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SEGMENT INFORMATION - Narrative (Details)	3 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	5

ACQUISITION OF SUBSIDIARIES - Intangible Assets Acquired (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Feb. 26, 2025
Business Combination [Line Items]
Fair value	$ 42,170	$ 43,173
Power and Gas
Business Combination [Line Items]
Estimated useful life in years			15 years
Fair value			$ 1,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting—The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and include the accounts of FTAI Infrastructure Inc. (“we”, “us”, “our”, “FTAI Infrastructure” or the “Company”) and our subsidiaries. These financial statements and related notes should be read in conjunction with the Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Principles of Consolidation—We consolidate all entities in which we have a controlling financial interest and control over significant operating decisions, as well as variable interest entities (“VIEs”) in which we are the primary beneficiary. All significant intercompany transactions and balances have been eliminated. All adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The ownership interest of other investors in consolidated subsidiaries is recorded as non-controlling interest.

We use the equity method of accounting for investments in entities in which we exercise significant influence but which do not meet the requirements for consolidation. Under the equity method, we record our proportionate share of the underlying net income (loss) of these entities as well as the proportionate interest in adjustments to other comprehensive income (loss).

Use of Estimates—The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Risks and Uncertainties—In the normal course of business, we encounter several significant types of economic risk including credit, market, and capital market risks. Credit risk is the risk of the inability or unwillingness of a lessee, customer, or derivative counterparty to make contractually required payments or to fulfill its other contractual obligations. Market risk reflects the risk of a downturn or volatility in the underlying industry segments in which we operate, which could adversely impact the pricing of the services offered by us or a lessee’s or customer’s ability to make payments. Capital market risk is the risk that we are unable to obtain capital at reasonable rates to fund the growth of our business or to refinance existing debt facilities. We do not have significant exposure to foreign currency risk as all of our leasing and revenue arrangements are denominated in U.S. dollars.

Liquidity—During the quarter, we have (i) refinanced the Bridge Loan Credit Agreement with the Term Loan Credit Agreement (see Note 7 for additional details), (ii) paid down the Jefferson June 2025 Credit Agreement and (iii) entered into a binding Commitment Agreement (the “Backstop Agreement”) dated March 16, 2026, pursuant to which we may, at our sole option, on or prior to July 1, 2026, elect to borrow from a lender funds in an aggregate principal amount of $255.0 million pursuant to a bridge facility that will have a maturity date which is 364 days after the close of such bridge facility (see Note 7 for additional details). However, the Company has significant remaining debt obligations, which it continues to actively manage. The planned sale of Long Ridge will further improve the Company’s liquidity position and reduce our total debt (see Note 18 for additional details). Management’s planned actions, including the sale of Long Ridge, are considered probable to be implemented and to provide sufficient liquidity for the Company to meet its obligations as they become due over the twelve months from the date the financial statements were issued.

Other Current Assets—Other current assets is comprised of:


	March 31, 2026		December 31, 2025
Notes receivable	$	5,000	$	13,605
Prepaid expenses	18,829		20,403
Purchase deposits	3,817		3,817
Other receivables	31,103		10,587
Inventory	958		1,269
Other assets	13,071		12,996
Total other current assets	$	72,778	$	62,677

Other Current Liabilities—Other current liabilities primarily include insurance premium liabilities of $3.6 million and $2.7 million and deferred revenue of $11.3 million and $11.5 million as of March 31, 2026 and December 31, 2025, respectively.

Other Liabilities—Other liabilities primarily includes a $50.0 million financing obligation that The Wheeling Corporation (“Wheeling”) entered into in January 2026 with Bank of Montreal to finance the lease of 400 railcars as of March 31, 2026. This was a failed sales-leaseback transaction that is treated as a financing obligation.

Deferred Financing Costs—Costs incurred in connection with obtaining long-term financing are capitalized and amortized to interest expense over the term of the underlying loans. Unamortized deferred financing costs of $24.8 million and $21.9 million as of March 31, 2026 and December 31, 2025, respectively, are included in Debt, net in the Consolidated Balance Sheets.

Amortization expense was $3.9 million and $2.9 million during the three months ended March 31, 2026 and 2025, respectively, and is included in Interest expense in the Consolidated Statements of Operations.

Concentration of Credit Risk—We are subject to concentrations of credit risk with respect to amounts due from customers. We attempt to limit our credit risk by performing ongoing credit evaluations. We earned approximately 22% of total revenues for the three months ended March 31, 2026 from one customer in the Railroad segment. Additionally, we earned approximately 7% of total revenues for the three months ended March 31, 2026 from one customer in the Jefferson Terminal segment. We earned approximately 41% of total revenues for the three months ended March 31, 2025 from one customer in the Railroad segment. We earned approximately 11% of total revenues for the three months ended March 31, 2025 from one customer in the Jefferson Terminal segment.

As of March 31, 2026, accounts receivable from three customers within the Jefferson Terminal, Railroad, and Corporate and Other segments represented 43% of total accounts receivable, net. As of December 31, 2025, accounts receivable from three customers within the Jefferson Terminal and Railroad segments represented 41% of total accounts receivable, net.

We maintain cash and restricted cash balances, which generally exceed federally insured limits, and subject us to credit risk, in high credit quality financial institutions. We monitor the financial condition of these institutions and have not experienced any losses associated with these accounts.

Accumulated Other Comprehensive Loss

Components of accumulated other comprehensive (loss) income at March 31, 2026 are as follows:


	Three Months Ended March 31, 2026
	Derivatives		Pension and other postretirement benefit accounts		Total
Accumulated other comprehensive (loss) income - December 31, 2025	$	(112,196)	$	21,578	$	(90,618)
Other comprehensive loss before reclassification	(12,106)		—		(12,106)
Amounts reclassified from accumulated other comprehensive (loss) income	15,960		(531)		15,429
Net current period other comprehensive (loss) income, net of tax	3,854		(531)		3,323
Accumulated other comprehensive (loss) income - March 31, 2026	$	(108,342)	$	21,047	$	(87,295)

Components of accumulated other comprehensive (loss) income at March 31, 2025 are as follows:


	Three Months Ended March 31, 2025
	Derivatives		Equity method investee		Pension and other postretirement benefit accounts		Total
Accumulated other comprehensive (loss) income - December 31, 2024	$	—	$	(182,983)	$	25,932	$	(157,051)
Other comprehensive loss before reclassification	(24,050)		(633)		—		(24,683)
Amounts reclassified from accumulated other comprehensive loss	(381)		183,616		(558)		182,677
Net current period other comprehensive (loss) income, net of tax	(24,431)		182,983		(558)		157,994
Accumulated other comprehensive (loss) income - March 31, 2025	$	(24,431)	$	—	$	25,374	$	943

CONSOLIDATED AND CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net (loss) income	$ (127,211)	$ 120,164
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in losses (earnings) of unconsolidated entities	518	(5,314)
Gain on sale of subsidiaries	0	(119,952)
Loss on modification or extinguishment of debt	45,914	7
Equity-based compensation	10,978	1,253
Depreciation and amortization	50,691	25,012
Change in deferred income taxes	1,600	(41,827)
Amortization of deferred financing costs	3,876	2,908
Amortization of bond discount	12,155	1,892
Amortization of other comprehensive income	(10,236)	(1,588)
Other	3,293	105
Change in:
Accounts receivable	(2,002)	91
Other assets	(19,570)	(4,402)
Accounts payable and accrued liabilities	(38,458)	1,927
Derivative liabilities	0	(66,713)
Other liabilities	(925)	786
Net cash used in operating activities	(69,377)	(85,651)
Cash flows from investing activities:
Investment in unconsolidated entities	(7,180)	(6,943)
Acquisition of business, net of cash acquired	0	226,628
Acquisition of property, plant and equipment	(46,476)	(66,529)
Proceeds from investor loan	0	11,001
Proceeds from sale of property, plant and equipment	8,901	142
Net cash (used in) provided by investing activities	(44,755)	164,299
Cash flows from financing activities:
Proceeds from debt, net	1,309,459	28,237
Repayment of debt	(1,320,223)	0
Payment of financing costs	11,525	1,270
Proceeds from financing obligation	50,000	0
Repayment of financing obligation	(366)	0
Cash dividends - common stock	(3,545)	(3,443)
Cash dividends - redeemable preferred stock	0	(25,516)
Cash dividends - redeemable preferred stock - NCI	(5,000)	0
Settlement of equity-based compensation	(2,823)	(545)
Payments to Noncontrolling Interests	(360)	0
Net cash provided by (used in) financing activities	15,617	(2,537)
Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents	(98,515)	76,111
Cash and cash equivalents and restricted cash and cash equivalents, beginning of period	325,946	147,296
Cash and cash equivalents and restricted cash and cash equivalents, end of period	227,431	223,407
Supplemental disclosure of non-cash investing and financing activities:
Acquisition of property, plant and equipment	54,178	48,522
Acquisition of business	0	(285,977)
Dividends and accretion of redeemable preferred stock	0	3,675
Dividends and accretion of redeemable preferred stock	(32,221)	0
Financing fees	$ 2,726	$ 63

FAIR VALUE MEASUREMENTS (Fair Value by Balance Sheet Grouping) (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Series A 2020 Bonds \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value disclosure	$ 111,630	$ 115,979
Series A 2021 Bonds \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value disclosure	105,604	120,448
Series B 2021 Bonds \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value disclosure	182,198	182,630
Series A 2024 Bonds \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value disclosure	153,371	160,802
Series B 2024 Bonds \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value disclosure	218,380	222,949
Series 2025 Bonds \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value disclosure	312,831	309,285
Senior Notes due 2032 \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value disclosure	630,894	638,880
EB-5 Loan Agreement (2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Term Debt, Fair Value	23,860	25,536
EB-5.2 Loan Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Term Debt, Fair Value	9,011	9,529
EB-5.3 Loan Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Term Debt, Fair Value	$ 25,525	$ 25,315

INCOME TAXES - Additional Information (Details)	3 Months Ended
INCOME TAXES - Additional Information (Details)	Mar. 31, 2026
Income Tax Disclosure [Abstract]
U.S. federal tax rate	21.00%

SEGMENT INFORMATION - Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Segment Reporting Information [Line Items]
Current assets	$ 397,577	$ 484,011
Non-current assets	5,290,955	5,264,650
Total assets	5,688,532	5,748,661
Debt, net	3,813,150	3,774,173
Current liabilities	361,722	409,997
Non-current liabilities	4,506,748	4,394,681
Total liabilities	4,868,470	4,804,678
Redeemable preferred stock	1,123,158	1,090,220
Equity
Non-controlling interest in equity of consolidated subsidiaries	(180,633)	(167,561)
Total equity	(303,096)	(146,237)
Total liabilities, redeemable preferred stock and equity	5,688,532	5,748,661
Corporate and Other
Segment Reporting Information [Line Items]
Current assets	16,490	28,459
Non-current assets	39,767	21,174
Total assets	56,257	49,633
Debt, net	1,309,608	1,225,479
Current liabilities	28,628	42,323
Non-current liabilities	1,326,030	1,226,809
Total liabilities	1,354,658	1,269,132
Redeemable preferred stock	152,642	152,642
Equity
Non-controlling interest in equity of consolidated subsidiaries	18	0
Total equity	(1,451,043)	(1,372,141)
Total liabilities, redeemable preferred stock and equity	56,257	49,633
Railroad \| Operating Segments
Segment Reporting Information [Line Items]
Current assets	96,922	90,394
Non-current assets	1,994,448	2,010,137
Total assets	2,091,370	2,100,531
Debt, net	47,958	48,841
Current liabilities	87,375	80,532
Non-current liabilities	504,799	453,909
Total liabilities	592,174	534,441
Redeemable preferred stock	970,516	937,578
Equity
Non-controlling interest in equity of consolidated subsidiaries	5,438	5,996
Total equity	528,680	628,512
Total liabilities, redeemable preferred stock and equity	2,091,370	2,100,531
Jefferson Terminal \| Operating Segments
Segment Reporting Information [Line Items]
Current assets	84,140	100,455
Non-current assets	1,100,671	1,112,460
Total assets	1,184,811	1,212,915
Debt, net	920,322	959,720
Current liabilities	75,880	121,528
Non-current liabilities	981,715	988,828
Total liabilities	1,057,595	1,110,356
Redeemable preferred stock	0	0
Equity
Non-controlling interest in equity of consolidated subsidiaries	(187,930)	(174,252)
Total equity	127,216	102,559
Total liabilities, redeemable preferred stock and equity	1,184,811	1,212,915
Repauno \| Operating Segments
Segment Reporting Information [Line Items]
Current assets	131,372	165,765
Non-current assets	481,891	450,928
Total assets	613,263	616,693
Debt, net	389,383	385,759
Current liabilities	38,646	38,964
Non-current liabilities	390,710	390,140
Total liabilities	429,356	429,104
Redeemable preferred stock	0	0
Equity
Non-controlling interest in equity of consolidated subsidiaries	(4,539)	(4,148)
Total equity	183,907	187,589
Total liabilities, redeemable preferred stock and equity	613,263	616,693
Power and Gas \| Operating Segments
Segment Reporting Information [Line Items]
Current assets	68,159	84,222
Non-current assets	1,625,173	1,637,568
Total assets	1,693,332	1,721,790
Debt, net	1,145,879	1,154,374
Current liabilities	131,175	125,740
Non-current liabilities	1,303,494	1,334,995
Total liabilities	1,434,669	1,460,735
Redeemable preferred stock	0	0
Equity
Non-controlling interest in equity of consolidated subsidiaries	6,380	4,843
Total equity	258,663	261,055
Total liabilities, redeemable preferred stock and equity	1,693,332	1,721,790
Sustainability \| Operating Segments
Segment Reporting Information [Line Items]
Current assets	494	14,716
Non-current assets	49,005	32,383
Total assets	49,499	47,099
Debt, net	0	0
Current liabilities	18	910
Non-current liabilities	0	0
Total liabilities	18	910
Redeemable preferred stock	0	0
Equity
Non-controlling interest in equity of consolidated subsidiaries	0	0
Total equity	49,481	46,189
Total liabilities, redeemable preferred stock and equity	$ 49,499	$ 47,099

ACQUISITION OF SUBSIDIARIES - Property, Plant, and Equipment Acquired (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Feb. 26, 2025
Business Combination [Line Items]
Property, plant, and equipment, net	$ 4,576,463	$ 4,581,771
Power and Gas
Business Combination [Line Items]
Property, plant, and equipment, net			$ 1,516,873
Power and Gas \| Construction in progress
Business Combination [Line Items]
Property, plant, and equipment, net			476
Power and Gas \| Unproved properties
Business Combination [Line Items]
Property, plant, and equipment, net			216,776
Power and Gas \| Proved developed properties
Business Combination [Line Items]
Property, plant, and equipment, net			168,045
Power and Gas \| Power generation
Business Combination [Line Items]
Property, plant, and equipment, net			850,121
Power and Gas \| Computer software
Business Combination [Line Items]
Property, plant, and equipment, net			70
Power and Gas \| Land and improvements
Business Combination [Line Items]
Property, plant, and equipment, net			166,454
Power and Gas \| Buildings
Business Combination [Line Items]
Property, plant, and equipment, net			48,665
Power and Gas \| Machinery & equipment
Business Combination [Line Items]
Property, plant, and equipment, net			62,015
Power and Gas \| Track and track related assets
Business Combination [Line Items]
Property, plant, and equipment, net			4,212
Power and Gas \| Vehicles [Member]
Business Combination [Line Items]
Property, plant, and equipment, net			$ 39
Minimum \| Power and Gas \| Power generation
Business Combination [Line Items]
Estimated remaining useful life in years			12 years
Minimum \| Power and Gas \| Buildings
Business Combination [Line Items]
Estimated remaining useful life in years			10 years
Minimum \| Power and Gas \| Machinery & equipment
Business Combination [Line Items]
Estimated remaining useful life in years			2 years
Minimum \| Power and Gas \| Track and track related assets
Business Combination [Line Items]
Estimated remaining useful life in years			8 years
Minimum \| Power and Gas \| Vehicles [Member]
Business Combination [Line Items]
Estimated remaining useful life in years			2 years
Maximum \| Power and Gas \| Power generation
Business Combination [Line Items]
Estimated remaining useful life in years			37 years
Maximum \| Power and Gas \| Computer software
Business Combination [Line Items]
Estimated remaining useful life in years			2 years
Maximum \| Power and Gas \| Buildings
Business Combination [Line Items]
Estimated remaining useful life in years			39 years
Maximum \| Power and Gas \| Machinery & equipment
Business Combination [Line Items]
Estimated remaining useful life in years			37 years
Maximum \| Power and Gas \| Track and track related assets
Business Combination [Line Items]
Estimated remaining useful life in years			34 years
Maximum \| Power and Gas \| Vehicles [Member]
Business Combination [Line Items]
Estimated remaining useful life in years			3 years

INTANGIBLE ASSETS, NET

3 Months Ended

Mar. 31, 2026

Intangible Assets and Liabilities Disclosure [Abstract]

INTANGIBLE ASSETS, NET

6. INTANGIBLE ASSETS, NET

Intangible assets, net are summarized as follows:


	March 31, 2026
	Power and Gas		Railroad		Total
Customer relationships	$	1,000	$	60,000	$	61,000
Less: Accumulated amortization	(73)		(18,757)		(18,830)
Total intangible assets, net	$	927	$	41,243	$	42,170


	December 31, 2025
	Power and Gas		Railroad		Total
Customer relationships	$	1,000	$	60,000	$	61,000
Less: Accumulated amortization	(56)		(17,771)		(17,827)
Total intangible assets, net	$	944	$	42,229	$	43,173

Amortization of customer relationships is included in Depreciation and amortization in the Consolidated Statements of Operations and is as follows:


	Three Months Ended March 31,
	2026		2025
Amortization of customer relationships	$	1,003	$	996

As of March 31, 2026, estimated net annual amortization of intangibles is as follows:


Remainder of 2026	$	3,050
2027	4,067
2028	4,067
2029	4,067
2030	4,067
Thereafter	22,852
Total	$	42,170

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	17. COMMITMENTS AND CONTINGENCIES In the normal course of business we, and our subsidiaries, may be involved in various claims, legal proceedings, or may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications.

ACQUISITION OF SUBSIDIARIES (Tables)

3 Months Ended

Mar. 31, 2026

Business Combination [Abstract]

Business Combination, Recognized Asset Acquired and Liability Assumed

The following table summarizes the allocation of the purchase price, as presented in our Consolidated Balance Sheet:


	February 26, 2025
Fair value of assets acquired:
Cash and cash equivalents	$	17,205
Restricted cash	218,422
Accounts receivable	12,364


Property, plant and equipment	1,516,873
Intangible assets	1,000
Other assets	11,855
Total assets acquired	1,777,719
Fair value of liabilities assumed:
Accounts payable and accrued liabilities	54,699
Debt	1,115,200
Derivative liabilities	197,795
Other liabilities	15,628
Total liabilities assumed	1,383,322
Goodwill (1)	90,337
Total purchase consideration	$	484,734

________________________________________________________

(1) This goodwill is assigned to the Power and Gas segment and is not tax deductible for income tax purposes.

