the second quarter of 2025 on August 7, 2025, after the market closes [1] Group 1: Financial Results Announcement - The financial results for Q2 2025 will be released after the closing of Nasdaq on August 7, 2025 [1] - A press release and earnings supplement will be available on the Company's Investor Relations website [1] Group 2: Conference Call Details - Management will host a conference call on August 8, 2025, at 8:00 A.M. Eastern Time [2] - Participants can register for the call via a provided link to receive dial-in information [2] - A simultaneous webcast of the conference call will be available for public listening [3] Group 3: Replay Information - A replay of the conference call will be accessible from 11:30 A.M. on August 8, 2025, until 11:30 A.M. on August 15, 2025 [3] Group 4: Company Overview - FTAI Infrastructure focuses on investing in critical infrastructure sectors such as rail, ports, terminals, and power and gas [5] - The company aims to generate strong and stable cash flows with potential for earnings growth and asset appreciation [5] - FTAI Infrastructure is externally managed by an affiliate of Fortress Investment Group LLC, a diversified global investment firm [5]

Company Overview - Long Ridge Energy LLC (LRE) is part of Long Ridge Energy & Power LLC (LREP), which is a wholly owned portfolio company of FTAI Infrastructure, Inc. [1] - LRE operates a 485 MW combined cycle power plant and natural gas wells in Southeastern Ohio and West Virginia [3]. Financial Information - LRE completed the incurrence of $1 billion in new debt, which includes $600 million of Senior Secured Notes and a $400 million Term Loan B, both due in 2032 [1]. - The first quarter 2025 financial statements and an investor presentation will be posted on the company's website prior to the earnings call [2]. Conference Call Details - The investor call is scheduled for June 12, 2025, at 10:00 AM EDT, and will be accessible via registration [1]. - A simultaneous webcast will be available for public listening [2]. - A replay of the conference call will be available from June 12, 2025, at 12:00 PM until June 20, 2025, at 12:00 PM [3]. Infrastructure and Development - LREP is developing additional opportunities for data centers on its property, utilizing access to the PJM grid [3]. - The company also provides commodity transloading and storage services due to its location along the Ohio River [3]. Parent Company Information - FTAI Infrastructure focuses on investing in critical infrastructure sectors, generating strong cash flows and potential for earnings growth [4].

Financial Performance - Total revenues for the three months ended March 31, 2025, increased by $13.6 million to $96.2 million compared to $82.5 million in the same period of 2024 [234]. - Adjusted EBITDA for the three months ended March 31, 2025, was $155.2 million, a significant increase of $128 million from $27.2 million in 2024 [235]. - Net income attributable to stockholders for the three months ended March 31, 2025, was $109.7 million, compared to a net loss of $56.6 million in 2024, representing a change of $166.3 million [234]. - Net income increased by $170.5 million for the three months ended March 31, 2025, compared to the previous year [242]. - Adjusted EBITDA decreased by $1.7 million during the same period, totaling $19.9 million [251]. - Total revenues decreased by $3.7 million, primarily due to a decrease in carloads and rates per car [248]. - Total expenses decreased by $1.9 million, reflecting a decrease in operating expenses mainly due to reduced carloads [249]. - Other income increased by $0.8 million, primarily from favorable adjustments in pension and OPEB benefits [250]. Segment Performance - Power revenues rose by $15.8 million due to the acquisition of Long Ridge Energy & Power LLC in February 2025 [237]. - In the Railroad segment, total revenues were $42.6 million, down from $46.3 million, with a net income of $13.7 million [246]. - In the Jefferson Terminal segment, total revenues increased by $0.8 million to $19.4 million, with a net loss attributable to stockholders of $15.1 million [253]. - Power segment revenues increased by $17.3 million to $17.294 million, mainly due to a $15.8 million rise in power revenues and a $1.2 million increase in gas revenues from the acquisition of Long Ridge [270]. - The power segment reported a net income attributable to stockholders of $170.044 million, a significant increase from a loss of $5.427 million in the previous year [269]. - Net loss attributable to stockholders for the Repauno segment was $6.793 million, compared to a loss of $4.260 million in the prior year [261]. Expenses and Costs - Operating expenses increased by $2.5 million, primarily due to higher costs associated with the acquisition of Long Ridge Energy & Power LLC [239]. - Acquisition and transaction expenses surged by $2.6 million, mainly due to legal fees related to the Long Ridge acquisition [239]. - Depreciation and amortization expenses