0001899883-26-000036 | 10-Q | XBRL Viewer

Print Document

INVESTMENTS - Ownership Carrying Values (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Dec. 22, 2025	Dec. 31, 2012
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 21,166	$ 22,243
Intermodal Finance I, Ltd.
Schedule of Equity Method Investments [Line Items]
Ownership Percentage				51.00%
Carrying Value	0	0
Pyroplast Energy LTD
Schedule of Equity Method Investments [Line Items]
Ownership Percentage			46.80%
Carrying Value	$ 21,166	$ 22,243

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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—Subsequent to the second quarter of 2026, we have paid down the Jefferson Taxable Series 2024B Bonds with the Jefferson Bridge Loan Credit Agreement (see Note 18 for additional details), which will mature on June 30, 2027. The expected closing of the sale of Long Ridge will further improve the Company’s liquidity position and reduce our total debt (see Note 2 for additional details). The Company has significant remaining debt obligations, which it continues to actively manage. Sources of liquidity on hand and cash flows from operations are not expected to be sufficient to satisfy the Bridge Credit Agreement as it matures. However, management’s planned actions, including the sale of Long Ridge and refinancing the Jefferson Bridge Loan Credit Agreement, 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. In assessing whether it was probable the Company will refinance its credit facilities on or prior to their respective maturity dates, the Company performed a comprehensive assessment including factors such as: current debt market conditions; the Company’s credit worthiness based upon current and expected financial performance and leverage levels; comparable lending transactions; the Company’s historical ability to obtain financing; discussions with the Company’s existing lenders; and continuing favorable lending relationships. There can be no assurance that financing will be obtained at terms more favorable than the existing Jefferson Bridge Loan Credit Agreement.

Held For Sale Classification—We report and classify a business or a component of an entity as held-for-sale (“Held-For-Sale Business”) when management has approved the sale or received approval to sell the business and is committed to a formal plan, the business is available for immediate sale, the business is being actively marketed, the sale is anticipated to occur during the next 12 months and certain other specified criteria are met. A Held-For-Sale Business is recorded at the lower of its carrying amount or estimated fair value less cost to sell. If the carrying amount of the business exceeds its estimated fair value less costs to sell, a loss is recognized. As of the date an entity is classified as held-for-sale, depreciation and depletion on property, plant and equipment ceases. As of June 30, 2026, assets and liabilities related to a Held-For-Sale Business are reported in Assets held for sale and Liabilities held for sale, respectively, in our Consolidated Balance Sheet. Refer to Note 2 for additional details.

Other Current Assets—Other current assets is comprised of:


	June 30, 2026		December 31, 2025
Notes receivable	$	—	$	13,605
Prepaid expenses	16,107		20,403
Purchase deposits	—		3,817
Other receivables	16,533		10,587
Inventory	909		1,269
Other assets	14,951		12,996
Total other current assets	$	48,500	$	62,677

Other Current Liabilities—Other current liabilities primarily include insurance premium liabilities of $5.8 million and $2.7 million and deferred revenue of $10.9 million and $11.5 million as of June 30, 2026 and December 31, 2025, respectively.

Other Liabilities—Other liabilities primarily includes a $46.8 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 June 30, 2026. This transaction was a sale-leaseback in legal form that is treated as a financing obligation for accounting purposes.

We obtained an additional financing obligation through our acquisition of Tidewater. As of June 30, 2026, the financing obligation included in Other liabilities is $26.5 million. This transaction was a sale-leaseback for the previous owner in legal form that is treated as a financing obligation for accounting purposes.

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 $23.9 million and $21.9 million as of June 30, 2026 and December 31, 2025, respectively, are included in Debt, net in the Consolidated Balance Sheets.

Amortization expense was $3.3 million and $2.3 million during the three months ended June 30, 2026 and 2025, respectively, and $7.2 million and $5.2 million during the six months ended June 30, 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 23% of total revenues for both the three and six months ended June 30, 2026 from one customer in the Railroad segment. Additionally, we earned approximately 8% of total revenues for both the three and six months ended June 30, 2026 from one customer in the Jefferson Terminal segment. We earned approximately 32% and 36%, respectively, of total revenues for the three and six months ended June 30, 2025 from one customer in the Railroad segment. We earned approximately 11% of total revenues for both the three and six months ended June 30, 2025 from one customer in the Jefferson Terminal segment.

As of June 30, 2026, accounts receivable from two customers within the Jefferson Terminal and Railroad segments represented 33% 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 June 30, 2026 are as follows:


	Three and Six Months Ended June 30, 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 income (loss)	15,960		(531)		15,429
Net current period other comprehensive income (loss), net of tax	3,854		(531)		3,323
Accumulated other comprehensive (loss) income - March 31, 2026	$	(108,342)	$	21,047	$	(87,295)
Other comprehensive loss before reclassification	(47,488)		—		(47,488)
Amounts reclassified from accumulated other comprehensive income (loss)	4,731		(487)		4,244
Net current period other comprehensive loss, net of tax	(42,757)		(487)		(43,244)
Accumulated other comprehensive (loss) income - June 30, 2026	$	(151,099)	$	20,560	$	(130,539)

Components of accumulated other comprehensive (loss) income at June 30, 2025 are as follows:


	Three and Six Months Ended June 30, 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) income	(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
Other comprehensive loss before reclassification	(16,124)		—		—		(16,124)
Amounts reclassified from accumulated other comprehensive loss	(1,344)		—		(559)		(1,903)
Net current period other comprehensive loss, net of tax	(17,468)		—		(559)		(18,027)
Accumulated other comprehensive (loss) income - June 30, 2025	$	(41,899)	$	—	$	24,815	$	(17,084)

INTANGIBLE ASSETS, NET - Summarized Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Intangible assets:
Customer relationships	$ 75,735	$ 61,000
Less: Accumulated amortization	(19,755)	(17,827)
Total intangible assets, net	55,980	43,173
Power and Gas
Intangible assets:
Customer relationships		1,000
Less: Accumulated amortization		(56)
Total intangible assets, net		944
Railroad
Intangible assets:
Customer relationships	75,735	60,000
Less: Accumulated amortization	(19,755)	(17,771)
Total intangible assets, net	$ 55,980	$ 42,229

DEBT, NET - Narrative (Details) - USD ($) $ in Thousands				6 Months Ended
DEBT, NET - Narrative (Details) - USD ($) $ in Thousands	Mar. 10, 2026	Feb. 26, 2026	Feb. 25, 2026	Jun. 30, 2026	Jun. 29, 2026	Jun. 16, 2026	Mar. 16, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Short-Term Debt, Weighted Average Interest Rate, at Point in Time				9.70%				9.70%
Debt, net				$ 2,763,717				$ 3,774,173
Corporate Term Loan Credit Agreement \| Loans payable
Debt Instrument [Line Items]
Debt, net				25,500
Corporate Term Loan Credit Agreement \| Loans payable \| Balance Sheet Location [Axis]: us-gaap:DebtCurrent
Debt Instrument [Line Items]
Debt, net				14,300
Corporate Term Loan Credit Agreement \| Loans payable \| Balance Sheet Location [Axis]: us-gaap:LongTermDebtNoncurrent
Debt Instrument [Line Items]
Debt, net				$ 11,200
Corporate Term Loan Credit Agreement $1.35B \| Loans payable
Debt Instrument [Line Items]
Debt, net			$ 1,350,000		$ 61,900
Basis spread			9.75%
Payments of Debt Issuance Costs			$ 6,400
Corporate Term Loan Credit Agreement $1.35B \| Line of Credit
Debt Instrument [Line Items]
Gains (Losses) on Restructuring of Debt		$ 1,100
Corporate Term Loan Credit Agreement $1.3B \| Loans payable
Debt Instrument [Line Items]
Debt, net		1,300,000
Corporate Term Loan Credit Agreement $35.4M \| Loans payable
Debt Instrument [Line Items]
Debt, net	$ 35,400
Corporate Bridge Loan Credit Agreement $1.25B \| Loans payable
Debt Instrument [Line Items]
Basis spread				3.00%
Corporate Bridge Loan Credit Agreement $1.25B \| Line of Credit
Debt Instrument [Line Items]
Gains (Losses) on Restructuring of Debt		39,500
Jefferson Credit Agreement June 2025 \| Loans payable
Debt Instrument [Line Items]
Basis spread				3.00%
Jefferson Credit Agreement June 2025 \| Line of Credit
Debt Instrument [Line Items]
Gains (Losses) on Restructuring of Debt	$ (6,400)
Backstop Jefferson $255M
Debt Instrument [Line Items]
Other Long-Term Debt							$ 255,000
Long Ridge Acquiom Loan Incremental Borrowing April 2026
Debt Instrument [Line Items]
Debt instrument face amount						$ 19,500
Debt instrument face amount						$ 19,500
Long Ridge Acquiom Loan Incremental Borrowing April 2026 \| Line of Credit
Debt Instrument [Line Items]
Gains (Losses) on Restructuring of Debt		$ 500

INTANGIBLE ASSETS, NET - Schedule of Carrying Amounts of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 365,703
Goodwill classified as held for sale	(90,337)
Goodwill, Ending Balance	275,366
Operating Segments \| Railroad
Goodwill [Roll Forward]
Goodwill, Beginning Balance	147,235
Goodwill classified as held for sale	0
Goodwill, Ending Balance	147,235
Operating Segments \| Jefferson Terminal
Goodwill [Roll Forward]
Goodwill, Beginning Balance	122,735
Goodwill classified as held for sale	0
Goodwill, Ending Balance	122,735
Operating Segments \| Power and Gas
Goodwill [Roll Forward]
Goodwill, Beginning Balance	90,337
Goodwill classified as held for sale	(90,337)
Goodwill, Ending Balance	0
Corporate and Other
Goodwill [Roll Forward]
Goodwill, Beginning Balance	5,396
Goodwill classified as held for sale	0
Goodwill, Ending Balance	$ 5,396

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Schedule of Property, Plant and Equipment, Useful Life

Property, plant and equipment, net is summarized as follows:




	June 30, 2026		December 31, 2025
Land, site improvements and rights	$	360,555	$	513,835
Buildings and improvements	39,322		72,997
Bridges and tunnels	968,640		969,551
Terminal machinery and equipment	1,301,890		1,357,502
Proved oil and gas properties	—		304,716
Unproved oil and gas properties	—		144,455
Power plant	—		850,489
Track and track related assets	347,848		335,850
Railroad equipment	4,238		9,694
Railcars and locomotives	181,955		181,892
Computer hardware and software	22,408		22,532
Furniture and fixtures	2,246		2,246
Construction in progress	360,745		263,495
Other	29,591		30,029
	3,619,438		5,059,283
Less: Accumulated depreciation	(483,898)		(477,512)
Property, plant and equipment, net	$	3,135,540	$	4,581,771

Depreciation expense for property, plant and equipment is summarized as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

Depreciation expense	$	38,021	$	32,576	$	87,230	$	56,182

Schedule of Accumulated Other Comprehensive Income (Loss)

Components of accumulated other comprehensive (loss) income at June 30, 2026 are as follows:


	Three and Six Months Ended June 30, 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 income (loss)	15,960		(531)		15,429
Net current period other comprehensive income (loss), net of tax	3,854		(531)		3,323
Accumulated other comprehensive (loss) income - March 31, 2026	$	(108,342)	$	21,047	$	(87,295)
Other comprehensive loss before reclassification	(47,488)		—		(47,488)
Amounts reclassified from accumulated other comprehensive income (loss)	4,731		(487)		4,244
Net current period other comprehensive loss, net of tax	(42,757)		(487)		(43,244)
Accumulated other comprehensive (loss) income - June 30, 2026	$	(151,099)	$	20,560	$	(130,539)

Components of accumulated other comprehensive (loss) income at June 30, 2025 are as follows:


	Three and Six Months Ended June 30, 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) income	(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
Other comprehensive loss before reclassification	(16,124)		—		—		(16,124)
Amounts reclassified from accumulated other comprehensive loss	(1,344)		—		(559)		(1,903)
Net current period other comprehensive loss, net of tax	(17,468)		—		(559)		(18,027)
Accumulated other comprehensive (loss) income - June 30, 2025	$	(41,899)	$	—	$	24,815	$	(17,084)

DEBT, NET

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

DEBT, NET

7. DEBT, NET

Our debt, net is summarized as follows:


			Outstanding Borrowings
	Stated Interest Rate	Maturity Date	June 30, 2026		December 31, 2025
Loans payable
DRP DB Term Loan (2)	8.50%	11/30/26	$	110,943	$	105,828
DRP Letter of Credit	Base Rate + 4.00% (Term SOFR)	7/7/26	3,308		—
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) (4)	9.75%	2/1/28	1,403,687		—
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 (5)	15.75%	5/31/27	—		22,371
Long Ridge GCM Note (5)	12.00%	2/26/28	—		20,000
Long Ridge CanAm Loan (5)	6.75%	9/13/29	—		115,200
Long Ridge Credit Agreement (5)	(i) Base Rate + 3.50%; or (ii) Base Rate + 4.50% (Term SOFR)	2/19/32	—		397,000
Total loans payable			1,631,738		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	139,257		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	339,850		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	379,585		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	297,163		297,087
Senior Notes due 2032 (5)	8.75%	2/15/32	—		600,000
Total bonds payable			1,155,855		1,764,538
Total debt			2,787,593		3,796,031
Less: Debt issuance costs			(23,876)		(21,858)
Total debt, net			$	2,763,717	$	3,774,173

Principal debt due within one year			$	477,727	$	66,987
Less: Debt issuance costs			(959)		(1,549)
Total principal debt, net due within one year			$	476,768	$	65,438

________________________________________________________

(1) Includes an unamortized discount of $45,331 and $36,313 at June 30, 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 Jefferson Bridge Loan Credit Agreement for the Jefferson Taxable Series 2024B Bonds.

(4) Per a mandatory prepayment clause in our Term Loan Credit Agreement, we are required to use the net proceeds from the sale of Long Ridge Energy & Power LLC to pay down a portion of the Term Loan. As such, we have classified an estimate of the portion of the Term Loan that will be paid upon completion of the sale as short-term and have accrued for a portion of the incremental payment required at the time of the settlement under the multiple-on-invested-capital (“MOIC”) provision as of June 30, 2026.

(5) As of June 30, 2026, these debt instruments were classified as liabilities held for sale on the Consolidated Balance Sheet (refer to Note 2 for additional details).

As of June 30, 2026 and December 31, 2025, the weighted average interest rates on our short-term borrowings were 9.7% and 9.7%, respectively.

June 2025 Jefferson Credit Agreement Extension and Paydown

In January 2026, Jefferson Terminal exercised its option to extend the maturity of that certain Credit Agreement, dated as of June 30, 2025, among certain subsidiaries of the Company, the lenders party thereto and Barclays Bank PLC (the “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 (i) that certain Credit Agreement, dated as of August 25, 2025, among the Company, the lenders party thereto and Barclays Bank PLC (the “the Bridge Loan Credit Agreement”) and (ii) 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. Additionally, the Term Loan is subject to a 1.25x MOIC total lender return provision, payable in cash upon any partial or full repayment, prepayment, maturity or acceleration of the Term Loan. The sale of Long Ridge invokes a mandatory prepayment provision associated with proceeds from the sale (see Note 2 for additional details), under which the MOIC steps down to 1.125x for prepayments or repayments of the Term Loan using proceeds from the sale of Long Ridge occurring on or prior to July 31, 2026 and to 1.19x for prepayments or repayments of the Term Loan using proceeds from the sale of Long Ridge occurring on or after August 1, 2026 and on or before October 31, 2026. The Company currently estimates the sale of Long Ridge to occur in September 2026. As of June 30, 2026, the Company recorded a total liability of $25.5 million related to the MOIC, of which $14.3 million and $11.2 million were recorded in current and non-current Debt, net, respectively, on the Consolidated Balance Sheet and included in the outstanding principal balance of the Term Loan. Changes in the MOIC liability are recognized through interest expense.

We incurred $6.4 million of issuance costs related to the Term Loan Credit Agreement.

On June 26, 2026, in connection with the acquisition of Tidewater (see Note 2 for additional details), we upsized our Term Loan Credit Agreement by approximately $61.9 million with the same terms as the original Term Loan Credit Agreement and made certain other amendments to the Term Loan Credit Agreement. The Company recorded a loss on modification of debt of $1.1 million.

Jefferson Terminal Bridge Loan Credit 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. On July 1, 2026, the Company entered into the Jefferson Bridge Loan Credit Agreement. See Note 18 for details related to the utilization of the Jefferson Bridge Loan Credit Agreement used to redeem all outstanding Jefferson Taxable Series 2024B Bonds.

Long Ridge Acquiom Loan Amendments

On April 29, 2026 and June 16, 2026, Long Ridge Energy & Power LLC entered into Third and Fourth Amendments to the Credit Agreement, respectively, which amended that certain Credit Agreement, dated as of May 7, 2025, among Long Ridge Energy & Power LLC, Ohio River Partners Shareholder LLC, the lenders party thereto and Acquiom Agency Services LLC (the “Long Ridge Acquiom Loan”) to, among other things, refinance all outstanding indebtedness under the existing Long Ridge Acquiom Loan and borrow an additional $19.5 million in the form of incremental loans. In connection with these amendments, we recorded a loss on modification of debt of $0.5 million. As of June 30, 2026, the Long Ridge Acquiom Loan was classified as liabilities held for sale on the Consolidated Balance Sheet (refer to Note 2 for additional details).

DRP Letter of Credit

On June 10, 2026, a counterparty of our Repauno segment drew down on its letter of credit (“LC”), providing for $3.3 million, which was required to be reimbursed to the LC issuer by Repauno on or prior to July 7, 2026. The reimbursement obligation bore interest at the sum of 4.00% plus SOFR as administered by the Federal Reserve Bank of New York until it was paid off in July 2026.

We were in compliance with all debt covenants as of June 30, 2026.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-8

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 24: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

FAIR VALUE MEASUREMENTS - Fair Value Measurement Inputs and Valuation Techniques (Details)	Jun. 30, 2026 USD ($) $ / shares	Aug. 25, 2025 USD ($) $ / shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of units (in shares) \| $	$ 172,500	$ 172,500
Fair value at grant date ($ millions) \| $	$ 85,800,000	$ 85,800,000
Expected term	2 years 9 months 18 days	2 years 3 months 18 days
Warrant fair value (per share) (in dollars per share) \| $ / shares	$ 473.04	$ 478.40
Strike price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input \| $ / shares	761.05	628.36
Expected volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.3500	0.3500
Risk free interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.036	0.042
Expected dividend yield
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0	0

FAIR VALUE MEASUREMENTS - Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Warrant $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ (81,599)
Unrealized losses	(924)
Ending balance	$ (82,523)

