Core Viewpoint - FTAI Infrastructure Inc. is set to announce its financial results for the third quarter of 2025 on October 30, 2025, after the market closes [1] Financial Results Announcement - The financial results will be released via a press release and an earnings supplement, which will be available on the Company's Investor Relations website [1] - A conference call to discuss the results will take place on October 31, 2025, at 8:00 A.M. Eastern Time, accessible through a registration link [2] - A simultaneous webcast of the conference call will be available for public listening, with a replay accessible from October 31 to November 7, 2025 [3] Company Overview - FTAI Infrastructure primarily invests in critical infrastructure sectors such as rail, ports and terminals, and power and gas, focusing on areas with high barriers to entry [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]

Summary of Eftai Infrastructure Conference Call Company Overview - **Company Name**: Eftai Infrastructure - **Ticker Symbol**: FIP - **Industry**: Infrastructure and Short Line Railroads Key Points and Arguments 1. **Company History and Split**: Eftai Infrastructure and Eftai Aviation were previously one company, Eftai, Fortress Transportation and Infrastructure. The split was due to complexity and tax inefficiencies associated with K1 forms, which limited market participation. The combined stock price increased from $17 to $155 post-split, indicating a successful restructuring [2][3]. 2. **Current Stock Performance**: Eftai Aviation is performing well, projected to reach $1.70 by year-end. Eftai Infrastructure is at an inflection point with potential for significant growth, possibly doubling by year-end [4][5]. 3. **CEO's Goals for the Year**: The CEO, Ken Nicholson, outlined four main objectives for the year: - Recapitalization of the Long Ridge facility, refinancing over $1 billion in debt [6]. - Financing for Phase Two construction at the Repauno facility, securing $300 million in municipal financing [6]. - Refinancing of HoldCo debt, reducing interest expenses from $130 million to $100 million [7][24]. - Acquisition of Wheeling in West Virginia for $1.5 billion, enhancing the short line railroad business [8]. 4. **Future Projections**: Over the next 18-24 months, the company plans to divest three main assets (Long Ridge, Repauno, and Jefferson) to eliminate debt and focus on short line railroads, targeting $400 million to $500 million in EBITDA [9][16][21]. 5. **Repauno Facility Advantages**: The Repauno facility is set to benefit from underground storage capabilities, allowing for cost-effective construction compared to above-ground storage. This could lead to significant EBITDA generation [11][12][13]. 6. **Market Positioning**: The company aims to reduce reliance on U.S. Steel from 85% to the 30% range through diversification, enhancing its competitive position in the market [17]. 7. **Short Line Railroad Market**: There are approximately 500 short line railroads in the U.S., mostly family-owned. The acquisition of diversified railroads like Wheeling is competitive, with multiple buyers showing interest [30][31]. 8. **Consolidation Potential**: The company anticipates further consolidation in the short line railroad sector, potentially attracting interest from larger players like Genesee and Wyoming or Brookfield after achieving significant growth [34]. 9. **Investment Strategy**: The company emphasizes the need for patient capital, as development projects may take time to yield results. The focus is on long-term growth rather than short-term gains [22][23]. 10. **Interest from Investors**: The company has received interest from major investment firms, indicating confidence in its growth strategy and potential for high returns [60]. Other Important Information - **Management Expertise**: The management team has extensive experience in short line railroad acquisitions, with a track record of successful investments [25][26]. - **Tax Considerations**: The company expects minimal tax leakage from asset sales due to existing net operating losses [48]. - **Operational Control**: Eftai Infrastructure will operate the acquired railroads, leveraging existing management expertise to drive efficiencies [43][44]. This summary encapsulates the key insights and strategic direction of Eftai Infrastructure as discussed in the conference call, highlighting its growth potential and market positioning within the infrastructure sector.

Group 1 - Long Ridge Energy LLC (LRE) will hold its second quarter 2025 investor call on August 28, 2025, at 10:00 AM EDT [1] - LRE is part of Long Ridge Energy & Power LLC (LREP), which is a wholly owned subsidiary of FTAI Infrastructure, Inc. [1] - In February 2026, LRE incurred $1 billion in new debt, consisting of $600 million in Senior Secured Notes and a $400 million Term Loan B, both due in 2032 [1] Group 2 - A simultaneous webcast of the investor call will be available to the public on a listen-only basis [2] - Long Ridge will post its second quarter 2025 financial statements and an investor presentation on its website prior to the earnings call [2] Group 3 - Long Ridge Energy and Power LLC operates a 485 MW combined cycle power plant and natural gas wells in Southeastern Ohio and West Virginia [3] - The company is developing additional opportunities for data centers on its property and utilizes its Ohio River access for commodity transloading and storage [3] Group 4 - FTAI Infrastructure focuses on investing in critical infrastructure with high barriers to entry, generating strong cash flows and potential for earnings growth [4] - FTAI Infrastructure is managed by an affiliate of Fortress Investment Group LLC, a diversified global investment firm [4]

```markdown [SEC Filing Information](index=1&type=section&id=SEC%20Filing%20Information) [Registrant Information](index=1&type=section&id=Registrant%20Information) FTAI Infrastructure Inc. (FIP), a Delaware corporation, is a large accelerated filer listed on The Nasdaq Global Select Market - Registrant: **FTAI INFRASTRUCTURE INC.**[1](index=1&type=chunk) - State of Incorporation: **Delaware**[2](index=2&type=chunk) - Principal Executive Offices: 1345 Avenue of the Americas, 45th Floor, New York, NY 10105[2](index=2&type=chunk) Common Stock Listing Details | Title of each class | Trading Symbol | Name of exchange on which registered | | :------------------ | :------------- | :----------------------------------- | | Common Stock, par value $0.01 per share | FIP | The Nasdaq Global Select Market | Company Filer Status | Filer Status | Status | | :------------- | :----- | | Large accelerated filer | Yes | | Accelerated filer | No | | Non-accelerated filer | No | | Smaller reporting company | No | | Emerging growth company | No | - As of August 11, **2025**, the number of outstanding shares of common stock was **115,087,817** shares[5](index=5&type=chunk) [Forward-Looking Statements and Risk Factors Summary](index=2&type=section&id=FORWARD-LOOKING%20STATEMENTS%20AND%20RISK%20FACTORS%20SUMMARY) [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) This report contains forward-looking statements subject to risks and uncertainties, cautioning against undue reliance - Forward-looking statements are identified by words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates," "target," "projects," "contemplates" or their negative versions[7](index=7&type=chunk) - Such statements are subject to various risks and uncertainties relating to operations, financial results, financial condition, business, prospects, growth strategy, and liquidity[8](index=8&type=chunk) - The company does not undertake any obligation to publicly update or review any forward-looking statement except as required by law[9](index=9&type=chunk) [Risk Factors Summary](index=2&type=section&id=Risk%20Factors%20Summary) Principal risks include operating as a standalone public company, economic conditions, acquisition challenges, and regulatory compliance - Key risks include the ability to operate as a **standalone public company**, changes in economic conditions (including global conflicts and public health crises), reductions in cash flows from assets, and the ability to take advantage of acquisition opportunities at favorable prices[8](index=8&type=chunk) - Operational risks involve customer defaults, ability to renew/enter contracts, competition in rail, energy, and intermodal sectors, integration of acquired businesses, and asset obsolescence[8](index=8&type=chunk) - Financial and regulatory risks include the availability and cost of capital, exposure to oil and gas industry volatility, maintaining **Investment Company Act exemption**, foreign currency risk, and the effectiveness of internal control over financial reporting[8](index=8&type=chunk) - Other significant risks are related to the recent acquisition of Softbank's equity in Fortress Investment Group, stock price volatility, inability to pay future dividends, and challenges in completing and integrating the **Wheeling Corporation** acquisition[11](index=11&type=chunk) [PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Unaudited Consolidated Financial Statements of FTAI Infrastructure Inc.](index=5&type=section&id=Item%201.%20Unaudited%20Consolidated%20Financial%20Statements%20of%20FTAI%20Infrastructure%20Inc.) This section presents **FTAI Infrastructure Inc.