increased by $4.5 million, attributed to additional assets from the Long Ridge acquisition [240]. - Asset impairment charges rose by $1.4 million, primarily due to the write-off of the remaining GM-FTAI note receivable in the Sustainability and Energy Transition segment [240]. - Interest expense increased by $7.3 million due to additional borrowings issued in June 2024 [256]. - Total expenses increased by $0.9 million to $9.478 million, driven by higher operating expenses, acquisition costs, and depreciation [263]. - Total expenses in the power segment rose by $12.8 million to $13.470 million, influenced by increased operating, acquisition, and depreciation expenses [271]. Cash Flow and Investments - Net cash used in operating activities increased by $81.8 million to $(85.651) million for the three months ended March 31, 2025 [290]. - Net cash provided by investing activities increased by $183.1 million, primarily due to an increase in the acquisition of business by $226.6 million [291]. - Net cash used in financing activities increased by $2.1 million, primarily due to increased payments of cash dividends on preferred and common stock [292]. - Cash used for investments was $164.2 million in Q1 2025, up from $18.9 million in Q1 2024, indicating a significant increase in investment activity [294]. - Cash flows used in operating activities were $85.7 million in Q1 2025, compared to $3.9 million in Q1 2024, reflecting a substantial rise in operational expenditures [294]. Debt and Obligations - As of March 31, 2025, the company had outstanding principal debt obligations of $2.8 billion and interest payment obligations of $1.2 billion, with $94.6 million in principal and $189.5 million in interest due within the next twelve months [295]. - The company acquired Long Ridge Energy & Power LLC, resulting in additional borrowings totaling $1.165 billion during Q1 2025, including a $600 million Senior Secured Note due 2032 [294]. - Operating and finance lease obligations amounted to $171.8 million as of March 31, 2025, with $8.8 million due within the next twelve months [297]. - Dividend payments of $90.1 million on redeemable preferred stock are due within the next twelve months, with options for paid-in-kind dividends [298]. - A hypothetical 100-basis point increase in variable interest rates could result in an increase of approximately $4.7 million in interest expense over the next 12 months [315]. Future Outlook - The company expects to meet future short-term liquidity requirements through cash on hand and operational cash flow, indicating a stable financial position [300]. - The Jefferson Terminal reporting unit had an estimated fair value exceeding its carrying value by more than 10% as of October 1, 2024, indicating a positive outlook for future performance [306].

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 2025 was $35.2 million, up 21% from Q4 2024 and up 29% from Q1 2024 [7] - A non-cash gain of $120 million was recorded due to the acquisition of a partner's 49.9% interest in Long Ridge, which is excluded from adjusted EBITDA for comparative purposes [8] - Total debt reported was $2.8 billion as of March 31, with corporate level debt unchanged at $572 million [14] Business Line Data and Key Metrics Changes - TransStar reported adjusted EBITDA of $19.9 million, slightly up from $19.4 million in Q4 2024, with stable volumes despite tariff uncertainties [10][15] - Long Ridge generated $18.1 million of EBITDA in Q1, up from $9.9 million in Q4, with a power plant capacity factor of nearly 99% [11][17] - Jefferson's EBITDA was $8 million, down from $11.1 million in Q4, impacted by four storage tanks being off lease [19] - Repauno is launching a Phase II transloading project with $300 million in tax-exempt debt to fund construction, expecting $80 million in annual EBITDA from new contracts [13][21] Market Data and Key Metrics Changes - The company has approximately $190 million of incremental locked-in annual EBITDA under executed agreements, targeting over $400 million in annual EBITDA potential [10] - Repauno is positioned to benefit from increased energy exports to Europe, with recent contracts signed at higher rates [40] Company Strategy and Development Direction - The company is focused on transformational growth in 2025, with strategic objectives including acquisitions and expanding operational capacity [9] - Long Ridge is exploring data center partnerships to generate additional EBITDA while maintaining existing power plant revenues [29] - TransStar aims to diversify revenue through M&A efforts and new freight business opportunities [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the year ahead, citing strong performance and strategic developments across business units [9][22] - The operating environment remains uncertain due to tariffs, but certain segments are positioned to benefit from global trade dynamics [38] Other Important Information - The company plans to refinance corporate bonds and existing