FTAI Infrastructure Inc. 10-Q

Item 1. Financial Statements FTAI INFRASTRUCTURE INC. CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except share and per share data) (Unaudited) Notes March 31, 2026 December 31, 2025 Assets 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 1 72,778 62,677 Total current assets 397,577 484,011 Leasing equipment, net 3 36,178 36,570 Operating lease right-of-use assets, net 149,274 133,493 Property, plant, and equipment, net 4 4,576,463 4,581,771 Investments 5 21,726 22,243 Intangible assets, net 6 42,170 43,173 Goodwill 365,703 365,703 Other assets 99,441 81,697 Total assets $ 5,688,532 $ 5,748,661 Liabilities Current liabilities: Accounts payable and accrued liabilities $ 251,870 $ 280,707 Debt, net 7 25,433 65,438 Operating lease liabilities 11,090 9,108 Derivative liabilities 9 50,290 34,381 Other current liabilities 1 23,039 20,363 Total current liabilities 361,722 409,997 Debt, net 7 3,787,717 3,708,735 Operating lease liabilities 85,484 71,000 Derivative liabilities 9 158,648 189,116 Warrant liabilities 17 82,506 81,599 Deferred income tax liabilities 12 301,831 300,231 Other liabilities 90,562 44,000 Total liabilities 4,868,470 4,804,678 Commitments and contingencies 17 — — 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, 2026 and December 31, 2025; redemption amount of $ 192.0 million and $ 192.0 million at March 31, 2026 and December 31, 2025, respectively) 15 152,642 152,642 Redeemable preferred stock Series A RailCo - Non-controlling interest ( zero par value per share; 1,000,000 total preferred shares authorized; 1,000,000 Series A - RailCo shares issued and outstanding as of March 31, 2026 and December 31, 2025; redemption amount of $ 1.4 billion and $ 1.4 billion at March 31, 2026 and December 31, 2025, respectively) 17 970,516 937,578 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 5 FTAI INFRASTRUCTURE COMBINED CONSOLIDATED BALANCE SHEETS (Dollars in thousands) 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 ) Total liabilities, redeemable preferred stock and equity $ 5,688,532 $ 5,748,661 See accompanying notes to consolidated financial statements. 6 FTAI INFRASTRUCTURE INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (Dollars in thousands, except share and per share data) Three Months Ended March 31, Notes 2026 2025 Revenues Total revenues 10 $ 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 13 4,092 2,542 Depreciation and amortization 3, 6 50,691 25,012 Total expenses 185,551 103,227 Other income (expense) Equity in (losses) earnings of unconsolidated entities 5 ( 518 ) 5,314 (Loss) gain on sale of assets, net ( 566 ) 119,828 Loss on modification or extinguishment of debt 7 ( 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 12 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: 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 Net (loss) income attributable to common stockholders 16 $ ( 154,525 ) $ 108,257 (Loss) earnings per share: 16 Basic $ ( 1.32 ) $ 0.95 Diluted $ ( 1.32 ) $ 0.89 Weighted average shares outstanding: Basic 116,689,474 114,101,860 Diluted 116,689,474 122,758,859 See accompanying notes to consolidated financial statements. 7 FTAI INFRASTRUCTURE INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (unaudited) (Dollars in thousands) Three Months Ended March 31, 2026 2025 Net (loss) income $ ( 127,211 ) $ 120,164 Other comprehensive income (loss): Other comprehensive income related to derivatives (1) 3,854 158,552 Change in pension and other employee benefit accounts ( 531 ) ( 558 ) 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 ______________________________________________________________________________________ (1) Net of deferred tax benefit of $ — million and $ 9.2 million for the three months ended March 31, 2026 and 2025, respectively. See accompanying notes to consolidated financial statements. 8 FTAI INFRASTRUCTURE INC. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (unaudited) (Dollars in thousands) Three Months Ended March 31, 2026 Common Stock Additional Paid In Capital Accumulated Deficit Accumulated Other Comprehensive Loss Non-Controlling Interest in Equity of Consolidated Subsidiaries Total Equity Equity - December 31, 2025 $ 1,163 $ 623,771 $ ( 512,992 ) $ ( 90,618 ) $ ( 167,561 ) $ ( 146,237 ) Net loss ( 112,951 ) ( 14,260 ) ( 127,211 ) Other comprehensive income 3,323 3,323 Total comprehensive (loss) income — — ( 112,951 ) 3,323 ( 14,260 ) ( 123,888 ) Settlement of equity-based compensation ( 2,340 ) ( 483 ) ( 2,823 ) Issuance of common shares 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 8,947 2,031 10,978 Equity - March 31, 2026 $ 1,182 $ 589,593 $ ( 625,943 ) $ ( 87,295 ) $ ( 180,633 ) $ ( 303,096 ) Three Months Ended March 31, 2025 Common Stock Additional Paid in Capital Accumulated Deficit Accumulated Other Comprehensive Loss Non-Controlling Interest in Equity of Consolidated Subsidiaries Total Equity Equity - December 31, 2024 $ 1,139 $ 764,381 $ ( 405,818 ) $ ( 157,051 ) $ ( 127,513 ) $ 75,138 Net loss 131,565 ( 11,401 ) 120,164 Other comprehensive income 157,994 157,994 Total comprehensive income (loss) — — 131,565 157,994 ( 11,401 ) 278,158 Settlement of equity-based compensation ( 545 ) ( 545 ) Issuance of common shares 9 1 10 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 895 358 1,253 Equity - March 31, 2025 $ 1,148 $ 748,365 $ ( 274,253 ) $ 943 $ ( 139,101 ) $ 337,102 See accompanying notes to consolidated financial statements. 