FTAI Infrastructure (FIP) 10-Q 27 Jul 23 2023 Q2 Quarterly report Financial data

Cover page

Cover page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 25, 2023
Cover [Abstract]
Document Type	10-Q
Document Period End Date	Jun. 30, 2023
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	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		99,470,553
Entity Central Index Key	0001899883
Document Fiscal Year Focus	2023
Amendment Flag	false
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 42,523	$ 36,486
Restricted cash	54,960	113,156
Accounts receivable, net	56,375	60,807
Other current assets	60,581	67,355
Total current assets	214,439	277,804
Leasing equipment, net	34,240	34,907
Operating lease right-of-use assets, net	69,560	71,015
Property, plant, and equipment, net	1,687,929	1,673,808
Investments	70,245	73,589
Intangible assets, net	56,414	60,195
Goodwill	260,252	260,252
Other assets	44,531	26,829
Total assets	2,437,610	2,478,399
Current liabilities:
Accounts payable and accrued liabilities	122,491	136,048
Current debt, net	24,037	0
Operating lease liabilities	7,070	7,045
Other current liabilities	28,463	16,488
Total current liabilities	182,061	159,581
Debt, net	1,276,641	1,230,157
Operating lease liabilities	62,207	63,147
Other liabilities	90,886	236,130
Total liabilities	1,611,795	1,689,015
Commitments and contingencies
Redeemable preferred stock ($0.01 par value per share; 200,000,000 shares authorized; 300,000 shares issued and outstanding as of June 30, 2023 and December 31, 2022; redemption amount of $448.2 million at June 30, 2023 and December 31, 2022)	294,417	264,590
Equity
Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 99,470,553 and 99,445,074 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively)	994	994
Additional paid in capital	874,729	911,599
Accumulated deficit	(110,452)	(60,837)
Accumulated other comprehensive loss	(184,727)	(300,133)
Stockholders' equity	580,544	551,623
Non-controlling interest in equity of consolidated subsidiaries	(49,146)	(26,829)
Total equity	531,398	524,794
Total liabilities and equity	$ 2,437,610	$ 2,478,399

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Redeemable preferred stock, par value (dollars per share)	$ 0.01	$ 0.01
Redeemable preferred stock, share authorized (in shares)	200,000,000	200,000,000
Redeemable preferred equity, shares issued (in shares)	300,000	300,000
Redeemable preferred equity, shares outstanding (in shares)	300,000	300,000
Redeemable preferred stock, redemption amount	$ 448.2	$ 448.2
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)	99,470,553	99,470,553
Common stock, shares outstanding (in shares)	99,470,553	99,445,074

CONSOLIDATED AND COMBINED CONSO

CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Total revenues	$ 81,832		$ 65,868		$ 158,326	$ 112,016
Expenses
Operating expenses	62,775		49,229		127,937	87,297
General and administrative	3,702		2,498		6,903	4,928
Acquisition and transaction expenses	636		8,872		905	13,108
Management fees and incentive allocation to affiliate	3,084		3,065		6,066	7,226
Depreciation and amortization	20,292		17,319		40,427	34,315
Asset impairment	602		0		743	0
Total expenses	91,091		80,983		182,981	146,874
Other income (expense)
Equity in (losses) earnings of unconsolidated entities	(1,625)		(13,859)		2,741	(35,902)
Gain on sale of assets, net	647		0		523	0
Interest expense	(24,182)		(6,486)		(47,432)	(12,945)
Other income (expense)	1,370		(553)		1,591	(1,012)
Total other expense	(23,790)		(20,898)		(42,577)	(49,859)
Loss before income taxes	(33,049)		(36,013)		(67,232)	(84,717)
Provision for income taxes	823		1,947		2,552	3,531
Net loss	(33,872)	$ (35,912)	(37,960)	$ (50,288)	(69,784)	(88,248)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	(10,276)		(8,480)		(20,169)	(15,946)
Less: Dividends and accretion on redeemable preferred stock	15,257		0		29,827	0
Net loss attributable to stockholders/Former Parent	$ (38,853)		$ (29,480)		$ (79,442)	$ (72,302)
Loss per share:
Basic (in dollars per share)	$ (0.38)		$ (0.30)		$ (0.77)	$ (0.73)
Diluted (in dollars per share)	$ (0.38)		$ (0.30)		$ (0.77)	$ (0.73)
Weighted average shares outstanding:
Basic (in shares)	102,793,800		99,387,467		102,790,737	99,387,467
Diluted (in shares)	102,793,800		99,387,467		102,790,737	99,387,467

CONSOLIDATED AND COMBINED CON_2

CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (33,872)	$ (37,960)	$ (69,784)	$ (88,248)
Other comprehensive income (loss):
Other comprehensive income (loss) related to equity method investees, net	62,578	(47,714)	115,430	(144,662)
Change in pension and other employee benefit accounts	(12)	0	(24)	0
Total comprehensive (loss) income	28,694	(85,674)	45,622	(232,910)
Comprehensive loss attributable to non-controlling interest	(10,276)	(8,480)	(20,169)	(15,946)
Comprehensive income (loss) attributable to stockholders/Former Parent	$ 38,970	$ (77,194)	$ 65,791	$ (216,964)

CONSOLIDATED AND COMBINED CON_3

CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Net Former Parent Investment	Additional Paid In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Non-Controlling Interest in Equity of Consolidated Subsidiaries
Beginning balance at Dec. 31, 2021	$ 1,462,046		$ 1,617,601			$ (155,464)	$ (91)
Increase (Decrease) in Partners' Capital [Roll Forward]
Net loss	(50,288)		(42,822)				(7,466)
Other comprehensive loss	(96,948)					(96,948)
Total comprehensive (loss) income	(147,236)		(42,822)			(96,948)	(7,466)
Net transfers from Former Parent	34,270		34,270
Equity-based compensation	709						709
Ending balance at Mar. 31, 2022	1,349,789		1,609,049			(252,412)	(6,848)
Beginning balance at Dec. 31, 2021	1,462,046		1,617,601			(155,464)	(91)
Increase (Decrease) in Partners' Capital [Roll Forward]
Net loss	(88,248)
Total comprehensive (loss) income	(232,910)
Capital contribution from non-controlling interests	562
Ending balance at Jun. 30, 2022	1,345,813		1,656,695			(300,126)	(10,756)
Beginning balance at Mar. 31, 2022	1,349,789		1,609,049			(252,412)	(6,848)
Increase (Decrease) in Partners' Capital [Roll Forward]
Net loss	(37,960)		(29,480)				(8,480)
Other comprehensive loss	(47,714)					(47,714)
Total comprehensive (loss) income	(85,674)		(29,480)			(47,714)	(8,480)
Capital contribution from non-controlling interests	562						562
Net transfers from Former Parent	77,126		77,126
Equity-based compensation	956						956
Ending balance at Jun. 30, 2022	1,345,813		$ 1,656,695			(300,126)	(10,756)
Beginning balance at Dec. 31, 2022	524,794	$ 994		$ 911,599	$ (60,837)	(300,133)	(26,829)
Increase (Decrease) in Partners' Capital [Roll Forward]
Net loss	(35,912)				(26,019)		(9,893)
Other comprehensive loss	52,840					52,840
Total comprehensive (loss) income	16,928	0		0	(26,019)	52,840	(9,893)
Settlement of equity-based compensation	(90)						(90)
Acquisition of consolidated subsidiary	(4,448)			(953)			(3,495)
Dividends declared on common stock	(3,084)			(3,084)
Dividends and accretion on redeemable preferred stock	(14,570)			(14,570)
Equity-based compensation	895						895
Ending balance at Mar. 31, 2023	520,425	994		892,992	(86,856)	(247,293)	(39,412)
Beginning balance at Dec. 31, 2022	524,794	994		911,599	(60,837)	(300,133)	(26,829)
Increase (Decrease) in Partners' Capital [Roll Forward]
Net loss	(69,784)
Total comprehensive (loss) income	45,622
Capital contribution from non-controlling interests	0
Ending balance at Jun. 30, 2023	531,398	994		874,729	(110,452)	(184,727)	(49,146)
Beginning balance at Mar. 31, 2023	520,425	994		892,992	(86,856)	(247,293)	(39,412)
Increase (Decrease) in Partners' Capital [Roll Forward]
Net loss	(33,872)				(23,596)		(10,276)
Other comprehensive loss	62,566					62,566
Total comprehensive (loss) income	28,694	0		0	(23,596)	62,566	(10,276)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(20)						(20)
Acquisition of consolidated subsidiary	3,054						3,054
Dividends declared on common stock	(3,086)			(3,086)
Dividends and accretion on redeemable preferred stock	(15,257)			(15,257)
Equity-based compensation	642						562
Ending balance at Jun. 30, 2023	$ 531,398	$ 994		$ 874,729	$ (110,452)	$ (184,727)	$ (49,146)

CONSOLIDATED AND CONSOLIDATED S

CONSOLIDATED AND CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (69,784)	$ (88,248)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in (earnings) losses of unconsolidated entities	(2,741)	35,902
Gain on sale of assets, net	(523)	0
Equity-based compensation	1,537	1,665
Depreciation and amortization	40,427	34,315
Asset impairment	743	0
Change in deferred income taxes	2,110	3,327
Change in fair value of non-hedge derivative	1,125	(748)
Amortization of deferred financing costs	3,098	1,695
Amortization of bond discount	2,144	0
(Benefit from) provision for credit losses	(74)	90
Change in:
Accounts receivable	4,506	(30,585)
Other assets	(4,724)	(21,583)
Accounts payable and accrued liabilities	(16,370)	12,939
Management fees payable to affiliate	10,168	0
Other liabilities	11,427	(4,159)
Net cash used in operating activities	(16,931)	(55,390)
Cash flows from investing activities:
Investment in unconsolidated entities	(3,315)	(2,745)
Investment in convertible promissory notes	0	(5,000)
Acquisition of business, net of cash acquired	(4,448)	(3,819)
Acquisition of property, plant and equipment	(65,696)	(113,916)
Investment in promissory notes and loans	(22,000)	0
Proceeds from sale of leasing equipment	115	0
Proceeds from sale of property, plant and equipment	988	4,304
Net cash used in investing activities	(94,356)	(121,176)
Cash flows from financing activities:
Proceeds from debt	66,600	9,450
Payment of deferred financing costs	(1,192)	(277)
Cash dividends - common stock	(6,170)	0
Capital contribution from non-controlling interests	0	562
Net transfers from Former Parent, net	0	111,396
Settlement of equity-based compensation	(90)	0
Distributions to non-controlling interests	(20)	0
Net cash provided by financing activities	59,128	121,131
Net decrease in cash and cash equivalents and restricted cash	(52,159)	(55,435)
Cash and cash equivalents and restricted cash, beginning of period	149,642	301,855
Cash and cash equivalents and restricted cash, end of period	97,483	246,420
Supplemental disclosure of non-cash investing and financing activities:
Acquisition of property, plant and equipment	(838)	(631)
Dividends and accretion on redeemable preferred stock	(29,827)	0
Payments to Acquire Interest in Subsidiaries and Affiliates	0	(21,302)
Non-cash change in equity method investment	$ 115,430	$ (144,661)

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	1. ORGANIZATION FTAI Infrastructure Inc. (“we”, “us”, “our”, or the “Company”) is a Delaware corporation and was originally formed as a limited liability company on December 13, 2021 in connection with the spin-off of the infrastructure business (“FTAI Infrastructure”) of FTAI Aviation Ltd. (previously Fortress Transportation and Infrastructure Investors LLC, “FTAI” or “Former Parent”). The Company owns and operates (i) five freight railroads and one switching company that provide rail service to certain manufacturing and production facilities (“Transtar”), (ii) a multi-modal crude oil and refined products terminal in Beaumont, Texas (“Jefferson Terminal”), (iii) a deep-water port located along the Delaware River with an underground storage cavern, a multipurpose dock, a rail-to-ship transloading system and multiple industrial development opportunities (“Repauno”), (iv) an equity method investment in a multi-modal terminal located along the Ohio River with multiple industrial development opportunities, including a power plant (“Long Ridge”), and (v) an equity method investment in two ventures developing battery and metal recycling technology (“Aleon” and “Gladieux”). Additionally, we own and lease shipping containers (“Containers”) and operate a railcar cleaning business (“KRS”) as well as an operating company that provides roadside assistance services for the intermodal and over-the-road trucking industries (“FYX”). We have five reportable segments: (i) Railroad, (ii) Jefferson Terminal, (iii) Repauno, (iv) Power and Gas, and (v) Sustainability and Energy Transition, which all operate in the infrastructure sector (see Note 14). On August 1, 2022 (the “Spin-off Date”), FTAI distributed to the holders of FTAI common shares, one share of FTAI Infrastructure Inc. common stock for each FTAI common share held by such shareholder at the close of business on July 21, 2022 and we became an independent, publicly-traded company trading on The Nasdaq Global Select Market under the symbol “FIP.” The Company is headquartered in New York, New York.