SEGMENT INFORMATION - Reconciliation of Adjusted EBITDA to Net Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Adjusted Net Income (Loss)	$ 76,113	$ 45,916	$ 146,705	$ 201,135
Add: Non-controlling share of Adjusted EBITDA	7,413	7,477	18,319	14,809
Add: Equity in losses of unconsolidated entities	(560)	(1,995)	(1,078)	3,319
Less: Interest and other costs on pension and OPEB liabilities	103	264	283	529
Less: Dividends and accretion of redeemable and convertible preferred stock				(48,347)
Less: Preferred dividends and accretion on redeemable non-controlling interests	(38,398)	(25,039)	(79,972)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	560	100	1,078	(4,400)
Less: Interest expense	(105,492)	(59,204)	(187,979)	(102,316)
Less: Depreciation and amortization expense	(40,456)	(32,086)	(82,144)	(56,743)
Less: Incentive allocations	0	0	0	0
Less: Asset impairment charges	(63,188)	(4,401)	(63,188)	(4,401)
Less: Changes in fair value of non-hedge derivative instruments	(195)	0	(753)	0
Less: Losses on the modification or extinguishment of debt and capital lease obligations	(1,602)	(4,066)	(47,516)	(4,073)
Less: Acquisition and transaction expenses	(6,021)	(8,704)	(12,841)	(12,219)
Less: Equity-based compensation expense	(5,460)	(910)	(16,438)	(2,163)
Provision for (benefit from) income taxes	11,576	(952)	8,053	40,562
Less: Other non-recurring items	(857)	(298)	(3,518)	(1,333)
Net (loss) income attributable to stockholders	(166,464)	(83,898)	(320,989)	24,359
Corporate and Other
Segment Reporting [Line Items]
Adjusted Net Income (Loss)	(7,195)	(7,550)	(15,582)	(15,217)
Add: Non-controlling share of Adjusted EBITDA	13	0	27	0
Add: Equity in losses of unconsolidated entities	0	0	0	50
Less: Interest and other costs on pension and OPEB liabilities	0	0	0	0
Less: Dividends and accretion of redeemable and convertible preferred stock				(48,347)
Less: Preferred dividends and accretion on redeemable non-controlling interests	(5,168)	(25,039)	(9,521)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	0	0	0	38
Less: Interest expense	(63,515)	(18,305)	(102,651)	(34,119)
Less: Depreciation and amortization expense	(238)	(217)	(496)	(317)
Less: Incentive allocations	0	0	0	0
Less: Asset impairment charges	(2,808)	0	(2,808)	0
Less: Changes in fair value of non-hedge derivative instruments	0	0	0	0
Less: Losses on the modification or extinguishment of debt and capital lease obligations	(1,053)	0	(40,538)	0
Less: Acquisition and transaction expenses	(1,170)	(2,475)	(5,581)	(4,513)
Less: Equity-based compensation expense	(185)	(75)	(288)	(160)
Provision for (benefit from) income taxes	0	177	(13)	481
Less: Other non-recurring items	0	0	(1,190)	0
Net (loss) income attributable to stockholders	(81,319)	(53,484)	(178,641)	(102,104)
Railroad \| Operating Segments
Segment Reporting [Line Items]
Adjusted Net Income (Loss)	42,356	20,671	82,589	40,595
Add: Non-controlling share of Adjusted EBITDA	394	84	704	122
Add: Equity in losses of unconsolidated entities	0	0	0	0
Less: Interest and other costs on pension and OPEB liabilities	103	264	283	529
Less: Dividends and accretion of redeemable and convertible preferred stock				0
Less: Preferred dividends and accretion on redeemable non-controlling interests	(33,230)	0	(70,451)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	0	0	0	0
Less: Interest expense	(1,905)	(112)	(3,404)	(251)
Less: Depreciation and amortization expense	(19,512)	(4,979)	(38,999)	(10,065)
Less: Incentive allocations	0	0	0	0
Less: Asset impairment charges	0	(4,401)	0	(4,401)
Less: Changes in fair value of non-hedge derivative instruments	(18)	0	(924)	0
Less: Losses on the modification or extinguishment of debt and capital lease obligations	0	0	0	0
Less: Acquisition and transaction expenses	(2,491)	(2,783)	(4,099)	(2,876)
Less: Equity-based compensation expense	(442)	(358)	(889)	(716)
Provision for (benefit from) income taxes	(3,237)	(768)	(6,535)	(1,580)
Less: Other non-recurring items	(857)	(298)	(2,328)	(298)
Net (loss) income attributable to stockholders	(18,839)	7,320	(44,053)	21,059
Jefferson Terminal \| Operating Segments
Segment Reporting [Line Items]
Adjusted Net Income (Loss)	13,014	11,082	27,451	19,032
Add: Non-controlling share of Adjusted EBITDA	6,502	6,948	16,542	13,904
Add: Equity in losses of unconsolidated entities	0	0	0	0
Less: Interest and other costs on pension and OPEB liabilities	0	0	0	0
Less: Dividends and accretion of redeemable and convertible preferred stock				0
Less: Preferred dividends and accretion on redeemable non-controlling interests	0	0	0
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	0	0	0	0
Less: Interest expense	(13,636)	(16,000)	(29,871)	(32,624)
Less: Depreciation and amortization expense	(13,229)	(12,522)	(26,449)	(24,995)
Less: Incentive allocations	0	0	0	0
Less: Asset impairment charges	0	0	0	0
Less: Changes in fair value of non-hedge derivative instruments	0	0	0	0
Less: Losses on the modification or extinguishment of debt and capital lease obligations	0	(742)	(6,429)	(749)
Less: Acquisition and transaction expenses	0	(69)	0	(68)
Less: Equity-based compensation expense	(1,072)	(327)	(8,325)	(835)
Provision for (benefit from) income taxes	(136)	(336)	(348)	(759)
Less: Other non-recurring items	0	0	0	0
Net (loss) income attributable to stockholders	(8,557)	(11,966)	(27,429)	(27,094)
Repauno \| Operating Segments
Segment Reporting [Line Items]
Adjusted Net Income (Loss)	232	(2,082)	(2,089)	(3,534)
Add: Non-controlling share of Adjusted EBITDA	195	445	477	783
Add: Equity in losses of unconsolidated entities	0	0	0	0
Less: Interest and other costs on pension and OPEB liabilities	0	0	0	0
Less: Dividends and accretion of redeemable and convertible preferred stock				0
Less: Preferred dividends and accretion on redeemable non-controlling interests	0	0	0
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	0	0	0	0
Less: Interest expense	(1,405)	0	(3,356)	(1,518)
Less: Depreciation and amortization expense	(2,655)	(2,494)	(5,238)	(4,990)
Less: Incentive allocations	0	0	0	0
Less: Asset impairment charges	0	0	0	0
Less: Changes in fair value of non-hedge derivative instruments	0	0	0	0
Less: Losses on the modification or extinguishment of debt and capital lease obligations	0	(3,324)	0	(3,324)
Less: Acquisition and transaction expenses	0	(1,980)	0	(2,296)
Less: Equity-based compensation expense	(172)	(150)	(1,764)	(452)
Provision for (benefit from) income taxes	(2)	(25)	(2)	(37)
Less: Other non-recurring items	0	0	0	(1,035)
Net (loss) income attributable to stockholders	(3,807)	(9,610)	(11,972)	(16,403)
Power and Gas \| Operating Segments
Segment Reporting [Line Items]
Adjusted Net Income (Loss)	27,429	22,971	53,840	161,061
Add: Non-controlling share of Adjusted EBITDA	309	0	569	0
Add: Equity in losses of unconsolidated entities	0	0	0	10,588
Less: Interest and other costs on pension and OPEB liabilities	0	0	0	0
Less: Dividends and accretion of redeemable and convertible preferred stock				0
Less: Preferred dividends and accretion on redeemable non-controlling interests	0	0	0
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	0	0	0	(6,503)
Less: Interest expense	(25,031)	(24,787)	(48,697)	(33,804)
Less: Depreciation and amortization expense	(4,822)	(11,874)	(10,962)	(16,376)
Less: Incentive allocations	0	0	0	0
Less: Asset impairment charges	(60,380)	0	(60,380)	0
Less: Changes in fair value of non-hedge derivative instruments	(177)	0	171	0
Less: Losses on the modification or extinguishment of debt and capital lease obligations	(549)	0	(549)	0
Less: Acquisition and transaction expenses	(2,245)	(1,397)	(3,046)	(2,466)
Less: Equity-based compensation expense	(3,589)	0	(5,172)	0
Provision for (benefit from) income taxes	14,951	0	14,951	42,457
Less: Other non-recurring items	0	0	0	0
Net (loss) income attributable to stockholders	(54,104)	(15,087)	(59,275)	154,957
Sustainability \| Operating Segments
Segment Reporting [Line Items]
Adjusted Net Income (Loss)	277	824	496	(802)
Add: Non-controlling share of Adjusted EBITDA	0	0	0	0
Add: Equity in losses of unconsolidated entities	(560)	(1,995)	(1,078)	(7,319)
Less: Interest and other costs on pension and OPEB liabilities	0	0	0	0
Less: Dividends and accretion of redeemable and convertible preferred stock				0
Less: Preferred dividends and accretion on redeemable non-controlling interests	0	0	0
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	560	100	1,078	2,065
Less: Interest expense	0	0	0	0
Less: Depreciation and amortization expense	0	0	0	0
Less: Incentive allocations	0	0	0	0
Less: Asset impairment charges	0	0	0	0
Less: Changes in fair value of non-hedge derivative instruments	0	0	0	0
Less: Losses on the modification or extinguishment of debt and capital lease obligations	0	0	0	0
Less: Acquisition and transaction expenses	(115)	0	(115)	0
Less: Equity-based compensation expense	0	0	0	0
Provision for (benefit from) income taxes	0	0	0	0
Less: Other non-recurring items	0	0	0	0
Net (loss) income attributable to stockholders	$ 162	$ (1,071)	$ 381	$ (6,056)

ACQUISITION AND DIVESTITURES - Narrative (Details) - USD ($) $ in Thousands					3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 29, 2026	Apr. 30, 2026	Feb. 25, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Feb. 26, 2025
Business Combination [Line Items]
Income tax benefit					$ 11,576	$ (952)	$ 8,053	$ 40,562
Goodwill	$ 275,366				$ 275,366		$ 275,366		$ 365,703
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Long Ridge Energy & Power LLC
Business Combination [Line Items]
Proceeds from Divestiture of Interest in Consolidated Subsidiaries			$ 1,520,000
Reclassification out of Accumulated Other Comprehensive Income \| AOCI, Equity Method Investment, Including Noncontrolling Interest [Member]
Business Combination [Line Items]
Income tax benefit				$ 9,200
Long Ridge Energy & Power LLC
Business Combination [Line Items]
Percent interest acquired										49.90%
Business combination, step acquisition, gain				$ 120,000
Tidewater
Business Combination [Line Items]
Percent interest acquired		100.00%
Cash consideration		$ 46,000
Cash and cash equivalents		5,600
Total liabilities assumed		36,100
Property, plant and equipment		54,800
Intangible assets		15,700
Finance Lease, Liability, Noncurrent		29,500
Estimated useful life in years	15 years				15 years		15 years
Business Combination, Recognized Asset Acquired, Other Asset, Current		6,000
Cash consideration		46,000
Cash and cash equivalents		5,600
Total liabilities assumed		36,100
Finance Lease, Liability, Noncurrent		29,500
Business Combination, Recognized Asset Acquired, Other Asset, Current		$ 6,000
Estimated useful life in years	15 years				15 years		15 years
Long Ridge Energy & Power LLC
Business Combination [Line Items]
Ownership Percentage				50.10%
Long Ridge Energy & Power LLC \| GCM Grosvenor Inc
Business Combination [Line Items]
Ownership Percentage										49.90%
KRS
Business Combination [Line Items]
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates	$ 100
Gain (Loss) on Disposition of Business	(2,800)
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates	100
Gain (Loss) on Disposition of Business	$ 2,800

CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Deferred tax expense	$ 0.0	$ 9.2

PROPERTY, PLANT AND EQUIPMENT, NET - Depreciation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Depreciation expense for property, plant and equipment:
Depreciation expense	$ 38,021	$ 32,576	$ 87,230	$ 56,182

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS

6 Months Ended

Jun. 30, 2026

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS

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 common stockholders 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.

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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Management fee	$	3,677	$	3,680	$	7,769	$	6,222
Income incentive fee	—		—		—		—
Capital gains incentive fee	—		—		—		—
Total	$	3,677	$	3,680	$	7,769	$	6,222

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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Classification in the Consolidated Statements of Operations:
General and administrative	$	1,710	$	1,577	$	3,191	$	3,269
Acquisition and transaction expenses	1,146		855		1,908		1,518
Total	$	2,856	$	2,432	$	5,099	$	4,787

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 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:


	June 30, 2026		December 31, 2025
Accrued management fees	$	7,769	$	12,172
Other payables	6,799		9,181

As of June 30, 2026 and December 31, 2025, there were no receivables from the Manager.

Other Affiliate Transactions

As of June 30, 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 June 30, 2026 and December 31, 2025 was $(187.5) million and $(162.8) million, respectively.

The following table presents the amount of this non-controlling interest share of net loss:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Non-controlling interest share of net loss	$	(11,075)	$	(10,580)	$	(24,754)	$	(21,664)

In October 2022, we entered into a shareholder loan agreement with Long Ridge. Refer to Note 2 for additional information post acquisition.

The Company subleases a portion of office space from an entity controlled by certain employees of the Manager since February 2023. For the six months ended June 30, 2026 and 2025, the Company incurred approximately $1.6 million and $0.2 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.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

+ Details

ACQUISITION AND DIVESTITURES - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Feb. 26, 2025
Business Combination [Line Items]
Goodwill	$ 275,366	$ 365,703
Power and Gas
Business Combination [Line Items]
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
Accounts payable and accrued liabilities			54,699
Debt			1,115,200
Pension and other postretirement benefits			197,795
Other liabilities			15,628
Total liabilities assumed			1,383,322
Goodwill			90,337
Total purchase consideration			$ 484,734

EQUITY-BASED COMPENSATION - Expenses Related to Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 5,460	$ 910	$ 16,438	$ 2,163
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	3,864		3,864
Subsidiary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	4,126	428	6,254	856
FIG
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	1,244	479	10,088	1,289
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	5,821		5,821
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	2,136		$ 2,136
Weighted Average Remaining Contractual Term (in years)			4 months 24 days
Restricted shares \| Subsidiary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	3,684	70	$ 5,365	140
Restricted shares \| FIG
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	1,244	479	10,088	1,289
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	5,821		$ 5,821
Weighted Average Remaining Contractual Term (in years)			1 year
Common units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	1,728		$ 1,728
Weighted Average Remaining Contractual Term (in years)			9 months 18 days
Common units \| Subsidiary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 442	$ 358	$ 889	$ 716

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Jul. 01, 2026	Sep. 30, 2026	Jun. 30, 2026	Jun. 16, 2026	Dec. 31, 2025
Subsequent Event [Line Items]
Total debt			$ 2,787,593		$ 3,796,031
Subsequent Event
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share)		$ 0.03
Loans payable
Subsequent Event [Line Items]
Total debt			$ 1,631,738		$ 2,031,493
Long Ridge Acquiom Loan Incremental Borrowing April 2026
Subsequent Event [Line Items]
Debt instrument face amount				$ 19,500
Jefferson Credit Agreement July 2026 \| Subsequent Event
Subsequent Event [Line Items]
Total debt	$ 30,000
Jefferson Credit Agreement July 2026 \| Loans payable \| Subsequent Event
Subsequent Event [Line Items]
Basis spread	4.00%
Backstop Jefferson $230M \| Subsequent Event
Subsequent Event [Line Items]
Other Long-Term Debt	$ 230,000
Backstop Jefferson $230M \| Loans payable \| Subsequent Event
Subsequent Event [Line Items]
Basis spread	5.50%

ACQUISITION AND DIVESTITURES (Tables)

6 Months Ended

Jun. 30, 2026

Business Combination [Abstract]

Business Combination, Recognized Asset Acquired and Liability Assumed

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.

Business Combination, Intangible Asset, Acquired, Finite-Lived

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

Schedule of Property Plant And Equipment Acquired as Part of Business Combination

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

Business Combination, Pro Forma Information


	Three Months Ended June 30, 2025		Six Months Ended June 30, 2025

Total revenue	$	122,286	$	271,806
Net loss attributable to common stockholders	(79,115)		(119,127)

Disposal Groups, Including Discontinued Operations

The following table summarizes the components of assets and liabilities held-for-sale on the Consolidated Balance Sheets as of June 30, 2026:



Assets
Cash and cash equivalents	$	16,893
Restricted cash and cash equivalents	15,176
Accounts receivable, net	13,541
Other current assets	11,323
Total current assets held for sale	56,933
Operating lease right-of-use assets, net	737
Property, plant, and equipment, net	1,561,814
Intangible assets, net	922
Goodwill	90,337
Other assets	7,027
Valuation allowance on assets held for sale (1)	(60,380)
Total non-current assets held for sale	1,600,457
Total assets held for sale	$	1,657,390

Liabilities
Accounts payable and accrued liabilities	$	71,996
Debt, net	449,185
Operating lease liabilities	194
Derivative liabilities	58,338

Total current liabilities held for sale	579,713
Debt, net	715,200
Operating lease liabilities	582
Derivative liabilities	192,936

Other liabilities	2,451
Total non-current liabilities held for sale	911,169
Total liabilities held for sale	$	1,490,882

________________________________________________________

(1) The valuation allowance on assets held for sale for $60.4 million was recorded as Asset impairment in the Company’s Consolidated Statement of Operations for the three and six months ended June 30, 2026.

The following table presents the amounts related to the operations of Long Ridge Energy & Power LLC that have been reflected in net loss on the Consolidated Statements of Operations:


	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026
(Loss) income before income taxes	$	(68,397)	$	(75,035)
Net (loss) income attributable to common stockholders before income taxes	(68,323)		(74,914)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 102
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483474/205-20-55-102

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-11

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483474/205-20-55-103

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5C

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480781/205-20-S99-3

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5C

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5B

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-1

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-1

+ Details

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table presents information related to our outstanding derivative contracts as of June 30, 2026 and December 31, 2025:


	June 30, 2026
	Notional Amount	Fair Value of Assets		Fair Value of Liabilities		Term
Derivatives Designated as Cash Flow Hedges:
Electricity Swaps (MWh)	741,777	$	—	$	(251,274)	3 to 6 Years
Non-Hedge Derivative Instruments:
Interest Rate Swaps ($)	200,000	289		—		2 Years

Total		$	289	$	(251,274)

	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)

As of June 30, 2026, derivative assets and liabilities were classified as assets held for sale and liabilities held for sale, respectively, on the Consolidated Balance Sheet (refer to Note 2 for additional details).

Schedule of Derivative Assets at Fair Value

The following table presents the pre-tax gains (losses) recognized in accumulated other comprehensive loss and earnings related to all derivative instruments for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cash Flow Hedges
Gains (losses) recognized in accumulated other comprehensive loss:
Electricity swaps	$	(42,757)	$	(17,468)	$	(38,903)	$	(41,899)


Total	$	(42,757)	$	(17,468)	$	(38,903)	$	(41,899)
Gains (losses) reclassified from accumulated other comprehensive loss to earnings:
Electricity swaps	$	(4,731)	$	1,344	$	(20,691)	$	1,725


Total	$	(4,731)	$	1,344	$	(20,691)	$	1,725
Gains (losses) recognized in earnings related to:
Not designated as hedging instruments:
Interest rate swaps	354		(535)		721		(827)
Natural gas forwards	(6)		—		(1,222)		—
Total	$	348	$	(535)	$	(501)	$	(827)

DERIVATIVE FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

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 June 30, 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 June 30, 2026 and December 31, 2025:


	June 30, 2026
	Notional Amount	Fair Value of Assets		Fair Value of Liabilities		Term
Derivatives Designated as Cash Flow Hedges:
Electricity Swaps (MWh)	741,777	$	—	$	(251,274)	3 to 6 Years
Non-Hedge Derivative Instruments:
Interest Rate Swaps ($)	200,000	289		—		2 Years

Total		$	289	$	(251,274)

	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)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cash Flow Hedges
Gains (losses) recognized in accumulated other comprehensive loss:
Electricity swaps	$	(42,757)	$	(17,468)	$	(38,903)	$	(41,899)


Total	$	(42,757)	$	(17,468)	$	(38,903)	$	(41,899)
Gains (losses) reclassified from accumulated other comprehensive loss to earnings:
Electricity swaps	$	(4,731)	$	1,344	$	(20,691)	$	1,725


Total	$	(4,731)	$	1,344	$	(20,691)	$	1,725
Gains (losses) recognized in earnings related to:
Not designated as hedging instruments:
Interest rate swaps	354		(535)		721		(827)
Natural gas forwards	(6)		—		(1,222)		—
Total	$	348	$	(535)	$	(501)	$	(827)

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 181
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-181

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 182
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-182

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 184
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-184

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 185
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-185

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4H
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4H

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4H
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4H

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 15
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480960/815-15-50-3

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 183
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-183

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4F
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/815/tableOfContent

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C

+ Details

EQUITY-BASED COMPENSATION (Narrative) (Details) - USD ($)		1 Months Ended	3 Months Ended	6 Months Ended
	Feb. 26, 2025	Feb. 28, 2025	Jun. 30, 2026	Jun. 30, 2026	Aug. 01, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued in period (in shares)				19,166
Strike price (dollars per share)	$ 5.61	$ 5.61			$ 2.76
Grant date fair value of share issued			$ 16,100,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	2,900,000	2,900,000		10,900,000
Granted, fair vlue	$ 7,400,000
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted fair value			$ 500,000
Nonqualified Stock Option and Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)			30,000,000.0	30,000,000.0

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2026
Accounting Policies [Abstract]
Corporate Function, Unaudited Interim Financial Information, Principles of Combination, and Principles of Consolidation	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	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.
Deferred Financing Costs	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
Concentration of Credit Risk	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 23% of total revenues for both the three and six months ended June 30, 2026 from one customer in the Railroad segment. Additionally, we earned approximately 8% of total revenues for both the three and six months ended June 30, 2026 from one customer in the Jefferson Terminal segment. We earned approximately 32% and 36%, respectively, of total revenues for the three and six months ended June 30, 2025 from one customer in the Railroad segment. We earned approximately 11% of total revenues for both the three and six months ended June 30, 2025 from one customer in the Jefferson Terminal segment. As of June 30, 2026, accounts receivable from two customers within the Jefferson Terminal and Railroad segments represented 33% 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.
Fair Value Measurement	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).
Risks and Uncertainties	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.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands	Apr. 17, 2026	Mar. 06, 2024	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Oct. 01, 2022
Equity Method Investments and Joint Ventures [Abstract]
Asset impairment			$ 63,188	$ 4,401	$ 63,188	$ 4,401
Schedule of Equity Method Investments [Line Items]
Carrying Value			$ 21,166		$ 21,166		$ 22,243
TimberHP Revolver
Schedule of Equity Method Investments [Line Items]
Debt instrument face amount	$ 5,000
TimberHP Madison, LLC
Equity Method Investments and Joint Ventures [Abstract]
Investment Interest Rate								5.00%
Schedule of Equity Method Investments [Line Items]
Payments to acquire other investments	5,000	$ 5,000
Investment Interest Rate								5.00%
Carrying Value	$ 10,000