9 FTAI INFRASTRUCTURE INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (Dollars in thousands) Three Months Ended March 31, 2026 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 — ( 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 — ( 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 — 226,628 Acquisition of property, plant and equipment ( 46,476 ) ( 66,529 ) Proceeds from investor loan — 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 ) — Payment of financing costs ( 11,525 ) ( 1,270 ) Proceeds from financing obligation 50,000 — Repayment of financing obligation ( 366 ) — Cash dividends - common stock ( 3,545 ) ( 3,443 ) Cash dividends - redeemable preferred stock — ( 25,516 ) Cash dividends - redeemable preferred stock - NCI ( 5,000 ) — Settlement of equity-based compensation ( 2,823 ) ( 545 ) Distributions to non-controlling interests ( 360 ) — 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 — ( 285,977 ) Dividends and accretion of redeemable preferred stock — 3,675 Dividends and accretion of redeemable preferred stock - NCI ( 32,221 ) — Financing fees 2,726 63 See accompanying notes to consolidated financial statements. 10 FTAI INFRASTRUCTURE INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) 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. 11 FTAI INFRASTRUCTURE INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) 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 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. 12 FTAI INFRASTRUCTURE INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) 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 13 FTAI INFRASTRUCTURE INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) 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 ) 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 14 FTAI INFRASTRUCTURE INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) 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 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 15 FTAI INFRASTRUCTURE INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) 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. 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 16 FTAI INFRASTRUCTURE INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) 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. 17 FTAI INFRASTRUCTURE INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) 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. 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. 18 FTAI INFRASTRUCTURE INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) 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 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 ) 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. 19 FTAI INFRASTRUCTURE INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) 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. 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 ) 20 FTAI INFRASTRUCTURE INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) 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. 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 21 FTAI INFRASTRUCTURE INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) 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. 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 22 FTAI INFRASTRUCTURE INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) 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 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. 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. 23 FTAI INFRASTRUCTURE INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) 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 24 FTAI INFRASTRUCTURE INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) 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 w ere 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 an d $ 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. 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. 25 FTAI INFRASTRUCTURE INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) 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 ) 26 FTAI INFRASTRUCTURE INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) 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 ) 27 FTAI INFRASTRUCTURE INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) 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 28 FTAI INFRASTRUCTURE INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) 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, 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 29 FTAI INFRASTRUCTURE INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) 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 30 FTAI INFRASTRUCTURE INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) 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 . 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. 31 FTAI INFRASTRUCTURE INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) 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. 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. 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. 32