**'s unaudited consolidated financial statements and detailed notes [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets%20as%20of%20June%2030,%202025%20and%20December%2031,%202024) Total assets and liabilities significantly increased from December **2024** to June **2025**, driven by the **Long Ridge Energy & Power LLC** acquisition Consolidated Balance Sheet Summary | Metric (in millions) | June 30, 2025 | December 31, 2024 | Change (in millions) | Percentage Change | | :-------------------------------- | :----------------------------- | :------------------------------- | :-------------------- | :------------------ | | Total assets | $4.41 billion | $2.37 billion | $2.03 billion | **85.6%** | | Total liabilities | $3.63 billion | $1.92 billion | $1.71 billion | **89.3%** | | Redeemable preferred stock | $550.29 million | $381.22 million | $169.08 million | **44.4%** | | Total equity | $225.63 million | $75.14 million | $150.49 million | **200.3%** | - The increase in total assets and liabilities is largely attributable to the acquisition of **Long Ridge Energy & Power LLC** in February **2025**[51](index=51&type=chunk)[86](index=86&type=chunk) [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations%20for%20the%20three%20and%20six%20months%20ended%20June%2030,%202025%20and%202024) Net loss increased for the three months ended June **30**, **2025**, but net income for the six-month period turned positive due to a gain on asset sale Consolidated Statements of Operations (Three Months) | Metric (in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change | | :-------------------- | :------------------------------- | :------------------------------- | :----- | | Total revenues | $122.29 million | $84.89 million | $37.40 million | | Total expenses | $129.08 million | $87.93 million | $41.16 million | | Total other (expense) income | ($62.21 million) | ($44.84 million) | ($17.38 million) | | Net (loss) income | ($69.96 million) | ($48.14 million) | ($21.82 million) | | Net (loss) income attributable to stockholders | ($79.82 million) | ($54.35 million) | ($25.47 million) | | Basic (loss) earnings per share | ($0.73) | ($0.52) | ($0.21) | Consolidated Statements of Operations (Six Months) | Metric (in millions) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | | :-------------------- | :----------------------------- | :----------------------------- | :----- | | Total revenues | $218.45 million | $167.42 million | $51.03 million | | Total expenses | $232.31 million | $181.81 million | $50.50 million | | Total other (expense) income | $23.50 million | ($81.98 million) | $105.48 million | | Net (loss) income | $50.21 million | ($98.44 million) | $148.64 million | | Net (loss) income attributable to stockholders | $29.91 million | ($110.93 million) | $140.84 million | | Basic (loss) earnings per share | $0.21 | ($1.06) | $1.27 | - The significant improvement in net income for the six-month period was largely due to a **$119.8 million** gain on sale of assets, net, in **2025**, compared to a loss in **2024**, primarily from the **Long Ridge Energy & Power LLC** acquisition[18](index=18&type=chunk)[88](index=88&type=chunk) [Consolidated Statements of Comprehensive (Loss) Income](index=8&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20(Loss)%20Income%20for%20the%20three%20and%20six%20months%20ended%20June%2030,%202025%20and%202024) Comprehensive loss increased for the three months ended June **30**, **2025**, while comprehensive income significantly improved for the six-month period due to derivatives Consolidated Statements of Comprehensive (Loss) Income (Three Months) | Metric (in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change | | :-------------------- | :------------------------------- | :------------------------------- | :----- | | Net (loss) income | ($69.96 million) | ($48.14 million) | ($21.82 million) | | Other comprehensive (loss) income related to derivatives | ($17.47 million) | $22.22 million | ($39.69 million) | | Change in pension and other employee benefit accounts | ($0.56 million) | $26.16 million | ($26.72 million) | | Comprehensive (loss) income | ($87.99 million) | $0.24 million | ($88.22 million) | | Comprehensive (loss) income attributable to stockholders | ($76.89 million) | $11.64 million | ($88.52 million) | Consolidated Statements of Comprehensive (Loss) Income (Six Months) | Metric (in millions) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | | :-------------------- | :----------------------------- | :----------------------------- | :----- | | Net (loss) income | $50.21 million | ($98.44 million) | $148.64 million | | Other comprehensive (loss) income related to derivatives | $141.08 million | $1.10 million | $139.98 million | | Change in pension and other employee benefit accounts | ($1.12 million) | $26.14 million | ($27.26 million) | | Comprehensive (loss) income | $190.17 million | ($71.19 million) | $261.36 million | | Comprehensive (loss) income attributable to stockholders | $212.67 million | ($49.10 million) | $261.77 million | [Consolidated Statements of Changes in Equity](index=9&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Equity%20for%20the%20three%20and%20six%20months%20ended%20June%2030,%202025%20and%202024) Total equity increased from December **2024** to June **2025**, primarily due to net income and other comprehensive income, partially offset by dividends Consolidated Statements of Changes in Equity Summary | Metric (in millions) | December 31, 2024 | June 30, 2025 | Change | | :-------------------- | :---------------- | :------------ | :----- | | Total Equity | $75.14 million | $225.63 million | $150.49 million | | Net income (loss) | ($405.82 million) (Accumulated Deficit) | ($333.11 million) (Accumulated Deficit) | $72.71 million | | Other comprehensive income (loss) | ($157.05 million) | ($17.08 million) | $139.97 million | | Issuance of common shares | $1.14 million (Common Stock) | $1.15 million (Common Stock) | $0.01 million | | Issuance of warrants | $0 | $1.01 million (Additional Paid In Capital) | $1.01 million | | Issuance of Manager options | $0 | $7.36 million (Additional Paid In Capital) | $7.36 million | | Dividends declared on common stock | $0 | ($6.89 million) | ($6.89 million) | | Dividends and accretion of redeemable preferred stock | $0 | ($42.80 million) | ($42.80 million) | | Equity-based compensation | $0 | $2.16 million | $2.16 million | [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20three%20and%20six%20months%20ended%20June%2030,%202025%20and%202024) Net cash used in operating activities increased for the six months ended June **30**, **2025**, while investing and financing activities saw significant increases Consolidated Statements of Cash Flows Summary | Metric (in millions) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | | :------------------------------------ | :----------------------------- | :----------------------------- | :----- | | Net cash used in operating activities | ($90.87 million) | ($21.47 million) | ($69.40 million) | | Net cash provided by (used in) investing activities | $78.36 million | ($52.65 million) | $131.01 million | | Net cash provided by financing activities | $313.48 million | $173.11 million | $140.37 million | | Net increase in cash and cash equivalents and restricted cash | $300.97 million | $98.99 million | $201.98 million | | Cash and cash equivalents and restricted cash, end of period | $448.26 million | $186.47 million | $261.80 million | - The increase in cash used in operating activities was primarily due to changes in working capital, equity in earnings of unconsolidated entities, and a gain on sale of subsidiaries, partially offset by increased net income and depreciation[310](index=310&type=chunk) - Investing activities were significantly impacted by the acquisition of business (net of cash acquired) of **$226.6 million** in **2025**[25](index=25&type=chunk)[311](index=311&type=chunk) - Financing activities saw increased proceeds from debt (**$494.07 million** in **2025** vs. **$449.69 million** in **2024**) and a decrease in debt repayment (**$126.10 million** in **2025** vs. **$242.00 million** in **2024**)[25](index=25&type=chunk)[312](index=312&type=chunk) [Notes to Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section presents **FTAI Infrastructure Inc.**'s unaudited consolidated financial statements and detailed notes [Note 1: Organization](index=12&type=section&id=Note%201:%20Organization) **FTAI Infrastructure Inc.**, a spin-off from **FTAI Aviation Ltd.**, operates five segments: **Railroad**, **Jefferson Terminal**, **Repauno**, **Power and Gas**, and **Sustainability and Energy Transition** - **FTAI Infrastructure Inc.** was formed on December **13**, **2021**, as a spin-off of the infrastructure business from **FTAI Aviation Ltd.**[26](index=26&type=chunk) - The company operates five reportable segments: **Railroad**, **Jefferson Terminal**, **Repauno**, **Power and Gas**, and **Sustainability and Energy Transition**[26](index=26&type=chunk) - Key assets include six freight railroads (**Transtar**), a multi-modal crude oil and refined products terminal (**Jefferson Terminal**), a deep-water port (**Repauno**), a multi-modal terminal with a power plant (**Long Ridge**), and equity investments in battery/metal recycling technology ventures (Aleon and Gladieux)[26](index=26&type=chunk) [Note 2: Summary of Significant Accounting Policies](index=12&type=section&id=Note%202:%20Summary%20of%20Significant%20Accounting%20Policies) This note details the company's **U.S. GAAP** accounting principles, consolidation methods, risk management, and liquidity plans, including debt refinancing - The financial statements are prepared in accordance with **U.S. GAAP** and consolidate entities where the company has a controlling financial interest or is the primary beneficiary of a VIE[28](index=28&type=chunk)[29](index=29&type=chunk) - The company faces credit, market, and capital market risks, but has limited exposure to foreign currency risk as all arrangements are in U.S. dollars[32](index=32&type=chunk) - Management has identified a liquidity risk related to **$302.5 million** of debt due in approximately **12** months but has a plan to alleviate this risk through refinancing and new long-term senior notes[33](index=33&type=chunk) - Revenue recognition policies are detailed for terminal services (over time), rail (as services performed), roadside services (at point of time), and power/gas (upon generation/delivery)[58](index=58&type=chunk)[59](index=59&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk) - Goodwill increased due to the acquisition of **Long Ridge Energy & Power LLC** in February **2025**, with carrying amounts allocated across **Jefferson Terminal**, **Railroad**, **Corporate and Other**, and **Power and Gas** segments[51](index=51&type=chunk) - The company has significant customer concentration, with one **Railroad** segment customer accounting for **32%** of total revenues and one **Jefferson Terminal** customer for **11%** of total revenues for the three and six months ended June **30**, **2025**[73](index=73&type=chunk) [Note 3: Acquisition of Long Ridge Energy & Power LLC](index=18&type=section&id=Note%203:%20Acquisition%20of%20Long%20Ridge%20Energy%20%26%20Power%20LLC) **FTAI Infrastructure Inc.