# EDGAR Filing Document

**Accession Number:** 0001899883
**File Stem:** 0001899883-25-000031
**Filing Date:** 2025-8
**Character Count:** 31388
**Document Hash:** ba6de2645345db82d5fbac254420e7dd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001899883-25-000031.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001899883-25-000031

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250807

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FTAI Infrastructure Inc.
- **CENTRAL INDEX KEY:** 0001899883
- **STANDARD INDUSTRIAL CLASSIFICATION:** RAILROADS, LINE-HAUL OPERATING [4011]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41370
- **FILM NUMBER:** 251195350

**BUSINESS ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** (212) 798-6100

**MAIL ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FTAI Infrastructure LLC
- **DATE OF NAME CHANGE:** 20211216

?xml version='1.0' encoding='ASCII'? ftai-20250807

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (date of earliest event reported): August 7, 2025**

**FTAI INFRASTRUCTURE INC.**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-41370** | **87-4407005** |
| **(State or other jurisdiction of** <br>**incorporation or organization)** | **(Commission File Number)** | **(I.R.S. Employer Identification Number)** |

---

**1345 Avenue of the Americas, 45th Floor**

**New York, New York 10105**

**(Address of principal executive offices and zip code)**

**(212) 798-6100**

**(Registrant's telephone number, including area code)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

---

| | | |
|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| *Title of each class* | *Trading Symbol* | *Name of each exchange on which registered* |
| Common Stock, par value $0.01 per share | FIP | The Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

------

**Item 2.02. Results of Operations and Financial Condition.**

On August 7, 2025, FTAI Infrastructure Inc. ("FIP" or the "Company") issued a press release announcing the Company's results for its fiscal quarter ended June 30, 2025. A copy of the Company's press release is attached to this Current Report on Form 8-K (the "Current Report") as Exhibit 99.1 and is incorporated herein solely for purposes of this Item 2.02 disclosure.

This Current Report, including the exhibit attached hereto, is being furnished and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into any of the Company's filings under the Securities Act of 1933, as amended, or the Exchange Act, unless expressly set forth as being incorporated by reference into such filing.

**Item 9.01. Financial Statements and Exhibits.**

**(d) Exhibits.**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| <u>[99.1](fip63020258-kxexhibit991.htm)</u> | Press release, dated August 7, 2025, issued by FTAI Infrastructure Inc. |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |

---

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: August 7, 2025

---

| |
|:---|
| FTAI INFRASTRUCTURE INC. |
| /s/ Kenneth J. Nicholson |
| Kenneth J. Nicholson |
| Chief Executive Officer and President |

---

## Exhibit 99.1

**Exhibit 99.1**

![ftai_infrastructurexlogoa.jpg](ftai_infrastructurexlogoa.jpg)

**PRESS RELEASE**

**FTAI Infrastructure Inc. Reports Second Quarter 2025 Results, Declares Dividend of $0.03 per Share of Common Stock**

NEW YORK, August 7, 2025 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the "Company" or "FTAI Infrastructure") today reported financial results for the second quarter 2025. The Company's consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release.

**Financial Overview**

---

| | |
|:---|:---|
| *(in thousands, except per share data)* | *(in thousands, except per share data)* |
| **<u>Selected Financial Results</u>** | **Q2'25** |
| Net Loss Attributable to Stockholders | $(79816) |
| Basic and Diluted Loss per Share of Common Stock | $(0.73) |
| Adjusted EBITDA <sup>(1)</sup> | $45916 |
| Adjusted EBITDA - Four core segments <sup>(1)(2)</sup> | $52642 |

---

_______________________________

(1)For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release.

(2)Excludes Sustainability and Energy Transition and Corporate and Other segments.

**Second Quarter 2025 Dividends**

On August 7, 2025, the Company's Board of Directors (the "Board") declared a cash dividend on its common stock of $0.03 per share for the quarter ended June 30, 2025, payable on September 8, 2025 to the holders of record on August 25, 2025.