- Definition

+ References + Details

- Definition

Rate of interest on investment.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477439/946-210-55-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-12A(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-12A(Column A)(Footnote 3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 4)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Related Party Transaction [Line Items]
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries - common stockholders	$ (11,377)	$ (11,100)	$ (25,637)	$ (22,501)
General and administrative	3,674	3,862	7,228	8,975
Acquisition and transaction expenses	6,021	8,704	12,841	12,219
Jefferson Terminal
Related Party Transaction [Line Items]
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries - common stockholders	(11,075)	(10,580)	(24,754)	(21,664)
General Partner
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	3,677	3,680	7,769	6,222
Management fees and incentive allocation to affiliate	2,856	2,432	5,099	4,787
Manager \| Balance Sheet Location [Axis]: us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
Related Party Transaction [Line Items]
Accrued management fees	7,769		7,769		$ 12,172
Other payables	6,799		6,799		$ 9,181
Management fee \| General Partner
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	3,677	3,680	7,769	6,222
Income incentive fee \| General Partner
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	0	0	0	0
Capital gains incentive fee \| General Partner
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	0	0	0	0
Acquisition and transaction expenses \| General Partner
Related Party Transaction [Line Items]
Acquisition and transaction expenses	1,146	855	1,908	1,518
General and Administrative Expenses \| General Partner
Related Party Transaction [Line Items]
General and administrative	$ 1,710	$ 1,577	$ 3,191	$ 3,269

CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Common Stock	Additional Paid In Capital	Additional Paid In Capital Common Stock	Accumulated Deficit	Accumulated Other Comprehensive Loss	Non-Controlling Interest in Equity of Consolidated Subsidiaries
Beginning balance at Dec. 31, 2024	$ 75,138		$ 1,139	$ 764,381		$ (405,818)	$ (157,051)	$ (127,513)
Increase (Decrease) in Partners' Capital [Roll Forward]
Net loss	120,164					131,565		(11,401)
Other comprehensive income	157,994						157,994
Total comprehensive (loss) income	278,158		0	0		131,565	157,994	(11,401)
Settlement of equity-based compensation	(545)							(545)
Issuance of common shares		$ 10	9		$ 1
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	1,253			895				358
Ending balance at Mar. 31, 2025	337,102		1,148	748,365		(274,253)	943	(139,101)
Beginning balance at Dec. 31, 2024	75,138		1,139	764,381		(405,818)	(157,051)	(127,513)
Increase (Decrease) in Partners' Capital [Roll Forward]
Net loss	50,205
Total comprehensive (loss) income	190,172
Ending balance at Jun. 30, 2025	225,626		1,151	724,514		(333,112)	(17,084)	(149,843)
Beginning balance at Mar. 31, 2025	337,102		1,148	748,365		(274,253)	943	(139,101)
Increase (Decrease) in Partners' Capital [Roll Forward]
Net loss	(69,959)					(58,859)		(11,100)
Other comprehensive income	(18,027)						(18,027)
Total comprehensive (loss) income	(87,986)		0	0		(58,859)	(18,027)	(11,100)
Issuance of common shares	0		3	(3)
Dividends declared on common stock	(3,443)			(3,443)
Dividends and accretion of redeemable preferred stock	(20,957)			(20,957)
Equity-based compensation	910			552				358
Ending balance at Jun. 30, 2025	225,626		1,151	724,514		(333,112)	(17,084)	(149,843)
Beginning balance at Dec. 31, 2025	(146,237)		1,163	623,771		(512,992)	(90,618)	(167,561)
Increase (Decrease) in Partners' Capital [Roll Forward]
Net loss	(127,211)					(112,951)		(14,260)
Other comprehensive income	3,323						3,323
Total comprehensive (loss) income	(123,888)		0	0		(112,951)	3,323	(14,260)
Settlement of equity-based compensation	(2,823)			(2,340)				(483)
Issuance of common shares		$ 0	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	10,978			8,947				2,031
Ending balance at Mar. 31, 2026	(303,096)		1,182	589,593		(625,943)	(87,295)	(180,633)
Beginning balance at Dec. 31, 2025	(146,237)		1,163	623,771		(512,992)	(90,618)	(167,561)
Increase (Decrease) in Partners' Capital [Roll Forward]
Net loss	(266,654)
Total comprehensive (loss) income	(306,575)
Ending balance at Jun. 30, 2026	(518,723)		1,182	553,590		(754,009)	(130,539)	(188,947)
Beginning balance at Mar. 31, 2026	(303,096)		1,182	589,593		(625,943)	(87,295)	(180,633)
Increase (Decrease) in Partners' Capital [Roll Forward]
Net loss	(139,443)					(128,066)		(11,377)
Other comprehensive income	(43,244)						(43,244)
Total comprehensive (loss) income	(182,687)		0	0		(128,066)	(43,244)	(11,377)
Settlement of equity-based compensation	(80)			0				(80)
Distributions to non-controlling interest	(888)							(888)
Dividends declared on common stock	(3,545)			(3,545)
Dividends and accretion of redeemable preferred stock	(33,887)			(33,887)
Equity-based compensation	5,460			1,429				4,031
Ending balance at Jun. 30, 2026	$ (518,723)		$ 1,182	$ 553,590		$ (754,009)	$ (130,539)	$ (188,947)

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS - Narrative (Details) - USD ($)			1 Months Ended	6 Months Ended
	Feb. 26, 2025	Aug. 12, 2024	Feb. 28, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Aug. 01, 2022	Jul. 31, 2022
Related Party Transactions [Abstract]
Strike price (dollars per share)	$ 5.61		$ 5.61				$ 2.76
Related Party Transaction [Line Items]
Related party, agreement term								6 years
Sale of stock, purchase option, percentage of common shares sold				10.00%
Sale of stock, purchase option, percentage of gross capital in equity issuance				10.00%
Strike price (dollars per share)	$ 5.61		$ 5.61				$ 2.76
Number of shares issued in period (in shares)				19,166
Non-controlling interest				$ (188,947,000)		$ (167,561,000)
Accounts receivable, net				$ 89,759,000		$ 95,388,000
Jefferson Terminal
Related Party Transaction [Line Items]
Remaining non-controlling interest				20.00%		20.00%
Non-controlling interest				$ (187,500,000)		$ (162,800,000)
Stock Options
Related Party Transaction [Line Items]
Granted (in shares)	2,900,000		2,900,000	10,900,000
Expiration period			10 years	10 years
Options exercised by Manager
Related Party Transaction [Line Items]
Number of shares issued in period (in shares)		8,700,000
Manager
Related Party Transaction [Line Items]
Management fee percentage rate				1.50%
Rent and office expense				$ 1,600,000	$ 200,000
Manager \| Management fees
Related Party Transaction [Line Items]
Accounts receivable, net				$ 0		$ 0
Fortress Worldwide Transportation and Infrastructure Master GP LLP
Related Party Transaction [Line Items]
Capital gains allocation percentage				10.00%
Fortress Worldwide Transportation and Infrastructure Master GP LLP \| Threshold 1 \| Income incentive fee
Related Party Transaction [Line Items]
Pre-incentive income allocation				0.00%
Annual percent threshold of pre-incentive allocation net income				8.00%
Fortress Worldwide Transportation and Infrastructure Master GP LLP \| Threshold 2 \| Income incentive fee
Related Party Transaction [Line Items]
Pre-incentive income allocation				100.00%
Fortress Worldwide Transportation and Infrastructure Master GP LLP \| Threshold 2 \| Income incentive fee \| Minimum
Related Party Transaction [Line Items]
Quarterly percent threshold of pre-incentive allocation net income				2.00%
Fortress Worldwide Transportation and Infrastructure Master GP LLP \| Threshold 2 \| Income incentive fee \| Maximum
Related Party Transaction [Line Items]
Quarterly percent threshold of pre-incentive allocation net income				2.2223%
Fortress Worldwide Transportation and Infrastructure Master GP LLP \| Threshold 3 \| Income incentive fee
Related Party Transaction [Line Items]
Pre-incentive income allocation				10.00%

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

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 June 30, 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 $251.3 million and $223.5 million as of June 30, 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. As of June 30, 2026, our electricity derivative liabilities were classified as liabilities held for sale on the Consolidated Balance Sheet (refer to Note 2 for additional details).

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 purchases 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 June 30, 2026 and December 31, 2025.

In August 2025, FIP RR Holdings LLC (“RR Holdings”), a subsidiary of the Company, issued warrants (“Series A Warrants - RailCo”) in connection with the Wheeling Acquisition. The fair value of the Series A Warrants - RailCo is 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 primarily based on the underlying shares of RR Holdings. The Series A Warrants - RailCo are classified as a liability due to certain provisions which may result in a cash settlement, and are therefore presented within Warrant liabilities on the Consolidated Balance Sheets. The warrant liabilities are measured at fair value on a recurring basis, with changes in fair value of $0.9 million for the six months ended June 30, 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:


	June 30, 2026	December 31, 2025
Number of units	172,500	172,500
Fair value at grant date ($ millions)	$85.8	$85.8
Strike price	$628.36	$761.05
Expected volatility	35.00%	35.00%
Risk free interest rate	4.2%	3.6%
Expected dividend yield	—%	—%
Expected term	2.3 years	2.8 years
Warrant fair value (per share)	$478.40	$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)


Unrealized losses	(924)
Ending balance, June 30, 2026	$	(82,523)

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:


	June 30, 2026		December 31, 2025
Series 2020A Bonds (1)	$	117,212	$	115,979
Series 2021A Bonds (1)	107,960		120,448
Series 2021B Bonds (1)	183,192		182,630
Series 2024A Bonds (1)	159,614		160,802
Series 2024B Bonds (1)	217,874		222,949
Series 2025 Bonds (1)	318,216		309,285
Senior Notes due 2032 (1) (2)	—		638,880
EB-5 Loan Agreement	24,344		25,536
EB-5.2 Loan Agreement	9,157		9,529
EB-5.3 Loan Agreement	25,740		25,315

________________________________________________________

(1) Fair value is based upon market prices for similar municipal securities.

(2) As of June 30, 2026, the Senior Notes due 2032 were classified as liabilities held for sale on the Consolidated Balance Sheet (refer to Note 2 for additional details).

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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Derivative Liabilities at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Derivative [Line Items]
Net realized losses settled in other comprehensive loss	$ (42,757)	$ (17,468)	$ (38,903)	$ (41,899)
Unrealized losses recognized in other comprehensive loss	(4,731)	1,344	(20,691)	1,725
Gains (losses) recognized in earnings related to:	348	(535)	(501)	(827)
Electricity Swaps
Derivative [Line Items]
Net realized losses settled in other comprehensive loss	(42,757)	(17,468)	(38,903)	(41,899)
Unrealized losses recognized in other comprehensive loss	(4,731)	1,344	(20,691)	1,725
Natural Gas Forward
Derivative [Line Items]
Gains (losses) recognized in earnings related to:	(6)	0	(1,222)	0
Interest Rate Swaps
Derivative [Line Items]
Gains (losses) recognized in earnings related to:	$ 354	$ (535)	$ 721	$ (827)

EARNINGS PER SHARE AND EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Class of Stock [Line Items]
Exercise price (in dollars per share)	$ 9.64		$ 9.64		$ 9.76
Weighted average remaining contractual term, exercisable	4 years 1 month 6 days		4 years 1 month 6 days
Common units outstanding	$ 0		$ 0
Common Stock
Class of Stock [Line Items]
Antidilutive shares (in shares)	24,240,147	20,443,245	24,011,773	13,590,885
Warrant
Class of Stock [Line Items]
Antidilutive shares (in shares)	3,892,566	3,892,566	3,892,566	3,721,455

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-11

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-13

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 25: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 27: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 29: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

REVENUES (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


	Three Months Ended June 30, 2026
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Corporate and Other		Total
Lease income	$	2,118	$	655	$	—	$	—	$	—	$	2,773
Rail revenues	88,384		—		—		—		420		88,804
Terminal services revenues	167		23,661		5,533		419		—		29,780
Roadside services revenues	—		—		—		—		15,497		15,497
Power revenues	—		—		—		42,568		—		42,568
Gas revenues	—		—		—		5,857		—		5,857
Other revenue	1,485		—		4		—		—		1,489
Total revenues	$	92,154	$	24,316	$	5,537	$	48,844	$	15,917	$	186,768

	Six Months Ended June 30, 2026
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Corporate and Other		Total
Lease income	$	3,973	$	1,295	$	—	$	—	$	—	$	5,268
Rail revenues	170,407		—		—		—		690		171,097
Terminal services revenues	167		50,339		6,741		841		—		58,088
Roadside services revenues	—		—		—		—		28,051		28,051
Power revenues	—		—		—		88,196		—		88,196
Gas revenues	—		—		—		21,813		—		21,813
Other revenue	2,615		—		4		—		—		2,619
Total revenues	$	177,162	$	51,634	$	6,745	$	110,850	$	28,741	$	375,132


	Three Months Ended June 30, 2025
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Corporate and Other		Total
Lease income	$	361	$	885	$	—	$	—	$	—	$	1,246
Rail revenues	41,779		—		—		—		513		42,292
Terminal services revenues	—		20,743		2,713		828		—		24,284
Roadside services revenues	—		—		—		—		13,217		13,217
Power revenues	—		—		—		38,010		—		38,010
Gas revenues	—		—		—		2,958		—		2,958
Other revenue	—		—		279		—		—		279
Total revenues	$	42,140	$	21,628	$	2,992	$	41,796	$	13,730	$	122,286

	Six Months Ended June 30, 2025
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Corporate and Other		Total
Lease income	$	818	$	1,765	$	—	$	—	$	—	$	2,583
Rail revenues	83,953		—		—		—		513		84,466
Terminal services revenues	—		39,312		6,523		1,154		—		46,989
Roadside services revenues	—		—		—		—		26,193		26,193
Power revenues	—		—		—		53,790		—		53,790
Gas revenues	—		—		—		4,146		—		4,146
Other revenue	—		—		280		—		—		280
Total revenues	$	84,771	$	41,077	$	6,803	$	59,090	$	26,706	$	218,447

INTANGIBLE ASSETS, NET - Intangible Liabilities Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement Location [Axis]: fip:DepreciationAndAmortizationContinuingOperations
Intangible Asset, Finite-Lived [Line Items]
Amortization of customer relationships	$ 1,011	$ 1,010	$ 2,014	$ 2,006

- Definition

Amount of amortization expense for finite-lived intangible asset. Excludes goodwill and capitalized cost for software to be sold, leased, or marketed.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482558/350-40-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-11

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-18

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-24

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482558/350-40-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-1

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 19: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 20: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 21: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 22: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 23: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 24: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 26: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 27: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-29

Reference 28: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-29

Reference 29: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 30: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 31: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 33: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 34: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 35: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 36: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-1

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483154/926-20-50-5

+ Details

INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

The following table presents the ownership interests and carrying values of our investments:


			Carrying Value
	Investment	Ownership Percentage	June 30, 2026		December 31, 2025
Intermodal Finance I, Ltd.	Equity method	51%	$	—	$	—

Pyroplast Energy LTD	Equity method	46.8%	21,166		22,243
			$	21,166	$	22,243

The following table presents our proportionate share of equity in earnings (losses):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Intermodal Finance I, Ltd.	$	—	$	—	$	—	$	50
Long Ridge Energy & Power LLC	—		—		—		10,899
Long Ridge West Virginia LLC	—		—		—		(311)
GM-FTAI Holdco LLC	—		(1,895)		—		(7,110)
Clean Planet Energy USA LLC	—		(100)		—		(209)
Pyroplast Energy LTD	(560)		—		(1,078)		—
Total	$	(560)	$	(1,995)	$	(1,078)	$	3,319

REVENUES - Components of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Disaggregation of Revenue [Line Items]
Total revenues	$ 186,768	$ 122,286	$ 375,132	$ 218,447
Capitalized Contract Cost, Net	16,100		16,100		$ 18,600
Capitalized Contract Cost, Net, Current	4,000		4,000		4,900
Capitalized Contract Cost, Net, Noncurrent	12,100		12,100		$ 13,700
Capitalized Contract Cost, Amortization	1,200	1,200	2,500	2,500
Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	15,917	13,730	28,741	26,706
Lease income
Disaggregation of Revenue [Line Items]
Total revenues	2,773	1,246	5,268	2,583
Lease income \| Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Rail revenues
Disaggregation of Revenue [Line Items]
Total revenues	88,804	42,292	171,097	84,466
Rail revenues \| Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	420	513	690	513
Terminal services revenues
Disaggregation of Revenue [Line Items]
Total revenues	29,780	24,284	58,088	46,989
Terminal services revenues \| Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Roadside services revenues
Disaggregation of Revenue [Line Items]
Total revenues	15,497		28,051
Roadside services revenues \| Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	15,497		28,051
Other revenue
Disaggregation of Revenue [Line Items]
Total revenues	1,489	279	2,619	280
Other revenue \| Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Roadside services revenues
Disaggregation of Revenue [Line Items]
Total revenues		13,217		26,193
Roadside services revenues \| Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues		13,217		26,193
Power Revenues
Disaggregation of Revenue [Line Items]
Total revenues	42,568	38,010	88,196	53,790
Power Revenues \| Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Gas Revenues
Disaggregation of Revenue [Line Items]
Total revenues	5,857	2,958	21,813	4,146
Gas Revenues \| Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Railroad \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	92,154	42,140	177,162	84,771
Railroad \| Lease income \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	2,118	361	3,973	818
Railroad \| Rail revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	88,384	41,779	170,407	83,953
Railroad \| Terminal services revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	167	0	167	0
Railroad \| Roadside services revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0		0
Railroad \| Other revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	1,485	0	2,615	0
Railroad \| Roadside services revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues		0		0
Railroad \| Power Revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Railroad \| Gas Revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Jefferson Terminal \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	24,316	21,628	51,634	41,077
Jefferson Terminal \| Lease income \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	655	885	1,295	1,765
Jefferson Terminal \| Rail revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Jefferson Terminal \| Terminal services revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	23,661	20,743	50,339	39,312
Jefferson Terminal \| Roadside services revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0		0
Jefferson Terminal \| Other revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Jefferson Terminal \| Roadside services revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues		0		0
Jefferson Terminal \| Power Revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Jefferson Terminal \| Gas Revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Repauno \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	5,537	2,992	6,745	6,803
Repauno \| Lease income \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Repauno \| Rail revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Repauno \| Terminal services revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	5,533	2,713	6,741	6,523
Repauno \| Roadside services revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0		0
Repauno \| Other revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	4	279	4	280
Repauno \| Roadside services revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues		0		0
Repauno \| Power Revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Repauno \| Gas Revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Power and Gas \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	48,844	41,796	110,850	59,090
Power and Gas \| Lease income \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Power and Gas \| Rail revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Power and Gas \| Terminal services revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	419	828	841	1,154
Power and Gas \| Roadside services revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0		0
Power and Gas \| Other revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Power and Gas \| Roadside services revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues		0		0
Power and Gas \| Power Revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	42,568	38,010	88,196	53,790
Power and Gas \| Gas Revenues \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	5,857	2,958	21,813	4,146
Sustainability \| Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	$ 0	$ 0	$ 0	$ 0

EARNINGS PER SHARE AND EQUITY (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The calculation of basic and diluted (loss) earnings per share is presented below:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share data)	2026		2025		2026		2025
Net (loss) income	$	(139,443)	$	(69,959)	$	(266,654)	$	50,205
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	(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 - Basic	$	(166,464)	$	(83,898)	$	(320,989)	$	24,359
Less: Adjustments attributable to dilutive securities	—		—		—		—
Net (loss) income attributable to common stockholders - Diluted	$	(166,464)	$	(83,898)	$	(320,989)	$	24,359
Weighted Average Common Stock Outstanding - Basic	118,163,955		114,880,817		117,430,787		114,491,338
Weighted Average Common Stock Outstanding - Diluted	118,163,955		114,880,817		117,430,787		115,260,452

(Loss) earnings per share:
Basic	$	(1.41)	$	(0.73)	$	(2.73)	$	0.21
Diluted (1)	$	(1.41)	$	(0.73)	$	(2.73)	$	0.21

________________________________________________________

(1) Diluted (loss) earnings per share for the three and six months ended June 30, 2026 and 2025 includes the dilutive effect of subsidiary earnings per share and convertible preferred stock.

