FTAI Infrastructure Inc.FIP
FTAI Infrastructure Inc. Segments Disclosure
SEGMENT INFORMATION
During the first quarter of 2023, we modified our definition of Adjusted EBITDA to exclude the impact of other non-recurring items, such as severance expense. All segment data and related disclosures for earlier periods presented herein have been recast to reflect this segment reporting structure.
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. The Railroad segment is comprised of eight freight railroads and one switching company that provide rail service to certain manufacturing and production facilities, which includes the newly acquired The Wheeling Corporation as of the third quarter of 2025 (refer to Note 3 for additional details). The Jefferson Terminal segment consists of a multi-modal crude oil and refined products terminal, Jefferson Terminal South and other related assets. The Repauno segment consists of a 1,630-acre deep-water port located along the Delaware River with an underground storage cavern, a multipurpose dock, a rail-to-ship transloading system and multiple industrial development opportunities. The Power and Gas segment is comprised of Long Ridge, which is a 1,660-acre multi-modal terminal located along the Ohio River with rail, dock, and multiple industrial development opportunities, including a power plant in operation. The Sustainability and Energy Transition segment is comprised of Aleon/Gladieux, Clean Planet, and CarbonFree, and all three investments are development stage businesses focused on sustainability and recycling.
Corporate and Other primarily consists of unallocated corporate general and administrative expenses, management fees, debt and redeemable preferred stock. Additionally, Corporate and Other includes an operating company that provides roadside assistance services for the intermodal and over-the-road trucking industries. As of the second quarter of 2025, we have moved KRS, a railcar cleaning operation, from the Railroad segment to the Corporate and Other segment. As the chief operating decision maker (“CODM”) focuses on Transtar and Wheeling, a pure railroad business, within the Railroad segment results, we believe the change in segment for KRS better aligns with how the CODM reviews overall segment results. Due to the immateriality of the results of KRS, we will apply this change prospectively.
The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The CODM evaluates investment performance for each reportable segment primarily based on Adjusted EBITDA. Our company’s CODM is our Chief Executive Officer, who uses Adjusted EBITDA as it serves as a consistent measure for comparing profitability between periods and across segments, independent of each segment’s capital structure, which may vary materially, and because it neutralizes one-time or other non-operational items. Decisions regarding resource allocation are made based on Adjusted EBITDA performance, together with other relevant factors, including but not limited to, market dynamics, growth opportunities and expected future performance.
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, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, interest expense, interest and other costs on pension and OPEB liabilities, dividends and accretion of redeemable preferred stock, and other non-recurring items, (b) to include the impact of our pro-rata
share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA.
We believe that net income (loss) attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock, as defined by U.S. GAAP, is the most appropriate earnings measure with which to reconcile Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net income (loss) attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock as determined in accordance with U.S. GAAP.
