FTAI Infrastructure Inc. Reports Second Quarter 2026 Results, Declares Dividend of $0.03 per Share of Common Stock
Rhea-AI Summary
FTAI Infrastructure (NASDAQ:FIP) reported second quarter 2026 results, including $186.8 million in total revenues and $76.1 million of Adjusted EBITDA, with record revenue and Adjusted EBITDA from its rail segment. Net loss attributable to common stockholders was $166.5 million, or $(1.41) per share, driven by high interest expense and a $63.2 million asset impairment.
The company declared a $0.03 per-share cash dividend for Q2 2026, payable September 8, 2026 to shareholders of record on August 24, 2026. FTAI Infrastructure highlighted the anticipated sale of Long Ridge, pending regulatory approval, which is expected at closing to eliminate $1.16 billion of Long Ridge debt and provide net proceeds to repay approximately $300 million of other debt. Jefferson completed the SSP bi-directional pipeline project, and Repauno phase two advanced toward expected early 2027 operations.
Positive
- Revenue growth to $186.8 million in Q2 2026 from $122.3 million in Q2 2025
- Adjusted EBITDA of $76.1 million in Q2 2026; four core segments at $83.0 million
- Rail segment delivered record quarterly revenues and Adjusted EBITDA in Q2 2026
- Debt reduction plan tied to Long Ridge sale: eliminate $1.16 billion Long Ridge debt and repay ~$300 million other debt at closing
- Jefferson SSP bi-directional pipeline project completed; Repauno phase two progressing toward early 2027 operations
- Net debt balance decreased, with total debt, net, falling from about $3.77 billion at December 31, 2025 to about $2.76 billion at June 30, 2026
Negative
- Net loss attributable to common stockholders of $166.5 million in Q2 2026 versus $83.9 million in Q2 2025
- Loss per share of $(1.41) basic and diluted in Q2 2026 versus $(0.73) a year earlier
- Asset impairment charges of $63.2 million in Q2 2026 compared with $4.4 million in Q2 2025
- Interest expense of $105.5 million in Q2 2026, up from $59.2 million in Q2 2025
- Negative equity of $518.7 million at June 30, 2026 versus negative $146.2 million at December 31, 2025
- Operating cash use of $30.3 million in the first six months of 2026, compared with $90.9 million used in the prior-year period
Key Figures
Previous Dividends,earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 07 | Q1 earnings report | Positive | -5.3% | Long Ridge sale announcement, debt reduction plan, and Adjusted EBITDA report |
| Feb 26 | Q4 earnings report | Positive | -9.9% | Adjusted EBITDA growth and term-loan refinancing accompanied full-year results |
| Oct 30 | Q3 earnings report | Positive | +4.5% | Adjusted EBITDA increased and Wheeling & Lake Erie Railway transaction progressed |
| Aug 07 | Q2 earnings report | Negative | -20.2% | Net loss and loss per share accompanied planned railway acquisition |
| May 08 | Q1 earnings report | Positive | -1.3% | Net income, Adjusted EBITDA, and Long Ridge transaction gain were reported |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
The five tag-matched dividends-and-earnings events averaged a -6.42% 24-hour move, with three divergences from the announcement sentiment.
Key Terms
adjusted ebitda financial
non-gaap measures financial
asset impairment financial
redeemable convertible preferred stock financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
NEW YORK, Aug. 05, 2026 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the second quarter 2026. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release.
Business Highlights
- Reported
$76.1 million of Adjusted EBITDA for the second quarter of 2026. - Strong performance from the rail segment with record revenues and Adjusted EBITDA for Q2; announced tuck-in acquisition of Tidewater Logistics on June 29, 2026.
- Anticipated sale of Long Ridge is pending regulatory approval; at closing, FIP will immediately eliminate
$1.16 billion of Long Ridge debt and use net proceeds to repay approximately$300 million of other debt. - Jefferson completed the SSP bi-directional pipeline project, while Repauno phase two continued progress to an expected early 2027 operational commencement.
Financial Overview
| (in thousands, except per share data) | |||
| Selected Financial Results | Q2’26 | ||
| Net Loss Attributable to Common Stockholders | $ | (166,464 | ) |
| Basic and Diluted Loss per Share of Common Stock | $ | (1.41 | ) |
| Adjusted EBITDA(1) | $ | 76,113 | |
| Adjusted EBITDA - Four core segments(1)(2) | $ | 83,031 | |
_______________________________
(1) For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release.
