FTAI Infrastructure (FIP) 10-Q 10 May 24 2024 Q1 Quarterly report Financial data

Cover page

Cover page - shares	3 Months Ended
	Mar. 31, 2024	May 08, 2024
Cover [Abstract]
Document Type	10-Q
Document Period End Date	Mar. 31, 2024
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		101,693,823
Entity Central Index Key	0001899883
Document Fiscal Year Focus	2024
Amendment Flag	false
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 22,968	$ 29,367
Restricted cash	41,328	58,112
Accounts receivable, net	53,914	55,990
Other current assets	46,321	42,034
Total current assets	164,531	185,503
Leasing equipment, net	35,652	35,587
Operating lease right-of-use assets, net	68,921	69,748
Property, plant, and equipment, net	1,610,731	1,630,829
Investments	68,085	72,701
Intangible assets, net	50,735	52,621
Goodwill	275,367	275,367
Other assets	70,659	57,253
Total assets	2,344,681	2,379,609
Current liabilities:
Accounts payable and accrued liabilities	139,662	130,796
Current debt, net	77,683	0
Operating lease liabilities	7,242	7,218
Other current liabilities	15,180	12,623
Total current liabilities	239,767	150,637
Debt, net	1,266,506	1,340,910
Operating lease liabilities	61,599	62,441
Other liabilities	114,068	87,530
Total liabilities	1,681,940	1,641,518
Commitments and contingencies	$ 0	$ 0
Redeemable preferred equity, shares outstanding (in shares)	300,000	300,000
Redeemable preferred equity, shares issued (in shares)	300,000	300,000
Redeemable preferred stock, share authorized (in shares)	200,000,000	200,000,000
Redeemable preferred stock ($0.01 par value per share; 200,000,000 shares authorized; 300,000 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively; redemption amount of $446.5 million at March 31, 2024 and December 31, 2023)	$ 342,207	$ 325,232
Equity
Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 101,693,823 and 100,589,572 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively)	1,016	1,006
Additional paid in capital	822,956	843,971
Accumulated deficit	(221,780)	(182,173)
Accumulated other comprehensive loss	(199,643)	(178,515)
Stockholders' equity	402,549	484,289
Non-controlling interest in equity of consolidated subsidiaries	(82,015)	(71,430)
Total equity	320,534	412,859
Total liabilities and equity	$ 2,344,681	$ 2,379,609
Redeemable preferred stock, par value (dollars per share)	$ 0.01	$ 0.01
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)	101,693,823	100,589,572
Common stock, shares outstanding (in shares)	101,693,823	100,589,572

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
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	$ 446,500	$ 446,500
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)	101,693,823	100,589,572
Common stock, shares outstanding (in shares)	101,693,823	100,589,572

CONSOLIDATED AND COMBINED CONSO

CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Total revenues	$ 82,535	$ 76,494
Expenses
Total expenses	93,884	91,890
Other (expense) income
Total other expense	(37,143)	(18,787)
Loss before income taxes	(48,492)	(34,183)
Net loss	(50,297)	(35,912)
Net loss attributable to stockholders	$ (56,582)	$ (40,589)
Loss per share:
Basic (in dollars per share)	$ (0.54)	$ (0.39)
Diluted (in dollars per share)	$ (0.54)	$ (0.40)
Weighted average shares outstanding:
Basic (in shares)	104,189,287	102,787,640
Diluted (in shares)	104,189,287	102,787,640
Operating expenses	$ 64,575	$ 65,162
General and administrative	4,861	3,201
Transaction related costs	926	269
Management fees and incentive allocation to affiliate	3,001	2,982
Depreciation and amortization	20,521	20,135
Asset impairment	0	141
Equity in (losses) earnings of unconsolidated entities	(11,902)	4,366
Loss on sale of assets, net	(13)	(124)
Interest expense	(27,593)	(23,250)
Other income	2,365	221
Provision for income taxes	1,805	1,729
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	(10,690)	(9,893)
Less: Dividends and accretion of redeemable preferred stock	$ 16,975	$ 14,570

CONSOLIDATED AND COMBINED CON_2

CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (50,297)	$ (35,912)
Other comprehensive (loss) income:
Other comprehensive (loss) income related to equity method investees	(21,115)	52,852
Change in pension and other employee benefit accounts	(13)	(12)
Total comprehensive loss	(71,425)	16,928
Comprehensive loss attributable to non-controlling interests	(10,690)	(9,893)
Comprehensive (loss) income attributable to stockholders	$ (60,735)	$ 26,821

CONSOLIDATED AND COMBINED CON_3

CONSOLIDATED AND COMBINED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Common Stock	Additional Paid In Capital	Additional Paid In Capital Common Stock	Accumulated Deficit	Accumulated Other Comprehensive Loss	Non-Controlling Interest in Equity of Consolidated Subsidiaries
Beginning balance at Dec. 31, 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 income	52,840						52,840
Total comprehensive loss	16,928		0	0		(26,019)	52,840	(9,893)
Settlement of equity-based compensation	(90)							(90)
Acquisition of consolidated subsidiary	(4,448)
Equity-based compensation	895							895
Ending balance at Mar. 31, 2023	520,425		994	892,992		(86,856)	(247,293)	(39,412)
Increase (Decrease) in Partners' Capital [Roll Forward]
Acquisition of consolidated subsidiary				(953)				(3,495)
Dividends, Common Stock	(3,084)			(3,084)
Less: Dividends and accretion of redeemable preferred stock	(14,570)			(14,570)
Beginning balance at Dec. 31, 2023	412,859		1,006	843,971		(182,173)	(178,515)	(71,430)
Increase (Decrease) in Partners' Capital [Roll Forward]
Net loss	(50,297)					(39,607)		(10,690)
Other comprehensive income	(21,128)						(21,128)
Total comprehensive loss	(71,425)		0	0		(39,607)	(21,128)	(10,690)
Settlement of equity-based compensation	(3,214)			(3,029)				(185)
Equity-based compensation	2,340			2,050				290
Ending balance at Mar. 31, 2024	320,534		1,016	822,956		$ (221,780)	$ (199,643)	$ (82,015)
Increase (Decrease) in Partners' Capital [Roll Forward]
Dividends, Common Stock	(3,051)			(3,051)
Less: Dividends and accretion of redeemable preferred stock	$ (16,975)			$ (16,975)
Stock Issued During Period, Value, New Issues		$ 0	$ 10		$ (10)

CONSOLIDATED AND CONSOLIDATED S

CONSOLIDATED AND CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (50,297)	$ (35,912)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in losses (earnings) of unconsolidated entities	11,902	(4,366)
Loss on sale of assets, net	13	124
Equity-based compensation	2,340	895
Depreciation and amortization	20,521	20,135
Asset impairment	0	141
Change in deferred income taxes	1,337	1,547
Change in fair value of non-hedge derivative	0	1,125
Amortization of deferred financing costs	1,929	1,429
Amortization of bond discount	1,426	1,045
Provision for (benefit from) credit losses	169	(165)
Change in:
Accounts receivable	1,907	(10,825)
Other assets	(4,289)	8,140
Accounts payable and accrued liabilities	9,206	6,700
Other liabilities	(47)	(2,157)
Net cash used in operating activities	(3,883)	(12,144)
Cash flows from investing activities:
Investment in unconsolidated entities	(611)	(2,126)
Acquisition of consolidated subsidiary	0	(4,448)
Acquisition of leasing equipment	(396)	0
Acquisition of property, plant and equipment	(12,859)	(39,861)
Investment in promissory notes and loans	0	(20,500)
Investment in equity instruments	(5,000)	0
Proceeds from sale of property, plant and equipment	20	93
Net cash used in investing activities	(18,846)	(66,842)
Cash flows from financing activities:
Proceeds from debt	0	41,600
Payments of Financing Costs	265	649
Cash dividends - common stock	0	(3,084)
Settlement of equity-based compensation	(189)	(90)
Net cash (used in) provided by financing activities	(454)	37,777
Net decrease in cash and cash equivalents and restricted cash	(23,183)	(41,209)
Cash and cash equivalents and restricted cash, beginning of period	87,479	149,642
Cash and cash equivalents and restricted cash, end of period	64,296	108,433
Supplemental disclosure of non-cash investing and financing activities:
Acquisition of property, plant and equipment	0	(2,245)
Dividends and accretion of redeemable preferred stock	(16,975)	(14,570)
Non-cash change in equity method investment	(21,115)	52,852
Noncash Common Stock Dividends Accrued, Paid in Subsequent Quarter	(3,051)	0
Noncash Payment for Settlement of Equity Based Compensation	$ (3,027)	$ 0

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2024
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) six 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). We are a 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	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting — The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and include the accounts of us and our subsidiaries. These financial statements and related notes should be read in conjunction with the Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Principles of Consolidation — We consolidate all entities in which we have a controlling financial interest and control over significant operating decisions, as well as variable interest entities (“VIEs”) in which we are the primary beneficiary. All significant intercompany transactions and balances have been eliminated. All adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The ownership interest of other investors in consolidated subsidiaries is recorded as non-controlling interest. We use the equity method of accounting for investments in entities in which we exercise significant influence but which do not meet the requirements for consolidation. Under the equity method, we record our proportionate share of the underlying net income (loss) of these entities as well as the proportionate interest in adjustments to other comprehensive income (loss). Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Risks and Uncertainties — In the normal course of business, we encounter several significant types of economic risk including credit, market, and capital market risks. Credit risk is the risk of the inability or unwillingness of a lessee, customer, or derivative counterparty to make contractually required payments or to fulfill its other contractual obligations. Market risk reflects the risk of a downturn or volatility in the underlying industry segments in which we operate, which could adversely impact the pricing of the services offered by us or a lessee’s or customer’s ability to make payments. Capital market risk is the risk that we are unable to obtain capital at reasonable rates to fund the growth of our business or to refinance existing debt facilities. We do not have significant exposure to foreign currency risk as all of our leasing and revenue arrangements are denominated in U.S. dollars. Liquidity —In performing the first step of the evaluation under ASC 205-40, management concluded that the Company’s current liquidity and forecasted cash flows from operations are not sufficient to support, in full, the repayments of Jefferson Terminal’s $75.0 million credit agreement due on December 13, 2024 and Taxable Series 2020B Bonds totaling $79.1 million that mature on January 1, 2025 and dividend payments on Series A Preferred Stock. In performing the second step of this assessment, the Company evaluated whether it is probable that the Company’s plans will be effectively implemented within one year after the financial statements are issued and whether it is probable that those plans will alleviate the liquidity risk raised in the first step of the evaluation. Management has approved and began implementing a plan to alleviate liquidity risk by: (i) refinancing the Taxable Series 2020B Bonds and issuing new long-term, low-cost municipal bonds, including contributing additional unencumbered assets as collateral; and (ii) continuing to accrue paid-in-kind dividends on its Series A Senior Preferred Stock. On May 10, 2024, Jefferson Terminal announced an approximately $276 million municipal bond offering and expects to close the offering in the coming weeks. If fully implemented, the Company will have sufficient liquidity to meet its obligations as they become due over the next twelve months from the date that the consolidated financial statements were issued. Management will continue to evaluate its liquidity and financial position and update future plans accordingly. 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 financial statements. Total VIE assets of DRP were $303.3 million and $305.0 million, and total VIE liabilities of DRP were $55.4 million and $52.7 million as of March 31, 2024 and December 31, 2023, 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 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 $1.0 million and $1.4 million during the three months ended March 31, 2024 and 2023, 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 $5.2 million and $4.3 million during the three months ended March 31, 2024 and 2023, respectively, and are included in Operating expenses in the 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 comprised of: March 31, 2024 December 31, 2023 Note receivable $ 21,425 $ 21,425 Prepaid expenses 9,374 8,930 Other receivables 8,437 5,716 Other assets 7,085 5,963 Total other current assets $ 46,321 $ 42,034 The Company records interest income on the note receivable in Other income in the Consolidated Statements of Operations using the contractual interest rate. Other Assets — Other assets primarily consists of a note receivable of $11.7 million as of March 31, 2024 and December 31, 2023, respectively, from CarbonFree, a business that develops technologies to capture carbon dioxide from industrial emissions sources. We elected the fair value option for this note receivable to better align the reported results with the underlying changes in the value of this note receivable. The Company records interest income, which is included in Other income in the Consolidated Statements of Operations, on this note receivable using the contractual interest rate. Other assets also consists of capitalized contract costs of $24.9 million and $17.6 million as of March 31, 2024 and December 31, 2023, 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, $147.2 million, and $5.4 million, respectively, as of March 31, 2024 and December 31, 2023, 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, 2023, 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, capital expenditures 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, 2023. 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, expansion of volumes and execution of contracts related to sustainable fuels and movements in future oil spreads. At October 1, 2023, approximately 6.2 million barrels of storage was operational. Our discount rate for our 2023 goodwill impairment analysis was 10.3% and our assumed terminal growth rate was 2.5%. 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 and natural gas 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. 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 months ended March 31, 2024 and 2023. 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 $29.4 million and $31.3 million as of March 31, 2024 and December 31, 2023, respectively, are included in Debt, net in the Consolidated Balance Sheets. Amortization expense was $1.9 million and $1.4 million during the three months ended March 31, 2024 and 2023, respectively, and is included in Interest expense in the 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. 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 51% of total revenues for the three months ended March 31, 2024 from one customer in the Railroad segment. Additionally, we earned 14% of total revenues for the three months ended March 31, 2024 from one customer in the Jefferson Terminal segment. We earned 48% of total revenues for the three months ended March 31, 2023 from one customer in the Railroad segment. We earned 12% of total revenues for the three months ended March 31, 2023 from one customer in the Jefferson Terminal segment. As of March 31, 2024, accounts receivable from two customers within the Jefferson Terminal and Railroad segments represented 54% of total accounts receivable, net. As of December 31, 2023, accounts receivable from three customers within the Jefferson Terminal and Railroad segments represented 56% 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. Comprehensive (Loss) Income — Comprehensive (loss) income 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 (loss) income represents net loss, as presented in the Consolidated Statements of Operations, adjusted for fair value changes recorded in other comprehensive (loss) income related to cash flow hedges of our equity method investees and changes in pension and other employee benefit accounts. 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 (loss) income related to equity method investees in our Consolidated Statements of Comprehensive (Loss) Income 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 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 (losses) earnings of unconsolidated entities in the Consolidated Statements of Operations. The cash flow impact of derivative contracts that are not designated as hedging instruments is recognized in Equity in losses (earnings) of unconsolidated entities in our Consolidated Statements of Cash Flows. Income Taxes — Taxable income or loss generated by us and our corporate subsidiaries is subject to U.S. federal, state and foreign corporate income tax in locations where they conduct business. 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 Statements of Operations. 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.

