FTAI Infrastructure Inc. (NASDAQ: FIP)

FTAI Infrastructure Inc. specializes in acquiring, developing, and operating critical infrastructure assets for the transportation, energy, and industrial products industries. The company was established on December 13, 2021, as FTAI Infrastructure LLC, a Delaware limited liability company, and is a subsidiary of FTAI Aviation Ltd. FTAI Infrastructure Inc. is publicly traded on The Nasdaq Global Select Market under the symbol FIP. The company's operations are divided into four primary business lines: Railroad, Ports and Terminals, Power and Gas, and Sustainability and Energy Transition. FTAI Infrastructure Inc. targets sectors with strong long-term growth potential and seeks investment opportunities that generate strong risk-adjusted returns. The company employs an opportunistic approach, focusing on distressed or undervalued assets or those where value can be added through active management. FTAI Infrastructure Inc. aims to develop incremental opportunities to deploy capital through follow-on investments in existing assets to grow earnings and create value. As of December 31, 2025, the company had total consolidated assets of $5.7 billion and redeemable preferred stock and equity of $944.0 million.

FTAI Infrastructure Inc. generates revenue through its four primary business lines. The Railroad business invests in and operates short line and regional railroads in North America. The Ports and Terminals business develops or acquires industrial properties in strategic locations that store and handle energy products. The Power and Gas business develops and operates facilities that leverage property locations and key attributes to generate incremental value. The Sustainability and Energy Transition business focuses on investments in companies and assets that utilize green technology, produce sustainable fuels and products, or enable customers to reduce their carbon footprint. For the year ended December 31, 2025, the Railroad business accounted for 34% of total revenue, the Ports and Terminals business accounted for 19%, and the Power and Gas business accounted for 36%. Corporate and other sources accounted for the remaining 11% of total revenue.

• Railroad: The Railroad business primarily invests in and operates short line and regional railroads in North America. Key assets include Transtar, which comprises six short-line freight railroads and one switching company, and The Wheeling Corporation, which owns and operates the Wheeling and Lake Erie Railway and the Akron Barberton Cluster Railway. Transtar provides rail service to U.S. Steel Corporation under an exclusive strategic rail partnership. The Wheeling Corporation serves approximately 250 customers across Ohio, Pennsylvania, West Virginia, and Maryland, handling over 124,000 carloads annually.

• Ports and Terminals: The Ports and Terminals business consists of the Jefferson Terminal and Repauno segments. Jefferson Terminal develops, owns, and operates port terminals in southeast Texas, on the U.S. Gulf Coast. It handles, stores, and blends light and heavy crudes and refined products for regional and global refiners. Repauno is a premier multimodal facility on the Atlantic Seaboard, designed to safely and efficiently handle a wide variety of freight, providing critical logistics services to multiple industrial segments.

• Power and Gas: The Power and Gas business develops and operates facilities that leverage property locations and key attributes to generate incremental value. Key assets include Long Ridge Energy & Power, which operates a 485-megawatt combined-cycle power plant at the Long Ridge terminal in Ohio. Long Ridge continues to evaluate opportunities to deploy its assets for sustainable and traditional energy projects and other value-driving enterprises.

• Sustainability and Energy Transition: The Sustainability and Energy Transition business focuses on investments in companies and assets that utilize green technology, produce sustainable fuels and products, or enable customers to reduce their carbon footprint. Key investments include Aleon and Gladieux, which specialize in recycling spent catalyst and developing a lithium-ion battery recycling business, and Clean Planet Group, which develops green recycling facilities that convert non-recyclable waste plastics into ultra-clean fuels and oils.

FTAI Infrastructure Inc. operates in a highly competitive industry, facing competition from traditional infrastructure companies, commercial and investment banks, hedge funds, private equity funds, and other private investors. The company competes on the basis of industry knowledge, availability of capital, and deal structuring experience and flexibility. FTAI Infrastructure Inc. believes its Manager's experience in the infrastructure industry and its access to capital, along with its focus on diverse asset classes and customers, provides a competitive advantage versus competitors that maintain a single sector focus. The company's strategic approach to asset acquisition and active management of its portfolio positions it well within the industry.

FTAI Infrastructure Inc.'s customers consist of global industrial and energy companies, including corporations that refine crude oil and trade petroleum products, manufacturers, and local electricity markets and traders. The company maintains ongoing relationships and discussions with its customers to monitor their needs and quality, source additional opportunities, and gain insight into attractive opportunities in the infrastructure sectors. A substantial portion of the company's revenue has historically been derived from a small number of customers, with its largest customer accounting for 27% of its revenue and 17% of total accounts receivable, net, as of December 31, 2025.