** acquired the remaining **49.9%** interest in **Long Ridge Energy & Power LLC** for **$484.73 million**, resulting in a **$120.0 million** gain on sale of assets - Acquisition Date: February **26**, **2025**[86](index=86&type=chunk) - Acquired Interest: **49.9%** (resulting in **100%** ownership)[86](index=86&type=chunk) - Accounting Method: Step acquisition, remeasuring pre-existing equity interest to fair value[88](index=88&type=chunk) Preliminary Purchase Price Allocation (February 26, 2025) | Item | Amount (in millions) | | :-------------------------------- | :-------------------- | | Gain on sale of assets | $120.00 million | | Income tax benefit | $9.20 million | | Acquisition and transaction expense (3 months) | $0.60 million | | Acquisition and transaction expense (6 months) | $2.20 million | Preliminary Purchase Price Allocation (February 26, 2025) | Asset/Liability | Fair Value (in millions) | | :-------------------------- | :------------------------ | | Total assets acquired | $1.78 billion | | Total liabilities assumed | $1.42 billion | | Goodwill | $125.86 million | | Total preliminary purchase consideration | $484.73 million | - Goodwill of **$125.86 million** is assigned to the **Power and Gas** segment and is not tax deductible[90](index=90&type=chunk) [Note 4: Leasing Equipment, net](index=20&type=section&id=Note%204:%20Leasing%20Equipment,%20net) Net leasing equipment remained stable at **$37.20 million** as of June **30**, **2025**, with depreciation expense of **$0.41 million** for the three months Leasing Equipment, Net | Metric (in millions) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Leasing equipment | $49.83 million | $49.26 million | | Less: Accumulated depreciation | ($12.63 million) | ($11.81 million) | | Leasing equipment, net | $37.20 million | $37.45 million | Leasing Equipment Depreciation Expense | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Depreciation expense for leasing equipment | $412 | $345 | $822 | $676 | - **Jefferson Terminal** entered into a sales-type lease in December **2023**, recognizing a **$6.6 million** gain and generating interest income of **$0.2 million** for the three months and **$0.4 million** for the six months ended June **30**, **2025**[96](index=96&type=chunk)[97](index=97&type=chunk) [Note 5: Property, Plant and Equipment, net](index=21&type=section&id=Note%205:%20Property,%20Plant%20and%20Equipment,%20net) Net property, plant and equipment significantly increased to **$3.23 billion** at June **30**, **2025**, primarily due to the **Long Ridge** acquisition Property, Plant and Equipment, Net | Metric (in millions) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Total property, plant and equipment | $3.64 billion | $2.00 billion | | Less: Accumulated depreciation | ($406.89 million) | ($350.74 million) | | Property, plant and equipment, net | $3.23 billion | $1.65 billion | - The substantial increase in property, plant and equipment is largely due to the acquisition of **Long Ridge Energy & Power LLC**, which added significant assets like power generation, unproved and proved oil and gas properties, and land[90](index=90&type=chunk)[91](index=91&type=chunk)[98](index=98&type=chunk) Property, Plant and Equipment Depreciation Expense | Metric (in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Depreciation expense | $32.58 million | $17.93 million | $56.18 million | $36.24 million | [Note 6: Investments](index=22&type=section&id=Note%206:%20Investments) Investments, primarily equity method, increased to **$17.73 million** at June **30**, **2025**, reflecting ongoing investments and the consolidation of **Long Ridge** Investment Carrying Values | Investment | Ownership Percentage | Carrying Value (June 30, 2025) (in millions) | Carrying Value (December 31, 2024) (in millions) | | :-------------------------- | :------------------- | :------------------------------------ | :------------------------------------ | | Clean Planet Energy USA LLC | **50.0%** | $17.73 million | $12.41 million | | Total Investments | | $17.73 million | $12.53 million | Equity in (Losses) Earnings from Investments | Investment | Equity in (Losses) Earnings (3 Months Ended June 30, 2025) (in millions) | Equity in (Losses) Earnings (3 Months Ended June 30, 2024) (in millions) | Equity in (Losses) Earnings (6 Months Ended June 30, 2025) (in millions) | Equity in (Losses) Earnings (6 Months Ended June 30, 2024) (in millions) | | :-------------------------- | :------------------------------------------------------- | :------------------------------------------------------- | :------------------------------------------------------- | :------------------------------------------------------- | | GM-FTAI Holdco LLC | ($1.90 million) | ($5.14 million) | ($7.11 million) | ($9.63 million) | | Clean Planet Energy USA LLC | ($0.10 million) | ($0.32 million) | ($0.21 million) | ($0.71 million) | | Total | ($2.00 million) | ($12.79 million) | $3.32 million | ($24.69 million) | - **Long Ridge Energy & Power LLC**, previously an equity method investment, is now **100%** owned and consolidated as of June **30**, **2025**[99](index=99&type=chunk)[104](index=104&type=chunk) - The company invested **$5.0 million** in **E-Circuit Motors, Inc.** for Series D preferred equity and warrants in March **2024**, recorded in Other assets[114](index=114&type=chunk)[115](index=115&type=chunk) [Note 7: Intangible Assets, net](index=24&type=section&id=Note%207:%20Intangible%20Assets,%20net) Net intangible assets decreased slightly to **$45.22 million** at June **30**, **2025**, with customer relationships as the primary asset and **$1.01 million** amortization expense Intangible Assets, Net | Metric (in millions) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Customer relationships | $96.51 million | $95.51 million | | Less: Accumulated amortization | ($51.29 million) | ($49.28 million) | | Total intangible assets, net | $45.22 million | $46.23 million | - A new **$1.0 million** intangible asset for customer relationships was recorded in the **Power and Gas** segment due to the **Long Ridge** acquisition[90](index=90&type=chunk)[116](index=116&type=chunk) Amortization of customer relationships | Metric (in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Amortization of customer relationships | $1.01 million | $1.89 million | $2.01 million | $3.77 million | Estimated Net Annual Amortization of Intangibles (as of June 30, 2025) | Year | Amount (in millions) | | :--- | :-------------------- | | Remainder of 2025 | $2.03 million | | 2026 | $4.07 million | | 2027 | $4.07 million | | 2028 | $4.07 million | | 2029 | $4.07 million | | Thereafter | $26.92 million | | Total | $45.22 million | [Note 8: Debt, net](index=25&type=section&id=Note%208:%20Debt,%20net) Total debt, net, more than doubled to **$3.08 billion** at June **30**, **2025**, due to new borrowings for the **Long Ridge** acquisition and Series **2025** Bonds Debt, Net Summary | Metric (in millions) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Total debt | $3.12 billion | $1.60 billion | | Less: Debt issuance costs | ($31.69 million) | ($14.80 million) | | Total debt, net | $3.08 billion | $1.59 billion | | Principal debt due within one year | $84.57 million | $50.00 million | | Total principal debt, net due within one year | $82.75 million | $48.59 million | - New debt issuances include **$600.0 million** in **8.75%** Senior Notes due **2032** and a **$399.0 million Long Ridge Credit Agreement** (**SOFR** + **4.50%**) due **2032**, both related to the **Long Ridge** acquisition[121](index=121&type=chunk)[122](index=122&type=chunk) - The company issued **$300.0 million** in Series **2025** Bonds and a **$100.0 million DRP DB Term Loan** (**8.50%**) in May **2025**[127](index=127&type=chunk)[128](index=128&type=chunk) - Debt repayments included the October **2024 Jefferson Credit Agreement** (**$50.0 million**), March **2025 Repauno Credit Agreement** (**$30.0 million**), and **DRP Revolver** (**$44.3 million**)[124](index=124&type=chunk)[125](index=125&type=chunk)[129](index=129&type=chunk) - Loss on modification of debt totaled **$4.07 million** for the six months ended June **30**, **2025**, primarily from these repayments[18](index=18&type=chunk)[131](index=131&type=chunk) [Note 9: Fair Value Measurements](index=27&type=section&id=Note%209:%20Fair%20Value%20Measurements) Financial assets and liabilities are measured at fair value using a hierarchy of inputs, with most debt approximating carrying values due to market rates - Fair value measurements are categorized into Level **1** (quoted prices in active markets), Level **2** (observable inputs other than Level **1**), and Level **3** (unobservable