(2) Excludes Sustainability and Energy Transition and Corporate and Other segments.
Second Quarter 2026 Dividends
On August 5, 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 Thursday, August 6, 2026 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://register-conf.media-server.com/register/BI94c2ce06b3e4463c9d752652f363bf8e. 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 Thursday, August 6, 2026 through 11:30 A.M. on Thursday, August 13, 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
Exhibit - Financial Statements
| FTAI INFRASTRUCTURE INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollar amounts in thousands, except share and per share data) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Revenues | |||||||||||||||
| Total revenues | $ | 186,768 | $ | 122,286 | $ | 375,132 | $ | 218,447 | |||||||
| Expenses | |||||||||||||||
| Operating expenses | 117,333 | 74,435 | 237,727 | 141,480 | |||||||||||
| General and administrative | 3,674 | 3,862 | 7,228 | 8,975 | |||||||||||
| Acquisition and transaction expenses | 6,021 | 8,704 | 12,841 | 12,219 | |||||||||||
| Management fees and incentive allocation to affiliate | 3,677 | 3,680 | 7,769 | 6,222 | |||||||||||
| Depreciation and amortization | 39,511 | 33,998 | 90,202 | 59,010 | |||||||||||
| Asset impairment | 63,188 | 4,401 | 63,188 | 4,401 | |||||||||||
| Total expenses | 233,404 | 129,080 | 418,955 | 232,307 | |||||||||||
| Other (expense) income | |||||||||||||||
| Equity in (losses) earnings of unconsolidated entities | (560 | ) | (1,995 | ) | (1,078 | ) | 3,319 | ||||||||
| (Loss) gain on sale of assets, net | (16 | ) | — | (582 | ) | 119,828 | |||||||||
| Loss on modification or extinguishment of debt | (1,602 | ) | (4,066 | ) | (47,516 | ) | (4,073 | ) | |||||||
| Interest expense | (105,492 | ) | (59,204 | ) | (187,979 | ) | (102,316 | ) | |||||||
| Other income | 3,287 | 3,052 | 6,271 | 6,745 | |||||||||||
| Total other (expense) income | (104,383 | ) | (62,213 | ) | (230,884 | ) | 23,503 | ||||||||
| (Loss) income before income taxes | (151,019 | ) | (69,007 | ) | (274,707 | ) | 9,643 | ||||||||
| (Benefit from) provision for income taxes | (11,576 | ) | 952 | (8,053 | ) | (40,562 | ) | ||||||||
| Net (loss) income | (139,443 | ) | (69,959 | ) | (266,654 | ) | 50,205 | ||||||||
| Less: Net loss attributable to non-controlling interests in consolidated subsidiaries - common stockholders | (11,377 | ) | (11,100 | ) | (25,637 | ) | (22,501 | ) | |||||||
| Less: Preferred dividends and accretion on redeemable non-controlling interests | 33,230 | — | 70,451 | — | |||||||||||
| Less: Dividends and accretion of redeemable preferred stock | 657 | 20,957 | 657 | 42,798 | |||||||||||
| Less: Convertible preferred stock dividend | 4,511 | 4,082 | 8,864 | 5,549 | |||||||||||
| Net (loss) income attributable to common stockholders | $ | (166,464 | ) | $ | (83,898 | ) | $ | (320,989 | ) | $ | 24,359 | ||||
| (Loss) earnings per share: | |||||||||||||||
| Basic | $ | (1.41 | ) | $ | (0.73 | ) | $ | (2.73 | ) | $ | 0.21 | ||||
| Diluted | $ | (1.41 | ) | $ | (0.73 | ) | $ | (2.73 | ) | $ | 0.21 | ||||
| Weighted average shares outstanding: | |||||||||||||||
| Basic | 118,163,955 | 114,880,817 | 117,430,787 | 114,491,338 | |||||||||||
| Diluted | 118,163,955 | 114,880,817 | 117,430,787 | 115,260,452 | |||||||||||
| FTAI INFRASTRUCTURE INC. CONSOLIDATED BALANCE SHEETS (Dollar amounts in thousands, except share and per share data) | |||||||
| (Unaudited) | |||||||
| June 30, 2026 | December 31, 2025 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 32,628 | $ | 57,351 | |||
| Restricted cash and cash equivalents | 139,947 | 268,595 | |||||
| Accounts receivable, net | 89,759 | 95,388 | |||||
| Other current assets | 48,500 | 62,677 | |||||
| Current assets held for sale | 56,933 | — | |||||
| Total current assets | 367,767 | 484,011 | |||||