LEASING EQUIPMENT, NET

LEASING EQUIPMENT, NET	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
LEASING EQUIPMENT, NET	3. LEASING EQUIPMENT, NET AND PROPERTY Leasing equipment, net is summarized as follows: March 31, 2024 December 31, 2023 Leasing equipment $ 46,370 $ 45,982 Less: Accumulated depreciation (10,718) (10,395) Leasing equipment, net $ 35,652 $ 35,587 Depreciation expense for leasing equipment is summarized as follows: Three Months Ended March 31, 2024 2023 Depreciation expense for leasing equipment $ 331 $ 276

PROPERTY, PLANT AND EQUIPMENT,

PROPERTY, PLANT AND EQUIPMENT, NET	3 Months Ended
	Mar. 31, 2024
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: March 31, 2024 December 31, 2023 Land, site improvements and rights $ 182,349 $ 182,319 Buildings and improvements 18,833 18,769 Bridges and tunnels 176,753 176,753 Terminal machinery and equipment 1,207,802 1,215,197 Track and track related assets 104,568 103,888 Railroad equipment 8,999 8,999 Railcars and locomotives 85,216 85,162 Computer hardware and software 19,362 16,058 Furniture and fixtures 1,887 1,887 Construction in progress 80,888 76,491 Other 21,746 21,613 1,908,403 1,907,136 Less: Accumulated depreciation (297,672) (276,307) Property, plant and equipment, net $ 1,610,731 $ 1,630,829 Depreciation expense for property, plant and equipment is summarized as follows: Three Months Ended March 31, 2024 2023 Depreciation expense $ 18,304 $ 17,973

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 December 31, 2023 Intermodal Finance I, Ltd. Equity method 51.0% $ — $ — Long Ridge Energy & Power LLC (1) Equity method 50.1% — — Long Ridge West Virginia LLC Equity method 50.1% 6,713 6,825 GM-FTAI Holdco LLC Equity method See below 51,255 55,740 Clean Planet Energy USA LLC Equity method 50.0% 10,117 10,136 $ 68,085 $ 72,701 ________________________________________________________ (1) The carrying value of $(54.8) million and $(29.3) million as of March 31, 2024 and December 31, 2023, respectively, is included in Other liabilities in the Consolidated Balance Sheets. We did not recognize any other-than-temporary impairments for the three months ended March 31, 2024 and 2023. The following table presents our proportionate share of equity in (losses) earnings: Three Months Ended March 31, 2024 2023 Intermodal Finance I, Ltd. $ 9 $ 21 Long Ridge Energy & Power LLC (6,675) 7,761 Long Ridge West Virginia LLC (362) — GM-FTAI Holdco LLC (4,486) (2,341) Clean Planet Energy USA LLC (388) (1,075) Total $ (11,902) $ 4,366 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 March 31, 2024, Intermodal owns a portfolio of approximately 173 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. During 2023, the maturity date was extended to May 1, 2032. As of March 31, 2024 and December 31, 2023, the balance of the note receivable was $73.3 million and $71.0 million, respectively, recorded as part of the Long Ridge investment in Other liabilities on the Consolidated Balance Sheets. The tables below present summarized financial information for Long Ridge Energy & Power LLC: (Unaudited) March 31, 2024 December 31, 2023 Balance Sheet Assets Current assets: Cash and cash equivalents $ 3,185 $ 3,362 Restricted cash 20,455 23,691 Accounts receivable, net 7,052 5,633 Other current assets 6,226 7,357 Total current assets 36,918 40,043 Property, plant, and equipment, net 825,901 828,232 Intangible assets, net 4,085 4,180 Goodwill 86,460 86,460 Other assets 4,583 4,041 Total assets $ 957,947 $ 962,956 Liabilities Current liabilities: Accounts payable and accrued liabilities $ 42,333 $ 49,538 Debt, net 4,450 4,450 Derivative liabilities 47,002 39,891 Other current liabilities 2,752 2,136 Total current liabilities 96,537 96,015 Debt, net 711,293 699,372 Derivative liabilities 396,715 360,710 Other liabilities 6,986 4,941 Total liabilities 1,211,531 1,161,038 Equity Total equity (253,584) (198,082) Total liabilities and equity $ 957,947 $ 962,956 Three Months Ended March 31, Income Statement 2024 2023 Revenue $ 29,306 $ 56,405 Expenses Operating expenses 13,860 13,214 Depreciation and amortization 12,007 13,364 Interest expense 16,782 14,440 Total expenses 42,649 41,018 Total other (expense) income (13) 105 Net (loss) income $ (13,356) $ 15,492 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 of GM-FTAI Holdco LLC. 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. Long Ridge West Virginia LLC In November 2023, we sold a 49.9% interest in Long Ridge West Virginia LLC (“Long Ridge WV”), previously a wholly owned subsidiary, for $7.5 million in cash. Long Ridge WV is a VIE as defined in U.S. GAAP, but we are not the primary beneficiary. Following the sale, we no longer have a controlling interest in Long Ridge WV, but we still maintain significant influence through our retained interest and account for this investment in accordance with the equity method. Long Ridge WV was formed to build an energy generating property in West Virginia similar to that of Long Ridge Energy & Power LLC. On the deconsolidation, no gain was recorded as all the assets consist of unproved undeveloped gas properties. We recorded our investment in the legal entity at the cost basis of $7.2 million as of November 17, 2023. Equity Investments E-Circuit Motors, Inc. E-Circuit Motors Inc. (“ECM”) is a software company concentrating on the development and sale of printer circuit board stator motors and also utilizes proprietary software to develop and test such motors in a virtual environment. On March 6, 2024, the Company invested $5.0 million for 166,667 shares of Series D preferred equity, as well as 166,667 warrants of common stock at $0.01 per share in ECM. The preferred shares are convertible to common shares at the option of the investor on a one-for-one basis. We do not exercise significant influence over the investment and will record the preferred share investment as an equity security. The warrants are exercisable only if certain conditions are met over the next two years after the date of the investment. The warrants will be accounted for as equity securities. The value of the Series D preferred equity and warrants as of the date of investment were determined to be $2.5 million each, based on relative fair value. ECM is a private company with no readily determinable fair values; if additional third-party information becomes available we will adjust the value of the investments accordingly. As of March 31, 2024, the investment of $5.0 million was recorded in Other assets on the Consolidated Balance Sheet.

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET	3 Months Ended
	Mar. 31, 2024
Intangible Assets and Liabilities Disclosure [Abstract]
INTANGIBLE ASSETS, NET	6. INTANGIBLE ASSETS, NET Intangible assets, net are summarized as follows: March 31, 2024 Jefferson Terminal Railroad Total Customer relationships $ 35,513 $ 60,000 $ 95,513 Less: Accumulated amortization (34,033) (10,745) (44,778) Intangible assets, net $ 1,480 $ 49,255 $ 50,735 December 31, 2023 Jefferson Terminal Railroad Total Customer relationships $ 35,513 $ 60,000 $ 95,513 Less: Accumulated amortization (33,145) (9,747) (42,892) Intangible assets, net $ 2,368 $ 50,253 $ 52,621 Amortization of customer relationships is included in Depreciation and amortization in the Consolidated Statements of Operations and is as follows: Three Months Ended March 31, 2024 2023 Amortization of customer relationships $ 1,886 $ 1,886 As of March 31, 2024, estimated net annual amortization of intangibles is as follows: Remainder of 2024 $ 4,480 2025 4,000 2026 4,000 2027 4,000 2028 4,000 Thereafter 30,255 Total $ 50,735

DEBT, NET

DEBT, NET	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
DEBT, NET	7. DEBT, NET Our debt, net is summarized as follows: Outstanding Borrowings Stated Interest Rate Maturity Date March 31, 2024 December 31, 2023 Loans payable DRP Revolver (1) (i) Base Rate + 2.75%; or (ii) Base Rate + 3.75% (Term Secured Overnight Financing Rate (“SOFR”)) 11/5/26 $ 44,250 $ 44,250 EB-5 Loan Agreement 5.75% (i) 1/25/26 63,800 63,800 Total loans payable 108,050 108,050 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 (2) 10.500% 6/1/27 576,607 575,181 Total bonds payable 1,265,587 1,264,161 Total debt 1,373,637 1,372,211 Less: Debt issuance costs (29,448) (31,301) Total debt, net $ 1,344,189 $ 1,340,910 Total debt due within one year $ 79,060 $ — ________________________________________________________ (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) Includes an unamortized discount of $23,393 and $24,819 at March 31, 2024 and December 31, 2023, respectively. We were in compliance with all debt covenants as of March 31, 2024.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023, 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 March 31, 2024 March 31, 2024 Total Level 1 Level 2 Level 3 Valuation Technique Assets Cash and cash equivalents $ 22,968 $ 22,968 $ — $ — Market Restricted cash 41,328 41,328 — — Market Notes receivable 11,664 — 11,664 — Market Total assets $ 75,960 $ 64,296 $ 11,664 $ — Fair Value as of Fair Value Measurements Using Fair Value Hierarchy as of December 31, 2023 December 31, 2023 Total Level 1 Level 2 Level 3 Valuation Technique Assets Cash and cash equivalents $ 29,367 $ 29,367 $ — $ — Market Restricted cash 58,112 58,112 — — Market Notes receivable 11,664 — 11,664 — Market Total assets $ 99,143 $ 87,479 $ 11,664 $ — 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 market approach, 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, restricted cash and the CarbonFree note receivable consist principally of accounts receivable, notes receivable, accounts payable and accrued liabilities, and loans payable, whose fair values approximate their carrying values due to their short maturity profiles. The fair value of our bonds, notes and loans payable reported as Debt, net in the Consolidated Balance Sheets are presented in the table below: March 31, 2024 December 31, 2023 Series 2020 A Bonds (1) $ 148,896 $ 138,666 Series 2020 B Bonds (1) 77,754 75,928 Series 2021 A Bonds (1) 163,653 154,306 Series 2021 B Bonds (1) 172,672 165,208 Senior Notes due 2027 625,746 625,038 EB-5 Loan Agreement 21,578 21,240 EB-5.2 Loan Agreement 8,279 8,183 EB-5.3 Loan Agreement 22,488 22,491 ________________________________________________________ (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	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 Ports and Terminals Railroad Jefferson Terminal Repauno Corporate and Other Total Lease income $ 411 $ 797 $ — $ — $ 1,208 Rail revenues 45,901 — — — 45,901 Terminal services revenues — 17,819 4,078 — 21,897 Roadside services revenues — — — 13,528 13,528 Other revenue — — 1 — 1 Total revenues $ 46,312 $ 18,616 $ 4,079 $ 13,528 $ 82,535 Three Months Ended March 31, 2023 Ports and Terminals Railroad Jefferson Terminal Repauno Corporate and Other Total Lease income $ 437 $ 306 $ — $ — $ 743 Rail revenues 40,568 — — — 40,568 Terminal services revenues — 18,786 362 — 19,148 Roadside services revenues — — — 17,850 17,850 Other revenue — — (1,815) — (1,815) Total revenues $ 41,005 $ 19,092 $ (1,453) $ 17,850 $ 76,494

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, the Incentive Plan provides for the issuance of up to 30.0 million shares. We report equity-based compensation expense within Operating expenses and General and administrative in the Consolidated Statements of Operations. Subsidiary Stock-Based Compensation The following table presents the expense related to our subsidiary stock-based compensation arrangements recognized in the Consolidated Statements of Operations: Expense Recognized During the Three Months Ended March 31, Remaining Expense To Be Recognized, If All Vesting Conditions Are Met Weighted Average Remaining Contractual Term (in years) 2024 2023 Restricted shares $ — $ 444 $ — 0.0 Common units 290 451 1,801 0.8 Total $ 290 $ 895 $ 1,801 Restricted Stock Units to Subsidiary Employees During the year ended December 31, 2023, we issued restricted stock units (“RSUs”) of our common stock that had a grant date fair value of $16.9 million, based on the closing price of FIP’s stock on the grant date, and vest over three years. These awards were made to employees of certain of our subsidiaries, are subject to continued employment, and the compensation expense is recognized ratably over the vesting periods. This grant fully canceled and replaced the vested and unvested restricted shares of our subsidiary issued in the first quarter of 2021. The following table presents the expense related to our restricted stock units to subsidiary employees recognized in the Consolidated Statements of Operations: Expense Recognized During the Three Months Ended March 31, Remaining Expense To Be Recognized, If All Vesting Conditions Are Met Weighted Average Remaining Contractual Term (in years) 2024 2023 Restricted stock units $ 2,050 $ — $ 5,285 1.2 Total $ 2,050 $ — $ 5,285

RETIREMENT BENEFIT PLANS

RETIREMENT BENEFIT PLANS	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
RETIREMENT BENEFIT PLANS	11. RETIREMENT BENEFIT PLANS 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, and we will make contributions accordingly. Our pension plan covers certain eligible Transtar employees and is 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 other net costs are recorded in Other income within the Consolidated Statements of Operations. Three Months Ended March 31, 2024 2023 Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Service costs $ 374 $ 484 $ 348 $ 446 Interest costs 154 409 117 374 Expected return on plan assets (51) — — — Amortization of prior service costs — 40 — 34 Amortization of actuarial gains (3) — (46) — Total $ 474 $ 933 $ 419 $ 854 The total employer contributions for the three months ended March 31, 2024 and 2023 was $0.7 million and $0.3 million, respectively, and the expected remaining scheduled employer contributions for the year ending December 31, 2024 is $1.2 million.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	12. INCOME TAXES The current and deferred components of the income tax provision included in the Consolidated Statements of Operations are as follows: Three Months Ended March 31, 2024 2023 Current: Federal $ — $ — State and local 468 182 Foreign — — Total current provision 468 182 Deferred: Federal 938 817 State and local 399 730 Foreign — — Total deferred provision 1,337 1,547 Provision for income taxes $ 1,805 $ 1,729 Taxable income or loss generated by us and our corporate subsidiaries 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 three months ended March 31, 2024, 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 2020. 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 March 31, 2024.