preferred stock to reduce fixed charges and increase cash flow for shareholders [14] Q&A Session Summary Question: Timeline for CABERON approvals after public hearing - Management expects a typical thirty-day wait after the hearing date for approvals [26] Question: Types of data center deals at Long Ridge - Management discussed leasing land and providing backup power to data center developers, estimating incremental EBITDA of around $70 million [28][29] Question: Update on the Nippon deal and its implications - Management is optimistic about the Nippon acquisition of US Steel, with positive indications from Washington [32] Question: Impact of tariffs on business - Management noted mixed effects from tariffs, with some segments potentially benefiting from increased energy exports [39] Question: Remaining capacity for contracting at Repauno - Management indicated limited remaining capacity for Phase II but potential upside from Phase I [44][46] Question: Incremental earnings from the 20 MW increase at Long Ridge - Management expects about $8 million of incremental EBITDA from the power plant upgrade, likely to be approved by late 2025 [48]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 2025 was $35.2 million, up 21% from Q4 2024 and up 29% from Q1 2024 [6] - A non-cash gain of $120 million was recorded due to purchase accounting adjustments from the acquisition of a partner's 49.9% interest in Long Ridge [7] - Total debt reported was $2.8 billion as of March 31, with corporate level debt unchanged at $572 million [13] Business Line Data and Key Metrics Changes - TransStar reported adjusted EBITDA of $19.9 million, slightly up from $19.4 million in Q4 2024 [9] - Long Ridge generated $18.1 million of EBITDA in Q1, up from $9.9 million in Q4 2024, with a power plant capacity factor of 99% [15] - Jefferson's EBITDA was $8 million, down from $11.1 million in Q4 2024, impacted by four storage tanks being off lease [18] Market Data and Key Metrics Changes - TransStar's revenue was $42.6 million, with stable volumes despite uncertainties in global trade [14] - Long Ridge's March EBITDA run rate was over $10 million, indicating strong performance following recent transactions [10] - Repauno's Phase II project is expected to generate approximately $80 million of annual EBITDA upon completion [20] Company Strategy and Development Direction - The company aims for transformational growth in 2025, driven by Long Ridge activities and other strategic developments [7] - Focus on acquiring complementary railroads to diversify revenue and enhance growth opportunities at TransStar [15] - Long Ridge is exploring data center partnerships to generate additional EBITDA while maintaining existing power plant revenues [26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the year ahead, citing strong performance and strategic opportunities [7] - The company is well-positioned to benefit from increasing energy exports to Europe, particularly through Repauno [35] - Management highlighted the potential for significant EBITDA growth from new contracts and operational improvements across business units [19] Other Important Information - A quarterly dividend of $0.03 per share was authorized, to be paid on May 27 [5] - The company is planning to refinance corporate bonds and existing preferred stock to reduce fixed charges and increase cash flow [13] Q&A Session Summary Question: Timeline for CABERON approvals after the public hearing - Management expects a typical thirty-day process post-hearing for approvals [24] Question: Types of data center deals at Long Ridge - Discussions involve leasing land and providing backup power to data center developers, potentially generating $70 million in incremental EBITDA [26] Question: Update on the Nippon deal and its implications - Management is optimistic about the Nippon acquisition of US Steel, which could positively impact TransStar [28] Question: Impact of tariffs on business - Management noted mixed effects, with some businesses positioned to benefit from changes in global trade dynamics [34] Question: Remaining capacity for contracting at Repauno - Limited additional capacity exists for Phase II, but Phase I has potential for increased utilization and additional EBITDA [40] Question: Incremental earnings from the 20 megawatt increase at Long Ridge - Expected to generate approximately $8 million of incremental EBITDA upon approval, likely in late 2025 [43] Question: CapEx requirements for TransStar's EBITDA growth - No significant additional capital required; growth will come from existing operations and new customer engagements [47]

Supplemental Information First Quarter 2025 Disclaimers IN GENERAL. This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the "Presentation." The information contained on, or accessible through, any websites included in this Presentation is not incorporated by reference into, and should not be considered a part of, this Presentation. FORWARD-LOOKING STATEMENTS. ...