Business Combination, Intangible Asset, Acquired, Finite-Lived

The following table presents the estimated fair value of the identifiable intangible assets and their estimated useful lives:


	Estimated useful life in years	Fair value
Customer relationships	15	$	1,000
Total		$	1,000

Schedule of Property Plant And Equipment Acquired as Part of Business Combination

The following table presents the estimated fair value of the property, plant and equipment and their estimated remaining useful lives:


	Estimated remaining useful life in years	Fair value
Construction in progress	N/A	$	476
Unproved properties	N/A	216,776

Proved developed properties	N/A	168,045
Power generation	12 - 37	850,121
Computer software	2	70
Land and improvements	N/A	166,454
Buildings	10 - 39	48,665
Machinery & equipment	2 - 37	62,015
Track and track related assets	8 - 34	4,212
Vehicles	2 - 3	39
Total		$	1,516,873

Business Combination, Pro Forma Information


	Three Months Ended March 31, 2025

Total revenue	$	149,520
Net loss attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	(40,012)

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Sep. 30, 2025	Jan. 21, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Assets	$ 5,688,532				$ 5,748,661
Liabilities	4,868,470				4,804,678
Capitalized Contract Cost, Net, Noncurrent	12,600				13,700
Other assets	99,441				81,697
Other Liabilities, Insurance Premiums, Current	3,600				2,700
Deferred Revenue	11,300				11,500
Goodwill	365,703				365,703
Unamortized Debt Issuance Expense	(24,832)				(21,858)
Amortization of deferred financing costs	3,876	$ 2,908
Prepaid expense	18,829				20,403
Other receivables	31,103				10,587
Other current assets	72,778				62,677
Debt, net	3,813,150				3,774,173
Total debt	3,837,982				3,796,031
Investments	21,726				22,243
Nontrade Receivables, Current	5,000				13,605
Deposits	3,817				3,817
Inventory, Gross	958				1,269
Debt, net	3,813,150				3,774,173
Total debt	3,837,982				3,796,031
Loans payable
Property, Plant and Equipment [Line Items]
Total debt	2,083,090				2,031,493
Total debt	2,083,090				2,031,493
Loans payable \| Corporate Bridge Loan Credit Agreement $1.25B
Property, Plant and Equipment [Line Items]
Total debt	0				1,227,294
Total debt	0				1,227,294
Other Assets
Property, Plant and Equipment [Line Items]
Other current assets	$ 13,071				$ 12,996
Three Customers \| Accounts Receivable \| Customer Concentration Risk
Property, Plant and Equipment [Line Items]
Concentration risk	43.00%		41.00%
Jefferson Terminal \| Customer One \| Sales Revenue, Segment \| Customer Concentration Risk
Property, Plant and Equipment [Line Items]
Concentration risk	7.00%	11.00%
Railroad \| Customer One \| Sales Revenue, Segment \| Customer Concentration Risk
Property, Plant and Equipment [Line Items]
Concentration risk	22.00%	41.00%
The Wheeling Corporation
Property, Plant and Equipment [Line Items]
Finance Lease, Liability, Noncurrent				$ 50,000

DEBT, NET (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Our debt, net is summarized as follows:


			Outstanding Borrowings
	Stated Interest Rate	Maturity Date	March 31, 2026		December 31, 2025
Loans payable
DRP DB Term Loan (2)	8.50%	11/30/26	$	108,342	$	105,828
Bridge Loan Credit Agreement (1)	(i) Base Rate + 3.00%; or (ii) Base Rate + 4.00% (Adjusted Term SOFR)	8/24/26	—		1,227,294
Term Loan Credit Agreement (1)	9.75%	2/1/28	1,315,014		—
EB-5 Loan Agreement (2)	5.75%	(i) 1/25/27 (ii) 3/11/27 (iii) 11/16/27	63,800		63,800
Jefferson Credit Agreement June 2025	(i) Base Rate + 3.00%; or (ii) Base Rate + 4.00% (Term SOFR)	8/31/26	—		30,000
RailCo Revolver	(i) Base Rate + 2.00%; or (ii) Base Rate + 3.00% (Term SOFR)	11/17/28	50,000		50,000
Long Ridge Acquiom Loan	15.75%	6/7/26	14,734		22,371
Long Ridge GCM Note	12.00%	2/26/28	20,000		20,000
Long Ridge CanAm Loan	6.75%	9/13/29	115,200		115,200
Long Ridge Credit Agreement	(i) Base Rate + 3.50%; or (ii) Base Rate + 4.50% (Term SOFR)	2/19/32	396,000		397,000
Total loans payable			2,083,090		2,031,493
Bonds payable
Series 2020 Bonds (1)	(i) Tax Exempt Series 2020A Bonds: 3.625% (ii) Tax Exempt Series 2020A Bonds: 4.00%	(i) 1/1/35 (ii) 1/1/50	139,214		140,753
Series 2021 Bonds (1)	(i) Tax Exempt Series 2021A Bonds: 1.875% to 3.00% (ii) Taxable Series 2021B Bonds: 4.10%	(i) 1/1/26 to 1/1/50 (ii) 1/1/28	339,532		348,240
Series 2024 Bonds (1) (3)	(i) Tax Exempt Series 2024A Bonds: 5.000% to 5.250% (ii) Taxable Series 2024B Bonds: 10.000%	(i) 1/1/39 to 1/1/54 (ii) 7/1/26	379,021		378,458
Series 2025 Bonds (1)	(i) Tax Exempt Series 2025 Bonds: 6.375% (ii) Tax Exempt Series 2025 Bonds: 6.625%	(i) 1/1/35 (ii) 1/1/45	297,125		297,087
Senior Notes due 2032	8.75%	2/15/32	600,000		600,000
Total bonds payable			1,754,892		1,764,538
Total debt			3,837,982		3,796,031
Less: Debt issuance costs			(24,832)		(21,858)
Total debt, net			$	3,813,150	$	3,774,173

Principal debt due within one year			$	25,649	$	66,987
Less: Debt issuance costs			(216)		(1,549)
Total principal debt, net due within one year			$	25,433	$	65,438

________________________________________________________

(1) Includes an unamortized discount of $51,446 and $36,313 at March 31, 2026 and December 31, 2025, respectively.

(2) See discussion in Note 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for extension options related to these debt obligations.

(3) See below discussion in Note 7 for details related to the Backstop Agreement for the Series 2024 Bonds.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Related Party Transactions

The following table summarizes the management fees, income incentive allocation and capital gains incentive allocation included in these consolidated financial statements:


	Three Months Ended March 31,
	2026		2025
Management fee	$	4,092	$	2,542
Income incentive fee	—		—
Capital gains incentive fee	—		—
Total	$	4,092	$	2,542

The following table summarizes our reimbursements to the Manager:


	Three Months Ended March 31,
	2026		2025
Classification in the Consolidated Statements of Operations:
General and administrative	$	1,481	$	1,692
Acquisition and transaction expenses	762		663
Total	$	2,243	$	2,355

The following table summarizes amounts due to the Manager, which are included within Accounts payable and accrued liabilities in the Consolidated Balance Sheets:


	March 31, 2026		December 31, 2025
Accrued management fees	$	4,092	$	12,172
Other payables	4,048		9,181

The following table presents the amount of this non-controlling interest share of net loss:


	Three Months Ended March 31,
	2026		2025
Non-controlling interest share of net loss	$	(13,679)	$	(11,084)

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table presents information related to our outstanding derivative contracts as of March 31, 2026:


	March 31, 2026
	Notional Amount	Fair Value of Assets		Fair Value of Liabilities		Term
Derivatives Designated as Cash Flow Hedges:
Electricity Swaps (MWh)	741,777	$	—	$	(208,873)	3 to 6 Years
Non-Hedge Derivative Instruments:
Interest Rate Swaps ($)	200,000	—		(65)		2 Years
Natural Gas Forward Prices (MMBtu)	2,425	246		—		0.1 Years
Total		$	246	$	(208,938)

	December 31, 2025
	Notional Amount	Fair Value of Assets		Fair Value of Liabilities		Term
Derivatives Designated as Cash Flow Hedges:
Electricity Swaps (MWh)	774,728	$	—	$	(222,894)	3 to 6 Years
Non-Hedge Derivative Instruments:
Interest Rate Swaps ($)	200,000	—		(432)		2 Years
Natural Gas Forward Prices (MMBtu)	2,425			(171)		0 Years
Total		$	—	$	(223,497)

Schedule of Derivative Assets at Fair Value

The following table presents a summary of the changes in fair value for electricity swap, interest rate swap and natural gas forward derivatives:


	Three Months Ended March 31, 2026
	Electricity Swaps		Interest Rate Swaps		Natural Gas Forward		Total
Beginning balance	$	(222,894)	$	(432)	$	(171)	$	(223,497)


Net unrealized (losses) gains recognized in earnings (1)	(69)		367		417		715
Net realized losses settled in other comprehensive loss	26,196		—		—		26,196
Unrealized losses recognized in other comprehensive loss	(12,106)		—		—		(12,106)
Ending balance	$	(208,873)	$	(65)	$	246	$	(208,692)


	Three Months Ended March 31, 2025
	Electricity Swaps		Interest Rate Swaps		Total
Beginning balance	$	—	$	—	$	—
Acquisition of derivative	(197,795)		—		(197,795)
Payoff of hedge	67,005		—		67,005
Net unrealized losses recognized in earnings (1)	—		(292)		(292)
Net realized losses settled in other comprehensive loss	1,208		—		1,208
Unrealized losses recognized in other comprehensive loss	(24,050)		—		(24,050)
Ending balance	$	(153,632)	$	(292)	$	(153,924)

________________________________________________________

(1) Interest rate swaps are recognized in Interest expense in the Consolidated Statements of Operations. Natural gas forwards are recognized in Revenues in the Consolidated Statements of Operations.

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurement Inputs and Valuation Techniques

The following table presents the key inputs applied in the valuation of the warrant liabilities:


	March 31, 2026	December 31, 2025
Number of units	172,500	172,500
Fair value at grant date ($ millions)	$85.8	$85.8
Strike price	$676.14	$761.05
Expected volatility	35.00%	35.00%
Risk free interest rate	3.8%	3.6%
Expected dividend yield	—%	—%
Expected term	2.5 years	2.8 years
Warrant fair value (per share)	$478.29	$473.04

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following is a reconciliation of the beginning and ending balances of recurring fair value measurements recognized in the accompanying Consolidated Balance Sheet using significant unobservable (Level 3) inputs:


	Warrants
Beginning balance, December 31, 2025	$	(81,599)
Purchases and issuances	—

Unrealized losses	(907)
Ending balance, March 31, 2026	$	(82,506)

Fair Value, by Balance Sheet Grouping

The fair value of our bonds, notes payable and loans payable reported as Debt, net in the Consolidated Balance Sheets are presented in the table below:


	March 31, 2026		December 31, 2025
Series 2020A Bonds (1)	$	111,630	$	115,979
Series 2021A Bonds (1)	105,604		120,448
Series 2021B Bonds (1)	182,198		182,630
Series 2024A Bonds (1)	153,371		160,802
Series 2024B Bonds (1)	218,380		222,949
Series 2025 Bonds (1)	312,831		309,285
Senior Notes due 2032 (1)	630,894		638,880
EB-5 Loan Agreement	23,860		25,536
EB-5.2 Loan Agreement	9,011		9,529
EB-5.3 Loan Agreement	25,525		25,315

________________________________________________________

(1) Fair value is based upon market prices for similar municipal securities.

EARNINGS PER SHARE AND EQUITY - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Net (loss) income	$ (127,211)	$ 120,164
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries - common stockholders	(14,260)	(11,401)
Less: Preferred dividends and accretion on redeemable non-controlling interests	37,221	0
Less: Dividends and accretion of redeemable preferred stock	0	21,841
Net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	(150,172)	109,724
Less: Convertible preferred stock dividend	4,353	1,467
Net (loss) income attributable to common stockholders	$ (154,525)	$ 108,257
Weighted Average Common Shares Outstanding - Basic (in shares)	116,689,474	114,101,860
Weighted Average Common Shares Outstanding - Diluted (in shares)	116,689,474	122,758,859
Basic (in dollars per share)	$ (1.32)	$ 0.95
Diluted (in dollars per share)	$ (1.32)	$ 0.89

ACQUISITION OF SUBSIDIARIES

3 Months Ended

Mar. 31, 2026

Business Combination [Abstract]

ACQUISITION OF SUBSIDIARIES

2. ACQUISITION OF SUBSIDIARIES

Acquisition of Long Ridge Energy & Power LLC

On February 26, 2025, the Company entered into a purchase agreement with certain affiliates of GCM Grosvenor Inc. (“GCM”), owner of 49.9% of the limited liability company interests of Long Ridge Energy & Power LLC, to acquire GCM’s 49.9% interest. This transaction resulted in a controlling 100% ownership in Long Ridge Energy & Power LLC. Long Ridge Energy & Power LLC operates within the Power and Gas reportable segment. See Note 14 for additional information.

Prior to obtaining a controlling interest in Long Ridge, the Company accounted for its 50.1% investment as an equity method investment. In accordance with accounting for a step acquisition, the Company recognized a gain of $120.0 million, which was included in (Loss) gain on sale of assets, net in the Consolidated Statements of Operations. There was also an income tax benefit of $9.2 million recorded as part of Accumulated other comprehensive loss in the Consolidated Balance Sheets that was reclassified to Provision for (benefit from) income taxes in the Consolidated Statements of Operations.

In accordance with ASC 805, Business Combinations, the following fair values assigned to underlying assets acquired and liabilities assumed are based on management’s estimates and assumptions. The assumptions used to estimate the fair value of proved developed and unproved gas properties, as well as the power generation plant included forecasted revenue growth rates, discount rates, projected capacity factors and projected net gas production.

The following table summarizes the allocation of the purchase price, as presented in our Consolidated Balance Sheet:


	February 26, 2025
Fair value of assets acquired:
Cash and cash equivalents	$	17,205
Restricted cash	218,422
Accounts receivable	12,364


Property, plant and equipment	1,516,873
Intangible assets	1,000
Other assets	11,855
Total assets acquired	1,777,719
Fair value of liabilities assumed:
Accounts payable and accrued liabilities	54,699
Debt	1,115,200
Derivative liabilities	197,795
Other liabilities	15,628
Total liabilities assumed	1,383,322
Goodwill (1)	90,337
Total purchase consideration	$	484,734

________________________________________________________

(1) This goodwill is assigned to the Power and Gas segment and is not tax deductible for income tax purposes.

The following table presents the estimated fair value of the identifiable intangible assets and their estimated useful lives:


	Estimated useful life in years	Fair value
Customer relationships	15	$	1,000
Total		$	1,000

The following table presents the estimated fair value of the property, plant and equipment and their estimated remaining useful lives:


	Estimated remaining useful life in years	Fair value
Construction in progress	N/A	$	476
Unproved properties	N/A	216,776

Proved developed properties	N/A	168,045
Power generation	12 - 37	850,121
Computer software	2	70
Land and improvements	N/A	166,454
Buildings	10 - 39	48,665
Machinery & equipment	2 - 37	62,015
Track and track related assets	8 - 34	4,212
Vehicles	2 - 3	39
Total		$	1,516,873

The unaudited financial information in the table below summarizes the combined results of operations of FTAI Infrastructure and Long Ridge Energy & Power LLC on a pro forma basis, as though the companies had been combined as of January 1, 2024. These pro forma results were based on estimates and assumptions which we believe are reasonable. The pro forma adjustments are primarily comprised of the following:

•The allocation of the purchase price and related adjustments, including adjustments to depreciation and amortization expense related to the fair value of property, plant and equipment and intangible assets acquired;

•Elimination of intercompany transactions between consolidated companies;

•Impacts of debt assumed, including interest for debt issued, removal of interest for eliminated debt and removal of eliminated amortization of deferred financing costs; and

•Associated tax-related impacts of adjustments.

The pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place as of January 1, 2024.


	Three Months Ended March 31, 2025

Total revenue	$	149,520
Net loss attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	(40,012)

- Definition

The entire disclosure for business combination.

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+ Details

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment, net is summarized as follows:




	March 31, 2026		December 31, 2025
Land, site improvements and rights	$	514,154	$	513,835
Buildings and improvements	73,005		72,997
Bridges and tunnels	969,904		969,551
Terminal machinery and equipment	1,350,849		1,357,502
Proved oil and gas properties	316,284		304,716
Unproved oil and gas properties	144,977		144,455
Power plant	850,489		850,489
Track and track related assets	336,240		335,850
Railroad equipment	9,694		9,694
Railcars and locomotives	181,977		181,892
Computer hardware and software	22,780		22,532
Furniture and fixtures	2,246		2,246
Construction in progress	300,359		263,495
Other	29,619		30,029
	5,102,577		5,059,283
Less: Accumulated depreciation	(526,114)		(477,512)
Property, plant and equipment, net	$	4,576,463	$	4,581,771

Depreciation expense for property, plant and equipment is summarized as follows:


	Three Months Ended March 31,
	2026		2025

Depreciation expense	$	49,209	$	23,606

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables set forth certain information for each reportable segment as provided to and evaluated by the CODM:

I. For the Three Months Ended March 31, 2026


	Three Months Ended March 31, 2026
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Revenues
Total revenues	$	85,008	$	27,318	$	1,208	$	62,006	$	—	$	12,824	$	188,364

Expenses
Operating expenses	46,764		25,813		6,306		27,775		—		13,736		120,394
General and administrative	—		—		—		—		—		3,554		3,554
Acquisition and transaction expenses	1,608		—		—		801		—		4,411		6,820
Management fees and incentive allocation to affiliate	—		—		—		—		—		4,092		4,092
Depreciation and amortization	19,487		11,987		2,583		16,376		—		258		50,691

Total expenses	67,859		37,800		8,889		44,952		—		26,051		185,551

Other (expense) income
Equity in losses of unconsolidated entities	—		—		—		—		(518)		—		(518)
Gain (loss) on sale of assets, net	7		—		—		(573)		—		—		(566)
Loss on modification or extinguishment of debt	—		(6,429)		—		—		—		(39,485)		(45,914)
Interest expense	(1,499)		(16,235)		(1,951)		(23,666)		—		(39,136)		(82,487)
Other (expense) income	(514)		807		1,076		1,968		737		(1,090)		2,984
Total other (expense) income	(2,006)		(21,857)		(875)		(22,271)		219		(79,711)		(126,501)
Income (loss) before income taxes	15,143		(32,339)		(8,556)		(5,217)		219		(92,938)		(123,688)
Provision for income taxes	3,298		212		—		—		—		13		3,523
Net income (loss)	11,845		(32,551)		(8,556)		(5,217)		219		(92,951)		(127,211)
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries - common stockholders	(162)		(13,679)		(391)		(46)		—		18		(14,260)
Less: Preferred dividends and accretion on redeemable non-controlling interests	37,221		—		—		—		—		—		37,221

Net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	$	(25,214)	$	(18,872)	$	(8,165)	$	(5,171)	$	219	$	(92,969)	$	(150,172)


	Three Months Ended March 31, 2025
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Revenues
Total revenues	$	42,631	$	19,449	$	3,811	$	17,294	$	—	$	12,976	$	96,161

