Tourlite Capital Management, an investment management company, released its fourth-quarter 2025 investor letter. A copy of the letter is available to download here. In Q4, Tourlite Fund, LP returned 0.2% compared to 2.7% for the S&P 500 Index and 2.2% for the Russell 2000. The Fund posted 2.8% for the full year 2025, substantially below the 17.9% and 12.8% returns of the indexes. In 2025, the fund underperformed below the target return range, primarily due to poor stock selection in the long book, which fo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission file number 001-37386 FTAI INFRASTRUCTURE INC. (Exact name of registrant as specified in its charter) | Delaware | | | 87-4407005 | | --- | --- | --- ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2025 reached a record $80.2 million, up from $70.9 million in Q3 2025 and $29.2 million in Q4 2024 [5][6] - For the full fiscal year 2025, adjusted EBITDA was $232.3 million, significantly higher than $127.6 million in fiscal 2024 [6] - The company exited 2025 with an EBITDA run rate of over $320 million annually, indicating strong future performance [8] Business Line Data and Key Metrics Changes - In the rail segment, adjusted EBITDA was $41.3 million in Q4, with $22 million from Transtar and $19.3 million from Wheeling [8][9] - Long Ridge generated $36.2 million of EBITDA in Q4, a slight increase from $35.7 million in Q3 [17] - Jefferson terminal reported $13.6 million of adjusted EBITDA in Q4, up from $11 million in Q3 [20] Market Data and Key Metrics Changes - Wheeling's Q4 revenue was $43.8 million, an 8% year-over-year increase, with adjusted EBITDA up 34% year-over-year [15] - Gas production at Long Ridge averaged approximately 105,000 MMBtu per day, a new record [9] - Jefferson terminal volumes averaged 210,000 barrels per day, driven by the new ammonia export contract [20] Company Strategy and Development Direction - The company is focused on integrating Transtar and Wheeling, with a target of $20 million in annual cost savings [12] - Plans to monetize Long Ridge are progressing, with expectations for a sale announcement in the first half of 2026 [12][59] - The company is pursuing four M&A opportunities in the rail sector, aiming to enhance its freight rail business [39][48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong macro environment for power generation, anticipating continued growth for Long Ridge [19] - The company is optimistic about the demand for services at Jefferson, expecting significant revenue contributions from new contracts [20] - Management highlighted the importance of deleveraging and optimizing operations before pursuing further acquisitions [42] Other Important Information - A new term loan of approximately $1.3 billion was closed, used to repay a bridge loan related to the Wheeling acquisition [11] - The company is advancing construction of Phase 2 at Repauno, with expectations for completion by early 2027 [22] - The company has received permits for Phase 3 at Repauno, which is planned to be twice the size of Phase 2 [23] Q&A Session Summary Question: Expansion of business development opportunities at Jefferson - Management noted increased commercial interest at Jefferson, with potential for $10 million-$15 million in incremental EBITDA from ammonia contracts and additional refined products [28][30] Question: Updates on Repauno Phase 2 and Phase 3 - Management clarified that Phase 2 is on track for early 2027 operations, with significant demand driving the need for Phase 3 [36][38] Question: M&A opportunities in the rail segment - Management acknowledged the active M&A market and the pursuit of smaller, accretive rail properties that fit well with existing operations [48][49] Question: Impact of Long Ridge sale on data center discussions - Management confirmed that the sale process is not impacting data center discussions, with expectations for a transaction announcement in the first half of 2026 [58][59]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2025 reached a record $80.2 million, up from $70.9 million in Q3 2025 and $29.2 million in Q4 2024 [5][6] - For the full fiscal year 2025, adjusted EBITDA was $232.3 million, significantly higher than $127.6 million in fiscal 2024 [6] - The company exited 2025 with an EBITDA run rate of over $320 million annually, indicating strong future performance [8] Business Line Data and Key Metrics Changes - In the rail segment, adjusted EBITDA was $41.3 million in Q4, with $22 million from Transtar and $19.3 million from Wheeling [8][9] - Long Ridge generated $36.2 million of EBITDA in Q4, slightly up from $35.7 million in Q3, despite outages impacting production [17][18] - Jefferson terminal reported $13.6 million of adjusted EBITDA in Q4, up from $11 million in Q3, driven by a new ammonia export contract [20] Market Data and Key Metrics Changes - Wheeling's Q4 revenue was $43.8 million, an 8% year-over-year increase, with adjusted EBITDA up 34% year-over-year [15] - Gas production at Long Ridge averaged approximately 105,000 MMBtu per day, exceeding the plant's requirements [18] - Jefferson terminal volumes averaged 210,000 barrels per day, setting a new quarterly revenue record [20] Company Strategy and Development Direction - The company is focused on integrating Transtar and Wheeling, with a target of $20 million in annual cost savings [12][16] - Plans to monetize Long Ridge are progressing, with