The following tables set forth certain information for each reportable segment as provided to and evaluated by the CODM:
I. For the Year Ended December 31, 2025
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||
| Ports and Terminals | |||||||||||||||||||||||||||||||||||||||||
| Railroad | Jefferson Terminal | Repauno | Power and Gas | Sustainability and Energy Transition | Corporate and Other | Total | |||||||||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 172,940 | $ | 85,658 | $ | 10,991 | $ | 179,331 | $ | — | $ | 53,600 | 502,520 | ||||||||||||||||||||||||||||
| Expenses | |||||||||||||||||||||||||||||||||||||||||
| Operating expenses | 91,587 | 68,618 | 22,733 | 62,432 | 2 | 54,215 | 299,587 | ||||||||||||||||||||||||||||||||||
| General and administrative | — | — | — | — | — | 16,222 | 16,222 | ||||||||||||||||||||||||||||||||||
| Acquisition and transaction expenses | 3,607 | 68 | 4,253 | 6,594 | 249 | 12,367 | 27,138 | ||||||||||||||||||||||||||||||||||
| Management fees and incentive allocation to affiliate | — | — | — | — | — | 14,714 | 14,714 | ||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 21,273 | 46,197 | 9,973 | 54,236 | — | 810 | 132,489 | ||||||||||||||||||||||||||||||||||
| Asset impairment | 4,401 | — | — | — | — | — | 4,401 | ||||||||||||||||||||||||||||||||||
| Total expenses | 120,868 | 114,883 | 36,959 | 123,262 | 251 | 98,328 | 494,551 | ||||||||||||||||||||||||||||||||||
| Other income (expense) | |||||||||||||||||||||||||||||||||||||||||
| Equity in earnings (losses) of unconsolidated entities | 9,223 | — | — | 10,588 | (7,558) | 50 | 12,303 | ||||||||||||||||||||||||||||||||||
| (Loss) gain on sale of assets, net | (79) | — | — | 119,952 | 8,969 | — | 128,842 | ||||||||||||||||||||||||||||||||||
| Loss on modification or extinguishment of debt | — | (748) | (3,324) | (77) | — | (55,174) | (59,323) | ||||||||||||||||||||||||||||||||||
| Interest expense | (883) | (65,130) | (6,943) | (88,490) | — | (104,468) | (265,914) | ||||||||||||||||||||||||||||||||||
| Other income | 6,144 | 3,926 | 4,475 | 4,232 | 1,842 | 132 | 20,751 | ||||||||||||||||||||||||||||||||||
| Total other income (expense) | 14,405 | (61,952) | (5,792) | 46,205 | 3,253 | (159,460) | (163,341) | ||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes | 66,477 | (91,177) | (31,760) | 102,274 | 3,002 | (204,188) | (155,372) | ||||||||||||||||||||||||||||||||||
| Provision for (benefit from) income taxes | 5,937 | (1,873) | 714 | (7,524) | — | (572) | (3,318) | ||||||||||||||||||||||||||||||||||
| Net income (loss) | 60,540 | (89,304) | (32,474) | 109,798 | 3,002 | (203,616) | (152,054) | ||||||||||||||||||||||||||||||||||
| Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | 116 | (43,261) | (1,709) | (26) | — | — | (44,880) | ||||||||||||||||||||||||||||||||||
| Less: Preferred dividends and accretion on redeemable non-controlling interests | 44,607 | — | — | — | — | — | 44,607 | ||||||||||||||||||||||||||||||||||
| Less: Dividends and accretion of redeemable preferred stock | — | — | — | — | — | 55,622 | 55,622 | ||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock | $ | 15,817 | $ | (46,043) | $ | (30,765) | $ | 109,824 | $ | 3,002 | $ | (259,238) | $ | (207,403) | |||||||||||||||||||||||||||
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:
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||
| Ports and Terminals | |||||||||||||||||||||||||||||||||||||||||
| Railroad | Jefferson Terminal | Repauno | Power and Gas | Sustainability and Energy Transition | Corporate and Other | Total | |||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 110,975 | $ | 43,625 | $ | (4,775) | $ | 232,990 | $ | 8,506 | $ | (30,097) | $ | 361,224 | |||||||||||||||||||||||||||
| Add: Non-controlling share of Adjusted EBITDA | 524 | 27,028 | 1,492 | 337 | — | — | 29,381 | ||||||||||||||||||||||||||||||||||