inputs)[133](index=133&type=chunk) Fair Value of Financial Assets (June 30, 2025) | Asset (in millions) | Total | Level 1 | Level 2 | Level 3 | | :------------------- | :---- | :------ | :------ | :------ | | Cash and cash equivalents | $33.63 million | $33.63 million | $— | $— | | Restricted cash and cash equivalents | $414.64 million | $414.64 million | $— | $— | | Notes receivable | $12.66 million | $— | $12.66 million | $— | | Total assets | $460.92 million | $448.26 million | $12.66 million | $— | Fair Value of Financial Liabilities (June 30, 2025) | Liability (in millions) | Total | Level 1 | Level 2 | Level 3 | | :----------------------- | :---- | :------ | :------ | :------ | | Derivative liabilities | ($168.78 million) | $— | ($168.78 million) | $— | | Total liabilities | ($168.78 million) | $— | ($168.78 million) | $— | - The fair value of electricity derivative liabilities is estimated using the income approach, based on discounted projected future cash flows, power forward curves, probability of default, and discount rates[136](index=136&type=chunk) - The fair value of most other debt instruments approximates their carrying values due to bearing market rates of interest and are classified as Level **2**[140](index=140&type=chunk) [Note 10: Derivative Financial Instruments](index=29&type=section&id=Note%2010:%20Derivative%20Financial%20Instruments) The company uses electricity swaps as **cash flow hedges** and interest rate swaps to manage **SOFR** risk, with significant derivative liabilities of **$168.78 million** - Electricity swaps are designated as **cash flow hedges** to mitigate price risk from electricity sales, with realized gains/losses recognized in Revenues[142](index=142&type=chunk) - Interest rate swaps are used to manage **SOFR** increases on the **Long Ridge Credit Agreement** but are not designated as hedging instruments; unrealized and realized gains/losses are recognized in Interest expense[144](index=144&type=chunk) Outstanding Derivative Contracts (June 30, 2025) | Derivative Type | Notional Amount | Fair Value of Liabilities (in millions) | Term | | :-------------------------- | :-------------- | :------------------------------------- | :----- | | Electricity Swaps (MWh) | **20,970** | ($167.96 million) | **4** to **7** Years | | Interest Rate Swaps ($) | **200,000** | ($0.83 million) | **3** Years | | Total | | ($168.78 million) | | - The company provided **$11.0 million** in letters of credit to electricity swap counterparties[143](index=143&type=chunk) [Note 11: Revenues](index=30&type=section&id=Note%2011:%20Revenues) Total revenues increased significantly for both periods, primarily driven by the **Long Ridge Energy & Power LLC** acquisition and new **Power and Gas** revenues Total Revenues by Segment | Segment | Three Months Ended June 30, 2025 (in millions) | Three Months Ended June 30, 2024 (in millions) | Six Months Ended June 30, 2025 (in millions) | Six Months Ended June 30, 2024 (in millions) | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Railroad | $42.14 million | $45.64 million | $84.77 million | $91.95 million | | Jefferson Terminal | $21.63 million | $21.17 million | $41.08 million | $39.79 million | | Repauno | $2.99 million | $3.86 million | $6.80 million | $7.94 million | | Power and Gas | $41.80 million | $0 | $59.09 million | $0 | | Corporate and Other | $13.73 million | $14.21 million | $26.71 million | $27.74 million | | Total Revenues | $122.29 million | $84.89 million | $218.45 million | $167.42 million | - **Power** revenues (**$38.01 million** for **3** months, **$53.79 million** for **6** months) and **Gas** revenues (**$2.96 million** for **3** months, **$4.15 million** for **6** months) are new revenue streams in **2025** due to the **Long Ridge** acquisition[148](index=148&type=chunk) - **Rail** revenues decreased by **$3.48 million** (**3** months) and **$7.20 million** (**6** months) year-over-year[148](index=148&type=chunk)[150](index=150&type=chunk) - Terminal services revenues remained stable for the three months and increased slightly for the six months, while Roadside services revenues decreased[148](index=148&type=chunk)[150](index=150&type=chunk) [Note 12: Equity-Based Compensation](index=31&type=section&id=Note%2012:%20Equity-Based%20Compensation) The Incentive Plan authorizes **30.0 million** shares for equity awards, with the **Manager** receiving options for **2.9 million** common shares in February **2025** - The Nonqualified Stock Option and Incentive Award Plan (**Incentive Plan**) provides for the issuance of up to **30.0 million** shares[153](index=153&type=chunk) - In February **2025**, the **Manager** received options to purchase **2.9 million** common shares at **$5.61** per share, with a grant date fair value of **$7.4 million**[155](index=155&type=chunk) Subsidiary Stock-Based Compensation Expense | Type | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :----------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Restricted shares | $70 | $179 | $140 | $179 | | Common units | $358 | $290 | $716 | $580 | | Total | $428 | $469 | $856 | $759 | RSUs to Subsidiary Employees Compensation Expense | Type | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :----------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Restricted stock units | $479 | $1.24 million | $1.29 million | $3.29 million | | Total | $479 | $1.24 million | $1.29 million | $3.29 million | [Note 13: Retirement Benefit Plans](index=32&type=section&id=Note%2013:%20Retirement%20Benefit%20Plans) The company maintains defined benefit pension and postretirement plans for **Transtar** employees, with total pension costs of **$1.03 million** for the six months - The company has a defined benefit pension plan and a postretirement benefit plan for eligible **Transtar** employees[160](index=160&type=chunk) - In Q**2** **2024**, an amendment to the postretirement benefit plan decreased the liability by **$28.2 million**[162](index=162&type=chunk) Retirement Benefit Plan Costs (Benefits) | Metric | Three Months Ended June 30, 2025 (Pension) (in thousands) | Three Months Ended June 30, 2025 (Postretirement) (in thousands) | Three Months Ended June 30, 2024 (Pension) (in thousands) | Three Months Ended June 30, 2024 (Postretirement) (in thousands) | | :-------------------------- | :--------------------------------------- | :---------------------------------------------- | :--------------------------------------- | :---------------------------------------------- | | Service costs | $375 | $85 | $373 | $152 | | Interest costs | $215 | $79 | $153 | $136 | | Expected return on plan assets | ($79) | $— | ($50) | $— | | Amortization of prior service costs | $2 | ($435) | $— | ($314) | | Amortization of actuarial gains | $— | ($126) | ($3) | ($111) | | Total | $513 | ($397) | $473 | ($137) | Retirement Benefit Plan Costs (Benefits) | Metric | Six Months Ended June 30, 2025 (Pension) (in millions) | Six Months Ended June 30, 2025 (Postretirement) (in thousands) | Six Months Ended June 30, 2024 (Pension) (in millions) | Six Months Ended June 30, 2024 (Postretirement) (in thousands) | | :-------------------------- | :--------------------------------------- | :---------------------------------------------- | :--------------------------------------- | :---------------------------------------------- | | Service costs | $0.75 million | $170 | $0.75 million | $636 | | Interest costs | $0.43 million | $158 | $0.31 million | $545 | | Expected return on plan assets | ($0.16 million) | $— | ($0.10 million) | $— | | Amortization of prior service costs | $0.00 million | ($870) | $— | ($274) | | Amortization of actuarial gains | $— | ($252) | ($0.01 million) | ($111) | | Total | $1.03 million | ($794) | $0.95 million | $796 | - Total employer contributions for the six months ended June **30**, **2025**, were **$1.0 million**, with an expected **$1.8 million** remaining for the year[164](index=164&type=chunk) [Note 14: Income Taxes](index=33&type=section&id=Note%2014:%20Income%20Taxes) The company reported a significant income tax benefit of **$40.56 million** for the six months ended June **30**, **2025**, due to a partial release of the valuation allowance Income Tax Provision (Benefit) | Component | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in millions) | Six Months Ended June 30, 2024 (in millions) | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Current | $423 | $111 | $0.74 million | $0.58 million | | Deferred | $529 | $156 | ($41.30 million) | $1.49 million | | Total Provision (Benefit) | $952 | $267 | ($40.56 million) | $2.07 million | - The significant tax benefit for the six months ended June **30**, **2025**, was due to a partial release of the valuation allowance and reclassification of taxes from Accumulated other comprehensive loss, resulting from the **Long Ridge Energy & Power LLC** acquisition[167](index=167&type=chunk) - A valuation allowance has been established against net U.S. federal and state deferred tax assets, including net operating loss carryforwards[166](index=166&type=chunk) - The company is assessing the potential impact of the recently enacted **One Big Beautiful Bill Act (OBBBA)** on its financial statements[169](index=169&type=chunk) [Note 15: Management Agreement and Affiliate Transactions](index=34&type=section&id=Note%2015:%20Management%20Agreement%20and%20Affiliate%20Transactions) **FTAI Infrastructure Inc.