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation: Unaudited Consolidated and Combined Consolidated Financial Statements The Company’s financial statements for the periods through the Spin-off Date are combined consolidated financial statements. The Company’s financial statements for the period after the Spin-off Date are consolidated financial statements based on the reported results of FTAI Infrastructure Inc. as a standalone company. The historical results of operations, financial position, and cash flows of FTAI Infrastructure represented in the combined consolidated financial statements may not be indicative of what they would have been had FTAI Infrastructure actually been a separate standalone entity during such periods, nor are they necessarily indicative of our future results of operations, financial position, and cash flows. Basis of Presentation: Prior to spin-off The Company’s financial statements for the periods through the Spin-off Date were prepared on a standalone basis as if the operations had been conducted independently from the Former Parent and have been derived from the consolidated financial statements and accounting records of the Former Parent. Accordingly, Former Parent’s net investment in our operations (Net Former Parent investment) was shown in lieu of stockholders’ equity in the accompanying combined consolidated financial statements, which include the historical operations comprising the infrastructure business of FTAI. Prior to the Spin-off Date, the combined consolidated financial statements include certain assets and liabilities that have historically been held by the Former Parent but are specifically identifiable or otherwise attributable to FTAI Infrastructure. All significant intercompany transactions between Former Parent and FTAI Infrastructure have been included as components of Net Former Parent investment in the combined consolidated financial statements, as they are to be considered effectively settled upon effectiveness of the spin-off. The combined consolidated financial statements are presented as if our businesses had been combined for all periods presented. Principles of Combination — FTAI Infrastructure has elected the principles of combined consolidated financial statements as the basis of presentation for the periods through the Spin-off Date due to common ownership and management of the entities, which includes the financial results of the Railroad, Jefferson Terminal, Repauno, Power and Gas, and Sustainability and Energy Transition segments. Cash and Cash Equivalents — The Cash and Cash Equivalents reflected in the financial statements through the Spin-off Date are Cash and Cash Equivalents that were legally held by FTAI Infrastructure during the periods presented in the financial statements and are directly attributed to and used in the operations of FTAI Infrastructure. Debt and the Corresponding Interest Expense — The Debt reflected in the financial statements through the Spin-off Date was debt that was directly attributable to, and legally incurred by, FTAI Infrastructure. The corresponding interest expense presented in the financial statements was derived solely from the Debt directly attributed to FTAI Infrastructure. Corporate Function — For the periods through the Spin-off Date, the combined consolidated financial statements include all revenues and costs directly attributable to FTAI Infrastructure and an allocation of certain expenses. The Former Parent was externally managed by the Manager, which performed the Former Parent’s corporate function, and incurred a variety of expenses including, but not limited to, information technology, accounting, treasury, tax, legal, corporate finance and communications. For purposes of the Combined Consolidated Statements of Operations, an allocation of these expenses was included to reflect our portion of such corporate overhead from the Former Parent. The charges reflected have either been specifically identified or allocated based on an estimate of time spent on FTAI Infrastructure. These allocated costs were recorded in general and administrative, and acquisition and transaction expenses in the Combined Consolidated Statements of Operations. We believe the assumptions regarding allocations of the Former Parent’s Corporate expenses are reasonable. Nevertheless, the allocations may not be indicative of the actual expense that would have been incurred had FTAI Infrastructure operated as an independent, standalone public entity, nor are they indicative of the Company’s future expenses. Actual costs that may have been incurred if FTAI Infrastructure had been a standalone company would depend on a number of factors, including the organizational structure, what functions were outsourced or performed by employees and strategic decisions made in areas such as information technology and infrastructure. The Former Parent funded FTAI Infrastructure’s operating and investing activities as needed. Cash transfers to and from the Former Parent are reflected in the Combined Consolidated Statements of Cash Flows as “Net transfers from Former Parent”. Refer to Note 13 for additional discussion on corporate costs allocated from the Former Parent that are included in these combined consolidated financial statements . Subsequent to the Spin-off Date, the Company operated as a standalone company based on actual expenses incurred. Unaudited Interim Financial Information — The accompanying interim Consolidated Balance Sheet as of June 30, 2023, the Consolidated and Combined Consolidated Statements of Operations, Comprehensive Income (Loss) and Changes in Equity for the three and six months ended June 30, 2023 and 2022, and the Consolidated and Combined Statements of Cash Flows for the six months ended June 30, 2023 and 2022 are unaudited. These unaudited interim consolidated and combined consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). In the opinion of our management, the unaudited interim consolidated and combined consolidated financial statements include all adjustments necessary for the fair presentation of our financial position as of June 30, 2023, the results of operations, comprehensive income (loss) and changes in equity for the three and six months ended June 30, 2023 and 2022, and cash flows for the six months ended June 30, 2023 and 2022. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any other period. 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 and combined consolidated financial statements and the reported amounts of revenues and expenses during the reporting period, including allocations from the Former Parent during the period prior to the spin-off. 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. Variable Interest Entities — The assessment of whether an entity is a VIE and the determination of whether to consolidate a VIE requires judgment. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, and only by its primary beneficiary, which is defined as the party who has the power to direct the activities of a VIE that most significantly impact its economic performance and who has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Delaware River Partners LLC During 2016, through Delaware River Partners LLC (“DRP”), a consolidated subsidiary, we purchased the assets of Repauno, which consisted primarily of land, a storage cavern, and riparian rights for the acquired land, site improvements and rights. Upon acquisition there were no operational processes that could be applied to these assets that would result in outputs without significant green field development. We currently hold an approximately 98% economic interest, and a 100% voting interest in DRP. DRP is solely reliant on us to finance its activities and therefore is a VIE. We concluded that we are the primary beneficiary; and accordingly, DRP has been presented on a consolidated basis in the accompanying consolidated and combined consolidated financial statements. Total VIE assets of DRP were $300.1 million and $306.0 million, and total VIE liabilities of DRP were $35.9 million and $34.1 million as of June 30, 2023 and December 31, 2022, respectively. Cash and Cash Equivalents — We consider all highly liquid short-term investments with a maturity of 90 days or less when purchased to be cash equivalents. Restricted Cash — Restricted cash consists of prepaid interest and principal pursuant to the requirements of certain of our debt agreements (see Note 7) and other qualifying construction projects at Jefferson Terminal. Property, Plant, and Equipment, Leasing Equipment and Depreciation — Property, plant and equipment and leasing equipment are stated at cost (inclusive of capitalized acquisition costs, where applicable) and depreciated using the straight-line method, over their estimated useful lives, to estimated residual values which are summarized as follows: Asset Range of Estimated Useful Lives Residual Value Estimates Railcars and locomotives 40 - 50 years from date of manufacture Scrap value at end of useful life Track and track related assets 15 - 50 years from date of manufacture Scrap value at end of useful life Land, site improvements and rights N/A N/A Bridges and tunnels 15 - 55 years Scrap value at end of useful life Buildings and site improvements 20 - 30 years Scrap value at end of useful life Railroad equipment 3 - 15 years from date of manufacture Scrap value at end of useful life Terminal machinery and equipment 15 - 25 years from date of manufacture Scrap value at end of useful life Vehicles 5 - 7 years from date of manufacture Scrap value at end of useful life Furniture and fixtures 3 - 6 years from date of purchase None Computer hardware and software 2 - 5 years from date of purchase None Construction in progress N/A N/A Major improvements and modifications incurred in connection with the acquisition of property, plant and equipment and leasing equipment that are required to get the asset ready for initial service are capitalized and depreciated over the remaining life of the asset. Project costs of major additions and betterments, including capitalizable engineering costs and other costs directly related to the development or construction of project, are capitalized and depreciation commences once it is placed into service. Interest costs directly related to and incurred during the construction period of property, plant and equipment are capitalized. Significant spare parts are depreciated in conjunction with the underlying property, plant and equipment asset when placed in service. We review our depreciation policies on a regular basis to determine whether changes have taken place that would suggest that a change in our depreciation policies, useful lives of our equipment or the assigned residual values is warranted. Capitalized Interest — The interest cost associated with major development and construction projects is capitalized and included in the cost of the project. Interest capitalization ceases once a project is substantially complete or no longer undergoing construction activities to prepare it for its intended use. We capitalized interest of $1.4 million and $2.2 million during the three months ended June 30, 2023 and 2022, respectively, and $2.8 million and $4.3 million during the six months ended June 30, 2023 and 2022, respectively. Repairs and Maintenance — Repair and maintenance costs that do not extend the lives of the assets are expensed as incurred. Our repairs and maintenance expenses were $4.9 million and $4.0 million during the three months ended June 30, 2023 and 2022, respectively, and $9.2 million and $5.4 million during the six months ended June 30, 2023 and 2022, respectively, and are included in Operating expenses in the Consolidated and Combined Consolidated Statements of Operations. Impairment of Long-Lived Assets — We perform a recoverability assessment of each of our long-lived assets whenever events or changes in circumstances, or indicators, indicate that the carrying amount or net book value of an asset may not be recoverable. Indicators may include, but are not limited to, a significant change in market conditions; or the introduction of newer technology. When performing a recoverability assessment, we measure whether the estimated future undiscounted net cash flows expected to be generated by the asset exceeds its net book value. The undiscounted cash flows consist of cash flows from terminal services contracts and currently contracted leases, future projected leases, terminal service and freight rail rates, transition costs, and estimated residual or scrap values. In the event that an asset does not meet the recoverability test, the carrying value of the asset will be adjusted to fair value resulting in an impairment charge. Management develops the assumptions used in the recoverability analysis based on its knowledge of active contracts, current and future expectations of the demand for a particular asset and historical experience, as well as information received from third party industry sources. The factors considered in estimating the undiscounted cash flows are impacted by changes in future periods due to changes in contracted lease rates, terminal service, and freight rail rates, residual values, economic conditions, technology, demand for a particular asset type and other factors. Other Current Assets — Other current assets is primarily comprised of commodities inventory of $0.3 million and $3.6 million, deposits of $19.7 million and $22.8 million, note receivable of $21.4 million and $20.0 million, prepaid expenses of $13.7 million and $16.4 million, and other assets of $5.5 million and $4.5 million as of June 30, 2023 and December 31, 2022, respectively. Other Assets — Other assets primarily consists of a note receivable of $10.8 million as of both June 30, 2023 and December 31, 2022 from CarbonFree, a business that develops technologies to capture carbon dioxide from industrial emissions sources. Accounts Payable and Accrued Liabilities — Accounts payable and accrued liabilities primarily include payables relating to construction projects, interline payables to other railroads, accrued compensation, interest and payables to Manager. Other Current Liabilities — Other current liabilities primarily include environmental liabilities of $4.1 million and $4.1 million, insurance premium liabilities of $9.0 million and $6.2 million, and deposits of $7.5 million and $— million as of June 30, 2023 and December 31, 2022, respectively. Goodwill — Goodwill includes the excess of the purchase price over the fair value of the net tangible and intangible assets associated with the acquisition of Jefferson Terminal, Transtar and FYX. The carrying amount of goodwill within the Jefferson Terminal, Railroad and Corporate and Other segments was $122.7 million, $132.1 million, and $5.4 million as of both June 30, 2023 and December 31, 2022, respectively. We review the carrying values of goodwill at least annually to assess impairment since these assets are not amortized. An annual impairment review is conducted as of October 1st of each year. Additionally, we review the carrying value of goodwill whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. The determination of fair value involves significant management judgment. For an annual goodwill impairment assessment, an optional qualitative analysis may be performed. If the option is not elected or if it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then a goodwill impairment test is performed to identify potential goodwill impairment and measure an impairment loss. A goodwill impairment assessment compares the fair value of a respective reporting unit with its carrying amount, including goodwill. The estimate of fair value of the respective reporting unit is based on the best information available as of the date of assessment, which primarily incorporates certain factors including our assumptions about operating results, business plans, income projections, anticipated future cash flows and market data. If the estimated fair value of the reporting unit is less than the carrying amount, a goodwill impairment is recorded to the extent that the carrying value of the reporting unit exceeds the fair value. As of October 1, 2022, for our Jefferson Terminal reporting unit, we completed a quantitative analysis. We estimate the fair value of Jefferson Terminal using an income approach, specifically a discounted cash flow analysis. This analysis requires us to make significant assumptions and estimates about the forecasted revenue growth rates, EBITDA margins and discount rates. The estimates and assumptions used consider historical performance if indicative of future performance and are consistent with the assumptions used in determining future profit plans for the reporting units. In connection with our impairment analysis, although we believe the estimates of fair value are reasonable, the determination of certain valuation inputs is subject to management's judgment. Changes in these inputs, including as a result of events beyond our control, could materially affect the results of the impairment review. If the forecasted cash flows or other key inputs are negatively revised in the future, the estimated fair value of the reporting unit could be adversely impacted, potentially leading to an impairment in the future that could materially affect our operating results. The Jefferson Terminal reporting unit had an estimated fair value that exceeded its carrying value by more than 10% but less than 20% as of October 1, 2022. The Jefferson Terminal reporting unit forecasted revenue is dependent on the ramp up of volumes under current and expected future contracts for storage and throughput of heavy and light crude and refined products, expansion of refined product distribution to Mexico and movements in future oil spreads. At October 1, 2022, approximately 4.3 million barrels of storage was operational with 1.9 million barrels under construction for new contracts that came online in December 2022 which completed our storage development for our main terminal. Our discount rate for our 2022 goodwill impairment analysis was 9.5% and our assumed terminal growth rate was 2.0%. If our strategy changes from planned capacity downward due to an inability to source contracts or expand volumes, the fair value of the reporting unit would be negatively affected, which could lead to an impairment. The expansion of refineries in the Beaumont/Port Arthur area, as well as growing crude oil production in the U.S. and Canada, are expected to result in increased demand for storage on the U.S. Gulf Coast. Although we do not have significant direct exposure to volatility of crude oil prices, changes in crude oil pricing that affect long term refining planned output could impact Jefferson Terminal operations. We expect the Jefferson Terminal reporting unit to continue to generate positive Adjusted EBITDA in future years. In December 2022, our multi-year refined products contract with Exxon Mobil Oil Corporation commenced. Although certain of our anticipated contracts or expected volumes from existing contracts for Jefferson Terminal have been delayed, we continue to believe our projections are achievable. Further delays in executing anticipated contracts or achieving our projected volumes could adversely affect the fair value of the reporting unit. There were no impairments of goodwill for the three and six months ended June 30, 2023 and 2022. Intangibles and Amortization — Intangible assets include the value of existing customer relationships acquired in connection with the acquisition of Jefferson Terminal and Transtar. Customer relationship intangible assets are amortized on a straight-line basis over their useful lives as the pattern in which the asset’s economic benefits are consumed cannot reliably be determined. Customer relationship intangible assets have useful lives ranging from 5 to 15 years, no estimated residual value, and amortization is recorded as a component of Depreciation and amortization in the Consolidated and Combined Consolidated Statements of Operations. The weighted-average remaining amortization period for customer relationships was 145 months and 148 months as of June 30, 2023 and December 31, 2022, respectively. Redeemable Preferred Stock — We classify the Series A Senior Preferred Stock ("Redeemable Preferred Stock") as temporary equity in the Consolidated Balance Sheets due to certain contingent redemption clauses that are at the election of the holders. The carrying value of the Redeemable Preferred Stock is accreted to the redemption value at the earliest redemption date, which has been determined to be August 1, 2030. We use the interest method to accrete to the redemption value. 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 $29.1 million and $30.9 million as of June 30, 2023 and December 31, 2022, respectively, are included in Debt, net in the Consolidated Balance Sheets. Amortization expense was $1.7 million and $0.9 million during the three months ended June 30, 2023 and 2022, respectively, and $3.1 million and $1.7 million during the six months ended June 30, 2023 and 2022, respectively, and is included in Interest expense in the Consolidated and Combined Consolidated Statements of Operations. Terminal Services Revenues — Terminal services are provided to customers for the receipt and redelivery of various commodities. These revenues relate to performance obligations that are recognized over time using the right to invoice practical expedient, i.e., invoiced as the services are rendered and the customer simultaneously receives and consumes the benefit over the contract term. The Company’s performance of service and right to invoice corresponds with the value delivered to our customers. Revenues are typically invoiced and paid on a monthly basis. Rail Revenues — Rail revenues generally consist of the following performance obligations: industrial switching, interline services, demurrage and storage. Switching revenues are derived from the performance of switching services, which involve the movement of cars from one point to another within the limits of an individual plant, industrial area, or a rail yard. Switching revenues are recognized as the services are performed, and the services are generally completed on the same day they are initiated. Interline revenues are derived from transportation services for railcars that originate or terminate at our railroads and involve one or more other carriers. For interline traffic, one railroad typically invoices a customer on behalf of all railroads participating in the route directed by the customer. The invoicing railroad then pays the other railroads its portion of the total amount invoiced on a monthly basis. We record revenue related to interline traffic for transportation service segments provided by carriers along railroads that are not owned or controlled by us on a net basis. Interline revenues are recognized as the transportation movements occur. Our ancillary services revenue primarily relates to demurrage and storage services. Demurrage represents charges assessed by railroads for the detention of cars by shippers or receivers of freight beyond a specified free time and is recognized on a per day basis. Storage services revenue is earned for the provision of storage of shippers’ railcars and is generally recognized on a per day, per car basis, as the storage services are provided. Lease Income — Lease income consists of rental income from tenants for storage space. Lease income is recognized on a straight-line basis over the terms of the relevant lease agreement. Roadside Services Revenues — Roadside services revenue is revenue related to providing roadside assistance services to customers in the intermodal and over-the-road trucking industries. Revenue is recognized when a performance obligation is satisfied by completing a repair service at a point in time. Revenues are typically invoiced for each repair and generally have 30-day payment terms. Other Revenue — Other revenue primarily consists of revenue related to the handling, storage and sale of raw materials. Revenues for the handling and storage of raw materials relate to performance obligations that are recognized over time using the right to invoice practical expedient, i.e., invoiced as the services are rendered and the customer simultaneously receives and consumes the benefit over the contract term. Our performance of service and right to invoice corresponds with the value delivered to our customers. Revenues for the sale of raw materials relate to contracts that contain performance obligations to deliver the product over the term of the contract. The revenues are recognized when the control of the product is transferred to the customer, based on the volume delivered and the price within the contract. Other revenues are typically invoiced and paid on a monthly basis. Additionally, other revenue includes revenue related to derivative trading activities. Payment terms for revenues are generally short term in nature . Leasing Arrangements — At contract inception, we evaluate whether an arrangement is or contains a lease for which we are the lessee (that is, arrangements which provide us with the right to control a physical asset for a period of time). Operating lease right-of-use (“ROU”) assets and lease liabilities are recognized in Operating lease right-of-use assets, net and Operating lease liabilities within current liabilities and non-current liabilities in our Consolidated Balance Sheets, respectively. Finance lease ROU assets are recognized in Property, plant and equipment, net and lease liabilities are recognized in Other current liabilities and Other liabilities in our Consolidated Balance Sheets. All lease liabilities are measured at the present value of the unpaid lease payments, discounted using our incremental borrowing rate based on the information available at commencement date of the lease. ROU assets , for both operating and finance leases , are initially measured based on the lease liability, adjusted for prepaid rent and lease incentives. ROU assets are subsequently measured at the carrying amount of the lease liability adjusted for prepaid or accrued lease payments and lease incentives. The finance lease ROU assets are subsequently amortized using the straight-line method. Operating lease expenses are recognized on a straight-line basis over the lease term. With respect to finance leases, amortization of the ROU asset is presented separately from interest expense related to the finance lease liability. Variable lease payments, which are primarily based on usage, are recognized when the associated activity occurs. We have elected to combine lease and non-lease components for all lease contracts where we are the lessee. Additionally, for arrangements with lease terms of 12 months or less, we do not recognize ROU assets and lease liabilities; lease payments are recognized on a straight-line basis over the lease term with variable lease payments recognized in the period in which the obligation is incurred. 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 54% and 51% of total revenues for the three and six months ended June 30, 2023, respectively, from one customer in the Railroad segment. Additionally, we earned 11% of total revenues for both the three and six months ended June 30, 2023 from one customer in the Jefferson Terminal segment. We earned 54% and 61% of total revenues for the three and six months ended June 30, 2022, respectively, from one customer in the Railroad segment. We earned 11% and 10% of total revenues for the three and six months ended June 30, 2022, respectively, from one customer in the Jefferson Terminal segment. Additionally, for the three months ended June 30, 2022, one customer from the Repauno segment accounted for 21% of total revenues. As of June 30, 2023 accounts receivable from two customers within the Jefferson Terminal and Railroad segments represented 42% of total accounts receivable, net. As of December 31, 2022, accounts receivable from three customers within the Jefferson Terminal and Railroad segments represented 55% 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. Allowance for Doubtful Accounts — We determine the allowance for doubtful accounts based on our assessment of the collectability of our receivables on a customer-by-customer basis. We also consider current and future economic conditions over the expected lives of the receivables, the amount of receivables in dispute, and the current receivables aging. Expense Recognition — Expenses are recognized on an accrual basis as incurred. Acquisition and Transaction expenses — Acquisition and transaction expense is comprised of costs related to business combinations, dispositions and terminated deal costs related to asset acquisitions, including advisory, legal, accounting, valuation and other professional or consulting fees. Comprehensive Income (Loss) — Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. Our comprehens

LEASING EQUIPMENT, NET

LEASING EQUIPMENT, NET	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
LEASING EQUIPMENT, NET	3. LEASING EQUIPMENT, NET Leasing equipment, net is summarized as follows: June 30, 2023 December 31, 2022 Leasing equipment $ 44,039 $ 44,179 Less: Accumulated depreciation (9,799) (9,272) Leasing equipment, net $ 34,240 $ 34,907 Depreciation expense for leasing equipment is summarized as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Depreciation expense for leasing equipment $ 276 $ 276 $ 552 $ 552

PROPERTY, PLANT AND EQUIPMENT,

PROPERTY, PLANT AND EQUIPMENT, NET	6 Months Ended
	Jun. 30, 2023
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, 2023 December 31, 2022 Land, site improvements and rights $ 184,215 $ 183,640 Buildings and improvements 19,377 19,356 Bridges and Tunnels 173,868 173,868 Terminal machinery and equipment 1,213,038 1,141,505 Track and track related assets 101,170 100,068 Railroad equipment 9,016 8,463 Railcars and locomotives 99,800 100,200 Computer hardware and software 15,283 11,733 Furniture and fixtures 1,822 1,745 Construction in progress 100,753 127,941 Other 11,712 11,336 1,930,054 1,879,855 Less: Accumulated depreciation (242,125) (206,047) Property, plant and equipment, net $ 1,687,929 $ 1,673,808 Depreciation expense for property, plant and equipment is summarized as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Depreciation expense $ 18,121 $ 15,158 $ 36,094 $ 30,003

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 2023
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, 2023 December 31, 2022 Intermodal Finance I, Ltd. Equity method 51% $ — $ — Long Ridge Energy & Power LLC (1) Equity method 50% — — GM-FTAI Holdco LLC Equity method See below 62,926 68,025 Clean Planet Energy USA LLC Equity method 50% 7,319 5,564 $ 70,245 $ 73,589 ________________________________________________________ (1) The carrying value of $(37.5) million and $(187.2) million as of June 30, 2023 and December 31, 2022 is included in Other liabilities in the Consolidated Balance Sheets. We did not recognize any other-than-temporary impairments for the three and six months ended June 30, 2023 and 2022. The following table presents our proportionate share of equity in earnings (losses): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Intermodal Finance I, Ltd. $ 13 $ 44 $ 34 $ 88 Long Ridge Energy & Power LLC 1,639 (12,971) 9,400 (34,352) GM-FTAI Holdco LLC (2,759) (688) (5,100) (1,121) Clean Planet Energy USA LLC (518) (244) (1,593) (517) Total $ (1,625) $ (13,859) $ 2,741 $ (35,902) Equity Method Investments Intermodal Finance I, Ltd. In 2012, we acquired a 51% non-controlling interest in Intermodal Finance I, Ltd. (“Intermodal”). Intermodal is governed by a board of directors, and its shareholders have voting rights through their equity interests. As such, Intermodal is not within the scope of ASC 810-20 and should be evaluated for consolidation under the voting interest model. Due to the existence of substantive participating rights of the 49% equity investor, including the joint approval of material operating and capital decisions, such as material contracts and capital expenditures consistent with ASC 810-10-25-11, we do not have unilateral rights over this investment and, therefore, we do not consolidate Intermodal but account for this investment in accordance with the equity method. We do not have a variable interest in this investment as none of the criteria of ASC 810-10-15-14 were met. As of June 30, 2023, Intermodal owns a portfolio of approximately 219 shipping containers subject to multiple operating leases. Long Ridge Energy & Power LLC In December 2019, Ohio River Shareholder LLC (“ORP”), a wholly owned subsidiary, contributed its equity interests in Long Ridge into Long Ridge Energy & Power LLC and sold a 49.9% interest (the “Long Ridge Transaction”) for $150 million in cash, plus an earn out. We no longer have a controlling interest in Long Ridge but still maintain significant influence through our retained interest and, therefore, now account for this investment in accordance with the equity method. Following the sale, we deconsolidated ORP, which held the assets of Long Ridge. In addition to our equity method investment, in October 2022 we entered into a shareholder loan agreement maturing on October 15, 2023 and accruing paid-in-kind (“PIK”) interest at a 13% rate. The Company made an additional $22.0 million of investment in Long Ridge as part of the shareholder loan agreement during the six months ended June 30, 2023. As of June 30, 2023, the balance of the note receivable was $52.3 million recorded as part of the Long Ridge investment in Other liabilities on the Consolidated Balance Sheet. The tables below present summarized financial information for Long Ridge Energy & Power LLC: (Unaudited) June 30, 2023 December 31, 2022 Balance Sheet Assets Current assets: Cash and cash equivalents $ 992 $ 2,192 Restricted cash 20,801 20,732 Accounts receivable 7,933 31,727 Other current assets 2,604 5,732 Total current assets 32,330 60,383 Property plant & equipment 841,055 827,886 Intangible assets 4,370 4,560 Goodwill 86,460 86,460 Other assets 8,081 8,540 Total assets $ 972,296 $ 987,829 Liabilities Current liabilities: Accounts payable and accrued liabilities $ 59,698 $ 87,498 Debt, net 4,450 38,526 Derivative liabilities 48,719 125,134 Other current liabilities 6,036 913 Total current liabilities 118,903 252,071 Debt, net 656,636 599,499 Derivative liabilities 367,715 557,708 Other liabilities 8,260 6,932 Total liabilities 1,151,514 1,416,210 Equity Shareholders' equity (43,196) (273,597) Accumulated deficit (136,022) (154,784) Total equity (179,218) (428,381) Total liabilities and equity $ 972,296 $ 987,829 Three Months Ended June 30, Six Months Ended June 30, Income Statement 2023 2022 2023 2022 Total revenue $ 46,454 $ 19,801 $ 102,859 $ 15,043 Expenses Operating expenses 15,565 19,909 28,779 32,356 Depreciation and amortization 13,019 12,454 26,383 24,998 Interest expense 14,725 13,181 29,165 26,042 Total expenses 43,309 45,544 84,327 83,396 Total other income (expense) 126 (149) 231 (213) Net income (loss) $ 3,271 $ (25,892) $ 18,763 $ (68,566) GM-FTAI Holdco LLC In September 2021, we acquired 1% of the Class A shares and 50% of the Class B shares of GM-FTAI Holdco LLC for $52.5 million. GM-FTAI Holdco LLC owns 100% interest in Gladieux Metals Recycling LLC (“GMR”) and Aleon Renewable Metals LLC (“Aleon”). GMR specializes in recycling spent catalyst produced in the petroleum refining industry. Aleon plans to develop a lithium-ion battery recycling business across the United States. Each planned location will collect, discharge and disassemble lithium-ion batteries to extract various metals in high-purity form for resale into the lithium-ion battery production market. Aleon and GMR are governed by separate boards of directors. Our ownership of Class A and B shares in GM-FTAI Holdco LLC provides us with 1% and 50% economic interest in GMR and Aleon, respectively. We account for our investment in GM-FTAI Holdco LLC as an equity method investment as we have significant influence through our ownership of Class A and Class B shares of GM-FTAI Holdco LLC. On June 15, 2022, we exchanged our Class B shares which gave us economic interest in Aleon for an additional 20% interest in Class A shares. In addition, we also terminated our credit agreements with GMR and Aleon in exchange for an approximate 8.5% of additional interest in Class A shares. As a result of these exchange transactions, we own approximately 27% of GM-FTAI Holdco LLC, which owns 100% of both GMR and Aleon. Clean Planet Energy USA LLC In November 2021, we acquired 50% of the Class A shares of Clean Planet Energy USA LLC (“Clean Planet” or “CPE”) with an initial investment of $1.0 million. CPE intends on building waste plastic-to-fuel plants in the United States. The plants will convert various grades of non-recyclable waste plastic to renewable diesel in the form of jet fuel, diesel, naphtha, and low sulfur fuel oil. We account for our investment in CPE as an equity method investment as we have significant influence through our ownership of Class A shares. Equity Investments FYX Trust Holdco LLC In July 2020, we invested $1.3 million for a 14% interest in an operating company that provides roadside assistance services for the intermodal and over-the-road trucking industries. FYX Trust Holdco LLC (“FYX”) has developed a mobile and web-based application that connects fleet managers, owner-operators, and drivers with repair vendors to efficiently and reliably quote, dispatch, monitor, and bill roadside repair services. In May 2022, we purchased an additional 51% interest in FYX from an unrelated third party for a purchase price of $4.6 million, which resulted in our ownership of a majority stake in the entity. In March 2023, we purchased the remaining non-controlling interest of FYX from an affiliate of our Manager for a purchase price of $4.4 million. This resulted in 100% ownership in FYX and the elimination of any non-controlling interest.