| Add: Equity in earnings (losses) of unconsolidated entities | 9,223 | — | — | 10,588 | (7,558) | 50 | 12,303 | ||||||||||||||||||||||||||||||||||
| Less: Interest and other costs on pension and OPEB liabilities | 887 | — | — | — | — | — | 887 | ||||||||||||||||||||||||||||||||||
| Less: Dividends and accretion of redeemable preferred stock | (44,607) | — | — | — | — | (55,622) | (100,229) | ||||||||||||||||||||||||||||||||||
| Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities | (26,713) | — | — | (6,503) | 2,303 | 38 | (30,875) | ||||||||||||||||||||||||||||||||||
| Less: Interest expense | (883) | (65,130) | (6,943) | (88,490) | — | (104,468) | (265,914) | ||||||||||||||||||||||||||||||||||
| Less: Depreciation and amortization expense | (21,273) | (51,128) | (9,973) | (34,144) | — | (810) | (117,328) | ||||||||||||||||||||||||||||||||||
| Less: Incentive allocations | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Less: Asset impairment charges | (4,401) | — | — | — | — | — | (4,401) | ||||||||||||||||||||||||||||||||||
| Less: Changes in fair value of non-hedge derivative instruments | 4,234 | — | — | (171) | — | — | 4,063 | ||||||||||||||||||||||||||||||||||
| Less: Losses on the modification or extinguishment of debt and capital lease obligations | — | (748) | (3,324) | (77) | — | (55,174) | (59,323) | ||||||||||||||||||||||||||||||||||
| Less: Acquisition and transaction expenses | (3,607) | (68) | (4,253) | (6,594) | (249) | (12,367) | (27,138) | ||||||||||||||||||||||||||||||||||
| Less: Equity-based compensation expense | (2,300) | (1,495) | (1,240) | (5,636) | — | (405) | (11,076) | ||||||||||||||||||||||||||||||||||
| Less: (Provision for) benefit from income taxes | (5,937) | 1,873 | (714) | 7,524 | — | 572 | 3,318 | ||||||||||||||||||||||||||||||||||
| Less: Other non-recurring items | (305) | — | (1,035) | — | — | (955) | (2,295) | ||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock | $ | 15,817 | $ | (46,043) | $ | (30,765) | $ | 109,824 | $ | 3,002 | $ | (259,238) | $ | (207,403) | |||||||||||||||||||||||||||
II. For the Year Ended December 31, 2024
Year Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
| Ports and Terminals | |||||||||||||||||||||||||||||||||||||||||
| Railroad | Jefferson Terminal | Repauno | Power and Gas | Sustainability and Energy Transition | Corporate and Other | Total | |||||||||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 180,027 | $ | 80,646 | $ | 15,824 | $ | — | $ | — | $ | 55,000 | 331,497 | ||||||||||||||||||||||||||||
| Expenses | |||||||||||||||||||||||||||||||||||||||||
| Operating expenses | 97,207 | 71,203 | 23,483 | 2,190 | 7 | 53,584 | 247,674 | ||||||||||||||||||||||||||||||||||
| General and administrative | — | — | — | — | — | 14,798 | 14,798 | ||||||||||||||||||||||||||||||||||
| Acquisition and transaction expenses | 526 | 23 | — | 2,293 | 17 | 2,598 | 5,457 | ||||||||||||||||||||||||||||||||||
| Management fees and incentive allocation to affiliate | — | — | — | — | — | 11,318 | 11,318 | ||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 20,200 | 47,872 | 9,914 | — | — | 1,424 | 79,410 | ||||||||||||||||||||||||||||||||||
| Asset impairment | — | — | — | — | 72,336 | — | 72,336 | ||||||||||||||||||||||||||||||||||
| Total expenses | 117,933 | 119,098 | 33,397 | 4,483 | 72,360 | 83,722 | $ | 430,993 | |||||||||||||||||||||||||||||||||
| Other (expense) income | |||||||||||||||||||||||||||||||||||||||||
| Equity in (losses) earnings of unconsolidated entities | — | — | — | (37,146) | (18,390) | 40 | (55,496) | ||||||||||||||||||||||||||||||||||
| (Loss) gain on sale of assets, net | (704) | 3,074 | — | — | — | — | 2,370 | ||||||||||||||||||||||||||||||||||
| Loss on modification or extinguishment of debt | — | (8,925) | — | — | — | — | (8,925) | ||||||||||||||||||||||||||||||||||