MANAGEMENT AGREEMENT AND AFFILI

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS	3 Months Ended
	Mar. 31, 2024
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. The Capital Gains Incentive Fee is calculated and paid in arrears as of the end of each calendar year and is equal to 10% of our pro rata share of cumulative realized gains from the date of the spin-off through the end of the applicable calendar year, net of our pro rata share of cumulative realized or unrealized losses, the cumulative non-cash portion of equity-based compensation expenses and all realized gains upon which prior performance-based Capital Gains Incentive Fee payments were made to the Manager. The management fee, Income Incentive Fee, and Capital Gains Incentive Fee that are attributable to the operations of FTAI Infrastructure is recorded in the Management fees and incentive allocation to affiliate on the Consolidated Statements of Operations. These amounts are allocated on the following basis: Management fee —Management fee is allocated to FTAI Infrastructure by applying the calculation methodology described above to the equity of FTAI Infrastructure included in these consolidated financial statements. Income Incentive Allocation and Capital Gains Incentive Allocation —The Income Incentive Fee and Capital Gains Incentive Fee are allocated to FTAI Infrastructure by applying the allocation calculation methodology described above to FTAI Infrastructure’s financial results in each respective period. The following table summarizes the management fees, income incentive allocation and capital gains incentive allocation included in these consolidated financial statements: Three Months Ended March 31, 2024 2023 Management fee $ 3,001 $ 2,982 Income incentive fee — — Capital gains incentive fee — — Total $ 3,001 $ 2,982 We pay all of our operating expenses, except those specifically required to be borne by the Manager under the Management Agreement. The expenses required to be paid by the Company include, but are not limited to, issuance and transaction costs incident to the acquisition, disposition and financing of its assets, legal and auditing fees and expenses, the compensation and expenses of the Company’s independent directors, the costs associated with the establishment and maintenance of any credit facilities and other indebtedness (including commitment fees, legal fees, closing costs, etc.), expenses associated with other securities offerings, costs and expenses incurred in contracting with third parties (including affiliates of the Manager), the costs of printing and mailing proxies and reports to the stockholders, costs incurred by the Manager or its affiliates for travel on our behalf, costs associated with any computer software or hardware that is used by the Company, costs to obtain liability insurance to indemnify the Company’s directors and officers and the compensation and expenses of the transfer agent. We pay or reimburse the Manager and its affiliates for performing certain legal, accounting, due diligence tasks and other services that outside professionals or outside consultants otherwise would perform, provided that such costs and reimbursements are no greater than those which would be paid to outside professionals or consultants. The Manager is responsible for all of its other costs incident to the performance of its duties under the Management Agreement, including compensation of the Manager’s employees, rent for facilities and other “overhead” expenses; we do not reimburse the Manager for these expenses. The following table summarizes our reimbursements to the Manager: Three Months Ended March 31, 2024 2023 Classification in the Consolidated Statements of Operations: General and administrative $ 1,344 $ 1,863 Acquisition and transaction expenses 320 43 Total $ 1,664 $ 1,906 If we terminate the Management Agreement, we will generally be required to pay the Manager a termination fee. Pursuant to the terms of the Management Agreement, the termination fee is equal to the amount of the management fee during the 12 months immediately preceding such termination and an amount equal to the Income Incentive Fee and the Capital Gains Incentive Fee that would be paid to the Manager if the Company’s assets were sold for cash at their then current fair market value (as determined by an appraisal, taking into account, among other things, the expected future value of the underlying investments). Upon the successful completion of an offering of our common stock or other equity securities (including securities issued as consideration in an acquisition), we grant the Manager options to purchase common stock in an amount equal to 10% of the number of common stock being sold in the offering (or if the issuance relates to equity securities other than our common stock, options to purchase a number of common stock equal to 10% of the gross capital raised in the equity issuance divided by the fair market value of our common stock as of the date of issuance), with an exercise price equal to the offering price per share paid by the public or other ultimate purchaser or attributed to such securities in connection with an acquisition (or the fair market value of our common stock as of the date of the equity issuance if it relates to equity securities other than our common stock). Any ultimate purchaser of common stock for which such options are granted may be an affiliate of Fortress. In connection with the spin-off, we issued 10.9 million options to purchase common stock to the Manager, with a term of 10 years 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: March 31, 2024 December 31, 2023 Accrued management fees $ 3,001 $ 6,400 Other payables 1,664 5,595 As of March 31, 2024 and December 31, 2023, there w ere no receivables from the Manager. Other Affiliate Transactions As of March 31, 2024 and December 31, 2023, 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 financial statements. The carrying amount of this non-controlling interest at March 31, 2024 and December 31, 2023 was $(88.5) million a nd $(78.0) million, respectively. The following table presents the amount of this non-controlling interest share of net loss: Three Months Ended March 31, 2024 2023 Non-controlling interest share of net loss $ (10,465) $ (9,185) 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 three months ended March 31, 2024 and 2023, the Company incurred approximatel y $0.1 million and $0.1 million of rent and office related expenses, respectively. On May 22, 2023, Fortress and Mubadala Investment Company, through its wholly owned asset management subsidiary Mubadala Capital (“Mubadala”), announced that they have entered into definitive agreements pursuant to which, among other things, certain members of Fortress management and affiliates of Mubadala will acquire 100% of the equity of Fortress that is currently indirectly held by SoftBank Group Corp. (“SoftBank”). After the closing of the transaction, Fortress will continue to operate as an independent investment manager under the Fortress brand, with autonomy over investment processes and decision making, personnel and operations.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	14. SEGMENT INFORMATION 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 six 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, Jefferson Terminal South 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 terminal 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 investment in an unconsolidated entity engaged in the acquisition and leasing of shipping containers and an operating company that provides roadside assistance services for the intermodal and over-the-road trucking industries. 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, 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 of redeemable preferred stock, and other non-recurring items, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA. We believe that net income (loss) attributable to stockholders, as defined by U.S. GAAP, is the most appropriate earnings measure with which to reconcile Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net income (loss) attributable to stockholders 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 March 31, 2024 Three Months Ended March 31, 2024 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Revenues Total revenues $ 46,312 $ 18,616 $ 4,079 $ — $ — $ 13,528 $ 82,535 Expenses Operating expenses 24,842 19,132 6,171 692 — 13,738 64,575 General and administrative — — — — — 4,861 4,861 Acquisition and transaction expenses 184 2 — — — 740 926 Management fees and incentive allocation to affiliate — — — — — 3,001 3,001 Depreciation and amortization 5,012 12,330 2,444 — — 735 20,521 Total expenses 30,038 31,464 8,615 692 — 23,075 93,884 Other (expense) income Equity in (losses) earnings of unconsolidated entities — — — (7,037) (4,874) 9 (11,902) Loss on sale of assets, net (13) — — — — — (13) Interest expense (69) (9,297) (146) — — (18,081) (27,593) Other (expense) income (603) 6 — 2,302 660 — 2,365 Total other expense (685) (9,291) (146) (4,735) (4,214) (18,072) (37,143) Income (loss) before income taxes 15,589 (22,139) (4,682) (5,427) (4,214) (27,619) (48,492) Provision for (benefit from) income taxes 1,092 (554) (136) — — 1,403 1,805 Net income (loss) 14,497 (21,585) (4,546) (5,427) (4,214) (29,022) (50,297) Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries 61 (10,465) (286) — — — (10,690) Less: Dividends and accretion of redeemable preferred stock — — — — — 16,975 16,975 Net income (loss) attributable to stockholders $ 14,436 $ (11,120) $ (4,260) $ (5,427) $ (4,214) $ (45,997) $ (56,582) The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to stockholders: Three Months Ended March 31, 2024 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Adjusted EBITDA $ 21,658 $ 6,801 $ (1,683) $ 10,392 $ (1,859) $ (8,078) $ 27,231 Add: Non-controlling share of Adjusted EBITDA 5,682 Add: Equity in losses of unconsolidated entities (11,902) Less: Interest and other costs on pension and OPEB liabilities (600) Less: Dividends and accretion of redeemable preferred stock (16,975) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities (6,257) Less: Interest expense (27,593) Less: Depreciation and amortization expense (21,097) Less: Incentive allocations — Less: Asset impairment charges — 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 (926) Less: Equity-based compensation expense (2,340) Less: Provision for income taxes (1,805) Less: Other non-recurring items — Net loss attributable to stockholders $ (56,582) II. For the Three Months Ended March 31, 2023 Three Months Ended March 31, 2023 Port and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Revenues Total revenues $ 41,005 $ 19,092 $ (1,453) $ — $ — $ 17,850 $ 76,494 Expenses Operating expenses 25,235 16,425 4,929 424 1 18,148 65,162 General and administrative — — — — — 3,201 3,201 Acquisition and transaction expenses 183 — — 22 1 63 269 Management fees and incentive allocation to affiliate — — — — — 2,982 2,982 Depreciation and amortization 5,101 11,869 2,245 — — 920 20,135 Asset impairment 141 — — — — — 141 Total expenses 30,660 28,294 7,174 446 2 25,314 91,890 Other income (expense) Equity in earnings (losses) of unconsolidated entities — — — 7,761 (3,416) 21 4,366 Loss on sale of assets, net (124) — — — — — (124) Interest expense (955) (7,884) (588) (2) — (13,821) (23,250) Other (expense) income (552) (1,063) — 1,229 607 — 221 Total other (expense) income (1,631) (8,947) (588) 8,988 (2,809) (13,800) (18,787) Income (loss) before income taxes 8,714 (18,149) (9,215) 8,542 (2,811) (21,264) (34,183) Provision for income taxes 598 198 114 — — 819 1,729 Net income (loss) 8,116 (18,347) (9,329) 8,542 (2,811) (22,083) (35,912) Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries 18 (9,185) (498) — (228) (9,893) Less: Dividends and accretion of redeemable preferred stock — — — — — 14,570 14,570 Net income (loss) attributable to stockholders $ 8,098 $ (9,162) $ (8,831) $ 8,542 $ (2,811) $ (36,425) $ (40,589) The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to stockholders: Three Months Ended March 31, 2023 Port and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Adjusted EBITDA $ 17,151 $ 6,518 $ (4,861) $ 11,314 $ (1,710) $ (6,516) $ 21,896 Add: Non-controlling share of Adjusted EBITDA 5,221 Add: Equity in earnings of unconsolidated entities 4,366 Less: Interest and other costs on pension and OPEB liabilities (480) Less: Dividends and accretion of redeemable preferred stock (14,570) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities (8,190) Less: Interest expense (23,250) Less: Depreciation and amortization expense (20,135) Less: Incentive allocations — Less: Asset impairment charges (141) 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 (269) Less: Equity-based compensation expense (895) Less: Provision for income taxes (1,729) Less: Other non-recurring items (1,288) Net loss attributable to stockholders $ (40,589) III. Balance Sheet The following tables sets forth the summarized balance sheet. All property, plant and equipment and leasing equipment are located in North America. March 31, 2024 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Current assets $ 55,389 $ 73,112 $ 6,977 $ — $ 23,065 $ 5,988 $ 164,531 Non-current assets 664,043 1,126,457 296,307 6,713 73,036 13,594 2,180,150 Total assets 719,432 1,199,569 303,284 6,713 96,101 19,582 2,344,681 Total debt, net — 738,283 44,250 — — 561,656 1,344,189 Current liabilities 49,639 141,146 7,694 1,518 — 39,770 239,767 Non-current liabilities 56,024 720,071 47,670 54,798 — 563,610 1,442,173 Total liabilities 105,663 861,217 55,364 56,316 — 603,380 1,681,940 Redeemable preferred stock — — — — — 342,207 342,207 Non-controlling interests in equity of consolidated subsidiaries 3,027 (84,743) (299) — — — (82,015) Total equity 613,769 338,352 247,920 (49,603) 96,101 (926,005) 320,534 Total liabilities, redeemable preferred stock and equity $ 719,432 $ 1,199,569 $ 303,284 $ 6,713 $ 96,101 $ 19,582 $ 2,344,681 December 31, 2023 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Current assets $ 58,114 $ 88,542 $ 9,267 $ 2 $ 22,405 $ 7,173 $ 185,503 Non-current assets 667,501 1,137,510 295,685 6,825 77,540 9,045 2,194,106 Total assets 725,615 1,226,052 304,952 6,827 99,945 16,218 2,379,609 Total debt, net — 737,335 44,250 — — 559,325 1,340,910 Current liabilities 54,150 65,052 4,912 828 — 25,695 150,637 Non-current liabilities 55,975 797,854 47,816 29,310 — 559,926 1,490,881 Total liabilities 110,125 862,906 52,728 30,138 — 585,621 1,641,518 Redeemable preferred stock — — — — — 325,232 325,232 Non-controlling interests in equity of consolidated subsidiaries 2,861 (74,278) (13) — — — (71,430) Total equity 615,490 363,146 252,224 (23,311) 99,945 (894,635) 412,859 Total liabilities, redeemable preferred stock and equity $ 725,615 $ 1,226,052 $ 304,952 $ 6,827 $ 99,945 $ 16,218 $ 2,379,609

REDEEMABLE PREFERRED STOCK

REDEEMABLE PREFERRED STOCK	3 Months Ended
	Mar. 31, 2024
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 Redeemable 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 March 31, 2024, the Company has $88.6 million of PIK dividends increasing our Redeemable Preferred Stock balance. Dividends recorded in Dividends and accretion of redeemable preferred stock on the Consolidated Statements of Operations totaled $15.3 million and $12.9 million for the three months ended March 31, 2024 and 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 of redeemable preferred stock on the Consolidated Statements of Operations, totaled $1.7 million and $1.6 million for the three months ended March 31, 2024 and 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 March 31, 2024, it would be redeemable for $446.5 million. Amendment to Certificate of Designations of Our Series A Preferred Stock On July 5, 2023, a Certificate of Amendment (the “Amendment”) to the Certificate of Designations for its Series A Preferred Stock (the “Certificate of Designations”) became effective, amending 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”). The holders of our Series A Preferred Stock received a customary fee for their consent and purchased $33.4 million aggregate principal amount of the Additional Notes.