FTAI Infrastructure Inc. Q1 2025 Earnings Release [Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) FTAI Infrastructure reported strong Q1 2025 results, including $109.7 million net income, a $120.0 million Long Ridge gain, and $164.5 million Adjusted EBITDA from core segments Q1 2025 Selected Financial Results | (in thousands, except per share data) | Q1'25 | | :--- | :--- | | Net Income Attributable to Stockholders | $109,724 | | Basic Earnings per Share of Common Stock | $0.95 | | Diluted Earnings per Share of Common Stock | $0.89 | | Adjusted EBITDA | $155,219 | | Adjusted EBITDA - Four core segments | $164,512 | | Gain on Long Ridge Transaction | $119,952 | - The Board of Directors declared a cash dividend of **$0.03 per share** for the first quarter of 2025, payable on May 27, 2025[4](index=4&type=chunk) - Key business developments in Q1 2025 include: - Completed refinancing and increased ownership at Long Ridge - Executed new contracts and Letters of Intent (LOIs) at Repauno - Commenced the first of three new contracts at the Jefferson terminal on April 1st[9](index=9&type=chunk) [Financial Statements](index=3&type=section&id=Exhibit%20-%20Financial%20Statements) This section presents the unaudited consolidated financial statements for Q1 2025, including Statements of Operations, Balance Sheets, and Cash Flows [Consolidated Statements of Operations](index=3&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Q1 2025 total revenues grew to $96.2 million, with net income attributable to stockholders reaching $109.7 million, driven by a $119.8 million gain on asset sales Q1 2025 vs Q1 2024 Statement of Operations Highlights | (in thousands, except per share data) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Total revenues | $96,161 | $82,535 | | Total expenses | $104,602 | $93,884 | | Gain (loss) on sale of assets, net | $119,828 | $(13) | | Net income (loss) | $120,164 | $(50,297) | | Net income (loss) attributable to stockholders | $109,724 | $(56,582) | | Diluted EPS | $0.89 | $(0.54) | [Consolidated Balance Sheets](index=4&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2025, total assets increased to $4.14 billion, total liabilities to $3.28 billion, and stockholders' equity more than doubled to $476.2 million Balance Sheet Highlights | (in thousands) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $26,325 | $27,785 | | Total assets | $4,141,866 | $2,374,388 | | Total liabilities | $3,275,428 | $1,918,032 | | Total stockholders' equity | $476,203 | $202,651 | [Consolidated Statements of Cash Flows](index=6&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Q1 2025 saw $85.7 million net cash used in operations, $164.3 million provided by investing, and a total cash and restricted cash increase to $223.4 million Q1 2025 vs Q1 2024 Cash Flow Summary | (in thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(85,651) | $(3,883) | | Net cash provided by (used in) investing activities | $164,299 | $(18,846) | | Net cash used in financing activities | $(2,537) | $(454) | | **Cash and restricted cash, end of period** | **$223,407** | **$64,296** | [Key Performance Measures (Non-GAAP)](index=8&type=section&id=Key%20Performance%20Measures) This section details the company's key non-GAAP performance measure, Adjusted EBITDA, including its reconciliation from net income and a breakdown by core business segment - The Chief Operating Decision Maker (CODM) utilizes **Adjusted EBITDA** as the company's key performance measure to assess operational performance and make resource allocation decisions[21](index=21&type=chunk)[22](index=22&type=chunk) [Reconciliation of Net Income to Adjusted EBITDA](index=8&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Adjusted%20EBITDA) Consolidated Adjusted EBITDA for Q1 2025 significantly increased to $155.2 million, up $128.0 million from Q1 2024, primarily driven by higher net income Consolidated Adjusted EBITDA Reconciliation | (in thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Net income (loss) attributable to stockholders | $109,724 | $(56,582) | $166,306 | | **Adjusted EBITDA (Non-GAAP)** | **$155,219** | **$27,231** | **$127,988** | [Segment Adjusted EBITDA](index=9&type=section&id=Segment%20Adjusted%20EBITDA) The four core segments generated a total Adjusted EBITDA of $164.5 million in Q1 2025, with Power and Gas being the largest contributor at $138.1 million Q1 2025 Adjusted EBITDA by Core Segment | (in thousands) | Adjusted EBITDA (Non-GAAP) | | :--- | :--- | | Railroad | $19,924 | | Jefferson Terminal | $7,950 | | Repauno | $(1,452) | | Power and Gas | $138,090 | | **Four Core Segments Total** | **$164,512** |