| Interest expense | (306) | (49,001) | (1,617) | — | — | (71,184) | (122,108) | ||||||||||||||||||||||||||||||||||
| Other income | 770 | 5,515 | — | 12,430 | 2,167 | 22 | 20,904 | ||||||||||||||||||||||||||||||||||
| Total other expense | (240) | (49,337) | (1,617) | (24,716) | (16,223) | (71,122) | (163,255) | ||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes | 61,854 | (87,789) | (19,190) | (29,199) | (88,583) | (99,844) | (262,751) | ||||||||||||||||||||||||||||||||||
| Provision for (benefit from) income taxes | 4,692 | (1,667) | (431) | — | — | 719 | 3,313 | ||||||||||||||||||||||||||||||||||
| Net income (loss) | 57,162 | (86,122) | (18,759) | (29,199) | (88,583) | (100,563) | (266,064) | ||||||||||||||||||||||||||||||||||
| Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | 245 | (41,491) | (1,173) | — | — | — | (42,419) | ||||||||||||||||||||||||||||||||||
| Less: Dividends and accretion of redeemable preferred stock | — | — | — | — | — | 70,814 | 70,814 | ||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to stockholders | $ | 56,917 | $ | (44,631) | $ | (17,586) | $ | (29,199) | $ | (88,583) | $ | (171,377) | $ | (294,459) | |||||||||||||||||||||||||||
The following table sets forth a reconciliation of Adjusted EBITDA to net income (loss) attributable to stockholders:
Year Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
| Ports and Terminals | |||||||||||||||||||||||||||||||||||||||||
| Railroad | Jefferson Terminal | Repauno | Power and Gas | Sustainability and Energy Transition | Corporate and Other | Total | |||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 84,254 | $ | 41,967 | $ | (5,186) | $ | 40,246 | $ | (9,485) | $ | (24,208) | $ | 127,588 | |||||||||||||||||||||||||||
| Add: Non-controlling share of Adjusted EBITDA | 122 | 26,264 | 808 | — | — | — | 27,194 | ||||||||||||||||||||||||||||||||||
| Add: Equity in (losses) earnings of unconsolidated entities | — | — | — | (37,146) | (18,390) | 40 | (55,496) | ||||||||||||||||||||||||||||||||||
| Less: Interest and other costs on pension and OPEB liabilities | 66 | — | — | — | — | — | 66 | ||||||||||||||||||||||||||||||||||
| Less: Dividends and accretion of redeemable preferred stock | — | — | — | — | — | (70,814) | (70,814) | ||||||||||||||||||||||||||||||||||
| Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities | — | — | — | (30,006) | 9,710 | 24 | (20,272) | ||||||||||||||||||||||||||||||||||
| Less: Interest expense | (306) | (49,001) | (1,617) | — | — | (71,184) | (122,108) | ||||||||||||||||||||||||||||||||||
| Less: Depreciation and amortization expense | (20,200) | (52,347) | (9,914) | — | — | (1,424) | (83,885) | ||||||||||||||||||||||||||||||||||
| Less: Incentive allocations | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Less: Asset impairment charges | — | — | — | — | (70,401) | — | (70,401) | ||||||||||||||||||||||||||||||||||
| Less: Changes in fair value of non-hedge derivative instruments | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Less: Losses on the modification or extinguishment of debt and capital lease obligations | — | (8,925) | — | — | — | — | (8,925) | ||||||||||||||||||||||||||||||||||
| Less: Acquisition and transaction expenses | (526) | (23) | — | (2,293) | (17) | (2,598) | (5,457) | ||||||||||||||||||||||||||||||||||
| Less: Equity-based compensation expense | (1,801) | (4,233) | (2,108) | — | — | (494) | (8,636) | ||||||||||||||||||||||||||||||||||
| Less: (Provision for) benefit from income taxes | (4,692) | 1,667 | 431 | — | — | (719) | (3,313) | ||||||||||||||||||||||||||||||||||
| Less: Other non-recurring items | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to stockholders | $ | 56,917 | $ | (44,631) | $ | (17,586) | $ | (29,199) | $ | (88,583) | $ | (171,377) | $ | (294,459) | |||||||||||||||||||||||||||
III. For the Year Ended December 31, 2023
Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