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Adjustment of Warrants	$ (900)	$ (900)
Level 2 \| Market
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable	13,600	13,600	$ 13,600
Level 2 \| Income
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	$ (251,300)	$ (251,300)	$ (223,500)

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-22

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-7A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-21

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-20

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-15

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(9)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(9)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(9)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column G)(Footnote 8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column H))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5C

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column G))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5A
-Subparagraph (SX 210.12-13A(Column E))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5A

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column E)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5B

+ Details

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2026	Jun. 30, 2026	Dec. 31, 2025
Derivatives, Fair Value [Line Items]
Fair Value of Assets		$ 289	$ 0
Fair Value of Liabilities		(251,274)	(223,497)
Derivatives Designated as Cash Flow Hedges:
Derivatives, Fair Value [Line Items]
Notional Amount		741,777	774,728
Fair Value of Assets		0	0
Fair Value of Liabilities		$ (251,274)	(222,894)
Derivatives Designated as Cash Flow Hedges: \| Maximum
Derivatives, Fair Value [Line Items]
Term	6 years	6 years
Derivatives Designated as Cash Flow Hedges: \| Minimum
Derivatives, Fair Value [Line Items]
Term	3 years	3 years
Non-Hedge Derivative Instruments: \| Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Notional Amount		$ 200,000	200,000
Fair Value of Assets		289	0
Fair Value of Liabilities		$ 0	(432)
Non-Hedge Derivative Instruments: \| Interest Rate Swaps \| Minimum
Derivatives, Fair Value [Line Items]
Term	2 years	2 years
Non-Hedge Derivative Instruments: \| Natural Gas Forward
Derivatives, Fair Value [Line Items]
Notional Amount			2,425
Fair Value of Assets			0
Fair Value of Liabilities			$ (171)
Non-Hedge Derivative Instruments: \| Natural Gas Forward \| Minimum
Derivatives, Fair Value [Line Items]
Term	0 years

SEGMENT INFORMATION - Statement of Income by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 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)	0	(582)	119,828
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
Income (loss) before income taxes	(151,019)	(69,007)	(274,707)	9,643
Provision for (benefit from) income taxes	(11,576)	952	(8,053)	(40,562)
Net income (loss)	(139,443)	(69,959)	(266,654)	50,205
Less: Net (loss) income 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	0	70,451	0
Less: Dividends and accretion of redeemable preferred stock	657	20,957	657	42,798
Net (loss) income attributable to stockholders	(166,464)	(83,898)	(320,989)	24,359
Less: Other non-recurring items	857	298	3,518	1,333
Loss on modification or extinguishment of debt	(1,602)	(4,066)	(47,516)	(4,073)
Net (loss) income attributable to stockholders	(166,464)	(83,898)	(320,989)	24,359
Less: Convertible preferred stock dividend	4,511	4,082	8,864	5,549
Loss on modification or extinguishment of debt	(1,602)	(4,066)	(47,516)	(4,073)
Corporate and Other
Revenues
Total revenues	15,917	13,730	28,741	26,706
Expenses
Operating expenses	15,957	13,810	29,693	26,845
General and administrative	3,674	3,862	7,228	8,975
Acquisition and transaction expenses	1,170	2,475	5,581	4,513
Management fees and incentive allocation to affiliate	3,677	3,680	7,769	6,222
Depreciation and amortization	238	217	496	317
Asset impairment	2,808	0	2,808	0
Total expenses	27,524	24,044	53,575	46,872
Other (expense) income
Equity in (losses) earnings of unconsolidated entities	0	0	0	50
(Loss) gain on sale of assets, net	0		0	0
Interest expense	(63,515)	(18,305)	(102,651)	(34,119)
Other income	79	(3)	(1,011)	(3)
Total other (expense) income	(64,489)	(18,308)	(144,200)	(34,072)
Income (loss) before income taxes	(76,096)	(28,622)	(169,034)	(54,238)
Provision for (benefit from) income taxes	0	(177)	13	(481)
Net income (loss)	(76,096)	(28,445)	(169,047)	(53,757)
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries - common stockholders	55	0	73	0
Less: Preferred dividends and accretion on redeemable non-controlling interests	0		0
Less: Dividends and accretion of redeemable preferred stock	657	20,957	657	42,798
Net (loss) income attributable to stockholders	(81,319)	(53,484)	(178,641)	(102,104)
Less: Other non-recurring items	0	0	1,190	0
Loss on modification or extinguishment of debt	(1,053)	0	(40,538)	0
Net (loss) income attributable to stockholders	(81,319)	(53,484)	(178,641)	(102,104)
Less: Convertible preferred stock dividend	4,511	4,082	8,864	5,549
Loss on modification or extinguishment of debt	(1,053)	0	(40,538)	0
Railroad \| Operating Segments
Revenues
Total revenues	92,154	42,140	177,162	84,771
Expenses
Operating expenses	51,334	22,130	98,098	45,069
General and administrative	0	0	0	0
Acquisition and transaction expenses	2,491	2,783	4,099	2,876
Management fees and incentive allocation to affiliate	0	0	0	0
Depreciation and amortization	19,512	4,979	38,999	10,065
Asset impairment	0	4,401	0	4,401
Total expenses	73,337	34,293	141,196	62,411
Other (expense) income
Equity in (losses) earnings of unconsolidated entities	0	0	0	0
(Loss) gain on sale of assets, net	(16)		(9)	(124)
Interest expense	(1,905)	(112)	(3,404)	(251)
Other income	633	399	119	787
Total other (expense) income	(1,288)	287	(3,294)	412
Income (loss) before income taxes	17,529	8,134	32,672	22,772
Provision for (benefit from) income taxes	3,237	768	6,535	1,580
Net income (loss)	14,292	7,366	26,137	21,192
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries - common stockholders	(99)	46	(261)	133
Less: Preferred dividends and accretion on redeemable non-controlling interests	33,230		70,451
Less: Dividends and accretion of redeemable preferred stock	0	0	0	0
Net (loss) income attributable to stockholders	(18,839)	7,320	(44,053)	21,059
Less: Other non-recurring items	857	298	2,328	298
Loss on modification or extinguishment of debt	0	0	0	0
Net (loss) income attributable to stockholders	(18,839)	7,320	(44,053)	21,059
Less: Convertible preferred stock dividend	0	0	0	0
Loss on modification or extinguishment of debt	0	0	0	0
Jefferson Terminal \| Operating Segments
Revenues
Total revenues	24,316	21,628	51,634	41,077
Expenses
Operating expenses	18,740	17,018	44,553	35,112
General and administrative	0	0	0	0
Acquisition and transaction expenses	0	69	0	68
Management fees and incentive allocation to affiliate	0	0	0	0
Depreciation and amortization	11,997	11,290	23,984	22,530
Asset impairment	0	0	0	0
Total expenses	30,737	28,377	68,537	57,710
Other (expense) income
Equity in (losses) earnings of unconsolidated entities	0	0	0	0
(Loss) gain on sale of assets, net	0		0	0
Interest expense	(13,636)	(16,000)	(29,871)	(32,624)
Other income	561	1,282	1,368	2,008
Total other (expense) income	(13,075)	(15,460)	(34,932)	(31,365)
Income (loss) before income taxes	(19,496)	(22,209)	(51,835)	(47,998)
Provision for (benefit from) income taxes	136	336	348	759
Net income (loss)	(19,632)	(22,545)	(52,183)	(48,757)
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries - common stockholders	(11,075)	(10,579)	(24,754)	(21,663)
Less: Preferred dividends and accretion on redeemable non-controlling interests	0		0
Less: Dividends and accretion of redeemable preferred stock	0	0	0	0
Net (loss) income attributable to stockholders	(8,557)	(11,966)	(27,429)	(27,094)
Less: Other non-recurring items	0	0	0	0
Loss on modification or extinguishment of debt		(742)		(749)
Net (loss) income attributable to stockholders	(8,557)	(11,966)	(27,429)	(27,094)
Less: Convertible preferred stock dividend	0	0	0	0
Loss on modification or extinguishment of debt		(742)		(749)
Jefferson Terminal \| Operating Segments \| Infrastructure [Member]
Other (expense) income
Loss on modification or extinguishment of debt	0		(6,429)
Loss on modification or extinguishment of debt	0		(6,429)
Repauno \| Operating Segments
Revenues
Total revenues	5,537	2,992	6,745	6,803
Expenses
Operating expenses	6,377	5,449	12,683	12,115
General and administrative	0	0	0	0
Acquisition and transaction expenses	0	1,980	0	2,296
Management fees and incentive allocation to affiliate	0	0	0	0
Depreciation and amortization	2,655	2,494	5,238	4,990
Asset impairment	0	0	0	0
Total expenses	9,032	9,923	17,921	19,401
Other (expense) income
Equity in (losses) earnings of unconsolidated entities	0	0	0	0
(Loss) gain on sale of assets, net	0		0	0
Interest expense	(1,405)	0	(3,356)	(1,518)
Other income	912	103	1,988	103
Total other (expense) income	(493)	(3,221)	(1,368)	(4,739)
Income (loss) before income taxes	(3,988)	(10,152)	(12,544)	(17,337)
Provision for (benefit from) income taxes	2	25	2	37
Net income (loss)	(3,990)	(10,177)	(12,546)	(17,374)
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries - common stockholders	(183)	(567)	(574)	(971)
Less: Preferred dividends and accretion on redeemable non-controlling interests	0		0
Less: Dividends and accretion of redeemable preferred stock	0	0	0	0
Net (loss) income attributable to stockholders	(3,807)	(9,610)	(11,972)	(16,403)
Less: Other non-recurring items	0	0	0	1,035
Loss on modification or extinguishment of debt	0	(3,324)	0	(3,324)
Net (loss) income attributable to stockholders	(3,807)	(9,610)	(11,972)	(16,403)
Less: Convertible preferred stock dividend	0	0	0	0
Loss on modification or extinguishment of debt	0	(3,324)	0	(3,324)
Power and Gas \| Operating Segments
Revenues
Total revenues	48,844	41,796	110,850	59,090
Expenses
Operating expenses	24,923	16,026	52,698	22,337
General and administrative	0	0	0	0
Acquisition and transaction expenses	2,245	1,397	3,046	2,466
Management fees and incentive allocation to affiliate	0	0	0	0
Depreciation and amortization	5,109	15,018	21,485	21,108
Asset impairment	60,380	0	60,380	0
Total expenses	92,657	32,441	137,609	45,911
Other (expense) income
Equity in (losses) earnings of unconsolidated entities	0	0	0	10,588
(Loss) gain on sale of assets, net	0		(573)	119,952
Interest expense	(25,031)	(24,787)	(48,697)	(33,804)
Other income	263	345	2,231	2,585
Total other (expense) income	(25,317)	(24,442)	(47,588)	99,321
Income (loss) before income taxes	(69,130)	(15,087)	(74,347)	112,500
Provision for (benefit from) income taxes	(14,951)	0	(14,951)	(42,457)
Net income (loss)	(54,179)	(15,087)	(59,396)	154,957
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries - common stockholders	(75)	0	(121)	0
Less: Preferred dividends and accretion on redeemable non-controlling interests	0		0
Less: Dividends and accretion of redeemable preferred stock	0	0	0	0
Net (loss) income attributable to stockholders	(54,104)	(15,087)	(59,275)	154,957
Less: Other non-recurring items	0	0	0	0
Loss on modification or extinguishment of debt	(549)	0	(549)	0
Net (loss) income attributable to stockholders	(54,104)	(15,087)	(59,275)	154,957
Less: Convertible preferred stock dividend	0	0	0	0
Loss on modification or extinguishment of debt	(549)	0	(549)	0
Sustainability \| Operating Segments
Revenues
Total revenues	0	0	0	0
Expenses
Operating expenses	2	2	2	2
General and administrative	0	0	0	0
Acquisition and transaction expenses	115	0	115	0
Management fees and incentive allocation to affiliate	0	0	0	0
Depreciation and amortization	0	0	0	0
Asset impairment	0	0	0	0
Total expenses	117	2	117	2
Other (expense) income
Equity in (losses) earnings of unconsolidated entities	(560)	(1,995)	(1,078)	(7,319)
(Loss) gain on sale of assets, net	0		0	0
Interest expense	0	0	0	0
Other income	839	926	1,576	1,265
Total other (expense) income	279	(1,069)	498	(6,054)
Income (loss) before income taxes	162	(1,071)	381	(6,056)
Provision for (benefit from) income taxes	0	0	0	0
Net income (loss)	162	(1,071)	381	(6,056)
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries - common stockholders	0	0	0	0
Less: Preferred dividends and accretion on redeemable non-controlling interests	0		0
Less: Dividends and accretion of redeemable preferred stock	0	0	0	0
Net (loss) income attributable to stockholders	162	(1,071)	381	(6,056)
Less: Other non-recurring items	0	0	0	0
Loss on modification or extinguishment of debt	0	0	0	0
Net (loss) income attributable to stockholders	162	(1,071)	381	(6,056)
Less: Convertible preferred stock dividend	0	0	0	0
Loss on modification or extinguishment of debt	$ 0	$ 0	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	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.

ACQUISITION AND DIVESTITURES - Property, Plant, and Equipment Acquired (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Feb. 26, 2025
Business Combination [Line Items]
Property, plant, and equipment, net	$ 3,135,540	$ 4,581,771
Power and Gas
Business Combination [Line Items]
Property, plant, and equipment, net			$ 1,516,873
Power and Gas \| Construction in progress
Business Combination [Line Items]
Property, plant, and equipment, net			476
Power and Gas \| Unproved properties
Business Combination [Line Items]
Property, plant, and equipment, net			216,776
Power and Gas \| Proved developed properties
Business Combination [Line Items]
Property, plant, and equipment, net			168,045
Power and Gas \| Power generation
Business Combination [Line Items]
Property, plant, and equipment, net			850,121
Power and Gas \| Computer software
Business Combination [Line Items]
Property, plant, and equipment, net			70
Power and Gas \| Land and improvements
Business Combination [Line Items]
Property, plant, and equipment, net			166,454
Power and Gas \| Buildings
Business Combination [Line Items]
Property, plant, and equipment, net			48,665
Power and Gas \| Machinery & equipment
Business Combination [Line Items]
Property, plant, and equipment, net			62,015
Power and Gas \| Track and track related assets
Business Combination [Line Items]
Property, plant, and equipment, net			4,212
Power and Gas \| Vehicles [Member]
Business Combination [Line Items]
Property, plant, and equipment, net			$ 39
Minimum \| Power and Gas \| Power generation
Business Combination [Line Items]
Estimated remaining useful life in years			12 years
Minimum \| Power and Gas \| Buildings
Business Combination [Line Items]
Estimated remaining useful life in years			10 years
Minimum \| Power and Gas \| Machinery & equipment
Business Combination [Line Items]
Estimated remaining useful life in years			2 years
Minimum \| Power and Gas \| Track and track related assets
Business Combination [Line Items]
Estimated remaining useful life in years			8 years
Minimum \| Power and Gas \| Vehicles [Member]
Business Combination [Line Items]
Estimated remaining useful life in years			2 years
Maximum \| Power and Gas \| Power generation
Business Combination [Line Items]
Estimated remaining useful life in years			37 years
Maximum \| Power and Gas \| Computer software
Business Combination [Line Items]
Estimated remaining useful life in years			2 years
Maximum \| Power and Gas \| Buildings
Business Combination [Line Items]
Estimated remaining useful life in years			39 years
Maximum \| Power and Gas \| Machinery & equipment
Business Combination [Line Items]
Estimated remaining useful life in years			37 years
Maximum \| Power and Gas \| Track and track related assets
Business Combination [Line Items]
Estimated remaining useful life in years			34 years
Maximum \| Power and Gas \| Vehicles [Member]
Business Combination [Line Items]
Estimated remaining useful life in years			3 years

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurement Inputs and Valuation Techniques

The following table presents the key inputs applied in the valuation of the warrant liabilities:


	June 30, 2026	December 31, 2025
Number of units	172,500	172,500
Fair value at grant date ($ millions)	$85.8	$85.8
Strike price	$628.36	$761.05
Expected volatility	35.00%	35.00%
Risk free interest rate	4.2%	3.6%
Expected dividend yield	—%	—%
Expected term	2.3 years	2.8 years
Warrant fair value (per share)	$478.40	$473.04

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation


	Warrants
Beginning balance, December 31, 2025	$	(81,599)


Unrealized losses	(924)
Ending balance, June 30, 2026	$	(82,523)

Fair Value, by Balance Sheet Grouping

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:


	June 30, 2026		December 31, 2025
Series 2020A Bonds (1)	$	117,212	$	115,979
Series 2021A Bonds (1)	107,960		120,448
Series 2021B Bonds (1)	183,192		182,630
Series 2024A Bonds (1)	159,614		160,802
Series 2024B Bonds (1)	217,874		222,949
Series 2025 Bonds (1)	318,216		309,285
Senior Notes due 2032 (1) (2)	—		638,880
EB-5 Loan Agreement	24,344		25,536
EB-5.2 Loan Agreement	9,157		9,529
EB-5.3 Loan Agreement	25,740		25,315

________________________________________________________

(1) Fair value is based upon market prices for similar municipal securities.

(2) As of June 30, 2026, the Senior Notes due 2032 were classified as liabilities held for sale on the Consolidated Balance Sheet (refer to Note 2 for additional details).

INVESTMENTS - Share of Equity of Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings of unconsolidated entities	$ (560)	$ (1,995)	$ (1,078)	$ 3,319
Intermodal Finance I, Ltd.
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings of unconsolidated entities	0	0	0	50
Long Ridge Energy & Power LLC
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings of unconsolidated entities	0	0	0	10,899
Long Ridge West Virginia LLC
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings of unconsolidated entities	0	0	0	(311)
GM-FTAI Holdco LLC
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings of unconsolidated entities	0	(1,895)	0	(7,110)
Clean Planet Energy USA LLC
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings of unconsolidated entities	0	(100)	0	(209)
Pyroplast Energy LTD
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings of unconsolidated entities	$ (560)	$ 0	$ (1,078)	$ 0

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

REDEEMABLE PREFERRED STOCK (Details) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2026 USD ($) $ / shares shares	Jun. 30, 2026 USD ($) $ / shares shares
Class of Stock [Line Items]
Temporary equity, common stock issued, if converted (in shares) \| shares	22,369,536	22,369,536
Series B Preferred Stock
Class of Stock [Line Items]
Dividends paid-in-kind	$ 23,000	$ 23,000
Temporary equity, value if redeemed	186,600	186,600
Temporary equity, dividends paid	700	700
Series A Preferred Stock - Railco
Class of Stock [Line Items]
Dividends paid-in-kind	92,400	92,400
Temporary equity, dividends paid	28,000	55,000
Accretion of dividends	$ 5,200	$ 10,400
Preferred Stock, Redemption Price Per Share \| $ / shares	$ 1,417.48	$ 1,417.48

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Value of accretion of temporary equity during the period due to unpaid dividends.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(c)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-13

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-1

+ Details

ACQUISITION AND DIVESTITURES - Summary of Net Loss of Discontinued Operations (Details) - Disposal Group, Held-for-Sale, Not Discontinued Operations - Long Ridge Energy & Power LLC - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026
Disposal Group, Including Discontinued Operations [Line Items]
(Loss) income before income taxes	$ (68,397)	$ (75,035)
Net (loss) income attributable to common stockholders before income taxes	$ (68,323)	$ (74,914)

- Definition

Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482130/360-10-45-14

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482130/360-10-45-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 102
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483474/205-20-55-102

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-10

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.Z.5.Q2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480781/205-20-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480868/205-20-S45-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Subparagraph (d)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B

Reference 25: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5C

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-11

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480781/205-20-S99-3

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480837/205-20-S50-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5C

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3

Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-1

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-1

+ Details

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2026
Income Tax Disclosure [Abstract]
INCOME TAXES	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 and the change in valuation allowance associated with the Long Ridge Energy & Power LLC assets held for sale. As of and for the six months ended June 30, 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.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

SEGMENT INFORMATION

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.

On April 29, 2026, we entered into the Agreement to sell Long Ridge Energy & Power LLC (see Note 2 for additional details), subject to the receipt of certain regulatory approvals expected to be received within 12 months of the signing of such agreement. As such, we have recorded Long Ridge Energy & Power LLC, included in our Power and Gas segment, as held-for-sale as of the date of the Agreement through regulatory approval and closing of the sale. On June 29, 2026, we acquired Tidewater, a barge and rail transloading company with operations in Ohio, West Virginia and Texas (see Note 2 for additional details), which will be included in our Railroad segment as of the acquisition date. Additionally, on June 30, 2026, we sold our KRS business (see Note 2 for additional details), which was included within the Corporate and Other segment.

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 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.

We believe that net income (loss) attributable to common stockholders, 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 common stockholders as determined in accordance with U.S. GAAP. Segment information for prior periods has been recast to conform to the current period presentation of net income (loss) attributable to common stockholders.