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET	6 Months Ended
	Jun. 30, 2023
Intangible Assets and Liabilities Disclosure [Abstract]
INTANGIBLE ASSETS, NET	6. INTANGIBLE ASSETS, NET Intangible assets, net are summarized as follows: June 30, 2023 Jefferson Terminal Railroad Total Intangible assets Customer relationships $ 35,513 $ 60,000 $ 95,513 Less: Accumulated amortization (31,367) (7,732) (39,099) Intangible assets, net $ 4,146 $ 52,268 $ 56,414 December 31, 2022 Jefferson Terminal Railroad Total Intangible assets Customer relationships $ 35,513 $ 60,000 $ 95,513 Less: Accumulated amortization (29,591) (5,727) (35,318) Intangible assets, net $ 5,922 $ 54,273 $ 60,195 Amortization of customer relationships is included in Depreciation and amortization in the Consolidated and Combined Consolidated Statements of Operations and is as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Amortization of customer relationships $ 1,895 $ 1,885 $ 3,781 $ 3,760 As of June 30, 2023, estimated net annual amortization of intangibles is as follows: Remainder of 2023 $ 3,776 2024 6,370 2025 4,000 2026 4,000 2027 4,000 Thereafter 34,268 Total $ 56,414

DEBT, NET

DEBT, NET	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
DEBT, NET	7. DEBT, NET Our debt, net is summarized as follows: Outstanding Borrowings Stated Interest Rate Maturity Date June 30, 2023 December 31, 2022 Loans payable DRP Revolver (1) (i) Base Rate + 2.75%; or (ii) Base Rate + 3.75% (Term SOFR) 11/5/24 $ 25,000 $ 25,000 EB-5 Loan Agreement 5.75% (i) 1/25/26 63,800 62,200 Transtar Revolver (2) (i) Base Rate + 2.00%; or (ii) Adjusted Term SOFR + 3.00% 12/27/25 50,000 10,000 Credit Agreement (i) Base Rate + 6.50%; or (ii) Adjusted Term SOFR + 7.50% 12/31/23 25,000 — Total loans payable 163,800 97,200 Bonds payable Series 2020 Bonds (i) Tax Exempt Series 2020A Bonds: 3.625% (ii) Tax Exempt Series 2020A Bonds: 4.00% (iii) Taxable Series 2020B Bonds: 6.00% (i) 1/1/35 (ii) 1/1/50 (iii) 1/1/25 263,980 263,980 Series 2021 Bonds (i) Series 2021A Bonds: 1.875% to 3.000% (ii) Series 2021B Bonds: 4.100% (i) 1/1/26 to 1/1/50 (ii) 1/1/28 425,000 425,000 Senior Notes due 2027 (3) 10.500% 6/1/27 476,973 474,828 Total bonds payable 1,165,953 1,163,808 Total Debt 1,329,753 1,261,008 Less: Debt issuance costs (29,075) (30,851) Total debt, net $ 1,300,678 $ 1,230,157 Total debt due within one year $ 25,000 $ — ________________________________________________________ (1) Requires a quarterly commitment fee at a rate of 1.000% on the average daily unused portion, as well as customary letter of credit fees and agency fees. (2) Requires a quarterly commitment fee at a rate of 0.500% on the average daily unused portion, as well as customary letter of credit fees and agency fees. (3) Includes an unamortized discount of $23,027 and $25,172 at June 30, 2023 and December 31, 2022, respectively. Credit Agreement On May 18, 2023, we entered into a credit agreement, providing for a $25.0 million secured loan facility (the “Credit Agreement”). In July 2023, we issued an additional $100.0 million aggregate principal amount of 10.500% Senior Notes due 2027, and used a portion of the net proceeds to repay the Credit Agreement in full. See Note 18 for additional information. We were in compliance with all debt covenants as of June 30, 2023.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2023
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). The following tables set forth our financial assets measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022, by level within the fair value hierarchy. Assets measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. Fair Value as of Fair Value Measurements Using Fair Value Hierarchy as of June 30, 2023 June 30, 2023 Total Level 1 Level 2 Level 3 Valuation Technique Assets Cash and cash equivalents $ 42,523 $ 42,523 $ — $ — Market Restricted cash 54,960 54,960 — — Market Note receivable 10,800 — 10,800 — Market Total assets $ 108,283 $ 97,483 $ 10,800 $ — Fair Value as of Fair Value Measurements Using Fair Value Hierarchy as of December 31, 2022 December 31, 2022 Total Level 1 Level 2 Level 3 Valuation Technique Assets Cash and cash equivalents $ 36,486 $ 36,486 $ — $ — Market Restricted cash 113,156 113,156 — — Market Derivative assets 1,125 — 1,125 — Income Total $ 150,767 $ 149,642 $ 1,125 $ — Our cash and cash equivalents and restricted cash consist largely of demand deposit accounts with maturities of 90 days or less when purchased that 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. The fair value of our commodity derivative assets that are classified as Level 2 measurements are estimated by applying the income and market approaches, based on quotes of observable market transactions, and adjusted for estimated differential factors based on quality and delivery locations. Except as discussed below, our financial instruments other than cash and cash equivalents and restricted cash consist principally of accounts receivable, notes receivable, accounts payable and accrued liabilities, loans payable, and management fees payable, whose 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. The fair value of our bonds and notes payable reported as debt, net in the Consolidated Balance Sheets are presented in the table below: June 30, 2023 December 31, 2022 Series 2020 A Bonds (1) $ 138,970 $ 139,101 Series 2020 B Bonds (1) 74,874 74,543 Series 2021 A Bonds (1) 151,139 152,848 Series 2021 B Bonds (1) 160,564 163,238 Senior Notes due 2027 501,985 498,035 ________________________________________________________ (1) Fair value is based upon market prices for similar municipal securities. The fair value of all other items reported as debt, net in the Consolidated Balance Sheets approximate their carrying values due to their bearing market rates of interest and are classified as Level 2 within the fair value hierarchy. We measure the fair value of certain assets on a non-recurring basis when U.S. GAAP requires the application of fair value, including events or changes in circumstances that indicate that the carrying amounts of assets may not be recoverable. Assets subject to these measurements include goodwill, intangible assets, property, plant and equipment and leasing equipment. We record such assets at fair value when it is determined the carrying value may not be recoverable. Fair value measurements for assets subject to impairment tests are based on an income approach which uses Level 3 inputs, which include our assumptions as to future cash flows from operation of the underlying businesses.

REVENUES

REVENUES	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
REVENUES	9. 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, 2023 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Lease income $ 400 $ 319 $ — $ — $ — $ — $ 719 Rail revenues 42,146 — — — — — 42,146 Terminal services revenues — 16,785 4,083 — — — 20,868 Roadside services revenues — — — — — 18,235 18,235 Other revenue — — (136) — — — (136) Total revenues $ 42,546 $ 17,104 $ 3,947 $ — $ — $ 18,235 $ 81,832 Six Months Ended June 30, 2023 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Lease income $ 837 $ 625 $ — $ — $ — $ — $ 1,462 Rail revenues 82,714 — — — — — 82,714 Terminal services revenues — 35,571 4,445 — — — 40,016 Roadside services revenues — — — — — 36,085 36,085 Other revenue — — (1,951) — — — (1,951) Total revenues $ 83,551 $ 36,196 $ 2,494 $ — $ — $ 36,085 $ 158,326 Three Months Ended June 30, 2022 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Lease income $ 553 $ 314 $ — $ — $ — $ — $ 867 Rail revenues 39,060 — — — — — 39,060 Terminal services revenues — 14,214 13 — — — 14,227 Roadside services revenues — — — — — 10,087 10,087 Other revenue — — 1,627 — — — 1,627 Total revenues $ 39,613 $ 14,528 $ 1,640 $ — $ — $ 10,087 $ 65,868 Six Months Ended June 30, 2022 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Lease income $ 1,041 $ 666 $ — $ — $ — $ — $ 1,707 Rail revenues 73,660 — 86 — — — 73,746 Terminal services revenues — 26,908 103 — — — 27,011 Roadside services revenues — — — — — 10,087 10,087 Other revenue — — (535) — — — (535) Total revenues $ 74,701 $ 27,574 $ (346) $ — $ — $ 10,087 $ 112,016 Presented below are the contracted minimum future annual revenues to be received under existing operating leases within the Jefferson Terminal segment as of June 30, 2023: Operating Leases Remainder of 2023 $ 6,385 2024 12,629 2025 12,595 2026 12,557 2027 12,136 Thereafter — Total $ 56,302

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
EQUITY-BASED COMPENSATION	10. 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, 2023, 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 report within operating expenses and general and administrative expenses in the Consolidated and Combined Consolidated Statements of Operations. Director compensation During the six months ended June 30, 2023, we issued 25,479 shares of common stock to certain directors as compensation. Options During the six months ended June 30, 2023, the Manager tran sferred 2,173,914 of its op tions to certain employees of the Manager. Subsidiary stock-based compensation The following table presents the expense related to our subsidiary stock-based compensation arrangements: 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) 2023 2022 2023 2022 Restricted Shares $ 303 $ 538 $ 747 $ 1,076 $ 765 0.7 Common Units 259 418 710 589 2,314 0.8 Total $ 562 $ 956 $ 1,457 $ 1,665 $ 3,079

RETIREMENT BENEFIT PLANS

RETIREMENT BENEFIT PLANS	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
RETIREMENT BENEFIT PLANS	11. RETIREMENT BENEFIT PLANS In connection with the acquisition of Transtar, we established a defined benefit pension plan as well as a postretirement benefit plan to assume certain retirement benefit obligations related to eligible Transtar employees. Defined Benefit Pensions Our underfunded pension plan is a tax qualified plan. Our pension plan covers certain eligible Transtar employees. These plans are noncontributory. Pension benefits earned are generally based on years of service and compensation during active employment. Postretirement Benefits Our unfunded postretirement plan provides healthcare and life insurance benefits for eligible retirees and dependents of Transtar. Depending on retirement date and employee classification, certain healthcare plans contain contribution and cost-sharing features such as deductibles and co-insurance. The remaining healthcare and life insurance plans are non-contributory. The following table summarizes our retirement benefit plan costs. Service costs are recorded in Operating expenses, while interest and amortization costs are recorded in Other (expense) income within the Consolidated and Combined Consolidated Statements of Operations. Three Months Ended June 30, 2023 2022 Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Service costs $ 348 $ 446 $ 438 $ 538 Interest costs 117 374 74 225 Amortization of prior service costs — 34 — — Amortization of actuarial gains (46) — — — Total $ 419 $ 854 $ 512 $ 763 Six Months Ended June 30, 2023 2022 Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Service costs $ 696 $ 892 $ 876 $ 1,075 Interest costs 234 748 148 450 Amortization of prior service costs — 68 — — Amortization of actuarial gains (92) — — — Total $ 838 $ 1,708 $ 1,024 $ 1,525 The total employer contributions for the six months ended June 30, 2023 and 2022 was $0.6 million and $0.3 million, respectively, and the expected remaining scheduled employer contributions for the year ending December 31, 2023 is $0.9 million.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	12. INCOME TAXES The current and deferred components of the income tax provision included in the Consolidated and Combined Consolidated Statements of Operations are as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Current: Federal $ — $ 62 $ — $ 62 State and local 260 71 442 142 Foreign — — — — Total current provision 260 133 442 204 Deferred: Federal 323 1,549 1,140 2,607 State and local 240 265 970 720 Foreign — — — — Total deferred provision 563 1,814 2,110 3,327 Provision for income taxes $ 823 $ 1,947 $ 2,552 $ 3,531 Prior to the spin-off, we were taxed as a disregarded entity for U.S. federal income tax purposes and our taxable income or loss generated was allocated to investors by our Former Parent, which was treated as a partnership for U.S. federal income tax purposes. In addition, certain of our subsidiaries were taxed as separate corporations for U.S. federal income tax purposes. Taxable income or loss generated by us and our corporate subsidiaries following the spin-off and by our corporate subsidiaries is subject to U.S. federal, state and foreign 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 state taxes and the valuation allowances against a significant portion of the deferred tax assets of our corporate subsidiaries. As of and for the six months ended June 30, 2023, 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, local and foreign income tax examinations by tax authorities. Generally, we are not subject to examination by taxing authorities for tax years prior to 2019. We do not believe that it is reasonably possible that the total amount of unrecognized tax benefits will significantly change within 12 months of the reporting date of June 30, 2023.

MANAGEMENT AGREEMENT AND AFFILI

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
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 redeemable preferred stock and excluding non-controlling 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 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. 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 is recorded in the Management fees and incentive allocation to affiliate on the Consolidated and Combined 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 and combined consolidated financial statements. Income Incentive Allocation and Capital Gains Incentive Allocation —The Income Incentive Allocation and Capital Gains Incentive Allocation 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 and combined consolidated financial statements: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Management fee $ 3,084 $ 3,065 $ 6,066 $ 7,226 Income Incentive Fee — — — — Capital Gains Incentive Fee — — — — Total $ 3,084 $ 3,065 $ 6,066 $ 7,226 For periods post-spin, we pay all of our operating expenses, except those specifically required to be borne by the Manager under the Management Agreement. For periods pre-spin, the Former Parent paid all of its operating expenses, except those specifically required to be borne by the Manager under the management agreement between the Former Parent and the Manager. 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, 2023 2022 2023 2022 Classification in the Consolidated and Combined Consolidated Statements of Operations: General and administrative $ 1,071 $ 1,098 $ 2,934 $ 2,228 Acquisition and transaction expenses 314 438 357 850 Total $ 1,385 $ 1,536 $ 3,291 $ 3,078 If we terminate the Management Agreement, we will generally be required to pay the Manager a termination fee. 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 a number of common stock equal to 10% of the gross capital raised in the equity issuance divided by the fair market value of a 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 as compensation to the Manager for services rendered in connection with the Redeemable Preferred Stock raise, 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, 2023 December 31, 2022 Accrued management fees $ 6,066 $ 3,092 Other payables 4,101 — As of June 30, 2023 and December 31, 2022, there were no receivables from the Manager. Other Affiliate Transactions As of June 30, 2023 and December 31, 2022, affiliates of our 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 consolidated and combined consolidated financial statements. The carrying amount of this non-controlling interest at June 30, 2023 and December 31, 2022 was $(60.3) million and $(41.1) 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, 2023 2022 2023 2022 Non-controlling interest share of net loss $ (10,048) $ (8,135) $ (19,233) $ (15,271) In July 2020, we purchased a 14% interest in FYX from an affiliate of our Manager, which retained a non-controlling interest in FYX subsequent to the transaction. In May 2022, we purchased an additional 51% interest in FYX from an unrelated third party for a purchase price of $4.6 million, which resulted in our ownership of a majority stake in the entity. In March 2023, we purchased the remaining non-controlling interest of FYX from an affiliate of our Manager for a purchase price of $4.4 million. This resulted in 100% ownership in FYX and the elimination of any non-controlling interest in FYX. In October 2022, we entered into a shareholder loan agreement with our equity method investee, Long Ridge. Refer to Note 5 for additional information. The Company subleases a portion of office space from an entity controlled by certain principals of Fortress since February 2023. For the six months ended June 30, 2023, the Company incurred approximately $0.2 million of rent and office related expenses.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
SEGMENT INFORMATION	14. SEGMENT INFORMATION During the third quarter of 2022, we reorganized our historical operating segments into five operating segments as described below. Additionally, during the third quarter of 2022, we modified our definition of Adjusted EBITDA to exclude the impact of interest costs on pension and other post-employment benefit (“OPEB”) liabilities and dividends and accretion of redeemable preferred stock. During the first quarter of 2023 we modified our definition of Adjusted EBITDA to exclude the impact of other non-recurring items, such as severance expense. All segment data and related disclosures for earlier periods presented herein have been recast to reflect the new segment reporting structure. Our reportable segments represent strategic business units comprised of investments in different types of infrastructure assets. We have five reportable segments which operate in infrastructure businesses across several market sectors, all in North America. Our reportable segments are (i) Railroad, (ii) Jefferson Terminal, (iii) Repauno, (iv) Power and Gas and (v) Sustainability and Energy Transition. The Railroad segment is comprised of five freight railroads and one switching company that provide rail service to certain manufacturing and production facilities, in addition to KRS, a railcar cleaning operation. The Jefferson Terminal segment consists of a multi-modal crude oil and refined products terminal and other related assets. The Repauno segment consists of a 1,630-acre deep-water port located along the Delaware River with an underground storage cavern, a new multipurpose dock, a rail-to-ship transloading system and multiple industrial development opportunities. The Power and Gas segment is comprised of an equity method investment in Long Ridge, which is a 1,660-acre multi-modal port located along the Ohio River with rail, dock, and multiple industrial development opportunities, including a power plant in operation. The Sustainability and Energy Transition segment is comprised of Aleon/Gladieux, Clean Planet, and CarbonFree, and all three investments are development stage businesses focused on sustainability and recycling. Corporate and Other primarily consists of unallocated corporate general and administrative expenses, management fees, debt and redeemable preferred stock. Additionally, Corporate and Other includes an operating company that provides roadside assistance services for the intermodal and over-the-road trucking industries and an investment in an unconsolidated entity engaged in the acquisition and leasing of shipping containers. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The chief operating decision maker (“CODM”) evaluates investment performance for each reportable segment primarily based on Adjusted EBITDA. Adjusted EBITDA is defined as net income (loss) attributable to stockholders or Former Parent, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, interest expense, interest and other costs on pension and OPEB liabilities, dividends and accretion on redeemable preferred stock, and other non-recurring items, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA. We believe that net income (loss) attributable to stockholders or Former Parent, as defined by U.S. GAAP, is the most appropriate earnings measure with which to reconcile Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net income (loss) attributable to stockholders or Former Parent as determined in accordance with U.S. GAAP. The following tables set forth certain information for each reportable segment: I. For the Three Months Ended June 30, 2023 Three Months Ended June 30, 2023 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Revenues Total revenues $ 42,546 $ 17,104 $ 3,947 $ — $ — $ 18,235 $ 81,832 Expenses Operating expenses 22,257 15,990 5,776 173 28 18,551 62,775 General and administrative — — — — — 3,702 3,702 Acquisition and transaction expenses 184 36 — 49 — 367 636 Management fees and incentive allocation to affiliate — — — — — 3,084 3,084 Depreciation and amortization 5,125 12,144 2,281 — — 742 20,292 Asset impairment 602 — — — — — 602 Total expenses 28,168 28,170 8,057 222 28 26,446 91,091 Other (expense) income Equity in earnings (losses) of unconsolidated entities — — — 1,639 (3,277) 13 (1,625) (Loss) gain on sale of assets, net (85) 732 — — — — 647 Interest expense (1,215) (7,978) (615) (1) — (14,373) (24,182) Other (expense) income (544) (349) — 1,643 620 — 1,370 Total other (expense) income (1,844) (7,595) (615) 3,281 (2,657) (14,360) (23,790) Income (loss) before income taxes 12,534 (18,661) (4,725) 3,059 (2,685) (22,571) (33,049) Provision for (benefit from) income taxes 720 152 40 — — (89) 823 Net income (loss) 11,814 (18,813) (4,765) 3,059 (2,685) (22,482) (33,872) Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries 28 (10,048) (255) — — (1) (10,276) Less: Dividends and accretion on redeemable preferred stock — — — — — 15,257 15,257 Net income (loss) attributable to stockholders $ 11,786 $ (8,765) $ (4,510) $ 3,059 $ (2,685) $ (37,738) $ (38,853) The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to stockholders: Three Months Ended June 30, 2023 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Adjusted EBITDA $ 20,304 $ 7,082 $ (1,636) $ 10,403 $ (1,448) $ (7,028) $ 27,677 Add: Non-controlling share of Adjusted EBITDA 4,946 Add: Equity in losses of unconsolidated entities (1,625) Less: Interest costs on pension and OPEB liabilities (480) Less: Dividends and accretion on redeemable preferred stock (15,257) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities (6,886) Less: Interest expense (24,182) Less: Depreciation and amortization expense (20,292) Less: Incentive allocations — Less: Asset impairment charges (602) Less: Changes in fair value of non-hedge derivative instruments — Less: Losses on the modification or extinguishment of debt and capital lease obligations — Less: Acquisition and transaction expenses (636) Less: Equity-based compensation expense (642) Less: Provision for income taxes (823) Less: Other non-recurring items (51) Net loss attributable to stockholders $ (38,853) II. For the Six Months Ended June 30, 2023 Six Months Ended June 30, 2023 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Revenues Total revenues $ 83,551 $ 36,196 $ 2,494 $ — $ — $ 36,085 $ 158,326 Expenses Operating expenses 47,492 32,415 10,705 597 29 36,699 127,937 General and administrative — — — — — 6,903 6,903 Acquisition and transaction expenses 367 36 — 71 1 430 905 Management fees and incentive allocation to affiliate — — — — — 6,066 6,066 Depreciation and amortization 10,226 24,013 4,526 — — 1,662 40,427 Asset impairment 743 — — — — — 743 Total expenses 58,828 56,464 15,231 668 30 51,760 182,981 Other expense Equity in earnings (losses) of unconsolidated entities — — — 9,400 (6,693) 34 2,741 (Loss) gain on sale of assets, net (209) 732 — — — — 523 Interest expense (2,170) (15,862) (1,203) (3) — (28,194) (47,432) Other (expense) income (1,096) (1,412) — 2,872 1,227 — 1,591 Total other (expense) income (3,475) (16,542) (1,203) 12,269 (5,466) (28,160) (42,577) Income (loss) before income taxes 21,248 (36,810) (13,940) 11,601 (5,496) (43,835) (67,232) Provision for income taxes 1,318 350 154 — — 730 2,552 Net income (loss) 19,930 (37,160) (14,094) 11,601 (5,496) (44,565) (69,784) Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries 46 (19,233) (753) — — (229) (20,169) Less: Dividends and accretion on redeemable preferred stock — — — — — 29,827 29,827 Net income (loss) attributable to stockholders $ 19,884 $ (17,927) $ (13,341) $ 11,601 $ (5,496) $ (74,163) $ (79,442) The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to stockholders: Six Months Ended June 30, 2023 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Adjusted EBITDA $ 37,455 $ 13,600 $ (6,497) $ 21,717 $ (3,158) $ (13,544) $ 49,573 Add: Non-controlling share of Adjusted EBITDA 10,167 Add: Equity in earnings of unconsolidated entities 2,741 Less: Interest costs on pension and OPEB liabilities (960) Less: Dividends and accretion on redeemable preferred stock (29,827) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities (15,076) Less: Interest expense (47,432) Less: Depreciation and amortization expense (40,427) Less: Incentive allocations — Less: Asset impairment charges (743) Less: Changes in fair value of non-hedge derivative instruments (1,125) Less: Losses on the modification or extinguishment of debt and capital lease obligations — Less: Acquisition and transaction expenses (905) Less: Equity-based compensation expense (1,537) Less: Provision for income taxes (2,552) Less: Other non-recurring items (1,339) Net loss attributable to stockholders $ (79,442) III. For the Three Months Ended June 30, 2022 Three Months Ended June 30, 2022 Port and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Revenues Total revenues $ 39,613 $ 14,528 $ 1,640 $ — $ — $ 10,087 $ 65,868 Expenses Operating expenses 20,868 14,261 4,190 93 10 9,807 49,229 General and administrative — — — — — 2,498 2,498 Acquisition and transaction expenses 149 — — — 29 8,694 8,872 Management fees and incentive allocation to affiliate — — — — — 3,065 3,065 Depreciation and amortization 4,864 9,739 2,376 — — 340 17,319 Total expenses 25,881 24,000 6,566 93 39 24,404 80,983 Other (expense) income Equity in (losses) earnings of unconsolidated entities — — — (12,971) (933) 45 (13,859) Interest expense (17) (6,127) (341) — — (1) (6,486) Other (expense) income (305) (1,291) — — 552 491 (553) Total other (expense) income (322) (7,418) (341) (12,971) (381) 535 (20,898) Income (loss) before income taxes 13,410 (16,890) (5,267) (13,064) (420) (13,782) (36,013) Provision for income taxes 1,818 68 — — 61 — 1,947 Net income (loss) 11,592 (16,958) (5,267) (13,064) (481) (13,782) (37,960) Less: Net loss attributable to non-controlling interests in consolidated subsidiaries — (8,135) (320) — — (25) (8,480) Net income (loss) attributable to Former Parent $ 11,592 $ (8,823) $ (4,947) $ (13,064) $ (481) $ (13,757) $ (29,480) The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to Former Parent: Three Months Ended June 30, 2022 Port and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Adjusted EBITDA $ 18,708 $ 4,158 $ (3,704) $ 7,379 $ (125) $ (4,862) $ 21,554 Add: Non-controlling share of Adjusted EBITDA 3,716 Add: Equity in losses of unconsolidated entities (13,859) Less: Interest costs on pension and OPEB liabilities — Less: Dividends and accretion on redeemable preferred stock — Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities (6,825) Less: Interest expense (6,486) Less: Depreciation and amortization expense (17,319) Less: Incentive allocations — Less: Asset impairment charges — Less: Changes in fair value of non-hedge derivative instruments 1,514 Less: Losses on the modification or extinguishment of debt and capital lease obligations — Less: Acquisition and transaction expenses (8,872) Less: Equity-based compensation expense (956) Less: Provision for income taxes (1,947) Less: Other non-recurring items — Net loss attributable to Former Parent $ (29,480) IV. For the Six Months Ended June 30, 2022 Six Months Ended June 30, 2022 Port and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Revenues Total revenues $ 74,701 $ 27,574 $ (346) $ — $ — $ 10,087 $ 112,016 Expenses Operating expenses 41,930 27,384 7,998 168 10 9,807 87,297 General and administrative — — — — — 4,928 4,928 Acquisition and transaction expenses 355 — — — 29 12,724 13,108 Management fees and incentive allocation to affiliate — — — — — 7,226 7,226 Depreciation and amortization 9,791 19,439 4,745 — — 340 34,315 Total expenses 52,076 46,823 12,743 168 39 35,025 146,874 Other (expense) income Equity in losses (earnings) of unconsolidated entities — — — (34,352) (1,638) 88 (35,902) Interest expense (79) (12,237) (628) — — (1) (12,945) Other (expense) income (665) (1,390) — — 1,080 (37) (1,012) Total other (expense) income (744) (13,627) (628) (34,352) (558) 50 (49,859) Income (loss) before income taxes 21,881 (32,876) (13,717) (34,520) (597) (24,888) (84,717) Provision for income taxes 3,333 137 — — 61 — 3,531 Net income (loss) 18,548 (33,013) (13,717) (34,520) (658) (24,888) (88,248) Less: Net loss attributable to non-controlling interests in consolidated subsidiaries — (15,271) (650) — — (25) (15,946) Net income (loss) attributable to Former Parent $ 18,548 $ (17,742) $ (13,067) $ (34,520) $ (658) $ (24,863) $ (72,302) The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to Former Parent: Six Months Ended June 30, 2022 Port and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Adjusted EBITDA $ 32,374 $ 7,964 $ (8,355) $ 13,399 $ (303) $ (11,963) $ 33,116 Add: Non-controlling share of Adjusted EBITDA 7,532 Add: Equity in losses of unconsolidated entities (35,902) Less: Interest costs on pension and OPEB liabilities — Less: Dividends and accretion on redeemable preferred stock — Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities (12,232) Less: Interest expense (12,945) Less: Depreciation and amortization expense (34,315) Less: Incentive allocations — Less: Asset impairment charges — Less: Changes in fair value of non-hedge derivative instruments 748 Less: Losses on the modification or extinguishment of debt and capital lease obligations — Less: Acquisition and transaction expenses (13,108) Less: Equity-based compensation expense (1,665) Less: Provision for income taxes (3,531) Less: Other non-recurring items — Net loss attributable to Former Parent $ (72,302) V. Balance Sheet The following tables sets forth the summarized balance sheet. All property, plant and equipment and leasing equipment are located in North America. June 30, 2023 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Current assets $ 55,086 $ 109,808 $ 4,098 $ 2,093 $ 21,973 $ 21,381 $ 214,439 Non-current assets 670,829 1,145,429 295,976 13,664 81,045 16,228 2,223,171 Total assets 725,915 1,255,237 300,074 15,757 103,018 37,609 2,437,610 Debt, net 50,000 735,499 25,000 — — 466,142 1,276,641 Current liabilities 45,439 63,134 7,603 8,666 28 57,191 182,061 Non-current liabilities 102,783 793,702 28,296 37,464 — 467,489 1,429,734 Total liabilities 148,222 856,836 35,899 46,130 28 524,680 1,611,795 Redeemable preferred stock — — — — — 294,417 294,417 Non-controlling interests in equity of consolidated subsidiaries 1,868 (51,534) 520 — — — (49,146) Total equity 577,693 398,401 264,175 (30,373) 102,990 (781,488) 531,398 Total liabilities, redeemable preferred stock and equity $ 725,915 $ 1,255,237 $ 300,074 $ 15,757 $ 103,018 $ 37,609 $ 2,437,610 December 31, 2022 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Current assets $ 56,631 $ 166,252 $ 16,888 $ 396 $ 20,747 $ 16,890 $ 277,804 Non-current assets 672,275 1,136,095 289,132 8,142 84,390 10,561 2,200,595 Total assets 728,906 1,302,347 306,020 8,538 105,137 27,451 2,478,399 Debt, net 10,000 732,145 25,000 — — 463,012 1,230,157 Current liabilities 51,902 81,147 5,958 906 — 19,668 159,581 Non-current liabilities 59,698 790,687 28,163 187,165 — 463,721 1,529,434 Total liabilities 111,600 871,834 34,121 188,071 — 483,389 1,689,015 Redeemable preferred stock — — — — — 264,590 264,590 Non-controlling interests in equity of consolidated subsidiaries 1,403 (33,048) 1,093 — — 3,723 (26,829) Total equity 617,306 430,513 271,899 (179,533) 105,137 (720,528) 524,794 Total liabilities, redeemable preferred stock and equity $ 728,906 $ 1,302,347 $ 306,020 $ 8,538 $ 105,137 $ 27,451 $ 2,478,399