| Ports and Terminals | |||||||||||||||||||||||||||||||||||||||||
| Railroad | Jefferson Terminal | Repauno | Power and Gas | Sustainability and Energy Transition | Corporate and Other | Total | |||||||||||||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 169,445 | $ | 72,146 | $ | 10,691 | $ | — | $ | — | $ | 68,190 | 320,472 | ||||||||||||||||||||||||||||
| Expenses | |||||||||||||||||||||||||||||||||||||||||
| Operating expenses | 92,972 | 66,576 | 22,203 | 2,726 | 29 | 69,166 | 253,672 | ||||||||||||||||||||||||||||||||||
| General and administrative | — | — | — | — | — | 12,833 | 12,833 | ||||||||||||||||||||||||||||||||||
| Acquisition and transaction expenses | 737 | 1,370 | — | 94 | 1 | 1,938 | 4,140 | ||||||||||||||||||||||||||||||||||
| Management fees and incentive allocation to affiliate | — | — | — | — | — | 12,467 | 12,467 | ||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 19,590 | 48,916 | 9,336 | — | — | 3,150 | 80,992 | ||||||||||||||||||||||||||||||||||
| Asset impairment | 743 | — | — | — | — | — | 743 | ||||||||||||||||||||||||||||||||||
| Total expenses | 114,042 | 116,862 | 31,539 | 2,820 | 30 | 99,554 | 364,847 | ||||||||||||||||||||||||||||||||||
| Other (expense) income | |||||||||||||||||||||||||||||||||||||||||
| Equity in (losses) earnings of unconsolidated entities | — | — | — | (9,949) | (14,814) | 56 | (24,707) | ||||||||||||||||||||||||||||||||||
| (Loss) gain on sale of assets, net | (437) | 7,292 | — | — | — | — | 6,855 | ||||||||||||||||||||||||||||||||||
| Loss on modification or extinguishment of debt | (937) | — | — | — | (1,099) | (2,036) | |||||||||||||||||||||||||||||||||||
| Interest expense | (2,284) | (32,443) | (2,557) | (3) | — | (62,316) | (99,603) | ||||||||||||||||||||||||||||||||||
| Other (expense) income | (2,164) | (1,302) | — | 7,523 | 2,529 | — | 6,586 | ||||||||||||||||||||||||||||||||||
| Total other expense | (5,822) | (26,453) | (2,557) | (2,429) | (12,285) | (63,359) | (112,905) | ||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes | 49,581 | (71,169) | (23,405) | (5,249) | (12,315) | (94,723) | (157,280) | ||||||||||||||||||||||||||||||||||
| (Benefit from) provision for income taxes | (561) | 2,468 | 496 | — | — | 67 | 2,470 | ||||||||||||||||||||||||||||||||||
| Net income (loss) | 50,142 | (73,637) | (23,901) | (5,249) | (12,315) | (94,790) | (159,750) | ||||||||||||||||||||||||||||||||||
| Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries | 143 | (36,917) | (1,412) | — | — | (228) | (38,414) | ||||||||||||||||||||||||||||||||||
| Less: Dividends and accretion of redeemable preferred stock | — | — | — | — | — | 62,400 | 62,400 | ||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to stockholders | $ | 49,999 | $ | (36,720) | $ | (22,489) | $ | (5,249) | $ | (12,315) | $ | (156,962) | $ | (183,736) | |||||||||||||||||||||||||||
The following table sets forth a reconciliation of Adjusted EBITDA to net income (loss) attributable to stockholders:
Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
| Ports and Terminals | |||||||||||||||||||||||||||||||||||||||||
| Railroad | Jefferson Terminal | Repauno | Power and Gas | Sustainability and Energy Transition | Corporate and Other | Total | |||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 78,521 | $ | 35,694 | $ | (8,061) | $ | 34,784 | $ | (7,253) | $ | (26,163) | $ | 107,522 | |||||||||||||||||||||||||||
| Add: Non-controlling share of Adjusted EBITDA | 71 | 20,328 | 856 | — | — | 260 | 21,515 | ||||||||||||||||||||||||||||||||||
| Add: Equity in (losses) earnings of unconsolidated entities | — | — | — | (9,949) | (14,814) | 56 | (24,707) | ||||||||||||||||||||||||||||||||||
| Less: Interest and other costs on pension and OPEB liabilities | (2,130) | — | — | — | — | — | (2,130) | ||||||||||||||||||||||||||||||||||