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 June 30, 2026


	Three Months Ended June 30, 2026
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Revenues
Total revenues	$	92,154	$	24,316	$	5,537	$	48,844	$	—	$	15,917	$	186,768

Expenses
Operating expenses	51,334		18,740		6,377		24,923		2		15,957		117,333
General and administrative	—		—		—		—		—		3,674		3,674
Acquisition and transaction expenses	2,491		—		—		2,245		115		1,170		6,021
Management fees and incentive allocation to affiliate	—		—		—		—		—		3,677		3,677
Depreciation and amortization	19,512		11,997		2,655		5,109		—		238		39,511
Asset impairment	—		—		—		60,380		—		2,808		63,188
Total expenses	73,337		30,737		9,032		92,657		117		27,524		233,404

Other (expense) income
Equity in losses of unconsolidated entities	—		—		—		—		(560)		—		(560)
Loss on sale of assets, net	(16)		—		—		—		—		—		(16)
Loss on modification or extinguishment of debt	—		—		—		(549)		—		(1,053)		(1,602)
Interest expense	(1,905)		(13,636)		(1,405)		(25,031)		—		(63,515)		(105,492)
Other income	633		561		912		263		839		79		3,287
Total other (expense) income	(1,288)		(13,075)		(493)		(25,317)		279		(64,489)		(104,383)
Income (loss) before income taxes	17,529		(19,496)		(3,988)		(69,130)		162		(76,096)		(151,019)
Provision for (benefit from) income taxes	3,237		136		2		(14,951)		—		—		(11,576)
Net income (loss)	14,292		(19,632)		(3,990)		(54,179)		162		(76,096)		(139,443)
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries - common stockholders	(99)		(11,075)		(183)		(75)		—		55		(11,377)
Less: Preferred dividends and accretion on redeemable non-controlling interests	33,230		—		—		—		—		—		33,230
Less: Dividends and accretion of redeemable preferred stock	—		—		—		—		—		657		657

Less: Convertible preferred stock dividend	—		—		—		—		—		4,511		4,511

Net (loss) income attributable to common stockholders	$	(18,839)	$	(8,557)	$	(3,807)	$	(54,104)	$	162	$	(81,319)	$	(166,464)

The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to common stockholders:


	Three Months Ended June 30, 2026
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Adjusted EBITDA	$	42,356	$	13,014	$	232	$	27,429	$	277	$	(7,195)	$	76,113
Add: Non-controlling share of Adjusted EBITDA	394		6,502		195		309		—		13		7,413
Add: Equity in losses of unconsolidated entities	—		—		—		—		(560)		—		(560)
Less: Interest and other costs on pension and OPEB liabilities	103		—		—		—		—		—		103
Less: Dividends and accretion of redeemable and convertible preferred stock	(33,230)		—		—		—		—		(5,168)		(38,398)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	—		—		—		—		560		—		560
Less: Interest expense	(1,905)		(13,636)		(1,405)		(25,031)		—		(63,515)		(105,492)
Less: Depreciation and amortization expense	(19,512)		(13,229)		(2,655)		(4,822)		—		(238)		(40,456)
Less: Incentive allocations	—		—		—		—		—		—		—
Less: Asset impairment charges	—		—		—		(60,380)		—		(2,808)		(63,188)
Less: Changes in fair value of non-hedge derivative instruments	(18)		—		—		(177)		—		—		(195)
Less: Losses on the modification or extinguishment of debt and capital lease obligations	—		—		—		(549)		—		(1,053)		(1,602)
Less: Acquisition and transaction expenses	(2,491)		—		—		(2,245)		(115)		(1,170)		(6,021)
Less: Equity-based compensation expense	(442)		(1,072)		(172)		(3,589)		—		(185)		(5,460)
Less: (Provision for) benefit from income taxes	(3,237)		(136)		(2)		14,951		—		—		11,576
Less: Other non-recurring items	(857)		—		—		—		—		—		(857)
Net (loss) income attributable to common stockholders	$	(18,839)	$	(8,557)	$	(3,807)	$	(54,104)	$	162	$	(81,319)	$	(166,464)

II. For the Six Months Ended June 30, 2026


	Six Months Ended June 30, 2026
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Revenues
Total revenues	$	177,162	$	51,634	$	6,745	$	110,850	$	—	$	28,741	$	375,132

Expenses
Operating expenses	98,098		44,553		12,683		52,698		2		29,693		237,727
General and administrative	—		—		—		—		—		7,228		7,228
Acquisition and transaction expenses	4,099		—		—		3,046		115		5,581		12,841
Management fees and incentive allocation to affiliate	—		—		—		—		—		7,769		7,769
Depreciation and amortization	38,999		23,984		5,238		21,485		—		496		90,202
Asset impairment	—		—		—		60,380		—		2,808		63,188
Total expenses	141,196		68,537		17,921		137,609		117		53,575		418,955

Other (expense) income
Equity in losses of unconsolidated entities	—		—		—		—		(1,078)		—		(1,078)
Loss on sale of assets, net	(9)		—		—		(573)		—		—		(582)
Loss on modification or extinguishment of debt	—		(6,429)		—		(549)		—		(40,538)		(47,516)
Interest expense	(3,404)		(29,871)		(3,356)		(48,697)		—		(102,651)		(187,979)
Other income (expense)	119		1,368		1,988		2,231		1,576		(1,011)		6,271
Total other (expense) income	(3,294)		(34,932)		(1,368)		(47,588)		498		(144,200)		(230,884)
Income (loss) before income taxes	32,672		(51,835)		(12,544)		(74,347)		381		(169,034)		(274,707)
Provision for (benefit from) income taxes	6,535		348		2		(14,951)		—		13		(8,053)
Net income (loss)	26,137		(52,183)		(12,546)		(59,396)		381		(169,047)		(266,654)
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries	(261)		(24,754)		(574)		(121)		—		73		(25,637)
Less: Preferred dividends and accretion on redeemable non-controlling interests	70,451		—		—		—		—		—		70,451
Less: Dividends and accretion of redeemable preferred stock	—		—		—		—		—		657		657

Less: Convertible preferred stock dividend	—		—		—		—		—		8,864		8,864

Net (loss) income attributable to common stockholders	$	(44,053)	$	(27,429)	$	(11,972)	$	(59,275)	$	381	$	(178,641)	$	(320,989)

The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to common stockholders:


	Six Months Ended June 30, 2026
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Adjusted EBITDA	$	82,589	$	27,451	$	(2,089)	$	53,840	$	496	$	(15,582)	$	146,705
Add: Non-controlling share of Adjusted EBITDA	704		16,542		477		569		—		27		18,319
Add: Equity in losses of unconsolidated entities	—		—		—		—		(1,078)		—		(1,078)
Less: Interest and other costs on pension and OPEB liabilities	283		—		—		—		—		—		283
Less: Dividends and accretion of redeemable and convertible preferred stock	(70,451)		—		—		—		—		(9,521)		(79,972)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	—		—		—		—		1,078		—		1,078
Less: Interest expense	(3,404)		(29,871)		(3,356)		(48,697)		—		(102,651)		(187,979)
Less: Depreciation and amortization expense	(38,999)		(26,449)		(5,238)		(10,962)		—		(496)		(82,144)
Less: Incentive allocations	—		—		—		—		—		—		—
Less: Asset impairment charges	—		—		—		(60,380)		—		(2,808)		(63,188)
Less: Changes in fair value of non-hedge derivative instruments	(924)		—		—		171		—		—		(753)
Less: Losses on the modification or extinguishment of debt and capital lease obligations	—		(6,429)		—		(549)		—		(40,538)		(47,516)
Less: Acquisition and transaction expenses	(4,099)		—		—		(3,046)		(115)		(5,581)		(12,841)
Less: Equity-based compensation expense	(889)		(8,325)		(1,764)		(5,172)		—		(288)		(16,438)
Less: (Provision for) benefit from income taxes	(6,535)		(348)		(2)		14,951		—		(13)		8,053
Less: Other non-recurring items	(2,328)		—		—		—		—		(1,190)		(3,518)
Net (loss) income attributable to common stockholders	$	(44,053)	$	(27,429)	$	(11,972)	$	(59,275)	$	381	$	(178,641)	$	(320,989)

III. Three Months Ended June 30, 2025


	Three Months Ended June 30, 2025
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Revenues
Total revenues	$	42,140	$	21,628	$	2,992	$	41,796	$	—	$	13,730	$	122,286

Expenses
Operating expenses	22,130		17,018		5,449		16,026		2		13,810		74,435
General and administrative	—		—		—		—		—		3,862		3,862
Acquisition and transaction expenses	2,783		69		1,980		1,397		—		2,475		8,704
Management fees and incentive allocation to affiliate	—		—		—		—		—		3,680		3,680
Depreciation and amortization	4,979		11,290		2,494		15,018		—		217		33,998
Asset impairment	4,401		—		—		—		—		—		4,401
Total expenses	34,293		28,377		9,923		32,441		2		24,044		129,080

Other (expense) income
Equity in losses of unconsolidated entities	—		—		—		—		(1,995)		—		(1,995)

Loss on modification or extinguishment of debt	—		(742)		(3,324)		—		—		—		(4,066)
Interest expense	(112)		(16,000)		—		(24,787)		—		(18,305)		(59,204)
Other income (expense)	399		1,282		103		345		926		(3)		3,052
Total other income (expense)	287		(15,460)		(3,221)		(24,442)		(1,069)		(18,308)		(62,213)
Income (loss) before income taxes	8,134		(22,209)		(10,152)		(15,087)		(1,071)		(28,622)		(69,007)
Provision for (benefit from) income taxes	768		336		25		—		—		(177)		952
Net income (loss)	7,366		(22,545)		(10,177)		(15,087)		(1,071)		(28,445)		(69,959)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	46		(10,579)		(567)		—		—		—		(11,100)

Less: Dividends and accretion of redeemable preferred stock	—		—		—		—		—		20,957		20,957

Less: Convertible preferred stock dividend	—		—		—		—		—		4,082		4,082

Net income (loss) attributable to common stockholders	$	7,320	$	(11,966)	$	(9,610)	$	(15,087)	$	(1,071)	$	(53,484)	$	(83,898)

The following table sets forth a reconciliation of Adjusted EBITDA to net income (loss) attributable to common stockholders:


	Three Months Ended June 30, 2025
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Adjusted EBITDA	$	20,671	$	11,082	$	(2,082)	$	22,971	$	824	$	(7,550)	$	45,916
Add: Non-controlling share of Adjusted EBITDA	84		6,948		445		—		—		—		7,477
Add: Equity in losses of unconsolidated entities	—		—		—		—		(1,995)		—		(1,995)
Less: Interest and other costs on pension and OPEB liabilities	264		—		—		—		—		—		264
Less: Dividends and accretion of redeemable and convertible preferred stock	—		—		—		—		—		(25,039)		(25,039)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	—		—		—		—		100		—		100
Less: Interest expense	(112)		(16,000)		—		(24,787)		—		(18,305)		(59,204)
Less: Depreciation and amortization expense	(4,979)		(12,522)		(2,494)		(11,874)		—		(217)		(32,086)
Less: Incentive allocations	—		—		—		—		—		—		—
Less: Asset impairment charges	(4,401)		—		—		—		—		—		(4,401)
Less: Changes in fair value of non-hedge derivative instruments	—		—		—		—		—		—		—
Less: Losses on the modification or extinguishment of debt and capital lease obligations	—		(742)		(3,324)		—		—		—		(4,066)
Less: Acquisition and transaction expenses	(2,783)		(69)		(1,980)		(1,397)		—		(2,475)		(8,704)
Less: Equity-based compensation expense	(358)		(327)		(150)		—		—		(75)		(910)
Less: (Provision for) benefit from income taxes	(768)		(336)		(25)		—		—		177		(952)
Less: Other non-recurring items	(298)		—		—		—		—		—		(298)
Net income (loss) attributable to common stockholders	$	7,320	$	(11,966)	$	(9,610)	$	(15,087)	$	(1,071)	$	(53,484)	$	(83,898)

IV. For the Six Months Ended June 30, 2025


	Six Months Ended June 30, 2025
			Port and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Revenues
Total revenues	$	84,771	$	41,077	$	6,803	$	59,090	$	—	$	26,706	$	218,447

Expenses
Operating expenses	45,069		35,112		12,115		22,337		2		26,845		141,480
General and administrative	—		—		—		—		—		8,975		8,975
Acquisition and transaction expenses	2,876		68		2,296		2,466		—		4,513		12,219
Management fees and incentive allocation to affiliate	—		—		—		—		—		6,222		6,222
Depreciation and amortization	10,065		22,530		4,990		21,108		—		317		59,010
Asset impairment	4,401		—		—		—		—		—		4,401
Total expenses	62,411		57,710		19,401		45,911		2		46,872		232,307

Other income (expense)
Equity in earnings (losses) of unconsolidated entities	—		—		—		10,588		(7,319)		50		3,319
(Loss) gain on sale of assets, net	(124)		—		—		119,952		—		—		119,828
Loss on modification or extinguishment of debt	—		(749)		(3,324)		—		—		—		(4,073)
Interest expense	(251)		(32,624)		(1,518)		(33,804)		—		(34,119)		(102,316)
Other income (expense)	787		2,008		103		2,585		1,265		(3)		6,745
Total other income (expense)	412		(31,365)		(4,739)		99,321		(6,054)		(34,072)		23,503
Income (loss) before income taxes	22,772		(47,998)		(17,337)		112,500		(6,056)		(54,238)		9,643
Provision for (benefit from) income taxes	1,580		759		37		(42,457)		—		(481)		(40,562)
Net income (loss)	21,192		(48,757)		(17,374)		154,957		(6,056)		(53,757)		50,205
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	133		(21,663)		(971)		—		—		—		(22,501)

Less: Dividends and accretion of redeemable preferred stock	—		—		—		—		—		42,798		42,798

Less: Convertible preferred stock dividend	—		—		—		—		—		5,549		5,549

Net income (loss) attributable to common stockholders	$	21,059	$	(27,094)	$	(16,403)	$	154,957	$	(6,056)	$	(102,104)	$	24,359

The following table sets forth a reconciliation of Adjusted EBITDA to net income (loss) attributable to common stockholders:


	Six Months Ended June 30, 2025
			Port and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Adjusted EBITDA	$	40,595	$	19,032	$	(3,534)	$	161,061	$	(802)	$	(15,217)	$	201,135
Add: Non-controlling share of Adjusted EBITDA	122		13,904		783		—		—		—		14,809
Add: Equity in earnings (losses) of unconsolidated entities	—		—		—		10,588		(7,319)		50		3,319
Less: Interest and other costs on pension and OPEB liabilities	529		—		—		—		—		—		529
Less: Dividends and accretion of redeemable and convertible preferred stock	—		—		—		—		—		(48,347)		(48,347)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	—		—		—		(6,503)		2,065		38		(4,400)
Less: Interest expense	(251)		(32,624)		(1,518)		(33,804)		—		(34,119)		(102,316)
Less: Depreciation and amortization expense	(10,065)		(24,995)		(4,990)		(16,376)		—		(317)		(56,743)
Less: Incentive allocations	—		—		—		—		—		—		—
Less: Asset impairment charges	(4,401)		—		—		—		—		—		(4,401)
Less: Changes in fair value of non-hedge derivative instruments	—		—		—		—		—		—		—
Less: Losses on the modification or extinguishment of debt and capital lease obligations	—		(749)		(3,324)		—		—		—		(4,073)
Less: Acquisition and transaction expenses	(2,876)		(68)		(2,296)		(2,466)		—		(4,513)		(12,219)
Less: Equity-based compensation expense	(716)		(835)		(452)		—		—		(160)		(2,163)
Less: (Provision for) benefit from income taxes	(1,580)		(759)		(37)		42,457		—		481		40,562
Less: Other non-recurring items	(298)		—		(1,035)		—		—		—		(1,333)
Net income (loss) attributable to common stockholders	$	21,059	$	(27,094)	$	(16,403)	$	154,957	$	(6,056)	$	(102,104)	$	24,359

V. Balance Sheet

The following tables set forth the summarized balance sheet. All property, plant and equipment and leasing equipment are located in North America.


	June 30, 2026
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Current assets	$	106,650	$	87,173	$	94,917	$	5	$	794	$	21,295	$	310,834
Non-current assets	2,054,760		1,091,164		538,091		370		51,196		42,940		3,778,521
Assets held for sale	4,510		—		—		1,652,880		—		—		1,657,390
Total assets	2,165,920		1,178,337		633,008		1,653,255		51,990		64,235		5,746,745

Total debt, net	47,261		921,411		396,434		—		—		1,398,611		2,763,717

Current liabilities	107,673		304,612		55,628		4,334		20		282,029		754,296
Non-current liabilities	539,224		764,666		394,232		—		—		1,165,123		2,863,245
Liabilities held for sale	—		—		—		1,490,882		—		—		1,490,882
Total liabilities	646,897		1,069,278		449,860		1,495,216		20		1,447,152		5,108,423

Redeemable preferred stock	1,003,747		—		—		—		—		153,298		1,157,045

Non-controlling interests in equity of consolidated subsidiaries	4,813		(199,006)		(4,722)		9,894		—		74		(188,947)
Total equity	515,276		109,059		183,148		158,039		51,970		(1,536,215)		(518,723)
Total liabilities, redeemable preferred stock and equity	$	2,165,920	$	1,178,337	$	633,008	$	1,653,255	$	51,990	$	64,235	$	5,746,745


	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

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 19: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 20: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 21: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 22: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

+ Details

CONSOLIDATED AND CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 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	0	(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	0
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	0	(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 property, plant and equipment	(129,029)	(148,319)
Proceeds from investor loan	0	11,001
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	0
Repayment of financing obligation	(920)	0
Cash dividends - common stock	(7,090)	(6,886)
Cash dividends - redeemable preferred stock	0	(25,516)
Cash dividends - redeemable preferred stock - NCI	(5,000)	0
Settlement of equity-based compensation	(2,903)	(545)
Payments to Noncontrolling Interests	(1,248)	0
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)	0
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
Supplemental disclosure of non-cash investing and financing activities:
Acquisition of property, plant and equipment	78,457	47,622
Acquisition of business	0	(285,977)
Dividends and accretion of redeemable preferred stock	(657)	(17,282)
Dividends and accretion of redeemable preferred stock	(65,451)	0
Financing fees	2,676	0
Payments for Deposits on Real Estate Acquisitions	3,410	0
Acquisition of leasing equipment	0	(564)
Proceeds from Divestiture of Businesses, Net of Cash Divested	$ 35	$ 0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

DEBT, NET (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Our debt, net is summarized as follows:


			Outstanding Borrowings
	Stated Interest Rate	Maturity Date	June 30, 2026		December 31, 2025
Loans payable
DRP DB Term Loan (2)	8.50%	11/30/26	$	110,943	$	105,828
DRP Letter of Credit	Base Rate + 4.00% (Term SOFR)	7/7/26	3,308		—
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) (4)	9.75%	2/1/28	1,403,687		—
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 (5)	15.75%	5/31/27	—		22,371
Long Ridge GCM Note (5)	12.00%	2/26/28	—		20,000
Long Ridge CanAm Loan (5)	6.75%	9/13/29	—		115,200
Long Ridge Credit Agreement (5)	(i) Base Rate + 3.50%; or (ii) Base Rate + 4.50% (Term SOFR)	2/19/32	—		397,000
Total loans payable			1,631,738		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	139,257		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	339,850		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	379,585		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	297,163		297,087
Senior Notes due 2032 (5)	8.75%	2/15/32	—		600,000
Total bonds payable			1,155,855		1,764,538
Total debt			2,787,593		3,796,031
Less: Debt issuance costs			(23,876)		(21,858)
Total debt, net			$	2,763,717	$	3,774,173

Principal debt due within one year			$	477,727	$	66,987
Less: Debt issuance costs			(959)		(1,549)
Total principal debt, net due within one year			$	476,768	$	65,438

________________________________________________________

(1) Includes an unamortized discount of $45,331 and $36,313 at June 30, 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 Jefferson Bridge Loan Credit Agreement for the Jefferson Taxable Series 2024B Bonds.

(5) As of June 30, 2026, these debt instruments were classified as liabilities held for sale on the Consolidated Balance Sheet (refer to Note 2 for additional details).

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

+ Details

EARNINGS PER SHARE AND EQUITY

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

EARNINGS PER SHARE AND EQUITY

16. EARNINGS PER SHARE AND EQUITY

Basic (loss) earnings per share of common stock is calculated by dividing net (loss) income attributable to common stockholders 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 common stockholders 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 June 30,				Six Months Ended June 30,
(in thousands, except per share data)	2026		2025		2026		2025
Net (loss) income	$	(139,443)	$	(69,959)	$	(266,654)	$	50,205
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	(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 - Basic	$	(166,464)	$	(83,898)	$	(320,989)	$	24,359
Less: Adjustments attributable to dilutive securities	—		—		—		—
Net (loss) income attributable to common stockholders - Diluted	$	(166,464)	$	(83,898)	$	(320,989)	$	24,359
Weighted Average Common Stock Outstanding - Basic	118,163,955		114,880,817		117,430,787		114,491,338
Weighted Average Common Stock Outstanding - Diluted	118,163,955		114,880,817		117,430,787		115,260,452

(Loss) earnings per share:
Basic	$	(1.41)	$	(0.73)	$	(2.73)	$	0.21
Diluted (1)	$	(1.41)	$	(0.73)	$	(2.73)	$	0.21

________________________________________________________

(1) Diluted (loss) earnings per share for the three and six months ended June 30, 2026 and 2025 includes the dilutive effect of subsidiary earnings per share and convertible preferred stock.

For the three months ended June 30, 2026 and 2025, 24,240,147 and 20,443,245 shares of common stock, respectively, have been excluded from the calculation of Diluted loss per share because the impact would be anti-dilutive. For the six months ended June 30, 2026 and 2025, 24,011,773 and 13,590,885 shares of common stock, respectively, have been excluded from the calculation of Diluted (loss) earnings per share because the impact would be anti-dilutive.

For the three months ended June 30, 2026 and 2025, 3,892,566 and 3,892,566 of warrants, respectively, have been excluded from the calculation of Diluted (loss) earnings per share because the impact would be anti-dilutive. For the six months ended June 30, 2026 and 2025, 3,892,566 and 3,721,455 of warrants, respectively, have been excluded from the calculation of Diluted (loss) earnings per share because the impact would be anti-dilutive.

Common Stock Warrants

As of June 30, 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 June 30, 2026 and December 31, 2025, respectively. The weighted average exercise price as of June 30, 2026 includes adjustments for quarterly dividend payments.

The weighted average remaining contractual term of the outstanding warrants as of June 30, 2026 is 4.1 years. The aggregate intrinsic value of the warrants as of June 30, 2026 is $— million.