EARNINGS PER SHARE AND EQUITY

EARNINGS PER SHARE AND EQUITY	3 Months Ended
	Mar. 31, 2024
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 by the weighted average number of common stock outstanding, plus any participating securities. Diluted LPS is calculated by dividing net loss attributable to stockholders 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 March 31, (in thousands, except per share data) 2024 2023 Net loss $ (50,297) $ (35,912) Less: Net loss attributable to non-controlling interests in consolidated subsidiaries (10,690) (9,893) Less: Dividends and accretion of redeemable preferred stock 16,975 14,570 Net loss attributable to stockholders $ (56,582) $ (40,589) Weighted Average Common Stock Outstanding - Basic (1) 104,189,287 102,787,640 Weighted Average Common Stock Outstanding - Diluted (1) 104,189,287 102,787,640 Loss per share: Basic $ (0.54) $ (0.39) Diluted (2) $ (0.54) $ (0.40) ________________________________________________________ (1) Three months ended March 31, 2024 includes penny warrants which can be converted into a fixed amount of our stock. (2) Diluted LPS for the three months ended March 31, 2024 includes the dilutive effect of subsidiary earnings per share. For the three months ended March 31, 2024 and 2023, 7,196,869 and 1,647,839 shares of common stock, respectively, h ave been excluded from the calculation of Diluted LPS because the impact would be anti-dilutive. Common Stock Warrants A summary of the status of the Company’s outstanding stock warrants and changes during the three months ended March 31, 2024 is as follows: Number of Warrants Weighted Average Exercise Price Outstanding as of December 31, 2023 6,685,132 $ 4.93 Issued — — Expired — — Exercised — — Outstanding as of March 31, 2024 (1) 6,685,132 $ 4.93 Warrants exercisable as of March 31, 2024 (1) 6,685,132 $ 4.93 ________________________________________________________ (1) Weighted average exercise price as of March 31, 2024 includes adjustments for quarterly dividend payments. The weighted average remaining contractual term of the outstanding warrants as o f March 31, 2024 is 6.3 years. The aggregate intrinsic value of the warrants as of March 31, 2024 is $21.0 million.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
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. We have entered into an arrangement with our non-controlling interest holder of Repauno, as part of the initial acquisition, whereby the non-controlling interest holder may receive additional payments contingent upon the achievement of certain conditions, not to exceed $15.0 million. We will account for such amounts when and if such conditions are achieved. The contingency related to $5.0 million of the total $15.0 million was resolved during the year ended December 31, 2021, and the contingency related to an additional $5.0 million of the total $15.0 million was resolved during year ended December 31, 2022.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	18. SUBSEQUENT EVENTS Jefferson Credit Agreement On April 2, 2024, our Jefferson Terminal segment entered into a credit agreement, providing for a $75.0 million term loan facility, which matures at the earlier of (i) December 13, 2024 or (ii) 30 days prior to the date on which the first cash dividend payment on preferred equity is paid, and bears interest at the Applicable Margin of 4.00% plus Adjusted Term SOFR. Dividends On May 7, 2024, our board of directors declared a cash dividend on our common stock of $0.03 per share for the quarter ended March 31, 2024, payable on May 29, 2024 to the holders of record on May 17, 2024.

BASIS OF PRESENTATION AND SUM_2

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Cash and Cash Equivalents	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.
Corporate Function, Unaudited Interim Financial Information, Principles of Combination, and Principles of Consolidation	Basis of Accounting — The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and include the accounts of us and our subsidiaries. These financial statements and related notes should be read in conjunction with the Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Principles of Consolidation — We consolidate all entities in which we have a controlling financial interest and control over significant operating decisions, as well as variable interest entities (“VIEs”) in which we are the primary beneficiary. All significant intercompany transactions and balances have been eliminated. All adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The ownership interest of other investors in consolidated subsidiaries is recorded as non-controlling interest. We use the equity method of accounting for investments in entities in which we exercise significant influence but which do not meet the requirements for consolidation. Under the equity method, we record our proportionate share of the underlying net income (loss) of these entities as well as the proportionate interest in adjustments to other comprehensive income (loss).
Use of Estimates	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
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. Liquidity —In performing the first step of the evaluation under ASC 205-40, management concluded that the Company’s current liquidity and forecasted cash flows from operations are not sufficient to support, in full, the repayments of Jefferson Terminal’s $75.0 million credit agreement due on December 13, 2024 and Taxable Series 2020B Bonds totaling $79.1 million that mature on January 1, 2025 and dividend payments on Series A Preferred Stock. In performing the second step of this assessment, the Company evaluated whether it is probable that the Company’s plans will be effectively implemented within one year after the financial statements are issued and whether it is probable that those plans will alleviate the liquidity risk raised in the first step of the evaluation. Management has approved and began implementing a plan to alleviate liquidity risk by: (i) refinancing the Taxable Series 2020B Bonds and issuing new long-term, low-cost municipal bonds, including contributing additional unencumbered assets as collateral; and (ii) continuing to accrue paid-in-kind dividends on its Series A Senior Preferred Stock. On May 10, 2024, Jefferson Terminal announced an approximately $276 million municipal bond offering and expects to close the offering in the coming weeks. If fully implemented, the Company will have sufficient liquidity to meet its obligations as they become due over the next twelve months from the date that the consolidated financial statements were issued. Management will continue to evaluate its liquidity and financial position and update future plans accordingly.
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 — 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.
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, $147.2 million, and $5.4 million, respectively, as of March 31, 2024 and December 31, 2023, 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, 2023, 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, capital expenditures 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, 2023. 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, expansion of volumes and execution of contracts related to sustainable fuels and movements in future oil spreads. At October 1, 2023, approximately 6.2 million barrels of storage was operational. Our discount rate for our 2023 goodwill impairment analysis was 10.3% and our assumed terminal growth rate was 2.5%. 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 and natural gas 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. Further delays in executing anticipated contracts or achieving our projected volumes could adversely affect the fair value of the reporting unit.
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. 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 51% of total revenues for the three months ended March 31, 2024 from one customer in the Railroad segment. Additionally, we earned 14% of total revenues for the three months ended March 31, 2024 from one customer in the Jefferson Terminal segment. We earned 48% of total revenues for the three months ended March 31, 2023 from one customer in the Railroad segment. We earned 12% of total revenues for the three months ended March 31, 2023 from one customer in the Jefferson Terminal segment. As of March 31, 2024, accounts receivable from two customers within the Jefferson Terminal and Railroad segments represented 54% of total accounts receivable, net. As of December 31, 2023, accounts receivable from three customers within the Jefferson Terminal and Railroad segments represented 56% 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 — 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.
Comprehensive Income (Loss)	Comprehensive (Loss) Income — Comprehensive (loss) income 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 (loss) income represents net loss, as presented in the Consolidated Statements of Operations, adjusted for fair value changes recorded in other comprehensive (loss) income related to cash flow hedges of our equity method investees and changes in 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 (loss) income related to equity method investees in our Consolidated Statements of Comprehensive (Loss) Income 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 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 (losses) earnings of unconsolidated entities in the Consolidated Statements of Operations. The cash flow impact of derivative contracts that are not designated as hedging instruments is recognized in Equity in losses (earnings) of unconsolidated entities in our Consolidated Statements of Cash Flows.
Income Taxes	Income Taxes — Taxable income or loss generated by us and our corporate subsidiaries is subject to U.S. federal, state and foreign corporate income tax in locations where they conduct business. 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 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)	3 Months Ended
	Mar. 31, 2024
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 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: March 31, 2024 December 31, 2023 Land, site improvements and rights $ 182,349 $ 182,319 Buildings and improvements 18,833 18,769 Bridges and tunnels 176,753 176,753 Terminal machinery and equipment 1,207,802 1,215,197 Track and track related assets 104,568 103,888 Railroad equipment 8,999 8,999 Railcars and locomotives 85,216 85,162 Computer hardware and software 19,362 16,058 Furniture and fixtures 1,887 1,887 Construction in progress 80,888 76,491 Other 21,746 21,613 1,908,403 1,907,136 Less: Accumulated depreciation (297,672) (276,307) Property, plant and equipment, net $ 1,610,731 $ 1,630,829 Depreciation expense for property, plant and equipment is summarized as follows: Three Months Ended March 31, 2024 2023 Depreciation expense $ 18,304 $ 17,973

LEASING EQUIPMENT, NET (Tables)

LEASING EQUIPMENT, NET (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Lessor, Operating Leases	Leasing equipment, net is summarized as follows: March 31, 2024 December 31, 2023 Leasing equipment $ 46,370 $ 45,982 Less: Accumulated depreciation (10,718) (10,395) Leasing equipment, net $ 35,652 $ 35,587
Operating Lease, Lease Income	Depreciation expense for leasing equipment is summarized as follows: Three Months Ended March 31, 2024 2023 Depreciation expense for leasing equipment $ 331 $ 276

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)	3 Months Ended
	Mar. 31, 2024
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 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: March 31, 2024 December 31, 2023 Land, site improvements and rights $ 182,349 $ 182,319 Buildings and improvements 18,833 18,769 Bridges and tunnels 176,753 176,753 Terminal machinery and equipment 1,207,802 1,215,197 Track and track related assets 104,568 103,888 Railroad equipment 8,999 8,999 Railcars and locomotives 85,216 85,162 Computer hardware and software 19,362 16,058 Furniture and fixtures 1,887 1,887 Construction in progress 80,888 76,491 Other 21,746 21,613 1,908,403 1,907,136 Less: Accumulated depreciation (297,672) (276,307) Property, plant and equipment, net $ 1,610,731 $ 1,630,829 Depreciation expense for property, plant and equipment is summarized as follows: Three Months Ended March 31, 2024 2023 Depreciation expense $ 18,304 $ 17,973

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 December 31, 2023 Intermodal Finance I, Ltd. Equity method 51.0% $ — $ — Long Ridge Energy & Power LLC (1) Equity method 50.1% — — Long Ridge West Virginia LLC Equity method 50.1% 6,713 6,825 GM-FTAI Holdco LLC Equity method See below 51,255 55,740 Clean Planet Energy USA LLC Equity method 50.0% 10,117 10,136 $ 68,085 $ 72,701 ________________________________________________________ (1) The carrying value of $(54.8) million and $(29.3) million as of March 31, 2024 and December 31, 2023, respectively, is included in Other liabilities in the Consolidated Balance Sheets. The following table presents our proportionate share of equity in (losses) earnings: Three Months Ended March 31, 2024 2023 Intermodal Finance I, Ltd. $ 9 $ 21 Long Ridge Energy & Power LLC (6,675) 7,761 Long Ridge West Virginia LLC (362) — GM-FTAI Holdco LLC (4,486) (2,341) Clean Planet Energy USA LLC (388) (1,075) Total $ (11,902) $ 4,366
Equity Method Investments Financial Information	The tables below present summarized financial information for Long Ridge Energy & Power LLC: (Unaudited) March 31, 2024 December 31, 2023 Balance Sheet Assets Current assets: Cash and cash equivalents $ 3,185 $ 3,362 Restricted cash 20,455 23,691 Accounts receivable, net 7,052 5,633 Other current assets 6,226 7,357 Total current assets 36,918 40,043 Property, plant, and equipment, net 825,901 828,232 Intangible assets, net 4,085 4,180 Goodwill 86,460 86,460 Other assets 4,583 4,041 Total assets $ 957,947 $ 962,956 Liabilities Current liabilities: Accounts payable and accrued liabilities $ 42,333 $ 49,538 Debt, net 4,450 4,450 Derivative liabilities 47,002 39,891 Other current liabilities 2,752 2,136 Total current liabilities 96,537 96,015 Debt, net 711,293 699,372 Derivative liabilities 396,715 360,710 Other liabilities 6,986 4,941 Total liabilities 1,211,531 1,161,038 Equity Total equity (253,584) (198,082) Total liabilities and equity $ 957,947 $ 962,956 Three Months Ended March 31, Income Statement 2024 2023 Revenue $ 29,306 $ 56,405 Expenses Operating expenses 13,860 13,214 Depreciation and amortization 12,007 13,364 Interest expense 16,782 14,440 Total expenses 42,649 41,018 Total other (expense) income (13) 105 Net (loss) income $ (13,356) $ 15,492

INTANGIBLE ASSETS, NET (Tables)

