FTAI Infrastructure Inc. Reports First Quarter 2026 Results, Declares Dividend of $0.03 per Share of Common Stock
Rhea-AI Summary
FTAI Infrastructure (NASDAQ:FIP) reported Q1 2026 results and declared a common dividend of $0.03 per share, payable June 12, 2026 (record date May 18, 2026).
Key items: announced agreement to sell Long Ridge to MARA Holdings for $1.52 billion; sale to eliminate $1.16 billion of Long Ridge debt and allow ~$300 million parent-level debt repayment. Reported Adjusted EBITDA $70.6 million; excluding a 25-day planned outage, Adjusted EBITDA would have exceeded $80 million. Financial tables and reconciliations are provided in the release exhibit.
Positive
- Signed sale of Long Ridge for $1.52 billion
- Transaction will eliminate $1.16 billion of Long Ridge debt
- Expected ~$300 million parent-level debt repayment at closing
- Declared cash dividend of $0.03 per share
- Reported Adjusted EBITDA $70.6 million for Q1 2026
Negative
- Net loss attributable to stockholders of $(150,172) (table reported in thousands)
- Long Ridge Q1 impacted by a 25-day planned outage, reducing Adjusted EBITDA
Key Figures
Market Reality Check
Peers on Argus
FIP was up about 1.47% while closest peers showed mixed moves (e.g., TTI up 3.57%, CRESY down 3.52%). No peers appeared in the momentum scanner, suggesting a stock-specific reaction to the earnings/dividend and Long Ridge updates.
Previous Dividends,earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 26 | Q4/FY25 earnings | Positive | -9.9% | Strong 2025 Adjusted EBITDA growth and $0.03 dividend alongside large net loss. |
| Oct 30 | Q3 2025 earnings | Positive | +4.5% | Higher Adjusted EBITDA, continued $0.03 dividend, and strategic Long Ridge review. |
| Aug 07 | Q2 2025 earnings | Negative | -20.2% | Large net loss with major rail acquisition and new Repauno debt financing. |
| May 08 | Q1 2025 earnings | Positive | -1.3% | Strong net income and Adjusted EBITDA plus $0.03 dividend and Long Ridge gain. |
| Feb 27 | Q4/FY24 earnings | Positive | +2.6% | Refinancing, Long Ridge stake build, and multi-year EBITDA-backed contracts. |
Earnings-plus-dividend releases for FIP have produced volatile and often negative reactions, with an average move of -4.84% and several instances where positive updates coincided with price declines.
Over the past year, FIP’s recurring dividends,earnings releases have combined steady quarterly dividends of $0.03 per share with sizable Adjusted EBITDA and, at times, large net losses. Key milestones included the planned $1.05 billion Wheeling & Lake Erie Railway acquisition, strong Q1 2025 results boosted by a $120 million Long Ridge gain, and rapid Adjusted EBITDA growth to $232.3 million in 2025. Today’s Q1 2026 results and unchanged dividend fit this pattern of significant operational progress paired with complex financials and leverage management.
Historical Comparison
In the past 5 dividends/earnings releases, FIP moved on average -4.84%, often reacting negatively even to positive operational updates. Today’s modest 1.47% pre-release gain contrasts with that pattern.
Across repeating dividends/earnings updates, FIP maintained a $0.03 quarterly dividend while scaling Adjusted EBITDA, executing large rail and power transactions, and advancing Long Ridge from evaluation of strategic alternatives toward a sale, reflecting an ongoing pivot and deleveraging story.
Regulatory & Risk Context
An effective S-3ASR automatic shelf filed on 2026-03-16 allows FIP to issue various securities from time to time. It also registers 2,852,049 shares of common stock for potential resale by selling stockholders, from which the company will not receive proceeds.
Market Pulse Summary
This announcement combines Q1 2026 results, including $70.6 million of Adjusted EBITDA, with a maintained $0.03 quarterly dividend and further detail on the $1.52 billion Long Ridge sale aimed at eliminating $1.16 billion of debt and repaying about $300 million at the parent. Compared with past dividends/earnings updates that averaged a -4.84% move, investors may focus on execution of the sale, progress at rail and terminal assets, and how net losses trend versus deleveraging goals.
Key Terms
adjusted EBITDA financial
non-GAAP financial
form 10-q regulatory
AI-generated analysis. Not financial advice.