REDEEMABLE PREFERRED STOCK

REDEEMABLE PREFERRED STOCK	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
REDEEMABLE PREFERRED STOCK	15. REDEEMABLE PREFERRED STOCK On August 1, 2022, the Company issued and sold 300,000 shares of Redeemable Preferred Stock at a price of $1,000 per share and $0.01 par value. The shares were issued at a 3% discount for net proceeds of $291.0 million. The Company also issued two classes of warrants to the preferred stockholders. The fair value of the Redeemable Preferred Stock and the warrants at issuance were determined to be $242.7 million and $13.8 million, respectively . The Company incurred $16.4 million of issuance costs related to the Redeemable Preferred Stock and warrants. Additionally, the Company issued options to the Manager with a total fair value of $18.1 million (see Note 13). The Redeemable Preferred Stock has the following rights, preferences and restrictions: Voting Each holder of the Redeemable Preferred Stock will have one vote per share on any matter on which holders of the Redeemable Preferred Stock are entitled to vote separately as a class, whether at a meeting or by written consent. The holders of shares of the Redeemable Preferred Stock do not otherwise have any voting rights. Liquidation Preference The Redeemable Preferred Stock ranks senior to the common stock with respect to dividend rights and rights upon the voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company. Upon a liquidation, dissolution or winding up of the affairs of the Company, each share of Redeemable Preferred Stock will be entitled to receive an amount per share equal to the greater of (i) the purchase price paid by the purchaser, plus all accrued and unpaid dividends (the “Liquidation Preference”) and (ii) the purchase price, plus $150.0 million of cash Dividends (the ”Base Preferred Return Amount”). Dividends Dividends on the Redeemable Preferred Stock are payable at a rate equal to 14.0% per annum subject to increase in accordance with the terms of the Redeemable Preferred Stock. Specifically, the rate will be increased by 2.0% per annum for any periods during the first two years following closing of the issuance of the Redeemable Preferred Stock, where the dividend is not paid in cash. Prior to the second anniversary of the issuance date, such dividends will automatically accrue and accumulate on each share of Redeemable Preferred Stock, whether or not declared and paid, or they may be paid in cash at our discretion. After the second anniversary of the issuance date, we are required to pay such dividends in cash. Failure to pay such dividends will result in a dividend rate equal to 18.0% per annum, and a failure to pay cash dividends for 12 monthly dividend periods (whether or not consecutive) following the second anniversary of the issuance date will constitute an event of noncompliance. The dividend rate on the Preferred Stock will increase by 1.0% per annum beginning on the fifth anniversary of the issuance date of the Redeemable Preferred Stock. As of June 30, 2023, the Company has $45.8 million of dividends PIK increasing our Redeemable Preferred Stock balance. Dividends recorded in Dividends and accretion on redeemable preferred stock on the Consolidated and Combined Consolidated Statement of Operations totaled $13.6 million and $26.5 million for the three and six months ended June 30, 2023, respectively. The Company has presented the Redeemable Preferred Stock in temporary equity and is accreting the discount and debt issuance costs using the interest method to the earliest redemption date of August 1, 2030. Such accretion, recorded in Dividends and accretion on redeemable preferred stock on the Consolidated and Combined Consolidated Statement of Operations, totaled $1.6 million and $3.2 million for the three and six months ended June 30, 2023, respectively. Redemption Mandatory Redemption : The Redeemable Preferred Stock is not mandatorily redeemable at the option of the holders, except upon the occurrence of any (i) bankruptcy event, (ii) any change of control event, or (iii) any debt acceleration event (together with any bankruptcy event and change of control event) (each a “Mandatory Redemption Event”). Upon the occurrence of a Mandatory Redemption Event, to the extent not prohibited by law, we will be required to redeem all preferred stock in cash at the greater of the (i) Liquidation Preference, and (ii) the Base Preferred Return Amount at the date of redemption. Optional Redemption: The Redeemable Preferred Stock is optionally redeemable at the option of the Company, at any time, at the greater of the (i) Liquidation Preference, and (ii) the Base Preferred Return Amount at the date of redemption. Upon certain contingent events or events of noncompliance, the preferred stockholders have the right to a majority of the board seats of the Company. If the Redeemable Preferred Stock were redeemed as of June 30, 2023, it would be redeemable for $448.2 million.

EARNINGS PER SHARE AND EQUITY

EARNINGS PER SHARE AND EQUITY	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE AND EQUITY	16. EARNINGS PER SHARE AND EQUITY Basic loss per share of common stock (“LPS”) is calculated by dividing net loss attributable to stockholders and Former Parent by the weighted average number of common stock outstanding, plus any participating securities. Diluted LPS is calculated by dividing net loss attributable to stockholders or Former Parent by the weighted average number of common stock outstanding, plus any participating securities and potentially dilutive securities. Potentially dilutive securities are calculated using the treasury stock method. The calculation of basic and diluted LPS is presented below: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share data) 2023 2022 2023 2022 Net loss $ (33,872) $ (37,960) $ (69,784) $ (88,248) Less: Net loss attributable to non-controlling interests in consolidated subsidiaries (10,276) (8,480) (20,169) (15,946) Less: Dividends and accretion on redeemable preferred stock 15,257 — 29,827 — Net loss attributable to stockholders/Former Parent $ (38,853) $ (29,480) $ (79,442) $ (72,302) Weighted Average Common Stock Outstanding - Basic (1) 102,793,800 99,387,467 102,790,737 99,387,467 Weighted Average Common Stock Outstanding - Diluted (1) 102,793,800 99,387,467 102,790,737 99,387,467 Loss per share: Basic $ (0.38) $ (0.30) $ (0.77) $ (0.73) Diluted (2) $ (0.38) $ (0.30) $ (0.77) $ (0.73) ________________________________________________________ (1) Three and six months ended June 30, 2023 includes penny warrants which can be converted into a fixed amount of our stock. (2) Diluted LPS for the three and six months ended June 30, 2023 includes the dilutive effect of subsidiary earnings per share . For the three and six months ended June 30, 2023, 2,345,888 and 2,007,077 shares, respectively, have been excluded from the calculation of Diluted LPS because the impact would be anti-dilutive. On the Spin-off Date, FTAI distributed one share of FTAI Infrastructure, Inc. common stock for each FTAI common share held by FTAI’s shareholders of record as of the record date. As of that date, 99,387,467 shares were distributed. This number of shares is utilized for the calculation of basic and diluted loss per share for all periods presented prior to the spin-off. For the three and six months ended June 30, 2022, these shares are treated as issued and outstanding for purposes of calculating historical earnings per share. For periods prior to the spin-off, it is assumed that there are no dilutive equity instruments as there were no equity awards of FTAI Infrastructure, Inc. outstanding prior to the spin-off. Common Stock Warrants A summary of the status of the Company’s outstanding stock warrants and changes during the six months ended June 30, 2023 is as follows: Number of Warrants Weighted Average Exercise Price Outstanding as of December 31, 2022 6,685,132 $ 5.01 Issued — — Expired — — Exercised — — Outstanding as of June 30, 2023 (1) 6,685,132 $ 4.96 Warrants exercisable as of June 30, 2023 (1) 6,685,132 $ 4.96 ________________________________________________________ (1) Weighted average exercise price as of June 30, 2023 includes adjustments for quarterly dividend payments.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2023
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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	18. SUBSEQUENT EVENTS Dividends On July 25, 2023, our board of directors declared a cash dividend on our common stock of $0.03 per share for the quarter ended June 30, 2023, payable on August 15, 2023 to the holders of record on August 8, 2023. Offering of Additional Notes On July 5, 2023, we issued an additional $100.0 million aggregate principal amount of 10.500% senior secured notes due 2027, at an issue price equal to 95.50% of principal, plus accrued interest from and including June 1, 2023. These notes have identical terms as the original notes, other than with respect to the date of issuance and the issue price, and bear interest at a rate of 10.500% per annum, payable semi-annually in arrears on June 1 and December 1 of each year. We used a portion of the net proceeds from the offering to repay the amount outstanding under the Transtar Revolver and Credit Agreement in full and the commitments thereunder were terminated in connection with the closing of the offering. We intend to use the remainder of net proceeds for general corporate purposes. Amendment to Certificate of Designations of our Series A Preferred Stock On June 27, 2023, the Company’s board of directors approved a Certificate of Amendment (the “Amendment”) to the Certificate of Designations for its Series A Preferred Stock (the “Certificate of Designations”), which amends certain provisions of the Certificate of Designations to increase the aggregate principal amount of outstanding indebtedness that the Company and its subsidiaries may incur in order to facilitate the issuance of the additional $100.0 million of Senior Notes due 2027 (the “Additional Notes”) , subject to obtaining the prior affirmative vote or consent of the Majority Holders (as defined in the Certificate of Designations) to such Amendment. On June 28, 2023, the holders of our Series A Preferred Stock (the “Series A Holders”) executed a unanimous written consent (the “Series A Consent”) pursuant to which the Series A Holders authorized, consented to and approved the offering of the Additional Notes and the Amendment, subject to certain customary conditions. On July 5, 2023, the Series A Consent became effective and the Company filed the Amendment with the Secretary of State of the State of Delaware. The Series A Holders received a customary fee for the consent and purchased $33.4 million aggregate principal amount of the Additional Notes.