Expenses
Operating expenses	22,939		18,094		6,666		6,311		—		13,035		67,045
General and administrative	—		—		—		—		—		5,113		5,113
Acquisition and transaction expenses	93		(1)		316		1,069		—		2,038		3,515
Management fees and incentive allocation to affiliate	—		—		—		—		—		2,542		2,542
Depreciation and amortization	5,086		11,240		2,496		6,090		—		100		25,012

Total expenses	28,118		29,333		9,478		13,470		—		22,828		103,227

Other income (expense)
Equity in earnings (losses) of unconsolidated entities	—		—		—		10,588		(5,324)		50		5,314
(Loss) gain on sale of assets, net	(124)		—		—		119,952		—		—		119,828
Loss on modification or extinguishment of debt	—		(7)		—		—		—		—		(7)
Interest expense	(139)		(16,624)		(1,518)		(9,017)		—		(15,814)		(43,112)
Other income	388		726		—		2,240		339		—		3,693
Total other income (expense)	125		(15,905)		(1,518)		123,763		(4,985)		(15,764)		85,716
Income (loss) before income taxes	14,638		(25,789)		(7,185)		127,587		(4,985)		(25,616)		78,650
Provision for (benefit from) income taxes	812		423		12		(42,457)		—		(304)		(41,514)
Net income (loss)	13,826		(26,212)		(7,197)		170,044		(4,985)		(25,312)		120,164
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	87		(11,084)		(404)		—		—		—		(11,401)
Less: Dividends and accretion of redeemable preferred stock	—		—		—		—		—		21,841		21,841
Net income (loss) attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	$	13,739	$	(15,128)	$	(6,793)	$	170,044	$	(4,985)	$	(47,153)	$	109,724

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following table sets forth a reconciliation of Adjusted EBITDA to net income (loss) attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock:


	Three Months Ended March 31, 2026
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Adjusted EBITDA	$	40,233	$	14,437	$	(2,321)	$	26,411	$	219	$	(8,387)	$	70,592
Add: Non-controlling share of Adjusted EBITDA	310		10,040		282		260		—		14		10,906
Add: Equity in losses of unconsolidated entities	—		—		—		—		(518)		—		(518)
Less: Interest and other costs on pension and OPEB liabilities	180		—		—		—		—		—		180
Less: Dividends and accretion of redeemable preferred stock	(37,221)		—		—		—		—		—		(37,221)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	—		—		—		—		518		—		518
Less: Interest expense	(1,499)		(16,235)		(1,951)		(23,666)		—		(39,136)		(82,487)
Less: Depreciation and amortization expense	(19,487)		(13,220)		(2,583)		(6,140)		—		(258)		(41,688)
Less: Incentive allocations	—		—		—		—		—		—		—
Less: Asset impairment charges	—		—		—		—		—		—		—
Less: Changes in fair value of non-hedge derivative instruments	(906)		—		—		348		—		—		(558)
Less: Losses on the modification or extinguishment of debt and capital lease obligations	—		(6,429)		—		—		—		(39,485)		(45,914)
Less: Acquisition and transaction expenses	(1,608)		—		—		(801)		—		(4,411)		(6,820)
Less: Equity-based compensation expense	(447)		(7,253)		(1,592)		(1,583)		—		(103)		(10,978)
Less: (Provision for) benefit from income taxes	(3,298)		(212)		—		—		—		(13)		(3,523)
Less: Other non-recurring items	(1,471)		—		—		—		—		(1,190)		(2,661)
Net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	$	(25,214)	$	(18,872)	$	(8,165)	$	(5,171)	$	219	$	(92,969)	$	(150,172)


	Three Months Ended March 31, 2025
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Adjusted EBITDA	$	19,924	$	7,950	$	(1,452)	$	138,090	$	(1,626)	$	(7,667)	$	155,219
Add: Non-controlling share of Adjusted EBITDA	38		6,956		338		—		—		—		7,332
Add: Equity in earnings (losses) of unconsolidated entities	—		—		—		10,588		(5,324)		50		5,314
Less: Interest and other costs on pension and OPEB liabilities	265		—		—		—		—		—		265
Less: Dividends and accretion of redeemable preferred stock	—		—		—		—		—		(21,841)		(21,841)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	—		—		—		(6,503)		1,965		38		(4,500)
Less: Interest expense	(139)		(16,624)		(1,518)		(9,017)		—		(15,814)		(43,112)
Less: Depreciation and amortization expense	(5,086)		(12,473)		(2,496)		(4,502)		—		(100)		(24,657)
Less: Incentive allocations	—		—		—		—		—		—		—
Less: Asset impairment charges	—		—		—		—		—		—		—
Less: Changes in fair value of non-hedge derivative instruments	—		—		—		—		—		—		—
Less: Losses on the modification or extinguishment of debt and capital lease obligations	—		(7)		—		—		—		—		(7)
Less: Acquisition and transaction expenses	(93)		1		(316)		(1,069)		—		(2,038)		(3,515)
Less: Equity-based compensation expense	(358)		(508)		(302)		—		—		(85)		(1,253)
Less: (Provision for) benefit from income taxes	(812)		(423)		(12)		42,457		—		304		41,514
Less: Other non-recurring items	—		—		(1,035)		—		—		—		(1,035)
Net income (loss) attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	$	13,739	$	(15,128)	$	(6,793)	$	170,044	$	(4,985)	$	(47,153)	$	109,724

Reconciliation of Other Significant Reconciling Items from Segments to Consolidated

The following tables set forth the summarized balance sheet. All property, plant and equipment and leasing equipment are located in North America.


	March 31, 2026
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Current assets	$	96,922	$	84,140	$	131,372	$	68,159	$	494	$	16,490	$	397,577
Non-current assets	1,994,448		1,100,671		481,891		1,625,173		49,005		39,767		5,290,955
Total assets	2,091,370		1,184,811		613,263		1,693,332		49,499		56,257		5,688,532

Total debt, net	47,958		920,322		389,383		1,145,879		—		1,309,608		3,813,150

Current liabilities	87,375		75,880		38,646		131,175		18		28,628		361,722
Non-current liabilities	504,799		981,715		390,710		1,303,494		—		1,326,030		4,506,748
Total liabilities	592,174		1,057,595		429,356		1,434,669		18		1,354,658		4,868,470

Redeemable preferred stock	970,516		—		—		—		—		152,642		1,123,158

Non-controlling interests in equity of consolidated subsidiaries	5,438		(187,930)		(4,539)		6,380		—		18		(180,633)
Total equity	528,680		127,216		183,907		258,663		49,481		(1,451,043)		(303,096)
Total liabilities, redeemable preferred stock and equity	$	2,091,370	$	1,184,811	$	613,263	$	1,693,332	$	49,499	$	56,257	$	5,688,532


	December 31, 2025
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Current assets	$	90,394	$	100,455	$	165,765	$	84,222	$	14,716	$	28,459	$	484,011
Non-current assets	2,010,137		1,112,460		450,928		1,637,568		32,383		21,174		5,264,650
Total assets	2,100,531		1,212,915		616,693		1,721,790		47,099		49,633		5,748,661

Total debt, net	48,841		959,720		385,759		1,154,374		—		1,225,479		3,774,173

Current liabilities	80,532		121,528		38,964		125,740		910		42,323		409,997
Non-current liabilities	453,909		988,828		390,140		1,334,995		—		1,226,809		4,394,681
Total liabilities	534,441		1,110,356		429,104		1,460,735		910		1,269,132		4,804,678

Redeemable preferred stock	937,578		—		—		—		—		152,642		1,090,220

Non-controlling interests in equity of consolidated subsidiaries	5,996		(174,252)		(4,148)		4,843		—		—		(167,561)
Total equity	628,512		102,559		187,589		261,055		46,189		(1,372,141)		(146,237)
Total liabilities, redeemable preferred stock and equity	$	2,100,531	$	1,212,915	$	616,693	$	1,721,790	$	47,099	$	49,633	$	5,748,661

ACQUISITION OF SUBSIDIARIES - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Feb. 26, 2025
Business Combination [Line Items]
Goodwill	$ 365,703	$ 365,703
Power and Gas
Business Combination [Line Items]
Cash and cash equivalents			$ 17,205
Restricted cash			218,422
Accounts receivable			12,364
Property, plant and equipment			1,516,873
Intangible assets			1,000
Other assets			11,855
Total assets acquired			1,777,719
Accounts payable and accrued liabilities			54,699
Debt			1,115,200
Pension and other postretirement benefits			197,795
Other liabilities			15,628
Total liabilities assumed			1,383,322
Goodwill			90,337
Total purchase consideration			$ 484,734

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Property, Plant and Equipment, Useful Life

Property, plant and equipment, net is summarized as follows:




	March 31, 2026		December 31, 2025
Land, site improvements and rights	$	514,154	$	513,835
Buildings and improvements	73,005		72,997
Bridges and tunnels	969,904		969,551
Terminal machinery and equipment	1,350,849		1,357,502
Proved oil and gas properties	316,284		304,716
Unproved oil and gas properties	144,977		144,455
Power plant	850,489		850,489
Track and track related assets	336,240		335,850
Railroad equipment	9,694		9,694
Railcars and locomotives	181,977		181,892
Computer hardware and software	22,780		22,532
Furniture and fixtures	2,246		2,246
Construction in progress	300,359		263,495
Other	29,619		30,029
	5,102,577		5,059,283
Less: Accumulated depreciation	(526,114)		(477,512)
Property, plant and equipment, net	$	4,576,463	$	4,581,771

Depreciation expense for property, plant and equipment is summarized as follows:


	Three Months Ended March 31,
	2026		2025

Depreciation expense	$	49,209	$	23,606

Schedule of Accumulated Other Comprehensive Income (Loss)

Components of accumulated other comprehensive (loss) income at March 31, 2026 are as follows:


	Three Months Ended March 31, 2026
	Derivatives		Pension and other postretirement benefit accounts		Total
Accumulated other comprehensive (loss) income - December 31, 2025	$	(112,196)	$	21,578	$	(90,618)
Other comprehensive loss before reclassification	(12,106)		—		(12,106)
Amounts reclassified from accumulated other comprehensive (loss) income	15,960		(531)		15,429
Net current period other comprehensive (loss) income, net of tax	3,854		(531)		3,323
Accumulated other comprehensive (loss) income - March 31, 2026	$	(108,342)	$	21,047	$	(87,295)

Components of accumulated other comprehensive (loss) income at March 31, 2025 are as follows:


	Three Months Ended March 31, 2025
	Derivatives		Equity method investee		Pension and other postretirement benefit accounts		Total
Accumulated other comprehensive (loss) income - December 31, 2024	$	—	$	(182,983)	$	25,932	$	(157,051)
Other comprehensive loss before reclassification	(24,050)		(633)		—		(24,683)
Amounts reclassified from accumulated other comprehensive loss	(381)		183,616		(558)		182,677
Net current period other comprehensive (loss) income, net of tax	(24,431)		182,983		(558)		157,994
Accumulated other comprehensive (loss) income - March 31, 2025	$	(24,431)	$	—	$	25,374	$	943

FAIR VALUE MEASUREMENTS - Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Warrant $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ (81,599)
Purchases and issuances	0
Unrealized losses	(907)
Ending balance	$ (82,506)

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Derivative Liabilities at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ (223,497)	$ 0
Acquisition of derivative		(197,795)
Payoff of hedge		67,005
Net unrealized (losses) gains recognized in earnings	715	(292)
Net realized losses settled in other comprehensive loss	26,196	1,208
Unrealized losses recognized in other comprehensive loss	(12,106)	(24,050)
Ending balance	(208,692)	(153,924)
Electricity Swaps
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	(222,894)	0
Acquisition of derivative		(197,795)
Payoff of hedge		67,005
Net unrealized (losses) gains recognized in earnings	(69)	0
Net realized losses settled in other comprehensive loss	26,196	1,208
Unrealized losses recognized in other comprehensive loss	(12,106)	(24,050)
Ending balance	(208,873)	(153,632)
Interest Rate Swaps
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	(432)	0
Acquisition of derivative		0
Payoff of hedge		0
Net unrealized (losses) gains recognized in earnings	367	(292)
Net realized losses settled in other comprehensive loss	0	0
Unrealized losses recognized in other comprehensive loss	0	0
Ending balance	(65)	$ (292)
Natural Gas Forward
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	(171)
Net unrealized (losses) gains recognized in earnings	417
Net realized losses settled in other comprehensive loss	0
Unrealized losses recognized in other comprehensive loss	0
Ending balance	$ 246

EARNINGS PER SHARE AND EQUITY

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

EARNINGS PER SHARE AND EQUITY

16. EARNINGS PER SHARE AND EQUITY

Basic (loss) earnings per share of common stock is calculated by dividing net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock by the weighted average number of shares of common stock outstanding. Diluted (loss) earnings per share is calculated by dividing net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock by the weighted average number of shares of common stock outstanding, plus any potentially dilutive securities, if dilutive. Potentially dilutive securities are calculated using the treasury stock method.

The calculation of basic and diluted (loss) earnings per share is presented below:


	Three Months Ended March 31,
(in thousands, except per share data)	2026		2025
Net (loss) income	$	(127,211)	$	120,164
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	(14,260)		(11,401)
Less: Preferred dividends and accretion on redeemable non-controlling interests	37,221		—
Less: Dividends and accretion of redeemable preferred stock	—		21,841
Net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	(150,172)		109,724
Less: Convertible preferred stock dividend	4,353		1,467


Net (loss) income attributable to common stockholders	$	(154,525)	$	108,257
Weighted Average Common Stock Outstanding - Basic	116,689,474		114,101,860
Weighted Average Common Stock Outstanding - Diluted	116,689,474		122,758,859

(Loss) earnings per share:
Basic	$	(1.32)	$	0.95
Diluted (1)	$	(1.32)	$	0.89

________________________________________________________

(1) Diluted (loss) earnings per share for the three months ended March 31, 2026 and 2025 includes the dilutive effect of subsidiary earnings per share and convertible preferred stock.

For the three months ended March 31, 2026 and 2025, 23,783,649 and — shares of common stock, respectively, have been excluded from the calculation of Diluted loss per share because the impact would be anti-dilutive.

Common Stock Warrants

As of March 31, 2026, there were no changes to the number of the Company’s outstanding equity classified stock warrants. The weighted average exercise price was $9.64 and $9.76 as of March 31, 2026 and December 31, 2025, respectively. The weighted average exercise price as of March 31, 2026 includes adjustments for quarterly dividend payments.

The weighted average remaining contractual term of the outstanding warrants as of March 31, 2026 is 4.3 years. The aggregate intrinsic value of the warrants as of March 31, 2026 is $— million.

EQUITY-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Arrangements

The following table presents the expense related to our subsidiary stock-based compensation arrangements recognized in the Consolidated Statements of Operations:


	Expense Recognized During the Three Months Ended March 31,				Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	Weighted Average Remaining Contractual Term (in years)
	2026		2025

Restricted shares	$	1,681	$	70		$	5,260	0.8
Common units	447		358			2,226		1.1
Total	$	2,128	$	428		$	7,486

The following table presents the expense related to our RSUs to subsidiary employees recognized in the Consolidated Statements of Operations:


	Expense Recognized During the Three Months Ended March 31,				Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	Weighted Average Remaining Contractual Term (in years)
	2026		2025
Restricted stock units	$	8,844	$	810		$	7,066	1.3
Total	$	8,844	$	810		$	7,066

DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) $ in Thousands	Mar. 31, 2026 USD ($)
February 10, 2026
Derivative [Line Items]
Letters of credit	$ 10,000
February 26, 2026
Derivative [Line Items]
Letters of credit	$ 1,000

LEASING EQUIPMENT, NET (Details) - USD ($) $ in Thousands	3 Months Ended
LEASING EQUIPMENT, NET (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Leases [Line Items]
Leasing equipment, net	$ 36,178		$ 36,570
Leasing Equipment
Leases [Line Items]
Leasing equipment	49,989		49,986
Less: Accumulated depreciation	(13,811)		(13,416)
Leasing equipment, net	36,178		$ 36,570
Depreciation expense for leasing equipment	$ 396	$ 410

DERIVATIVE FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

9. DERIVATIVE FINANCIAL INSTRUMENTS

Long Ridge Energy & Power LLC is subject to electricity price volatility stemming from the sales of electricity from the Long Ridge power generation plant. Long Ridge Energy & Power LLC enters into electricity swap agreements to manage our exposure to electricity price fluctuations. The electricity swap derivatives are designated as hedging instruments within cash flow hedging relationships. The Company recognizes the realized gain or loss in Revenues in our Consolidated Statements of Operations.

As of March 31, 2026, we have a $10.0 million letter of credit and a $1.0 million letter of credit that have been provided to electricity swap counterparties and will mature on February 26, 2028 and February 10, 2027, respectively.

Refer to Note 8 for our fair value measurement of derivative financial instruments.

