v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 32,628 $ 57,351
Restricted cash and cash equivalents 139,947 268,595
Accounts receivable, net 89,759 95,388
Other current assets 48,500 62,677
Total current assets held for sale 56,933 0
Total current assets 367,767 484,011
Leasing equipment, net 35,822 36,570
Operating lease right-of-use assets, net 154,406 133,493
Property, plant, and equipment, net 3,135,540 4,581,771
Investments 21,166 22,243
Intangible assets, net 55,980 43,173
Goodwill 275,366 365,703
Other assets 100,241 81,697
Total non-current assets held for sale 1,600,457 0
Total assets 5,746,745 5,748,661
Current liabilities:    
Accounts payable and accrued liabilities 236,752 280,707
Debt, net 476,768 65,438
Operating lease liabilities 10,985 9,108
Derivative liabilities 0 34,381
Other current liabilities 29,791 20,363
Current liabilities held for sale 579,713 0
Total current liabilities 1,334,009 409,997
Debt, net 2,286,949 3,708,735
Operating lease liabilities 91,474 71,000
Derivative liabilities 0 189,116
Warrant liabilities 82,523 81,599
Deferred income tax liabilities 289,279 300,231
Other liabilities 113,020 44,000
Non-current liabilities held for sale 911,169 0
Total liabilities 5,108,423 4,804,678
Commitments and contingencies 0 0
Redeemable preferred stock 1,157,045 1,090,220
Equity    
Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 118,181,737 and 116,294,461 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively) 1,182 1,163
Additional paid in capital 553,590 623,771
Accumulated deficit (754,009) (512,992)
Accumulated other comprehensive loss (130,539) (90,618)
Stockholders' equity (329,776) 21,324
Non-controlling interest in equity of consolidated subsidiaries (188,947) (167,561)
Total equity (518,723) (146,237)
Total liabilities, redeemable preferred stock and equity 5,746,745 5,748,661
Series B Preferred Stock    
Current liabilities:    
Redeemable preferred stock 153,298 152,642
Series A Preferred Stock - Railco    
Current liabilities:    
Redeemable preferred stock $ 1,003,747 $ 937,578