BASIS OF PRESENTATION AND SUM_2

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation		Basis of Presentation: Unaudited Consolidated and Combined Consolidated Financial Statements The Company’s financial statements for the periods through the Spin-off Date are combined consolidated financial statements. The Company’s financial statements for the period after the Spin-off Date are consolidated financial statements based on the reported results of FTAI Infrastructure Inc. as a standalone company. The historical results of operations, financial position, and cash flows of FTAI Infrastructure represented in the combined consolidated financial statements may not be indicative of what they would have been had FTAI Infrastructure actually been a separate standalone entity during such periods, nor are they necessarily indicative of our future results of operations, financial position, and cash flows. Basis of Presentation: Prior to spin-off The Company’s financial statements for the periods through the Spin-off Date were prepared on a standalone basis as if the operations had been conducted independently from the Former Parent and have been derived from the consolidated financial statements and accounting records of the Former Parent. Accordingly, Former Parent’s net investment in our operations (Net Former Parent investment) was shown in lieu of stockholders’ equity in the accompanying combined consolidated financial statements, which include the historical operations comprising the infrastructure business of FTAI. Prior to the Spin-off Date, the combined consolidated financial statements include certain assets and liabilities that have historically been held by the Former Parent but are specifically identifiable or otherwise attributable to FTAI Infrastructure. All significant intercompany transactions between Former Parent and FTAI Infrastructure have been included as components of Net Former Parent investment in the combined consolidated financial statements, as they are to be considered effectively settled upon effectiveness of the spin-off. The combined consolidated financial statements are presented as if our businesses had been combined for all periods presented. Principles of Combination — FTAI Infrastructure has elected the principles of combined consolidated financial statements as the basis of presentation for the periods through the Spin-off Date due to common ownership and management of the entities, which includes the financial results of the Railroad, Jefferson Terminal, Repauno, Power and Gas, and Sustainability and Energy Transition segments.
Cash and Cash Equivalents		Cash and Cash Equivalents — The Cash and Cash Equivalents reflected in the financial statements through the Spin-off Date are Cash and Cash Equivalents that were legally held by FTAI Infrastructure during the periods presented in the financial statements and are directly attributed to and used in the operations of FTAI Infrastructure. Cash and Cash Equivalents — We consider all highly liquid short-term investments with a maturity of 90 days or less when purchased to be cash equivalents.
Debt and the Corresponding Interest Expense		Debt and the Corresponding Interest Expense — The Debt reflected in the financial statements through the Spin-off Date was debt that was directly attributable to, and legally incurred by, FTAI Infrastructure. The corresponding interest expense presented in the financial statements was derived solely from the Debt directly attributed to FTAI Infrastructure.
Corporate Function, Unaudited Interim Financial Information, Principles of Combination, and Principles of Consolidation		Corporate Function — For the periods through the Spin-off Date, the combined consolidated financial statements include all revenues and costs directly attributable to FTAI Infrastructure and an allocation of certain expenses. The Former Parent was externally managed by the Manager, which performed the Former Parent’s corporate function, and incurred a variety of expenses including, but not limited to, information technology, accounting, treasury, tax, legal, corporate finance and communications. For purposes of the Combined Consolidated Statements of Operations, an allocation of these expenses was included to reflect our portion of such corporate overhead from the Former Parent. The charges reflected have either been specifically identified or allocated based on an estimate of time spent on FTAI Infrastructure. These allocated costs were recorded in general and administrative, and acquisition and transaction expenses in the Combined Consolidated Statements of Operations. We believe the assumptions regarding allocations of the Former Parent’s Corporate expenses are reasonable. Nevertheless, the allocations may not be indicative of the actual expense that would have been incurred had FTAI Infrastructure operated as an independent, standalone public entity, nor are they indicative of the Company’s future expenses. Actual costs that may have been incurred if FTAI Infrastructure had been a standalone company would depend on a number of factors, including the organizational structure, what functions were outsourced or performed by employees and strategic decisions made in areas such as information technology and infrastructure. The Former Parent funded FTAI Infrastructure’s operating and investing activities as needed. Cash transfers to and from the Former Parent are reflected in the Combined Consolidated Statements of Cash Flows as “Net transfers from Former Parent”. Refer to Note 13 for additional discussion on corporate costs allocated from the Former Parent that are included in these combined consolidated financial statements . Subsequent to the Spin-off Date, the Company operated as a standalone company based on actual expenses incurred. Unaudited Interim Financial Information — The accompanying interim Consolidated Balance Sheet as of June 30, 2023, the Consolidated and Combined Consolidated Statements of Operations, Comprehensive Income (Loss) and Changes in Equity for the three and six months ended June 30, 2023 and 2022, and the Consolidated and Combined Statements of Cash Flows for the six months ended June 30, 2023 and 2022 are unaudited. These unaudited interim consolidated and combined consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). In the opinion of our management, the unaudited interim consolidated and combined consolidated financial statements include all adjustments necessary for the fair presentation of our financial position as of June 30, 2023, the results of operations, comprehensive income (loss) and changes in equity for the three and six months ended June 30, 2023 and 2022, and cash flows for the six months ended June 30, 2023 and 2022. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any other period. 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 and combined consolidated financial statements and the reported amounts of revenues and expenses during the reporting period, including allocations from the Former Parent during the period prior to the spin-off. Actual results could differ from those estimates.
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.
Variable Interest Entities		Variable Interest Entities — The assessment of whether an entity is a VIE and the determination of whether to consolidate a VIE requires judgment. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, and only by its primary beneficiary, which is defined as the party who has the power to direct the activities of a VIE that most significantly impact its economic performance and who has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.
Restricted Cash		Restricted Cash —
Capitalized Interest		Capitalized Interest —
Impairment of Long-Lived Assets		Impairment of Long-Lived Assets — We perform a recoverability assessment of each of our long-lived assets whenever events or changes in circumstances, or indicators, indicate that the carrying amount or net book value of an asset may not be recoverable. Indicators may include, but are not limited to, a significant change in market conditions; or the introduction of newer technology. When performing a recoverability assessment, we measure whether the estimated future undiscounted net cash flows expected to be generated by the asset exceeds its net book value. The undiscounted cash flows consist of cash flows from terminal services contracts and currently contracted leases, future projected leases, terminal service and freight rail rates, transition costs, and estimated residual or scrap values. In the event that an asset does not meet the recoverability test, the carrying value of the asset will be adjusted to fair value resulting in an impairment charge. Management develops the assumptions used in the recoverability analysis based on its knowledge of active contracts, current and future expectations of the demand for a particular asset and historical experience, as well as information received from third party industry sources. The factors considered in estimating the undiscounted cash flows are impacted by changes in future periods due to changes in contracted lease rates, terminal service, and freight rail rates, residual values, economic conditions, technology, demand for a particular asset type and other factors.
Goodwill	Goodwill — Goodwill includes the excess of the purchase price over the fair value of the net tangible and intangible assets associated with the acquisition of Jefferson Terminal, Transtar and FYX. The carrying amount of goodwill within the Jefferson Terminal, Railroad and Corporate and Other segments was $122.7 million, $132.1 million, and $5.4 million as of both June 30, 2023 and December 31, 2022, respectively. We review the carrying values of goodwill at least annually to assess impairment since these assets are not amortized. An annual impairment review is conducted as of October 1st of each year. Additionally, we review the carrying value of goodwill whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. The determination of fair value involves significant management judgment. For an annual goodwill impairment assessment, an optional qualitative analysis may be performed. If the option is not elected or if it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then a goodwill impairment test is performed to identify potential goodwill impairment and measure an impairment loss. A goodwill impairment assessment compares the fair value of a respective reporting unit with its carrying amount, including goodwill. The estimate of fair value of the respective reporting unit is based on the best information available as of the date of assessment, which primarily incorporates certain factors including our assumptions about operating results, business plans, income projections, anticipated future cash flows and market data. If the estimated fair value of the reporting unit is less than the carrying amount, a goodwill impairment is recorded to the extent that the carrying value of the reporting unit exceeds the fair value. As of October 1, 2022, for our Jefferson Terminal reporting unit, we completed a quantitative analysis. We estimate the fair value of Jefferson Terminal using an income approach, specifically a discounted cash flow analysis. This analysis requires us to make significant assumptions and estimates about the forecasted revenue growth rates, EBITDA margins and discount rates. The estimates and assumptions used consider historical performance if indicative of future performance and are consistent with the assumptions used in determining future profit plans for the reporting units. In connection with our impairment analysis, although we believe the estimates of fair value are reasonable, the determination of certain valuation inputs is subject to management's judgment. Changes in these inputs, including as a result of events beyond our control, could materially affect the results of the impairment review. If the forecasted cash flows or other key inputs are negatively revised in the future, the estimated fair value of the reporting unit could be adversely impacted, potentially leading to an impairment in the future that could materially affect our operating results. The Jefferson Terminal reporting unit had an estimated fair value that exceeded its carrying value by more than 10% but less than 20% as of October 1, 2022. The Jefferson Terminal reporting unit forecasted revenue is dependent on the ramp up of volumes under current and expected future contracts for storage and throughput of heavy and light crude and refined products, expansion of refined product distribution to Mexico and movements in future oil spreads. At October 1, 2022, approximately 4.3 million barrels of storage was operational with 1.9 million barrels under construction for new contracts that came online in December 2022 which completed our storage development for our main terminal. Our discount rate for our 2022 goodwill impairment analysis was 9.5% and our assumed terminal growth rate was 2.0%. If our strategy changes from planned capacity downward due to an inability to source contracts or expand volumes, the fair value of the reporting unit would be negatively affected, which could lead to an impairment. The expansion of refineries in the Beaumont/Port Arthur area, as well as growing crude oil production in the U.S. and Canada, are expected to result in increased demand for storage on the U.S. Gulf Coast. Although we do not have significant direct exposure to volatility of crude oil prices, changes in crude oil pricing that affect long term refining planned output could impact Jefferson Terminal operations.
Intangibles and amortization		Intangibles and Amortization — Intangible assets include the value of existing customer relationships acquired in connection with the acquisition of Jefferson Terminal and Transtar.
Redeemable Preferred Stock	Redeemable Preferred Stock — We classify the Series A Senior Preferred Stock ("Redeemable Preferred Stock") as temporary equity in the Consolidated Balance Sheets due to certain contingent redemption clauses that are at the election of the holders. The carrying value of the Redeemable Preferred Stock is accreted to the redemption value at the earliest redemption date, which has been determined to be August 1, 2030. We use the interest method to accrete to the redemption value.
Deferred Financing Costs		Deferred Financing Costs —
Revenues		Terminal Services Revenues — Terminal services are provided to customers for the receipt and redelivery of various commodities. These revenues relate to performance obligations that are recognized over time using the right to invoice practical expedient, i.e., invoiced as the services are rendered and the customer simultaneously receives and consumes the benefit over the contract term. The Company’s performance of service and right to invoice corresponds with the value delivered to our customers. Revenues are typically invoiced and paid on a monthly basis. Rail Revenues — Rail revenues generally consist of the following performance obligations: industrial switching, interline services, demurrage and storage. Switching revenues are derived from the performance of switching services, which involve the movement of cars from one point to another within the limits of an individual plant, industrial area, or a rail yard. Switching revenues are recognized as the services are performed, and the services are generally completed on the same day they are initiated. Interline revenues are derived from transportation services for railcars that originate or terminate at our railroads and involve one or more other carriers. For interline traffic, one railroad typically invoices a customer on behalf of all railroads participating in the route directed by the customer. The invoicing railroad then pays the other railroads its portion of the total amount invoiced on a monthly basis. We record revenue related to interline traffic for transportation service segments provided by carriers along railroads that are not owned or controlled by us on a net basis. Interline revenues are recognized as the transportation movements occur. Our ancillary services revenue primarily relates to demurrage and storage services. Demurrage represents charges assessed by railroads for the detention of cars by shippers or receivers of freight beyond a specified free time and is recognized on a per day basis. Storage services revenue is earned for the provision of storage of shippers’ railcars and is generally recognized on a per day, per car basis, as the storage services are provided. Lease Income — Lease income consists of rental income from tenants for storage space. Lease income is recognized on a straight-line basis over the terms of the relevant lease agreement. Roadside Services Revenues — Roadside services revenue is revenue related to providing roadside assistance services to customers in the intermodal and over-the-road trucking industries. Revenue is recognized when a performance obligation is satisfied by completing a repair service at a point in time. Revenues are typically invoiced for each repair and generally have 30-day payment terms. Other Revenue — Other revenue primarily consists of revenue related to the handling, storage and sale of raw materials. Revenues for the handling and storage of raw materials relate to performance obligations that are recognized over time using the right to invoice practical expedient, i.e., invoiced as the services are rendered and the customer simultaneously receives and consumes the benefit over the contract term. Our performance of service and right to invoice corresponds with the value delivered to our customers. Revenues for the sale of raw materials relate to contracts that contain performance obligations to deliver the product over the term of the contract. The revenues are recognized when the control of the product is transferred to the customer, based on the volume delivered and the price within the contract. Other revenues are typically invoiced and paid on a monthly basis. Additionally, other revenue includes revenue related to derivative trading activities. Payment terms for revenues are generally short term in nature .
Leasing Arrangements		Leasing Arrangements — At contract inception, we evaluate whether an arrangement is or contains a lease for which we are the lessee (that is, arrangements which provide us with the right to control a physical asset for a period of time). Operating lease right-of-use (“ROU”) assets and lease liabilities are recognized in Operating lease right-of-use assets, net and Operating lease liabilities within current liabilities and non-current liabilities in our Consolidated Balance Sheets, respectively. Finance lease ROU assets are recognized in Property, plant and equipment, net and lease liabilities are recognized in Other current liabilities and Other liabilities in our Consolidated Balance Sheets. All lease liabilities are measured at the present value of the unpaid lease payments, discounted using our incremental borrowing rate based on the information available at commencement date of the lease. ROU assets , for both operating and finance leases , are initially measured based on the lease liability, adjusted for prepaid rent and lease incentives. ROU assets are subsequently measured at the carrying amount of the lease liability adjusted for prepaid or accrued lease payments and lease incentives. The finance lease ROU assets are subsequently amortized using the straight-line method. Operating lease expenses are recognized on a straight-line basis over the lease term. With respect to finance leases, amortization of the ROU asset is presented separately from interest expense related to the finance lease liability. Variable lease payments, which are primarily based on usage, are recognized when the associated activity occurs. We have elected to combine lease and non-lease components for all lease contracts where we are the lessee. Additionally, for arrangements with lease terms of 12 months or less, we do not recognize ROU assets and lease liabilities; lease payments are recognized on a straight-line basis over the lease term with variable lease payments recognized in the period in which the obligation is incurred.
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 54% and 51% of total revenues for the three and six months ended June 30, 2023, respectively, from one customer in the Railroad segment. Additionally, we earned 11% of total revenues for both the three and six months ended June 30, 2023 from one customer in the Jefferson Terminal segment. We earned 54% and 61% of total revenues for the three and six months ended June 30, 2022, respectively, from one customer in the Railroad segment. We earned 11% and 10% of total revenues for the three and six months ended June 30, 2022, respectively, from one customer in the Jefferson Terminal segment. Additionally, for the three months ended June 30, 2022, one customer from the Repauno segment accounted for 21% of total revenues. As of June 30, 2023 accounts receivable from two customers within the Jefferson Terminal and Railroad segments represented 42% of total accounts receivable, net. As of December 31, 2022, accounts receivable from three customers within the Jefferson Terminal and Railroad segments represented 55% 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.
Allowance for Doubtful Accounts		Allowance for Doubtful Accounts —
Comprehensive Income (Loss)		Comprehensive Income (Loss) — Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. Our comprehensive income (loss) represents net loss, as presented in the Consolidated and Combined Consolidated Statements of Operations, adjusted for fair value changes recorded in other comprehensive income (loss) related to cash flow hedges of our equity method investees and pension and other employee benefit accounts.
Derivative Financial Instruments		Derivative Financial Instruments Electricity Derivatives — Our equity method investee, Long Ridge, enters into derivative contracts as part of a risk management program to mitigate price risk associated with certain electricity price exposures. Long Ridge primarily uses swap derivative contracts, which are agreements to buy or sell a quantity of electricity at a predetermined future date and at a predetermined price. Cash Flow Hedges Certain of these derivative instruments are designated and qualify as cash flow hedges. Our share of the derivative's gain or loss is reported as Other comprehensive income (loss) related to equity method investees, net in our Consolidated and Combined Consolidated Statements of Comprehensive Income (Loss) and recorded in Accumulated other comprehensive loss in our Consolidated Balance Sheets. The change in our equity method investment balance related to derivative gains or losses on cash flow hedges is disclosed as a Non-cash change in equity method investment in our Consolidated and Combined Consolidated Statements of Cash Flows. Derivatives Not Designated As Hedging Instruments Certain of these derivative instruments are not designated as hedging instruments for accounting purposes. Our share of the change in fair value of these contracts is recognized in Equity in earnings (losses) of unconsolidated entities in the Consolidated and Combined Consolidated Statements of Operations. The cash flow impact of derivative contracts that are not designated as hedging instruments is recognized in Equity in earnings (losses) of unconsolidated entities in our Consolidated and Combined Consolidated Statements of Cash Flows.
Income Taxes		Income Taxes — Prior to the spin-off, we were taxed as a disregarded entity for U.S. federal income tax purposes and our taxable income or loss generated was allocated to investors by our Former Parent, which was treated as a partnership for U.S. federal income tax purposes. In addition, certain of our subsidiaries were taxed as separate corporations for U.S. federal income tax purposes. The income tax provision included in the consolidated and combined consolidated financial statements prior to the spin-off was prepared on a separate return method. Post spin-off, FTAI Infrastructure’s tax structure, certain return elections and assertions are different, including a single consolidated federal tax filing in the U.S., and therefore the income taxes presented prior to the spin-off in the consolidated and combined consolidated financial statements are not expected to be indicative of the Company’s future income taxes. We account for these taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is established when management believes it is more likely than not that a deferred tax asset will not be realized. Some of our entities file income tax returns in the U.S. federal jurisdiction, various state jurisdictions and in certain foreign jurisdictions. The income tax returns filed by us and our subsidiaries are subject to examination by the U.S. federal, state and foreign tax authorities. We recognize tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the provision for income taxes in the Consolidated and Combined Consolidated Statements of Operations.
Pension and Other Postretirement Benefits		Pension and Other Postretirement Benefits — We have obligations for a pension and a postretirement benefit plan in connection with the acquisition of Transtar for certain eligible Transtar employees. The pension and other postretirement obligations and the related net periodic costs are based on, among other things, assumptions regarding the discount rate, salary increases, the projected mortality of participants and the current level and future escalation of health care costs. Actuarial gains and losses occur when actual experience differs from any of the many assumptions used to value the benefit plans, or when assumptions change. We will recognize into income on an annual basis a portion of unrecognized actuarial net gains or losses that exceed 10 percent of the greater of the projected benefit obligations or the market-related value of plan assets (the corridor). This excess is amortized over the average remaining service period of active employees expected to receive benefits under the plan. Refer to Note 11 for additional discussion on the pension and postretirement benefit plans.
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).

BASIS OF PRESENTATION AND SUM_3

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Schedule of Property, Plant and Equipment, Useful Life	Property, plant and equipment and leasing equipment are stated at cost (inclusive of capitalized acquisition costs, where applicable) and depreciated using the straight-line method, over their estimated useful lives, to estimated residual values which are summarized as follows: Asset Range of Estimated Useful Lives Residual Value Estimates Railcars and locomotives 40 - 50 years from date of manufacture Scrap value at end of useful life Track and track related assets 15 - 50 years from date of manufacture Scrap value at end of useful life Land, site improvements and rights N/A N/A Bridges and tunnels 15 - 55 years Scrap value at end of useful life Buildings and site improvements 20 - 30 years Scrap value at end of useful life Railroad equipment 3 - 15 years from date of manufacture Scrap value at end of useful life Terminal machinery and equipment 15 - 25 years from date of manufacture Scrap value at end of useful life Vehicles 5 - 7 years from date of manufacture Scrap value at end of useful life Furniture and fixtures 3 - 6 years from date of purchase None Computer hardware and software 2 - 5 years from date of purchase None Construction in progress N/A N/A Property, plant and equipment, net is summarized as follows: June 30, 2023 December 31, 2022 Land, site improvements and rights $ 184,215 $ 183,640 Buildings and improvements 19,377 19,356 Bridges and Tunnels 173,868 173,868 Terminal machinery and equipment 1,213,038 1,141,505 Track and track related assets 101,170 100,068 Railroad equipment 9,016 8,463 Railcars and locomotives 99,800 100,200 Computer hardware and software 15,283 11,733 Furniture and fixtures 1,822 1,745 Construction in progress 100,753 127,941 Other 11,712 11,336 1,930,054 1,879,855 Less: Accumulated depreciation (242,125) (206,047) Property, plant and equipment, net $ 1,687,929 $ 1,673,808 Depreciation expense for property, plant and equipment is summarized as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Depreciation expense $ 18,121 $ 15,158 $ 36,094 $ 30,003

LEASING EQUIPMENT, NET (Tables)

LEASING EQUIPMENT, NET (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Lessor, Operating Leases	Leasing equipment, net is summarized as follows: June 30, 2023 December 31, 2022 Leasing equipment $ 44,039 $ 44,179 Less: Accumulated depreciation (9,799) (9,272) Leasing equipment, net $ 34,240 $ 34,907
Operating Lease, Lease Income	Depreciation expense for leasing equipment is summarized as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Depreciation expense for leasing equipment $ 276 $ 276 $ 552 $ 552

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment and leasing equipment are stated at cost (inclusive of capitalized acquisition costs, where applicable) and depreciated using the straight-line method, over their estimated useful lives, to estimated residual values which are summarized as follows: Asset Range of Estimated Useful Lives Residual Value Estimates Railcars and locomotives 40 - 50 years from date of manufacture Scrap value at end of useful life Track and track related assets 15 - 50 years from date of manufacture Scrap value at end of useful life Land, site improvements and rights N/A N/A Bridges and tunnels 15 - 55 years Scrap value at end of useful life Buildings and site improvements 20 - 30 years Scrap value at end of useful life Railroad equipment 3 - 15 years from date of manufacture Scrap value at end of useful life Terminal machinery and equipment 15 - 25 years from date of manufacture Scrap value at end of useful life Vehicles 5 - 7 years from date of manufacture Scrap value at end of useful life Furniture and fixtures 3 - 6 years from date of purchase None Computer hardware and software 2 - 5 years from date of purchase None Construction in progress N/A N/A Property, plant and equipment, net is summarized as follows: June 30, 2023 December 31, 2022 Land, site improvements and rights $ 184,215 $ 183,640 Buildings and improvements 19,377 19,356 Bridges and Tunnels 173,868 173,868 Terminal machinery and equipment 1,213,038 1,141,505 Track and track related assets 101,170 100,068 Railroad equipment 9,016 8,463 Railcars and locomotives 99,800 100,200 Computer hardware and software 15,283 11,733 Furniture and fixtures 1,822 1,745 Construction in progress 100,753 127,941 Other 11,712 11,336 1,930,054 1,879,855 Less: Accumulated depreciation (242,125) (206,047) Property, plant and equipment, net $ 1,687,929 $ 1,673,808 Depreciation expense for property, plant and equipment is summarized as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Depreciation expense $ 18,121 $ 15,158 $ 36,094 $ 30,003

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 December 31, 2022 Intermodal Finance I, Ltd. Equity method 51% $ — $ — Long Ridge Energy & Power LLC (1) Equity method 50% — — GM-FTAI Holdco LLC Equity method See below 62,926 68,025 Clean Planet Energy USA LLC Equity method 50% 7,319 5,564 $ 70,245 $ 73,589 ________________________________________________________ (1) The carrying value of $(37.5) million and $(187.2) million as of June 30, 2023 and December 31, 2022 is included in Other liabilities in the Consolidated Balance Sheets. The following table presents our proportionate share of equity in earnings (losses): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Intermodal Finance I, Ltd. $ 13 $ 44 $ 34 $ 88 Long Ridge Energy & Power LLC 1,639 (12,971) 9,400 (34,352) GM-FTAI Holdco LLC (2,759) (688) (5,100) (1,121) Clean Planet Energy USA LLC (518) (244) (1,593) (517) Total $ (1,625) $ (13,859) $ 2,741 $ (35,902)
Equity Method Investments Financial Information	The tables below present summarized financial information for Long Ridge Energy & Power LLC: (Unaudited) June 30, 2023 December 31, 2022 Balance Sheet Assets Current assets: Cash and cash equivalents $ 992 $ 2,192 Restricted cash 20,801 20,732 Accounts receivable 7,933 31,727 Other current assets 2,604 5,732 Total current assets 32,330 60,383 Property plant & equipment 841,055 827,886 Intangible assets 4,370 4,560 Goodwill 86,460 86,460 Other assets 8,081 8,540 Total assets $ 972,296 $ 987,829 Liabilities Current liabilities: Accounts payable and accrued liabilities $ 59,698 $ 87,498 Debt, net 4,450 38,526 Derivative liabilities 48,719 125,134 Other current liabilities 6,036 913 Total current liabilities 118,903 252,071 Debt, net 656,636 599,499 Derivative liabilities 367,715 557,708 Other liabilities 8,260 6,932 Total liabilities 1,151,514 1,416,210 Equity Shareholders' equity (43,196) (273,597) Accumulated deficit (136,022) (154,784) Total equity (179,218) (428,381) Total liabilities and equity $ 972,296 $ 987,829 Three Months Ended June 30, Six Months Ended June 30, Income Statement 2023 2022 2023 2022 Total revenue $ 46,454 $ 19,801 $ 102,859 $ 15,043 Expenses Operating expenses 15,565 19,909 28,779 32,356 Depreciation and amortization 13,019 12,454 26,383 24,998 Interest expense 14,725 13,181 29,165 26,042 Total expenses 43,309 45,544 84,327 83,396 Total other income (expense) 126 (149) 231 (213) Net income (loss) $ 3,271 $ (25,892) $ 18,763 $ (68,566)

INTANGIBLE ASSETS, NET (Tables)

INTANGIBLE ASSETS, NET (Tables)	6 Months Ended
	Jun. 30, 2023
Intangible Assets and Liabilities Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets and Liabilities	Intangible assets, net are summarized as follows: June 30, 2023 Jefferson Terminal Railroad Total Intangible assets Customer relationships $ 35,513 $ 60,000 $ 95,513 Less: Accumulated amortization (31,367) (7,732) (39,099) Intangible assets, net $ 4,146 $ 52,268 $ 56,414 December 31, 2022 Jefferson Terminal Railroad Total Intangible assets Customer relationships $ 35,513 $ 60,000 $ 95,513 Less: Accumulated amortization (29,591) (5,727) (35,318) Intangible assets, net $ 5,922 $ 54,273 $ 60,195
Schedule of Intangible Assets and Liabilities	Amortization of customer relationships is included in Depreciation and amortization in the Consolidated and Combined Consolidated Statements of Operations and is as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Amortization of customer relationships $ 1,895 $ 1,885 $ 3,781 $ 3,760
Schedule of Net Annual Amortization of Intangibles	As of June 30, 2023, estimated net annual amortization of intangibles is as follows: Remainder of 2023 $ 3,776 2024 6,370 2025 4,000 2026 4,000 2027 4,000 Thereafter 34,268 Total $ 56,414

DEBT, NET (Tables)

DEBT, NET (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2023 December 31, 2022 Loans payable DRP Revolver (1) (i) Base Rate + 2.75%; or (ii) Base Rate + 3.75% (Term SOFR) 11/5/24 $ 25,000 $ 25,000 EB-5 Loan Agreement 5.75% (i) 1/25/26 63,800 62,200 Transtar Revolver (2) (i) Base Rate + 2.00%; or (ii) Adjusted Term SOFR + 3.00% 12/27/25 50,000 10,000 Credit Agreement (i) Base Rate + 6.50%; or (ii) Adjusted Term SOFR + 7.50% 12/31/23 25,000 — Total loans payable 163,800 97,200 Bonds payable Series 2020 Bonds (i) Tax Exempt Series 2020A Bonds: 3.625% (ii) Tax Exempt Series 2020A Bonds: 4.00% (iii) Taxable Series 2020B Bonds: 6.00% (i) 1/1/35 (ii) 1/1/50 (iii) 1/1/25 263,980 263,980 Series 2021 Bonds (i) Series 2021A Bonds: 1.875% to 3.000% (ii) Series 2021B Bonds: 4.100% (i) 1/1/26 to 1/1/50 (ii) 1/1/28 425,000 425,000 Senior Notes due 2027 (3) 10.500% 6/1/27 476,973 474,828 Total bonds payable 1,165,953 1,163,808 Total Debt 1,329,753 1,261,008 Less: Debt issuance costs (29,075) (30,851) Total debt, net $ 1,300,678 $ 1,230,157 Total debt due within one year $ 25,000 $ — ________________________________________________________ (1) Requires a quarterly commitment fee at a rate of 1.000% on the average daily unused portion, as well as customary letter of credit fees and agency fees. (2) Requires a quarterly commitment fee at a rate of 0.500% on the average daily unused portion, as well as customary letter of credit fees and agency fees. (3) Includes an unamortized discount of $23,027 and $25,172 at June 30, 2023 and December 31, 2022, respectively.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis	The following tables set forth our financial assets measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022, by level within the fair value hierarchy. Assets measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. Fair Value as of Fair Value Measurements Using Fair Value Hierarchy as of June 30, 2023 June 30, 2023 Total Level 1 Level 2 Level 3 Valuation Technique Assets Cash and cash equivalents $ 42,523 $ 42,523 $ — $ — Market Restricted cash 54,960 54,960 — — Market Note receivable 10,800 — 10,800 — Market Total assets $ 108,283 $ 97,483 $ 10,800 $ — Fair Value as of Fair Value Measurements Using Fair Value Hierarchy as of December 31, 2022 December 31, 2022 Total Level 1 Level 2 Level 3 Valuation Technique Assets Cash and cash equivalents $ 36,486 $ 36,486 $ — $ — Market Restricted cash 113,156 113,156 — — Market Derivative assets 1,125 — 1,125 — Income Total $ 150,767 $ 149,642 $ 1,125 $ —
Fair Value, by Balance Sheet Grouping	The fair value of our bonds and notes payable reported as debt, net in the Consolidated Balance Sheets are presented in the table below: June 30, 2023 December 31, 2022 Series 2020 A Bonds (1) $ 138,970 $ 139,101 Series 2020 B Bonds (1) 74,874 74,543 Series 2021 A Bonds (1) 151,139 152,848 Series 2021 B Bonds (1) 160,564 163,238 Senior Notes due 2027 501,985 498,035 ________________________________________________________ (1) Fair value is based upon market prices for similar municipal securities.