expectations for a sale announcement in the first half of 2026 [12][60] - The company is pursuing four M&A opportunities in the rail sector, aiming to enhance its freight rail business [39][48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong macro environment for power generation and the potential for growth at Long Ridge [19] - The company anticipates continued growth at Jefferson, with multiple new contracts expected to contribute significantly to revenues [20][21] - Management highlighted the importance of deleveraging and optimizing operations before pursuing further acquisitions [42][63] Other Important Information - A new term loan of approximately $1.3 billion was closed, used to repay a bridge loan related to the Wheeling acquisition [11] - The company is advancing construction on phase two of the Repauno project, with expectations for operational commencement in early 2027 [22][36] Q&A Session Summary Question: Expansion opportunities at Jefferson Terminal - Management noted significant commercial interest and potential for additional ammonia volumes, refined products, and Utah crudes, estimating $50 million in incremental EBITDA from these opportunities [28][30] Question: Updates on Repauno phase two and three - Management clarified that phase two is on track for early 2027, with ongoing demand driving the need for phase three planning and construction [36][38] Question: M&A market for rail - Management discussed the active M&A market, focusing on smaller, geographically relevant opportunities that could enhance the existing rail portfolio [48][49] Question: Long Ridge asset sale impact - Management confirmed that the sale process is progressing well, with expectations for significant net proceeds and minimal tax implications [59][62]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2025 reached a record $80.2 million, up from $70.9 million in Q3 2025 and $29.2 million in Q4 2024 [5][6] - For the full fiscal year 2025, adjusted EBITDA was $232.3 million, significantly higher than $127.6 million in fiscal 2024 [6] - The company exited 2025 with an EBITDA run rate of over $320 million annually, indicating strong future performance [7] Business Line Data and Key Metrics Changes - Rail segment adjusted EBITDA was $41.3 million in Q4, with $22 million from Transtar and $19.3 million from Wheeling [7][8] - Long Ridge generated $36.2 million in EBITDA for Q4, a slight increase from $35.7 million in Q3 [19] - Jefferson terminal reported $13.6 million in adjusted EBITDA for Q4, up from $11 million in Q3 [21] Market Data and Key Metrics Changes - Wheeling's Q4 revenue was $43.8 million, an 8% year-over-year increase, with adjusted EBITDA up 34% year-over-year [15] - Gas production at Long Ridge averaged approximately 105,000 MMBtu per day, setting a new record [9] - Jefferson terminal volumes averaged 210,000 barrels per day, driven by the new ammonia export contract [21] Company Strategy and Development Direction - The company is focused on integrating Transtar and Wheeling, with a target of $20 million in annual cost savings [12] - Plans to monetize Long Ridge are progressing, with expectations for a sale announcement in the first half of 2026 [12][56] - The company is pursuing four M&A opportunities in the rail sector, aiming to enhance its freight rail business [40][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong macro environment for power generation, anticipating continued growth for Long Ridge [20] - The company is optimistic about the demand for services at Jefferson, expecting significant revenue contributions from new contracts [22] - Management highlighted the importance of deleveraging and optimizing operations while exploring strategic acquisitions [40] Other Important Information - A new term loan of approximately $1.3 billion was closed, used to repay a bridge loan related to the Wheeling acquisition [11] - The company is advancing construction on phase two of the Repauno project, with expectations for operational commencement in early 2027 [35][36] Q&A Session Summary Question: Expansion of business development opportunities at Jefferson - Management noted increased commercial interest at Jefferson, with potential for $10 million-$15 million in incremental EBITDA from ammonia contracts and additional refined products [28][30] Question: Updates on Repauno phase two and three - Management clarified that phase two is on track for early 2027, with significant demand driving the need for phase three [35][36] Question: M&A opportunities in the rail segment - Management confirmed active pursuit of four actionable M&A opportunities, focusing on smaller properties that fit well with existing operations [46][48] Question: Impact of Long Ridge asset sales on data center discussions - Management indicated no impact on data center developments, with a goal to announce a transaction for Long Ridge in the first half of 2026 [56]

Supplemental Information Fourth Quarter 2025 Disclaimers IN GENERAL . Thisdisclaimerapplies tothisdocumentand theverbal or writtencommentsof any personpresentingit. Thisdocument,takentogetherwithany suchverbal or writtencomments,is referredtohereinas the "Presentation." Theinformationcontainedon, or accessible through,any websitesincludedin thisPresentationis notincorporatedby referenceinto,and shouldnotbe considereda partof, thisPresentation. FORWARD -LOOKING STATEMENTS . Certainstatementsin thisPresentati ...