Financial Overview - FTAI Infrastructure reported a net income attributable to stockholders of $109.724 million for Q1 2025, compared to a net loss of $56.582 million in Q1 2024, marking a significant turnaround [2][14] - Basic earnings per share (EPS) for common stock was $0.95, while diluted EPS was $0.89 [2][14] - Adjusted EBITDA for the quarter was $155.219 million, with the four core segments contributing $164.512 million [2][21] Revenue and Expenses - Total revenues for Q1 2025 were $96.161 million, an increase from $82.535 million in Q1 2024 [13] - Operating expenses rose to $67.045 million from $64.575 million year-over-year [13] - Total expenses increased to $104.602 million from $93.884 million in the previous year [13] Dividends - The Board of Directors declared a cash dividend of $0.03 per share for the quarter ended March 31, 2025, payable on May 27, 2025 [4] Business Highlights - The company completed refinancing and increased ownership at Long Ridge, executed new contracts and letters of intent at Repauno, and commenced the first of three contracts at Jefferson on April 1, 2025 [9][10] Cash Flow - The net cash used in operating activities was $85.651 million, while net cash provided by investing activities was $164.299 million [19] - The company reported a net increase in cash and cash equivalents and restricted cash of $76.111 million, ending the period with $223.407 million [19] Balance Sheet - Total assets as of March 31, 2025, were $4.142 billion, up from $2.374 billion at the end of 2024 [16][17] - Total liabilities increased to $3.275 billion from $1.918 billion [17] Key Performance Measures - Adjusted EBITDA is utilized as a key performance measure, providing insights into operational performance and resource allocation decisions [21][22]

NEW YORK, April 14, 2025 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP; the "Company" or “FTAI Infrastructure”) plans to announce its financial results for the first quarter 2025 after the closing of Nasdaq on Thursday, May 8, 2025. A copy of the press release and an earnings supplement will be posted to the Investor Relations section of the Company's website, https://www.fipinc.com/. In addition, management will host a conference call on Friday, May 9, 2025, at 8:00 A.M. Eastern Time. The confer ...

[Part I](index=8&type=section&id=PART%20I) [Business](index=8&type=section&id=Item%201.%20Business) FTAI Infrastructure Inc. acquires and operates critical infrastructure assets, with Railroad and Ports and Terminals driving 2024 revenue - The company operates as an independent public company following its spin-off from FTAI Aviation Ltd. on August 1, 2022, focusing on infrastructure assets[24](index=24&type=chunk) FY 2024 Revenue Contribution by Business Line | Business Line | Revenue Contribution | | :--- | :--- | | Railroad | 54% | | Ports and Terminals | 29% | | Corporate and other | 17% | - The company is externally managed by an affiliate of Fortress, which provides management and professional services for an annual fee of **1.50% of total equity**[35](index=35&type=chunk)[36](index=36&type=chunk) - A significant portion of revenue is derived from a small number of customers, with the largest customer accounting for **50% of total revenue** in FY 2024[71](index=71&type=chunk) [Our Portfolio](index=9&type=section&id=Our%20Portfolio) The company's diversified portfolio spans Railroad, Ports and Terminals, Power and Gas, and Sustainability and Energy Transition segments - **Railroad (Transtar):** Comprises six short-line freight railroads and has an exclusive **15-year strategic rail partnership** with U.S. Steel Corporation (USS), with minimum volume commitments for the first five years[37](index=37&type=chunk)[38](index=38&type=chunk) - **Ports and Terminals (Jefferson & Repauno):** Jefferson Terminal has **6.2 million barrels of storage capacity** and handles crude oil and refined products. Repauno is a **1,600-acre deep-water port** on the Delaware River with unique underground granite storage caverns[43](index=43&type=chunk)[52](index=52&type=chunk) - **Power and Gas (Long Ridge):** Operates a **485-megawatt power plant** and is exploring running it on carbon-free hydrogen. The company re-acquired the remaining **49.9% interest** in Long Ridge in February 2025, and it will be fully consolidated going forward[56](index=56&type=chunk)[58](index=58&type=chunk)[61](index=61&type=chunk) - **Sustainability and Energy Transition:** Key investments include Aleon/Gladieux for lithium-ion battery and catalyst recycling, a joint venture with Clean Planet Energy to convert plastic waste into fuel, and an investment in CarbonFree for carbon capture technology[62](index=62&type=chunk)[63](index=63&type=chunk)[65](index=65&type=chunk) [Risk Factors](index=15&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant business, regulatory, capital structure, and management-related risks, including customer concentration and stock ownership restrictions - **Business Risks:** The company faces risks from its limited operating history as an independent entity, macroeconomic conditions, and intense competition. A single customer in the Railroad segment accounted for **50% of revenue** in 2024, highlighting