EQUITY-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Arrangements

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 June 30,				Expense Recognized During the Six Months Ended June 30,				Remaining Expense To Be Recognized, If All Vesting Conditions Are Met		Weighted Average Remaining Contractual Term (in years)
	2026		2025		2026		2025

Restricted shares	$	3,684	$	70	$	5,365	$	140	$	2,136	0.4
Common units	442		358		889		716		1,728		0.8
Total	$	4,126	$	428	$	6,254	$	856	$	3,864

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 June 30,				Expense Recognized During the Six Months Ended June 30,				Remaining Expense To Be Recognized, If All Vesting Conditions Are Met		Weighted Average Remaining Contractual Term (in years)
	2026		2025		2026		2025
Restricted stock units	$	1,244	$	479	$	10,088	$	1,289	$	5,821	1.0
Total	$	1,244	$	479	$	10,088	$	1,289	$	5,821

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Property, Plant, and Equipment

Property, plant and equipment, net is summarized as follows:




	June 30, 2026		December 31, 2025
Land, site improvements and rights	$	360,555	$	513,835
Buildings and improvements	39,322		72,997
Bridges and tunnels	968,640		969,551
Terminal machinery and equipment	1,301,890		1,357,502
Proved oil and gas properties	—		304,716
Unproved oil and gas properties	—		144,455
Power plant	—		850,489
Track and track related assets	347,848		335,850
Railroad equipment	4,238		9,694
Railcars and locomotives	181,955		181,892
Computer hardware and software	22,408		22,532
Furniture and fixtures	2,246		2,246
Construction in progress	360,745		263,495
Other	29,591		30,029
	3,619,438		5,059,283
Less: Accumulated depreciation	(483,898)		(477,512)
Property, plant and equipment, net	$	3,135,540	$	4,581,771

Depreciation expense for property, plant and equipment is summarized as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

Depreciation expense	$	38,021	$	32,576	$	87,230	$	56,182

DEBT, NET - Schedule of Debt (Details) - USD ($) $ in Thousands			3 Months Ended	6 Months Ended
	Feb. 25, 2026	May 07, 2025	Jun. 30, 2026	Jun. 30, 2026	Jun. 29, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Total debt			$ 2,787,593	$ 2,787,593		$ 3,796,031
Unamortized Debt Issuance Expense			(23,876)	(23,876)		(21,858)
Debt, net			2,763,717	2,763,717		3,774,173
Principal debt due within one year			477,727	477,727		66,987
Less: Debt issuance costs			(959)	(959)		(1,549)
Total principal debt, net due within one year			476,768	476,768		65,438
Bonds payable
Debt Instrument [Line Items]
Total debt			1,155,855	1,155,855		1,764,538
Unamortized discount			45,331	45,331		36,313
Loans payable
Debt Instrument [Line Items]
Total debt			$ 1,631,738	$ 1,631,738		2,031,493
Line of Credit \| Long Ridge Credit Agreement
Debt Instrument [Line Items]
Basis spread				4.50%
DRP DB Term Loan \| Bonds payable
Debt Instrument [Line Items]
Stated Interest Rate			8.50%	8.50%
DRP DB Term Loan \| Loans payable
Debt Instrument [Line Items]
Total debt			$ 110,943	$ 110,943		105,828
Corporate Bridge Loan Credit Agreement $1.25B \| Loans payable
Debt Instrument [Line Items]
Total debt			$ 0	$ 0		1,227,294
Basis spread				3.00%
Corporate Bridge Loan Credit Agreement $1.25B \| Loans payable \| Eurodollar
Debt Instrument [Line Items]
Basis spread				4.00%
Corporate Term Loan Credit Agreement $1.35B \| Loans payable
Debt Instrument [Line Items]
Stated Interest Rate			9.75%	9.75%
Total debt			$ 1,403,687	$ 1,403,687		0
Basis spread	9.75%
Debt, net	$ 1,350,000				$ 61,900
EB-5 Loan Agreement (2) \| Loans payable
Debt Instrument [Line Items]
Stated Interest Rate			5.75%	5.75%
Total debt			$ 63,800	$ 63,800		63,800
Jefferson Credit Agreement June 2025 \| Loans payable
Debt Instrument [Line Items]
Total debt			0	$ 0		30,000
Basis spread				3.00%
Jefferson Credit Agreement June 2025 \| Loans payable \| Eurodollar
Debt Instrument [Line Items]
Basis spread				4.00%
RailCo Revolver \| Loans payable
Debt Instrument [Line Items]
Total debt			50,000	$ 50,000		50,000
Basis spread				2.00%
RailCo Revolver \| Loans payable \| Eurodollar
Debt Instrument [Line Items]
Basis spread				3.00%
Long Ridge Acquiom Loan \| Loans payable
Debt Instrument [Line Items]
Total debt			0	$ 0		22,371
Basis spread		15.75%
Long Ridge GCM Prommissory Note \| Loans payable
Debt Instrument [Line Items]
Total debt			0	0		20,000
Basis spread		12.00%
Long Ridge Canam Loan \| Loans payable
Debt Instrument [Line Items]
Total debt			0	0		115,200
Basis spread		6.75%
Long Ridge Credit Agreement \| Loans payable
Debt Instrument [Line Items]
Total debt			$ 0	$ 0		397,000
Long Ridge Credit Agreement \| Loans payable \| Base Rate
Debt Instrument [Line Items]
Basis spread			3.50%
Series 2020 Bonds Due 2050 \| Bonds payable
Debt Instrument [Line Items]
Stated Interest Rate			4.00%	4.00%
Series 2020 Bonds Due 2035 \| Bonds payable
Debt Instrument [Line Items]
Stated Interest Rate			3.625%	3.625%
Series 2020 Bonds (1) \| Bonds payable
Debt Instrument [Line Items]
Total debt			$ 139,257	$ 139,257		140,753
Series 2021A Bonds Due 2050 \| Bonds payable
Debt Instrument [Line Items]
Stated Interest Rate			3.00%	3.00%
Series 2021A Bonds Due 2026 Through 2041 \| Bonds payable
Debt Instrument [Line Items]
Stated Interest Rate			1.875%	1.875%
Series 2021B Bonds \| Bonds payable
Debt Instrument [Line Items]
Stated Interest Rate			4.10%	4.10%
Series 2021 Bonds \| Bonds payable
Debt Instrument [Line Items]
Total debt			$ 339,850	$ 339,850		348,240
Series 2024A Bonds Due 2039 \| Bonds payable
Debt Instrument [Line Items]
Stated Interest Rate			5.00%	5.00%
Series 2024A Bonds Due 2044 \| Bonds payable
Debt Instrument [Line Items]
Stated Interest Rate			5.25%	5.25%
Series 2024B Bonds Due 2026 \| Bonds payable
Debt Instrument [Line Items]
Stated Interest Rate			10.00%	10.00%
Series 2024 Bonds \| Bonds payable
Debt Instrument [Line Items]
Total debt			$ 379,585	$ 379,585		378,458
Series 2025 Bonds Due 2035 \| Bonds payable
Debt Instrument [Line Items]
Stated Interest Rate			6.375%	6.375%
Series 2025 Bonds Due to 2045 \| Bonds payable
Debt Instrument [Line Items]
Stated Interest Rate			6.625%	6.625%
Series 2025 Bonds \| Bonds payable
Debt Instrument [Line Items]
Total debt			$ 297,163	$ 297,163		297,087
Senior Notes due 2032 \| Bonds payable
Debt Instrument [Line Items]
Stated Interest Rate			8.75%	8.75%
Total debt			$ 0	$ 0		600,000
DRP Letter of Credit $3.3M \| Loans payable
Debt Instrument [Line Items]
Total debt			$ 3,308	$ 3,308		$ 0
DRP Letter of Credit $3.3M \| Loans payable \| Eurodollar
Debt Instrument [Line Items]
Basis spread				4.00%

DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) $ in Millions	Jun. 30, 2026 USD ($)
February 10, 2026
Derivative [Line Items]
Letters of credit	$ 10.0
February 26, 2026
Derivative [Line Items]
Letters of credit	$ 1.0

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ (303,096)	$ (146,237)	$ 337,102	$ 75,138
Other comprehensive loss before reclassification	(47,488)	(12,106)	(16,124)	(24,683)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	4,244	15,429	(1,903)	182,677
Other comprehensive income	(43,244)	3,323	(18,027)	157,994
Ending balance	(518,723)	(303,096)	225,626	337,102
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(108,342)	(112,196)	(24,431)	0
Other comprehensive loss before reclassification	(47,488)	(12,106)	(16,124)	(24,050)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	4,731	15,960	(1,344)	(381)
Other comprehensive income	(42,757)	3,854	(17,468)	(24,431)
Ending balance	(151,099)	(108,342)	(41,899)	(24,431)
AOCI, Equity Method Investment, Including Noncontrolling Interest [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			0	(182,983)
Other comprehensive loss before reclassification			0	(633)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax			0	183,616
Other comprehensive income			0	182,983
Ending balance			0	0
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	21,047	21,578	25,374	25,932
Other comprehensive loss before reclassification	0	0	0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(487)	(531)	(559)	(558)
Other comprehensive income	(487)	(531)	(559)	(558)
Ending balance	20,560	21,047	24,815	25,374
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(87,295)	(90,618)	943	(157,051)
Other comprehensive income	(43,244)	3,323	(18,027)	157,994
Ending balance	$ (130,539)	$ (87,295)	$ (17,084)	$ 943

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-14A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480870/815-30-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-4

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482739/220-10-55-15

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 14A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-14A

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-4

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482739/220-10-55-15

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

+ Details

- Definition

Amount after tax of reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-14A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480870/815-30-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-4

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482739/220-10-55-15

+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 3
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479719/606-10-65-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480339/815-10-65-8

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 3
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479719/606-10-65-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480339/815-10-65-8

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480339/815-10-65-8

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-11

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482705/350-40-65-4

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482705/350-40-65-4

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-5

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482615/740-10-65-8

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482615/740-10-65-8

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479719/606-10-65-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479719/606-10-65-2

Reference 28: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 29: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 35: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 36: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)(3)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483421/250-10-45-24

Reference 45: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 23
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483421/250-10-45-23

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483421/250-10-45-5

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-5

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 50: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 51: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 52: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 53: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 54: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 55: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 56: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 57: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 58: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 59: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5

Reference 60: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 61: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 62: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 63: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478009/946-205-45-3

Reference 64: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-3

Reference 65: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 66: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 67: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 68: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 69: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 70: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 71: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-15

Reference 72: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-16

Reference 73: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4I

Reference 74: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

Reference 75: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

EARNINGS PER SHARE AND EQUITY - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Earnings Per Share [Abstract]
Net (loss) income	$ (139,443)	$ (127,211)	$ (69,959)	$ 120,164	$ (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		0		70,451	0
Less: Dividends and accretion of redeemable preferred stock	657		20,957		657	42,798
Net (loss) income attributable to stockholders	(166,464)		(83,898)		(320,989)	24,359
Less: Adjustments attributable to dilutive securities	0		0		0	0
Less: Convertible preferred stock dividend	4,511		4,082		8,864	5,549
Net (loss) income attributable to common stockholders - Basic	$ (166,464)		$ (83,898)		$ (320,989)	$ 24,359
Weighted Average Common Shares Outstanding - Basic (in shares)	118,163,955		114,880,817		117,430,787	114,491,338
Weighted Average Common Shares Outstanding - Diluted (in shares)	118,163,955		114,880,817		117,430,787	115,260,452
Basic (in dollars per share)	$ (1.41)		$ (0.73)		$ (2.73)	$ 0.21
Diluted (in dollars per share)	$ (1.41)		$ (0.73)		$ (2.73)	$ 0.21

REVENUES

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

REVENUES

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 June 30, 2026
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Corporate and Other		Total
Lease income	$	2,118	$	655	$	—	$	—	$	—	$	2,773
Rail revenues	88,384		—		—		—		420		88,804
Terminal services revenues	167		23,661		5,533		419		—		29,780
Roadside services revenues	—		—		—		—		15,497		15,497
Power revenues	—		—		—		42,568		—		42,568
Gas revenues	—		—		—		5,857		—		5,857
Other revenue	1,485		—		4		—		—		1,489
Total revenues	$	92,154	$	24,316	$	5,537	$	48,844	$	15,917	$	186,768

	Six Months Ended June 30, 2026
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Corporate and Other		Total
Lease income	$	3,973	$	1,295	$	—	$	—	$	—	$	5,268
Rail revenues	170,407		—		—		—		690		171,097
Terminal services revenues	167		50,339		6,741		841		—		58,088
Roadside services revenues	—		—		—		—		28,051		28,051
Power revenues	—		—		—		88,196		—		88,196
Gas revenues	—		—		—		21,813		—		21,813
Other revenue	2,615		—		4		—		—		2,619
Total revenues	$	177,162	$	51,634	$	6,745	$	110,850	$	28,741	$	375,132


	Three Months Ended June 30, 2025
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Corporate and Other		Total
Lease income	$	361	$	885	$	—	$	—	$	—	$	1,246
Rail revenues	41,779		—		—		—		513		42,292
Terminal services revenues	—		20,743		2,713		828		—		24,284
Roadside services revenues	—		—		—		—		13,217		13,217
Power revenues	—		—		—		38,010		—		38,010
Gas revenues	—		—		—		2,958		—		2,958
Other revenue	—		—		279		—		—		279
Total revenues	$	42,140	$	21,628	$	2,992	$	41,796	$	13,730	$	122,286

	Six Months Ended June 30, 2025
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Corporate and Other		Total
Lease income	$	818	$	1,765	$	—	$	—	$	—	$	2,583
Rail revenues	83,953		—		—		—		513		84,466
Terminal services revenues	—		39,312		6,523		1,154		—		46,989
Roadside services revenues	—		—		—		—		26,193		26,193
Power revenues	—		—		—		53,790		—		53,790
Gas revenues	—		—		—		4,146		—		4,146
Other revenue	—		—		280		—		—		280
Total revenues	$	84,771	$	41,077	$	6,803	$	59,090	$	26,706	$	218,447

As of June 30, 2026 and December 31, 2025, we recorded capitalized contract cost of $16.1 million and $18.6 million, of which $4.0 million and $4.9 million are included in Other current assets and $12.1 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 June 30, 2026 and 2025, and $2.5 million and $2.5 million of amortization, respectively, during the six months ended June 30, 2026 and 2025, which is included in Operating expenses in the Consolidated Statements of Operations.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

INCOME TAXES - Additional Information (Details)	6 Months Ended
INCOME TAXES - Additional Information (Details)	Jun. 30, 2026
Income Tax Disclosure [Abstract]
U.S. federal tax rate	21.00%

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
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
Total current assets held for sale	56,933	0
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
Total non-current assets held for sale	1,600,457	0
Total assets	5,746,745	5,748,661
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	0	34,381
Other current liabilities	29,791	20,363
Current liabilities held for sale	579,713	0
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	0	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	0
Total liabilities	5,108,423	4,804,678
Commitments and contingencies	0	0
Redeemable preferred stock	1,157,045	1,090,220
Equity
Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 118,181,737 and 116,294,461 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively)	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
Series B Preferred Stock
Current liabilities:
Redeemable preferred stock	153,298	152,642
Series A Preferred Stock - Railco
Current liabilities:
Redeemable preferred stock	$ 1,003,747	$ 937,578

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	$ 3,619,438	$ 5,059,283
Less: Accumulated depreciation	(483,898)	(477,512)
Property, plant and equipment, net	3,135,540	4,581,771
Land and improvements
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	360,555	513,835
Buildings and improvements
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	39,322	72,997
Bridges and tunnels
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	968,640	969,551
Terminal machinery and equipment
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	1,301,890	1,357,502
Proved oil and gas properties
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	0	304,716
Unproved oil and gas properties
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	0	144,455
Power plant
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	0	850,489
Track and track related assets
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	347,848	335,850
Railroad equipment
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	4,238	9,694
Railcars and locomotives
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	181,955	181,892
Computer hardware and software
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	22,408	22,532
Furniture and fixtures
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	2,246	2,246
Construction in progress
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	360,745	263,495
Vehicles [Member]
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	$ 29,591	$ 30,029

ACQUISITION AND DIVESTITURES - Schedule of Assets Acquired and Liabilities of Discontinued Operations (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Apr. 29, 2026	Dec. 31, 2025
Assets
Total current assets held for sale	$ 56,933		$ 0
Total non-current assets held for sale	1,600,457		0
Total assets held for sale	1,657,390
Liabilities
Total current liabilities held for sale	579,713		0
Total non-current liabilities held for sale	911,169		$ 0
Total liabilities held for sale	$ 1,490,882
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Long Ridge Energy & Power LLC
Assets
Cash and cash equivalents		$ 16,893
Restricted cash and cash equivalents		15,176
Accounts receivable, net		13,541
Other current assets		11,323
Total current assets held for sale		56,933
Operating lease right-of-use assets, net		737
Property, plant, and equipment, net		1,561,814
Intangible assets, net		922
Goodwill		90,337
Other assets		7,027
Valuation allowance on assets held for sale		(60,380)
Total non-current assets held for sale		1,600,457
Total assets held for sale		1,657,390
Liabilities
Accounts payable and accrued liabilities		71,996
Debt, net		449,185
Operating lease liabilities		194
Derivative liabilities		58,338
Total current liabilities held for sale		579,713
Debt, net		715,200
Operating lease liabilities		582
Derivative liabilities		192,936
Other liabilities		2,451
Total non-current liabilities held for sale		911,169
Total liabilities held for sale		$ 1,490,882

LEASING EQUIPMENT, NET (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Schedule of Lessor, Operating Leases

Leasing equipment, net is summarized as follows:


	June 30, 2026		December 31, 2025
Leasing equipment	$	50,029	$	49,986
Less: Accumulated depreciation	(14,207)		(13,416)
Leasing equipment, net	$	35,822	$	36,570

Operating Lease, Lease Income

Depreciation expense for leasing equipment is summarized as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Depreciation expense for leasing equipment	$	396	$	412	$	792	$	822

ACQUISITION AND DIVESTITURES

6 Months Ended

Jun. 30, 2026

Business Combination [Abstract]

ACQUISITION OF SUBSIDIARIES

2. ACQUISITIONS AND DIVESTITURES

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 (Benefit from) provision for income taxes in the Consolidated Statements of Operations.

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

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 June 30, 2025		Six Months Ended June 30, 2025

Total revenue	$	122,286	$	271,806
Net loss attributable to common stockholders	(79,115)		(119,127)

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. The consummation of the sale is subject to regulatory approvals from the Federal Energy Regulatory Commission under Section 203 of the Federal Power Act; however, this approval is considered customary and probable to occur within 12 months of the signing of the Agreement and, therefore, we will account for Long Ridge Energy & Power LLC as a held-for-sale business as of the date of the Agreement through regulatory approval and closing of the sale.

The following table summarizes the components of assets and liabilities held-for-sale on the Consolidated Balance Sheets as of June 30, 2026:



Assets
Cash and cash equivalents	$	16,893
Restricted cash and cash equivalents	15,176
Accounts receivable, net	13,541
Other current assets	11,323
Total current assets held for sale	56,933
Operating lease right-of-use assets, net	737
Property, plant, and equipment, net	1,561,814
Intangible assets, net	922
Goodwill	90,337
Other assets	7,027
Valuation allowance on assets held for sale (1)	(60,380)
Total non-current assets held for sale	1,600,457
Total assets held for sale	$	1,657,390

Liabilities
Accounts payable and accrued liabilities	$	71,996
Debt, net	449,185
Operating lease liabilities	194
Derivative liabilities	58,338

Total current liabilities held for sale	579,713
Debt, net	715,200
Operating lease liabilities	582
Derivative liabilities	192,936

Other liabilities	2,451
Total non-current liabilities held for sale	911,169
Total liabilities held for sale	$	1,490,882

________________________________________________________

The following table presents the amounts related to the operations of Long Ridge Energy & Power LLC that have been reflected in net loss on the Consolidated Statements of Operations:


	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026
(Loss) income before income taxes	$	(68,397)	$	(75,035)
Net (loss) income attributable to common stockholders before income taxes	(68,323)		(74,914)

Acquisition of Tidewater

On June 26, 2026 (the “acquisition date”), we completed the acquisition of 100% of AP Shale Logistics ManagementCo LLC, doing business as Tidewater Logistics (“Tidewater”), a barge and rail transloading company with operations in Ohio, West Virginia and Texas. Tidewater is an established transloading platform that is highly complementary with our Wheeling & Lake Erie Railway by serving producers, shippers and industrial customers across key shale and energy markets in the Appalachian Basin and Gulf Coast region. We acquired the equity of Tidewater for an adjusted cash consideration of approximately $46.0 million, funded through an upsizing of our existing Term Loan Credit Agreement (see Note 7 for additional information).

Tidewater will operate within the Railroad reportable segment (see Note 14 for additional information). The acquisition was accounted for under the acquisition method of accounting, and accordingly, the results of operations of Tidewater have been included in the Company’s Consolidated Statements of Operations as of the effective date of the acquisition. As of the acquisition date, the assets and liabilities of Tidewater were recognized at their fair values, including cash of $5.6 million, other assets of $6.0 million, property, plant and equipment of $54.8 million, customer relationship intangibles of $15.7 million, and liabilities of $36.1 million, including $29.5 million of a financing obligation. The customer relationship intangibles are amortizable over an estimated life of 15 years.