**Business Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Agreed to acquire the Wheeling & Lake Erie Railway, one of the largest regional railroads in the U.S., for cash consideration of $1.05 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Plan to refinance existing 10.50% senior notes and Series A preferred stock simultaneously with the closing of the acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Closed financing of $300 million of tax-exempt debt at Repauno at average coupons of 6.50%; construction of phase 2 infrastructure fully underway.

**Additional Information**

For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of the Company's website, www.fipinc.com, and the Company's Quarterly Report on Form 10-Q, when available on the Company's website. Nothing on the Company's website is included or incorporated by reference herein.

**Conference Call**

In addition, management will host a conference call on Friday, August 8, 2025 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://register-conf.media-server.com/register/BI4b5e32e58cb742c48f06db1ac56e9de4. Once registered, participants will receive a dial-in and unique pin to access the call.

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.fipinc.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.

A replay of the conference call will be available after 11:30 A.M. on Friday, August 8, 2025 through 11:30 A.M. on Friday, August 15, 2025 on https://ir.fipinc.com/news-events/events.

The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release.

------

**About FTAI Infrastructure Inc.**

FTAI Infrastructure primarily invests in critical infrastructure with high barriers to entry across the rail, ports and terminals, and power and gas sectors that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI Infrastructure is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm.

**Cautionary Note Regarding Forward-Looking Statements**

Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the Company's control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company's website (www.fipinc.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.

**For further information, please contact:**

Alan Andreini

Investor Relations

FTAI Infrastructure Inc.

(646) 734-9414

aandreini@ftaiaviation.com

------

**Exhibit - Financial Statements**

**FTAI INFRASTRUCTURE INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)**

*(Dollar amounts in thousands, except share and per share data)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenues** |  |  |  |  |
| Total revenues | $**122286** | $84887 | $**218447** | $167422 |
| **Expenses** |  |  |  |  |
| Operating expenses | **74435** | 61225 | **141480** | 125800 |
| General and administrative | **3862** | 2840 | **8975** | 7701 |
| Acquisition and transaction expenses | **8704** | 921 | **12219** | 1847 |
| Management fees and incentive allocation to affiliate | **3680** | 2776 | **6222** | 5777 |
| Depreciation and amortization | **33998** | 20163 | **59010** | 40684 |
| Asset impairment | **4401** |  | **4401** |  |
| **Total expenses** | **129080** | 87925 | **232307** | 181809 |
| **Other (expense) income** |  |  |  |  |
| Equity in (losses) earnings of unconsolidated entities | **(1995)** | (12788) | **3319** | (24690) |
| (Loss) gain on sale of assets, net | **—** | (150) | **119828** | (163) |
| Loss on modification or extinguishment of debt | **(4066)** | (9170) | **(4073)** | (9170) |
| Interest expense | **(59204)** | (29690) | **(102316)** | (57283) |
| Other income | **3052** | 6963 | **6745** | 9328 |
| **Total other (expense) income** | **(62213)** | (44835) | **23503** | (81978) |
| **(Loss) income before income taxes** | **(69007)** | (47873) | **9643** | (96365) |
| Provision for (benefit from) income taxes | **952** | 267 | **(40562)** | 2072 |
| **Net (loss) income** | **(69959)** | (48140) | **50205** | (98437) |
| Less: Net loss attributable to non-controlling interests in consolidated subsidiaries | **(11100)** | (11400) | **(22501)** | (22090) |
| Less: Dividends and accretion of redeemable preferred stock | **20957** | 17610 | **42798** | 34585 |
| **Net (loss) income attributable to stockholders** | $**(79816)** | $(54350) | $**29908** | $(110932) |
| **Net (loss) income attributable to common stockholders** | $**(83898)** | $(54350) | $**24359** | $(110932) |
| **(Loss) earnings per share:** |  |  |  |  |
| Basic | $**(0.73)** | $(0.52) | $**0.21** | $(1.06) |
| Diluted | $**(0.73)** | $(0.52) | $**0.21** | $(1.06) |
| **Weighted average shares outstanding:** |  |  |  |  |
| Basic | **114880817** | 105039831 | **114491338** | 104612209 |
| Diluted | **114880817** | 105039831 | **115260452** | 104612209 |