** is externally managed by **FIG LLC**, incurring annual management fees and expense reimbursements, with inherent conflicts of interest - The company is externally managed by **FIG LLC** (the "**Manager**") under a Management Agreement with an initial term of six years[170](index=170&type=chunk) - The **Manager** receives an annual management fee (**1.50%** of average total equity) and incentive fees (Income Incentive Fee and Capital Gains Incentive Fee)[171](index=171&type=chunk)[172](index=172&type=chunk)[174](index=174&type=chunk) Management Fees and Incentive Allocation | Metric | Three Months Ended June 30, 2025 (in millions) | Three Months Ended June 30, 2024 (in millions) | Six Months Ended June 30, 2025 (in millions) | Six Months Ended June 30, 2024 (in millions) | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Management fee | $3.68 million | $2.78 million | $6.22 million | $5.78 million | | Income incentive fee | $— | $— | $— | $— | | Capital gains incentive fee | $— | $— | $— | $— | | Total | $3.68 million | $2.78 million | $6.22 million | $5.78 million | Reimbursements to the Manager | Classification | Three Months Ended June 30, 2025 (in millions) | Three Months Ended June 30, 2024 (in millions) | Six Months Ended June 30, 2025 (in millions) | Six Months Ended June 30, 2024 (in millions) | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | General and administrative | $1.58 million | $1.09 million | $3.27 million | $2.43 million | | Acquisition and transaction expenses | $0.86 million | $0.25 million | $1.52 million | $0.57 million | | Total | $2.43 million | $1.34 million | $4.79 million | $3.00 million | - Accrued management fees due to the **Manager** were **$6.26 million** as of June **30**, **2025**[181](index=181&type=chunk) - Certain employees of the **Manager** and their related parties collectively own approximately **20%** interest in **Jefferson Terminal**, accounted for as non-controlling interest[182](index=182&type=chunk) [Note 16: Segment Information](index=36&type=section&id=Note%2016:%20Segment%20Information) The company operates five reportable segments, with the newly consolidated **Power and Gas** segment significantly boosting total revenues and **Adjusted EBITDA** - The five reportable segments are **Railroad**, **Jefferson Terminal**, **Repauno**, **Power and Gas**, and **Sustainability and Energy Transition**, all operating in North America[186](index=186&type=chunk) - The **Power and Gas** segment is comprised of **Long Ridge**, a multi-modal terminal with a power plant, and was fully consolidated in February **2025**[186](index=186&type=chunk) - The CODM (**Chief Executive Officer**) evaluates investment performance primarily based on **Adjusted EBITDA**[188](index=188&type=chunk) Adjusted EBITDA (Non-GAAP) by Segment | Segment | Three Months Ended June 30, 2025 (in millions) | Three Months Ended June 30, 2024 (in millions) | Six Months Ended June 30, 2025 (in millions) | Six Months Ended June 30, 2024 (in millions) | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Railroad | $20.67 million | $22.12 million | $40.60 million | $43.78 million | | Jefferson Terminal | $11.08 million | $12.33 million | $19.03 million | $19.13 million | | Repauno | ($2.08 million) | ($1.50 million) | ($3.53 million) | ($3.19 million) | | Power and Gas | $22.97 million | $8.85 million | $161.06 million | $19.24 million | | Sustainability and Energy Transition | $0.82 million | ($2.78 million) | ($0.80 million) | ($4.64 million) | | Corporate and Other | ($7.55 million) | ($4.75 million) | ($15.22 million) | ($12.83 million) | | Total Adjusted EBITDA | $45.92 million | $34.26 million | $201.14 million | $61.49 million | Total Assets by Segment | Segment | June 30, 2025 (in millions) | December 31, 2024 (in millions) | | :-------------------------- | :------------ | :---------------- | | Railroad | $690.07 million | $710.91 million | | Jefferson Terminal | $1.26 billion | $1.27 billion | | Repauno | $599.51 million | $341.64 million | | Power and Gas | $1.79 billion | $0.12 million | | Sustainability and Energy Transition | $30.94 million | $24.36 million | | Corporate and Other | $39.95 million | $23.73 million | | Total Assets | $4.41 billion | $2.37 billion | [Note 17: Redeemable Preferred Stock](index=46&type=section&id=Note%2017:%20Redeemable%20Preferred%20Stock) The company has **Series A** and **Series B Redeemable Preferred Stock**, both classified as **temporary equity** due to contingent redemption clauses - **Series A Preferred Stock** was issued on August **1**, **2022**, with **300,000** shares outstanding[203](index=203&type=chunk) - **Series A** dividends are **14.0%** per annum, increasing by **2.0%** if not paid in cash during the first two years, and by **1.0%** on the fifth anniversary[206](index=206&type=chunk) - Failure to pay cash dividends for **12** months after the second anniversary constitutes an event of noncompliance[206](index=206&type=chunk) - **Series B Preferred Stock** was issued on February **26**, **2025**, for **$160.0 million** (**160,000** shares)[211](index=211&type=chunk) - **Series B** dividends are **9.00%** cash or **10.00%** PIK per annum[214](index=214&type=chunk) - Dividends are not recorded as redemption is not currently expected[215](index=215&type=chunk) - Both **Series A** and **Series B** are classified as **temporary equity** due to contingent redemption clauses, but **Series B** is not currently probable of becoming redeemable[54](index=54&type=chunk)[55](index=55&type=chunk)[216](index=216&type=chunk) - If **Series B** were converted at the option of the holder as of June **30**, **2025**, it would convert to **20,238,260** shares of common stock[221](index=221&type=chunk) [Note 18: Earnings per Share and Equity](index=48&type=section&id=Note%2018:%20Earnings%20per%20Share%20and%20Equity) Basic and diluted EPS for the six months ended June **30**, **2025**, were **$0.21**, a significant improvement from **2024**, with increased weighted average common stock outstanding - Basic EPS is calculated by dividing net income attributable to stockholders by weighted average common stock outstanding[222](index=222&type=chunk) - Diluted EPS includes potentially dilutive securities using the treasury stock method[222](index=222&type=chunk) Earnings Per Share Data | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net (loss) income attributable to common stockholders (in millions) | ($83.90 million) | ($54.35 million) | $24.36 million | ($110.93 million) | | Weighted Average Common Stock Outstanding - Basic | **114,880,817** | **105,039,831** | **114,491,338** | **104,612,209** | | Weighted Average Common Stock Outstanding - Diluted | **114,880,817** | **105,039,831** | **115,260,452** | **104,612,209** | | Basic (loss) earnings per share | ($0.73) | ($0.52) | $0.21 | ($1.06) | | Diluted (loss) earnings per share | ($0.73) | ($0.52) | $0.21 | ($1.06) | - For the three months ended June **30**, **2025**, **20,443,245** common shares were excluded from diluted EPS calculation due to anti-dilutive impact[223](index=223&type=chunk) - For the six months, **13,590,885** shares were excluded[223](index=223&type=chunk) - **550,000 Series A Warrants** were issued in February **2025** with an exercise price of **$10.00** per share, increasing total outstanding warrants to **3,892,566**[225](index=225&type=chunk)[226](index=226&type=chunk) [Note 19: Commitments and Contingencies](index=49&type=section&id=Note%2019:%20Commitments%20and%20Contingencies) The company is involved in legal proceedings and may have contingent payment obligations related to acquisitions, with **$10.0 million** resolved for **Repauno** - The company may be involved in legal proceedings and regulatory investigations in the ordinary course of business[228](index=228&type=chunk) - A contingent payment arrangement with **Repauno**'s non-controlling interest holder for up to **$15.0 million** has had **$10.0 million** resolved and paid by December **31**, **2022**[229](index=229&type=chunk) [Note 20: Subsequent Events](index=49&type=section&id=Note%2020:%20Subsequent%20Events) On August **6**, **2025**, a subsidiary agreed to acquire **The Wheeling Corporation** for **$1.05 billion**, supported by debt and preferred equity commitments, and a common stock dividend was declared - On August **6**, **2025**, Percy Acquisition LLC (a subsidiary) entered into an agreement to acquire **The Wheeling Corporation** for a base purchase price of **$1.05 billion**[230](index=230&type=chunk) - The **Wheeling Acquisition** is supported by a **$1.25 billion** bridge term loan facility and a **$1.0 billion** preferred stock commitment from **Ares Management LLC**[231](index=231&type=chunk) - On August **7**, **2025**, a cash dividend of **$0.03** per share was declared for common stock for the quarter ended June **30**, **2025**[234](index=234&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=51&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition, results of operations, key performance drivers, segment performance, liquidity, and critical accounting estimates [Overview](index=51&type=section&id=Overview) **FTAI Infrastructure Inc.** acquires, develops, and operates critical infrastructure assets in transportation, energy, and industrial products, with **$4.4 billion** in total consolidated assets - **FTAI Infrastructure Inc.