In accordance with ASC 805, Business Combinations, the fair values assigned to underlying assets acquired and liabilities assumed are based on management’s estimates and assumptions, which will be refined during the measurement period. The significant assumptions used to estimate the fair value of the property, plant and equipment included replacement cost estimates, salvage values and market data for similar assets where available.

Sale of KRS

On June 30, 2026, we completed the sale of KRS for a purchase price of $0.1 million and recorded an impairment loss of $2.8 million through Asset impairment in the Company’s Consolidated Statement of Operations. KRS was included in our Corporate and Other segment.

- Definition

The entire disclosure for business combination.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-38

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 46
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-46

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 43
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-43

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 45
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-45

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-29

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-29

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-4

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 40
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479326/805-40-45-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-30/tableOfContent

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-20/tableOfContent

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-10/tableOfContent

+ Details

ACQUISITION AND DIVESTITURES - Pro Forma Information (Details) - Power and Gas - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2025
Business Combination [Line Items]
Total revenue	$ 122,286	$ 271,806
Net loss attributable to common stockholders	$ (79,115)	$ (119,127)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-4

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-47

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-3

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-4A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-4

Reference 22: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-4A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-4A

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 37: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

+ Details

SEGMENT INFORMATION - Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Segment Reporting [Line Items]
Current assets	$ 367,767	$ 484,011
Non-current assets		5,264,650
Total assets held for sale	1,657,390
Assets	5,746,745	5,748,661
Debt, net	2,763,717	3,774,173
Current liabilities	1,334,009	409,997
Non-current liabilities		4,394,681
Disposal Group, Including Discontinued Operation, Liabilities	1,490,882
Liabilities	5,108,423	4,804,678
Redeemable preferred stock	1,157,045	1,090,220
Equity
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
Continuing Operations
Segment Reporting [Line Items]
Current assets	310,834	484,011
Non-current assets	3,778,521
Current liabilities	754,296	409,997
Non-current liabilities	2,863,245
Corporate and Other
Segment Reporting [Line Items]
Non-current assets		21,174
Total assets held for sale	0
Assets	64,235	49,633
Debt, net	1,398,611	1,225,479
Non-current liabilities		1,226,809
Disposal Group, Including Discontinued Operation, Liabilities	0
Liabilities	1,447,152	1,269,132
Redeemable preferred stock	153,298	152,642
Equity
Non-controlling interest in equity of consolidated subsidiaries	74	0
Total equity	(1,536,215)	(1,372,141)
Total liabilities, redeemable preferred stock and equity	64,235	49,633
Corporate and Other \| Continuing Operations
Segment Reporting [Line Items]
Current assets	21,295	28,459
Non-current assets	42,940
Current liabilities	282,029	42,323
Non-current liabilities	1,165,123
Railroad \| Operating Segments
Segment Reporting [Line Items]
Non-current assets		2,010,137
Total assets held for sale	4,510
Assets	2,165,920	2,100,531
Debt, net	47,261	48,841
Non-current liabilities		453,909
Disposal Group, Including Discontinued Operation, Liabilities	0
Liabilities	646,897	534,441
Redeemable preferred stock	1,003,747	937,578
Equity
Non-controlling interest in equity of consolidated subsidiaries	4,813	5,996
Total equity	515,276	628,512
Total liabilities, redeemable preferred stock and equity	2,165,920	2,100,531
Railroad \| Operating Segments \| Continuing Operations
Segment Reporting [Line Items]
Current assets	106,650	90,394
Non-current assets	2,054,760
Current liabilities	107,673	80,532
Non-current liabilities	539,224
Jefferson Terminal \| Operating Segments
Segment Reporting [Line Items]
Non-current assets		1,112,460
Total assets held for sale	0
Assets	1,178,337	1,212,915
Debt, net	921,411	959,720
Non-current liabilities		988,828
Disposal Group, Including Discontinued Operation, Liabilities	0
Liabilities	1,069,278	1,110,356
Redeemable preferred stock	0	0
Equity
Non-controlling interest in equity of consolidated subsidiaries	(199,006)	(174,252)
Total equity	109,059	102,559
Total liabilities, redeemable preferred stock and equity	1,178,337	1,212,915
Jefferson Terminal \| Operating Segments \| Continuing Operations
Segment Reporting [Line Items]
Current assets	87,173	100,455
Non-current assets	1,091,164
Current liabilities	304,612	121,528
Non-current liabilities	764,666
Repauno \| Operating Segments
Segment Reporting [Line Items]
Non-current assets		450,928
Total assets held for sale	0
Assets	633,008	616,693
Debt, net	396,434	385,759
Non-current liabilities		390,140
Disposal Group, Including Discontinued Operation, Liabilities	0
Liabilities	449,860	429,104
Redeemable preferred stock	0	0
Equity
Non-controlling interest in equity of consolidated subsidiaries	(4,722)	(4,148)
Total equity	183,148	187,589
Total liabilities, redeemable preferred stock and equity	633,008	616,693
Repauno \| Operating Segments \| Continuing Operations
Segment Reporting [Line Items]
Current assets	94,917	165,765
Non-current assets	538,091
Current liabilities	55,628	38,964
Non-current liabilities	394,232
Power and Gas \| Operating Segments
Segment Reporting [Line Items]
Non-current assets		1,637,568
Total assets held for sale	1,652,880
Assets	1,653,255	1,721,790
Debt, net	0	1,154,374
Non-current liabilities		1,334,995
Disposal Group, Including Discontinued Operation, Liabilities	1,490,882
Liabilities	1,495,216	1,460,735
Redeemable preferred stock	0	0
Equity
Non-controlling interest in equity of consolidated subsidiaries	9,894	4,843
Total equity	158,039	261,055
Total liabilities, redeemable preferred stock and equity	1,653,255	1,721,790
Power and Gas \| Operating Segments \| Continuing Operations
Segment Reporting [Line Items]
Current assets	5	84,222
Non-current assets	370
Current liabilities	4,334	125,740
Non-current liabilities	0
Sustainability \| Operating Segments
Segment Reporting [Line Items]
Non-current assets		32,383
Total assets held for sale	0
Assets	51,990	47,099
Debt, net	0	0
Non-current liabilities		0
Disposal Group, Including Discontinued Operation, Liabilities	0
Liabilities	20	910
Redeemable preferred stock	0	0
Equity
Non-controlling interest in equity of consolidated subsidiaries	0	0
Total equity	51,970	46,189
Total liabilities, redeemable preferred stock and equity	51,990	47,099
Sustainability \| Operating Segments \| Continuing Operations
Segment Reporting [Line Items]
Current assets	794	14,716
Non-current assets	51,196
Current liabilities	20	$ 910
Non-current liabilities	$ 0

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Related Party Transactions

The following table summarizes the management fees, income incentive allocation and capital gains incentive allocation included in these consolidated financial statements:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Management fee	$	3,677	$	3,680	$	7,769	$	6,222
Income incentive fee	—		—		—		—
Capital gains incentive fee	—		—		—		—
Total	$	3,677	$	3,680	$	7,769	$	6,222

The following table summarizes our reimbursements to the Manager:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Classification in the Consolidated Statements of Operations:
General and administrative	$	1,710	$	1,577	$	3,191	$	3,269
Acquisition and transaction expenses	1,146		855		1,908		1,518
Total	$	2,856	$	2,432	$	5,099	$	4,787

The following table summarizes amounts due to the Manager, which are included within Accounts payable and accrued liabilities in the Consolidated Balance Sheets:


	June 30, 2026		December 31, 2025
Accrued management fees	$	7,769	$	12,172
Other payables	6,799		9,181

The following table presents the amount of this non-controlling interest share of net loss:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Non-controlling interest share of net loss	$	(11,075)	$	(10,580)	$	(24,754)	$	(21,664)

SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Reporting

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 June 30, 2026


	Three Months Ended June 30, 2026
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Revenues
Total revenues	$	92,154	$	24,316	$	5,537	$	48,844	$	—	$	15,917	$	186,768

Expenses
Operating expenses	51,334		18,740		6,377		24,923		2		15,957		117,333
General and administrative	—		—		—		—		—		3,674		3,674
Acquisition and transaction expenses	2,491		—		—		2,245		115		1,170		6,021
Management fees and incentive allocation to affiliate	—		—		—		—		—		3,677		3,677
Depreciation and amortization	19,512		11,997		2,655		5,109		—		238		39,511
Asset impairment	—		—		—		60,380		—		2,808		63,188
Total expenses	73,337		30,737		9,032		92,657		117		27,524		233,404

Other (expense) income
Equity in losses of unconsolidated entities	—		—		—		—		(560)		—		(560)
Loss on sale of assets, net	(16)		—		—		—		—		—		(16)
Loss on modification or extinguishment of debt	—		—		—		(549)		—		(1,053)		(1,602)
Interest expense	(1,905)		(13,636)		(1,405)		(25,031)		—		(63,515)		(105,492)
Other income	633		561		912		263		839		79		3,287
Total other (expense) income	(1,288)		(13,075)		(493)		(25,317)		279		(64,489)		(104,383)
Income (loss) before income taxes	17,529		(19,496)		(3,988)		(69,130)		162		(76,096)		(151,019)
Provision for (benefit from) income taxes	3,237		136		2		(14,951)		—		—		(11,576)
Net income (loss)	14,292		(19,632)		(3,990)		(54,179)		162		(76,096)		(139,443)
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries - common stockholders	(99)		(11,075)		(183)		(75)		—		55		(11,377)
Less: Preferred dividends and accretion on redeemable non-controlling interests	33,230		—		—		—		—		—		33,230
Less: Dividends and accretion of redeemable preferred stock	—		—		—		—		—		657		657

Less: Convertible preferred stock dividend	—		—		—		—		—		4,511		4,511

Net (loss) income attributable to common stockholders	$	(18,839)	$	(8,557)	$	(3,807)	$	(54,104)	$	162	$	(81,319)	$	(166,464)


	Three Months Ended June 30, 2025
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Revenues
Total revenues	$	42,140	$	21,628	$	2,992	$	41,796	$	—	$	13,730	$	122,286

Expenses
Operating expenses	22,130		17,018		5,449		16,026		2		13,810		74,435
General and administrative	—		—		—		—		—		3,862		3,862
Acquisition and transaction expenses	2,783		69		1,980		1,397		—		2,475		8,704
Management fees and incentive allocation to affiliate	—		—		—		—		—		3,680		3,680
Depreciation and amortization	4,979		11,290		2,494		15,018		—		217		33,998
Asset impairment	4,401		—		—		—		—		—		4,401
Total expenses	34,293		28,377		9,923		32,441		2		24,044		129,080

Other (expense) income
Equity in losses of unconsolidated entities	—		—		—		—		(1,995)		—		(1,995)

Loss on modification or extinguishment of debt	—		(742)		(3,324)		—		—		—		(4,066)
Interest expense	(112)		(16,000)		—		(24,787)		—		(18,305)		(59,204)
Other income (expense)	399		1,282		103		345		926		(3)		3,052
Total other income (expense)	287		(15,460)		(3,221)		(24,442)		(1,069)		(18,308)		(62,213)
Income (loss) before income taxes	8,134		(22,209)		(10,152)		(15,087)		(1,071)		(28,622)		(69,007)
Provision for (benefit from) income taxes	768		336		25		—		—		(177)		952
Net income (loss)	7,366		(22,545)		(10,177)		(15,087)		(1,071)		(28,445)		(69,959)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	46		(10,579)		(567)		—		—		—		(11,100)

Less: Dividends and accretion of redeemable preferred stock	—		—		—		—		—		20,957		20,957

Less: Convertible preferred stock dividend	—		—		—		—		—		4,082		4,082

Net income (loss) attributable to common stockholders	$	7,320	$	(11,966)	$	(9,610)	$	(15,087)	$	(1,071)	$	(53,484)	$	(83,898)

Segment Reporting, Reconciliation of Profit (Loss) by Segment to Consolidated

The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to common stockholders:


	Three Months Ended June 30, 2026
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Adjusted EBITDA	$	42,356	$	13,014	$	232	$	27,429	$	277	$	(7,195)	$	76,113
Add: Non-controlling share of Adjusted EBITDA	394		6,502		195		309		—		13		7,413
Add: Equity in losses of unconsolidated entities	—		—		—		—		(560)		—		(560)
Less: Interest and other costs on pension and OPEB liabilities	103		—		—		—		—		—		103
Less: Dividends and accretion of redeemable and convertible preferred stock	(33,230)		—		—		—		—		(5,168)		(38,398)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	—		—		—		—		560		—		560
Less: Interest expense	(1,905)		(13,636)		(1,405)		(25,031)		—		(63,515)		(105,492)
Less: Depreciation and amortization expense	(19,512)		(13,229)		(2,655)		(4,822)		—		(238)		(40,456)
Less: Incentive allocations	—		—		—		—		—		—		—
Less: Asset impairment charges	—		—		—		(60,380)		—		(2,808)		(63,188)
Less: Changes in fair value of non-hedge derivative instruments	(18)		—		—		(177)		—		—		(195)
Less: Losses on the modification or extinguishment of debt and capital lease obligations	—		—		—		(549)		—		(1,053)		(1,602)
Less: Acquisition and transaction expenses	(2,491)		—		—		(2,245)		(115)		(1,170)		(6,021)
Less: Equity-based compensation expense	(442)		(1,072)		(172)		(3,589)		—		(185)		(5,460)
Less: (Provision for) benefit from income taxes	(3,237)		(136)		(2)		14,951		—		—		11,576
Less: Other non-recurring items	(857)		—		—		—		—		—		(857)
Net (loss) income attributable to common stockholders	$	(18,839)	$	(8,557)	$	(3,807)	$	(54,104)	$	162	$	(81,319)	$	(166,464)

II. For the Six Months Ended June 30, 2026


	Six Months Ended June 30, 2026
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Revenues
Total revenues	$	177,162	$	51,634	$	6,745	$	110,850	$	—	$	28,741	$	375,132

Expenses
Operating expenses	98,098		44,553		12,683		52,698		2		29,693		237,727
General and administrative	—		—		—		—		—		7,228		7,228
Acquisition and transaction expenses	4,099		—		—		3,046		115		5,581		12,841
Management fees and incentive allocation to affiliate	—		—		—		—		—		7,769		7,769
Depreciation and amortization	38,999		23,984		5,238		21,485		—		496		90,202
Asset impairment	—		—		—		60,380		—		2,808		63,188
Total expenses	141,196		68,537		17,921		137,609		117		53,575		418,955

Other (expense) income
Equity in losses of unconsolidated entities	—		—		—		—		(1,078)		—		(1,078)
Loss on sale of assets, net	(9)		—		—		(573)		—		—		(582)
Loss on modification or extinguishment of debt	—		(6,429)		—		(549)		—		(40,538)		(47,516)
Interest expense	(3,404)		(29,871)		(3,356)		(48,697)		—		(102,651)		(187,979)
Other income (expense)	119		1,368		1,988		2,231		1,576		(1,011)		6,271
Total other (expense) income	(3,294)		(34,932)		(1,368)		(47,588)		498		(144,200)		(230,884)
Income (loss) before income taxes	32,672		(51,835)		(12,544)		(74,347)		381		(169,034)		(274,707)
Provision for (benefit from) income taxes	6,535		348		2		(14,951)		—		13		(8,053)
Net income (loss)	26,137		(52,183)		(12,546)		(59,396)		381		(169,047)		(266,654)
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries	(261)		(24,754)		(574)		(121)		—		73		(25,637)
Less: Preferred dividends and accretion on redeemable non-controlling interests	70,451		—		—		—		—		—		70,451
Less: Dividends and accretion of redeemable preferred stock	—		—		—		—		—		657		657

Less: Convertible preferred stock dividend	—		—		—		—		—		8,864		8,864

Net (loss) income attributable to common stockholders	$	(44,053)	$	(27,429)	$	(11,972)	$	(59,275)	$	381	$	(178,641)	$	(320,989)

The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to common stockholders:


	Six Months Ended June 30, 2026
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Adjusted EBITDA	$	82,589	$	27,451	$	(2,089)	$	53,840	$	496	$	(15,582)	$	146,705
Add: Non-controlling share of Adjusted EBITDA	704		16,542		477		569		—		27		18,319
Add: Equity in losses of unconsolidated entities	—		—		—		—		(1,078)		—		(1,078)
Less: Interest and other costs on pension and OPEB liabilities	283		—		—		—		—		—		283
Less: Dividends and accretion of redeemable and convertible preferred stock	(70,451)		—		—		—		—		(9,521)		(79,972)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	—		—		—		—		1,078		—		1,078
Less: Interest expense	(3,404)		(29,871)		(3,356)		(48,697)		—		(102,651)		(187,979)
Less: Depreciation and amortization expense	(38,999)		(26,449)		(5,238)		(10,962)		—		(496)		(82,144)
Less: Incentive allocations	—		—		—		—		—		—		—
Less: Asset impairment charges	—		—		—		(60,380)		—		(2,808)		(63,188)
Less: Changes in fair value of non-hedge derivative instruments	(924)		—		—		171		—		—		(753)
Less: Losses on the modification or extinguishment of debt and capital lease obligations	—		(6,429)		—		(549)		—		(40,538)		(47,516)
Less: Acquisition and transaction expenses	(4,099)		—		—		(3,046)		(115)		(5,581)		(12,841)
Less: Equity-based compensation expense	(889)		(8,325)		(1,764)		(5,172)		—		(288)		(16,438)
Less: (Provision for) benefit from income taxes	(6,535)		(348)		(2)		14,951		—		(13)		8,053
Less: Other non-recurring items	(2,328)		—		—		—		—		(1,190)		(3,518)
Net (loss) income attributable to common stockholders	$	(44,053)	$	(27,429)	$	(11,972)	$	(59,275)	$	381	$	(178,641)	$	(320,989)

The following table sets forth a reconciliation of Adjusted EBITDA to net income (loss) attributable to common stockholders:


	Three Months Ended June 30, 2025
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Adjusted EBITDA	$	20,671	$	11,082	$	(2,082)	$	22,971	$	824	$	(7,550)	$	45,916
Add: Non-controlling share of Adjusted EBITDA	84		6,948		445		—		—		—		7,477
Add: Equity in losses of unconsolidated entities	—		—		—		—		(1,995)		—		(1,995)
Less: Interest and other costs on pension and OPEB liabilities	264		—		—		—		—		—		264
Less: Dividends and accretion of redeemable and convertible preferred stock	—		—		—		—		—		(25,039)		(25,039)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	—		—		—		—		100		—		100
Less: Interest expense	(112)		(16,000)		—		(24,787)		—		(18,305)		(59,204)
Less: Depreciation and amortization expense	(4,979)		(12,522)		(2,494)		(11,874)		—		(217)		(32,086)
Less: Incentive allocations	—		—		—		—		—		—		—
Less: Asset impairment charges	(4,401)		—		—		—		—		—		(4,401)
Less: Changes in fair value of non-hedge derivative instruments	—		—		—		—		—		—		—
Less: Losses on the modification or extinguishment of debt and capital lease obligations	—		(742)		(3,324)		—		—		—		(4,066)
Less: Acquisition and transaction expenses	(2,783)		(69)		(1,980)		(1,397)		—		(2,475)		(8,704)
Less: Equity-based compensation expense	(358)		(327)		(150)		—		—		(75)		(910)
Less: (Provision for) benefit from income taxes	(768)		(336)		(25)		—		—		177		(952)
Less: Other non-recurring items	(298)		—		—		—		—		—		(298)
Net income (loss) attributable to common stockholders	$	7,320	$	(11,966)	$	(9,610)	$	(15,087)	$	(1,071)	$	(53,484)	$	(83,898)

IV. For the Six Months Ended June 30, 2025


	Six Months Ended June 30, 2025
			Port and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Revenues
Total revenues	$	84,771	$	41,077	$	6,803	$	59,090	$	—	$	26,706	$	218,447

Expenses
Operating expenses	45,069		35,112		12,115		22,337		2		26,845		141,480
General and administrative	—		—		—		—		—		8,975		8,975
Acquisition and transaction expenses	2,876		68		2,296		2,466		—		4,513		12,219
Management fees and incentive allocation to affiliate	—		—		—		—		—		6,222		6,222
Depreciation and amortization	10,065		22,530		4,990		21,108		—		317		59,010
Asset impairment	4,401		—		—		—		—		—		4,401
Total expenses	62,411		57,710		19,401		45,911		2		46,872		232,307

Other income (expense)
Equity in earnings (losses) of unconsolidated entities	—		—		—		10,588		(7,319)		50		3,319
(Loss) gain on sale of assets, net	(124)		—		—		119,952		—		—		119,828
Loss on modification or extinguishment of debt	—		(749)		(3,324)		—		—		—		(4,073)
Interest expense	(251)		(32,624)		(1,518)		(33,804)		—		(34,119)		(102,316)
Other income (expense)	787		2,008		103		2,585		1,265		(3)		6,745
Total other income (expense)	412		(31,365)		(4,739)		99,321		(6,054)		(34,072)		23,503
Income (loss) before income taxes	22,772		(47,998)		(17,337)		112,500		(6,056)		(54,238)		9,643
Provision for (benefit from) income taxes	1,580		759		37		(42,457)		—		(481)		(40,562)
Net income (loss)	21,192		(48,757)		(17,374)		154,957		(6,056)		(53,757)		50,205
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	133		(21,663)		(971)		—		—		—		(22,501)

Less: Dividends and accretion of redeemable preferred stock	—		—		—		—		—		42,798		42,798

Less: Convertible preferred stock dividend	—		—		—		—		—		5,549		5,549

Net income (loss) attributable to common stockholders	$	21,059	$	(27,094)	$	(16,403)	$	154,957	$	(6,056)	$	(102,104)	$	24,359

The following table sets forth a reconciliation of Adjusted EBITDA to net income (loss) attributable to common stockholders:


	Six Months Ended June 30, 2025
			Port and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Adjusted EBITDA	$	40,595	$	19,032	$	(3,534)	$	161,061	$	(802)	$	(15,217)	$	201,135
Add: Non-controlling share of Adjusted EBITDA	122		13,904		783		—		—		—		14,809
Add: Equity in earnings (losses) of unconsolidated entities	—		—		—		10,588		(7,319)		50		3,319
Less: Interest and other costs on pension and OPEB liabilities	529		—		—		—		—		—		529
Less: Dividends and accretion of redeemable and convertible preferred stock	—		—		—		—		—		(48,347)		(48,347)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	—		—		—		(6,503)		2,065		38		(4,400)
Less: Interest expense	(251)		(32,624)		(1,518)		(33,804)		—		(34,119)		(102,316)
Less: Depreciation and amortization expense	(10,065)		(24,995)		(4,990)		(16,376)		—		(317)		(56,743)
Less: Incentive allocations	—		—		—		—		—		—		—
Less: Asset impairment charges	(4,401)		—		—		—		—		—		(4,401)
Less: Changes in fair value of non-hedge derivative instruments	—		—		—		—		—		—		—
Less: Losses on the modification or extinguishment of debt and capital lease obligations	—		(749)		(3,324)		—		—		—		(4,073)
Less: Acquisition and transaction expenses	(2,876)		(68)		(2,296)		(2,466)		—		(4,513)		(12,219)
Less: Equity-based compensation expense	(716)		(835)		(452)		—		—		(160)		(2,163)
Less: (Provision for) benefit from income taxes	(1,580)		(759)		(37)		42,457		—		481		40,562
Less: Other non-recurring items	(298)		—		(1,035)		—		—		—		(1,333)
Net income (loss) attributable to common stockholders	$	21,059	$	(27,094)	$	(16,403)	$	154,957	$	(6,056)	$	(102,104)	$	24,359

Reconciliation of Other Significant Reconciling Items from Segments to Consolidated

The following tables set forth the summarized balance sheet. All property, plant and equipment and leasing equipment are located in North America.