INTANGIBLE ASSETS, NET (Tables)	3 Months Ended
	Mar. 31, 2024
Intangible Assets and Liabilities Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets and Liabilities	Intangible assets, net are summarized as follows: March 31, 2024 Jefferson Terminal Railroad Total Customer relationships $ 35,513 $ 60,000 $ 95,513 Less: Accumulated amortization (34,033) (10,745) (44,778) Intangible assets, net $ 1,480 $ 49,255 $ 50,735 December 31, 2023 Jefferson Terminal Railroad Total Customer relationships $ 35,513 $ 60,000 $ 95,513 Less: Accumulated amortization (33,145) (9,747) (42,892) Intangible assets, net $ 2,368 $ 50,253 $ 52,621
Schedule of Intangible Assets and Liabilities	Amortization of customer relationships is included in Depreciation and amortization in the Consolidated Statements of Operations and is as follows: Three Months Ended March 31, 2024 2023 Amortization of customer relationships $ 1,886 $ 1,886
Schedule of Net Annual Amortization of Intangibles	As of March 31, 2024, estimated net annual amortization of intangibles is as follows: Remainder of 2024 $ 4,480 2025 4,000 2026 4,000 2027 4,000 2028 4,000 Thereafter 30,255 Total $ 50,735

DEBT, NET (Tables)

DEBT, NET (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Our debt, net is summarized as follows: Outstanding Borrowings Stated Interest Rate Maturity Date March 31, 2024 December 31, 2023 Loans payable DRP Revolver (1) (i) Base Rate + 2.75%; or (ii) Base Rate + 3.75% (Term Secured Overnight Financing Rate (“SOFR”)) 11/5/26 $ 44,250 $ 44,250 EB-5 Loan Agreement 5.75% (i) 1/25/26 63,800 63,800 Total loans payable 108,050 108,050 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 (2) 10.500% 6/1/27 576,607 575,181 Total bonds payable 1,265,587 1,264,161 Total debt 1,373,637 1,372,211 Less: Debt issuance costs (29,448) (31,301) Total debt, net $ 1,344,189 $ 1,340,910 Total debt due within one year $ 79,060 $ — ________________________________________________________ (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) Includes an unamortized discount of $23,393 and $24,819 at March 31, 2024 and December 31, 2023, respectively.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023, 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 March 31, 2024 March 31, 2024 Total Level 1 Level 2 Level 3 Valuation Technique Assets Cash and cash equivalents $ 22,968 $ 22,968 $ — $ — Market Restricted cash 41,328 41,328 — — Market Notes receivable 11,664 — 11,664 — Market Total assets $ 75,960 $ 64,296 $ 11,664 $ — Fair Value as of Fair Value Measurements Using Fair Value Hierarchy as of December 31, 2023 December 31, 2023 Total Level 1 Level 2 Level 3 Valuation Technique Assets Cash and cash equivalents $ 29,367 $ 29,367 $ — $ — Market Restricted cash 58,112 58,112 — — Market Notes receivable 11,664 — 11,664 — Market Total assets $ 99,143 $ 87,479 $ 11,664 $ —
Fair Value, by Balance Sheet Grouping	The fair value of our bonds, notes and loans payable reported as Debt, net in the Consolidated Balance Sheets are presented in the table below: March 31, 2024 December 31, 2023 Series 2020 A Bonds (1) $ 148,896 $ 138,666 Series 2020 B Bonds (1) 77,754 75,928 Series 2021 A Bonds (1) 163,653 154,306 Series 2021 B Bonds (1) 172,672 165,208 Senior Notes due 2027 625,746 625,038 EB-5 Loan Agreement 21,578 21,240 EB-5.2 Loan Agreement 8,279 8,183 EB-5.3 Loan Agreement 22,488 22,491 ________________________________________________________ (1) Fair value is based upon market prices for similar municipal securities.

REVENUES (Tables)

REVENUES (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Three Months Ended March 31, 2024 Ports and Terminals Railroad Jefferson Terminal Repauno Corporate and Other Total Lease income $ 411 $ 797 $ — $ — $ 1,208 Rail revenues 45,901 — — — 45,901 Terminal services revenues — 17,819 4,078 — 21,897 Roadside services revenues — — — 13,528 13,528 Other revenue — — 1 — 1 Total revenues $ 46,312 $ 18,616 $ 4,079 $ 13,528 $ 82,535 Three Months Ended March 31, 2023 Ports and Terminals Railroad Jefferson Terminal Repauno Corporate and Other Total Lease income $ 437 $ 306 $ — $ — $ 743 Rail revenues 40,568 — — — 40,568 Terminal services revenues — 18,786 362 — 19,148 Roadside services revenues — — — 17,850 17,850 Other revenue — — (1,815) — (1,815) Total revenues $ 41,005 $ 19,092 $ (1,453) $ 17,850 $ 76,494

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Arrangements	The following table presents the expense related to our subsidiary stock-based compensation arrangements recognized in the Consolidated Statements of Operations: Expense Recognized During the Three Months Ended March 31, Remaining Expense To Be Recognized, If All Vesting Conditions Are Met Weighted Average Remaining Contractual Term (in years) 2024 2023 Restricted shares $ — $ 444 $ — 0.0 Common units 290 451 1,801 0.8 Total $ 290 $ 895 $ 1,801 The following table presents the expense related to our restricted stock units to subsidiary employees recognized in the Consolidated Statements of Operations: Expense Recognized During the Three Months Ended March 31, Remaining Expense To Be Recognized, If All Vesting Conditions Are Met Weighted Average Remaining Contractual Term (in years) 2024 2023 Restricted stock units $ 2,050 $ — $ 5,285 1.2 Total $ 2,050 $ — $ 5,285

RETIREMENT BENEFIT PLANS (Table

RETIREMENT BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 31, 2024
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 other net costs are recorded in Other income within the Consolidated Statements of Operations. Three Months Ended March 31, 2024 2023 Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Service costs $ 374 $ 484 $ 348 $ 446 Interest costs 154 409 117 374 Expected return on plan assets (51) — — — Amortization of prior service costs — 40 — 34 Amortization of actuarial gains (3) — (46) — Total $ 474 $ 933 $ 419 $ 854

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2024
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 Statements of Operations are as follows: Three Months Ended March 31, 2024 2023 Current: Federal $ — $ — State and local 468 182 Foreign — — Total current provision 468 182 Deferred: Federal 938 817 State and local 399 730 Foreign — — Total deferred provision 1,337 1,547 Provision for income taxes $ 1,805 $ 1,729

MANAGEMENT AGREEMENT AND AFFI_2

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2024
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 financial statements: Three Months Ended March 31, 2024 2023 Management fee $ 3,001 $ 2,982 Income incentive fee — — Capital gains incentive fee — — Total $ 3,001 $ 2,982 The following table summarizes our reimbursements to the Manager: Three Months Ended March 31, 2024 2023 Classification in the Consolidated Statements of Operations: General and administrative $ 1,344 $ 1,863 Acquisition and transaction expenses 320 43 Total $ 1,664 $ 1,906 The following table summarizes amounts due to the Manager, which are included within Accounts payable and accrued liabilities in the Consolidated Balance Sheets: March 31, 2024 December 31, 2023 Accrued management fees $ 3,001 $ 6,400 Other payables 1,664 5,595 The following table presents the amount of this non-controlling interest share of net loss: Three Months Ended March 31, 2024 2023 Non-controlling interest share of net loss $ (10,465) $ (9,185)

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 Three Months Ended March 31, 2024 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Revenues Total revenues $ 46,312 $ 18,616 $ 4,079 $ — $ — $ 13,528 $ 82,535 Expenses Operating expenses 24,842 19,132 6,171 692 — 13,738 64,575 General and administrative — — — — — 4,861 4,861 Acquisition and transaction expenses 184 2 — — — 740 926 Management fees and incentive allocation to affiliate — — — — — 3,001 3,001 Depreciation and amortization 5,012 12,330 2,444 — — 735 20,521 Total expenses 30,038 31,464 8,615 692 — 23,075 93,884 Other (expense) income Equity in (losses) earnings of unconsolidated entities — — — (7,037) (4,874) 9 (11,902) Loss on sale of assets, net (13) — — — — — (13) Interest expense (69) (9,297) (146) — — (18,081) (27,593) Other (expense) income (603) 6 — 2,302 660 — 2,365 Total other expense (685) (9,291) (146) (4,735) (4,214) (18,072) (37,143) Income (loss) before income taxes 15,589 (22,139) (4,682) (5,427) (4,214) (27,619) (48,492) Provision for (benefit from) income taxes 1,092 (554) (136) — — 1,403 1,805 Net income (loss) 14,497 (21,585) (4,546) (5,427) (4,214) (29,022) (50,297) Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries 61 (10,465) (286) — — — (10,690) Less: Dividends and accretion of redeemable preferred stock — — — — — 16,975 16,975 Net income (loss) attributable to stockholders $ 14,436 $ (11,120) $ (4,260) $ (5,427) $ (4,214) $ (45,997) $ (56,582) Three Months Ended March 31, 2023 Port and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Revenues Total revenues $ 41,005 $ 19,092 $ (1,453) $ — $ — $ 17,850 $ 76,494 Expenses Operating expenses 25,235 16,425 4,929 424 1 18,148 65,162 General and administrative — — — — — 3,201 3,201 Acquisition and transaction expenses 183 — — 22 1 63 269 Management fees and incentive allocation to affiliate — — — — — 2,982 2,982 Depreciation and amortization 5,101 11,869 2,245 — — 920 20,135 Asset impairment 141 — — — — — 141 Total expenses 30,660 28,294 7,174 446 2 25,314 91,890 Other income (expense) Equity in earnings (losses) of unconsolidated entities — — — 7,761 (3,416) 21 4,366 Loss on sale of assets, net (124) — — — — — (124) Interest expense (955) (7,884) (588) (2) — (13,821) (23,250) Other (expense) income (552) (1,063) — 1,229 607 — 221 Total other (expense) income (1,631) (8,947) (588) 8,988 (2,809) (13,800) (18,787) Income (loss) before income taxes 8,714 (18,149) (9,215) 8,542 (2,811) (21,264) (34,183) Provision for income taxes 598 198 114 — — 819 1,729 Net income (loss) 8,116 (18,347) (9,329) 8,542 (2,811) (22,083) (35,912) Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries 18 (9,185) (498) — (228) (9,893) Less: Dividends and accretion of redeemable preferred stock — — — — — 14,570 14,570 Net income (loss) attributable to stockholders $ 8,098 $ (9,162) $ (8,831) $ 8,542 $ (2,811) $ (36,425) $ (40,589)
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 March 31, 2024 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Adjusted EBITDA $ 21,658 $ 6,801 $ (1,683) $ 10,392 $ (1,859) $ (8,078) $ 27,231 Add: Non-controlling share of Adjusted EBITDA 5,682 Add: Equity in losses of unconsolidated entities (11,902) Less: Interest and other costs on pension and OPEB liabilities (600) Less: Dividends and accretion of redeemable preferred stock (16,975) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities (6,257) Less: Interest expense (27,593) Less: Depreciation and amortization expense (21,097) Less: Incentive allocations — Less: Asset impairment charges — 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 (926) Less: Equity-based compensation expense (2,340) Less: Provision for income taxes (1,805) Less: Other non-recurring items — Net loss attributable to stockholders $ (56,582) The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to stockholders: Three Months Ended March 31, 2023 Port and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Adjusted EBITDA $ 17,151 $ 6,518 $ (4,861) $ 11,314 $ (1,710) $ (6,516) $ 21,896 Add: Non-controlling share of Adjusted EBITDA 5,221 Add: Equity in earnings of unconsolidated entities 4,366 Less: Interest and other costs on pension and OPEB liabilities (480) Less: Dividends and accretion of redeemable preferred stock (14,570) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities (8,190) Less: Interest expense (23,250) Less: Depreciation and amortization expense (20,135) Less: Incentive allocations — Less: Asset impairment charges (141) 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 (269) Less: Equity-based compensation expense (895) Less: Provision for income taxes (1,729) Less: Other non-recurring items (1,288) Net loss attributable to stockholders $ (40,589)
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. March 31, 2024 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Current assets $ 55,389 $ 73,112 $ 6,977 $ — $ 23,065 $ 5,988 $ 164,531 Non-current assets 664,043 1,126,457 296,307 6,713 73,036 13,594 2,180,150 Total assets 719,432 1,199,569 303,284 6,713 96,101 19,582 2,344,681 Total debt, net — 738,283 44,250 — — 561,656 1,344,189 Current liabilities 49,639 141,146 7,694 1,518 — 39,770 239,767 Non-current liabilities 56,024 720,071 47,670 54,798 — 563,610 1,442,173 Total liabilities 105,663 861,217 55,364 56,316 — 603,380 1,681,940 Redeemable preferred stock — — — — — 342,207 342,207 Non-controlling interests in equity of consolidated subsidiaries 3,027 (84,743) (299) — — — (82,015) Total equity 613,769 338,352 247,920 (49,603) 96,101 (926,005) 320,534 Total liabilities, redeemable preferred stock and equity $ 719,432 $ 1,199,569 $ 303,284 $ 6,713 $ 96,101 $ 19,582 $ 2,344,681 December 31, 2023 Ports and Terminals Railroad Jefferson Terminal Repauno Power and Gas Sustainability and Energy Transition Corporate and Other Total Current assets $ 58,114 $ 88,542 $ 9,267 $ 2 $ 22,405 $ 7,173 $ 185,503 Non-current assets 667,501 1,137,510 295,685 6,825 77,540 9,045 2,194,106 Total assets 725,615 1,226,052 304,952 6,827 99,945 16,218 2,379,609 Total debt, net — 737,335 44,250 — — 559,325 1,340,910 Current liabilities 54,150 65,052 4,912 828 — 25,695 150,637 Non-current liabilities 55,975 797,854 47,816 29,310 — 559,926 1,490,881 Total liabilities 110,125 862,906 52,728 30,138 — 585,621 1,641,518 Redeemable preferred stock — — — — — 325,232 325,232 Non-controlling interests in equity of consolidated subsidiaries 2,861 (74,278) (13) — — — (71,430) Total equity 615,490 363,146 252,224 (23,311) 99,945 (894,635) 412,859 Total liabilities, redeemable preferred stock and equity $ 725,615 $ 1,226,052 $ 304,952 $ 6,827 $ 99,945 $ 16,218 $ 2,379,609