NEW YORK, May 07, 2026 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the first quarter 2026. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release.
Business Highlights
- Announced agreement on April 30, 2026, to sell Long Ridge to MARA Holdings, Inc. for
$1.52 billion transaction value. - At closing of the sale, FIP will immediately eliminate
$1.16 billion of Long Ridge debt and use net proceeds to repay approximately$300 million of debt at the FIP parent level, resulting in lower interest expense and higher free cash flow going forward. - Reported
$70.6 million of Adjusted EBITDA for the first quarter of 2026. - Long Ridge first quarter results were impacted by a 25-day planned outage of the power plant for scheduled maintenance; excluding the impact of the outage, Adjusted EBITDA for FIP would have exceeded
$80 million for Q1 and would have represented a new quarterly record. - Strong performance from rail segment and Jefferson, while Repauno phase two expansion continued on plan for early 2027 operational commencement.
Financial Overview
| (in thousands, except per share data) | |||
| Selected Financial Results | Q1’26 | ||
| Net Loss Attributable to Stockholders, Before Series B Preferred Stock Dividend and Loss on Extinguishment of Preferred Stock | $ | (150,172 | ) |
| Basic and Diluted Loss per Share of Common Stock | $ | (1.32 | ) |
| Adjusted EBITDA(1) | $ | 70,592 | |
| Adjusted EBITDA - Four core segments(1)(2) | $ | 78,760 | |
| ____________________ | |
| (1) | For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release. |
| (2) | Excludes Sustainability and Energy Transition and Corporate and Other segments. |
First Quarter 2026 Dividends
On May 7, 2026, the Company’s Board of Directors (the “Board”) declared a cash dividend on its common stock of
Additional Information
For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of the Company’s website, www.fipinc.com, and the Company’s Quarterly Report on Form 10-Q, when available on the Company’s website. Nothing on the Company’s website is included or incorporated by reference herein.
Conference Call
In addition, management will host a conference call on Friday, May 8, 2026 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://dpregister.com/sreg/10207794/103afb4fca0. Once registered, participants will receive a dial-in and unique pin to access the call.
A simultaneous webcast of the conference call will be available to the public on a listen-only basis at https://www.fipinc.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.
A replay of the conference call will be available after 11:30 A.M. on Friday, May 8, 2026 through 11:30 A.M. on Friday, May 15, 2026 on https://ir.fipinc.com/news-events/events.
The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release.
About FTAI Infrastructure Inc.
FTAI Infrastructure primarily invests in critical infrastructure with high barriers to entry across the rail, ports and terminals, and power and gas sectors that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI Infrastructure is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the Company’s control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company’s website (www.fipinc.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.
For further information, please contact:
Alan Andreini
Investor Relations
FTAI Infrastructure Inc.
(646) 734-9414
aandreini@ftaiaviation.com
Exhibit - Financial Statements
| FTAI INFRASTRUCTURE INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollar amounts in thousands, except share and per share data) | |||||||
| Three Months Ended March 31, | |||||||
| 2026 | 2025 | ||||||
| Revenues | |||||||
| Total revenues | $ | 188,364 | $ | 96,161 | |||
| Expenses | |||||||
| Operating expenses | 120,394 | 67,045 | |||||
| General and administrative | 3,554 | 5,113 | |||||
| Acquisition and transaction expenses | 6,820 | 3,515 | |||||
| Management fees and incentive allocation to affiliate | 4,092 | 2,542 | |||||
| Depreciation and amortization | 50,691 | 25,012 | |||||
| Total expenses | 185,551 | 103,227 | |||||
| Other income (expense) | |||||||
| Equity in (losses) earnings of unconsolidated entities | (518 | ) | 5,314 | ||||
| (Loss) gain on sale of assets, net | (566 | ) | 119,828 | ||||
| Loss on modification or extinguishment of debt | (45,914 | ) | (7 | ) | |||