** acquires, develops, and operates critical infrastructure assets for transportation, energy, and industrial products industries[236](index=236&type=chunk) - The company targets long-lived assets or operating businesses with high barriers to entry, strong margins, stable cash flows, and upside from earnings growth and asset appreciation[237](index=237&type=chunk) - As of June **30**, **2025**, total consolidated assets were **$4.4 billion** and redeemable preferred stock and equity totaled **$0.8 billion**[237](index=237&type=chunk) [Operating Segments](index=51&type=section&id=Operating%20Segments) The company operates five reportable segments across North America, with the **Power and Gas** segment being a key area, and **KRS** moved to **Corporate and Other** - The company has five reportable segments: **Railroad**, **Jefferson Terminal**, **Repauno**, **Power and Gas**, and **Sustainability and Energy Transition**[238](index=238&type=chunk) - The **Power and Gas** segment includes **Long Ridge**, a multi-modal terminal with a power plant[238](index=238&type=chunk) - **KRS**, a railcar cleaning operation, was moved from the **Railroad** segment to the **Corporate and Other** segment in Q**2** **2025** to better align with how the CODM reviews segment results[239](index=239&type=chunk) [Our Manager](index=51&type=section&id=Our%20Manager) **Fortress**'s equity was acquired by management and Mubadala Capital affiliates in May **2024**, but it continues to operate as an independent investment manager - On May **14**, **2024**, **Fortress**'s equity was acquired by certain members of **Fortress** management and affiliates of Mubadala Capital[240](index=240&type=chunk) - **Fortress** continues to operate as an independent investment manager with autonomy over investment processes, decision-making, personnel, and operations[240](index=240&type=chunk) [Results of Operations](index=52&type=section&id=Results%20of%20Operations) Results for the three and six months ended June **30**, **2025**, show significant changes driven by the **Long Ridge** acquisition, including increased revenues and a positive net income for the six-month period [Adjusted EBITDA (Non-GAAP)](index=52&type=section&id=Adjusted%20EBITDA%20(Non-GAAP)) **Adjusted EBITDA** is the key non-GAAP performance measure used by the CODM to assess operational performance and make resource allocation decisions - **Adjusted EBITDA** is the key performance measure used by the CODM to assess operational performance and make resource and allocation decisions[241](index=241&type=chunk) - It is defined as net income (loss) attributable to stockholders, adjusted for items such as income taxes, equity-based compensation, acquisition expenses, debt modification losses, asset impairment, depreciation, interest expense, and pro-rata share of **Adjusted EBITDA** from unconsolidated entities[242](index=242&type=chunk) - Net income (loss) attributable to stockholders is considered the most appropriate **GAAP** earnings measure for reconciliation[243](index=243&type=chunk) [Comparison of the three and six months ended June 30, 2025 and 2024 (Overall)](index=53&type=section&id=Comparison%20of%20the%20three%20and%20six%20months%20ended%20June%2030,%202025%20and%202024) For the three months ended June **30**, **2025**, revenues increased but net loss widened, while for the six months, revenues increased and net income turned positive due to an asset sale gain Overall Financial Performance (Three Months) | Metric (in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change | | :------------------------------------ | :------------------------------- | :------------------------------- | :----- | | Total Revenues | $122.29 million | $84.89 million | $37.40 million | | Total Expenses | $129.08 million | $87.93 million | $41.16 million | | Net (Loss) Income Attributable to Stockholders | ($79.82 million) | ($54.35 million) | ($25.47 million) | | Adjusted EBITDA (Non-GAAP) | $45.92 million | $34.26 million | $11.66 million | Overall Financial Performance (Six Months) | Metric (in millions) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | | :------------------------------------ | :----------------------------- | :----------------------------- | :----- | | Total Revenues | $218.45 million | $167.42 million | $51.03 million | | Total Expenses | $232.31 million | $181.81 million | $50.50 million | | Net (Loss) Income Attributable to Stockholders | $29.91 million | ($110.93 million) | $140.84 million | | Adjusted EBITDA (Non-GAAP) | $201.14 million | $61.49 million | $139.65 million | - The significant improvement in net income and **Adjusted EBITDA** for the six-month period was primarily driven by the acquisition of **Long Ridge Energy & Power LLC** and the associated gain on sale of assets[261](index=261&type=chunk)[262](index=262&type=chunk) [Revenue](index=54&type=section&id=Revenue) Total revenues increased for both periods, primarily due to the **Long Ridge Energy & Power LLC** acquisition, which added **Power** and **Gas** revenues, partially offset by decreases in **Rail** and Roadside services - Total revenues increased by **$37.4 million** (**3** months) and **$51.0 million** (**6** months) year-over-year[248](index=248&type=chunk)[251](index=251&type=chunk) - **Power** revenues increased by **$38.0 million** (**3** months) and **$53.8 million** (**6** months) due to the **Long Ridge** acquisition[250](index=250&type=chunk)[252](index=252&type=chunk) - **Gas** revenues increased by **$3.0 million** (**3** months) and **$4.1 million** (**6** months) due to the **Long Ridge** acquisition[250](index=250&type=chunk)[252](index=252&type=chunk) - **Rail** revenues decreased by **$3.0 million** (**3** months) and **$6.7 million** (**6** months) due to lower carloads and rates[250](index=250&type=chunk)[252](index=252&type=chunk) - Roadside services revenue decreased by **$1.0 million** (**3** months) and **$1.5 million** (**6** months)[250](index=250&type=chunk)[251](index=251&type=chunk) [Expenses](index=55&type=section&id=Expenses) Total expenses increased for both periods, primarily driven by higher operating expenses, depreciation, acquisition costs, and asset impairment, largely due to the **Long Ridge** acquisition - Total expenses increased by **$41.2 million** (**3** months) and **$50.5 million** (**6** months) year-over-year[253](index=253&type=chunk)[255](index=255&type=chunk) - Operating expenses increased by **$13.2 million** (**3** months) and **$15.7 million** (**6** months), mainly due to increased **Ohio GasCo LLC** well operations and full inclusion of **Long Ridge** operating expenses[253](index=253&type=chunk)[255](index=255&type=chunk) - Depreciation and amortization increased by **$13.8 million** (**3** months) and **$18.3 million** (**6** months) due to additional assets from the **Long Ridge** acquisition[254](index=254&type=chunk)[258](index=258&type=chunk) - Acquisition and transaction expenses increased by **$7.8 million** (**3** months) and **$10.4 million** (**6** months) due to legal and consulting fees related to the **Long Ridge** acquisition and other potential acquisitions[253](index=253&type=chunk)[257](index=257&type=chunk) - Asset impairment increased by **$4.4 million** (both periods) due to an adjustment to railcars in the **Railroad** segment[254](index=254&type=chunk)[258](index=258&type=chunk) [Other (expense) income](index=56&type=section&id=Other%20(expense)%20income) Total other expense increased for the three months, but total other income significantly increased for the six months, driven by a gain on asset sale and improved equity in earnings - Total other expense increased by **$17.4 million** for the three months ended June **30**, **2025**[259](index=259&type=chunk) - Total other income increased by **$105.5 million** for the six months ended June **30**, **2025**[259](index=259&type=chunk) - Interest expense increased by **$29.5 million** (**3** months) and **$45.0 million** (**6** months) due to approximately **$1.5 billion** and **$1.3 billion** increase in average outstanding debt, respectively, including **Long Ridge** debt[262](index=262&type=chunk) - Gain on sale of assets increased by **$120.0 million** (**6** months) due to the **Long Ridge** acquisition[262](index=262&type=chunk) - Equity in (losses) earnings of unconsolidated entities improved by **$10.8 million** (**3** months) and **$28.0 million** (**6** months) due to **Long Ridge** consolidation[262](index=262&type=chunk) [(Benefit from) provision for income taxes](index=56&type=section&id=(Benefit%20from)%20provision%20for%20income%20taxes) The company recorded a **$42.6 million** increase in benefit from income taxes for the six months ended June **30**, **2025**, due to a partial release of the valuation allowance - Benefit from income taxes increased by **$42.6 million** for the six months ended June **30**, **2025**[259](index=259&type=chunk) - This increase was primarily due to the partial release of the valuation allowance related to the **Long Ridge Energy & Power LLC** acquisition[259](index=259&type=chunk) [Net income (loss)](index=56&type=section&id=Net%20income%20(loss)) Net loss increased by **$21.8 million** for the three months ended June **30**, **2025**, while net income increased by **$148.6 million** for the six months, reflecting the combined impact of revenues, expenses, and other income/expense - Net loss increased by **$21.8 million** for the three months ended June **30**, **2025**[260](index=260&type=chunk) - Net income increased by **$148.6 million** for the six months ended June **30**, **2025**[260](index=260&type=chunk) [Adjusted EBITDA (Non-GAAP)](index=56&type=section&id=Adjusted%20EBITDA%20(Non-GAAP)) **Adjusted EBITDA** increased by **$11.7 million** for the three months and **$139.6 million** for the six months ended June **30**, **2025**, reflecting overall operational performance improvements and the impact of the **Long Ridge** acquisition - **Adjusted EBITDA** increased by **$11.7 million** for the three months ended June **30**, **2025**[261](index=261&type=chunk) - **Adjusted EBITDA** increased by **$139.6 million** for the six months ended June **30**, **2025**[261](index=261&type=chunk) [Railroad Segment](index=57&type=section&id=Railroad%20Segment) The **Railroad** segment experienced decreased revenues due to lower carloads and rates, and increased expenses from asset impairment and acquisition costs, leading to decreased **Adjusted EBITDA** Railroad Segment Performance (Three Months) | Metric (in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change | | :------------------------------------ | :------------------------------- | :------------------------------- | :----- | | Total Revenues | $42.14 million | $45.64 million | ($3.50 million) | | Total Expenses | $34.29 million | $28.71 million | $5.58 million | | Net Income Attributable to Stockholders | $7.32 million | $15.79 million | ($8.47 million) | | Adjusted EBITDA (Non-GAAP) | $20.67 million | $22.12 million | ($1.45 million) | Railroad Segment Performance (Six Months) | Metric (in millions) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | | :------------------------------------ | :----------------------------- | :----------------------------- | :----- | | Total Revenues | $84.77 million | $91.95 million | ($7.18 million) | | Total Expenses | $62.41 million | $58.75 million | $3.66 million | | Net Income Attributable to Stockholders | $21.06 million | $30.22 million | ($9.17 million) | | Adjusted EBITDA (Non-GAAP) | $40.60 million | $43.78 million | ($3.18 million) | - Revenue decrease was primarily due to lower carloads and rates per car[265](index=265&type=chunk) - Expense increase was driven by a **$4.4 million** asset impairment (railcar adjustment) and higher acquisition and transaction costs, partially offset by decreased operating expenses due to lower carloads[266](index=266&type=chunk) [Jefferson Terminal Segment](index=59&type=section&id=Jefferson%20Terminal%20Segment) The **Jefferson Terminal** segment saw slight revenue increases from higher throughput, decreased expenses from lower operating costs, but increased other expense due to higher interest, leading to decreased **Adjusted EBITDA** Jefferson Terminal Segment Performance (Three Months) | Metric (in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change | | :------------------------------------ | :------------------------------- | :------------------------------- | :----- | | Total Revenues | $21.63 million | $21.17 million | $0.45 million | | Total Expenses | $28.38 million | $30.28 million | ($1.91 million) | | Net Loss Attributable to Stockholders | ($11.97 million) | ($14.15 million) | $2.19 million | | Adjusted EBITDA (Non-GAAP) | $11.08 million | $12.33 million | ($1.25 million) | Jefferson Terminal Segment Performance (Six Months) | Metric (in millions) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | | :------------------------------------ | :----------------------------- | :----------------------------- | :----- | | Total Revenues | $41.08 million | $39.79 million | $1.29 million | | Total Expenses | $57.71 million | $61.75 million | ($4.04 million) | | Net Loss Attributable to Stockholders | ($27.09 million) | ($25.27 million) | ($1.82 million) | | Adjusted EBITDA (Non-GAAP) | $19.03 million | $19.13 million | ($0.10 million) | - Revenue increase was due to higher average refined product throughput volumes[272](index=272&type=chunk) - Expense decrease was due to lower operating costs (stock-based compensation, insurance) and reduced depreciation from fully depreciated assets[273](index=273&type=chunk)[274](index=274&type=chunk) - Other expense changes included a decrease in debt modification losses (due to prior year's Series **2024** Bond issuance loss) offset by increased interest expense from new borrowings and decreased other income from a pipeline easement gain[275](index=275&type=chunk)[276](index=276&type=chunk) [Repauno Segment](index=61&type=section&id=Repauno%20Segment) The **Repauno** segment experienced decreased revenues from lower butane throughput, increased expenses from labor and professional fees, and significantly increased other expense from debt modification losses Repauno Segment Performance (Three Months) | Metric (in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change | | :------------------------------------ | :------------------------------- | :------------------------------- | :----- | | Total Revenues | $2.99 million | $3.86 million | ($0.87 million) | | Total Expenses | $9.92 million | $8.08 million | $1.85 million | | Net Loss Attributable to Stockholders | ($9.61 million) | ($4.16 million) | ($5.45 million) | | Adjusted EBITDA (Non-GAAP) | ($2.08 million) | ($1.50 million) | ($0.58 million) | Repauno Segment Performance (Six Months) | Metric (in millions) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | | :------------------------------------ | :----------------------------- | :----------------------------- | :----- | | Total Revenues | $6.80 million | $7.94 million | ($1.14 million) | | Total Expenses | $19.40 million | $16.69 million | $2.71 million | | Net Loss Attributable to Stockholders | ($16.40 million) | ($8.42 million) | ($7.98 million) | | Adjusted EBITDA (Non-GAAP) | ($3.53 million) | ($3.19 million) | ($0.35 million) | - Revenue decrease was primarily due to lower volumes from an existing butane throughput contract ending, partially offset by a new contract[280](index=280&type=chunk) - Expense increase was due to higher labor costs, professional fees for site development, and increased depreciation[281](index=281&type=chunk) - Other expense increase was driven by a loss on modification or extinguishment of debt from repaying the **DRP Revolver** and March **2025 Credit Agreement**, and increased interest expense from the Series **2025** Bond issuance[282](index=282&type=chunk)[283](index=283&type=chunk) [Power and Gas Segment](index=63&type=section&id=Power%20and%20Gas%20Segment) The **Power and Gas** segment saw substantial revenue and **Adjusted EBITDA** increases due to the **Long Ridge** acquisition, with net income turning positive from a gain on asset sale and tax benefit Power and Gas Segment Performance (Three Months) | Metric (in millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change | | :------------------------------------ | :------------------------------- | :------------------------------- | :----- | | Total Revenues | $41.80 million | $0 | $41.80 million | | Total Expenses | $32.44 million | $0.73 million | $31.71 million | | Net (Loss) Income Attributable to Stockholders | ($15.09 million) | ($5.17 million) | ($9.91 million) | | Adjusted EBITDA (Non-GAAP) | $22.97 million | $8.85 million | $14.13 million | Power and Gas Segment Performance (Six Months) | Metric (in millions) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | | :------------------------------------ | :----------------------------- | :----------------------------- | :----- | | Total Revenues | $59.09 million | $0 | $59.09 million | | Total Expenses | $45.91 million | $1.42 million | $44.49 million | | Net (Loss) Income Attributable to Stockholders | $154.96 million | ($10.60 million) | $165.56 million | | Adjusted EBITDA (Non-GAAP) | $161.06 million | $19.24 million | $141.82 million | - Revenue increase was primarily due to power plant and gas revenues from the **Long Ridge** acquisition[288](index=288&type=chunk) - Expense increase was due to higher operating expenses (well operations, legal), acquisition and transaction expenses, and depreciation from **Long Ridge** assets[289](index=289&type=chunk) - Other income/expense changes included increased interest expense from consolidated **Long Ridge** debt, a **$120.0 million** gain on sale of assets from the acquisition, and improved equity in earnings of unconsolidated entities[290](index=290&type=chunk)[293](index=293&type=chunk) - A **$42.5 million** income tax benefit was recognized due to the partial release of a valuation allowance related to the **Long Ridge** acquisition[290](index=290&type=chunk) [Sustainability and Energy Transition Segment](index=65&type=section&id=Sustainability%20and%20Energy%20Transition%20Segment) The **Sustainability and Energy Transition** segment reported no revenues, but net loss decreased and **Adjusted EBITDA** increased due to lower operating losses at **GM-FT

Group 1 - The discussion includes both macroeconomic factors and specific stocks such as Norfolk Southern (NSC), Caterpillar (CAT), and Duke Energy (DUK) [1] - The focus is on long-term investment strategies in U.S. and European equities, emphasizing undervalued growth stocks and high-quality dividend growers [2] - Sustained profitability, characterized by strong margins, stable and expanding free cash flow, and high returns on invested capital, is highlighted as a more reliable driver of returns than valuation alone [2] Group 2 - The analyst has a beneficial long position in the shares of NSC and CNI through stock ownership, options, or other derivatives [3] - The article expresses the author's own opinions and is not compensated for it, aside from Seeking Alpha [3] - Seeking Alpha clarifies that past performance does not guarantee future results and does not provide specific investment recommendations [4]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q2 was $45.9 million, up 30% from Q1 2025 and up 34% from Q2 2024 [18] - The company expects annual EBITDA to exceed $450 million, including the acquisition of Wheeling and Lake Erie Railway [19] Business Line Data and Key Metrics Changes - TransStar reported adjusted EBITDA of $20.7 million, up 4% from Q1 2025 [20] - Long Ridge generated $23 million of EBITDA in Q2, up from $18.1 million in Q1 [21] - Jefferson's EBITDA was $11.1 million, up from $8 million in Q1 [22] Market Data and Key Metrics Changes - The Wheeling and Lake Erie Railway generated total revenue of approximately $150 million for the latest twelve months [7] - The company expects $20 million of annual cost savings from the Wheeling acquisition, primarily from network efficiencies [11] Company Strategy and Development Direction - The company announced a major acquisition of Wheeling and Lake Erie Railway for $1.05 billion, expected to transform its freight rail segment [6] - Plans to refinance the corporate balance sheet to increase free cash flow and provide flexibility for future growth [6] - The company aims to grow its freight rail