EARNINGS PER SHARE AND EQUITY (

EARNINGS PER SHARE AND EQUITY (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, (in thousands, except per share data) 2024 2023 Net loss $ (50,297) $ (35,912) Less: Net loss attributable to non-controlling interests in consolidated subsidiaries (10,690) (9,893) Less: Dividends and accretion of redeemable preferred stock 16,975 14,570 Net loss attributable to stockholders $ (56,582) $ (40,589) Weighted Average Common Stock Outstanding - Basic (1) 104,189,287 102,787,640 Weighted Average Common Stock Outstanding - Diluted (1) 104,189,287 102,787,640 Loss per share: Basic $ (0.54) $ (0.39) Diluted (2) $ (0.54) $ (0.40) ________________________________________________________ (1) Three months ended March 31, 2024 includes penny warrants which can be converted into a fixed amount of our stock. (2) Diluted LPS for the three months ended March 31, 2024 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 three months ended March 31, 2024 is as follows: Number of Warrants Weighted Average Exercise Price Outstanding as of December 31, 2023 6,685,132 $ 4.93 Issued — — Expired — — Exercised — — Outstanding as of March 31, 2024 (1) 6,685,132 $ 4.93 Warrants exercisable as of March 31, 2024 (1) 6,685,132 $ 4.93

ORGANIZATION (Details)

ORGANIZATION (Details) - 3 months ended Mar. 31, 2024	freightRailroad	switchingCompany	venture	segment
Segment Reporting Information [Line Items]
Number of ventures | venture			2
Number of reportable segments | segment				5
Railroad
Segment Reporting Information [Line Items]
Number of segment components	6	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
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2023	May 10, 2024 USD ($)	Dec. 31, 2023 USD ($)	Oct. 01, 2022 bbl
Accounting Policies [Line Items]
Assets	$ 2,344,681,000				$ 2,379,609,000
Liabilities	1,681,940,000				1,641,518,000
Capitalized interest	1,000,000	$ 1,400,000
Repairs and maintenance costs	5,200,000	4,300,000
Goodwill	275,367,000				275,367,000
Barrels for storage capacity in operation | bbl						6.2
Goodwill, impairment	0	0
Less: Debt issuance costs	(29,448,000)				(31,301,000)
Amortization of deferred financing costs	1,929,000	$ 1,429,000
Other current assets	46,321,000				42,034,000
Other assets	70,659,000				57,253,000
Capitalized Contract Cost, Net, Noncurrent	24,900,000				17,600,000
Total debt	1,373,637,000				1,372,211,000
Capitalized Contract Cost, Net, Noncurrent	24,900,000				17,600,000
Deferred Revenue, Revenue Recognized	300,000
Other receivables	8,437,000				5,716,000
Total debt	1,373,637,000				1,372,211,000
Bonds payable
Accounting Policies [Line Items]
Total debt	1,265,587,000				1,264,161,000
Total debt	1,265,587,000				1,264,161,000
Series 2024 Bonds | Bonds payable | Subsequent Event
Accounting Policies [Line Items]
Total debt				$ 276,000,000
Total debt				$ 276,000,000
Corporate and Other
Accounting Policies [Line Items]
Assets	19,582,000				16,218,000
Liabilities	603,380,000				$ 585,621,000
Measurement Input, Discount Rate | Goodwill
Accounting Policies [Line Items]
Alternative investment, measurement input					0.103
Measurement Input, Growth Rate | Goodwill
Accounting Policies [Line Items]
Alternative investment, measurement input					0.025
Jefferson Terminal
Accounting Policies [Line Items]
Goodwill	122,700,000				$ 122,700,000
Capitalized Contract Cost, Net, Noncurrent	24,900,000				17,600,000
Capitalized Contract Cost, Net, Noncurrent	24,900,000				17,600,000
Railroad
Accounting Policies [Line Items]
Goodwill	147,200,000				147,200,000
Corporate and Other [Member]
Accounting Policies [Line Items]
Goodwill	5,400,000				5,400,000
CarbonFree
Accounting Policies [Line Items]
Other assets	11,700,000				11,700,000
Other Assets
Accounting Policies [Line Items]
Notes receivable	21,425,000				21,425,000
Other current assets	7,085,000				5,963,000
Prepaid expense	$ 9,374,000				8,930,000
Customer One | Customer Concentration Risk | Sales Revenue, Segment | Jefferson Terminal
Accounting Policies [Line Items]
Concentration risk	14%	12%
Customer One | Customer Concentration Risk | Sales Revenue, Segment | Railroad
Accounting Policies [Line Items]
Concentration risk	51%	48%
Three Customers | Customer Concentration Risk | Accounts Receivable
Accounting Policies [Line Items]
Concentration risk	54%		56%
Delaware River Partners LLC | Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Interest held in VIE, as a percentage	100%
Assets	$ 303,300,000				305,000,000
Liabilities	$ 55,400,000				$ 52,700,000

BASIS OF PRESENTATION AND SUM_5

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Useful Life (Details)	Mar. 31, 2024
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
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		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Leases [Line Items]
Leasing equipment, net	$ 35,652		$ 35,587
Jefferson Terminal
Leases [Line Items]
Sales-type Lease, Interest Income	200
Sales-type Lease, Selling Profit (Loss)			6,600
Sales-type Lease, Interest Income	200
Sales-type Lease, Selling Profit (Loss)			6,600
Leasing Equipment
Leases [Line Items]
Leasing equipment	46,370		45,982
Less: Accumulated depreciation	(10,718)		(10,395)
Leasing equipment, net	35,652		$ 35,587
Depreciation expense for leasing equipment	$ 331	$ 276

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,908,403	$ 1,907,136
Less: Accumulated depreciation	(297,672)	(276,307)
Property, plant and equipment, net	1,610,731	1,630,829
Land, site improvements and rights
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	182,349	182,319
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	80,888	76,491
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	18,833	176,753
Bridges and tunnels
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	176,753	18,769
Terminal machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,207,802	1,215,197
Track and track related assets
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	104,568	103,888
Railroad equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	8,999	8,999
Railcars and locomotives
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	85,216	85,162
Computer hardware and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	19,362	16,058
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,887	1,887
Vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 21,746	$ 21,613

PROPERTY, PLANT AND EQUIPMENT_4

PROPERTY, PLANT AND EQUIPMENT, NET - Depreciation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Depreciation expense for property, plant and equipment:
Depreciation expense	$ 18,304	$ 17,973

INVESTMENTS - Ownership Carryin

INVESTMENTS - Ownership Carrying Values (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Nov. 17, 2023	Nov. 30, 2021	Dec. 31, 2012
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 68,085	$ 72,701
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	50.10%
Carrying Value	$ 0	0
Long Ridge Energy & Power LLC | Other Liabilities
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ (54,800)	(29,300)
GM-FTAI Holdco LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	27%
Carrying Value	$ 51,255	55,740
Clean Planet Energy USA LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	50%			50%
Carrying Value	$ 10,117	10,136
Long Ridge West Virginia LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	50.10%
Carrying Value	$ 6,713	$ 6,825	$ 7,200

INVESTMENTS - Share of Equity o

INVESTMENTS - Share of Equity of Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings of unconsolidated entities	$ (11,902)	$ 4,366
Intermodal Finance I, Ltd.
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings of unconsolidated entities	9	21
Long Ridge Energy & Power LLC
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings of unconsolidated entities	(6,675)	7,761
GM-FTAI Holdco LLC
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings of unconsolidated entities	(4,486)	(2,341)
Clean Planet Energy USA LLC
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings of unconsolidated entities	(388)	(1,075)
Long Ridge West Virginia LLC
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings of unconsolidated entities	$ (362)	$ 0

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) $ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

Mar. 06, 2024 USD ($) $ / shares shares

Nov. 30, 2023 USD ($)

Nov. 30, 2021 USD ($)

Sep. 30, 2021 USD ($)

Dec. 31, 2019 USD ($)

Mar. 31, 2024 USD ($) shippingContainer $ / shares

Mar. 31, 2023 USD ($)

Dec. 31, 2012

Dec. 31, 2023 USD ($) $ / shares

Nov. 17, 2023 USD ($)

Oct. 01, 2022

Jun. 15, 2022

Schedule of Equity Method Investments [Line Items]

Existing substantive participation rights percentage

49%

Investment in promissory notes and loans

$ 0

$ 20,500

Carrying value

$ 68,085

$ 72,701

Exercise price (in dollars per share) | $ / shares

$ 4.93

$ 4.93

Fair value of warrants

$ 21,000

Intermodal Finance I, Ltd.

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

51%

51%

Number of components owned in portfolio | shippingContainer

173

Carrying value

$ 0

$ 0

Long Ridge Energy & Power LLC

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

50.10%

Ownership percentage sold

49.90%

Proceeds from sale of equity method investments

$ 150,000

Note receivable

13%

Note receivable

$ 73,300

71,000

Carrying value

$ 0

0

GM-FTAI Holdco LLC

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

27%

Payments to acquire equity method investments

$ 52,500

Carrying value

$ 51,255

55,740

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%

Aleon Renewable Metals LLC (“Aleon”) | GM-FTAI Holdco LLC

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

100%

Clean Planet Energy USA LLC

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

50%

50%

Payments to acquire equity method investments

$ 1,000

Carrying value

$ 10,117

10,136

Long Ridge West Virginia LLC

Schedule of Equity Method Investments [Line Items]

Ownership Percentage

50.10%

Ownership percentage sold

49.90%

Proceeds from sale of equity method investments

$ 7,500

Carrying value

$ 6,713

$ 6,825

$ 7,200

E-Circuit Motors, Inc.

Schedule of Equity Method Investments [Line Items]

Payments to acquire other investments

$ 5,000

Number of common shares called by warrants (in shares) | shares

166,667

Exercise price (in dollars per share) | $ / shares

$ 0.01

Conversion ratio

1

Warrants, term

2 years

Equity securities, value

$ 2,500

Fair value of warrants

$ 2,500

Other investments

$ 5,000

E-Circuit Motors, Inc. | Series D Preferred Stock

Schedule of Equity Method Investments [Line Items]

Equity securities (in shares) | shares

166,667

INVESTMENTS - Equity Method Inv

INVESTMENTS - Equity Method Investment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 22,968		$ 29,367
Restricted cash	41,328		58,112
Accounts receivable, net	53,914		55,990
Other current assets	46,321		42,034
Total current assets	164,531		185,503
Property, plant, and equipment, net	1,610,731		1,630,829
Intangible assets, net	50,735		52,621
Goodwill	275,367		275,367
Other assets	70,659		57,253
Total assets	2,344,681		2,379,609
Liabilities
Accounts payable and accrued liabilities	139,662		130,796
Current debt, net	1,344,189		1,340,910
Other current liabilities	15,180		12,623
Current liabilities	239,767		150,637
Debt, net	1,266,506		1,340,910
Total liabilities	1,681,940		1,641,518
Equity
Total liabilities and equity	2,344,681		2,379,609
Income Statement [Abstract]
Total revenues	82,535	$ 76,494
Operating expenses	64,575	65,162
Depreciation and amortization	20,521	20,135
Interest expense	27,593	23,250
Total expenses	93,884	91,890
Total other (expense) income	(37,143)	(18,787)
Net loss	(50,297)	(35,912)
Long Ridge Energy & Power LLC
Assets
Cash and cash equivalents	3,185		3,362
Restricted cash	20,455		23,691
Accounts receivable, net	7,052		5,633
Other current assets	6,226		7,357
Total current assets	36,918		40,043
Property, plant, and equipment, net	825,901		828,232
Intangible assets, net	4,085		4,180
Goodwill	86,460		86,460
Other assets	4,583		4,041
Total assets	957,947		962,956
Liabilities
Accounts payable and accrued liabilities	42,333		49,538
Current debt, net	4,450		4,450
Derivative liabilities	47,002		39,891
Other current liabilities	2,752		2,136
Current liabilities	96,537		96,015
Debt, net	711,293		699,372
Derivative liabilities	396,715		360,710
Other liabilities	6,986		4,941
Total liabilities	1,211,531		1,161,038
Equity
Total equity	(253,584)		(198,082)
Total liabilities and equity	957,947		$ 962,956
Income Statement [Abstract]
Total revenues	29,306	56,405
Operating expenses	13,860	13,214
Depreciation and amortization	12,007	13,364
Interest expense	16,782	14,440
Total expenses	42,649	41,018
Total other (expense) income	(13)	105
Net loss	$ (13,356)	$ 15,492

INTANGIBLE ASSETS, NET - Summar

INTANGIBLE ASSETS, NET - Summarized Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Intangible assets:
Customer relationships	$ 95,513	$ 95,513
Less: Accumulated amortization	(44,778)	(42,892)
Intangible assets, net	50,735	52,621
Jefferson Terminal
Intangible assets:
Customer relationships	35,513	35,513
Less: Accumulated amortization	(34,033)	(33,145)
Intangible assets, net	1,480	2,368
Railroad
Intangible assets:
Customer relationships	60,000	60,000
Less: Accumulated amortization	(10,745)	(9,747)
Intangible assets, net	$ 49,255	$ 50,253

INTANGIBLE ASSETS, NET - Intang

INTANGIBLE ASSETS, NET - Intangible Liabilities Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Depreciation and Amortization
Finite-Lived Intangible Assets [Line Items]
Amortization of customer relationships	$ 1,886	$ 1,886

INTANGIBLE ASSETS, NET - Schedu

INTANGIBLE ASSETS, NET - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2024	$ 4,480
2025	4,000
2026	4,000
2027	4,000
2028	4,000
Thereafter	30,255
Intangible assets, net	$ 50,735	$ 52,621