The following table presents information related to our outstanding derivative contracts as of March 31, 2026:


	March 31, 2026
	Notional Amount	Fair Value of Assets		Fair Value of Liabilities		Term
Derivatives Designated as Cash Flow Hedges:
Electricity Swaps (MWh)	741,777	$	—	$	(208,873)	3 to 6 Years
Non-Hedge Derivative Instruments:
Interest Rate Swaps ($)	200,000	—		(65)		2 Years
Natural Gas Forward Prices (MMBtu)	2,425	246		—		0.1 Years
Total		$	246	$	(208,938)

	December 31, 2025
	Notional Amount	Fair Value of Assets		Fair Value of Liabilities		Term
Derivatives Designated as Cash Flow Hedges:
Electricity Swaps (MWh)	774,728	$	—	$	(222,894)	3 to 6 Years
Non-Hedge Derivative Instruments:
Interest Rate Swaps ($)	200,000	—		(432)		2 Years
Natural Gas Forward Prices (MMBtu)	2,425			(171)		0 Years
Total		$	—	$	(223,497)

The following table presents a summary of the changes in fair value for electricity swap, interest rate swap and natural gas forward derivatives:


	Three Months Ended March 31, 2026
	Electricity Swaps		Interest Rate Swaps		Natural Gas Forward		Total
Beginning balance	$	(222,894)	$	(432)	$	(171)	$	(223,497)


Net unrealized (losses) gains recognized in earnings (1)	(69)		367		417		715
Net realized losses settled in other comprehensive loss	26,196		—		—		26,196
Unrealized losses recognized in other comprehensive loss	(12,106)		—		—		(12,106)
Ending balance	$	(208,873)	$	(65)	$	246	$	(208,692)


	Three Months Ended March 31, 2025
	Electricity Swaps		Interest Rate Swaps		Total
Beginning balance	$	—	$	—	$	—
Acquisition of derivative	(197,795)		—		(197,795)
Payoff of hedge	67,005		—		67,005
Net unrealized losses recognized in earnings (1)	—		(292)		(292)
Net realized losses settled in other comprehensive loss	1,208		—		1,208
Unrealized losses recognized in other comprehensive loss	(24,050)		—		(24,050)
Ending balance	$	(153,632)	$	(292)	$	(153,924)

________________________________________________________

(1) Interest rate swaps are recognized in Interest expense in the Consolidated Statements of Operations. Natural gas forwards are recognized in Revenues in the Consolidated Statements of Operations.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ (146,237)	$ 75,138
Other comprehensive loss before reclassification	(12,106)	(24,683)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	15,429	182,677
Other comprehensive income	3,323	157,994
Ending balance	(303,096)	337,102
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(112,196)	0
Other comprehensive loss before reclassification	(12,106)	(24,050)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	15,960	(381)
Other comprehensive income	3,854	(24,431)
Ending balance	(108,342)	(24,431)
AOCI, Equity Method Investment, Including Noncontrolling Interest [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		(182,983)
Other comprehensive loss before reclassification		(633)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax		183,616
Other comprehensive income		182,983
Ending balance		0
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	21,578	25,932
Other comprehensive loss before reclassification	0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(531)	(558)
Other comprehensive income	(531)	(558)
Ending balance	21,047	25,374
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(90,618)	(157,051)
Other comprehensive income	3,323	157,994
Ending balance	$ (87,295)	$ 943

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

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Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

DEBT, NET - Narrative (Details) - USD ($) $ in Thousands				3 Months Ended
DEBT, NET - Narrative (Details) - USD ($) $ in Thousands	Mar. 10, 2026	Feb. 26, 2026	Feb. 25, 2026	Mar. 31, 2026	Mar. 16, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Short-Term Debt, Weighted Average Interest Rate, at Point in Time				11.00%		9.70%
Debt, net				$ 3,813,150		$ 3,774,173
Other Long-Term Debt				$ 255,000
Corporate Term Loan Credit Agreement $1.35B \| Loans payable
Debt Instrument [Line Items]
Debt, net			$ 1,350,000
Basis spread			9.75%
Payments of Debt Issuance Costs			$ 5,600
Corporate Term Loan Credit Agreement $1.3B \| Loans payable
Debt Instrument [Line Items]
Debt, net		$ 1,300,000
Corporate Term Loan Credit Agreement $35.4M \| Loans payable
Debt Instrument [Line Items]
Debt, net	$ 35,400
Corporate Bridge Loan Credit Agreement $1.25B \| Loans payable
Debt Instrument [Line Items]
Basis spread				3.00%
Corporate Bridge Loan Credit Agreement $1.25B \| Line of Credit
Debt Instrument [Line Items]
Gains (Losses) on Restructuring of Debt		$ 39,500
Jefferson Credit Agreement June 2025 \| Loans payable
Debt Instrument [Line Items]
Basis spread				3.00%
Jefferson Credit Agreement June 2025 \| Line of Credit
Debt Instrument [Line Items]
Gains (Losses) on Restructuring of Debt	$ (6,400)
Backstop Jefferson $255M
Debt Instrument [Line Items]
Other Long-Term Debt					$ 255,000

INVESTMENTS - Share of Equity of Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings of unconsolidated entities	$ (518)	$ 5,314
Intermodal Finance I, Ltd.
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings of unconsolidated entities	0	50
GM-FTAI Holdco LLC
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings of unconsolidated entities	0	(5,215)
Clean Planet Energy USA LLC
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings of unconsolidated entities	0	(109)
Pyroplast Energy LTD
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings of unconsolidated entities	(518)	0
Long Ridge West Virginia LLC
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings of unconsolidated entities	0	(311)
Long Ridge Energy & Power LLC
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings of unconsolidated entities	$ 0	$ 10,899

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

INTANGIBLE ASSETS, NET - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2026	$ 3,050
2027	4,067
2028	4,067
2029	4,067
2030	4,067
Thereafter	22,852
Total intangible assets, net	$ 42,170	$ 43,173

PROPERTY, PLANT AND EQUIPMENT, NET - Depreciation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Depreciation expense for property, plant and equipment:
Depreciation expense	$ 49,209	$ 23,606

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

8. FAIR VALUE MEASUREMENTS

Fair value measurements and disclosures require the use of valuation techniques to measure fair value that maximize the use of observable inputs and minimize use of unobservable inputs. These inputs are prioritized as follows:

•Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.

•Level 2: Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or market corroborated inputs.

•Level 3: Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants price the asset or liability.

The valuation techniques that may be used to measure fair value are as follows:

•Market approach—Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

•Income approach—Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts.

•Cost approach—Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost).

Our note receivable of $13.6 million as of both March 31, 2026 and December 31, 2025, respectively, is related to CarbonFree, a business that develops technologies to capture carbon dioxide from industrial emissions sources. We elected the fair value option for this note receivable to better align the reported results with the underlying changes in the value of this note receivable, and record the balance of the note receivable in Other assets in the Consolidated Balance Sheets. The Company records interest income, which is included in Other income in the Consolidated Statements of Operations, on this note receivable using the contractual interest rate and classifies the note receivable as Level 2 within the fair value hierarchy.

The fair value of our electricity derivative liabilities of $208.9 million and $223.5 million as of March 31, 2026 and December 31, 2025, respectively, are estimated by applying the income approach, which is based on discounted projected future cash flows, and are classified as Level 2 within the fair value hierarchy. The valuation of our electricity derivatives is based on management’s best estimate of certain key assumptions, which include estimated power forward curves, probability of default, and the discount rate.

Our cash and cash equivalents and restricted cash and cash equivalents consist largely of demand deposit accounts with maturities of 90 days or less when purchased that are considered to be highly liquid. These instruments are valued using inputs observable in active markets for identical instruments and are therefore classified as Level 1 within the fair value hierarchy.

Except as discussed below, our financial instruments other than cash and cash equivalents and restricted cash and cash equivalents consist principally of accounts receivable, notes receivable, accounts payable and accrued liabilities, and loans payable, and their fair values approximate their carrying values based on an evaluation of pricing data, vendor quotes, and historical trading activity or due to their short maturity profiles. There have been no changes in Level 1, Level 2, and Level 3 and no changes in valuation techniques for financial instruments measured at fair value on a recurring basis for the periods ended March 31, 2026 and December 31, 2025.

FIP RR Holdings LLC (“RR Holdings”), a subsidiary of the Company, issued warrants (“Series A Warrants - RailCo”) in connection with the Wheeling Acquisition, in which the fair value of the warrant liabilities was estimated using a Black-Scholes valuation model, which is considered to be a Level 3 fair value measurement. The fair value of the Series A Warrants - RailCo is based on the underlying shares of RR Holdings. These liabilities are presented within Warrant liabilities on the Consolidated Balance Sheets. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value of $0.9 million for the three months ended March 31, 2026 presented within Other income in the Consolidated Statements of Operations. The following table presents the key inputs applied in the valuation of the warrant liabilities:


	March 31, 2026	December 31, 2025
Number of units	172,500	172,500
Fair value at grant date ($ millions)	$85.8	$85.8
Strike price	$676.14	$761.05
Expected volatility	35.00%	35.00%
Risk free interest rate	3.8%	3.6%
Expected dividend yield	—%	—%
Expected term	2.5 years	2.8 years
Warrant fair value (per share)	$478.29	$473.04

Level 3 Reconciliation


	Warrants
Beginning balance, December 31, 2025	$	(81,599)
Purchases and issuances	—

Unrealized losses	(907)
Ending balance, March 31, 2026	$	(82,506)

The fair value of our bonds, notes payable and loans payable reported as Debt, net in the Consolidated Balance Sheets are presented in the table below:


	March 31, 2026		December 31, 2025
Series 2020A Bonds (1)	$	111,630	$	115,979
Series 2021A Bonds (1)	105,604		120,448
Series 2021B Bonds (1)	182,198		182,630
Series 2024A Bonds (1)	153,371		160,802
Series 2024B Bonds (1)	218,380		222,949
Series 2025 Bonds (1)	312,831		309,285
Senior Notes due 2032 (1)	630,894		638,880
EB-5 Loan Agreement	23,860		25,536
EB-5.2 Loan Agreement	9,011		9,529
EB-5.3 Loan Agreement	25,525		25,315

________________________________________________________

(1) Fair value is based upon market prices for similar municipal securities.

The fair value of all other items reported as Debt, net in the Consolidated Balance Sheets approximates their carrying values due to their bearing market rates of interest and are classified as Level 2 within the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

Cover page - shares	3 Months Ended
Cover page - shares	Mar. 31, 2026	May 06, 2026
Cover [Abstract]
Document Type	10-Q
Document Period End Date	Mar. 31, 2026
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-41370
Entity Registrant Name	FTAI INFRASTRUCTURE INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-4407005
Entity Address, Address Line One	1345 Avenue of the Americas, 45th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10105
City Area Code	212
Local Phone Number	798-6100
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	FIP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		118,163,555
Entity Central Index Key	0001899883
Document Fiscal Year Focus	2026
Amendment Flag	false
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

ACQUISITION OF SUBSIDIARIES - Pro Forma Information (Details) - Power and Gas $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Business Combination [Line Items]
Total revenue	$ 149,520
Net loss attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	$ (40,012)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

EQUITY-BASED COMPENSATION

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

EQUITY-BASED COMPENSATION

11. EQUITY-BASED COMPENSATION

On August 1, 2022, we established a Nonqualified Stock Option and Incentive Award Plan (“Incentive Plan”), which provides for the ability to grant equity compensation awards in the form of stock options, stock appreciation rights, restricted stock, and performance awards to eligible employees, consultants, directors, and other individuals who provide services to us, each as determined by the Compensation Committee of the board of directors.

As of March 31, 2026, the Incentive Plan provides for the issuance of up to 30.0 million shares. We account for equity-based compensation expense in accordance with ASC 718, Compensation – Stock Compensation and we report equity-based compensation within Operating expenses and General and administrative in the Consolidated Statements of Operations.

Director Compensation

During the three months ended March 31, 2026, we issued 984 shares of common stock to a certain director as compensation.

Stock Options

In connection with our February 2025 offering of Series B Preferred Stock ("Convertible Preferred Stock") (see Note 15), the Company issued to the Manager, options to purchase 2.9 million shares of common stock at a per share exercise price of $5.61, which had a grant date fair value of $7.4 million.

Subsidiary Stock-Based Compensation

During the three months ended March 31, 2026, we issued restricted shares of our subsidiary that had a grant date fair value of $0.5 million and generally vest over three years. These awards are subject to continued employment, and the compensation expense is recognized ratably over the vesting periods. The fair value of these awards was based on the fair value of the operating subsidiary on each grant date, which was estimated using a discounted cash flow analysis that requires the application of discount factors and terminal multiples to projected cash flows. Discount factors and terminal multiples were based on market-based inputs and transactions, as available at the measurement date.

The following table presents the expense related to our subsidiary stock-based compensation arrangements recognized in the Consolidated Statements of Operations:


	Expense Recognized During the Three Months Ended March 31,				Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	Weighted Average Remaining Contractual Term (in years)
	2026		2025

Restricted shares	$	1,681	$	70		$	5,260	0.8
Common units	447		358			2,226		1.1
Total	$	2,128	$	428		$	7,486

Restricted Stock Units to Subsidiary Employees

During the three months ended March 31, 2026, we issued restricted stock units (“RSUs”) of our common stock that had a grant date fair value of $16.1 million, based on the closing price of FIP’s stock on the grant date, and vest over three years. These

awards were made to employees of certain of our subsidiaries, are subject to continued employment, and the compensation expense is recognized ratably over the vesting periods.

The following table presents the expense related to our RSUs to subsidiary employees recognized in the Consolidated Statements of Operations:


	Expense Recognized During the Three Months Ended March 31,				Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	Weighted Average Remaining Contractual Term (in years)
	2026		2025
Restricted stock units	$	8,844	$	810		$	7,066	1.3
Total	$	8,844	$	810		$	7,066

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 5,102,577	$ 5,059,283
Less: Accumulated depreciation	(526,114)	(477,512)
Property, plant and equipment, net	4,576,463	4,581,771
Land and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	514,154	513,835
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	73,005	72,997
Bridges and tunnels
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	969,904	969,551
Terminal machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,350,849	1,357,502
Proved oil and gas properties
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	316,284	304,716
Unproved oil and gas properties
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	144,977	144,455
Power plant
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	850,489	850,489
Track and track related assets
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	336,240	335,850
Railroad equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	9,694	9,694
Railcars and locomotives
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	181,977	181,892
Computer hardware and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	22,780	22,532
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,246	2,246
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	300,359	263,495
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 29,619	$ 30,029

REDEEMABLE PREFERRED STOCK	3 Months Ended
REDEEMABLE PREFERRED STOCK	Mar. 31, 2026
Equity [Abstract]
REDEEMABLE PREFERRED STOCK	15. REDEEMABLE PREFERRED STOCK Series B Preferred Stock - Redeemable Convertible Preferred Stock As of March 31, 2026, the Company has $18.5 million of cumulative dividends increasing the liquidation preference on the Series B Preferred Stock. Dividends are not recorded as redemption is not currently expected. If the Series B Preferred Stock were redeemed due to a change in control as of March 31, 2026, it would be redeemable for $182.0 million. If the Series B Preferred Stock were converted at the option of the holder as of March 31, 2026, it would be converted to 21,818,025 shares of common stock. The Company would have no obligation under the Share Cap to pay cash on an optional conversion at March 31, 2026. Series A Preferred Stock - RailCo - Redeemable Preferred Stock - Non-Controlling Interest As of March 31, 2026, RR Holdings had $64.4 million of PIK dividends increasing its Series A Preferred Units (“Series A Preferred Stock - RailCo”) balance. Dividends recorded in Dividends and accretion of redeemable preferred stock on the Consolidated Statements of Operations totaled $27.0 million for the three months ended March 31, 2026. The Company has presented the Series A Preferred Stock - RailCo in temporary equity and is accreting the discount and issuance costs using the interest method to the earliest redemption date of August 25, 2032. Such accretion, recorded in Dividends and accretion of redeemable preferred stock on the Consolidated Statements of Operations, totaled $5.2 million for the three months ended March 31, 2026. As of March 31, 2026, the Series A Preferred Stock - RailCo shares would be redeemable at a redemption price per share of $1,417.49.

EARNINGS PER SHARE AND EQUITY (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The calculation of basic and diluted (loss) earnings per share is presented below:


	Three Months Ended March 31,
(in thousands, except per share data)	2026		2025
Net (loss) income	$	(127,211)	$	120,164
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	(14,260)		(11,401)
Less: Preferred dividends and accretion on redeemable non-controlling interests	37,221		—
Less: Dividends and accretion of redeemable preferred stock	—		21,841
Net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	(150,172)		109,724
Less: Convertible preferred stock dividend	4,353		1,467


Net (loss) income attributable to common stockholders	$	(154,525)	$	108,257
Weighted Average Common Stock Outstanding - Basic	116,689,474		114,101,860
Weighted Average Common Stock Outstanding - Diluted	116,689,474		122,758,859

(Loss) earnings per share:
Basic	$	(1.32)	$	0.95
Diluted (1)	$	(1.32)	$	0.89

________________________________________________________

(1) Diluted (loss) earnings per share for the three months ended March 31, 2026 and 2025 includes the dilutive effect of subsidiary earnings per share and convertible preferred stock.

ACQUISITION OF SUBSIDIARIES - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
	Feb. 25, 2025	Mar. 31, 2026	Mar. 31, 2025	Feb. 26, 2025
Business Combination [Line Items]
Income tax benefit		$ (3,523)	$ 41,514
Reclassification out of Accumulated Other Comprehensive Income \| AOCI, Equity Method Investment, Including Noncontrolling Interest [Member]
Business Combination [Line Items]
Income tax benefit	$ 9,200
Long Ridge Energy & Power LLC
Business Combination [Line Items]
Percent interest acquired				49.90%
Business combination, step acquisition, gain	$ 120,000
Long Ridge Energy & Power LLC
Business Combination [Line Items]
Ownership Percentage	50.10%
Long Ridge Energy & Power LLC \| GCM Grosvenor Inc
Business Combination [Line Items]
Ownership Percentage				49.90%

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2026
Income Tax Disclosure [Abstract]
INCOME TAXES	12. INCOME TAXES Taxable income or loss generated by us and our corporate subsidiaries is subject to U.S. federal and state corporate income tax in locations where they conduct business. A valuation allowance has been established against our net U.S. federal and state deferred tax assets, including net operating loss carryforwards. As a result, our income tax provision is primarily related to separate company state taxes, deferred taxes for tax deductible goodwill, and deferred taxes for certain long-lived assets. Our effective tax rate differs from the U.S. federal tax rate of 21% primarily due to the tax benefit associated with the current year net loss of certain subsidiaries that has been offset by a corresponding increase in the valuation allowance recorded against deferred tax assets. As of and for the three months ended March 31, 2026, we had not established a liability for uncertain tax positions as no such positions existed. In general, our tax returns and the tax returns of our corporate subsidiaries are subject to U.S. federal, state and local income tax examinations by tax authorities. Generally, we are not subject to examination by taxing authorities for tax years prior to 2022. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant changes to the U.S. federal tax law, such as an elective deduction for domestic research and experimental expenditures, and changes to interest expense limitations under Section 163(j). We have incorporated these amendments into the income tax provision which did not have a material impact on the Company’s effective tax rate.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LEASING EQUIPMENT, NET (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Lessor, Operating Leases

Leasing equipment, net is summarized as follows:


	March 31, 2026		December 31, 2025
Leasing equipment	$	49,989	$	49,986
Less: Accumulated depreciation	(13,811)		(13,416)
Leasing equipment, net	$	36,178	$	36,570

Operating Lease, Lease Income

Depreciation expense for leasing equipment is summarized as follows:


	Three Months Ended March 31,
	2026		2025
Depreciation expense for leasing equipment	$	396	$	410

PROPERTY, PLANT AND EQUIPMENT, NET

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

4. PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net is summarized as follows:




	March 31, 2026		December 31, 2025
Land, site improvements and rights	$	514,154	$	513,835
Buildings and improvements	73,005		72,997
Bridges and tunnels	969,904		969,551
Terminal machinery and equipment	1,350,849		1,357,502
Proved oil and gas properties	316,284		304,716
Unproved oil and gas properties	144,977		144,455
Power plant	850,489		850,489
Track and track related assets	336,240		335,850
Railroad equipment	9,694		9,694
Railcars and locomotives	181,977		181,892
Computer hardware and software	22,780		22,532
Furniture and fixtures	2,246		2,246
Construction in progress	300,359		263,495
Other	29,619		30,029
	5,102,577		5,059,283
Less: Accumulated depreciation	(526,114)		(477,512)
Property, plant and equipment, net	$	4,576,463	$	4,581,771

Depreciation expense for property, plant and equipment is summarized as follows:


	Three Months Ended March 31,
	2026		2025

Depreciation expense	$	49,209	$	23,606

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Derivatives, Fair Value [Line Items]
Fair Value of Assets	$ 246		$ 0
Fair Value of Liabilities	(208,938)		(223,497)
Net unrealized (losses) gains recognized in earnings	715	$ (292)
Payoff of hedge		67,005
Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Net unrealized (losses) gains recognized in earnings	367	(292)
Payoff of hedge		0
Electricity Swaps
Derivatives, Fair Value [Line Items]
Net unrealized (losses) gains recognized in earnings	(69)	0
Payoff of hedge		$ 67,005
Natural Gas Forward
Derivatives, Fair Value [Line Items]
Net unrealized (losses) gains recognized in earnings	417
Derivatives Designated as Cash Flow Hedges:
Derivatives, Fair Value [Line Items]
Notional Amount	741,777		774,728
Fair Value of Assets	0		0
Fair Value of Liabilities	(208,873)		(222,894)
Non-Hedge Derivative Instruments: \| Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Notional Amount	200,000		200,000
Fair Value of Assets	0		0
Fair Value of Liabilities	(65)		(432)
Non-Hedge Derivative Instruments: \| Natural Gas Forward
Derivatives, Fair Value [Line Items]
Notional Amount	2,425		2,425
Fair Value of Assets	246
Fair Value of Liabilities	$ 0		$ (171)
Minimum \| Derivatives Designated as Cash Flow Hedges:
Derivatives, Fair Value [Line Items]
Term	3 years		3 years
Minimum \| Non-Hedge Derivative Instruments: \| Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Term	2 years		2 years
Minimum \| Non-Hedge Derivative Instruments: \| Natural Gas Forward
Derivatives, Fair Value [Line Items]
Term	1 month 6 days		0 years
Maximum \| Derivatives Designated as Cash Flow Hedges:
Derivatives, Fair Value [Line Items]
Term	6 years		6 years

INVESTMENTS - Ownership Carrying Values (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Dec. 22, 2025	Dec. 31, 2012
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 21,726	$ 22,243
Intermodal Finance I, Ltd.
Schedule of Equity Method Investments [Line Items]
Ownership Percentage				51.00%
Carrying Value	$ 0	0
GM-FTAI Holdco LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	27.00%
Carrying Value	$ 0	0
Pyroplast Energy LTD
Schedule of Equity Method Investments [Line Items]
Ownership Percentage			46.80%
Carrying Value	$ 21,726	$ 22,243

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

REVENUES - Components of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Disaggregation of Revenue [Line Items]
Total revenues	$ 188,364	$ 96,161
Capitalized Contract Cost, Net	17,300		$ 18,600
Capitalized Contract Cost, Net, Current	4,700		4,900
Capitalized Contract Cost, Net, Noncurrent	12,600		$ 13,700
Capitalized Contract Cost, Amortization	1,200	1,200
Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	12,824	12,976
Lease income
Disaggregation of Revenue [Line Items]
Total revenues	2,495	1,337
Lease income \| Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Rail revenues
Disaggregation of Revenue [Line Items]
Total revenues	82,293	42,174
Rail revenues \| Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	270	0
Terminal services revenues
Disaggregation of Revenue [Line Items]
Total revenues	28,308	22,705
Terminal services revenues \| Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Roadside services revenues
Disaggregation of Revenue [Line Items]
Total revenues	12,554
Roadside services revenues \| Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	12,554
Other revenue
Disaggregation of Revenue [Line Items]
Total revenues	1,130	1
Other revenue \| Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Roadside services revenues
Disaggregation of Revenue [Line Items]
Total revenues		12,976
Roadside services revenues \| Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues		12,976
Power Revenues
Disaggregation of Revenue [Line Items]
Total revenues	45,628	15,780
Power Revenues \| Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Gas Revenues
Disaggregation of Revenue [Line Items]
Total revenues	15,956	1,188
Gas Revenues \| Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Railroad \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	85,008	42,631
Railroad \| Lease income \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	1,855	457
Railroad \| Rail revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	82,023	42,174
Railroad \| Terminal services revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Railroad \| Roadside services revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0
Railroad \| Other revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	1,130	0
Railroad \| Roadside services revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues		0
Railroad \| Power Revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Railroad \| Gas Revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Jefferson Terminal \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	27,318	19,449
Jefferson Terminal \| Lease income \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	640	880
Jefferson Terminal \| Rail revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Jefferson Terminal \| Terminal services revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	26,678	18,569
Jefferson Terminal \| Roadside services revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0
Jefferson Terminal \| Other revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Jefferson Terminal \| Roadside services revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues		0
Jefferson Terminal \| Power Revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Jefferson Terminal \| Gas Revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Repauno \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	1,208	3,811
Repauno \| Lease income \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Repauno \| Rail revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Repauno \| Terminal services revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	1,208	3,810
Repauno \| Roadside services revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0
Repauno \| Other revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	1
Repauno \| Roadside services revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues		0
Repauno \| Power Revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Repauno \| Gas Revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Power and Gas \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	62,006	17,294
Power and Gas \| Lease income \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Power and Gas \| Rail revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Power and Gas \| Terminal services revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	422	326
Power and Gas \| Roadside services revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0
Power and Gas \| Other revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Power and Gas \| Roadside services revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues		0
Power and Gas \| Power Revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	45,628	15,780
Power and Gas \| Gas Revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	15,956	1,188
Sustainability \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	$ 0	$ 0

INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands	Mar. 06, 2024	Mar. 31, 2026	Mar. 31, 2025	Oct. 01, 2022
Equity Method Investments and Joint Ventures [Abstract]
Asset impairment		$ 0	$ 0
TimberHP Madison, LLC
Equity Method Investments and Joint Ventures [Abstract]
Investment Interest Rate				5.00%
Schedule of Equity Method Investments [Line Items]
Payments to acquire other investments	$ 5,000
Investment Interest Rate				5.00%

- Definition

Rate of interest on investment.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477439/946-210-55-1

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

INTANGIBLE ASSETS, NET - Summarized Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Intangible assets:
Customer relationships	$ 61,000	$ 61,000
Less: Accumulated amortization	(18,830)	(17,827)
Total intangible assets, net	42,170	43,173
Power and Gas
Intangible assets:
Customer relationships	1,000	1,000
Less: Accumulated amortization	(73)	(56)
Total intangible assets, net	927	944
Railroad
Intangible assets:
Customer relationships	60,000	60,000
Less: Accumulated amortization	(18,757)	(17,771)
Total intangible assets, net	$ 41,243	$ 42,229

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 37,860	$ 57,351
Restricted cash and cash equivalents	189,571	268,595
Accounts receivable, net	97,368	95,388
Other current assets	72,778	62,677
Total current assets	397,577	484,011
Leasing equipment, net	36,178	36,570
Operating lease right-of-use assets, net	149,274	133,493
Property, plant, and equipment, net	4,576,463	4,581,771
Investments	21,726	22,243
Intangible Assets, Net (Excluding Goodwill)	42,170	43,173
Goodwill	365,703	365,703
Other assets	99,441	81,697
Total assets	5,688,532	5,748,661
Current liabilities:
Accounts payable and accrued liabilities	251,870	280,707
Debt, net	25,433	65,438
Operating lease liabilities	11,090	9,108
Derivative liabilities	50,290	34,381
Other current liabilities	23,039	20,363
Total current liabilities	361,722	409,997
Debt, net	3,787,717	3,708,735
Operating lease liabilities	85,484	71,000
Deferred income tax liabilities	301,831	300,231
Derivative liabilities	158,648	189,116
Warrant liabilities	82,506	81,599
Other liabilities	90,562	44,000
Total liabilities	4,868,470	4,804,678
Commitments and contingencies	0	0
Redeemable preferred stock	1,123,158	1,090,220
Equity
Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 118,163,555 and 116,294,461 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively)	1,182	1,163
Additional paid in capital	589,593	623,771
Accumulated deficit	(625,943)	(512,992)
Accumulated other comprehensive loss	(87,295)	(90,618)
Stockholders' equity	(122,463)	21,324
Non-controlling interest in equity of consolidated subsidiaries	(180,633)	(167,561)
Total equity	(303,096)	(146,237)
Liabilities and Equity, Total	5,688,532	5,748,661
Series B Preferred Stock
Current liabilities:
Redeemable preferred stock	152,642	152,642
Series A Preferred Stock - Railco
Current liabilities:
Redeemable preferred stock	$ 970,516	$ 937,578

DEBT, NET - Schedule of Debt (Details) - USD ($) $ in Thousands			3 Months Ended
	Feb. 25, 2026	May 07, 2025	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Total debt			$ 3,837,982	$ 3,796,031
Unamortized Debt Issuance Expense			(24,832)	(21,858)
Debt, net			3,813,150	3,774,173
Principal debt due within one year			25,649	66,987
Less: Debt issuance costs			(216)	(1,549)
Total principal debt, net due within one year			25,433	65,438
Bonds payable
Debt Instrument [Line Items]
Total debt			1,754,892	1,764,538
Unamortized discount			51,446	36,313
Loans payable
Debt Instrument [Line Items]
Total debt			$ 2,083,090	2,031,493
Line of Credit \| Long Ridge Credit Agreement
Debt Instrument [Line Items]
Basis spread			4.50%
DRP DB Term Loan \| Bonds payable
Debt Instrument [Line Items]
Stated Interest Rate			8.50%
DRP DB Term Loan \| Loans payable
Debt Instrument [Line Items]
Total debt			$ 108,342	105,828
Corporate Bridge Loan Credit Agreement $1.25B \| Loans payable
Debt Instrument [Line Items]
Total debt			$ 0	1,227,294
Basis spread			3.00%
Corporate Bridge Loan Credit Agreement $1.25B \| Loans payable \| Eurodollar
Debt Instrument [Line Items]
Basis spread			4.00%
Corporate Term Loan Credit Agreement $1.35B \| Loans payable
Debt Instrument [Line Items]
Stated Interest Rate			9.75%
Total debt			$ 1,315,014	0
Basis spread	9.75%
Debt, net	$ 1,350,000
EB-5 Loan Agreement (2) \| Loans payable
Debt Instrument [Line Items]
Stated Interest Rate			5.75%
Total debt			$ 63,800	63,800
Jefferson Credit Agreement June 2025 \| Loans payable
Debt Instrument [Line Items]
Total debt			$ 0	30,000
Basis spread			3.00%
Jefferson Credit Agreement June 2025 \| Loans payable \| Eurodollar
Debt Instrument [Line Items]
Basis spread			4.00%
RailCo Revolver \| Loans payable
Debt Instrument [Line Items]
Total debt			$ 50,000	50,000
Basis spread			2.00%
RailCo Revolver \| Loans payable \| Eurodollar
Debt Instrument [Line Items]
Basis spread			3.00%
Long Ridge Acquiom Loan \| Loans payable
Debt Instrument [Line Items]
Total debt			$ 14,734	22,371
Basis spread		15.75%
Long Ridge GCM Prommissory Note \| Loans payable
Debt Instrument [Line Items]
Total debt			20,000	20,000
Basis spread		12.00%
Long Ridge Canam Loan \| Loans payable
Debt Instrument [Line Items]
Total debt			115,200	115,200
Basis spread		6.75%
Long Ridge Credit Agreement \| Loans payable
Debt Instrument [Line Items]
Total debt			$ 396,000	397,000
Long Ridge Credit Agreement \| Loans payable \| Base Rate
Debt Instrument [Line Items]
Basis spread			3.50%
Series 2020 Bonds Due 2050 \| Bonds payable
Debt Instrument [Line Items]
Stated Interest Rate			4.00%
Series 2020 Bonds Due 2035 \| Bonds payable
Debt Instrument [Line Items]
Stated Interest Rate			3.625%
Series 2020 Bonds (1) \| Bonds payable
Debt Instrument [Line Items]
Total debt			$ 139,214	140,753
Series 2021A Bonds Due 2050 \| Bonds payable
Debt Instrument [Line Items]
Stated Interest Rate			3.00%
Series 2021A Bonds Due 2026 Through 2041 \| Bonds payable
Debt Instrument [Line Items]
Stated Interest Rate			1.875%
Series 2021B Bonds \| Bonds payable
Debt Instrument [Line Items]
Stated Interest Rate			4.10%
Series 2021 Bonds \| Bonds payable
Debt Instrument [Line Items]
Total debt			$ 339,532	348,240
Series 2024A Bonds Due 2039 \| Bonds payable
Debt Instrument [Line Items]
Stated Interest Rate			5.00%
Series 2024A Bonds Due 2044 \| Bonds payable
Debt Instrument [Line Items]
Stated Interest Rate			5.25%
Series 2024B Bonds Due 2026 \| Bonds payable
Debt Instrument [Line Items]
Stated Interest Rate			10.00%
Series 2024 Bonds \| Bonds payable
Debt Instrument [Line Items]
Total debt			$ 379,021	378,458
Series 2025 Bonds Due 2035 \| Bonds payable
Debt Instrument [Line Items]
Stated Interest Rate			6.375%
Series 2025 Bonds Due to 2045 \| Bonds payable
Debt Instrument [Line Items]
Stated Interest Rate			6.625%
Series 2025 Bonds \| Bonds payable
Debt Instrument [Line Items]
Total debt			$ 297,125	297,087
Senior Notes due 2032 \| Bonds payable
Debt Instrument [Line Items]
Stated Interest Rate			8.75%
Total debt			$ 600,000	$ 600,000

EQUITY-BASED COMPENSATION (Narrative) (Details) - USD ($)		1 Months Ended	3 Months Ended
	Feb. 26, 2025	Feb. 28, 2025	Mar. 31, 2026	Aug. 01, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued in period (in shares)			984
Strike price (dollars per share)	$ 5.61	$ 5.61		$ 2.76
Grant date fair value of share issued			$ 16,100,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	2,900,000	2,900,000	10,900,000
Granted, fair vlue	$ 7,400,000
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted fair value			$ 500,000
Nonqualified Stock Option and Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)			30,000,000.0

CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues
Total revenues	$ 188,364	$ 96,161
Expenses
Operating expenses	120,394	67,045
General and administrative	3,554	5,113
Acquisition and transaction expenses	6,820	3,515
Management fees and incentive allocation to affiliate	4,092	2,542
Depreciation and amortization	50,691	25,012
Asset impairment	0	0
Total expenses	185,551	103,227
Other income (expense)
Equity in (losses) earnings of unconsolidated entities	(518)	5,314
(Loss) gain on sale of assets, net	(566)	119,828
Loss on modification or extinguishment of debt	(45,914)	(7)
Interest expense	(82,487)	(43,112)
Other income	2,984	3,693
Total other (expense) income	(126,501)	85,716
(Loss) income before income taxes	(123,688)	78,650
Provision for (benefit from) income taxes	3,523	(41,514)
Net (loss) income	(127,211)	120,164
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries - common stockholders	(14,260)	(11,401)
Less: Dividends and accretion of redeemable preferred stock	(37,221)	0
Less: Dividends and accretion of redeemable preferred stock	0	21,841
Less: Convertible preferred stock dividend	4,353	1,467
Net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	(150,172)	109,724
Net (loss) income attributable to common stockholders	$ (154,525)	$ 108,257
(Loss) earnings per share:
Basic (in dollars per share)	$ (1.32)	$ 0.95
Diluted (in dollars per share)	$ (1.32)	$ 0.89
Weighted average shares outstanding:
Basic (in shares)	116,689,474	114,101,860
Diluted (in shares)	116,689,474	122,758,859

DEBT, NET

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

DEBT, NET

7. DEBT, NET

Our debt, net is summarized as follows:


			Outstanding Borrowings
	Stated Interest Rate	Maturity Date	March 31, 2026		December 31, 2025
Loans payable
DRP DB Term Loan (2)	8.50%	11/30/26	$	108,342	$	105,828
Bridge Loan Credit Agreement (1)	(i) Base Rate + 3.00%; or (ii) Base Rate + 4.00% (Adjusted Term SOFR)	8/24/26	—		1,227,294
Term Loan Credit Agreement (1)	9.75%	2/1/28	1,315,014		—
EB-5 Loan Agreement (2)	5.75%	(i) 1/25/27 (ii) 3/11/27 (iii) 11/16/27	63,800		63,800
Jefferson Credit Agreement June 2025	(i) Base Rate + 3.00%; or (ii) Base Rate + 4.00% (Term SOFR)	8/31/26	—		30,000
RailCo Revolver	(i) Base Rate + 2.00%; or (ii) Base Rate + 3.00% (Term SOFR)	11/17/28	50,000		50,000
Long Ridge Acquiom Loan	15.75%	6/7/26	14,734		22,371
Long Ridge GCM Note	12.00%	2/26/28	20,000		20,000
Long Ridge CanAm Loan	6.75%	9/13/29	115,200		115,200
Long Ridge Credit Agreement	(i) Base Rate + 3.50%; or (ii) Base Rate + 4.50% (Term SOFR)	2/19/32	396,000		397,000
Total loans payable			2,083,090		2,031,493
Bonds payable
Series 2020 Bonds (1)	(i) Tax Exempt Series 2020A Bonds: 3.625% (ii) Tax Exempt Series 2020A Bonds: 4.00%	(i) 1/1/35 (ii) 1/1/50	139,214		140,753
Series 2021 Bonds (1)	(i) Tax Exempt Series 2021A Bonds: 1.875% to 3.00% (ii) Taxable Series 2021B Bonds: 4.10%	(i) 1/1/26 to 1/1/50 (ii) 1/1/28	339,532		348,240
Series 2024 Bonds (1) (3)	(i) Tax Exempt Series 2024A Bonds: 5.000% to 5.250% (ii) Taxable Series 2024B Bonds: 10.000%	(i) 1/1/39 to 1/1/54 (ii) 7/1/26	379,021		378,458
Series 2025 Bonds (1)	(i) Tax Exempt Series 2025 Bonds: 6.375% (ii) Tax Exempt Series 2025 Bonds: 6.625%	(i) 1/1/35 (ii) 1/1/45	297,125		297,087
Senior Notes due 2032	8.75%	2/15/32	600,000		600,000
Total bonds payable			1,754,892		1,764,538
Total debt			3,837,982		3,796,031
Less: Debt issuance costs			(24,832)		(21,858)
Total debt, net			$	3,813,150	$	3,774,173

Principal debt due within one year			$	25,649	$	66,987
Less: Debt issuance costs			(216)		(1,549)
Total principal debt, net due within one year			$	25,433	$	65,438

________________________________________________________

(1) Includes an unamortized discount of $51,446 and $36,313 at March 31, 2026 and December 31, 2025, respectively.

(2) See discussion in Note 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for extension options related to these debt obligations.

(3) See below discussion in Note 7 for details related to the Backstop Agreement for the Series 2024 Bonds.

As of March 31, 2026 and December 31, 2025, the weighted average interest rates on our short-term borrowings were 11.0% and 9.7%, respectively.

June 2025 Jefferson Credit Agreement Extension and Paydown

In January 2026, Jefferson Terminal exercised its option to extend the maturity of its June 2025 Jefferson Credit Agreement to August 31, 2026. In March 2026, we used a portion of the Term Loan Credit Agreement net proceeds (see below) to repay in full and terminate the June 2025 Jefferson Credit Agreement.

Term Loan Credit Agreement

On February 25, 2026, we entered into a credit agreement (the “Term Loan Credit Agreement”), which provides for a $1.35 billion secured term loan facility (the “Term Loan”). The Term Loan matures on February 1, 2028 and accrues interest at a rate of 9.75% per annum. On February 26, 2026, $1.3 billion of the Term Loan was funded, and the remaining $35.4 million was funded on March 10, 2026.

The Company used the net proceeds from the Term Loan to repay in full all outstanding principal and interest (together with fees, expenses and other amounts owed in connection therewith) under the Bridge Loan Credit Agreement and the June 2025 Jefferson Credit Agreement. We recognized a loss on extinguishment of debt of (i) $39.5 million from the repayment of the Bridge Loan Credit Agreement and (ii) $6.4 million from the repayment of the June 2025 Jefferson Credit Agreement in connection with this transaction.