| Interest expense | (82,487 | ) | (43,112 | ) | |||
| Other income | 2,984 | 3,693 | |||||
| Total other (expense) income | (126,501 | ) | 85,716 | ||||
| (Loss) income before income taxes | (123,688 | ) | 78,650 | ||||
| Provision for (benefit from) income taxes | 3,523 | (41,514 | ) | ||||
| Net (loss) income | (127,211 | ) | 120,164 | ||||
| Less: Net loss attributable to non-controlling interests in consolidated subsidiaries - common stockholders | (14,260 | ) | (11,401 | ) | |||
| Less: 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 | $ | (154,525 | ) | $ | 108,257 | ||
| (Loss) earnings per share: | |||||||
| 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 | |||||
| FTAI INFRASTRUCTURE INC. CONSOLIDATED BALANCE SHEETS (Dollar amounts in thousands, except share and per share data) | |||||||
| (Unaudited) | |||||||
| 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 | 72,778 | 62,677 | |||||
| Total current assets | 397,577 | 484,011 | |||||
| Leasing equipment, net | 36,178 | 36,570 | |||||
| Operating lease right-of-use assets, net | 149,274 | 133,493 | |||||
| Property, plant, and equipment, net | 4,576,463 | 4,581,771 | |||||
| Investments | 21,726 | 22,243 | |||||
| Intangible assets, net | 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 | 25,433 | 65,438 | |||||
| Operating lease liabilities | 11,090 | 9,108 | |||||
| Derivative liabilities | 50,290 | 34,381 | |||||
| Other current liabilities | 23,039 | 20,363 | |||||
| Total current liabilities | 361,722 | 409,997 | |||||
| Debt, net | 3,787,717 | 3,708,735 | |||||
| Operating lease liabilities | 85,484 | 71,000 | |||||
| Derivative liabilities | 158,648 | 189,116 | |||||
| Warrant liabilities | 82,506 | 81,599 | |||||
| Deferred income tax liabilities | 301,831 | 300,231 | |||||
| Other liabilities | 90,562 | 44,000 | |||||
| Total liabilities | 4,868,470 | 4,804,678 | |||||
| Commitments and contingencies | — | — | |||||
| Redeemable convertible preferred stock Series B( | 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 | 970,516 | 937,578 | |||||
| Equity | |||||||
| Common stock ( | 1,182 | 1,163 | |||||
| Additional paid in capital | 589,593 | 623,771 | |||||
| Accumulated deficit | (625,943 | ) | (512,992 | ) | |||
| Accumulated other comprehensive loss | (87,295 | ) | (90,618 | ) | |||
| Stockholders' equity | (122,463 | ) | 21,324 | ||||
| Non-controlling interest in equity of consolidated subsidiaries | (180,633 | ) | (167,561 | ) | |||
| Total equity | (303,096 | ) | (146,237 | ) | |||
| Total liabilities, redeemable preferred stock and equity | $ | 5,688,532 | $ | 5,748,661 | |||
| FTAI INFRASTRUCTURE INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollar amounts in thousands, unless otherwise noted) | |||||||
| 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 | |||
Key Performance Measures
The Chief Operating Decision Maker (“CODM”) utilizes Adjusted EBITDA as our key performance measure.
Adjusted EBITDA provides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. Adjusted EBITDA is defined as net income (loss) attributable to stockholders, 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 other pension expense benefits (“OPEB”) liabilities, dividends and accretion of redeemable preferred stock, and other non-recurring items, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA.
The following table sets forth a reconciliation of net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock to Adjusted EBITDA for the three months ended March 31, 2026 and 2025:
| Three Months Ended March 31, | Change | ||||||||||
| (in thousands) | 2026 | 2025 | |||||||||
| Net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock | $ | (150,172 | ) | $ | 109,724 | $ | (259,896 | ) | |||
| Add: Provision for (benefit from) income taxes | 3,523 | (41,514 | ) | 45,037 | |||||||
| Add: Equity-based compensation expense | 10,978 | 1,253 | 9,725 | ||||||||
| Add: Acquisition and transaction expenses | 6,820 | 3,515 | 3,305 | ||||||||
| Add: Losses on the modification or extinguishment of debt and capital lease obligations | 45,914 | 7 | 45,907 | ||||||||
| Add: Changes in fair value of non-hedge derivative instruments | 558 | — | 558 | ||||||||
| Add: Asset impairment charges | — | — | — | ||||||||
| Add: Incentive allocations | — | — | — | ||||||||
| Add: Depreciation and amortization expense(1) | 41,688 | 24,657 | 17,031 | ||||||||