REVENUES (Tables)

REVENUES (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Three Months Ended June 30, 2023 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Lease income $ 400 $ 319 $ — $ — $ — $ — $ 719 Rail revenues 42,146 — — — — — 42,146 Terminal services revenues — 16,785 4,083 — — — 20,868 Roadside services revenues — — — — — 18,235 18,235 Other revenue — — (136) — — — (136) Total revenues $ 42,546 $ 17,104 $ 3,947 $ — $ — $ 18,235 $ 81,832 Six Months Ended June 30, 2023 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Lease income $ 837 $ 625 $ — $ — $ — $ — $ 1,462 Rail revenues 82,714 — — — — — 82,714 Terminal services revenues — 35,571 4,445 — — — 40,016 Roadside services revenues — — — — — 36,085 36,085 Other revenue — — (1,951) — — — (1,951) Total revenues $ 83,551 $ 36,196 $ 2,494 $ — $ — $ 36,085 $ 158,326 Three Months Ended June 30, 2022 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Lease income $ 553 $ 314 $ — $ — $ — $ — $ 867 Rail revenues 39,060 — — — — — 39,060 Terminal services revenues — 14,214 13 — — — 14,227 Roadside services revenues — — — — — 10,087 10,087 Other revenue — — 1,627 — — — 1,627 Total revenues $ 39,613 $ 14,528 $ 1,640 $ — $ — $ 10,087 $ 65,868 Six Months Ended June 30, 2022 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Lease income $ 1,041 $ 666 $ — $ — $ — $ — $ 1,707 Rail revenues 73,660 — 86 — — — 73,746 Terminal services revenues — 26,908 103 — — — 27,011 Roadside services revenues — — — — — 10,087 10,087 Other revenue — — (535) — — — (535) Total revenues $ 74,701 $ 27,574 $ (346) $ — $ — $ 10,087 $ 112,016
Operating Lease, Lease Income	Presented below are the contracted minimum future annual revenues to be received under existing operating leases within the Jefferson Terminal segment as of June 30, 2023: Operating Leases Remainder of 2023 $ 6,385 2024 12,629 2025 12,595 2026 12,557 2027 12,136 Thereafter — Total $ 56,302

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2023
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: 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) 2023 2022 2023 2022 Restricted Shares $ 303 $ 538 $ 747 $ 1,076 $ 765 0.7 Common Units 259 418 710 589 2,314 0.8 Total $ 562 $ 956 $ 1,457 $ 1,665 $ 3,079

RETIREMENT BENEFIT PLANS (Table

RETIREMENT BENEFIT PLANS (Tables)	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Schedule of Costs of Retirement Plans	The following table summarizes our retirement benefit plan costs. Service costs are recorded in Operating expenses, while interest and amortization costs are recorded in Other (expense) income within the Consolidated and Combined Consolidated Statements of Operations. Three Months Ended June 30, 2023 2022 Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Service costs $ 348 $ 446 $ 438 $ 538 Interest costs 117 374 74 225 Amortization of prior service costs — 34 — — Amortization of actuarial gains (46) — — — Total $ 419 $ 854 $ 512 $ 763

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	The current and deferred components of the income tax provision included in the Consolidated and Combined Consolidated Statements of Operations are as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Current: Federal $ — $ 62 $ — $ 62 State and local 260 71 442 142 Foreign — — — — Total current provision 260 133 442 204 Deferred: Federal 323 1,549 1,140 2,607 State and local 240 265 970 720 Foreign — — — — Total deferred provision 563 1,814 2,110 3,327 Provision for income taxes $ 823 $ 1,947 $ 2,552 $ 3,531

MANAGEMENT AGREEMENT AND AFFI_2

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the management fees, income incentive allocation and capital gains incentive allocation included in these consolidated and combined consolidated financial statements: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Management fee $ 3,084 $ 3,065 $ 6,066 $ 7,226 Income Incentive Fee — — — — Capital Gains Incentive Fee — — — — Total $ 3,084 $ 3,065 $ 6,066 $ 7,226 The following table summarizes our reimbursements to the Manager: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Classification in the Consolidated and Combined Consolidated Statements of Operations: General and administrative $ 1,071 $ 1,098 $ 2,934 $ 2,228 Acquisition and transaction expenses 314 438 357 850 Total $ 1,385 $ 1,536 $ 3,291 $ 3,078 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, 2023 December 31, 2022 Accrued management fees $ 6,066 $ 3,092 Other payables 4,101 — 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, 2023 2022 2023 2022 Non-controlling interest share of net loss $ (10,048) $ (8,135) $ (19,233) $ (15,271)

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables set forth certain information for each reportable segment: I. For the Three Months Ended June 30, 2023 Three Months Ended June 30, 2023 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Revenues Total revenues $ 42,546 $ 17,104 $ 3,947 $ — $ — $ 18,235 $ 81,832 Expenses Operating expenses 22,257 15,990 5,776 173 28 18,551 62,775 General and administrative — — — — — 3,702 3,702 Acquisition and transaction expenses 184 36 — 49 — 367 636 Management fees and incentive allocation to affiliate — — — — — 3,084 3,084 Depreciation and amortization 5,125 12,144 2,281 — — 742 20,292 Asset impairment 602 — — — — — 602 Total expenses 28,168 28,170 8,057 222 28 26,446 91,091 Other (expense) income Equity in earnings (losses) of unconsolidated entities — — — 1,639 (3,277) 13 (1,625) (Loss) gain on sale of assets, net (85) 732 — — — — 647 Interest expense (1,215) (7,978) (615) (1) — (14,373) (24,182) Other (expense) income (544) (349) — 1,643 620 — 1,370 Total other (expense) income (1,844) (7,595) (615) 3,281 (2,657) (14,360) (23,790) Income (loss) before income taxes 12,534 (18,661) (4,725) 3,059 (2,685) (22,571) (33,049) Provision for (benefit from) income taxes 720 152 40 — — (89) 823 Net income (loss) 11,814 (18,813) (4,765) 3,059 (2,685) (22,482) (33,872) Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries 28 (10,048) (255) — — (1) (10,276) Less: Dividends and accretion on redeemable preferred stock — — — — — 15,257 15,257 Net income (loss) attributable to stockholders $ 11,786 $ (8,765) $ (4,510) $ 3,059 $ (2,685) $ (37,738) $ (38,853) Three Months Ended June 30, 2022 Port and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Revenues Total revenues $ 39,613 $ 14,528 $ 1,640 $ — $ — $ 10,087 $ 65,868 Expenses Operating expenses 20,868 14,261 4,190 93 10 9,807 49,229 General and administrative — — — — — 2,498 2,498 Acquisition and transaction expenses 149 — — — 29 8,694 8,872 Management fees and incentive allocation to affiliate — — — — — 3,065 3,065 Depreciation and amortization 4,864 9,739 2,376 — — 340 17,319 Total expenses 25,881 24,000 6,566 93 39 24,404 80,983 Other (expense) income Equity in (losses) earnings of unconsolidated entities — — — (12,971) (933) 45 (13,859) Interest expense (17) (6,127) (341) — — (1) (6,486) Other (expense) income (305) (1,291) — — 552 491 (553) Total other (expense) income (322) (7,418) (341) (12,971) (381) 535 (20,898) Income (loss) before income taxes 13,410 (16,890) (5,267) (13,064) (420) (13,782) (36,013) Provision for income taxes 1,818 68 — — 61 — 1,947 Net income (loss) 11,592 (16,958) (5,267) (13,064) (481) (13,782) (37,960) Less: Net loss attributable to non-controlling interests in consolidated subsidiaries — (8,135) (320) — — (25) (8,480) Net income (loss) attributable to Former Parent $ 11,592 $ (8,823) $ (4,947) $ (13,064) $ (481) $ (13,757) $ (29,480)
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to stockholders: Three Months Ended June 30, 2023 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Adjusted EBITDA $ 20,304 $ 7,082 $ (1,636) $ 10,403 $ (1,448) $ (7,028) $ 27,677 Add: Non-controlling share of Adjusted EBITDA 4,946 Add: Equity in losses of unconsolidated entities (1,625) Less: Interest costs on pension and OPEB liabilities (480) Less: Dividends and accretion on redeemable preferred stock (15,257) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities (6,886) Less: Interest expense (24,182) Less: Depreciation and amortization expense (20,292) Less: Incentive allocations — Less: Asset impairment charges (602) Less: Changes in fair value of non-hedge derivative instruments — Less: Losses on the modification or extinguishment of debt and capital lease obligations — Less: Acquisition and transaction expenses (636) Less: Equity-based compensation expense (642) Less: Provision for income taxes (823) Less: Other non-recurring items (51) Net loss attributable to stockholders $ (38,853) The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to Former Parent: Three Months Ended June 30, 2022 Port and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Adjusted EBITDA $ 18,708 $ 4,158 $ (3,704) $ 7,379 $ (125) $ (4,862) $ 21,554 Add: Non-controlling share of Adjusted EBITDA 3,716 Add: Equity in losses of unconsolidated entities (13,859) Less: Interest costs on pension and OPEB liabilities — Less: Dividends and accretion on redeemable preferred stock — Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities (6,825) Less: Interest expense (6,486) Less: Depreciation and amortization expense (17,319) Less: Incentive allocations — Less: Asset impairment charges — Less: Changes in fair value of non-hedge derivative instruments 1,514 Less: Losses on the modification or extinguishment of debt and capital lease obligations — Less: Acquisition and transaction expenses (8,872) Less: Equity-based compensation expense (956) Less: Provision for income taxes (1,947) Less: Other non-recurring items — Net loss attributable to Former Parent $ (29,480)
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated	The following tables sets forth the summarized balance sheet. All property, plant and equipment and leasing equipment are located in North America. June 30, 2023 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Current assets $ 55,086 $ 109,808 $ 4,098 $ 2,093 $ 21,973 $ 21,381 $ 214,439 Non-current assets 670,829 1,145,429 295,976 13,664 81,045 16,228 2,223,171 Total assets 725,915 1,255,237 300,074 15,757 103,018 37,609 2,437,610 Debt, net 50,000 735,499 25,000 — — 466,142 1,276,641 Current liabilities 45,439 63,134 7,603 8,666 28 57,191 182,061 Non-current liabilities 102,783 793,702 28,296 37,464 — 467,489 1,429,734 Total liabilities 148,222 856,836 35,899 46,130 28 524,680 1,611,795 Redeemable preferred stock — — — — — 294,417 294,417 Non-controlling interests in equity of consolidated subsidiaries 1,868 (51,534) 520 — — — (49,146) Total equity 577,693 398,401 264,175 (30,373) 102,990 (781,488) 531,398 Total liabilities, redeemable preferred stock and equity $ 725,915 $ 1,255,237 $ 300,074 $ 15,757 $ 103,018 $ 37,609 $ 2,437,610 December 31, 2022 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Current assets $ 56,631 $ 166,252 $ 16,888 $ 396 $ 20,747 $ 16,890 $ 277,804 Non-current assets 672,275 1,136,095 289,132 8,142 84,390 10,561 2,200,595 Total assets 728,906 1,302,347 306,020 8,538 105,137 27,451 2,478,399 Debt, net 10,000 732,145 25,000 — — 463,012 1,230,157 Current liabilities 51,902 81,147 5,958 906 — 19,668 159,581 Non-current liabilities 59,698 790,687 28,163 187,165 — 463,721 1,529,434 Total liabilities 111,600 871,834 34,121 188,071 — 483,389 1,689,015 Redeemable preferred stock — — — — — 264,590 264,590 Non-controlling interests in equity of consolidated subsidiaries 1,403 (33,048) 1,093 — — 3,723 (26,829) Total equity 617,306 430,513 271,899 (179,533) 105,137 (720,528) 524,794 Total liabilities, redeemable preferred stock and equity $ 728,906 $ 1,302,347 $ 306,020 $ 8,538 $ 105,137 $ 27,451 $ 2,478,399

EARNINGS PER SHARE AND EQUITY (

EARNINGS PER SHARE AND EQUITY (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The calculation of basic and diluted LPS is presented below: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share data) 2023 2022 2023 2022 Net loss $ (33,872) $ (37,960) $ (69,784) $ (88,248) Less: Net loss attributable to non-controlling interests in consolidated subsidiaries (10,276) (8,480) (20,169) (15,946) Less: Dividends and accretion on redeemable preferred stock 15,257 — 29,827 — Net loss attributable to stockholders/Former Parent $ (38,853) $ (29,480) $ (79,442) $ (72,302) Weighted Average Common Stock Outstanding - Basic (1) 102,793,800 99,387,467 102,790,737 99,387,467 Weighted Average Common Stock Outstanding - Diluted (1) 102,793,800 99,387,467 102,790,737 99,387,467 Loss per share: Basic $ (0.38) $ (0.30) $ (0.77) $ (0.73) Diluted (2) $ (0.38) $ (0.30) $ (0.77) $ (0.73) ________________________________________________________ (1) Three and six months ended June 30, 2023 includes penny warrants which can be converted into a fixed amount of our stock. (2) Diluted LPS for the three and six months ended June 30, 2023 includes the dilutive effect of subsidiary earnings per share .
Schedule of Stockholders' Equity Note, Warrants or Rights	A summary of the status of the Company’s outstanding stock warrants and changes during the six months ended June 30, 2023 is as follows: Number of Warrants Weighted Average Exercise Price Outstanding as of December 31, 2022 6,685,132 $ 5.01 Issued — — Expired — — Exercised — — Outstanding as of June 30, 2023 (1) 6,685,132 $ 4.96 Warrants exercisable as of June 30, 2023 (1) 6,685,132 $ 4.96

ORGANIZATION (Details)

ORGANIZATION (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2023 venture	Jun. 30, 2023 freightRailroad	Jun. 30, 2023 switchingCompany	Jun. 30, 2023 segment	Aug. 01, 2022
Segment Reporting Information [Line Items]
Number of ventures | venture	2
Number of reportable segments | segment				5
Common stock, convertible, conversion ratio					1
Railroad
Segment Reporting Information [Line Items]
Number of segment components		5	1

BASIS OF PRESENTATION AND SUM_4

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) bbl in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Oct. 01, 2022 bbl	Dec. 31, 2021 USD ($)	Oct. 01, 2021 bbl
Accounting Policies [Line Items]
Total assets	$ 2,437,610,000		$ 2,437,610,000		$ 2,478,399,000		$ 2,478,399,000
Liabilities	1,611,795,000		1,611,795,000		1,689,015,000		$ 1,689,015,000
Capitalized interest	1,400,000	$ 2,200,000	2,800,000	$ 4,300,000
Repairs and maintenance costs	4,900,000	4,000,000	9,200,000	5,400,000
Goodwill	260,252,000		$ 260,252,000		$ 260,252,000
Barrels for storage capacity in operation | bbl						4.3
Number of barrels for storage, under construction | bbl								1.9
Goodwill, impairment	$ 0	0
Intangible asset, weighted average remaining amortization period	145 months		145 months		148 months
Unamortized deferred financing costs	$ 29,075,000		$ 29,075,000		$ 30,851,000
Amortization of deferred financing costs	1,700,000	$ 900,000	3,098,000	$ 1,695,000
Environmental liabilities	4,100,000		4,100,000		4,100,000
Insurance premium liabilities	9,000,000		9,000,000		6,200,000
Other current assets	60,581,000		60,581,000		67,355,000
Other assets	44,531,000		44,531,000		26,829,000
Security Deposit	7,500,000		7,500,000		$ 0
Measurement Input, Discount Rate | Goodwill
Accounting Policies [Line Items]
Alternative investment, measurement input					0.095
Measurement Input, Growth Rate | Goodwill
Accounting Policies [Line Items]
Alternative investment, measurement input					0.020
Jefferson Terminal
Accounting Policies [Line Items]
Goodwill	122,700,000		122,700,000		$ 122,700,000
Railroad
Accounting Policies [Line Items]
Goodwill	132,100,000		132,100,000		132,100,000
Corporate and Other [Member]
Accounting Policies [Line Items]
Goodwill	$ 5,400,000		$ 5,400,000		5,400,000
Minimum
Accounting Policies [Line Items]
Intangible assets, estimated useful life	5 years		5 years
Maximum
Accounting Policies [Line Items]
Intangible assets, estimated useful life	15 years		15 years
CarbonFree
Accounting Policies [Line Items]
Other assets	$ 10,800,000		$ 10,800,000		10,800,000
Other Assets
Accounting Policies [Line Items]
Commodities inventory	300,000		300,000		3,600,000
Purchase deposits	19,700,000		19,700,000		22,800,000
Notes receivable	21,400,000		21,400,000		20,000,000
Other current assets	5,500,000		5,500,000		4,500,000
Prepaid expense	$ 13,700,000		$ 13,700,000		$ 16,400,000
Customer One | Customer Concentration Risk | Sales Revenue, Segment | Jefferson Terminal
Accounting Policies [Line Items]
Concentration risk		11%	11%	10%
Customer One | Customer Concentration Risk | Sales Revenue, Segment | Railroad
Accounting Policies [Line Items]
Concentration risk	54%	54%	51%	61%
Customer One | Customer Concentration Risk | Sales Revenue, Segment | Repauno
Accounting Policies [Line Items]
Concentration risk		21%
Three Customers | Customer Concentration Risk | Accounts Receivable
Accounting Policies [Line Items]
Concentration risk			42%		55%
Delaware River Partners LLC | Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Interest held in VIE, as a percentage			100%
Total assets	$ 300,100,000		$ 300,100,000		$ 306,000,000
Liabilities	$ 35,900,000		$ 35,900,000		$ 34,100,000

BASIS OF PRESENTATION AND SUM_5

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Useful Life (Details)	Jun. 30, 2023
Variable Interest Entity, Primary Beneficiary | Delaware River Partners LLC
Property, Plant and Equipment [Line Items]
Ownership Percentage	98%
Railcars and locomotives | Minimum
Property, Plant and Equipment [Line Items]
Estimated remaining useful life in years	40 years
Railcars and locomotives | Maximum
Property, Plant and Equipment [Line Items]
Estimated remaining useful life in years	50 years
Track and track related assets | Minimum
Property, Plant and Equipment [Line Items]
Estimated remaining useful life in years	15 years
Track and track related assets | Maximum
Property, Plant and Equipment [Line Items]
Estimated remaining useful life in years	50 years
Bridges and Tunnels | Minimum
Property, Plant and Equipment [Line Items]
Estimated remaining useful life in years	15 years
Bridges and Tunnels | Maximum
Property, Plant and Equipment [Line Items]
Estimated remaining useful life in years	55 years
Buildings and site improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated remaining useful life in years	20 years
Buildings and site improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated remaining useful life in years	30 years
Railroad equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated remaining useful life in years	3 years
Railroad equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated remaining useful life in years	15 years
Terminal machinery and equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated remaining useful life in years	15 years
Terminal machinery and equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated remaining useful life in years	25 years
Vehicles | Minimum
Property, Plant and Equipment [Line Items]
Estimated remaining useful life in years	5 years
Vehicles | Maximum
Property, Plant and Equipment [Line Items]
Estimated remaining useful life in years	7 years
Furniture and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Estimated remaining useful life in years	3 years
Furniture and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Estimated remaining useful life in years	6 years
Computer hardware and software | Minimum
Property, Plant and Equipment [Line Items]
Estimated remaining useful life in years	2 years
Computer hardware and software | Maximum
Property, Plant and Equipment [Line Items]
Estimated remaining useful life in years	5 years

LEASING EQUIPMENT, NET (Details

LEASING EQUIPMENT, NET (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Leases [Line Items]
Leasing equipment, net	$ 34,240		$ 34,240		$ 34,907
Leasing Equipment
Leases [Line Items]
Leasing equipment	44,039		44,039		44,179
Less: Accumulated depreciation	(9,799)		(9,799)		(9,272)
Leasing equipment, net	34,240		34,240		$ 34,907
Depreciation expense for leasing equipment	$ 276	$ 276	$ 552	$ 552

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,930,054	$ 1,879,855
Less: Accumulated depreciation	(242,125)	(206,047)
Property, plant and equipment, net	1,687,929	1,673,808
Land, site improvements and rights
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	184,215	183,640
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	100,753	127,941
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	19,377	173,868
Bridges and Tunnels
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	173,868	19,356
Terminal machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,213,038	1,141,505
Track and track related assets
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	101,170	100,068
Railroad equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	9,016	8,463
Railcars and locomotives
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	99,800	100,200
Computer hardware and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	15,283	11,733
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,822	1,745
Vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 11,712	$ 11,336

PROPERTY, PLANT AND EQUIPMENT_4

PROPERTY, PLANT AND EQUIPMENT, NET - Depreciation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Depreciation expense for property, plant and equipment:
Depreciation expense	$ 18,121	$ 15,158	$ 36,094	$ 30,003

INVESTMENTS - Ownership Carryin

INVESTMENTS - Ownership Carrying Values (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Nov. 30, 2021	Dec. 31, 2012
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 70,245	$ 73,589
Intermodal Finance I, Ltd.
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	51%			51%
Carrying Value	$ 0	0
Long Ridge Energy & Power LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	50%
Carrying Value	$ 0	0
Long Ridge Energy & Power LLC | Other Liabilities
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ (37,500)	(187,200)
GM-FTAI Holdco LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	27%
Carrying Value	$ 62,926	68,025
Clean Planet Energy USA LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	50%		50%
Carrying Value	$ 7,319	$ 5,564