---

------

**FTAI INFRASTRUCTURE INC.**

**CONSOLIDATED BALANCE SHEETS (Unaudited)**

*(Dollar amounts in thousands, except share and per share data)*

---

| | | |
|:---|:---|:---|
| | **(Unaudited)**<br>**June 30, 2025** |<br>**December 31, 2024** |
| **Assets** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $**33626** | $27785 |
| &nbsp;&nbsp;Restricted cash and cash equivalents | **414637** | 119511 |
| &nbsp;&nbsp;Accounts receivable, net | **68150** | 52994 |
| &nbsp;&nbsp;Other current assets | **22632** | 19561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | **539045** | 219851 |
| Leasing equipment, net | **37195** | 37453 |
| Operating lease right-of-use assets, net | **66749** | 67937 |
| Property, plant, and equipment, net | **3232712** | 1653468 |
| Investments | **17730** | 12529 |
| Intangible assets, net | **45223** | 46229 |
| Goodwill | **401229** | 275367 |
| Other assets | **67077** | 61554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**4406960** | $2374388 |
| **Liabilities** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Accounts payable and accrued liabilities | $**223498** | $176425 |
| &nbsp;&nbsp;Debt, net | **82754** | 48594 |
| &nbsp;&nbsp;Operating lease liabilities | **7268** | 7172 |
| &nbsp;&nbsp;Derivative liabilities | **30443** |  |
| &nbsp;&nbsp;Other current liabilities | **18801** | 18603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | **362764** | 250794 |
| Debt, net | **3001609** | 1539241 |
| Operating lease liabilities | **59635** | 60893 |
| Derivative liabilities | **138340** |  |
| Other liabilities | **68692** | 67104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | **3631040** | 1918032 |
| Commitments and contingencies | **—** |  |
| **Redeemable preferred stock Series A** ($0.01 par value per share; 200,000,000 total preferred shares authorized; 300,000 Series A shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively; redemption amount of $435.5 million and $431.8 million at June 30, 2025 and December 31, 2024, respectively) | **397652** | 381218 |
| **Redeemable convertible preferred stock Series B** ($0.01 par value per share; 200,000,000 total preferred shares authorized; 160,000 Series B shares issued and outstanding as of March 31, 2025; redemption amount of $192.0 million at June 30, 2025) | **152642** |  |
| **Equity** |  |  |
| Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 115,087,817 and 113,934,860 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively) | **1151** | 1139 |
| Additional paid in capital | **724514** | 764381 |
| Accumulated deficit | **(333112)** | (405818) |
| Accumulated other comprehensive loss | **(17084)** | (157051) |

---

------

---

| | | |
|:---|:---|:---|
| Stockholders' equity | **375469** | 202651 |
| Non-controlling interest in equity of consolidated subsidiaries | **(149843)** | (127513) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | **225626** | 75138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities, redeemable preferred stock and equity | $**4406960** | $2374388 |