| Add: Interest expense | 82,487 | 43,112 | 39,375 | ||||||||
| Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities(2) | (518 | ) | 4,500 | (5,018 | ) | ||||||
| Add: Dividends and accretion of redeemable preferred stock | 37,221 | 21,841 | 15,380 | ||||||||
| Add: Interest and other costs on pension and OPEB liabilities | (180 | ) | (265 | ) | 85 | ||||||
| Add: Other non-recurring items(3) | 2,661 | 1,035 | 1,626 | ||||||||
| Less: Equity in losses (earnings) of unconsolidated entities | 518 | (5,314 | ) | 5,832 | |||||||
| Less: Non-controlling share of Adjusted EBITDA(4) | (10,906 | ) | (7,332 | ) | (3,574 | ) | |||||
| Adjusted EBITDA (Non-GAAP) | $ | 70,592 | $ | 155,219 | $ | (84,627 | ) | ||||
| ____________________ | |
| (1) | Includes the following items for the three months ended March 31, 2026 and 2025: (i) depreciation and amortization expense of |
| (2) | Includes the following items for the three months ended March 31, 2026 and 2025: (i) net (loss) income of |
| (3) | Includes the following items for the three months ended March 31, 2026: (i) Railroad severance and integration expenses of |
| (4) | Includes the following items for the three months ended March 31, 2026 and 2025: (i) equity-based compensation of |
The following tables sets forth a reconciliation of net loss attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock to Adjusted EBITDA for our four core segments for the three months ended March 31, 2026:
| Three Months Ended March 31, 2026 | |||||||||||||||||||
| (in thousands) | Railroad | Jefferson Terminal | Repauno | Power and Gas | Four Core Segments | ||||||||||||||
| Net loss attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock | $ | (25,214 | ) | $ | (18,872 | ) | $ | (8,165 | ) | $ | (5,171 | ) | $ | (57,422 | ) | ||||
| Add: Provision for (benefit from) income taxes | 3,298 | 212 | — | — | 3,510 | ||||||||||||||
| Add: Equity-based compensation expense | 447 | 7,253 | 1,592 | 1,583 | 10,875 | ||||||||||||||
| Add: Acquisition and transaction expenses | 1,608 | — | — | 801 | 2,409 | ||||||||||||||
| Add: Losses on the modification or extinguishment of debt and capital lease obligations | — | 6,429 | — | — | 6,429 | ||||||||||||||
| Add: Changes in fair value of non-hedge derivative instruments | 906 | — | — | (348 | ) | 558 | |||||||||||||
| Add: Asset impairment charges | — | — | — | — | — | ||||||||||||||
| Add: Incentive allocations | — | — | — | — | — | ||||||||||||||
| Add: Depreciation and amortization expense(1) | 19,487 | 13,220 | 2,583 | 6,140 | 41,430 | ||||||||||||||
| Add: Interest expense | 1,499 | 16,235 | 1,951 | 23,666 | 43,351 | ||||||||||||||
| Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities | — | — | — | — | — | ||||||||||||||
| Add: Dividends and accretion of redeemable preferred stock | 37,221 | — | — | — | 37,221 | ||||||||||||||
| Add: Interest and other costs on pension and OPEB liabilities | (180 | ) | — | — | — | (180 | ) | ||||||||||||
| Add: Other non-recurring items(2) | 1,471 | — | — | — | 1,471 | ||||||||||||||
| Less: Equity in earnings of unconsolidated entities | — | — | — | — | — | ||||||||||||||
| Less: Non-controlling share of Adjusted EBITDA(3) | (310 | ) | (10,040 | ) | (282 | ) | (260 | ) | (10,892 | ) | |||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 40,233 | $ | 14,437 | $ | (2,321 | ) | $ | 26,411 | $ | 78,760 | ||||||||
| ____________________ | |
| (1) | Jefferson Terminal Includes the following items for the three months ended March 31, 2026: (i) depreciation and amortization expense of Power and Gas Includes the following items for the three months ended March 31, 2026: (i) depreciation and amortization expense of |
| (2) | Railroad Includes the following items for the three months ended March 31, 2026: Railroad severance and integration expenses of |
| (3) | Railroad Includes the following items for the three months ended March 31, 2026: (i) equity-based compensation expense of Jefferson Terminal Includes the following items for the three months ended March 31, 2026: (i) equity-based compensation expense of Repauno Includes the following items for the three months ended March 31, 2026: (i) equity-based compensation expense of Power and Gas Includes the following items for the three months ended March 31, 2026: (i) equity-based compensation expense of |