Loan Agreement Details - The Borrower, FTAI Infrastructure Inc., has requested credit from the Lenders in the form of Loans totaling $1,314,600,000[11] - The proceeds from the Loans will be used for Closing Date Refinancing, payment of related fees, and general corporate purposes[11] - The agreement is dated February 25, 2026, and involves multiple financial institutions as Lenders[9] - The Administrative Agent for this agreement is Alter Domus (US) LLC[9] - The agreement includes provisions for interest on the Loans and potential fees associated with the borrowing[5] - The Facility is structured to allow for incremental borrowings under certain conditions[5] - The Borrower must maintain compliance with various financial covenants as outlined in the agreement[5] - The agreement specifies conditions precedent that must be met before the Loans are disbursed[5] - The Borrower is required to provide regular financial statements and other information to the Lenders[5] - The agreement includes clauses regarding events of default and the rights of the Administrative Agent in such cases[5] - The aggregate amount of the Commitments as of the Closing Date is $1,314,600,000[67] - The "Closing Date" for the agreement is set for February 25, 2026[66] Financial Performance - The company reported a significant increase in revenue, achieving $96.77 billion in the September quarter, marking a record for iPhone sales in China[110] - The total user base grew by 15% year-over-year, reaching 1.5 billion active devices globally[110] - The company provided guidance for the next quarter, expecting revenue growth of 10% to 12% compared to the previous year[110] - The company reported a significant increase in revenue, reaching $1.2 billion, representing a 15% year-over-year growth[1] - User data showed a total of 5 million active users, up from 4 million in the previous quarter, indicating a 25% increase[2] - The company provided guidance for the next quarter, projecting revenue between $1.3 billion and $1.4 billion, which would reflect a growth rate of 10-15%[3] Product Development and Market Strategy - New product launches are anticipated to include the latest iPhone model and an upgraded version of the smartwatch, expected to drive further sales growth[110] - New product launches are expected to contribute an additional $200 million in revenue over the next fiscal year[4] - Market expansion efforts are underway in India, with plans to open new retail locations and increase online sales presence[110] - The company is expanding its market presence in Europe, targeting a 20% market share by the end of 2024[5] - A strategic acquisition of a smaller competitor was completed for $150 million, expected to enhance product offerings and market reach[6] Research and Development - The company is investing heavily in research and development, with a budget increase of 20% to enhance AI and machine learning capabilities[110] - Research and development expenses increased to $50 million, accounting for 4% of total revenue, aimed at innovation in technology[7] Financial Health and Liquidity - The company reported a 5% increase in gross margin, attributed to improved supply chain efficiencies and cost management[110] - The total cash equivalents held by the company amount to $50 billion, providing a strong liquidity position for future investments[110] - The company reported a fixed charge coverage ratio of 2.5, indicating strong financial health and ability to meet obligations[8] - Existing indebtedness stands at $300 million, with a plan to refinance to lower interest rates[9] Sustainability and Compliance - The company is committed to sustainability initiatives, allocating $10 million towards green technology development[10] - The company is subject to environmental laws and regulations that may impact its operations and financial performance[119] Accounting and Financial Definitions - Consolidated Current Assets exclude Cash Equivalents and assets held for sale[72] - Consolidated Current Liabilities exclude the current portion of Long-Term Indebtedness and accruals for current or deferred Taxes[73] - Consolidated Net Income is determined in accordance with GAAP and excludes extraordinary gains or losses[79] - Consolidated Excess Cash Flow for any fiscal year is calculated based on Consolidated Net Income and various adjustments[75] - Consolidated Capital Expenditures must be included in "purchase of property, plant and equipment" on a consolidated statement of cash flows[71] - Consolidated Interest Expense includes consolidated interest expense and capitalized interest, less interest income[78] - The definition of "Change of Control" includes ownership of more than 50.0% of voting power by a person or group[64] - "Change in Law" includes any new laws or regulations affecting the agreement, including those under the Dodd-Frank Act[63] - Consolidated Net Income will include proceeds from business interruption insurance and reimbursements for expenses covered by indemnification provisions[82] - Exclusions from Consolidated Net Income include net after-tax gains or losses from asset dispositions not in the ordinary course of business[80] - Consolidated Working Capital is defined as the excess of Consolidated Current Assets over Consolidated Current Liabilities[84] - Consolidated Working Capital Adjustment may be negative and excludes effects of reclassification