| Leasing equipment, net | 35,822 | 36,570 | |||||
| Operating lease right-of-use assets, net | 154,406 | 133,493 | |||||
| Property, plant, and equipment, net | 3,135,540 | 4,581,771 | |||||
| Investments | 21,166 | 22,243 | |||||
| Intangible assets, net | 55,980 | 43,173 | |||||
| Goodwill | 275,366 | 365,703 | |||||
| Other assets | 100,241 | 81,697 | |||||
| Non-current assets held for sale | 1,600,457 | — | |||||
| Total assets | $ | 5,746,745 | $ | 5,748,661 | |||
| Liabilities | |||||||
| Current liabilities: | |||||||
| Accounts payable and accrued liabilities | $ | 236,752 | $ | 280,707 | |||
| Debt, net | 476,768 | 65,438 | |||||
| Operating lease liabilities | 10,985 | 9,108 | |||||
| Derivative liabilities | — | 34,381 | |||||
| Other current liabilities | 29,791 | 20,363 | |||||
| Current liabilities held for sale | 579,713 | — | |||||
| Total current liabilities | 1,334,009 | 409,997 | |||||
| Debt, net | 2,286,949 | 3,708,735 | |||||
| Operating lease liabilities | 91,474 | 71,000 | |||||
| Derivative liabilities | — | 189,116 | |||||
| Warrant liabilities | 82,523 | 81,599 | |||||
| Deferred income tax liabilities | 289,279 | 300,231 | |||||
| Other liabilities | 113,020 | 44,000 | |||||
| Non-current liabilities held for sale | 911,169 | — | |||||
| Total liabilities | 5,108,423 | 4,804,678 | |||||
| Commitments and contingencies | — | — | |||||
| Redeemable convertible preferred stock Series B( | 153,298 | 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 June 30, 2026 and December 31, 2025; redemption amount of | 1,003,747 | 937,578 | |||||
| Equity | |||||||
| Common stock ( | 1,182 | 1,163 | |||||
| Additional paid in capital | 553,590 | 623,771 | |||||
| Accumulated deficit | (754,009 | ) | (512,992 | ) | |||
| Accumulated other comprehensive loss | (130,539 | ) | (90,618 | ) | |||
| Stockholders' equity | (329,776 | ) | 21,324 | ||||
| Non-controlling interest in equity of consolidated subsidiaries | (188,947 | ) | (167,561 | ) | |||
| Total equity | (518,723 | ) | (146,237 | ) | |||
| Total liabilities, redeemable preferred stock and equity | $ | 5,746,745 | $ | 5,748,661 | |||
| FTAI INFRASTRUCTURE INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollar amounts in thousands, unless otherwise noted) | |||||||
| Six Months Ended June 30, | |||||||
| 2026 | 2025 | ||||||
| Cash flows from operating activities: | |||||||
| Net (loss) income | $ | (266,654 | ) | $ | 50,205 | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Equity in losses (earnings) of unconsolidated entities | 1,078 | (3,319 | ) | ||||
| Gain on sale of subsidiaries | — | (119,952 | ) | ||||
| Loss on modification or extinguishment of debt | 47,516 | 4,073 | |||||
| Equity-based compensation | 16,438 | 2,163 | |||||
| Depreciation and amortization | 90,202 | 59,010 | |||||
| Asset impairment | 63,188 | 4,401 | |||||
| Change in deferred income taxes | (10,952 | ) | (41,298 | ) | |||
| Amortization of deferred financing costs | 7,218 | 5,218 | |||||
| Amortization of bond discount | 42,839 | 5,459 | |||||
| Amortization of other comprehensive income | (10,523 | ) | (4,732 | ) | |||
| Paid-in-kind interest expense | 5,115 | — | |||||
| Other | 840 | 1,216 | |||||
| Change in: | |||||||
| Accounts receivable | (5,492 | ) | (2,988 | ) | |||
| Other assets | (2,457 | ) | 2,540 | ||||
| Accounts payable and accrued liabilities | (9,731 | ) | 15,593 | ||||
| Derivative liabilities | — | (66,178 | ) | ||||
| Other liabilities | 1,035 | (2,283 | ) | ||||
| Net cash used in operating activities | (30,340 | ) | (90,872 | ) | |||
| Cash flows from investing activities: | |||||||
| Investment in unconsolidated entities | (14,391 | ) | (12,585 | ) | |||
| Acquisition of business, net of cash acquired | (40,411 | ) | 226,628 | ||||
| Acquisition of leasing equipment | — | (564 | ) | ||||
| Acquisition of property, plant and equipment | (129,029 | ) | (148,319 | ) | |||