---

------

**FTAI INFRASTRUCTURE INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)**

*(Dollar amounts in thousands, unless otherwise noted)*

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net income (loss) | $**50205** | $(98437) |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: |  |  |
| Equity in (earnings) losses of unconsolidated entities | **(3319)** | 24690 |
| Gain on sale of subsidiaries | **(119952)** |  |
| Loss on sale of assets, net | **124** | 163 |
| Loss on modification or extinguishment of debt | **4073** | 9170 |
| Equity-based compensation | **2163** | 4139 |
| Depreciation and amortization | **59010** | 40684 |
| Asset impairment | **4401** |  |
| Change in deferred income taxes | **(41298)** | 1493 |
| Amortization of deferred financing costs | **5218** | 4570 |
| Amortization of bond discount | **5459** | 2898 |
| Amortization of other comprehensive income | **(4732)** |  |
| Paid-in-kind interest expense | **897** |  |
| Provision for credit losses | **195** | 514 |
| Change in: |  |  |
| &nbsp;&nbsp;&nbsp; Accounts receivable | **(2988)** | 3255 |
| &nbsp;&nbsp;&nbsp; Other assets | **2540** | (3040) |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | **15593** | (12787) |
| &nbsp;&nbsp;&nbsp; Derivative liabilities | **(66178)** |  |
| &nbsp;&nbsp;&nbsp; Other liabilities | **(2283)** | 1218 |
| **Net cash used in operating activities** | **(90872)** | (21470) |
| **Cash flows from investing activities:** |  |  |
| Investment in unconsolidated entities | **(12585)** | (1639) |
| Acquisition of business, net of cash acquired | **226628** |  |
| Acquisition of leasing equipment | **(564)** | (1204) |
| Acquisition of property, plant and equipment | **(148319)** | (27420) |
| Proceeds from investor loan | **11001** |  |
| Investment in promissory notes and loans | **—** | (17500) |
| Investment in equity instruments | **—** | (5000) |
| Proceeds from sale of property, plant and equipment | **2198** | 111 |
| **Net cash provided by (used in) investing activities** | **78359** | (52652) |
| **Cash flows from financing activities:** |  |  |
| Proceeds from debt, net | **494074** | 449689 |
| Repayment of debt | **(126102)** | (242001) |
| Payment of financing costs | **(21545)** | (10022) |
| Cash dividends - common stock | **(6886)** | (6303) |
| Cash dividends - redeemable preferred stock | **(25516)** |  |
| Settlement of equity-based compensation | **(545)** | (3216) |
| Distributions to non-controlling interests | **—** | (15039) |
| **Net cash provided by financing activities** | **313480** | 173108 |

---

------

---

| | | |
|:---|:---|:---|
| **Net increase in cash and cash equivalents and restricted cash and cash equivalents** | **300967** | 98986 |
| Cash and cash equivalents and restricted cash and cash equivalents, beginning of period | **147296** | 87479 |
| **Cash and cash equivalents and restricted cash and cash equivalents, end of period** | $**448263** | $186465 |

---

------

**Key Performance Measures**

The Chief Operating Decision Maker ("CODM") utilizes Adjusted EBITDA as our key performance measure.

Adjusted EBITDA provides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. Adjusted EBITDA is defined as net income (loss) attributable to stockholders, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, 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 other pension expense benefits ("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.

The following table sets forth a reconciliation of net (loss) income attributable to stockholders to Adjusted EBITDA for the three and six months ended June 30, 2025 and 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Change** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Change** |
| *(in thousands)* | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| **Net (loss) income attributable to stockholders** | $**(79816)** | $(54350) | $(25466) | $**29908** | $(110932) | $140840 |
| Add: Provision for (benefit from) income taxes | **952** | 267 | 685 | **(40562)** | 2072 | (42634) |
| Add: Equity-based compensation expense | **910** | 1799 | (889) | **2163** | 4139 | (1976) |
| Add: Acquisition and transaction expenses | **8704** | 921 | 7783 | **12219** | 1847 | 10372 |
| Add: Losses on the modification or extinguishment of debt and capital lease obligations | **4066** | 9170 | (5104) | **4073** | 9170 | (5097) |
| Add: Changes in fair value of non-hedge derivative instruments | **—** |  |  | **—** |  |  |
| Add: Asset impairment charges | **4401** |  | 4401 | **4401** |  | 4401 |
| Add: Incentive allocations | **—** |  |  | **—** |  |  |
| Add: Depreciation and amortization expense <sup>(1)</sup> | **32086** | 21596 | 10490 | **56743** | 42693 | 14050 |
| Add: Interest expense | **59204** | 29690 | 29514 | **102316** | 57283 | 45033 |
| Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities <sup>(2)</sup> | **(100)** | 3208 | (3308) | **4400** | 9465 | (5065) |
| Add: Dividends and accretion of redeemable preferred stock | **20957** | 17610 | 3347 | **42798** | 34585 | 8213 |
| Add: Interest and other costs on pension and OPEB liabilities | **(264)** | (138) | (126) | **(529)** | 462 | (991) |
| Add: Other non-recurring items <sup>(3)</sup> | **298** |  | 298 | **1333** |  | 1333 |
| Less: Equity in losses (earnings) of unconsolidated entities | **1995** | 12788 | (10793) | **(3319)** | 24690 | (28009) |
| Less: Non-controlling share of Adjusted EBITDA <sup>(4)</sup> | **(7477)** | (8305) | 828 | **(14809)** | (13987) | (822) |
| **Adjusted EBITDA (Non-GAAP)** | $**45916** | $34256 | $11660 | $**201135** | $61487 | $139648 |