DEBT, NET - Schedule of Debt (D

DEBT, NET - Schedule of Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Jul. 05, 2023
Debt Instrument [Line Items]
Total debt	$ 1,373,637	$ 1,372,211
Less: Debt issuance costs	(29,448)	(31,301)
Total debt due within one year		0
Current debt, net	1,344,189	1,340,910
Loans payable
Debt Instrument [Line Items]
Total debt	108,050	108,050
Loans payable | DRP Revolver
Debt Instrument [Line Items]
Total debt	$ 44,250	44,250
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
Stated Interest Rate	5.75%
Bonds payable
Debt Instrument [Line Items]
Total debt	$ 1,265,587	1,264,161
Bonds payable | Series 2020 Bonds
Debt Instrument [Line Items]
Total debt	263,980	263,980
Total debt due within one year	$ 79,060
Bonds payable | Series 2020 Bonds Due 2035
Debt Instrument [Line Items]
Stated Interest Rate	3.625%
Bonds payable | Series 2020 Bonds Due 2050
Debt Instrument [Line Items]
Stated Interest Rate	4%
Bonds payable | Series 2020 Bonds Due 2025
Debt Instrument [Line Items]
Stated Interest Rate	6%
Bonds payable | Series 2021 Bonds
Debt Instrument [Line Items]
Total debt	$ 425,000	425,000
Bonds payable | Series 2021A Bonds Due 2026 Through 2041
Debt Instrument [Line Items]
Stated Interest Rate	1.875%
Bonds payable | Series 2021A Bonds Due 2050
Debt Instrument [Line Items]
Stated Interest Rate	3%
Bonds payable | Series 2021B Bonds
Debt Instrument [Line Items]
Stated Interest Rate	4.10%
Bonds payable | Senior Notes due 2027
Debt Instrument [Line Items]
Total debt	$ 576,607	575,181	$ 100,000
Stated Interest Rate	10.50%
Unamortized discount	$ 23,393	$ 24,819
Secured Overnight Financing Rate (SOFR) | Loans payable | DRP Revolver
Debt Instrument [Line Items]
Basis spread	3.75%

DEBT, NET - Narrative (Details)

DEBT, NET - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Jul. 05, 2023
Debt Instrument [Line Items]
Total debt	$ 1,373,637	$ 1,372,211
Loans payable
Debt Instrument [Line Items]
Total debt	108,050	108,050
Bonds payable
Debt Instrument [Line Items]
Total debt	1,265,587	1,264,161
Senior Notes due 2027 | Bonds payable
Debt Instrument [Line Items]
Total debt	$ 576,607	$ 575,181	$ 100,000
Stated Interest Rate	10.50%

FAIR VALUE MEASUREMENTS - Finan

FAIR VALUE MEASUREMENTS - Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Notes receivable	$ 11,664	$ 11,664
Total assets	75,960	99,143
Level 1
Assets
Total assets	64,296	87,479
Level 2
Assets
Total assets	11,664	11,664
Level 3
Assets
Total assets	0	0
Market
Assets
Cash and cash equivalents	22,968	29,367
Restricted cash	41,328	58,112
Market | Level 1
Assets
Cash and cash equivalents	22,968	29,367
Restricted cash	41,328	58,112
Notes receivable	0	0
Market | Level 2
Assets
Cash and cash equivalents	0	0
Restricted cash	0	0
Notes receivable	11,664	11,664
Market | Level 3
Assets
Cash and cash equivalents	0	0
Restricted cash	0	0
Notes receivable	$ 0	$ 0

FAIR VALUE MEASUREMENTS (Fair V

FAIR VALUE MEASUREMENTS (Fair Value by Balance Sheet Grouping) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Series A 2020 Bonds | Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	$ 148,896	$ 138,666
Series B 2020 Bonds | Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	77,754	75,928
Series A 2021 Bonds | Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	163,653	154,306
Series B 2021 Bonds | Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	172,672	165,208
Senior Notes due 2027 | Estimate of Fair Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	625,746	625,038
EB-5 Loan Agreement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-Term Debt, Fair Value	21,578	21,240
EB-5.2 Loan Agreement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-Term Debt, Fair Value	8,279	8,183
EB-5.3 Loan Agreement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-Term Debt, Fair Value	$ 22,488	$ 22,491

REVENUES - Components of Revenu

REVENUES - Components of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 82,535	$ 76,494
Employer contributions	700	300
Capitalized Contract Cost, Net	27,400		$ 19,800
Capitalized Contract Cost, Net, Current	2,500		2,200
Capitalized Contract Cost, Net, Noncurrent	24,900		17,600
Deferred Revenue, Revenue Recognized	300
Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	13,528	17,850
Lease income
Disaggregation of Revenue [Line Items]
Total revenues	1,208	743
Lease income | Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Rail revenues
Disaggregation of Revenue [Line Items]
Total revenues	45,901	40,568
Rail revenues | Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Terminal services revenues
Disaggregation of Revenue [Line Items]
Total revenues	21,897	19,148
Terminal services revenues | Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Roadside services revenues
Disaggregation of Revenue [Line Items]
Total revenues	13,528
Roadside services revenues | Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	13,528
Other revenue
Disaggregation of Revenue [Line Items]
Total revenues	1	(1,815)
Other revenue | Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Roadside services revenues
Disaggregation of Revenue [Line Items]
Total revenues		17,850
Roadside services revenues | Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues		17,850
Railroad | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	46,312	41,005
Railroad | Lease income | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	411	437
Railroad | Rail revenues | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	45,901	40,568
Railroad | Terminal services revenues | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Railroad | Roadside services revenues | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0
Railroad | Other revenue | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Railroad | Roadside services revenues | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues		0
Jefferson Terminal
Disaggregation of Revenue [Line Items]
Capitalized Contract Cost, Net, Noncurrent	24,900		$ 17,600
Jefferson Terminal | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	18,616	19,092
Jefferson Terminal | Lease income | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	797	306
Jefferson Terminal | Rail revenues | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Jefferson Terminal | Terminal services revenues | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	17,819	18,786
Jefferson Terminal | Roadside services revenues | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0
Jefferson Terminal | Other revenue | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Jefferson Terminal | Roadside services revenues | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues		0
Repauno | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	4,079	(1,453)
Repauno | Lease income | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Repauno | Rail revenues | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Repauno | Terminal services revenues | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	4,078	362
Repauno | Roadside services revenues | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0
Repauno | Other revenue | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	1	(1,815)
Repauno | Roadside services revenues | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues		0
Power and Gas | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Sustainability | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenues	$ 0	$ 0

EQUITY-BASED COMPENSATION - Exp

EQUITY-BASED COMPENSATION - Expenses Related to Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 2,340	$ 895
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	1,801
Subsidiary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	290	895
FIG
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	2,050	0
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	5,285
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	$ 0
Weighted Average Remaining Contractual Term (in years)	0 years
Restricted shares | Subsidiary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 0	444
Restricted shares | FIG
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	2,050	0
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	$ 5,285
Weighted Average Remaining Contractual Term (in years)	1 year 2 months 12 days
Common units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	$ 1,801
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	$ 290	$ 451

EQUITY-BASED COMPENSATION (Narr

EQUITY-BASED COMPENSATION (Narrative) (Details) $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value of share issued | $	$ 16,900
Nonqualified Stock Option and Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares) | shares	30

RETIREMENT BENEFIT PLANS - Sche

RETIREMENT BENEFIT PLANS - Schedule of Costs of Retirement Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service costs	$ 374	$ 348
Interest costs	154	117
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(51)	0
Amortization of prior service costs	0	0
Amortization of actuarial gains	(3)	(46)
Total	474	419
Postretirement Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service costs	484	446
Interest costs	409	374
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	0	0
Amortization of prior service costs	40	34
Amortization of actuarial gains	0	0
Total	$ 933	$ 854

RETIREMENT BENEFIT PLANS - Narr

RETIREMENT BENEFIT PLANS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Retirement Benefits [Abstract]
Employer contributions	$ 0.7	$ 0.3
Expected future employer contributions, current year	$ 1.2

INCOME TAXES - Components of In

INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Current:
Federal	$ 0	$ 0
State and local	468	182
Foreign	0	0
Total current provision	468	182
Deferred:
Federal	938	817
State and local	399	730
Foreign	0	0
Total deferred provision	1,337	1,547
Provision for income taxes	$ 1,805	$ 1,729
U.S. federal tax rate	21%

MANAGEMENT AGREEMENT AND AFFI_3

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS - Narrative (Details) - USD ($) shares in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Jul. 31, 2022
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%
Accounts receivable, net		$ 53,914,000		$ 55,990,000
Non-controlling interest		(82,015,000)		$ (71,430,000)
Purchase price		$ 0	$ 4,448,000
Long Ridge West Virginia LLC
Related Party Transaction [Line Items]
Purchase price	$ 4,400,000
Stock Options
Related Party Transaction [Line Items]
Granted (in shares)		10.9
Expiration period		10 years
Jefferson Terminal
Related Party Transaction [Line Items]
Remaining non-controlling interest		20%		20%
Non-controlling interest		$ (88,500,000)		$ (78,000,000)
Long Ridge West Virginia 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		$ 100,000	$ 100,000
Affiliated Entity | Management fees
Related Party Transaction [Line Items]
Accounts receivable, net		$ 0		$ 0
Fortress Worldwide Transportation and Infrastructure Master GP LLP
Related Party Transaction [Line Items]
Capital gains allocation percentage		10%
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
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	$ (10,690)	$ (9,893)
General and administrative	4,861	3,201
Transaction related costs	926	269
Jefferson Terminal
Related Party Transaction [Line Items]
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	(10,465)	(9,185)
General Partner
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	3,001	2,982
Management fees and incentive allocation to affiliate	1,664	1,906
Manager | Accounts Payable and Accrued Liabilities
Related Party Transaction [Line Items]
Accrued management fees	3,001		$ 6,400
Other payables	1,664		$ 5,595
Management fee | General Partner
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	3,001	2,982
Income incentive fee | General Partner
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	0	0
Capital gains incentive fee | General Partner
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	0	0
General and administrative | General Partner
Related Party Transaction [Line Items]
General and administrative	1,344	1,863
Acquisition and transaction expenses | General Partner
Related Party Transaction [Line Items]
Transaction related costs	$ 320	$ 43

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 a freightRailroad	Mar. 31, 2024 a switchingCompany	Mar. 31, 2024 a segment
Segment Reporting Information [Line Items]
Number of reportable segments | segment			5
Railroad
Segment Reporting Information [Line Items]
Number of segment components	6	1
Repauno
Segment Reporting Information [Line Items]
Area of real estate	1,630,000	1,630,000	1,630,000
Long Ridge Energy & Power LLC
Segment Reporting Information [Line Items]
Area of real estate	1,660,000	1,660,000	1,660,000