| Proceeds from investor loan | — | 11,001 | |||||
| Proceeds from sale of subsidiaries, net of cash | 35 | — | |||||
| Purchase deposits for acquisitions | (3,410 | ) | — | ||||
| Proceeds from sale of property, plant and equipment | 9,043 | 2,198 | |||||
| Net cash (used in) provided by investing activities | (178,163 | ) | 78,359 | ||||
| Cash flows from financing activities: | |||||||
| Proceeds from debt, net | 1,407,376 | 494,074 | |||||
| Repayment of debt | (1,337,217 | ) | (126,102 | ) | |||
| Payment of financing costs | (15,796 | ) | (21,545 | ) | |||
| Proceeds from financing obligation | 50,000 | — | |||||
| Repayment of financing obligation | (920 | ) | — | ||||
| Cash dividends - common stock | (7,090 | ) | (6,886 | ) | |||
| Cash dividends - redeemable preferred stock | — | (25,516 | ) | ||||
| Cash dividends - redeemable preferred stock - NCI | (5,000 | ) | — | ||||
| Settlement of equity-based compensation | (2,903 | ) | (545 | ) | |||
| Distributions to non-controlling interests | (1,248 | ) | — | ||||
| Net cash provided by financing activities | 87,202 | 313,480 | |||||
| Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents, including cash classified within assets held for sale | (121,301 | ) | 300,967 | ||||
| Less: net decrease in cash classified within assets held for sale | (32,070 | ) | — | ||||
| Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents | (153,371 | ) | 300,967 | ||||
| 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 | $ | 172,575 | $ | 448,263 | |||
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 common stockholders, 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 and convertible 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 common stockholders to Adjusted EBITDA for the three and six months ended June 30, 2026 and 2025:
| Three Months Ended June 30, | Change | Six Months Ended June 30, | Change | ||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Net (loss) income attributable to common stockholders | $ | (166,464 | ) | $ | (83,898 | ) | $ | (82,566 | ) | $ | (320,989 | ) | $ | 24,359 | $ | (345,348 | ) | ||||||
| Add: (Benefit from) provision for income taxes | (11,576 | ) | 952 | (12,528 | ) | (8,053 | ) | (40,562 | ) | 32,509 | |||||||||||||
| Add: Equity-based compensation expense | 5,460 | 910 | 4,550 | 16,438 | 2,163 | 14,275 | |||||||||||||||||
| Add: Acquisition and transaction expenses | 6,021 | 8,704 | (2,683 | ) | 12,841 | 12,219 | 622 | ||||||||||||||||
| Add: Losses on the modification or extinguishment of debt and capital lease obligations | 1,602 | 4,066 | (2,464 | ) | 47,516 | 4,073 | 43,443 | ||||||||||||||||
| Add: Changes in fair value of non-hedge derivative instruments | 195 | — | 195 | 753 | — | 753 | |||||||||||||||||
| Add: Asset impairment charges | 63,188 | 4,401 | 58,787 | 63,188 | 4,401 | 58,787 | |||||||||||||||||
| Add: Incentive allocations | — | — | — | — | — | — | |||||||||||||||||
| Add: Depreciation and amortization expense (1) | 40,456 | 32,086 | 8,370 | 82,144 | 56,743 | 25,401 | |||||||||||||||||
| Add: Interest expense | 105,492 | 59,204 | 46,288 | 187,979 | 102,316 | 85,663 | |||||||||||||||||
| Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) | (560 | ) | (100 | ) | (460 | ) | (1,078 | ) | 4,400 | (5,478 | ) | ||||||||||||
| Add: Dividends and accretion of redeemable and convertible preferred stock (3) | 38,398 | 25,039 | 13,359 | 79,972 | 48,347 | 31,625 | |||||||||||||||||
| Add: Interest and other costs on pension and OPEB liabilities | (103 | ) | (264 | ) | 161 | (283 | ) | (529 | ) | 246 | |||||||||||||
| Add: Other non-recurring items (4) | 857 | 298 | 559 | 3,518 | 1,333 | 2,185 | |||||||||||||||||
| Less: Equity in losses (earnings) of unconsolidated entities | 560 | 1,995 | (1,435 | ) | 1,078 | (3,319 | ) | 4,397 | |||||||||||||||