| Less: Dividends and accretion of redeemable preferred stock | — | — | — | — | — | (62,400) | (62,400) | ||||||||||||||||||||||||||||||||||
| Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities | — | — | — | (29,987) | 9,753 | 25 | (20,209) | ||||||||||||||||||||||||||||||||||
| Less: Interest expense | (2,284) | (32,443) | (2,557) | (3) | — | (62,316) | (99,603) | ||||||||||||||||||||||||||||||||||
| Less: Depreciation and amortization expense | (19,590) | (49,465) | (9,336) | — | — | (3,150) | (81,541) | ||||||||||||||||||||||||||||||||||
| Less: Incentive allocations | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Less: Asset impairment charges | (743) | — | — | — | — | — | (743) | ||||||||||||||||||||||||||||||||||
| Less: Changes in fair value of non-hedge derivative instruments | — | — | (1,125) | — | — | — | (1,125) | ||||||||||||||||||||||||||||||||||
| Less: Losses on the modification or extinguishment of debt and capital lease obligations | (937) | — | — | — | — | (1,099) | (2,036) | ||||||||||||||||||||||||||||||||||
| Less: Acquisition and transaction expenses | (737) | (1,370) | — | (94) | (1) | (1,938) | (4,140) | ||||||||||||||||||||||||||||||||||
| Less: Equity-based compensation expense | (1,394) | (5,865) | (1,770) | — | — | (170) | (9,199) | ||||||||||||||||||||||||||||||||||
| Less: Benefit from (provision for) income taxes | 561 | (2,468) | (496) | — | — | (67) | (2,470) | ||||||||||||||||||||||||||||||||||
| Less: Other non-recurring items | (1,339) | (1,131) | — | — | — | — | (2,470) | ||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to stockholders | $ | 49,999 | $ | (36,720) | $ | (22,489) | $ | (5,249) | $ | (12,315) | $ | (156,962) | $ | (183,736) | |||||||||||||||||||||||||||
IV. Balance Sheet
The following tables sets forth the summarized balance sheet. All property, plant and equipment and leasing equipment are located in North America.
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 | |||||||||||||||||||||||||||
December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
| Ports and Terminals | |||||||||||||||||||||||||||||||||||||||||
| Railroad | Jefferson Terminal | Repauno | Power and Gas | Sustainability and Energy Transition | Corporate and Other | Total | |||||||||||||||||||||||||||||||||||
| Current assets | $ | 48,667 | $ | 154,752 | $ | 6,756 | $ | 6 | $ | 48 | $ | 9,622 | $ | 219,851 | |||||||||||||||||||||||||||
| Non-current assets | 662,241 | 1,118,886 | 334,882 | 116 | 24,307 | 14,105 | 2,154,537 | ||||||||||||||||||||||||||||||||||
| Total assets | 710,908 | 1,273,638 | 341,638 | 122 | 24,355 | 23,727 | 2,374,388 | ||||||||||||||||||||||||||||||||||
| Total debt, net | — | 974,351 | 44,250 | — | — | 569,234 | 1,587,835 | ||||||||||||||||||||||||||||||||||
| Current liabilities | 48,866 | 131,503 | 41,136 | 3,732 | 20 | 25,537 | 250,794 | ||||||||||||||||||||||||||||||||||
| Non-current liabilities | 34,348 | 996,984 | 47,374 | 18,240 | — | 570,292 | 1,667,238 | ||||||||||||||||||||||||||||||||||
| Total liabilities | 83,214 | 1,128,487 | 88,510 | 21,972 | 20 | 595,829 | 1,918,032 | ||||||||||||||||||||||||||||||||||
| Redeemable preferred stock | — | — | — | — | — | 381,218 | 381,218 | ||||||||||||||||||||||||||||||||||
| Non-controlling interests in equity of consolidated subsidiaries | 4,722 | (130,989) | (1,246) | — | — | — | (127,513) | ||||||||||||||||||||||||||||||||||
| Total equity | 627,694 | 145,151 | 253,128 | (21,850) | 24,335 | (953,320) | 75,138 | ||||||||||||||||||||||||||||||||||
| Total liabilities, redeemable preferred stock and equity | $ | 710,908 | $ | 1,273,638 | $ | 341,638 | $ | 122 | $ | 24,355 | $ | 23,727 | $ | 2,374,388 | |||||||||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 16, 2026 | Showing above |
| 2024 | Mar 13, 2025 | |
| 2023 | Mar 27, 2024 | |
| 2022 | Mar 9, 2023 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.