---

_______________________________

(1)Includes the following items for the three months ended June 30, 2025 and 2024: (i) depreciation and amortization expense of $33,998 and $20,163, (ii) capitalized contract costs amortization of $1,232 and $1,433 and (iii) amortization of other comprehensive income of $(3,144) and $—, respectively. Includes the following items for the six months ended June 30, 2025 and 2024: (i) depreciation and amortization expense of $59,010 and $40,684, (ii) capitalized contract costs amortization of $2,465 and $2,009 and (iii) amortization of other comprehensive income of $(4,732) and $—, respectively.

(2)Includes the following items for the three months ended June 30, 2025 and 2024: (i) net loss of $(100) and $(12,838), (ii) interest expense of $— and $11,182, (iii) depreciation and amortization expense of $— and $8,050, (iv) acquisition and transaction expenses of $— and $31, (v) changes in fair value of non-hedge derivative instruments of $— and $(3,875), (vi) equity-based compensation of $— and $1, (vii) asset impairment charges of $— and $163, (viii) equity method basis adjustments of $— and $16 and (ix) other non-recurring items of $— and $478, respectively. Includes the following items for the six months ended June 30, 2025 and 2024: (i) net income (loss) of $6,478 and $(24,780), (ii) interest expense of $7,648 and $22,075, (iii) depreciation and amortization expense of $2,884 and $13,180, (iv) acquisition and transaction

------

expenses of $201 and $50, (v) changes in fair value of non-hedge derivative instruments of $(12,822) and $(1,822), (vi) equity-based compensation expense of $— and $2, (vii) asset impairment of $— and $250, (viii) equity method basis adjustments of $10 and $32 and (ix) other non-recurring items of $1 and $478, respectively.

(3)Includes the following items for the three months ended June 30, 2025: Railroad severance expense of $298. Includes the following items for the six months ended June 30, 2025: (i) incidental utility rebillings of $650, (ii) loss on inventory heel of $385 and (iii) Railroad severance expense of $298.

(4)Includes the following items for the three months ended June 30, 2025 and 2024: (i) equity-based compensation of $86 and $268, (ii) provision for (benefit from) income taxes of $84 and $(142), (iii) interest expense of $3,706 and $2,639, (iv) depreciation and amortization expense of $3,071 and $3,387, (v) acquisition and transaction expenses of $165 and $3, (vi) interest and other costs on pension and OPEB liabilities of $(1) and $—, (vii) asset impairment charges of $8 and $—, (viii) losses on the modification or extinguishment of debt of $356 and $2,150 and (ix) other non-recurring items of $2 and $—, respectively. Includes the following items for the six months ended June 30, 2025 and 2024: (i) equity-based compensation expense of $224 and $699, (ii) provision for (benefit from) income taxes of $188 and $(276), (iii) interest expense of $7,646 and $4,828, (iv) depreciation and amortization expense of $6,140 and $6,581, (v) acquisition and transaction expenses of $166 and $3, (vi) interest and other costs on pension and OPEB liabilities of $(3) and $2, (vii) asset impairment of $27 and $—, (viii) losses on the modification or extinguishment of debt of $358 and $2,150 and (ix) other non-recurring items of $63 and $—, respectively.