| Less: Non-controlling share of Adjusted EBITDA (5) | (7,413 | ) | (7,477 | ) | 64 | (18,319 | ) | (14,809 | ) | (3,510 | ) | ||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 76,113 | $ | 45,916 | $ | 30,197 | $ | 146,705 | $ | 201,135 | $ | (54,430 | ) | ||||||||||
_______________________________
(1) Includes the following items for the three months ended June 30, 2026 and 2025: (i) depreciation and amortization expense of
(2) Includes the following items for the three months ended June 30, 2026 and 2025: net loss of
(3) Includes the following items for the three months ended June 30, 2026 and 2025: (i) dividends and accretion of redeemable preferred stock of
(4) Includes the following items for the three months ended June 30, 2026: Railroad severance and integration expenses of
(5) Includes the following items for the three months ended June 30, 2026 and 2025: (i) equity-based compensation of
The following tables sets forth a reconciliation of net loss attributable to common stockholders to Adjusted EBITDA for our four core segments for the three months ended June 30, 2026:
| Three Months Ended June 30, 2026 | |||||||||||||||||||
| (in thousands) | Railroad | Jefferson Terminal | Repauno | Power and Gas | Four Core Segments | ||||||||||||||
| Net loss attributable to common stockholders | $ | (18,839 | ) | $ | (8,557 | ) | $ | (3,807 | ) | $ | (54,104 | ) | $ | (85,307 | ) | ||||
| Add: Provision for (benefit from) income taxes | 3,237 | 136 | 2 | (14,951 | ) | (11,576 | ) | ||||||||||||
| Add: Equity-based compensation expense | 442 | 1,072 | 172 | 3,589 | 5,275 | ||||||||||||||
| Add: Acquisition and transaction expenses | 2,491 | — | — | 2,245 | 4,736 | ||||||||||||||
| Add: Losses on the modification or extinguishment of debt and capital lease obligations | — | — | — | 549 | 549 | ||||||||||||||
| Add: Changes in fair value of non-hedge derivative instruments | 18 | — | — | 177 | 195 | ||||||||||||||
| Add: Asset impairment charges | — | — | — | 60,380 | 60,380 | ||||||||||||||
| Add: Incentive allocations | — | — | — | — | — | ||||||||||||||
| Add: Depreciation and amortization expense (1) | 19,512 | 13,229 | 2,655 | 4,822 | 40,218 | ||||||||||||||
| Add: Interest expense | 1,905 | 13,636 | 1,405 | 25,031 | 41,977 | ||||||||||||||
| Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities | — | — | — | — | — | ||||||||||||||
| Add: Dividends and accretion of redeemable and convertible preferred stock | 33,230 | — | — | — | 33,230 | ||||||||||||||
| Add: Interest and other costs on pension and OPEB liabilities | (103 | ) | — | — | — | (103 | ) | ||||||||||||
| Add: Other non-recurring items (2) | 857 | — | — | — | 857 | ||||||||||||||
| Less: Equity in earnings of unconsolidated entities | — | — | — | — | — | ||||||||||||||
| Less: Non-controlling share of Adjusted EBITDA (3) | (394 | ) | (6,502 | ) | (195 | ) | (309 | ) | (7,400 | ) | |||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 42,356 | $ | 13,014 | $ | 232 | $ | 27,429 | $ | 83,031 | |||||||||
_______________________________
(1) Jefferson Terminal
Includes the following items for the three months ended June 30, 2026: (i) depreciation and amortization expense of
Power and Gas
Includes the following items for the three months ended June 30, 2026: (i) depreciation and amortization expense of
(2) Railroad
Includes the following items for the three months ended June 30, 2026: Railroad severance and integration expenses of
(3) Railroad
Includes the following items for the three months ended June 30, 2026: (i) equity-based compensation expense of
Jefferson Terminal
Includes the following items for the three months ended June 30, 2026: (i) equity-based compensation expense of
Repauno
Includes the following items for the three months ended June 30, 2026: (i) equity-based compensation expense of
Power and Gas
Includes the following items for the three months ended June 30, 2026: (i) equity-based compensation expense of