In connection with the Term Loan, the Company and certain of its subsidiaries provided a first-priority security interest in substantially all of their respective assets, subject to customary exceptions and exclusions.

We incurred $5.6 million of issuance costs related to the Term Loan Credit Agreement.

Jefferson Terminal Backstop Agreement

On March 16, 2026, Jefferson Terminal signed a commitment letter for a Senior Secured Bridge Facility, pursuant to which the Company may, at its sole option, on or prior to July 1, 2026, elect to borrow from a lender funds in an aggregate principal amount of $255 million pursuant to a bridge facility that will have a maturity date which is 364 days after the close of such bridge facility. If utilized, the proceeds received would be required to be used to repurchase or redeem all outstanding Jefferson Taxable Series 2024B Bonds due July 1, 2026 to the extent that they have not been refinanced by long-term financing at that time.

We were in compliance with all debt covenants as of March 31, 2026.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SEGMENT INFORMATION - Statement of Income by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues
Total revenues	$ 188,364	$ 96,161
Expenses
Operating expenses	120,394	67,045
General and administrative	3,554	5,113
Acquisition and transaction expenses	6,820	3,515
Management fees and incentive allocation to affiliate	4,092	2,542
Depreciation and amortization	50,691	25,012
Asset impairment	0	0
Total expenses	185,551	103,227
Other (expense) income
Equity in (losses) earnings of unconsolidated entities	(518)	5,314
(Loss) gain on sale of assets, net	(566)	119,828
Interest expense	(82,487)	(43,112)
Other income	2,984	3,693
Total other (expense) income	(126,501)	85,716
Income (loss) before income taxes	(123,688)	78,650
Provision for income taxes	3,523	(41,514)
Net income (loss)	(127,211)	120,164
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries - common stockholders	(14,260)	(11,401)
Less: Preferred dividends and accretion on redeemable non-controlling interests	37,221	0
Less: Dividends and accretion of redeemable preferred stock		21,841
Net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	(150,172)	109,724
Less: Other non-recurring items	2,661	1,035
Loss on modification or extinguishment of debt	(45,914)	(7)
Loss on modification or extinguishment of debt	(45,914)	(7)
Corporate and Other
Revenues
Total revenues	12,824	12,976
Expenses
Operating expenses	13,736	13,035
General and administrative	3,554	5,113
Acquisition and transaction expenses	4,411	2,038
Management fees and incentive allocation to affiliate	4,092	2,542
Depreciation and amortization	258	100
Asset impairment	0	0
Total expenses	26,051	22,828
Other (expense) income
Equity in (losses) earnings of unconsolidated entities	0	50
(Loss) gain on sale of assets, net	0	0
Interest expense	(39,136)	(15,814)
Other income	(1,090)	0
Total other (expense) income	(79,711)	(15,764)
Income (loss) before income taxes	(92,938)	(25,616)
Provision for income taxes	13	(304)
Net income (loss)	(92,951)	(25,312)
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries - common stockholders	18	0
Less: Preferred dividends and accretion on redeemable non-controlling interests	0
Less: Dividends and accretion of redeemable preferred stock		21,841
Net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	(92,969)	(47,153)
Less: Other non-recurring items	1,190	0
Loss on modification or extinguishment of debt	(39,485)	0
Loss on modification or extinguishment of debt	(39,485)	0
Railroad \| Operating Segments
Revenues
Total revenues	85,008	42,631
Expenses
Operating expenses	46,764	22,939
General and administrative	0	0
Acquisition and transaction expenses	1,608	93
Management fees and incentive allocation to affiliate	0	0
Depreciation and amortization	19,487	5,086
Asset impairment	0	0
Total expenses	67,859	28,118
Other (expense) income
Equity in (losses) earnings of unconsolidated entities	0	0
(Loss) gain on sale of assets, net	7	(124)
Interest expense	(1,499)	(139)
Other income	(514)	388
Total other (expense) income	(2,006)	125
Income (loss) before income taxes	15,143	14,638
Provision for income taxes	3,298	812
Net income (loss)	11,845	13,826
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries - common stockholders	(162)	87
Less: Preferred dividends and accretion on redeemable non-controlling interests	37,221
Less: Dividends and accretion of redeemable preferred stock		0
Net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	(25,214)	13,739
Less: Other non-recurring items	1,471	0
Loss on modification or extinguishment of debt	0	0
Loss on modification or extinguishment of debt	0	0
Jefferson Terminal \| Operating Segments
Revenues
Total revenues	27,318	19,449
Expenses
Operating expenses	25,813	18,094
General and administrative	0	0
Acquisition and transaction expenses	0	(1)
Management fees and incentive allocation to affiliate	0	0
Depreciation and amortization	11,987	11,240
Asset impairment	0	0
Total expenses	37,800	29,333
Other (expense) income
Equity in (losses) earnings of unconsolidated entities	0	0
(Loss) gain on sale of assets, net	0	0
Interest expense	(16,235)	(16,624)
Other income	807	726
Total other (expense) income	(21,857)	(15,905)
Income (loss) before income taxes	(32,339)	(25,789)
Provision for income taxes	212	423
Net income (loss)	(32,551)	(26,212)
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries - common stockholders	(13,679)	(11,084)
Less: Preferred dividends and accretion on redeemable non-controlling interests	0
Less: Dividends and accretion of redeemable preferred stock		0
Net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	(18,872)	(15,128)
Less: Other non-recurring items	0	0
Loss on modification or extinguishment of debt		(7)
Loss on modification or extinguishment of debt		(7)
Jefferson Terminal \| Operating Segments \| Infrastructure [Member]
Other (expense) income
Loss on modification or extinguishment of debt	(6,429)
Loss on modification or extinguishment of debt	(6,429)
Repauno \| Operating Segments
Revenues
Total revenues	1,208	3,811
Expenses
Operating expenses	6,306	6,666
General and administrative	0	0
Acquisition and transaction expenses	0	316
Management fees and incentive allocation to affiliate	0	0
Depreciation and amortization	2,583	2,496
Asset impairment	0	0
Total expenses	8,889	9,478
Other (expense) income
Equity in (losses) earnings of unconsolidated entities	0	0
(Loss) gain on sale of assets, net	0	0
Interest expense	(1,951)	(1,518)
Other income	1,076	0
Total other (expense) income	(875)	(1,518)
Income (loss) before income taxes	(8,556)	(7,185)
Provision for income taxes	0	12
Net income (loss)	(8,556)	(7,197)
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries - common stockholders	(391)	(404)
Less: Preferred dividends and accretion on redeemable non-controlling interests	0
Less: Dividends and accretion of redeemable preferred stock		0
Net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	(8,165)	(6,793)
Less: Other non-recurring items	0	1,035
Loss on modification or extinguishment of debt	0	0
Loss on modification or extinguishment of debt	0	0
Power and Gas \| Operating Segments
Revenues
Total revenues	62,006	17,294
Expenses
Operating expenses	27,775	6,311
General and administrative	0	0
Acquisition and transaction expenses	801	1,069
Management fees and incentive allocation to affiliate	0	0
Depreciation and amortization	16,376	6,090
Asset impairment	0	0
Total expenses	44,952	13,470
Other (expense) income
Equity in (losses) earnings of unconsolidated entities	0	10,588
(Loss) gain on sale of assets, net	(573)	119,952
Interest expense	(23,666)	(9,017)
Other income	1,968	2,240
Total other (expense) income	(22,271)	123,763
Income (loss) before income taxes	(5,217)	127,587
Provision for income taxes	0	(42,457)
Net income (loss)	(5,217)	170,044
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries - common stockholders	(46)	0
Less: Preferred dividends and accretion on redeemable non-controlling interests	0
Less: Dividends and accretion of redeemable preferred stock		0
Net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	(5,171)	170,044
Less: Other non-recurring items	0	0
Loss on modification or extinguishment of debt	0	0
Loss on modification or extinguishment of debt	0	0
Sustainability \| Operating Segments
Revenues
Total revenues	0	0
Expenses
Operating expenses	0	0
General and administrative	0	0
Acquisition and transaction expenses	0	0
Management fees and incentive allocation to affiliate	0	0
Depreciation and amortization	0	0
Asset impairment	0	0
Total expenses	0	0
Other (expense) income
Equity in (losses) earnings of unconsolidated entities	(518)	(5,324)
(Loss) gain on sale of assets, net	0	0
Interest expense	0	0
Other income	737	339
Total other (expense) income	219	(4,985)
Income (loss) before income taxes	219	(4,985)
Provision for income taxes	0	0
Net income (loss)	219	(4,985)
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries - common stockholders	0	0
Less: Preferred dividends and accretion on redeemable non-controlling interests	0
Less: Dividends and accretion of redeemable preferred stock		0
Net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	219	(4,985)
Less: Other non-recurring items	0	0
Loss on modification or extinguishment of debt	0	0
Loss on modification or extinguishment of debt	$ 0	$ 0

EARNINGS PER SHARE AND EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Class of Stock [Line Items]
Exercise price (in dollars per share)	$ 9.64		$ 9.76
Weighted average remaining contractual term, exercisable	4 years 3 months 18 days
Common units outstanding	$ 0
Common Stock
Class of Stock [Line Items]
Antidilutive shares (in shares)	23,783,649	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
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-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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+ Details

INVESTMENTS

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS

5. INVESTMENTS

The following table presents the ownership interests and carrying values of our investments:


			Carrying Value
	Investment	Ownership Percentage	March 31, 2026		December 31, 2025
Intermodal Finance I, Ltd.	Equity method	51%	$	—	$	—
GM-FTAI Holdco LLC	Equity method	27%	—		—
Pyroplast Energy LTD	Equity method	46.8%	21,726		22,243
			$	21,726	$	22,243

The following table presents our proportionate share of equity in earnings (losses):


	Three Months Ended March 31,
	2026		2025
Intermodal Finance I, Ltd.	$	—	$	50
Long Ridge Energy & Power LLC	—		10,899
Long Ridge West Virginia LLC	—		(311)
GM-FTAI Holdco LLC	—		(5,215)
Clean Planet Energy USA LLC	—		(109)
Pyroplast Energy LTD	(518)		—
Total	$	(518)	$	5,314

Equity Investments

TimberHP Madison, LLC

On February 2, 2026, the Company invested $5.0 million in TimberHP Madison, LLC (“TimberHP”) as a Secured Promissory Note. The note matures on February 2, 2028 and has a current annual interest rate of 5%. The interest is due at maturity.

SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

SEGMENT INFORMATION

14. SEGMENT INFORMATION

Our reportable segments represent strategic business units comprised of investments in different types of infrastructure assets. We have five reportable segments which operate in infrastructure businesses across several market sectors, all in North America. Our reportable segments are (i) Railroad, (ii) Jefferson Terminal, (iii) Repauno, (iv) Power and Gas and (v) Sustainability and Energy Transition.

Adjusted EBITDA is defined as net income (loss) attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, gains (losses) on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, interest expense, interest and other costs on pension and OPEB liabilities, dividends and accretion of redeemable preferred stock, and other non-recurring items, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA.

We believe that net income (loss) attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock, as defined by U.S. GAAP, is the most appropriate earnings measure with which to reconcile Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net income (loss) attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock as determined in accordance with U.S. GAAP.

The following tables set forth certain information for each reportable segment as provided to and evaluated by the CODM:

I. For the Three Months Ended March 31, 2026


	Three Months Ended March 31, 2026
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Revenues
Total revenues	$	85,008	$	27,318	$	1,208	$	62,006	$	—	$	12,824	$	188,364

Expenses
Operating expenses	46,764		25,813		6,306		27,775		—		13,736		120,394
General and administrative	—		—		—		—		—		3,554		3,554
Acquisition and transaction expenses	1,608		—		—		801		—		4,411		6,820
Management fees and incentive allocation to affiliate	—		—		—		—		—		4,092		4,092
Depreciation and amortization	19,487		11,987		2,583		16,376		—		258		50,691

Total expenses	67,859		37,800		8,889		44,952		—		26,051		185,551

Other (expense) income
Equity in losses of unconsolidated entities	—		—		—		—		(518)		—		(518)
Gain (loss) on sale of assets, net	7		—		—		(573)		—		—		(566)
Loss on modification or extinguishment of debt	—		(6,429)		—		—		—		(39,485)		(45,914)
Interest expense	(1,499)		(16,235)		(1,951)		(23,666)		—		(39,136)		(82,487)
Other (expense) income	(514)		807		1,076		1,968		737		(1,090)		2,984
Total other (expense) income	(2,006)		(21,857)		(875)		(22,271)		219		(79,711)		(126,501)
Income (loss) before income taxes	15,143		(32,339)		(8,556)		(5,217)		219		(92,938)		(123,688)
Provision for income taxes	3,298		212		—		—		—		13		3,523
Net income (loss)	11,845		(32,551)		(8,556)		(5,217)		219		(92,951)		(127,211)
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries - common stockholders	(162)		(13,679)		(391)		(46)		—		18		(14,260)
Less: Preferred dividends and accretion on redeemable non-controlling interests	37,221		—		—		—		—		—		37,221

Net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	$	(25,214)	$	(18,872)	$	(8,165)	$	(5,171)	$	219	$	(92,969)	$	(150,172)


	Three Months Ended March 31, 2026
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Adjusted EBITDA	$	40,233	$	14,437	$	(2,321)	$	26,411	$	219	$	(8,387)	$	70,592
Add: Non-controlling share of Adjusted EBITDA	310		10,040		282		260		—		14		10,906
Add: Equity in losses of unconsolidated entities	—		—		—		—		(518)		—		(518)
Less: Interest and other costs on pension and OPEB liabilities	180		—		—		—		—		—		180
Less: Dividends and accretion of redeemable preferred stock	(37,221)		—		—		—		—		—		(37,221)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	—		—		—		—		518		—		518
Less: Interest expense	(1,499)		(16,235)		(1,951)		(23,666)		—		(39,136)		(82,487)
Less: Depreciation and amortization expense	(19,487)		(13,220)		(2,583)		(6,140)		—		(258)		(41,688)
Less: Incentive allocations	—		—		—		—		—		—		—
Less: Asset impairment charges	—		—		—		—		—		—		—
Less: Changes in fair value of non-hedge derivative instruments	(906)		—		—		348		—		—		(558)
Less: Losses on the modification or extinguishment of debt and capital lease obligations	—		(6,429)		—		—		—		(39,485)		(45,914)
Less: Acquisition and transaction expenses	(1,608)		—		—		(801)		—		(4,411)		(6,820)
Less: Equity-based compensation expense	(447)		(7,253)		(1,592)		(1,583)		—		(103)		(10,978)
Less: (Provision for) benefit from income taxes	(3,298)		(212)		—		—		—		(13)		(3,523)
Less: Other non-recurring items	(1,471)		—		—		—		—		(1,190)		(2,661)
Net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	$	(25,214)	$	(18,872)	$	(8,165)	$	(5,171)	$	219	$	(92,969)	$	(150,172)

II. Three Months Ended March 31, 2025


	Three Months Ended March 31, 2025
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Revenues
Total revenues	$	42,631	$	19,449	$	3,811	$	17,294	$	—	$	12,976	$	96,161

Expenses
Operating expenses	22,939		18,094		6,666		6,311		—		13,035		67,045
General and administrative	—		—		—		—		—		5,113		5,113
Acquisition and transaction expenses	93		(1)		316		1,069		—		2,038		3,515
Management fees and incentive allocation to affiliate	—		—		—		—		—		2,542		2,542
Depreciation and amortization	5,086		11,240		2,496		6,090		—		100		25,012

Total expenses	28,118		29,333		9,478		13,470		—		22,828		103,227

Other income (expense)
Equity in earnings (losses) of unconsolidated entities	—		—		—		10,588		(5,324)		50		5,314
(Loss) gain on sale of assets, net	(124)		—		—		119,952		—		—		119,828
Loss on modification or extinguishment of debt	—		(7)		—		—		—		—		(7)
Interest expense	(139)		(16,624)		(1,518)		(9,017)		—		(15,814)		(43,112)
Other income	388		726		—		2,240		339		—		3,693
Total other income (expense)	125		(15,905)		(1,518)		123,763		(4,985)		(15,764)		85,716
Income (loss) before income taxes	14,638		(25,789)		(7,185)		127,587		(4,985)		(25,616)		78,650
Provision for (benefit from) income taxes	812		423		12		(42,457)		—		(304)		(41,514)
Net income (loss)	13,826		(26,212)		(7,197)		170,044		(4,985)		(25,312)		120,164
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	87		(11,084)		(404)		—		—		—		(11,401)
Less: Dividends and accretion of redeemable preferred stock	—		—		—		—		—		21,841		21,841
Net income (loss) attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	$	13,739	$	(15,128)	$	(6,793)	$	170,044	$	(4,985)	$	(47,153)	$	109,724


	Three Months Ended March 31, 2025
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Adjusted EBITDA	$	19,924	$	7,950	$	(1,452)	$	138,090	$	(1,626)	$	(7,667)	$	155,219
Add: Non-controlling share of Adjusted EBITDA	38		6,956		338		—		—		—		7,332
Add: Equity in earnings (losses) of unconsolidated entities	—		—		—		10,588		(5,324)		50		5,314
Less: Interest and other costs on pension and OPEB liabilities	265		—		—		—		—		—		265
Less: Dividends and accretion of redeemable preferred stock	—		—		—		—		—		(21,841)		(21,841)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	—		—		—		(6,503)		1,965		38		(4,500)
Less: Interest expense	(139)		(16,624)		(1,518)		(9,017)		—		(15,814)		(43,112)
Less: Depreciation and amortization expense	(5,086)		(12,473)		(2,496)		(4,502)		—		(100)		(24,657)
Less: Incentive allocations	—		—		—		—		—		—		—
Less: Asset impairment charges	—		—		—		—		—		—		—
Less: Changes in fair value of non-hedge derivative instruments	—		—		—		—		—		—		—
Less: Losses on the modification or extinguishment of debt and capital lease obligations	—		(7)		—		—		—		—		(7)
Less: Acquisition and transaction expenses	(93)		1		(316)		(1,069)		—		(2,038)		(3,515)
Less: Equity-based compensation expense	(358)		(508)		(302)		—		—		(85)		(1,253)
Less: (Provision for) benefit from income taxes	(812)		(423)		(12)		42,457		—		304		41,514
Less: Other non-recurring items	—		—		(1,035)		—		—		—		(1,035)
Net income (loss) attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	$	13,739	$	(15,128)	$	(6,793)	$	170,044	$	(4,985)	$	(47,153)	$	109,724

III. Balance Sheet

The following tables set forth the summarized balance sheet. All property, plant and equipment and leasing equipment are located in North America.