	June 30, 2026
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Current assets	$	106,650	$	87,173	$	94,917	$	5	$	794	$	21,295	$	310,834
Non-current assets	2,054,760		1,091,164		538,091		370		51,196		42,940		3,778,521
Assets held for sale	4,510		—		—		1,652,880		—		—		1,657,390
Total assets	2,165,920		1,178,337		633,008		1,653,255		51,990		64,235		5,746,745

Total debt, net	47,261		921,411		396,434		—		—		1,398,611		2,763,717

Current liabilities	107,673		304,612		55,628		4,334		20		282,029		754,296
Non-current liabilities	539,224		764,666		394,232		—		—		1,165,123		2,863,245
Liabilities held for sale	—		—		—		1,490,882		—		—		1,490,882
Total liabilities	646,897		1,069,278		449,860		1,495,216		20		1,447,152		5,108,423

Redeemable preferred stock	1,003,747		—		—		—		—		153,298		1,157,045

Non-controlling interests in equity of consolidated subsidiaries	4,813		(199,006)		(4,722)		9,894		—		74		(188,947)
Total equity	515,276		109,059		183,148		158,039		51,970		(1,536,215)		(518,723)
Total liabilities, redeemable preferred stock and equity	$	2,165,920	$	1,178,337	$	633,008	$	1,653,255	$	51,990	$	64,235	$	5,746,745


	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

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

FAIR VALUE MEASUREMENTS (Fair Value by Balance Sheet Grouping) (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Series A 2020 Bonds \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value disclosure	$ 117,212	$ 115,979
Series A 2021 Bonds \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value disclosure	107,960	120,448
Series B 2021 Bonds \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value disclosure	183,192	182,630
Series A 2024 Bonds \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value disclosure	159,614	160,802
Series B 2024 Bonds \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value disclosure	217,874	222,949
Series 2025 Bonds \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value disclosure	318,216	309,285
Senior Notes due 2032 \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value disclosure	0	638,880
EB-5 Loan Agreement (2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Term Debt, Fair Value	24,344	25,536
EB-5.2 Loan Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Term Debt, Fair Value	9,157	9,529
EB-5.3 Loan Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Term Debt, Fair Value	$ 25,740	$ 25,315

ACQUISITION AND DIVESTITURES - Intangible Assets Acquired (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Feb. 26, 2025
Business Combination [Line Items]
Fair value	$ 55,980	$ 43,173
Power and Gas
Business Combination [Line Items]
Estimated useful life in years			15 years
Fair value			$ 1,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-4

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-47

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-3

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-4A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-4

Reference 22: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-4A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-4A

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 37: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Jan. 21, 2026
Property, Plant, and Equipment [Line Items]
Assets	$ 5,746,745		$ 5,746,745		$ 5,748,661
Liabilities	5,108,423		5,108,423		4,804,678
Capitalized Contract Cost, Net, Noncurrent	12,100		12,100		13,700
Other assets	100,241		100,241		81,697
Other Liabilities, Insurance Premiums, Current	5,800		5,800		2,700
Deferred Revenue	10,900		10,900		11,500
Goodwill	275,366		275,366		365,703
Unamortized Debt Issuance Expense	(23,876)		(23,876)		(21,858)
Amortization of deferred financing costs	3,300	$ 2,300	7,218	$ 5,218
Prepaid expense	16,107		16,107		20,403
Other receivables	16,533		16,533		10,587
Other current assets	48,500		48,500		62,677
Debt, net	2,763,717		2,763,717		3,774,173
Total debt	2,787,593		2,787,593		3,796,031
Investments	21,166		21,166		22,243
Nontrade Receivables, Current					13,605
Deposits	0		0		3,817
Inventory, Gross	909		909		1,269
Debt, net	2,763,717		2,763,717		3,774,173
Total debt	2,787,593		2,787,593		3,796,031
Loans payable
Property, Plant, and Equipment [Line Items]
Total debt	1,631,738		1,631,738		2,031,493
Total debt	1,631,738		1,631,738		2,031,493
Loans payable \| Corporate Bridge Loan Credit Agreement $1.25B
Property, Plant, and Equipment [Line Items]
Total debt	0		0		1,227,294
Total debt	0		0		1,227,294
Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent
Property, Plant, and Equipment [Line Items]
Other current assets	$ 14,951		$ 14,951		$ 12,996
Three Customers \| Accounts Receivable \| Customer Concentration Risk
Property, Plant, and Equipment [Line Items]
Concentration risk			33.00%		41.00%
Jefferson Terminal \| Customer One \| Sales Revenue, Segment \| Customer Concentration Risk
Property, Plant, and Equipment [Line Items]
Concentration risk	8.00%	11.00%	8.00%	11.00%
Railroad \| Customer One \| Sales Revenue, Segment \| Customer Concentration Risk
Property, Plant, and Equipment [Line Items]
Concentration risk	23.00%	32.00%	23.00%	36.00%
The Wheeling Corporation
Property, Plant, and Equipment [Line Items]
Finance Lease, Liability, Noncurrent						$ 46,800
Tidewater
Property, Plant, and Equipment [Line Items]
Finance Lease, Liability, Noncurrent						$ 26,500

INTANGIBLE ASSETS, NET

6 Months Ended

Jun. 30, 2026

Intangible Assets and Liabilities Disclosure [Abstract]

INTANGIBLE ASSETS, NET

6. INTANGIBLE ASSETS, NET

Intangible assets, net are summarized as follows:


	June 30, 2026
	Railroad		Total
Customer relationships	$	75,735	$	75,735
Less: Accumulated amortization	(19,755)		(19,755)
Total intangible assets, net	$	55,980	$	55,980


	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

As of June 30, 2026, Intangible assets, net related to the Power and Gas segment were classified as assets held for sale on the Consolidated Balance Sheet (refer to Note 2 for additional details).

Amortization of customer relationships is included in Depreciation and amortization in the Consolidated Statements of Operations and is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Amortization of customer relationships	$	1,011	$	1,010	$	2,014	$	2,006

The changes in the carrying amount of goodwill for the six months ended June 30, 2026 are as follows:


	Railroad		Jefferson		Power and Gas		Corporate and Other		Total
Goodwill - December 31, 2025	$	147,235	$	122,735	$	90,337	$	5,396	$	365,703
Goodwill classified as held for sale	—		—		(90,337)		—		(90,337)
Goodwill - June 30, 2026	$	147,235	$	122,735	$	—	$	5,396	$	275,366

LEASING EQUIPMENT, NET

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

LEASING EQUIPMENT, NET

3. LEASING EQUIPMENT, NET

Leasing equipment, net is summarized as follows:


	June 30, 2026		December 31, 2025
Leasing equipment	$	50,029	$	49,986
Less: Accumulated depreciation	(14,207)		(13,416)
Leasing equipment, net	$	35,822	$	36,570

Depreciation expense for leasing equipment is summarized as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Depreciation expense for leasing equipment	$	396	$	412	$	792	$	822

CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (139,443)	$ (69,959)	$ (266,654)	$ 50,205
Other comprehensive income (loss):
Other comprehensive (loss) income related to derivatives	(42,757)	(17,468)	(38,903)	141,084
Change in pension and other employee benefit accounts	(487)	(559)	(1,018)	(1,117)
Total comprehensive (loss) income	(182,687)	(87,986)	(306,575)	190,172
Comprehensive loss attributable to non-controlling interests	(11,377)	(11,100)	(25,637)	(22,501)
Comprehensive (loss) income attributable to stockholders	$ (171,310)	$ (76,886)	$ (280,938)	$ 212,673

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-11

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482705/350-40-65-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479719/606-10-65-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-3A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478009/946-205-45-3

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-19

Reference 40: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 43: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4J
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4J

Reference 44: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4K
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4K

Reference 45: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

PROPERTY, PLANT AND EQUIPMENT, NET

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

4. PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net is summarized as follows:




	June 30, 2026		December 31, 2025
Land, site improvements and rights	$	360,555	$	513,835
Buildings and improvements	39,322		72,997
Bridges and tunnels	968,640		969,551
Terminal machinery and equipment	1,301,890		1,357,502
Proved oil and gas properties	—		304,716
Unproved oil and gas properties	—		144,455
Power plant	—		850,489
Track and track related assets	347,848		335,850
Railroad equipment	4,238		9,694
Railcars and locomotives	181,955		181,892
Computer hardware and software	22,408		22,532
Furniture and fixtures	2,246		2,246
Construction in progress	360,745		263,495
Other	29,591		30,029
	3,619,438		5,059,283
Less: Accumulated depreciation	(483,898)		(477,512)
Property, plant and equipment, net	$	3,135,540	$	4,581,771

Amounts in the above table do not include assets classified as held for sale on the Consolidated Balance Sheet as of June 30, 2026 (refer to Note 2 for additional details).

Depreciation expense for property, plant and equipment is summarized as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

Depreciation expense	$	38,021	$	32,576	$	87,230	$	56,182

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/360/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482130/360-10-45-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.CC)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480091/360-10-S99-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-7

+ Details

CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 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)	0	(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: Dividends and accretion of redeemable preferred stock	33,230	0	70,451	0
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 stockholders	(166,464)	(83,898)	(320,989)	24,359
Net (loss) income attributable to common stockholders - Basic	$ (166,464)	$ (83,898)	$ (320,989)	$ 24,359
(Loss) earnings per share:
Basic (in dollars per share)	$ (1.41)	$ (0.73)	$ (2.73)	$ 0.21
Diluted (in dollars per share)	$ (1.41)	$ (0.73)	$ (2.73)	$ 0.21
Weighted average shares outstanding:
Basic (in shares)	118,163,955	114,880,817	117,430,787	114,491,338
Diluted (in shares)	118,163,955	114,880,817	117,430,787	115,260,452

REDEEMABLE PREFERRED STOCK	6 Months Ended
REDEEMABLE PREFERRED STOCK	Jun. 30, 2026
Equity [Abstract]
REDEEMABLE PREFERRED STOCK	15. REDEEMABLE PREFERRED STOCK Series B Preferred Stock - Redeemable Convertible Preferred Stock As of June 30, 2026, the Company has $23.0 million of cumulative dividends increasing the liquidation preference on the Series B Preferred Stock. Dividends recorded in Dividends and accretion of redeemable preferred stock on the Consolidated Statements of Operations totaled $0.7 million and $0.7 million for the three and six months ended June 30, 2026, respectively. If the Series B Preferred Stock were redeemed due to a change in control as of June 30, 2026, it would be redeemable for $186.6 million. If the Series B Preferred Stock were converted at the option of the holder as of June 30, 2026, it would be converted to 22,369,536 shares of common stock. The Company would have an obligation to pay cash of $0.6 million for shares over the Share Cap on an optional conversion at June 30, 2026. Series A Preferred Stock - RailCo - Redeemable Preferred Stock - Non-Controlling Interest As of June 30, 2026, RR Holdings had $92.4 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 $28.0 million and $55.0 million for the three and six months ended June 30, 2026, respectively. 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 and $10.4 million for the three and six months ended June 30, 2026, respectively. As of June 30, 2026, the Series A Preferred Stock - RailCo shares would be redeemable at a redemption price per share of $1,417.48.

LEASING EQUIPMENT, NET (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
LEASING EQUIPMENT, NET (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Property, Plant and Equipment, Leasing Equipment [Line Items]
Leasing equipment, net	$ 35,822		$ 35,822		$ 36,570
Leasing Equipment
Property, Plant and Equipment, Leasing Equipment [Line Items]
Leasing equipment	50,029		50,029		49,986
Less: Accumulated depreciation	(14,207)		(14,207)		(13,416)
Leasing equipment, net	35,822		35,822		$ 36,570
Depreciation expense for leasing equipment	$ 396	$ 412	$ 792	$ 822

INTANGIBLE ASSETS, NET (Tables)

6 Months Ended

Jun. 30, 2026

Intangible Assets and Liabilities Disclosure [Abstract]

Schedule of Intangible Assets and Liabilities

Intangible assets, net are summarized as follows:


	June 30, 2026
	Railroad		Total
Customer relationships	$	75,735	$	75,735
Less: Accumulated amortization	(19,755)		(19,755)
Total intangible assets, net	$	55,980	$	55,980


	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

As of June 30, 2026, Intangible assets, net related to the Power and Gas segment were classified as assets held for sale on the Consolidated Balance Sheet (refer to Note 2 for additional details).

Schedule of Finite-Lived Intangible Assets and Liabilities

Amortization of customer relationships is included in Depreciation and amortization in the Consolidated Statements of Operations and is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Amortization of customer relationships	$	1,011	$	1,010	$	2,014	$	2,006

Schedule of Carrying Amounts of Goodwill

The changes in the carrying amount of goodwill for the six months ended June 30, 2026 are as follows:


	Railroad		Jefferson		Power and Gas		Corporate and Other		Total
Goodwill - December 31, 2025	$	147,235	$	122,735	$	90,337	$	5,396	$	365,703
Goodwill classified as held for sale	—		—		(90,337)		—		(90,337)
Goodwill - June 30, 2026	$	147,235	$	122,735	$	—	$	5,396	$	275,366

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	18. SUBSEQUENT EVENTS Jefferson Bridge Loan Credit Agreement and July 2026 Jefferson Credit Agreement On July 1, 2026, our Jefferson Terminal segment entered into a bridge loan credit agreement (the “Jefferson Bridge Loan Credit Agreement”), providing for a $230.0 million secured bridge loan facility that matures on June 30, 2027 and bears interest at the sum of 5.50% plus the SOFR as administered by the Federal Reserve Bank of New York, with 0.50% step-ups every 90 days for the duration of the agreement. On July 1, 2026, our Jefferson Terminal segment also entered into a credit agreement (the “July 2026 Jefferson Credit Agreement”), providing for a $30.0 million secured bridge loan facility, which matures on December 15, 2026 with the option to extend the maturity date to August 31, 2027 pursuant to the terms of the July 2026 Jefferson Credit Agreement, and bears interest at the sum of 4.00% plus the SOFR as administered by the Federal Reserve Bank of New York. Proceeds from the Jefferson Bridge Loan Credit Agreement and the July 2026 Jefferson Credit Agreement were used to (i) repay at maturity all amounts outstanding under the Jefferson Taxable Series 2024B Bonds, (ii) fund a portion of the debt service reserve account required under the Jefferson Bridge Loan Credit Agreement and (iii) pay certain fees, costs and expenses incurred in connection with the transactions noted above. Dividends On August 5, 2026, our board of directors declared a cash dividend on our common stock of $0.03 per share for the quarter ended June 30, 2026, payable on September 8, 2026 to the holders of record on August 24, 2026.

SEGMENT INFORMATION - Narrative (Details)	6 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	5

Cover page - shares	6 Months Ended
Cover page - shares	Jun. 30, 2026	Aug. 04, 2026
Cover [Abstract]
Document Type	10-Q
Document Period End Date	Jun. 30, 2026
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-41370
Entity Registrant Name	FTAI INFRASTRUCTURE INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-4407005
Entity Address, Address Line One	1345 Avenue of the Americas, 45th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10105
City Area Code	212
Local Phone Number	798-6100
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	FIP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		118,181,737
Entity Central Index Key	0001899883
Document Fiscal Year Focus	2026
Amendment Flag	false
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

INVESTMENTS

6 Months Ended

Jun. 30, 2026

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS

5. INVESTMENTS

The following table presents the ownership interests and carrying values of our investments:


			Carrying Value
	Investment	Ownership Percentage	June 30, 2026		December 31, 2025
Intermodal Finance I, Ltd.	Equity method	51%	$	—	$	—

Pyroplast Energy LTD	Equity method	46.8%	21,166		22,243
			$	21,166	$	22,243

The following table presents our proportionate share of equity in earnings (losses):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Intermodal Finance I, Ltd.	$	—	$	—	$	—	$	50
Long Ridge Energy & Power LLC	—		—		—		10,899
Long Ridge West Virginia LLC	—		—		—		(311)
GM-FTAI Holdco LLC	—		(1,895)		—		(7,110)
Clean Planet Energy USA LLC	—		(100)		—		(209)
Pyroplast Energy LTD	(560)		—		(1,078)		—
Total	$	(560)	$	(1,995)	$	(1,078)	$	3,319

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.

On April 17, 2026, the Company converted it’s existing Secured Promissory Note into preferred equity and invested an additional $5.0 million in TimberHP as preferred equity for a total $10.0 million investment. On the same date, the Company also issued a $5.0 million revolver to TimberHP that was not drawn upon as of June 30, 2026.

EQUITY-BASED COMPENSATION

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

EQUITY-BASED COMPENSATION

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 June 30, 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 six months ended June 30, 2026, we issued 19,166 shares of common stock to certain directors 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 six months ended June 30, 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 June 30,				Expense Recognized During the Six Months Ended June 30,				Remaining Expense To Be Recognized, If All Vesting Conditions Are Met		Weighted Average Remaining Contractual Term (in years)
	2026		2025		2026		2025

Restricted shares	$	3,684	$	70	$	5,365	$	140	$	2,136	0.4
Common units	442		358		889		716		1,728		0.8
Total	$	4,126	$	428	$	6,254	$	856	$	3,864

Restricted Stock Units to Subsidiary Employees

During the six months ended June 30, 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 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 June 30,				Expense Recognized During the Six Months Ended June 30,				Remaining Expense To Be Recognized, If All Vesting Conditions Are Met		Weighted Average Remaining Contractual Term (in years)
	2026		2025		2026		2025
Restricted stock units	$	1,244	$	479	$	10,088	$	1,289	$	5,821	1.0
Total	$	1,244	$	479	$	10,088	$	1,289	$	5,821

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Statement [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares issued (in shares)	118,181,737	116,294,461
Common stock, shares outstanding (in shares)	118,181,737	116,294,461
Series B Preferred Stock
Statement [Line Items]
Redeemable preferred equity, shares issued (in shares)	160,000	160,000
Redeemable preferred stock, par value (dollars per share)	$ 0.01
Redeemable preferred stock, share authorized (in shares)	200,000,000
Redeemable preferred equity, shares outstanding (in shares)	160,000	160,000
Liquidation preference	$ 192,000	$ 192,000
Series A Preferred Stock - Railco
Statement [Line Items]
Redeemable preferred equity, shares issued (in shares)	1,000,000	1,000,000
Redeemable preferred stock, par value (dollars per share)	$ 0	$ 0
Redeemable preferred stock, share authorized (in shares)	1,000,000	1,000,000
Redeemable preferred equity, shares outstanding (in shares)	1,000,000	1,000,000
Liquidation preference	$ 1,400,000	$ 1,400,000