SEGMENT INFORMATION - Statement

SEGMENT INFORMATION - Statement of Income by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Total revenues	$ 82,535	$ 76,494
Expenses
Operating expenses	64,575	65,162
General and administrative	4,861	3,201
Acquisition and transaction expenses	926	269
Management fees and incentive allocation to affiliate	3,001	2,982
Depreciation and amortization	20,521	20,135
Asset impairment	0	141
Total expenses	93,884	91,890
Other (expense) income
Equity in (losses) earnings of unconsolidated entities	(11,902)	4,366
Loss on sale of assets, net	(13)	(124)
Interest expense	(27,593)	(23,250)
Other income	2,365	221
Total other expense	(37,143)	(18,787)
Income (loss) before income taxes	(48,492)	(34,183)
Provision for (benefit from) income taxes	1,805	1,729
Net income (loss)	(50,297)	(35,912)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	(10,690)	(9,893)
Less: Dividends and accretion of redeemable preferred stock	16,975	14,570
Net income (loss) attributable to stockholders	(56,582)	(40,589)
Less: Other non-recurring items	0	1,288
Corporate and Other
Revenues
Total revenues	13,528	17,850
Expenses
Operating expenses	13,738	18,148
General and administrative	4,861	3,201
Acquisition and transaction expenses	740	63
Management fees and incentive allocation to affiliate	3,001	2,982
Depreciation and amortization	735	920
Asset impairment		0
Total expenses	23,075	25,314
Other (expense) income
Equity in (losses) earnings of unconsolidated entities	9	21
Loss on sale of assets, net	0	0
Interest expense	(18,081)	(13,821)
Other income	0	0
Total other expense	(18,072)	(13,800)
Income (loss) before income taxes	(27,619)	(21,264)
Provision for (benefit from) income taxes	1,403	819
Net income (loss)	(29,022)	(22,083)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	0	(228)
Less: Dividends and accretion of redeemable preferred stock	16,975	14,570
Net income (loss) attributable to stockholders	(45,997)	(36,425)
Railroad | Operating Segments
Revenues
Total revenues	46,312	41,005
Expenses
Operating expenses	24,842	25,235
General and administrative	0	0
Acquisition and transaction expenses	184	183
Management fees and incentive allocation to affiliate	0	0
Depreciation and amortization	5,012	5,101
Asset impairment		141
Total expenses	30,038	30,660
Other (expense) income
Equity in (losses) earnings of unconsolidated entities	0	0
Loss on sale of assets, net	(13)	(124)
Interest expense	(69)	(955)
Other income	(603)	(552)
Total other expense	(685)	(1,631)
Income (loss) before income taxes	15,589	8,714
Provision for (benefit from) income taxes	1,092	598
Net income (loss)	14,497	8,116
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	61	18
Less: Dividends and accretion of redeemable preferred stock	0	0
Net income (loss) attributable to stockholders	14,436	8,098
Jefferson Terminal | Operating Segments
Revenues
Total revenues	18,616	19,092
Expenses
Operating expenses	19,132	16,425
General and administrative	0	0
Acquisition and transaction expenses	2	0
Management fees and incentive allocation to affiliate	0	0
Depreciation and amortization	12,330	11,869
Asset impairment		0
Total expenses	31,464	28,294
Other (expense) income
Equity in (losses) earnings of unconsolidated entities	0	0
Loss on sale of assets, net	0	0
Interest expense	(9,297)	(7,884)
Other income	6	(1,063)
Total other expense	(9,291)	(8,947)
Income (loss) before income taxes	(22,139)	(18,149)
Provision for (benefit from) income taxes	(554)	198
Net income (loss)	(21,585)	(18,347)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	(10,465)	(9,185)
Less: Dividends and accretion of redeemable preferred stock	0	0
Net income (loss) attributable to stockholders	(11,120)	(9,162)
Repauno | Operating Segments
Revenues
Total revenues	4,079	(1,453)
Expenses
Operating expenses	6,171	4,929
General and administrative	0	0
Acquisition and transaction expenses	0	0
Management fees and incentive allocation to affiliate	0	0
Depreciation and amortization	2,444	2,245
Asset impairment		0
Total expenses	8,615	7,174
Other (expense) income
Equity in (losses) earnings of unconsolidated entities	0	0
Loss on sale of assets, net	0	0
Interest expense	(146)	(588)
Other income	0	0
Total other expense	(146)	(588)
Income (loss) before income taxes	(4,682)	(9,215)
Provision for (benefit from) income taxes	(136)	114
Net income (loss)	(4,546)	(9,329)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	(286)	(498)
Less: Dividends and accretion of redeemable preferred stock	0	0
Net income (loss) attributable to stockholders	(4,260)	(8,831)
Power and Gas | Operating Segments
Revenues
Total revenues	0	0
Expenses
Operating expenses	692	424
General and administrative	0	0
Acquisition and transaction expenses	0	22
Management fees and incentive allocation to affiliate	0	0
Depreciation and amortization	0	0
Asset impairment		0
Total expenses	692	446
Other (expense) income
Equity in (losses) earnings of unconsolidated entities	(7,037)	7,761
Loss on sale of assets, net	0	0
Interest expense	0	(2)
Other income	2,302	1,229
Total other expense	(4,735)	8,988
Income (loss) before income taxes	(5,427)	8,542
Provision for (benefit from) income taxes	0	0
Net income (loss)	(5,427)	8,542
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	0
Less: Dividends and accretion of redeemable preferred stock	0	0
Net income (loss) attributable to stockholders	(5,427)	8,542
Sustainability | Operating Segments
Revenues
Total revenues	0	0
Expenses
Operating expenses	0	1
General and administrative	0	0
Acquisition and transaction expenses	0	1
Management fees and incentive allocation to affiliate	0	0
Depreciation and amortization	0	0
Asset impairment		0
Total expenses	0	2
Other (expense) income
Equity in (losses) earnings of unconsolidated entities	(4,874)	(3,416)
Loss on sale of assets, net	0	0
Interest expense	0	0
Other income	660	607
Total other expense	(4,214)	(2,809)
Income (loss) before income taxes	(4,214)	(2,811)
Provision for (benefit from) income taxes	0	0
Net income (loss)	(4,214)	(2,811)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	0	0
Less: Dividends and accretion of redeemable preferred stock	0	0
Net income (loss) attributable to stockholders	$ (4,214)	$ (2,811)

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation of Adjusted EBITDA to Net Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Adjusted Net Income (Loss)	$ 27,231	$ 21,896
Add: Non-controlling share of Adjusted EBITDA	5,682	5,221
Add: Equity in losses of unconsolidated entities	(11,902)	4,366
Less: Interest and other costs on pension and OPEB liabilities	(600)	(480)
Less: Dividends and accretion of redeemable preferred stock	(16,975)	(14,570)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	(6,257)	(8,190)
Less: Interest expense	(27,593)	(23,250)
Less: Depreciation and amortization expense	(21,097)	(20,135)
Less: Incentive allocations	0	0
Less: Asset impairment charges	0	(141)
Less: Changes in fair value of non-hedge derivative instruments	0	(1,125)
Less: Losses on the modification or extinguishment of debt and capital lease obligations	0	0
Less: Acquisition and transaction expenses	(926)	(269)
Less: Equity-based compensation expense	(2,340)	(895)
Less: Provision for income taxes	(1,805)	(1,729)
Less: Other non-recurring items	0	(1,288)
Net income (loss) attributable to stockholders	(56,582)	(40,589)
Corporate and Other
Segment Reporting Information [Line Items]
Adjusted Net Income (Loss)	(8,078)	(6,516)
Add: Equity in losses of unconsolidated entities	9	21
Less: Asset impairment charges		0
Less: Acquisition and transaction expenses	(740)	(63)
Less: Provision for income taxes	(1,403)	(819)
Net income (loss) attributable to stockholders	(45,997)	(36,425)
Railroad | Operating Segments
Segment Reporting Information [Line Items]
Adjusted Net Income (Loss)	21,658	17,151
Add: Equity in losses of unconsolidated entities	0	0
Less: Asset impairment charges		(141)
Less: Acquisition and transaction expenses	(184)	(183)
Less: Provision for income taxes	(1,092)	(598)
Net income (loss) attributable to stockholders	14,436	8,098
Jefferson Terminal | Operating Segments
Segment Reporting Information [Line Items]
Adjusted Net Income (Loss)	6,801	6,518
Add: Equity in losses of unconsolidated entities	0	0
Less: Asset impairment charges		0
Less: Acquisition and transaction expenses	(2)	0
Less: Provision for income taxes	554	(198)
Net income (loss) attributable to stockholders	(11,120)	(9,162)
Repauno | Operating Segments
Segment Reporting Information [Line Items]
Adjusted Net Income (Loss)	(1,683)	(4,861)
Add: Equity in losses of unconsolidated entities	0	0
Less: Asset impairment charges		0
Less: Acquisition and transaction expenses	0	0
Less: Provision for income taxes	136	(114)
Net income (loss) attributable to stockholders	(4,260)	(8,831)
Power and Gas | Operating Segments
Segment Reporting Information [Line Items]
Adjusted Net Income (Loss)	10,392	11,314
Add: Equity in losses of unconsolidated entities	(7,037)	7,761
Less: Asset impairment charges		0
Less: Acquisition and transaction expenses	0	(22)
Less: Provision for income taxes	0	0
Net income (loss) attributable to stockholders	(5,427)	8,542
Sustainability | Operating Segments
Segment Reporting Information [Line Items]
Adjusted Net Income (Loss)	(1,859)	(1,710)
Add: Equity in losses of unconsolidated entities	(4,874)	(3,416)
Less: Asset impairment charges		0
Less: Acquisition and transaction expenses	0	(1)
Less: Provision for income taxes	0	0
Net income (loss) attributable to stockholders	$ (4,214)	$ (2,811)

SEGMENT INFORMATION - Balance S

SEGMENT INFORMATION - Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Current assets	$ 164,531	$ 185,503
Non-current assets	2,180,150	2,194,106
Total assets	2,344,681	2,379,609
Current debt, net	1,344,189	1,340,910
Current liabilities	239,767	150,637
Non-current liabilities	1,442,173	1,490,881
Total liabilities	1,681,940	1,641,518
Redeemable preferred stock	342,207	325,232
Equity
Non-controlling interest in equity of consolidated subsidiaries	(82,015)	(71,430)
Total equity	320,534	412,859
Total liabilities, redeemable preferred stock and equity	2,344,681	2,379,609
Corporate and Other
Segment Reporting Information [Line Items]
Current assets	5,988	7,173
Non-current assets	13,594	9,045
Total assets	19,582	16,218
Current debt, net	561,656	559,325
Current liabilities	39,770	25,695
Non-current liabilities	563,610	559,926
Total liabilities	603,380	585,621
Redeemable preferred stock	342,207	325,232
Equity
Non-controlling interest in equity of consolidated subsidiaries	0	0
Total equity	(926,005)	(894,635)
Total liabilities, redeemable preferred stock and equity	19,582	16,218
Railroad | Operating Segments
Segment Reporting Information [Line Items]
Current assets	55,389	58,114
Non-current assets	664,043	667,501
Total assets	719,432	725,615
Current debt, net	0	0
Current liabilities	49,639	54,150
Non-current liabilities	56,024	55,975
Total liabilities	105,663	110,125
Redeemable preferred stock	0	0
Equity
Non-controlling interest in equity of consolidated subsidiaries	3,027	2,861
Total equity	613,769	615,490
Total liabilities, redeemable preferred stock and equity	719,432	725,615
Jefferson Terminal | Operating Segments
Segment Reporting Information [Line Items]
Current assets	73,112	88,542
Non-current assets	1,126,457	1,137,510
Total assets	1,199,569	1,226,052
Current debt, net	738,283	737,335
Current liabilities	141,146	65,052
Non-current liabilities	720,071	797,854
Total liabilities	861,217	862,906
Redeemable preferred stock	0	0
Equity
Non-controlling interest in equity of consolidated subsidiaries	(84,743)	(74,278)
Total equity	338,352	363,146
Total liabilities, redeemable preferred stock and equity	1,199,569	1,226,052
Repauno | Operating Segments
Segment Reporting Information [Line Items]
Current assets	6,977	9,267
Non-current assets	296,307	295,685
Total assets	303,284	304,952
Current debt, net	44,250	44,250
Current liabilities	7,694	4,912
Non-current liabilities	47,670	47,816
Total liabilities	55,364	52,728
Redeemable preferred stock	0	0
Equity
Non-controlling interest in equity of consolidated subsidiaries	(299)	(13)
Total equity	247,920	252,224
Total liabilities, redeemable preferred stock and equity	303,284	304,952
Power and Gas | Operating Segments
Segment Reporting Information [Line Items]
Current assets	0	2
Non-current assets	6,713	6,825
Total assets	6,713	6,827
Current debt, net	0	0
Current liabilities	1,518	828
Non-current liabilities	54,798	29,310
Total liabilities	56,316	30,138
Redeemable preferred stock	0	0
Equity
Non-controlling interest in equity of consolidated subsidiaries	0	0
Total equity	(49,603)	(23,311)
Total liabilities, redeemable preferred stock and equity	6,713	6,827
Sustainability | Operating Segments
Segment Reporting Information [Line Items]
Current assets	23,065	22,405
Non-current assets	73,036	77,540
Total assets	96,101	99,945
Current debt, net	0	0
Current liabilities	0	0
Non-current liabilities	0	0
Total liabilities	0	0
Redeemable preferred stock	0	0
Equity
Non-controlling interest in equity of consolidated subsidiaries	0	0
Total equity	96,101	99,945
Total liabilities, redeemable preferred stock and equity	$ 96,101	$ 99,945

REDEEMABLE PREFERRED STOCK (Det

REDEEMABLE PREFERRED STOCK (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Aug. 01, 2022 USD ($) vote $ / shares shares	Mar. 31, 2024 USD ($) $ / shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) $ / shares	Jul. 27, 2023 USD ($)	Jul. 05, 2023 USD ($)
Temporary Equity [Line Items]
Redeemable preferred stock, par value (dollars per share) | $ / shares		$ 0.01		$ 0.01
Redeemable preferred stock		$ 342,207		$ 325,232
Fair value of warrants		21,000
Dividends paid-in-kind		88,600
Accretion of dividends		1,700	$ 1,600
Liquidation preference		446,500		446,500
Temporary equity, dividends paid		15,300	$ 12,900
Total debt		1,373,637		1,372,211
Bonds payable
Temporary Equity [Line Items]
Total debt		1,265,587		1,264,161
Senior Notes due 2027 | Bonds payable
Temporary Equity [Line Items]
Total debt		$ 576,607		$ 575,181		$ 100,000
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 | Senior Notes due 2027 | Bonds payable
Temporary Equity [Line Items]
Total debt					$ 33,400
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
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net loss	$ (50,297)	$ (35,912)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	(10,690)	(9,893)
Less: Dividends and accretion of redeemable preferred stock	16,975	14,570
Net loss attributable to stockholders	$ (56,582)	$ (40,589)
Weighted Average Common Shares Outstanding - Basic (in shares)	104,189,287	102,787,640
Weighted Average Common Shares Outstanding - Diluted (in shares)	104,189,287	102,787,640
Basic (in dollars per share)	$ (0.54)	$ (0.39)
Diluted (in dollars per share)	$ (0.54)	$ (0.40)

EARNINGS PER SHARE AND EQUITY_2

EARNINGS PER SHARE AND EQUITY - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Antidilutive shares (in shares)	7,196,869	1,647,839
Weighted average remaining contractual term, exercisable	6 years 3 months 18 days
Fair value of warrants	$ 21

EARNINGS PER SHARE AND EQUITY_3

EARNINGS PER SHARE AND EQUITY - Schedule of Outstanding Stock Warrants and Changes (Details)	3 Months Ended
	Mar. 31, 2024 $ / 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	$ 4.93
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	4.93
Warrant exercisable, weighted average exercise price (in dollars per share) | $ / shares	$ 4.93

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - Repauno - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Potential milestone payment	$ 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	May 07, 2024	Apr. 02, 2024	May 10, 2024	Mar. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Total debt				$ 1,373,637	$ 1,372,211
Total debt due within one year					0
Bonds payable
Subsequent Event [Line Items]
Total debt				1,265,587	1,264,161
Bonds payable | Series 2020 Bonds
Subsequent Event [Line Items]
Total debt				263,980	$ 263,980
Total debt due within one year				$ 79,060
Subsequent Event
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share)	$ 30
Subsequent Event | Line of Credit
Subsequent Event [Line Items]
Debt instrument face amount		$ 75,000
Debt instrument, period prior to first cash dividend		30 days
Subsequent Event | Line of Credit | Secured Overnight Financing Rate (SOFR)
Subsequent Event [Line Items]
Basis spread		4%
Subsequent Event | Bonds payable | Series 2020 Bonds
Subsequent Event [Line Items]
Total debt due within one year			$ 79,100