	March 31, 2026
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Current assets	$	96,922	$	84,140	$	131,372	$	68,159	$	494	$	16,490	$	397,577
Non-current assets	1,994,448		1,100,671		481,891		1,625,173		49,005		39,767		5,290,955
Total assets	2,091,370		1,184,811		613,263		1,693,332		49,499		56,257		5,688,532

Total debt, net	47,958		920,322		389,383		1,145,879		—		1,309,608		3,813,150

Current liabilities	87,375		75,880		38,646		131,175		18		28,628		361,722
Non-current liabilities	504,799		981,715		390,710		1,303,494		—		1,326,030		4,506,748
Total liabilities	592,174		1,057,595		429,356		1,434,669		18		1,354,658		4,868,470

Redeemable preferred stock	970,516		—		—		—		—		152,642		1,123,158

Non-controlling interests in equity of consolidated subsidiaries	5,438		(187,930)		(4,539)		6,380		—		18		(180,633)
Total equity	528,680		127,216		183,907		258,663		49,481		(1,451,043)		(303,096)
Total liabilities, redeemable preferred stock and equity	$	2,091,370	$	1,184,811	$	613,263	$	1,693,332	$	49,499	$	56,257	$	5,688,532


	December 31, 2025
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Current assets	$	90,394	$	100,455	$	165,765	$	84,222	$	14,716	$	28,459	$	484,011
Non-current assets	2,010,137		1,112,460		450,928		1,637,568		32,383		21,174		5,264,650
Total assets	2,100,531		1,212,915		616,693		1,721,790		47,099		49,633		5,748,661

Total debt, net	48,841		959,720		385,759		1,154,374		—		1,225,479		3,774,173

Current liabilities	80,532		121,528		38,964		125,740		910		42,323		409,997
Non-current liabilities	453,909		988,828		390,140		1,334,995		—		1,226,809		4,394,681
Total liabilities	534,441		1,110,356		429,104		1,460,735		910		1,269,132		4,804,678

Redeemable preferred stock	937,578		—		—		—		—		152,642		1,090,220

Non-controlling interests in equity of consolidated subsidiaries	5,996		(174,252)		(4,148)		4,843		—		—		(167,561)
Total equity	628,512		102,559		187,589		261,055		46,189		(1,372,141)		(146,237)
Total liabilities, redeemable preferred stock and equity	$	2,100,531	$	1,212,915	$	616,693	$	1,721,790	$	47,099	$	49,633	$	5,748,661

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/exampleRef
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+ Details

FAIR VALUE MEASUREMENTS - Fair Value Measurement Inputs and Valuation Techniques (Details)	Mar. 31, 2026 USD ($) $ / shares	Aug. 25, 2025 USD ($) $ / shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of units (in shares) \| $	$ 172,500	$ 172,500
Fair value at grant date ($ millions) \| $	$ 85,800,000	$ 85,800,000
Expected term	2 years 9 months 18 days	2 years 6 months
Warrant fair value (per share) (in dollars per share) \| $ / shares	$ 473.04	$ 478.29
Strike price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input \| $ / shares	761.05	676.14
Expected volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.3500	0.3500
Risk free interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.036	0.038
Expected dividend yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0	0

REVENUES (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


	Three Months Ended March 31, 2026
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Corporate and Other		Total
Lease income	$	1,855	$	640	$	—	$	—	$	—	$	2,495
Rail revenues	82,023		—		—		—		270		82,293
Terminal services revenues	—		26,678		1,208		422		—		28,308
Roadside services revenues	—		—		—		—		12,554		12,554
Power revenues	—		—		—		45,628		—		45,628
Gas revenues	—		—		—		15,956		—		15,956
Other revenue	1,130		—		—		—		—		1,130
Total revenues	$	85,008	$	27,318	$	1,208	$	62,006	$	12,824	$	188,364


	Three Months Ended March 31, 2025
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Corporate and Other		Total
Lease income	$	457	$	880	$	—	$	—	$	—	$	1,337
Rail revenues	42,174		—		—		—		—		42,174
Terminal services revenues	—		18,569		3,810		326		—		22,705
Roadside services revenues	—		—		—		—		12,976		12,976
Power revenues	—		—		—		15,780		—		15,780
Gas revenues	—		—		—		1,188		—		1,188
Other revenue	—		—		1		—		—		1
Total revenues	$	42,631	$	19,449	$	3,811	$	17,294	$	12,976	$	96,161

INTANGIBLE ASSETS, NET (Tables)

3 Months Ended

Mar. 31, 2026

Intangible Assets and Liabilities Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets and Liabilities

Intangible assets, net are summarized as follows:


	March 31, 2026
	Power and Gas		Railroad		Total
Customer relationships	$	1,000	$	60,000	$	61,000
Less: Accumulated amortization	(73)		(18,757)		(18,830)
Total intangible assets, net	$	927	$	41,243	$	42,170


	December 31, 2025
	Power and Gas		Railroad		Total
Customer relationships	$	1,000	$	60,000	$	61,000
Less: Accumulated amortization	(56)		(17,771)		(17,827)
Total intangible assets, net	$	944	$	42,229	$	43,173

Schedule of Intangible Assets and Liabilities

Amortization of customer relationships is included in Depreciation and amortization in the Consolidated Statements of Operations and is as follows:


	Three Months Ended March 31,
	2026		2025
Amortization of customer relationships	$	1,003	$	996

Schedule of Net Annual Amortization of Intangibles

As of March 31, 2026, estimated net annual amortization of intangibles is as follows:


Remainder of 2026	$	3,050
2027	4,067
2028	4,067
2029	4,067
2030	4,067
Thereafter	22,852
Total	$	42,170

SEGMENT INFORMATION - Reconciliation of Adjusted EBITDA to Net Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Adjusted Net Income (Loss)	$ 70,592	$ 155,219
Add: Non-controlling share of Adjusted EBITDA	10,906	7,332
Add: Equity in losses of unconsolidated entities	(518)	5,314
Less: Interest and other costs on pension and OPEB liabilities	180	265
Less: Dividends and accretion of redeemable preferred stock	0	(21,841)
Less: Preferred dividends and accretion on redeemable non-controlling interests	(37,221)	(21,841)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	518	(4,500)
Less: Interest expense	(82,487)	(43,112)
Less: Depreciation and amortization expense	(41,688)	(24,657)
Less: Incentive allocations	0	0
Less: Asset impairment charges	0	0
Less: Changes in fair value of non-hedge derivative instruments	(558)	0
Less: Losses on the modification or extinguishment of debt and capital lease obligations	(45,914)	(7)
Less: Acquisition and transaction expenses	(6,820)	(3,515)
Less: Equity-based compensation expense	(10,978)	(1,253)
Provision for income taxes	(3,523)	41,514
Less: Other non-recurring items	(2,661)	(1,035)
Net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	(150,172)	109,724
Corporate and Other
Segment Reporting Information [Line Items]
Adjusted Net Income (Loss)	(8,387)	(7,667)
Add: Non-controlling share of Adjusted EBITDA	14	0
Add: Equity in losses of unconsolidated entities	0	50
Less: Interest and other costs on pension and OPEB liabilities	0	0
Less: Preferred dividends and accretion on redeemable non-controlling interests	0	(21,841)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	0	38
Less: Interest expense	(39,136)	(15,814)
Less: Depreciation and amortization expense	(258)	(100)
Less: Incentive allocations	0	0
Less: Asset impairment charges	0	0
Less: Changes in fair value of non-hedge derivative instruments	0	0
Less: Losses on the modification or extinguishment of debt and capital lease obligations	(39,485)	0
Less: Acquisition and transaction expenses	(4,411)	(2,038)
Less: Equity-based compensation expense	(103)	(85)
Provision for income taxes	(13)	304
Less: Other non-recurring items	(1,190)	0
Net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	(92,969)	(47,153)
Railroad \| Operating Segments
Segment Reporting Information [Line Items]
Adjusted Net Income (Loss)	40,233	19,924
Add: Non-controlling share of Adjusted EBITDA	310	38
Add: Equity in losses of unconsolidated entities	0	0
Less: Interest and other costs on pension and OPEB liabilities	180	265
Less: Preferred dividends and accretion on redeemable non-controlling interests	(37,221)	0
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	0	0
Less: Interest expense	(1,499)	(139)
Less: Depreciation and amortization expense	(19,487)	(5,086)
Less: Incentive allocations	0	0
Less: Asset impairment charges	0	0
Less: Changes in fair value of non-hedge derivative instruments	(906)	0
Less: Losses on the modification or extinguishment of debt and capital lease obligations	0	0
Less: Acquisition and transaction expenses	(1,608)	(93)
Less: Equity-based compensation expense	(447)	(358)
Provision for income taxes	(3,298)	(812)
Less: Other non-recurring items	(1,471)	0
Net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	(25,214)	13,739
Jefferson Terminal \| Operating Segments
Segment Reporting Information [Line Items]
Adjusted Net Income (Loss)	14,437	7,950
Add: Non-controlling share of Adjusted EBITDA	10,040	6,956
Add: Equity in losses of unconsolidated entities	0	0
Less: Interest and other costs on pension and OPEB liabilities	0	0
Less: Preferred dividends and accretion on redeemable non-controlling interests	0	0
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	0	0
Less: Interest expense	(16,235)	(16,624)
Less: Depreciation and amortization expense	(13,220)	(12,473)
Less: Incentive allocations	0	0
Less: Asset impairment charges	0	0
Less: Changes in fair value of non-hedge derivative instruments	0	0
Less: Losses on the modification or extinguishment of debt and capital lease obligations	(6,429)	(7)
Less: Acquisition and transaction expenses	0	1
Less: Equity-based compensation expense	(7,253)	(508)
Provision for income taxes	(212)	(423)
Less: Other non-recurring items	0	0
Net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	(18,872)	(15,128)
Repauno \| Operating Segments
Segment Reporting Information [Line Items]
Adjusted Net Income (Loss)	(2,321)	(1,452)
Add: Non-controlling share of Adjusted EBITDA	282	338
Add: Equity in losses of unconsolidated entities	0	0
Less: Interest and other costs on pension and OPEB liabilities	0	0
Less: Preferred dividends and accretion on redeemable non-controlling interests	0	0
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	0	0
Less: Interest expense	(1,951)	(1,518)
Less: Depreciation and amortization expense	(2,583)	(2,496)
Less: Incentive allocations	0	0
Less: Asset impairment charges	0	0
Less: Changes in fair value of non-hedge derivative instruments	0	0
Less: Losses on the modification or extinguishment of debt and capital lease obligations	0	0
Less: Acquisition and transaction expenses	0	(316)
Less: Equity-based compensation expense	(1,592)	(302)
Provision for income taxes	0	(12)
Less: Other non-recurring items	0	(1,035)
Net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	(8,165)	(6,793)
Power and Gas \| Operating Segments
Segment Reporting Information [Line Items]
Adjusted Net Income (Loss)	26,411	138,090
Add: Non-controlling share of Adjusted EBITDA	260	0
Add: Equity in losses of unconsolidated entities	0	10,588
Less: Interest and other costs on pension and OPEB liabilities	0	0
Less: Preferred dividends and accretion on redeemable non-controlling interests	0	0
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	0	(6,503)
Less: Interest expense	(23,666)	(9,017)
Less: Depreciation and amortization expense	(6,140)	(4,502)
Less: Incentive allocations	0	0
Less: Asset impairment charges	0	0
Less: Changes in fair value of non-hedge derivative instruments	348	0
Less: Losses on the modification or extinguishment of debt and capital lease obligations	0	0
Less: Acquisition and transaction expenses	(801)	(1,069)
Less: Equity-based compensation expense	(1,583)	0
Provision for income taxes	0	42,457
Less: Other non-recurring items	0	0
Net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	(5,171)	170,044
Sustainability \| Operating Segments
Segment Reporting Information [Line Items]
Adjusted Net Income (Loss)	219	(1,626)
Add: Non-controlling share of Adjusted EBITDA	0	0
Add: Equity in losses of unconsolidated entities	(518)	(5,324)
Less: Interest and other costs on pension and OPEB liabilities	0	0
Less: Preferred dividends and accretion on redeemable non-controlling interests	0	0
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	518	1,965
Less: Interest expense	0	0
Less: Depreciation and amortization expense	0	0
Less: Incentive allocations	0	0
Less: Asset impairment charges	0	0
Less: Changes in fair value of non-hedge derivative instruments	0	0
Less: Losses on the modification or extinguishment of debt and capital lease obligations	0	0
Less: Acquisition and transaction expenses	0	0
Less: Equity-based compensation expense	0	0
Provision for income taxes	0	0
Less: Other non-recurring items	0	0
Net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock	$ 219	$ (4,985)

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Adjustment of Warrants	$ (900)
Level 2 \| Market
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable	13,600	$ 13,600
Level 2 \| Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	$ (208,900)	$ (223,500)

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

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+ Details

- Definition

Fair value portion of receivables, including, but not limited to, trade account receivables, note receivables, and loan receivables.

+ References + Details

SUBSEQUENT EVENTS (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Apr. 30, 2026	Jun. 30, 2026	Apr. 29, 2026
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share)		$ 0.03
Long Ridge Energy & Power LLC
Subsequent Event [Line Items]
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates	$ 1,520,000
Long Ridge Acquiom Loan Incremental Borrowing April 2026 \| Line of Credit
Subsequent Event [Line Items]
Debt instrument face amount			$ 10,000

LEASING EQUIPMENT, NET

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

LEASING EQUIPMENT, NET

3. LEASING EQUIPMENT, NET

Leasing equipment, net is summarized as follows:


	March 31, 2026		December 31, 2025
Leasing equipment	$	49,989	$	49,986
Less: Accumulated depreciation	(13,811)		(13,416)
Leasing equipment, net	$	36,178	$	36,570

Depreciation expense for leasing equipment is summarized as follows:


	Three Months Ended March 31,
	2026		2025
Depreciation expense for leasing equipment	$	396	$	410

CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Common Stock	Additional Paid In Capital	Additional Paid In Capital Common Stock	Accumulated Deficit	Accumulated Other Comprehensive Loss	Non-Controlling Interest in Equity of Consolidated Subsidiaries
Beginning balance at Dec. 31, 2024	$ 75,138		$ 1,139	$ 764,381		$ (405,818)	$ (157,051)	$ (127,513)
Increase (Decrease) in Partners' Capital [Roll Forward]
Net loss	120,164					131,565		(11,401)
Other comprehensive income	157,994						157,994
Total comprehensive (loss) income	278,158		0	0		131,565	157,994	(11,401)
Settlement of equity-based compensation	(545)							(545)
Issuance of common shares		$ 10	9		$ 1
Issuance of warrants	1,014			1,014
Issuance of Manager options	7,358			7,358
Dividends declared on common stock	(3,443)			(3,443)
Dividends and accretion of redeemable preferred stock	(21,841)			(21,841)
Equity-based compensation	1,253			895				358
Ending balance at Mar. 31, 2025	337,102		1,148	748,365		(274,253)	943	(139,101)
Beginning balance at Dec. 31, 2025	(146,237)		1,163	623,771		(512,992)	(90,618)	(167,561)
Increase (Decrease) in Partners' Capital [Roll Forward]
Net loss	(127,211)					(112,951)		(14,260)
Other comprehensive income	3,323						3,323
Total comprehensive (loss) income	(123,888)		0	0		(112,951)	3,323	(14,260)
Settlement of equity-based compensation	(2,823)			(2,340)				(483)
Issuance of common shares		$ 0	19		$ (19)
Distributions to non-controlling interest	(360)							(360)
Dividends declared on common stock	(3,545)			(3,545)
Dividends and accretion of redeemable preferred stock	(37,221)			(37,221)
Equity-based compensation	10,978			8,947				2,031
Ending balance at Mar. 31, 2026	$ (303,096)		$ 1,182	$ 589,593		$ (625,943)	$ (87,295)	$ (180,633)

CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Deferred tax expense	$ 0.0	$ 9.2

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Related Party Transaction [Line Items]
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries - common stockholders	$ (14,260)	$ (11,401)
General and administrative	3,554	5,113
Acquisition and transaction expenses	6,820	3,515
Jefferson Terminal
Related Party Transaction [Line Items]
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries - common stockholders	(13,679)	(11,084)
General Partner
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	4,092	2,542
Management fees and incentive allocation to affiliate	2,243	2,355
Manager \| Accounts Payable and Accrued Liabilities
Related Party Transaction [Line Items]
Accrued management fees	4,092		$ 12,172
Other payables	4,048		$ 9,181
Management fee \| General Partner
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	4,092	2,542
Income incentive fee \| General Partner
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	0	0
Capital gains incentive fee \| General Partner
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	0	0
General and administrative \| General Partner
Related Party Transaction [Line Items]
General and administrative	1,481	1,692
Acquisition and transaction expenses \| General Partner
Related Party Transaction [Line Items]
Acquisition and transaction expenses	$ 762	$ 663

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares issued (in shares)	118,163,555	116,294,461
Common stock, shares outstanding (in shares)	118,163,555	116,294,461
Series B Preferred Stock
Redeemable preferred equity, shares issued (in shares)	160,000	160,000
Redeemable preferred stock, par value (dollars per share)	$ 0.01
Redeemable preferred stock, share authorized (in shares)	200,000,000
Redeemable preferred equity, shares outstanding (in shares)	160,000	160,000
Liquidation preference	$ 192,000	$ 192,000
Series A Preferred Stock - Railco
Redeemable preferred equity, shares issued (in shares)	1,000,000	1,000,000
Redeemable preferred stock, par value (dollars per share)	$ 0	$ 0
Redeemable preferred stock, share authorized (in shares)	1,000,000	1,000,000
Redeemable preferred equity, shares outstanding (in shares)	1,000,000	1,000,000
Liquidation preference	$ 1,400,000	$ 1,400,000

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Corporate Function, Unaudited Interim Financial Information, Principles of Combination, and Principles of Consolidation	Basis of Accounting—The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and include the accounts of FTAI Infrastructure Inc. (“we”, “us”, “our”, “FTAI Infrastructure” or the “Company”) and our subsidiaries. These financial statements and related notes should be read in conjunction with the Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Principles of Consolidation—We consolidate all entities in which we have a controlling financial interest and control over significant operating decisions, as well as variable interest entities (“VIEs”) in which we are the primary beneficiary. All significant intercompany transactions and balances have been eliminated. All adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The ownership interest of other investors in consolidated subsidiaries is recorded as non-controlling interest. We use the equity method of accounting for investments in entities in which we exercise significant influence but which do not meet the requirements for consolidation. Under the equity method, we record our proportionate share of the underlying net income (loss) of these entities as well as the proportionate interest in adjustments to other comprehensive income (loss).
Use of Estimates	Use of Estimates—The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Deferred Financing Costs	Deferred Financing Costs—Costs incurred in connection with obtaining long-term financing are capitalized and amortized to interest expense over the term of the underlying loans
Concentration of Credit Risk	Concentration of Credit Risk—We are subject to concentrations of credit risk with respect to amounts due from customers. We attempt to limit our credit risk by performing ongoing credit evaluations. We earned approximately 22% of total revenues for the three months ended March 31, 2026 from one customer in the Railroad segment. Additionally, we earned approximately 7% of total revenues for the three months ended March 31, 2026 from one customer in the Jefferson Terminal segment. We earned approximately 41% of total revenues for the three months ended March 31, 2025 from one customer in the Railroad segment. We earned approximately 11% of total revenues for the three months ended March 31, 2025 from one customer in the Jefferson Terminal segment. As of March 31, 2026, accounts receivable from three customers within the Jefferson Terminal, Railroad, and Corporate and Other segments represented 43% of total accounts receivable, net. As of December 31, 2025, accounts receivable from three customers within the Jefferson Terminal and Railroad segments represented 41% of total accounts receivable, net. We maintain cash and restricted cash balances, which generally exceed federally insured limits, and subject us to credit risk, in high credit quality financial institutions. We monitor the financial condition of these institutions and have not experienced any losses associated with these accounts.
Fair Value Measurement	Fair value measurements and disclosures require the use of valuation techniques to measure fair value that maximize the use of observable inputs and minimize use of unobservable inputs. These inputs are prioritized as follows: •Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. •Level 2: Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or market corroborated inputs. •Level 3: Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants price the asset or liability. The valuation techniques that may be used to measure fair value are as follows: •Market approach—Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. •Income approach—Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts. •Cost approach—Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost).
Risks and Uncertainties	Risks and Uncertainties—In the normal course of business, we encounter several significant types of economic risk including credit, market, and capital market risks. Credit risk is the risk of the inability or unwillingness of a lessee, customer, or derivative counterparty to make contractually required payments or to fulfill its other contractual obligations. Market risk reflects the risk of a downturn or volatility in the underlying industry segments in which we operate, which could adversely impact the pricing of the services offered by us or a lessee’s or customer’s ability to make payments. Capital market risk is the risk that we are unable to obtain capital at reasonable rates to fund the growth of our business or to refinance existing debt facilities. We do not have significant exposure to foreign currency risk as all of our leasing and revenue arrangements are denominated in U.S. dollars.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