INVESTMENTS - Share of Equity o

INVESTMENTS - Share of Equity of Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings of unconsolidated entities	$ (1,625)	$ (13,859)	$ 2,741	$ (35,902)
Intermodal Finance I, Ltd.
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings of unconsolidated entities	13	44	34	88
Long Ridge Energy & Power LLC
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings of unconsolidated entities	1,639	(12,971)	9,400	(34,352)
GM-FTAI Holdco LLC
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings of unconsolidated entities	(2,759)	(688)	(5,100)	(1,121)
Clean Planet Energy USA LLC
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings of unconsolidated entities	$ (518)	$ (244)	$ (1,593)	$ (517)

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) $ in Thousands	1 Months Ended					3 Months Ended	6 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($)	May 31, 2022 USD ($)	Nov. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2019 USD ($)	Jun. 30, 2023 USD ($) shippingContainer	Jun. 30, 2023 USD ($) shippingContainer	Jun. 30, 2022 USD ($)	Dec. 31, 2012	Dec. 31, 2022 USD ($)	Oct. 01, 2022	Jun. 15, 2022	Jul. 31, 2020 USD ($)
Schedule of Equity Method Investments [Line Items]
Existing substantive participation rights percentage									49%
Investment in promissory notes and loans							$ 22,000	$ 0
Carrying value						$ 70,245	$ 70,245			$ 73,589
FYX Trust Holdco LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	100%
FYX Trust Holdco LLC
Schedule of Equity Method Investments [Line Items]
Purchase price	$ 4,400
Intermodal Finance I, Ltd.
Schedule of Equity Method Investments [Line Items]
Ownership Percentage						51%	51%		51%
Number of components owned in portfolio | shippingContainer						219	219
Carrying value						$ 0	$ 0			0
Long Ridge Energy & Power LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage						50%	50%
Ownership percentage sold					49.90%
Proceeds from sale of equity method investments					$ 150,000
Note receivable											13%
Investment in promissory notes and loans						$ 22,000
Note receivable										52,300
Carrying value						$ 0	$ 0			0
GM-FTAI Holdco LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage						27%	27%
Payments to acquire equity method investments				$ 52,500
Carrying value						$ 62,926	$ 62,926			68,025
GM-FTAI Holdco LLC | Class A
Schedule of Equity Method Investments [Line Items]
Ownership Percentage				1%
Increase in ownership percentage from exchange of share												20%
Increase in ownership percentage from debt termination												8.50%
GM-FTAI Holdco LLC | Class A | Gladieux Metals Recycling (“GMR”)
Schedule of Equity Method Investments [Line Items]
Ownership Percentage				1%
GM-FTAI Holdco LLC | Class B
Schedule of Equity Method Investments [Line Items]
Ownership Percentage				50%
GM-FTAI Holdco LLC | Class B | Aleon Renewable Metals LLC (“Aleon”)
Schedule of Equity Method Investments [Line Items]
Ownership Percentage				50%
Gladieux Metals Recycling (“GMR”) | GM-FTAI Holdco LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage				100%		100%	100%
Aleon Renewable Metals LLC (“Aleon”) | GM-FTAI Holdco LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage				100%		100%	100%
Clean Planet Energy USA LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage			50%			50%	50%
Payments to acquire equity method investments			$ 1,000
Carrying value						$ 7,319	$ 7,319			$ 5,564
FYX Trust Holdco LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage													14%
Payments to acquire equity method investments		$ 4,600
Carrying value													$ 1,300
Equity method investment, additional percentage acquired		51%

INVESTMENTS - Equity Method Inv

INVESTMENTS - Equity Method Investment (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 42,523				$ 42,523		$ 36,486
Restricted cash	54,960				54,960		113,156
Accounts receivable, net	56,375				56,375		60,807
Other current assets	60,581				60,581		67,355
Total current assets	214,439				214,439		277,804	$ 277,804
Property, plant, and equipment, net	1,687,929				1,687,929		1,673,808
Intangible assets	56,414				56,414		60,195
Goodwill	260,252				260,252		260,252
Other assets	44,531				44,531		26,829
Total assets	2,437,610				2,437,610		2,478,399	2,478,399
Liabilities
Accounts payable and accrued liabilities	122,491				122,491		136,048
Current debt, net	1,300,678				1,300,678		1,230,157
Other current liabilities	28,463				28,463		16,488
Current liabilities	182,061				182,061		159,581	159,581
Debt, net	1,276,641				1,276,641		1,230,157	1,230,157
Total liabilities	1,611,795				1,611,795		1,689,015	1,689,015
Equity
Accumulated deficit	(110,452)				(110,452)		(60,837)
Total liabilities and equity	2,437,610				2,437,610		2,478,399	$ 2,478,399
Income Statement [Abstract]
Total revenues	81,832		$ 65,868		158,326	$ 112,016
Operating expenses	62,775		49,229		127,937	87,297
Depreciation and amortization	20,292		17,319		40,427	34,315
Interest expense	24,182		6,486		47,432	12,945
Total expenses	91,091		80,983		182,981	146,874
Total other income (expense)	(23,790)		(20,898)		(42,577)	(49,859)
Net loss	(33,872)	$ (35,912)	(37,960)	$ (50,288)	(69,784)	(88,248)
Long Ridge Energy & Power LLC
Assets
Cash and cash equivalents	992				992		2,192
Restricted cash	20,801				20,801		20,732
Accounts receivable, net	7,933				7,933		31,727
Other current assets	2,604				2,604		5,732
Total current assets	32,330				32,330		60,383
Property, plant, and equipment, net	841,055				841,055		827,886
Intangible assets	4,370				4,370		4,560
Goodwill	86,460				86,460		86,460
Other assets	8,081				8,081		8,540
Total assets	972,296				972,296		987,829
Liabilities
Accounts payable and accrued liabilities	59,698				59,698		87,498
Current debt, net	4,450				4,450		38,526
Derivative liabilities	48,719				48,719		125,134
Other current liabilities	6,036				6,036		913
Current liabilities	118,903				118,903		252,071
Debt, net	656,636				656,636		599,499
Derivative liabilities	367,715				367,715		557,708
Other liabilities	8,260				8,260		6,932
Total liabilities	1,151,514				1,151,514		1,416,210
Equity
Shareholders' equity	(43,196)				(43,196)		(273,597)
Accumulated deficit	(136,022)				(136,022)		(154,784)
Total equity	(179,218)				(179,218)		(428,381)
Total liabilities and equity	972,296				972,296		$ 987,829
Income Statement [Abstract]
Total revenues	46,454		19,801		102,859	15,043
Operating expenses	15,565		19,909		28,779	32,356
Depreciation and amortization	13,019		12,454		26,383	24,998
Interest expense	14,725		13,181		29,165	26,042
Total expenses	43,309		45,544		84,327	83,396
Total other income (expense)	126		(149)		231	(213)
Net loss	$ 3,271		$ (25,892)		$ 18,763	$ (68,566)

INTANGIBLE ASSETS, NET - Summar

INTANGIBLE ASSETS, NET - Summarized Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Intangible assets:
Intangible assets	$ 95,513	$ 95,513
Less: Accumulated amortization	(39,099)	(35,318)
Intangible assets, net	56,414	60,195
Jefferson Terminal
Intangible assets:
Intangible assets	35,513	35,513
Less: Accumulated amortization	(31,367)	(29,591)
Intangible assets, net	4,146	5,922
Railroad
Intangible assets:
Intangible assets	60,000	60,000
Less: Accumulated amortization	(7,732)	(5,727)
Intangible assets, net	$ 52,268	$ 54,273

INTANGIBLE ASSETS, NET - Intang

INTANGIBLE ASSETS, NET - Intangible Liabilities Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Depreciation and Amortization
Finite-Lived Intangible Assets [Line Items]
Amortization of customer relationships	$ 1,895	$ 1,885	$ 3,781	$ 3,760

INTANGIBLE ASSETS, NET - Schedu

INTANGIBLE ASSETS, NET - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2023	$ 3,776
2024	6,370
2025	4,000
2026	4,000
2027	4,000
Thereafter	34,268
Intangible assets, net	$ 56,414	$ 60,195

DEBT, NET - Schedule of Debt (D

DEBT, NET - Schedule of Debt (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total Debt	$ 1,329,753	$ 1,329,753	$ 1,261,008
Less: Debt issuance costs	(29,075)	(29,075)	(30,851)
Total debt, net	1,276,641	1,276,641	1,230,157	$ 1,230,157
Total debt due within one year	25,000	25,000	0
Current debt, net	1,300,678	1,300,678	1,230,157
Transtar Revolver
Debt Instrument [Line Items]
Total Debt	50,000	50,000	10,000
Bridge Loan
Debt Instrument [Line Items]
Total Debt	25,000	25,000	0
Loans payable
Debt Instrument [Line Items]
Total Debt	163,800	163,800	97,200
Loans payable | DRP Revolver
Debt Instrument [Line Items]
Total Debt	25,000	$ 25,000	25,000
Basis spread		2.75%
Quarterly commitment fee rate		1%
Loans payable | EB-5 Loan Agreement
Debt Instrument [Line Items]
Total Debt	$ 63,800	$ 63,800	62,200
Stated Interest Rate	5.75%	5.75%
Loans payable | Transtar Revolver
Debt Instrument [Line Items]
Quarterly commitment fee rate	0.50%
Bonds payable
Debt Instrument [Line Items]
Total Debt	$ 1,165,953	$ 1,165,953	1,163,808
Bonds payable | Series 2020 Bonds
Debt Instrument [Line Items]
Total Debt	$ 263,980	$ 263,980	263,980
Bonds payable | Series 2020 Bonds Due 2035
Debt Instrument [Line Items]
Stated Interest Rate	3.625%	3.625%
Bonds payable | Series 2020 Bonds Due 2050
Debt Instrument [Line Items]
Stated Interest Rate	4%	4%
Bonds payable | Series 2020 Bonds Due 2025
Debt Instrument [Line Items]
Stated Interest Rate	6%	6%
Bonds payable | Series 2021 Bonds
Debt Instrument [Line Items]
Total Debt	$ 425,000	$ 425,000	425,000
Bonds payable | Series 2021A Bonds Due 2026 Through 2041
Debt Instrument [Line Items]
Stated Interest Rate	1.875%	1.875%
Bonds payable | Series 2021A Bonds Due 2050
Debt Instrument [Line Items]
Stated Interest Rate	3%	3%
Bonds payable | Series 2021B Bonds
Debt Instrument [Line Items]
Stated Interest Rate	4.10%	4.10%
Bonds payable | Senior Notes due 2027
Debt Instrument [Line Items]
Total Debt	$ 476,973	$ 476,973	474,828
Stated Interest Rate	10.50%	10.50%
Unamortized discount	$ 23,027	$ 23,027	$ 25,172
Base Rate | Loans payable | Transtar Revolver
Debt Instrument [Line Items]
Basis spread	2%
Base Rate | Loans payable | Bridge Loan
Debt Instrument [Line Items]
Basis spread	6.50%
Secured Overnight Financing Rate (SOFR) | Loans payable | DRP Revolver
Debt Instrument [Line Items]
Basis spread		3.75%
Secured Overnight Financing Rate (SOFR) | Loans payable | Transtar Revolver
Debt Instrument [Line Items]
Basis spread	3%
Secured Overnight Financing Rate (SOFR) | Loans payable | Bridge Loan
Debt Instrument [Line Items]
Basis spread	7.50%

DEBT, NET - Narrative (Details)

DEBT, NET - Narrative (Details) - USD ($) $ in Thousands	Jul. 05, 2023	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total Debt		$ 1,329,753	$ 1,261,008
Loans payable
Debt Instrument [Line Items]
Total Debt		163,800	97,200
Bonds payable
Debt Instrument [Line Items]
Total Debt		1,165,953	1,163,808
Transtar Revolver
Debt Instrument [Line Items]
Total Debt		50,000	10,000
Senior Notes due 2027 | Bonds payable
Debt Instrument [Line Items]
Total Debt		476,973	474,828
Senior Notes due 2027 | Bonds payable | Subsequent Event
Debt Instrument [Line Items]
Total Debt	$ 100,000
Bridge Loan
Debt Instrument [Line Items]
Total Debt		$ 25,000	$ 0

FAIR VALUE MEASUREMENTS - Finan

FAIR VALUE MEASUREMENTS - Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Notes receivable	$ 10,800
Total assets	108,283	$ 150,767
Level 1
Assets
Total assets	97,483	149,642
Level 2
Assets
Total assets	10,800	1,125
Level 3
Assets
Total assets	0	0
Market
Assets
Cash and cash equivalents	42,523	36,486
Restricted cash	54,960	113,156
Market | Level 1
Assets
Cash and cash equivalents	42,523	36,486
Restricted cash	54,960	113,156
Notes receivable	0
Market | Level 2
Assets
Cash and cash equivalents	0	0
Restricted cash	0	0
Notes receivable	10,800
Market | Level 3
Assets
Cash and cash equivalents	0	0
Restricted cash	0	0
Notes receivable	$ 0
Income
Assets
Derivative assets		1,125
Income | Level 1
Assets
Derivative assets		0
Income | Level 2
Assets
Derivative assets		1,125
Income | Level 3
Assets
Derivative assets		$ 0

FAIR VALUE MEASUREMENTS (Fair V

FAIR VALUE MEASUREMENTS (Fair Value by Balance Sheet Grouping) (Details) - Estimate of Fair Value Measurement - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Series A 2020 Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	$ 138,970	$ 139,101
Series B 2020 Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	74,874	74,543
Series A 2021 Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	151,139	152,848
Series B 2021 Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	160,564	163,238
Senior Notes due 2027
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	$ 501,985	$ 498,035

REVENUES - Components of Revenu

REVENUES - Components of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 81,832	$ 65,868	$ 158,326	$ 112,016
Employer contributions			600	300
Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	18,235	10,087	36,085	10,087
Lease income
Disaggregation of Revenue [Line Items]
Total revenues	719	867	1,462	1,707
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	42,146	39,060	82,714	73,746
Rail revenues | Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Terminal services revenues
Disaggregation of Revenue [Line Items]
Total revenues	20,868	14,227	40,016	27,011
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	18,235		36,085
Roadside services revenues | Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	18,235		36,085
Other revenue
Disaggregation of Revenue [Line Items]
Total revenues	(136)	1,627	(1,951)	(535)
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		10,087		10,087
Roadside services revenues | Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues		10,087		10,087
Railroad | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	42,546	39,613	83,551	74,701
Railroad | Lease income | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	400	553	837	1,041
Railroad | Rail revenues | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	42,146	39,060	82,714	73,660
Railroad | Terminal services revenues | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	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	0	0	0	0
Railroad | Roadside services revenues | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues		0		0
Jefferson Terminal | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	17,104	14,528	36,196	27,574
Jefferson Terminal | Lease income | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	319	314	625	666
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	16,785	14,214	35,571	26,908
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
Repauno | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	3,947	1,640	2,494	(346)
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	86
Repauno | Terminal services revenues | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	4,083	13	4,445	103
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	(136)	1,627	(1,951)	(535)
Repauno | Roadside services revenues | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues		0		0
Power and Gas | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
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	0	0	0	0
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
Sustainability and Energy Transition | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Sustainability and Energy Transition | Lease income | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Sustainability and Energy Transition | Rail revenues | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Sustainability and Energy Transition | Terminal services revenues | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Sustainability and Energy Transition | Roadside services revenues | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0		0
Sustainability and Energy Transition | Other revenue | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	$ 0	0	$ 0	0
Sustainability and Energy Transition | Roadside services revenues | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues		$ 0		$ 0

REVENUES - Minimum Future Annua

REVENUES - Minimum Future Annual Revenues (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Operating Leases
Remainder of 2023	$ 6,385
2024	12,629
2025	12,595
2026	12,557
2027	12,136
Thereafter	0
Total	$ 56,302

EQUITY-BASED COMPENSATION - Exp

EQUITY-BASED COMPENSATION - Expenses Related to Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 642	$ 956	$ 1,537	$ 1,665
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	3,079		3,079
Subsidiary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	562	956	1,457	1,665
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	765		$ 765
Weighted Average Remaining Contractual Term (in years)			8 months 12 days
Restricted Shares | Subsidiary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	303	538	$ 747	1,076
Common Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	2,314		$ 2,314
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	$ 259	$ 418	$ 710	$ 589

EQUITY-BASED COMPENSATION (Narr

EQUITY-BASED COMPENSATION (Narrative) (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2023 shares	Jun. 30, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	2,173,914
Number of shares issued in period (in shares)		25,479
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	30,000,000

RETIREMENT BENEFIT PLANS - Sche

RETIREMENT BENEFIT PLANS - Schedule of Costs of Retirement Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service costs	$ 348	$ 438	$ 696	$ 876
Interest costs	117	74	234	148
Amortization of prior service costs	0	0	0	0
Amortization of actuarial gains	(46)	0	(92)	0
Total	419	512	838	1,024
Postretirement Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service costs	446	538	892	1,075
Interest costs	374	225	748	450
Amortization of prior service costs	34	0	68	0
Amortization of actuarial gains	0	0	0	0
Total	$ 854	$ 763	$ 1,708	$ 1,525

RETIREMENT BENEFIT PLANS - Narr

RETIREMENT BENEFIT PLANS - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Retirement Benefits [Abstract]
Employer contributions	$ 0.6	$ 0.3
Expected future employer contributions, current year	$ 0.9

INCOME TAXES - Components of In

INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Current:
Federal	$ 0	$ 62	$ 0	$ 62
State and local	260	71	442	142
Foreign	0	0	0	0
Total current provision	260	133	442	204
Deferred:
Federal	323	1,549	1,140	2,607
State and local	240	265	970	720
Foreign	0	0	0	0
Total deferred provision	563	1,814	2,110	3,327
Provision for income taxes	$ 823	$ 1,947	$ 2,552	$ 3,531

MANAGEMENT AGREEMENT AND AFFI_3

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS - Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended	6 Months Ended
	Mar. 31, 2023	May 31, 2022	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Jul. 31, 2022	Jul. 31, 2020
Related Party Transaction [Line Items]
Related party, agreement term						6 years
Sale of stock, purchase option, percentage of common shares sold				10%
Sale of stock, purchase option, percentage of gross capital in equity issuance				10%
Granted (in shares)			2,173,914
Non-controlling interest			$ (49,146,000)	$ (49,146,000)	$ (26,829,000)
Accounts receivable, net			$ 56,375,000	$ 56,375,000	$ 60,807,000
FYX Trust Holdco LLC
Related Party Transaction [Line Items]
Ownership Percentage							14%
Equity method investment, additional percentage acquired		51%
Payments to acquire equity method investments		$ 4,600,000
Stock Options
Related Party Transaction [Line Items]
Granted (in shares)				10,900,000
Expiration period				10 years
Jefferson Terminal
Related Party Transaction [Line Items]
Remaining non-controlling interest			20%	20%	20%
Non-controlling interest			$ (60,300,000)	$ (60,300,000)	$ (41,100,000)
FYX Trust Holdco LLC
Related Party Transaction [Line Items]
Ownership percentage	100%
Affiliated Entity
Related Party Transaction [Line Items]
Management fee percentage rate				1.50%
Rent and office expense			200,000
Affiliated Entity | Management fees
Related Party Transaction [Line Items]
Accounts receivable, net			$ 0	$ 0	$ 0
Fortress Worldwide Transportation and Infrastructure Master GP LLP
Related Party Transaction [Line Items]
Capital gains allocation percentage			10%	10%
Threshold 1 | Fortress Worldwide Transportation and Infrastructure Master GP LLP | Income Incentive Fee
Related Party Transaction [Line Items]
Pre-incentive income allocation				0%
Annual percent threshold of pre-incentive allocation net income				8%
Threshold 2 | Fortress Worldwide Transportation and Infrastructure Master GP LLP | Income Incentive Fee
Related Party Transaction [Line Items]
Pre-incentive income allocation				100%
Threshold 2 | Fortress Worldwide Transportation and Infrastructure Master GP LLP | Minimum | Income Incentive Fee
Related Party Transaction [Line Items]
Quarterly percent threshold of pre-incentive allocation net income				2%
Threshold 2 | Fortress Worldwide Transportation and Infrastructure Master GP LLP | Maximum | Income Incentive Fee
Related Party Transaction [Line Items]
Quarterly percent threshold of pre-incentive allocation net income				2.2223%
Threshold 3 | Fortress Worldwide Transportation and Infrastructure Master GP LLP | Income Incentive Fee
Related Party Transaction [Line Items]
Pre-incentive income allocation				10%

MANAGEMENT AGREEMENT AND AFFI_4

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	$ (10,276)	$ (8,480)	$ (20,169)	$ (15,946)
General and administrative	3,702	2,498	6,903	4,928
Transaction related costs	636	8,872	905	13,108
Jefferson Terminal
Related Party Transaction [Line Items]
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	(10,048)	(8,135)	(19,233)	(15,271)
General Partner
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	3,084	3,065	6,066	7,226
Management fees and incentive allocation to affiliate	1,385	1,536	3,291	3,078
Manager | Accounts Payable and Accrued Liabilities
Related Party Transaction [Line Items]
Accrued management fees	6,066		6,066		$ 3,092
Other payables	4,101		4,101		$ 0
Management fee | General Partner
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	3,084	3,065	6,066	7,226
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
General and administrative | General Partner
Related Party Transaction [Line Items]
General and administrative	1,071	1,098	2,934	2,228
Acquisition and transaction expenses | General Partner
Related Party Transaction [Line Items]
Transaction related costs	$ 314	$ 438	$ 357	$ 850

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2023 a segment	Jun. 30, 2023 a freightRailroad	Jun. 30, 2023 a switchingCompany	Jun. 30, 2023 a segment
Segment Reporting Information [Line Items]
Number of operating segments | segment	5
Number of reportable segments | segment				5
Railroad
Segment Reporting Information [Line Items]
Number of segment components		5	1
Repauno
Segment Reporting Information [Line Items]
Area of real estate | a	1,630	1,630	1,630	1,630
Long Ridge Energy & Power LLC
Segment Reporting Information [Line Items]
Area of real estate | a	1,660	1,660	1,660	1,660