significant customer concentration risk[87](index=87&type=chunk)[91](index=91&type=chunk)[141](index=141&type=chunk) - **Regulatory & Environmental Risks:** The rail sector is highly regulated, and changes could increase costs. The company is also subject to extensive environmental laws, with potential for significant liability from contamination or spills at its terminal sites like Repauno and Long Ridge[111](index=111&type=chunk)[114](index=114&type=chunk)[138](index=138&type=chunk) - **Capital Structure Risks:** The terms of the Series A Preferred Stock could allow holders to elect a majority of the board of directors in an "Event of Noncompliance," such as failure to pay dividends after August 1, 2024[148](index=148&type=chunk)[149](index=149&type=chunk) - **Manager & Conflicts of Interest:** The company is dependent on its Manager (an affiliate of Fortress). Conflicts of interest exist as the Manager and its affiliates may invest in competing assets. The management agreement was not negotiated at arm's-length[151](index=151&type=chunk)[154](index=154&type=chunk)[155](index=155&type=chunk) - **Common Stock Risks:** To preserve its ability to use Net Operating Loss (NOL) carryforwards, the company's certificate of incorporation restricts any person or entity from acquiring **4.8% or more** of its outstanding stock[180](index=180&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk) [Unresolved Staff Comments](index=33&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - There are no unresolved staff comments[201](index=201&type=chunk) [Cybersecurity](index=33&type=section&id=Item%201C.%20Cybersecurity) The company's cybersecurity program, overseen by the CEO and Manager's ISSC, leverages third-party advisors and NIST, with no material impact on operations to date - Cybersecurity risk management is overseen by the CEO and the Manager's Information Security Steering Committee, which includes the CFO, General Counsel, and CISO[202](index=202&type=chunk)[203](index=203&type=chunk) - The company engages third-party advisors for risk assessments, leveraging standards such as the National Institute of Standards and Technology (NIST) framework[204](index=204&type=chunk) - To date, the company reports that cybersecurity threats have not materially affected its business strategy, results of operations, or financial condition[206](index=206&type=chunk) [Properties](index=34&type=section&id=Item%202.%20Properties) The company's key properties include its New York executive offices, Jefferson Terminal, Repauno, and Transtar railroad operations across multiple states - The company's main properties include the Jefferson Terminal in Texas, the Repauno port in New Jersey, and extensive land holdings for its Transtar railroad operations across several states[208](index=208&type=chunk) [Legal Proceedings](index=34&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings, not expected to materially affect its financial position or operations - Management does not expect current legal proceedings to have a material adverse effect on the company's business or financial results[209](index=209&type=chunk) [Mine Safety Disclosures](index=34&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This disclosure item is not applicable to the company's operations - Not applicable[210](index=210&type=chunk) [Part II](index=35&type=section&id=PART%20II) [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=35&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) FTAI Infrastructure Inc.'s common stock trades on NASDAQ, with a declared Q4 2024 dividend, outperforming benchmarks since its 2022 spin-off - The company's common stock trades on NASDAQ under the symbol "**FIP**"[211](index=211&type=chunk) - A cash dividend of **$0.03 per share** was declared for Q4 2024, payable in March 2025. However, management plans to eliminate future common dividends to preserve liquidity[212](index=212&type=chunk) Cumulative Total Return Comparison | Index | 8/1/2022 | 12/31/2022 | 12/31/2023 | 12/31/2024 | | :--- | :--- | :--- | :--- | :--- | | FTAI Infrastructure Inc. | $100.00 | $90.44 | $123.89 | $234.77 | | S&P SmallCap 600 | $100.00 | $94.09 | $109.19 | $118.69 | | Alerian MLP | $100.00 | $105.77 | $133.85 | $166.53 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Total revenues increased in 2024, but net loss widened due to a significant asset impairment, while Adjusted EBITDA improved; liquidity is managed by accruing PIK dividends Consolidated Financial Highlights (in thousands) | Metric | 2024 (in thousands) | 2023 (in thousands) | Change '24 vs '23 (in thousands) | | :--- | :--- | :--- | :--- | | Total Revenues | $331,497 | $320,472 | $11,025 | | Total Expenses | $430,993 | $364,847 | $66,146 | | Asset Impairment | $72,336 | $743 | $71,593 | | Net Loss | $(266,064) | $(159,750) | $(106,314) | | Net Loss Attributable to Stockholders | $(294,459) | $(183,736) | $(110,723) | | Adjusted EBITDA (Non-GAAP) | $127,588 | $107,522 | $20,066 | - The increase in total expenses and net loss in 2024 was primarily driven by a **$71.6 million asset impairment charge** related to the investment in GM-FTAI Holdco LLC in the Sustainability and Energy Transition segment[234](index=234&type=chunk)[285](index=285&type=chunk) - To manage liquidity, management has approved a plan to accrue paid-in-kind (PIK) dividends on its Series A Preferred Stock, which will prevent the payment of future dividends on common stock (excluding the Q4 2024 dividend)[305](index=305&type=chunk)[382](index=382&type=chunk) - The annual goodwill impairment test for the Jefferson Terminal reporting unit indicated its fair value exceeded its carrying value by more than **10%** as of October 1, 2024. The analysis used a **9.5% discount rate**[329](index=329&type=chunk)[330](index=330&type=chunk) [Results of Operations by Segment](index=42&type=section&id=Results%20of%20Operations%20by%20Segment) In FY 2024, Railroad, Jefferson Terminal, and Power and Gas segments showed Adjusted EBITDA growth, while Repauno's loss narrowed and Sustainability's loss widened Adjusted EBITDA by Segment (in thousands) | Segment | 2024 (in thousands) | 2023 (in thousands) | | :--- | :--- | :--- | | Railroad | $84,254 | $78,521 | | Jefferson Terminal | $41,967 | $35,694 | | Repauno | $(5,186) | $(8,061) | | Power and Gas | $40,246 | $34,784 | | Sustainability and Energy Transition | $(9,485) | $(7,253) | | Corporate and Other | $(24,208) | $(26,163) | | **Total Adjusted EBITDA** | **$127,588** | **$107,522** | - **Railroad:** Revenue increased by **$10.6 million** in 2024 due to higher carloads and rates per car, leading to a **$5.7 million increase** in Adjusted EBITDA[249](index=249&type=chunk)[252](index=252&type=chunk) - **Jefferson Terminal:** Revenue grew by **$8.5 million** from increased crude oil throughput, contributing to a **$6.3 million rise** in Adjusted EBITDA[259](index=259&type=chunk)[261](index=261&type=chunk) - **Sustainability and Energy Transition:** Reported a net loss of **$88.6 million**, driven by a **$72.3 million impairment** of its investment in GM-FTAI Holdco LLC[283](index=283&type=chunk)[285](index=285&type=chunk) [Liquidity and Capital Resources](index=55&type=section&id=Liquidity%20and%20Capital%20Resources) The company manages liquidity by accruing PIK dividends on preferred stock to conserve cash, with operating cash flow turning negative in 2024, while extending debt maturities - Management has approved a plan to accrue paid-in-kind (PIK) dividends on its Series A Preferred Stock to ensure sufficient liquidity to meet obligations over the next twelve months[305](index=305&type=chunk) Historical Cash Flow (in thousands) | Cash Flow Data | 2024 (in thousands) | 2023 (in thousands) | 2022 (in thousands) | | :--- | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(15,278) | $5,513 | $(42,690) | | Net cash used in investing activities | $(118,137) | $(147,123) | $(267,266) | | Net cash provided by financing activities | $193,232 | $79,447 | $157,743 | - As of December 31, 2024, the company has total debt obligations of **$1.6 billion** in principal and **$555.3 million** in interest, with **$50.0 million** of principal and **$122.0 million** of interest due within the next twelve months[317](index=317&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=59&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate fluctuations on variable-rate debt, with a 100-basis point increase potentially raising annual interest expense by **$0.7 million** - The company's main market risk is interest rate risk from variable rate debt agreements tied to indices like SOFR[337](index=337&type=chunk)[339](index=339&type=chunk) - A hypothetical **100-basis point (1%)** increase/decrease in the variable interest rate would result in a change of approximately **$0.7 million** in interest expense over the next 12 months[341](index=341&type=chunk) [Financial Statements and Supplementary Data](index=59&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited financial statements and an unqualified auditor's report, with notes detailing accounting policies, debt, equity, and subsequent events - The independent auditor, Ernst & Young LLP, issued an unqualified opinion on the financial statements and the effectiveness of internal control over financial reporting as of December 31, 2024[345](index=345&type=chunk)[346](index=346&type=chunk) - A critical audit matter identified was the valuation of goodwill for the Jefferson Terminal reporting unit, due to the significant estimation required for forecasted revenue growth, capital expenditures, and the discount rate[352](index=352&type=chunk)[353](index=353&type=chunk) Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 31, 2024 (in thousands) | Dec 31, 2023 (in thousands) | | :--- | :--- | :--- | | Total Assets | $2,374,388 | $2,379,609 | | Total Liabilities | $1,918,032 | $1,641,518 | | Redeemable Preferred Stock | $381,218 | $325,232 | | Total Equity | $75,138 | $412,859 | [Notes to Consolidated and Combined Consolidated Financial Statements](index=68&type=section&id=Notes%20to%20Consolidated%20and%20Combined%20Consolidated%20Financial%20Statements) The notes detail financial statement support, including debt instruments, preferred stock terms, segment performance, and the February 2025 acquisition of Long Ridge Energy & Power - **Debt (Note 7):** As of Dec 31, 2024, total debt was **$1.6 billion**, composed of various loans and bonds, including Senior Notes due 2027, Series 2020, 2021, and 2024 bonds for Jefferson Terminal, and the DRP Revolver[468](index=468&type=chunk) - **Redeemable Preferred Stock (Note 16):** The Series A Preferred Stock has a **14.0% dividend rate**, which increases to **18.0%** if required cash dividends are not paid after August 2024. As of Dec 31, 2024, **$122.5 million** in PIK dividends had been accrued[577](index=577&type=chunk)[578](index=578&type=chunk) - **Subsequent Events (Note 19):** In February 2025, the company acquired the remaining **49.9%** of Long Ridge Energy & Power LLC. Consideration included cash, a promissory note, and **160,000 shares** of new Series B Preferred Stock[597](index=597&type=chunk) - **Subsequent Events (Note 19):** In March 2025, the Repauno segment entered into a new **$30.0 million credit agreement**[606](index=606&type=chunk) [Controls and Procedures](index=108&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of December 31, 2024, having remediated a material weakness in goodwill impairment analysis, with an unqualified auditor opinion - Management concluded that internal control over financial reporting was effective as of December 31, 2024[611](index=611&type=chunk) - A material weakness identified at the end of 2023, related to the goodwill impairment analysis for the Jefferson Terminal reporting unit, was remediated during 2024[613](index=613&type=chunk) - Remediation efforts included developing more detailed cash flow projection models and implementing multi-tiered reviews of key assumptions[613](index=613&type=chunk) [Part III](index=110&type=section&id=PART%20III) [Directors, Executive Officers and Corporate Governance](index=110&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2025 definitive proxy statement - Information is incorporated by reference from the definitive proxy statement for the 2025 annual meeting[628](index=628&type=chunk) [Executive Compensation](index=110&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive and director compensation is incorporated by reference from the 2025 definitive proxy statement - Information is incorporated by reference from the definitive proxy statement for the 2025 annual meeting[628](index=628&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=110&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section details the equity compensation plan, with over **4.1 million** securities issuable and nearly **25 million** available, and other ownership information incorporated by reference Equity Compensation Plan Information as of December 31, 2024 | Plan category | Number of securities to be issued upon exercise | Weighted-average exercise price | Number of securities remaining available for future issuance | | :--- | :--- | :--- | :--- | | Equity compensation plans approved by security holders | 4,106,088 | $2.62 | 24,906,155 | - Other information regarding security ownership is incorporated by reference from the definitive proxy statement for the 2025 annual meeting[631](index=631&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=110&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on related party transactions and director independence is incorporated by reference from the 2025 definitive proxy statement - Information is incorporated by reference from the definitive proxy statement for the 2025 annual meeting[632](index=632&type=chunk) [Principal Accountant Fees and Services](index=110&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees and services is incorporated by reference from the 2025 definitive proxy statement - Information is incorporated by reference from the definitive proxy statement for the 2025 annual meeting[632](index=632&type=chunk) [Part IV](index=111&type=section&id=PART%20IV) [Exhibits](index=111&type=section&id=Item%2015.%20Exhibits) This section lists exhibits filed with the Form 10-K, including key agreements, debt indentures, and various material contracts and certifications - Key exhibits filed include the Separation and Distribution Agreement (2.1), Amended and Restated Management and Advisory Agreement (10.1), and the Indenture for the Senior Notes due 2027 (4.1)[634](index=634&type=chunk) [Form 10-K Summary](index=113&type=section&id=Item%2016.%20Form%2010-K%20Summary) This section indicates that no summary was provided in the report - None[640](index=640&type=chunk)