+ Details

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	18. SUBSEQUENT EVENTS Long Ridge Acquiom Loan Amendment On April 29, 2026, Long Ridge Energy & Power LLC entered into Third Amendment to Credit Agreement, which amended the Long Ridge Acquiom Loan to, among other things, refinance all outstanding indebtedness under the existing Long Ridge Acquiom Loan and borrow an additional $10.0 million in the form of incremental loans for working capital and other general corporate purposes. Sale of Long Ridge Energy & Power LLC On April 29, 2026, Ohio River Partners Holdco LLC (“ORPH”), a Delaware limited liability company and a direct wholly-owned subsidiary of FTAI Infrastructure, Ohio River Partners Finance LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of ORPH (together with ORPH, “Sellers”), and, solely for the purposes specified, FTAI Infrastructure entered into an equity purchase agreement (the “Agreement”) with MARA USA Corporation (“Buyer”), a Delaware corporation and a direct wholly-owned subsidiary of MARA Holdings, Inc. (“Buyer Parent”), and, solely for the purposes specified, Buyer Parent, pursuant to which, among other things, upon the terms and subject to the conditions set forth in the Agreement, Buyer will purchase all of the issued and outstanding membership interests of Long Ridge Energy & Power LLC, a Delaware limited liability company and an indirect wholly-owned subsidiary of FTAI Infrastructure, from Sellers, for a base purchase price of $1.52 billion, subject to certain customary adjustments set forth in the Agreement. Refer to the Company’s Form 8-K which was filed with the Securities and Exchange Commission on April 30, 2026 for further information. Dividends On May 7, 2026, our board of directors declared a cash dividend on our common stock of $0.03 per share for the quarter ended March 31, 2026, payable on June 12, 2026 to the holders of record on May 18, 2026.

REVENUES

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

REVENUES

10. REVENUES

We disaggregate our revenue from contracts with customers by products and services provided for each of our segments, as we believe it best depicts the nature, amount, timing and uncertainty of our revenue. Revenues are within the scope of ASC 606, Revenue from Contracts with Customers, unless otherwise noted. We have elected to exclude sales and other similar taxes from revenues.


	Three Months Ended March 31, 2026
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Corporate and Other		Total
Lease income	$	1,855	$	640	$	—	$	—	$	—	$	2,495
Rail revenues	82,023		—		—		—		270		82,293
Terminal services revenues	—		26,678		1,208		422		—		28,308
Roadside services revenues	—		—		—		—		12,554		12,554
Power revenues	—		—		—		45,628		—		45,628
Gas revenues	—		—		—		15,956		—		15,956
Other revenue	1,130		—		—		—		—		1,130
Total revenues	$	85,008	$	27,318	$	1,208	$	62,006	$	12,824	$	188,364


	Three Months Ended March 31, 2025
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Corporate and Other		Total
Lease income	$	457	$	880	$	—	$	—	$	—	$	1,337
Rail revenues	42,174		—		—		—		—		42,174
Terminal services revenues	—		18,569		3,810		326		—		22,705
Roadside services revenues	—		—		—		—		12,976		12,976
Power revenues	—		—		—		15,780		—		15,780
Gas revenues	—		—		—		1,188		—		1,188
Other revenue	—		—		1		—		—		1
Total revenues	$	42,631	$	19,449	$	3,811	$	17,294	$	12,976	$	96,161

As of March 31, 2026 and December 31, 2025, we recorded capitalized contract cost of $17.3 million and $18.6 million, of which $4.7 million and $4.9 million are included in Other current assets and $12.6 million and $13.7 million are included in Other assets on the Consolidated Balance Sheets, respectively. Capitalized contract cost is amortized using the straight-line method, over the expected contract term. We recorded $1.2 million of amortization during both the three months ended March 31, 2026 and 2025, which is included in Operating expenses in the Consolidated Statements of Operations.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (127,211)	$ 120,164
Other comprehensive income (loss):
Other comprehensive (loss) income related to derivatives	3,854	158,552
Change in pension and other employee benefit accounts	(531)	(558)
Total comprehensive (loss) income	(123,888)	278,158
Comprehensive loss attributable to non-controlling interests	(14,260)	(11,401)
Comprehensive (loss) income attributable to stockholders	$ (109,628)	$ 289,559

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

REDEEMABLE PREFERRED STOCK (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) $ / shares shares
Class of Stock [Line Items]
Temporary equity, common stock issued, if converted (in shares) \| shares	21,818,025
Series B Preferred Stock
Class of Stock [Line Items]
Dividends paid-in-kind	$ 18,500
Temporary equity, value if redeemed	182,000
Series A Preferred Stock - Railco
Class of Stock [Line Items]
Dividends paid-in-kind	64,400
Temporary equity, dividends paid	27,000
Accretion of dividends	$ 5,200
Preferred Stock, Redemption Price Per Share \| $ / shares	$ 1,417.49

- Definition

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+ Details

INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

The following table presents the ownership interests and carrying values of our investments:


			Carrying Value
	Investment	Ownership Percentage	March 31, 2026		December 31, 2025
Intermodal Finance I, Ltd.	Equity method	51%	$	—	$	—
GM-FTAI Holdco LLC	Equity method	27%	—		—
Pyroplast Energy LTD	Equity method	46.8%	21,726		22,243
			$	21,726	$	22,243

The following table presents our proportionate share of equity in earnings (losses):


	Three Months Ended March 31,
	2026		2025
Intermodal Finance I, Ltd.	$	—	$	50
Long Ridge Energy & Power LLC	—		10,899
Long Ridge West Virginia LLC	—		(311)
GM-FTAI Holdco LLC	—		(5,215)
Clean Planet Energy USA LLC	—		(109)
Pyroplast Energy LTD	(518)		—
Total	$	(518)	$	5,314

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS - Narrative (Details) - USD ($)			1 Months Ended	3 Months Ended
	Feb. 26, 2025	Aug. 12, 2024	Feb. 28, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Aug. 01, 2022	Jul. 31, 2022
Related Party Transactions [Abstract]
Proceeds from (Payments to) Noncontrolling Interests				$ 15,000,000.0
Strike price (dollars per share)	$ 5.61		$ 5.61				$ 2.76
Related Party Transaction [Line Items]
Related party, agreement term								6 years
Sale of stock, purchase option, percentage of common shares sold				10.00%
Sale of stock, purchase option, percentage of gross capital in equity issuance				10.00%
Strike price (dollars per share)	$ 5.61		$ 5.61				$ 2.76
Number of shares issued in period (in shares)				984
Non-controlling interest				$ (180,633,000)		$ (167,561,000)
Proceeds from (Payments to) Noncontrolling Interests				15,000,000.0
Accounts receivable, net				$ 97,368,000		$ 95,388,000
Jefferson Terminal
Related Party Transaction [Line Items]
Remaining non-controlling interest				20.00%		20.00%
Non-controlling interest				$ (176,400,000)		$ (162,800,000)
Stock Options
Related Party Transaction [Line Items]
Granted (in shares)	2,900,000		2,900,000	10,900,000
Expiration period			10 years	10 years
Options exercised by Manager
Related Party Transaction [Line Items]
Number of shares issued in period (in shares)		8,700,000
Manager
Related Party Transaction [Line Items]
Management fee percentage rate				1.50%
Rent and office expense				$ 600,000	$ 100,000
Manager \| Management fees
Related Party Transaction [Line Items]
Accounts receivable, net				$ 0		$ 0
Fortress Worldwide Transportation and Infrastructure Master GP LLP
Related Party Transaction [Line Items]
Capital gains allocation percentage				10.00%
Fortress Worldwide Transportation and Infrastructure Master GP LLP \| Threshold 1 \| Income incentive fee
Related Party Transaction [Line Items]
Pre-incentive income allocation				0.00%
Annual percent threshold of pre-incentive allocation net income				8.00%
Fortress Worldwide Transportation and Infrastructure Master GP LLP \| Threshold 2 \| Income incentive fee
Related Party Transaction [Line Items]
Pre-incentive income allocation				100.00%
Fortress Worldwide Transportation and Infrastructure Master GP LLP \| Threshold 2 \| Income incentive fee \| Minimum
Related Party Transaction [Line Items]
Quarterly percent threshold of pre-incentive allocation net income				2.00%
Fortress Worldwide Transportation and Infrastructure Master GP LLP \| Threshold 2 \| Income incentive fee \| Maximum
Related Party Transaction [Line Items]
Quarterly percent threshold of pre-incentive allocation net income				2.2223%
Fortress Worldwide Transportation and Infrastructure Master GP LLP \| Threshold 3 \| Income incentive fee
Related Party Transaction [Line Items]
Pre-incentive income allocation				10.00%

INTANGIBLE ASSETS, NET - Intangible Liabilities Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Depreciation and Amortization
Finite-Lived Intangible Assets [Line Items]
Amortization of customer relationships	$ 1,003	$ 996

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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- Definition

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+ Details

EQUITY-BASED COMPENSATION - Expenses Related to Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 10,978	$ 1,253
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	7,486
Subsidiary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	2,128	428
FIG
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	8,844	810
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	7,066
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	$ 5,260
Weighted Average Remaining Contractual Term (in years)	9 months 18 days
Restricted shares \| Subsidiary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 1,681	70
Restricted shares \| FIG
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	8,844	810
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	$ 7,066
Weighted Average Remaining Contractual Term (in years)	1 year 3 months 18 days
Common units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	$ 2,226
Weighted Average Remaining Contractual Term (in years)	1 year 1 month 6 days
Common units \| Subsidiary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 447	$ 358

- Definition

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+ Details

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS

3 Months Ended

Mar. 31, 2026

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS

13. MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS

We are externally managed by the Manager. The Manager is paid annual fees and incentive fees in exchange for advising us on various aspects of our business, formulating our investment strategies, arranging for the acquisition and disposition of assets, arranging for financing, monitoring performance, and managing our day-to-day operations, inclusive of all costs incidental thereto. In addition, the Manager may be reimbursed for various expenses incurred by the Manager on our behalf, including the costs of legal, accounting and other administrative activities. On July 31, 2022, in connection with the spin-off, we and the Manager entered into the Management Agreement with an initial term of six years.

The Manager is entitled to a management fee, incentive fees (comprised of an Income Incentive Fee and a Capital Gains Incentive Fee described below) and reimbursement of certain expenses. The management fee is determined by taking the average value of total equity (including preferred stock and excluding non-controlling common interests) of the Company determined on a consolidated basis in accordance with U.S. GAAP at the end of the two most recently completed months multiplied by an annual rate of 1.50%, and is payable monthly in arrears in cash.

The Income Incentive Fee is calculated and distributable quarterly in arrears based on the pre-incentive fee net income for the immediately preceding calendar quarter (the “Income Incentive Fee”). For this purpose, pre-incentive fee net income means, with respect to a calendar quarter, net income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock during such quarter calculated in accordance with U.S. GAAP excluding our pro rata share of (1) realized or unrealized gains and losses, and (2) certain non-cash or one-time items, and (3) any other adjustments as may be approved by the independent directors. Pre-incentive allocation net income does not include any Income Incentive Fee or Capital Gains Incentive Fee (described below) paid to the Manager during the relevant quarter.

The Manager is entitled to an Income Incentive Fee with respect to its pre-incentive fee net income in each calendar quarter as follows: (1) no Income Incentive Fee in any calendar quarter in which pre-incentive fee net income, expressed as a rate of return on the average value of the Company’s net equity capital (excluding non-controlling interests) at the end of the two most recently completed calendar quarters, does not exceed 2% for such quarter (8% annualized); (2) 100% of pre-incentive fee net income of the Company with respect to that portion of such pre-incentive fee net income, if any, that equals or exceeds 2% but does not exceed 2.2223% for such quarter; and (3) 10% of pre-incentive fee net income of the Company, if any, that exceeds 2.2223% for portions of such quarter. These calculations will be prorated for any periods of less than three months.

The Capital Gains Incentive Fee is calculated and paid in arrears as of the end of each calendar year and is equal to 10% of our pro rata share of cumulative realized gains from the date of the spin-off through the end of the applicable calendar year, net of our pro rata share of cumulative realized or unrealized losses, the cumulative non-cash portion of equity-based compensation expenses and all realized gains upon which prior performance-based Capital Gains Incentive Fee payments were made to the Manager.

The Management fee, Income Incentive Fee, and Capital Gains Incentive Fee that are attributable to the operations of FTAI Infrastructure are recorded in the Management fees and incentive allocation to affiliate on the Consolidated Statements of Operations. These amounts are allocated on the following basis:

Management fee—Management fee is allocated to FTAI Infrastructure by applying the calculation methodology described above to the equity of FTAI Infrastructure included in these consolidated financial statements.

Income Incentive Allocation and Capital Gains Incentive Allocation—The Income Incentive Fee and Capital Gains Incentive Fee are allocated to FTAI Infrastructure by applying the allocation calculation methodology described above to FTAI Infrastructure’s financial results in each respective period.

The following table summarizes the management fees, income incentive allocation and capital gains incentive allocation included in these consolidated financial statements:


	Three Months Ended March 31,
	2026		2025
Management fee	$	4,092	$	2,542
Income incentive fee	—		—
Capital gains incentive fee	—		—
Total	$	4,092	$	2,542

We pay all of our operating expenses, except those specifically required to be borne by the Manager under the Management Agreement. The expenses required to be paid by the Company include, but are not limited to, issuance and transaction costs incident to the acquisition, disposition and financing of its assets, legal and auditing fees and expenses, the compensation and expenses of the Company’s independent directors, the costs associated with the establishment and maintenance of any credit facilities and other indebtedness (including commitment fees, legal fees, closing costs, etc.), expenses associated with other securities offerings, costs and expenses incurred in contracting with third parties (including affiliates of the Manager), the costs of printing and mailing proxies and reports to the stockholders, costs incurred by the Manager or its affiliates for travel on our behalf, costs associated with any computer software or hardware that is used by the Company, costs to obtain liability insurance to indemnify the Company’s directors and officers and the compensation and expenses of the transfer agent.

We pay or reimburse the Manager and its affiliates for performing certain legal, accounting, due diligence tasks and other services that outside professionals or outside consultants otherwise would perform, provided that such costs and reimbursements are no greater than those which would be paid to outside professionals or consultants. The Manager is responsible for all of its other costs incident to the performance of its duties under the Management Agreement, including compensation of the Manager’s employees, rent for facilities and other “overhead” expenses; we do not reimburse the Manager for these expenses.

The following table summarizes our reimbursements to the Manager:


	Three Months Ended March 31,
	2026		2025
Classification in the Consolidated Statements of Operations:
General and administrative	$	1,481	$	1,692
Acquisition and transaction expenses	762		663
Total	$	2,243	$	2,355

If we terminate the Management Agreement, we will generally be required to pay the Manager a termination fee. Pursuant to the terms of the Management Agreement, the termination fee is equal to the amount of the management fee during the 12 months immediately preceding such termination and an amount equal to the Income Incentive Fee and the Capital Gains Incentive Fee that would be paid to the Manager if the Company’s assets were sold for cash at their then current fair market value (as determined by an appraisal, taking into account, among other things, the expected future value of the underlying investments).

Upon the successful completion of an offering of our common stock or other equity securities (including securities issued as consideration in an acquisition), we grant the Manager options to purchase common stock in an amount equal to 10% of the number of common stock being sold in the offering (or if the issuance relates to equity securities other than our common stock, options to purchase an amount of common stock equal to 10% of the gross capital raised in the equity issuance divided by the fair market value of our common stock as of the date of issuance), with an exercise price equal to the offering price per share

paid by the public or other ultimate purchaser or attributed to such securities in connection with an acquisition (or the fair market value of our common stock as of the date of the equity issuance if it relates to equity securities other than our common stock). Any ultimate purchaser of common stock for which such options are granted may be an affiliate of Fortress. In connection with the spin-off, we issued 10.9 million options to purchase common stock to the Manager, with a term of 10 years and strike price of $2.76 as compensation for services rendered in connection with the Redeemable Preferred Stock raise, as discussed in Note 15. On August 12, 2024, 8.7 million Manager options were exercised. In February 2025, we issued 2.9 million options to purchase common stock to the Manager, with a term of 10 years and a strike price of $5.61 as compensation for services rendered in connection with the offering of Series B Preferred Stock as discussed in Note 15.

The following table summarizes amounts due to the Manager, which are included within Accounts payable and accrued liabilities in the Consolidated Balance Sheets:


	March 31, 2026		December 31, 2025
Accrued management fees	$	4,092	$	12,172
Other payables	4,048		9,181

As of March 31, 2026 and December 31, 2025, there were no receivables from the Manager.

Other Affiliate Transactions

As of March 31, 2026 and December 31, 2025, certain employees of the Manager and their related parties collectively own an approximately 20% interest in Jefferson Terminal which has been accounted for as a component of non-controlling interest in consolidated subsidiaries in the accompanying consolidated financial statements. The carrying amount of this non-controlling interest at March 31, 2026 and December 31, 2025 was $(176.4) million and $(162.8) million, respectively. In April 2024, we made a pro-rata distribution of $15.0 million to the non-controlling interest holders of our Jefferson Terminal segment.

The following table presents the amount of this non-controlling interest share of net loss:


	Three Months Ended March 31,
	2026		2025
Non-controlling interest share of net loss	$	(13,679)	$	(11,084)

In October 2022, we entered into a shareholder loan agreement with Long Ridge. Refer to Notes 2 and 5 for additional information.

The Company subleases a portion of office space from an entity controlled by certain employees of the Manager since February 2023. For the three months ended March 31, 2026 and 2025, the Company incurred approximately $0.6 million and $0.1 million of rent and office related expenses, respectively.

On May 14, 2024, certain members of Fortress management and affiliates of Mubadala Investment Company, through its wholly owned asset management subsidiary, Mubadala Capital (“Mubadala”), completed their acquisition of 100% of the equity of Fortress. Fortress continues to operate as an independent investment manager under the Fortress brand, with autonomy over investment processes and decision making, personnel and operations.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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+ Details