------

The following tables sets forth a reconciliation of net income (loss) attributable to stockholders to Adjusted EBITDA for our four core segments for the three months ended June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
| *(in thousands)* | **Railroad** | **Jefferson Terminal** | **Repauno** | **Power and Gas** | **Four Core Segments** |
| **Net income (loss) attributable to stockholders** | $**7320** | $**(11966)** | $**(9610)** | $**(15087)** | $**(29343)** |
| Add: Provision for income taxes | **768** | **336** | **25** | **—** | **1129** |
| Add: Equity-based compensation expense | **358** | **327** | **150** | **—** | **835** |
| Add: Acquisition and transaction expenses | **2783** | **69** | **1980** | **1397** | **6229** |
| Add: Losses on the modification or extinguishment of debt and capital lease obligations | **—** | **742** | **3324** | **—** | **4066** |
| Add: Changes in fair value of non-hedge derivative instruments | **—** | **—** | **—** | **—** | **—** |
| Add: Asset impairment charges | **4401** | **—** | **—** | **—** | **4401** |
| Add: Incentive allocations | **—** | **—** | **—** | **—** | **—** |
| Add: Depreciation and amortization expense <sup>(1)</sup> | **4979** | **12522** | **2494** | **11874** | **31869** |
| Add: Interest expense | **112** | **16000** | **—** | **24787** | **40899** |
| Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities | **—** | **—** | **—** | **—** | **—** |
| Add: Dividends and accretion of redeemable preferred stock | **—** | **—** | **—** | **—** | **—** |
| Add: Interest and other costs on pension and OPEB liabilities | **(264)** | **—** | **—** | **—** | **(264)** |
| Add: Other non-recurring items <sup>(2)</sup> | **298** | **—** | **—** | **—** | **298** |
| Less: Equity in earnings of unconsolidated entities | **—** | **—** | **—** | **—** | **—** |
| Less: Non-controlling share of Adjusted EBITDA <sup>(3)</sup> | **(84)** | **(6948)** | **(445)** | **—** | **(7477)** |
| **Adjusted EBITDA (Non-GAAP)** | $**20671** | $**11082** | $**(2082)** | $**22971** | $**52642** |

---

_______________________________

(1)Jefferson Terminal

Includes the following items for the three months ended June 30, 2025: (i) depreciation and amortization expense of $11,290 and (ii) capitalized contract costs amortization of $1,232.

Power and Gas

Includes the following items for the three months ended June 30, 2025: (i) depreciation and amortization expense of $15,018 and (ii) amortization of other comprehensive income of $(3,144).

(2)Railroad

Includes the following items for the three months ended June 30, 2025: Railroad severance expense of $298.

(3)Railroad

Includes the following items for the three months ended June 30, 2025: (i) equity-based compensation expense of $2, (ii) provision for income taxes of $5, (iii) interest expense of $1, (iv) depreciation and amortization expense of $31, (v) acquisition and transaction expenses of $17, (vi) interest and other costs on pension and OPEB liabilities of $(1), (vii) asset impairment charges of $27 and (viii) other non-recurring items of $2.

Jefferson Terminal

Includes the following items for the three months ended June 30, 2025: (i) equity-based compensation expense of $76, (ii) provision for income taxes of $78, (iii) interest expense of $3,707, (iv) depreciation and amortization expense of $2,900, (v) acquisition and transaction expenses of $16 and (vi) losses on the modification or extinguishment of debt of $171.

Repauno

Includes the following items for the three months ended June 30, 2025: (i) equity-based compensation expense of $8, (ii) provision for income taxes of $1, (iii) interest expense of $(2), (iv) depreciation and amortization expense of $140, (v) acquisition and transaction expenses of $132, (vi) loss on the modification or extinguishment of debt of $185 and (vii) asset impairment charges of $(19).