segment and may consider monetizing other assets to focus on rail acquisitions [68] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving $200 million of targeted annual EBITDA from the combined rail companies by 2026 [10] - The company anticipates significant growth in revenues and EBITDA in 2025 due to the Wheeling acquisition and contracted business [19] - Management noted a mild pickup in M&A activity in the rail sector and sees opportunities for further acquisitions [44] Other Important Information - The company completed financing for its Phase II transloading project at Repauno, issuing $300 million of tax-exempt debt [22] - The company is actively pursuing additional acquisitions of complementary railroads to diversify revenue and commodity base [24] Q&A Session Summary Question: Can you talk about the synergies of putting TransStar and Wheeling together? - Management highlighted the expected $20 million of annual savings from the integration, emphasizing the strategic fit and immediate efficiencies [33][34] Question: What are the implications of the Wheeling acquisition on diversification? - The acquisition is expected to significantly enhance diversification, with TransStar's reliance on U.S. Steel decreasing from 85% to one-third of total business [36][38] Question: Are there continued opportunities for consolidation in the rail space? - Management noted a mild pickup in M&A activity and expressed confidence in pursuing additional acquisitions [44] Question: Can you elaborate on the $70 million EBITDA opportunity at Long Ridge? - Management clarified that the $70 million includes contracted revenue and potential future growth from data center opportunities, which are not yet included in the bar chart [48][49] Question: What is the status of Phase III at Repauno? - The permitting process is expected to be finalized by September 30, with a total cost of about $200 million and a projected payback period of two years [55] Question: How will the $1 billion of preferred stock impact cash flow? - The preferred stock will not trap cash, allowing significant excess cash flow to be distributed to the holding company after debt service [78]

Acquisition and Refinancing - FTAI Infrastructure is acquiring the Wheeling & Lake Erie Railway (W&LE) for $1.05 billion[13] - The combined Transtar / W&LE business is expected to generate annual Adjusted EBITDA of $200+ million by the end of 2026[16] - Corporate fixed charges are expected to reduce by ~$30 million annually due to refinancing[19] - $2.25 billion of new capital is being issued, including $1.25 billion in new corporate debt and $1.0 billion of preferred stock[21] Q2 2025 Financial Performance - Consolidated Adjusted EBITDA for Q2 2025 was $45.9 million[29] - Transtar's Adjusted EBITDA for Q2 2025 was $20.7 million, up 4% from Q1 2025[25, 31] - Long Ridge's Adjusted EBITDA for Q2 2025 was $23.0 million[25, 32] - Jefferson Terminal's Adjusted EBITDA for Q2 2025 was $11.1 million[25, 34] - Repauno's Adjusted EBITDA for Q2 2025 was $(2.1) million[25, 34] Growth Opportunities - Expect ~$15+ million of incremental annual Adjusted EBITDA from Nippon's investments in U S Steel facilities[37] - Two contracts commencing in fall 2025 at Jefferson Terminal represent $20 million of incremental annual Adjusted EBITDA[34, 45] - Contracts and a LOI in place at Repauno represent approximately $80 million of annual Adjusted EBITDA[34]

[Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) FTAI Infrastructure reported a Q2 2025 net loss of $79.8 million and Adjusted EBITDA of $45.9 million, with strategic acquisitions progressing Q2 2025 Selected Financial Results | (in thousands, except per share data) | Q2'25 | | :--- | :--- | | **Net Loss Attributable to Stockholders** | $(79,816) | | **Basic and Diluted Loss per Share** | $(0.73) | | **Adjusted EBITDA** | $45,916 | | **Adjusted EBITDA - Four core segments** | $52,642 | - The Board of Directors declared a quarterly cash dividend of **$0.03** per common share, payable on September 8, 2025[4](index=4&type=chunk) - Key strategic initiatives in Q2 2025 include: - Agreed to acquire Wheeling & Lake Erie Railway for **$1.05 billion** in cash - Planning to refinance existing 10.50% senior notes and Series A preferred stock concurrent with the acquisition closing - Closed **$300 million** of tax-exempt debt financing at Repauno, with phase 2 construction now fully underway[9](index=9&type=chunk) [Consolidated Financial Statements](index=3&type=section&id=Consolidated%20Financial%20Statements) Consolidated financial statements show total assets increased to **$4.41 billion** by June 30, 2025, with Q2 2025 revenues at **$122.3 million**, resulting in a **$70.0 million** net loss [Consolidated Statements of Operations](index=3&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Q2 2025 vs Q2 2024 Statement of Operations Highlights | (in thousands, except per share data) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Total revenues** | $122,286 | $84,887 | | **Total expenses** | $129,080 | $87,925 | | **Interest expense** | $59,204 | $29,690 | | **Net (loss) income** | $(69,959) | $(48,140) | | **Net (loss) attributable to stockholders** | $(79,816) | $(54,350) | | **Basic and Diluted (Loss) per share** | $(0.73) | $(0.52) | [Consolidated Balance Sheets](index=4&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) Balance Sheet Highlights (June 30, 2025 vs Dec 31, 2024) | (in thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $33,626 | $27,785 | | **Property, plant, and equipment, net** | $3,232,712 | $1,653,468 | | **Total assets** | $4,406,960 | $2,374,388 | | **Debt, net (Current + Non-current)** | $3,084,363 | $1,587,835 | | **Total liabilities** | $3,631,040 | $1,918,032 | | **Total equity** | $225,626 | $75,138 | [Consolidated Statements of Cash Flows](index=6&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Six Months Ended June 30, Cash Flow Summary | (in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(90,872) | $(21,470) | | **Net cash provided by (used in) investing activities** | $78,359 | $(52,652) | | **Net cash provided by financing activities** | $313,480 | $173,108 | | **Net increase in cash** | $300,967 | $98,986 | [Non-GAAP Financial Measures](index=8&type=section&id=Non-GAAP%20Financial%20Measures) The company uses Adjusted EBITDA as a key performance measure, which increased to **$45.9 million** in Q2 2025, with core segments generating **$52.6 million** [Reconciliation of Net Loss to Adjusted EBITDA](index=8&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20Adjusted%20EBITDA) - Adjusted EBITDA is a key performance measure used by the Chief Operating Decision Maker (CODM) to assess operational performance and make resource allocation decisions[21](index=21&type=chunk)[22](index=22&type=chunk) Reconciliation of Net Loss to Adjusted EBITDA (Q2 2025 vs Q2 2024) | (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net (loss) attributable to stockholders** | $(79,816) | $(54,350) | | Add: Depreciation and amortization expense | $32,086 | $21,596 | | Add: Interest expense | $59,204 | $29,690 | | Add: Acquisition and transaction expenses | $8,704 | $921 | | **Adjusted EBITDA (Non-GAAP)** | **$45,916** | **$34,256** | [Segment Adjusted EBITDA Reconciliation](index=10&type=section&id=Segment%20Adjusted%20EBITDA%20Reconciliation) Adjusted EBITDA by Core Segment (Q2 2025) | (in thousands) | Adjusted EBITDA | | :--- | :--- | | **Railroad** | $20,671 | | **Jefferson Terminal** | $11,082 | | **Repauno** | $(2,082) | | **Power and Gas** | $22,971 | | **Total Four Core Segments** | **$52,642** |

Financial Overview - FTAI Infrastructure reported a net loss attributable to stockholders of $79.816 million for Q2 2025, compared to a loss of $54.350 million in Q2 2024 [2][24] - The basic and diluted loss per share for common stock was $0.73 for Q2 2025, compared to a loss of $0.52 in the same quarter of the previous year [2][24] - Adjusted EBITDA for Q2 2025 was $45.916 million, an increase from $34.256 million in Q2 2024 [2][24] Dividend Declaration - The Board of Directors declared a cash dividend of $0.03 per share for the quarter ended June 30, 2025, payable on September 8, 2025 [3] Business Highlights - The company agreed to acquire the Wheeling & Lake Erie Railway for $1.05 billion [9] - Plans to refinance existing 10.50% senior notes and Series A preferred stock upon closing of the acquisition [9] - Closed financing of $300 million of tax-exempt debt at Repauno with average coupons of 6.50%, with construction of phase 2 infrastructure fully underway [9] Key Performance Measures - Adjusted EBITDA is utilized as the key performance measure by the Chief Operating Decision Maker, providing insights into operational performance and resource allocation [21][22] - The reconciliation of net loss attributable to stockholders to Adjusted EBITDA for Q2 2025 indicates significant adjustments for various expenses, including interest and depreciation [23][24] Financial Position - Total assets as of June 30, 2025, were $4.407 billion, up from $2.374 billion as of December 31, 2024 [16][17] - Current assets increased to $539.045 million from $219.851 million year-over-year [16] - Total liabilities rose to $3.631 billion from $1.918 billion as of December 31, 2024 [17] Cash Flow Analysis - Net cash used in operating activities for the six months ended June 30, 2025, was $90.872 million, compared to $21.470 million in the same period of 2024 [19] - Cash flows from investing activities showed a net cash provided of $78.359 million, contrasting with a net cash used of $52.652 million in the previous year [19] - Net cash provided by financing activities was $313.480 million, up from $173.108 million in the same period of 2024 [19]

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]