of current assets and liabilities[85] - Non-cash tax expenses from reversals of deferred tax assets are excluded from Consolidated Net Income[80] - Any net after-tax gains or losses from changes in the fair value of derivatives are excluded from Consolidated Net Income[80] - The effects of adjustments from recapitalization accounting or purchase accounting related to acquisitions are excluded[80] - Any net after-tax valuation allowance against deferred tax assets is excluded from Consolidated Net Income[80] - Consolidated Interest Expense is included in the calculation of EBITDA, which is derived from Consolidated Net Income[108] - The definition of "Disqualified Stock" includes any capital stock that is redeemable prior to 91 days after the Maturity Date[105] - The company reported a consolidated depreciation and amortization expense that was deducted in computing consolidated net income[109] - The aggregate amount added back to EBITDA for restructuring or integration charges shall not exceed 25% of EBITDA for the period[109] - Non-cash charges reducing consolidated net income were included in the adjustments to EBITDA[109] - The total amount of extraordinary, non-recurring, or unusual losses added back to EBITDA shall not exceed 25% of EBITDA for the period[109] - The company incurred expenses related to the implementation of new accounting pronouncements and regulatory requirements[109] - Foreign exchange losses on debt were accounted for in the financial results[110] - The company has a defined process for determining excluded assets, including those requiring governmental consent[130] - The company has established criteria for determining the cost and burden of obtaining security interests in certain assets[131] - Indebtedness includes obligations for borrowed money and is determined based on GAAP standards[169] - Indebtedness for revolving credit facilities is calculated as the total amount of funds borrowed and outstanding[169] - The definition of Indebtedness excludes contingent obligations and intercompany liabilities[169] - The repayment of the Existing Jefferson Facility is referred to as the Jefferson Refinancing[180] - The term "Limited Condition Transaction" includes acquisitions not conditioned on third-party financing[197] - Junior Priority Obligations are defined as obligations with a junior lien priority relative to other obligations[185] - The amount of Indebtedness is capped at the lesser of the aggregate unpaid amount or the fair market value of the encumbered property[169] - The definition of Lien includes any mortgage, lien, pledge, or security interest in respect of an asset[196]

Core Insights - FTAI Infrastructure Inc. reported a net loss attributable to stockholders of $118.96 million for Q4 2025, compared to a loss of $133.56 million in Q4 2024, and a full-year loss of $207.40 million for 2025, down from $294.46 million in 2024 [3][12][23] - The company declared a cash dividend of $0.03 per share for Q4 2025, payable on April 1, 2026 [4] - Adjusted EBITDA for fiscal 2025 was reported at $232.3 million, an increase of 82% from fiscal 2024, with Q4 Adjusted EBITDA at $80.2 million, indicating a run rate of $320.8 million annually [7][21] Financial Overview - Total revenues for Q4 2025 were $143.52 million, up from $80.76 million in Q4 2024, while total revenues for the year reached $502.52 million, compared to $331.50 million in 2024 [12] - Operating expenses for Q4 2025 were $83.12 million, compared to $59.11 million in Q4 2024, and total expenses for the year were $494.55 million, up from $430.99 million in 2024 [12][13] - The company closed a new $1.315 billion term loan to refinance its 2025 bridge facility related to the acquisition of the Wheeling & Lake Erie Railroad [7] Segment Performance - The Railroad segment reported $41.3 million of Adjusted EBITDA in Q4 2025, with integration of the Wheeling & Lake Erie Railroad now underway and multiple M&A opportunities being pursued [7] - Adjusted EBITDA for the four core segments in Q4 2025 was $89.11 million, with significant contributions from the Railroad and Power segments [25][27] Cash Flow and Balance Sheet - Cash and cash equivalents at the end of 2025 were $57.35 million, up from $27.79 million at the end of 2024, while total assets increased to $5.75 billion from $2.37 billion [15][17] - The company reported net cash used in operating activities of $118.01 million for 2025, compared to $15.28 million in 2024 [19]

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Core Viewpoint - FTAI Infrastructure Inc. is set to announce its financial results for Q4 and full year 2025 on February 26, 2026, after Nasdaq closes [1] Group 1: Financial Results Announcement - The financial results will be available on the company's Investor Relations website [1] - A conference call to discuss the results will take place on February 27, 2026, at 8:00 A.M. Eastern Time [2] - Participants can register for the conference call through a provided link to receive dial-in information [2] Group 2: Conference Call Details - A simultaneous webcast of the conference call will be accessible to the public on a listen-only basis [3] - A replay of the conference call will be available from February 27, 2026, at 11:30 A.M. until March 6, 2026, at 11:30 A.M. [3] Group 3: Company Overview - FTAI Infrastructure Inc. 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]