SEGMENT INFORMATION - Statement

SEGMENT INFORMATION - Statement of Income by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Total revenues	$ 81,832	$ 65,868	$ 158,326	$ 112,016
Expenses
Operating expenses	62,775	49,229	127,937	87,297
General and administrative	3,702	2,498	6,903	4,928
Acquisition and transaction expenses	636	8,872	905	13,108
Management fees and incentive allocation to affiliate	3,084	3,065	6,066	7,226
Depreciation and amortization	20,292	17,319	40,427	34,315
Asset impairment	602	0	743	0
Total expenses	91,091	80,983	182,981	146,874
Other (expense) income
Equity in (losses) earnings of unconsolidated entities	(1,625)	(13,859)	2,741	(35,902)
Gain on sale of assets, net	647	0	523	0
Interest expense	(24,182)	(6,486)	(47,432)	(12,945)
Other income (expense)	1,370	(553)	1,591	(1,012)
Total other expense	(23,790)	(20,898)	(42,577)	(49,859)
Income (loss) before income taxes	(33,049)	(36,013)	(67,232)	(84,717)
Provision for (benefit from) income taxes	823	1,947	2,552	3,531
Net income (loss)	(33,872)	(37,960)	(69,784)	(88,248)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	(10,276)	(8,480)	(20,169)	(15,946)
Less: Dividends and accretion on redeemable preferred stock	15,257		29,827
Net income (loss) attributable to stockholders	(38,853)	(29,480)	(79,442)	(72,302)
Less: Other non-recurring items	51	0	1,339	0
Corporate and Other
Revenues
Total revenues	18,235	10,087	36,085	10,087
Expenses
Operating expenses	18,551	9,807	36,699	9,807
General and administrative	3,702	2,498	6,903	4,928
Acquisition and transaction expenses	367	8,694	430	12,724
Management fees and incentive allocation to affiliate	3,084	3,065	6,066	7,226
Depreciation and amortization	742	340	1,662	340
Asset impairment	0		0
Total expenses	26,446	24,404	51,760	35,025
Other (expense) income
Equity in (losses) earnings of unconsolidated entities	13	45	34	88
Gain on sale of assets, net	0		0
Interest expense	(14,373)	(1)	(28,194)	(1)
Other income (expense)	0	491	0	(37)
Total other expense	(14,360)	535	(28,160)	50
Income (loss) before income taxes	(22,571)	(13,782)	(43,835)	(24,888)
Provision for (benefit from) income taxes	(89)	0	730	0
Net income (loss)	(22,482)	(13,782)	(44,565)	(24,888)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	(1)	(25)	(229)	(25)
Less: Dividends and accretion on redeemable preferred stock	15,257		29,827
Net income (loss) attributable to stockholders	(37,738)	(13,757)	(74,163)	(24,863)
Railroad | Operating Segments
Revenues
Total revenues	42,546	39,613	83,551	74,701
Expenses
Operating expenses	22,257	20,868	47,492	41,930
General and administrative	0	0	0	0
Acquisition and transaction expenses	184	149	367	355
Management fees and incentive allocation to affiliate	0	0	0	0
Depreciation and amortization	5,125	4,864	10,226	9,791
Asset impairment	602		743
Total expenses	28,168	25,881	58,828	52,076
Other (expense) income
Equity in (losses) earnings of unconsolidated entities	0	0	0	0
Gain on sale of assets, net	(85)		(209)
Interest expense	(1,215)	(17)	(2,170)	(79)
Other income (expense)	(544)	(305)	(1,096)	(665)
Total other expense	(1,844)	(322)	(3,475)	(744)
Income (loss) before income taxes	12,534	13,410	21,248	21,881
Provision for (benefit from) income taxes	720	1,818	1,318	3,333
Net income (loss)	11,814	11,592	19,930	18,548
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	28	0	46	0
Less: Dividends and accretion on redeemable preferred stock	0		0
Net income (loss) attributable to stockholders	11,786	11,592	19,884	18,548
Jefferson Terminal | Operating Segments
Revenues
Total revenues	17,104	14,528	36,196	27,574
Expenses
Operating expenses	15,990	14,261	32,415	27,384
General and administrative	0	0	0	0
Acquisition and transaction expenses	36	0	36	0
Management fees and incentive allocation to affiliate	0	0	0	0
Depreciation and amortization	12,144	9,739	24,013	19,439
Asset impairment	0		0
Total expenses	28,170	24,000	56,464	46,823
Other (expense) income
Equity in (losses) earnings of unconsolidated entities	0	0	0	0
Gain on sale of assets, net	732		732
Interest expense	(7,978)	(6,127)	(15,862)	(12,237)
Other income (expense)	(349)	(1,291)	(1,412)	(1,390)
Total other expense	(7,595)	(7,418)	(16,542)	(13,627)
Income (loss) before income taxes	(18,661)	(16,890)	(36,810)	(32,876)
Provision for (benefit from) income taxes	152	68	350	137
Net income (loss)	(18,813)	(16,958)	(37,160)	(33,013)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	(10,048)	(8,135)	(19,233)	(15,271)
Less: Dividends and accretion on redeemable preferred stock	0		0
Net income (loss) attributable to stockholders	(8,765)	(8,823)	(17,927)	(17,742)
Repauno | Operating Segments
Revenues
Total revenues	3,947	1,640	2,494	(346)
Expenses
Operating expenses	5,776	4,190	10,705	7,998
General and administrative	0	0	0	0
Acquisition and transaction expenses	0	0	0	0
Management fees and incentive allocation to affiliate	0	0	0	0
Depreciation and amortization	2,281	2,376	4,526	4,745
Asset impairment	0		0
Total expenses	8,057	6,566	15,231	12,743
Other (expense) income
Equity in (losses) earnings of unconsolidated entities	0	0	0	0
Gain on sale of assets, net	0		0
Interest expense	(615)	(341)	(1,203)	(628)
Other income (expense)	0	0	0	0
Total other expense	(615)	(341)	(1,203)	(628)
Income (loss) before income taxes	(4,725)	(5,267)	(13,940)	(13,717)
Provision for (benefit from) income taxes	40	0	154	0
Net income (loss)	(4,765)	(5,267)	(14,094)	(13,717)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	(255)	(320)	(753)	(650)
Less: Dividends and accretion on redeemable preferred stock	0		0
Net income (loss) attributable to stockholders	(4,510)	(4,947)	(13,341)	(13,067)
Power and Gas | Operating Segments
Revenues
Total revenues	0	0	0	0
Expenses
Operating expenses	173	93	597	168
General and administrative	0	0	0	0
Acquisition and transaction expenses	49	0	71	0
Management fees and incentive allocation to affiliate	0	0	0	0
Depreciation and amortization	0	0	0	0
Asset impairment	0		0
Total expenses	222	93	668	168
Other (expense) income
Equity in (losses) earnings of unconsolidated entities	1,639	(12,971)	9,400	(34,352)
Gain on sale of assets, net	0		0
Interest expense	(1)	0	(3)	0
Other income (expense)	1,643	0	2,872	0
Total other expense	3,281	(12,971)	12,269	(34,352)
Income (loss) before income taxes	3,059	(13,064)	11,601	(34,520)
Provision for (benefit from) income taxes	0	0	0	0
Net income (loss)	3,059	(13,064)	11,601	(34,520)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	0	0	0	0
Less: Dividends and accretion on redeemable preferred stock	0		0
Net income (loss) attributable to stockholders	3,059	(13,064)	11,601	(34,520)
Sustainability and Energy Transition | Operating Segments
Revenues
Total revenues	0	0	0	0
Expenses
Operating expenses	28	10	29	10
General and administrative	0	0	0	0
Acquisition and transaction expenses	0	29	1	29
Management fees and incentive allocation to affiliate	0	0	0	0
Depreciation and amortization	0	0	0	0
Asset impairment	0		0
Total expenses	28	39	30	39
Other (expense) income
Equity in (losses) earnings of unconsolidated entities	(3,277)	(933)	(6,693)	(1,638)
Gain on sale of assets, net	0		0
Interest expense	0	0	0	0
Other income (expense)	620	552	1,227	1,080
Total other expense	(2,657)	(381)	(5,466)	(558)
Income (loss) before income taxes	(2,685)	(420)	(5,496)	(597)
Provision for (benefit from) income taxes	0	61	0	61
Net income (loss)	(2,685)	(481)	(5,496)	(658)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	0	0	0	0
Less: Dividends and accretion on redeemable preferred stock	0		0
Net income (loss) attributable to stockholders	$ (2,685)	$ (481)	$ (5,496)	$ (658)

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation of Adjusted EBITDA to Net Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Adjusted Net Income (Loss)	$ 27,677	$ 21,554	$ 49,573	$ 33,116
Add: Non-controlling share of Adjusted EBITDA	4,946	3,716	10,167	7,532
Add: Equity in losses of unconsolidated entities	(1,625)	(13,859)	2,741	(35,902)
Less: Interest costs on pension and OPEB liabilities	(480)	0	(960)	0
Less: Dividends and accretion on redeemable preferred stock	(15,257)	0	(29,827)	0
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	(6,886)	(6,825)	(15,076)	(12,232)
Less: Interest expense	(24,182)	(6,486)	(47,432)	(12,945)
Less: Depreciation and amortization expense	(20,292)	(17,319)	(40,427)	(34,315)
Less: Incentive allocations	0	0	0	0
Less: Asset impairment charges	(602)	0	(743)	0
Less: Changes in fair value of non-hedge derivative instruments	0	1,514	(1,125)	748
Less: Losses on the modification or extinguishment of debt and capital lease obligations	0	0	0	0
Less: Acquisition and transaction expenses	(636)	(8,872)	(905)	(13,108)
Less: Equity-based compensation expense	(642)	(956)	(1,537)	(1,665)
Less: Provision for income taxes	(823)	(1,947)	(2,552)	(3,531)
Less: Other non-recurring items	(51)	0	(1,339)	0
Net income (loss) attributable to stockholders	(38,853)	(29,480)	(79,442)	(72,302)
Corporate and Other
Segment Reporting Information [Line Items]
Adjusted Net Income (Loss)	(7,028)	(4,862)	(13,544)	(11,963)
Add: Equity in losses of unconsolidated entities	13	45	34	88
Less: Asset impairment charges	0		0
Less: Acquisition and transaction expenses	(367)	(8,694)	(430)	(12,724)
Less: Provision for income taxes	89	0	(730)	0
Net income (loss) attributable to stockholders	(37,738)	(13,757)	(74,163)	(24,863)
Railroad | Operating Segments
Segment Reporting Information [Line Items]
Adjusted Net Income (Loss)	20,304	18,708	37,455	32,374
Add: Equity in losses of unconsolidated entities	0	0	0	0
Less: Asset impairment charges	(602)		(743)
Less: Acquisition and transaction expenses	(184)	(149)	(367)	(355)
Less: Provision for income taxes	(720)	(1,818)	(1,318)	(3,333)
Net income (loss) attributable to stockholders	11,786	11,592	19,884	18,548
Jefferson Terminal | Operating Segments
Segment Reporting Information [Line Items]
Adjusted Net Income (Loss)	7,082	4,158	13,600	7,964
Add: Equity in losses of unconsolidated entities	0	0	0	0
Less: Asset impairment charges	0		0
Less: Acquisition and transaction expenses	(36)	0	(36)	0
Less: Provision for income taxes	(152)	(68)	(350)	(137)
Net income (loss) attributable to stockholders	(8,765)	(8,823)	(17,927)	(17,742)
Repauno | Operating Segments
Segment Reporting Information [Line Items]
Adjusted Net Income (Loss)	(1,636)	(3,704)	(6,497)	(8,355)
Add: Equity in losses of unconsolidated entities	0	0	0	0
Less: Asset impairment charges	0		0
Less: Acquisition and transaction expenses	0	0	0	0
Less: Provision for income taxes	(40)	0	(154)	0
Net income (loss) attributable to stockholders	(4,510)	(4,947)	(13,341)	(13,067)
Power and Gas | Operating Segments
Segment Reporting Information [Line Items]
Adjusted Net Income (Loss)	10,403	7,379	21,717	13,399
Add: Equity in losses of unconsolidated entities	1,639	(12,971)	9,400	(34,352)
Less: Asset impairment charges	0		0
Less: Acquisition and transaction expenses	(49)	0	(71)	0
Less: Provision for income taxes	0	0	0	0
Net income (loss) attributable to stockholders	3,059	(13,064)	11,601	(34,520)
Sustainability and Energy Transition | Operating Segments
Segment Reporting Information [Line Items]
Adjusted Net Income (Loss)	(1,448)	(125)	(3,158)	(303)
Add: Equity in losses of unconsolidated entities	(3,277)	(933)	(6,693)	(1,638)
Less: Asset impairment charges	0		0
Less: Acquisition and transaction expenses	0	(29)	(1)	(29)
Less: Provision for income taxes	0	(61)	0	(61)
Net income (loss) attributable to stockholders	$ (2,685)	$ (481)	$ (5,496)	$ (658)

SEGMENT INFORMATION - Balance S

SEGMENT INFORMATION - Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Current assets	$ 214,439	$ 277,804	$ 277,804
Non-current assets	2,223,171		2,200,595
Total assets	2,437,610	2,478,399	2,478,399
Debt, net	1,276,641	1,230,157	1,230,157
Current debt, net	1,300,678	1,230,157
Current liabilities	182,061	159,581	159,581
Non-current liabilities	1,429,734		1,529,434
Total liabilities	1,611,795	1,689,015	1,689,015
Redeemable preferred stock	294,417	264,590
Equity
Non-controlling interest in equity of consolidated subsidiaries	(49,146)		(26,829)
Total equity	531,398		524,794
Total liabilities, redeemable preferred stock and equity	2,437,610	2,478,399	2,478,399
Corporate and Other
Segment Reporting Information [Line Items]
Current assets	21,381		16,890
Non-current assets	16,228		10,561
Total assets	37,609		27,451
Current debt, net	466,142		463,012
Current liabilities	57,191		19,668
Non-current liabilities	467,489		463,721
Total liabilities	524,680		483,389
Redeemable preferred stock	294,417	264,590
Equity
Non-controlling interest in equity of consolidated subsidiaries	0		3,723
Total equity	(781,488)		(720,528)
Total liabilities, redeemable preferred stock and equity	37,609		27,451
Railroad | Operating Segments
Segment Reporting Information [Line Items]
Current assets	55,086		56,631
Non-current assets	670,829		672,275
Total assets	725,915		728,906
Current debt, net	50,000		10,000
Current liabilities	45,439		51,902
Non-current liabilities	102,783		59,698
Total liabilities	148,222		111,600
Redeemable preferred stock	0	0
Equity
Non-controlling interest in equity of consolidated subsidiaries	1,868		1,403
Total equity	577,693		617,306
Total liabilities, redeemable preferred stock and equity	725,915		728,906
Jefferson Terminal | Operating Segments
Segment Reporting Information [Line Items]
Current assets	109,808		166,252
Non-current assets	1,145,429		1,136,095
Total assets	1,255,237		1,302,347
Current debt, net	735,499		732,145
Current liabilities	63,134		81,147
Non-current liabilities	793,702		790,687
Total liabilities	856,836		871,834
Redeemable preferred stock	0	0
Equity
Non-controlling interest in equity of consolidated subsidiaries	(51,534)		(33,048)
Total equity	398,401		430,513
Total liabilities, redeemable preferred stock and equity	1,255,237		1,302,347
Repauno | Operating Segments
Segment Reporting Information [Line Items]
Current assets	4,098		16,888
Non-current assets	295,976		289,132
Total assets	300,074		306,020
Current debt, net	25,000		25,000
Current liabilities	7,603		5,958
Non-current liabilities	28,296		28,163
Total liabilities	35,899		34,121
Redeemable preferred stock	0	0
Equity
Non-controlling interest in equity of consolidated subsidiaries	520		1,093
Total equity	264,175		271,899
Total liabilities, redeemable preferred stock and equity	300,074		306,020
Power and Gas | Operating Segments
Segment Reporting Information [Line Items]
Current assets	2,093		396
Non-current assets	13,664		8,142
Total assets	15,757		8,538
Current debt, net	0		0
Current liabilities	8,666		906
Non-current liabilities	37,464		187,165
Total liabilities	46,130		188,071
Redeemable preferred stock	0	0
Equity
Non-controlling interest in equity of consolidated subsidiaries	0		0
Total equity	(30,373)		(179,533)
Total liabilities, redeemable preferred stock and equity	15,757		8,538
Sustainability and Energy Transition | Operating Segments
Segment Reporting Information [Line Items]
Current assets	21,973		20,747
Non-current assets	81,045		84,390
Total assets	103,018		105,137
Current debt, net	0		0
Current liabilities	28		0
Non-current liabilities	0		0
Total liabilities	28		0
Redeemable preferred stock	0	$ 0
Equity
Non-controlling interest in equity of consolidated subsidiaries	0		0
Total equity	102,990		105,137
Total liabilities, redeemable preferred stock and equity	$ 103,018		$ 105,137

REDEEMABLE PREFERRED STOCK (Det

REDEEMABLE PREFERRED STOCK (Details) $ / shares in Units, $ in Thousands		3 Months Ended	6 Months Ended
	Aug. 01, 2022 USD ($) vote $ / shares shares	Jun. 30, 2023 USD ($) $ / shares	Jun. 30, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares
Temporary Equity [Line Items]
Redeemable preferred stock, par value (dollars per share) | $ / shares		$ 0.01	$ 0.01	$ 0.01
Redeemable preferred stock		$ 294,417	$ 294,417	$ 264,590
Fair value of warrants		12,300	12,300
Dividends paid-in-kind		45,800	45,800
Accretion of dividends		1,600	3,200
Liquidation preference		448,200	448,200	$ 448,200
Temporary equity, dividends paid		$ 13,600	$ 26,500
Stock Options
Temporary Equity [Line Items]
Fair value of options	$ 18,100
Temporary equity, voting rights | vote	1
Series I And II Warrants
Temporary Equity [Line Items]
Fair value of warrants	$ 13,800
Series A Senior Preferred Shares
Temporary Equity [Line Items]
Shares issued (in shares) | shares	300,000
Price (dollars per share) | $ / shares	$ 1,000
Redeemable preferred stock, par value (dollars per share) | $ / shares	$ 0.01
Discount	3%
Proceeds from stock issued	$ 291,000
Redeemable preferred stock	242,700
Issuance cost	16,400
Base preferred return amount	$ 150,000
Dividend rate	14%
Series A Senior Preferred Shares | Year one - two
Temporary Equity [Line Items]
Dividend rate, increase per annum	2%
Series A Senior Preferred Shares | Year two - five
Temporary Equity [Line Items]
Dividend rate, increase per annum	18%
Series A Senior Preferred Shares | Year five
Temporary Equity [Line Items]
Dividend rate, increase per annum	1%

EARNINGS PER SHARE AND EQUITY -

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, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net loss	$ (33,872)	$ (35,912)	$ (37,960)	$ (50,288)	$ (69,784)	$ (88,248)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	(10,276)		(8,480)		(20,169)	(15,946)
Less: Dividends and accretion on redeemable preferred stock	15,257		0		29,827	0
Net loss attributable to stockholders/Former Parent	$ (38,853)		$ (29,480)		$ (79,442)	$ (72,302)
Weighted Average Common Shares Outstanding - Basic (in shares)	102,793,800		99,387,467		102,790,737	99,387,467
Weighted Average Common Shares Outstanding - Diluted (in shares)	102,793,800		99,387,467		102,790,737	99,387,467
Basic (in dollars per share)	$ (0.38)		$ (0.30)		$ (0.77)	$ (0.73)
Diluted (in dollars per share)	$ (0.38)		$ (0.30)		$ (0.77)	$ (0.73)

EARNINGS PER SHARE AND EQUITY_2

EARNINGS PER SHARE AND EQUITY - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($) shares	Jun. 30, 2023 USD ($) shares	Dec. 31, 2022 shares	Aug. 01, 2022 shares
Earnings Per Share [Abstract]
Antidilutive shares (in shares)	2,345,888	2,007,077
Common stock, convertible, conversion ratio				1
Common stock, shares issued (in shares)	99,470,553	99,470,553	99,470,553	99,387,467
Common stock, shares outstanding (in shares)	99,470,553	99,470,553	99,445,074	99,387,467
Weighted average remaining contractual term, exercisable	7 years 1 month 6 days	7 years 1 month 6 days
Fair value of warrants | $	$ 12.3	$ 12.3

EARNINGS PER SHARE AND EQUITY_3

EARNINGS PER SHARE AND EQUITY - Schedule of Outstanding Stock Warrants and Changes (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Class Of Warrant Or Right, Outstanding [Roll Forward]
Class of warrant or right, beginning balance (in shares) | shares	6,685,132
Issued (in shares) | shares	0
Expired (in shares) | shares	0
Exercised (in shares) | shares	0
Class of warrant or right, ending balance (in shares) | shares	6,685,132
Warrant exercisable (in shares | shares	6,685,132
Class Of Warrant Or Right, Weighted Average Exercise Price [Roll Forward]
Weighted average exercise price, beginning balance (in dollars per share) | $ / shares	$ 5.01
Issued, weighted-average exercise price (dollars per share) | $ / shares	0
Expired, weighted-average exercise price (dollars per share) | $ / shares	0
Exercised, weighted-average exercise price (dollars per share) | $ / shares	0
Weighted average exercise price, ending balance (in dollars per share) | $ / shares	4.96
Warrant exercisable, weighted average exercise price (in dollars per share) | $ / shares	$ 4.96

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - Repauno - USD ($)	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Mar. 31, 2022
Loss Contingencies [Line Items]
Potential milestone payment	$ 15,000,000	$ 15,000,000	$ 15,000,000
Loss contingency accrual, payments		$ 5,000,000	$ 5,000,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 25, 2023	Jul. 27, 2023	Jul. 05, 2023	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Total assets				$ 2,437,610	$ 2,478,399	$ 2,478,399
Total Debt				1,329,753	1,261,008
Bonds payable
Subsequent Event [Line Items]
Total Debt				1,165,953	1,163,808
Senior Notes due 2027 | Bonds payable
Subsequent Event [Line Items]
Total Debt				$ 476,973	474,828
Stated Interest Rate				10.50%
Long Ridge Energy & Power LLC
Subsequent Event [Line Items]
Total assets				$ 972,296	$ 987,829
Subsequent Event
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share)	$ 0.03
Subsequent Event | Senior Notes due 2027 | Bonds payable
Subsequent Event [Line Items]
Total Debt			$ 100,000
Stated Interest Rate			10.50%
Debt Instrument Issuance Price			0.9550
Subsequent Event | Senior Notes due 2027 | Bonds payable | Series A Senior Preferred Shares
Subsequent Event [Line Items]
Total Debt		$ 33,400