v3.26.1
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION
14. SEGMENT INFORMATION
Our reportable segments represent strategic business units comprised of investments in different types of infrastructure assets. We have five reportable segments which operate in infrastructure businesses across several market sectors, all in North America. Our reportable segments are (i) Railroad, (ii) Jefferson Terminal, (iii) Repauno, (iv) Power and Gas and (v) Sustainability and Energy Transition.
On April 29, 2026, we entered into the Agreement to sell Long Ridge Energy & Power LLC (see Note 2 for additional details), subject to the receipt of certain regulatory approvals expected to be received within 12 months of the signing of such agreement. As such, we have recorded Long Ridge Energy & Power LLC, included in our Power and Gas segment, as held-for-sale as of the date of the Agreement through regulatory approval and closing of the sale. On June 29, 2026, we acquired Tidewater, a barge and rail transloading company with operations in Ohio, West Virginia and Texas (see Note 2 for additional details), which will be included in our Railroad segment as of the acquisition date. Additionally, on June 30, 2026, we sold our KRS business (see Note 2 for additional details), which was included within the Corporate and Other segment.
Adjusted EBITDA is defined as net income (loss) attributable to common stockholders, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, gains (losses) on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, interest expense, interest and other costs on pension and OPEB liabilities, dividends and accretion of redeemable and convertible preferred stock, and other non-recurring items, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA.
We believe that net income (loss) attributable to common stockholders, as defined by U.S. GAAP, is the most appropriate earnings measure with which to reconcile Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net income (loss) attributable to common stockholders as determined in accordance with U.S. GAAP. Segment information for prior periods has been recast to conform to the current period presentation of net income (loss) attributable to common stockholders.
The following tables set forth certain information for each reportable segment as provided to and evaluated by the CODM:
I. For the Three Months Ended June 30, 2026
Three Months Ended June 30, 2026
Ports and Terminals
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Revenues
Total revenues$92,154 $24,316 $5,537 $48,844 $— $15,917 $186,768 
Expenses
Operating expenses51,334 18,740 6,377 24,923 2 15,957 117,333 
General and administrative— — — — — 3,674 3,674 
Acquisition and transaction expenses2,491 — — 2,245 115 1,170 6,021 
Management fees and incentive allocation to affiliate— — — — — 3,677 3,677 
Depreciation and amortization19,512 11,997 2,655 5,109 — 238 39,511 
Asset impairment— — — 60,380 — 2,808 63,188 
Total expenses73,337 30,737 9,032 92,657 117 27,524 233,404 
Other (expense) income
Equity in losses of unconsolidated entities— — — — (560)— (560)
Loss on sale of assets, net(16)— — — — — (16)
Loss on modification or extinguishment of debt— — — (549)— (1,053)(1,602)
Interest expense(1,905)(13,636)(1,405)(25,031)— (63,515)(105,492)
Other income633 561 912 263 839 79 3,287 
Total other (expense) income(1,288)(13,075)(493)(25,317)279 (64,489)(104,383)
Income (loss) before income taxes17,529 (19,496)(3,988)(69,130)162 (76,096)(151,019)
Provision for (benefit from) income taxes3,237 136 2 (14,951)— — (11,576)
Net income (loss)14,292 (19,632)(3,990)(54,179)162 (76,096)(139,443)
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries - common stockholders(99)(11,075)(183)(75)— 55 (11,377)
Less: Preferred dividends and accretion on redeemable non-controlling interests33,230 — — — — — 33,230 
Less: Dividends and accretion of redeemable preferred stock— — — — — 657 657 
Less: Convertible preferred stock dividend— — — — — 4,511 4,511 
Net (loss) income attributable to common stockholders$(18,839)$(8,557)$(3,807)$(54,104)$162 $(81,319)$(166,464)
The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to common stockholders:
Three Months Ended June 30, 2026
Ports and Terminals
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Adjusted EBITDA$42,356 $13,014 $232 $27,429 $277 $(7,195)$76,113 
Add: Non-controlling share of Adjusted EBITDA394 6,502 195 309 — 13 7,413 
Add: Equity in losses of unconsolidated entities— — — — (560)— (560)
Less: Interest and other costs on pension and OPEB liabilities103 — — — — — 103 
Less: Dividends and accretion of redeemable and convertible preferred stock(33,230)— — — — (5,168)(38,398)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities— — — — 560 — 560 
Less: Interest expense(1,905)(13,636)(1,405)(25,031)— (63,515)(105,492)
Less: Depreciation and amortization expense(19,512)(13,229)(2,655)(4,822)— (238)(40,456)
Less: Incentive allocations— — — — — — — 
Less: Asset impairment charges— — — (60,380)— (2,808)(63,188)
Less: Changes in fair value of non-hedge derivative instruments(18)— — (177)— — (195)
Less: Losses on the modification or extinguishment of debt and capital lease obligations— — — (549)— (1,053)(1,602)
Less: Acquisition and transaction expenses(2,491)— — (2,245)(115)(1,170)(6,021)
Less: Equity-based compensation expense(442)(1,072)(172)(3,589)— (185)(5,460)
Less: (Provision for) benefit from income taxes(3,237)(136)(2)14,951 — — 11,576 
Less: Other non-recurring items(857)— — — — — (857)
Net (loss) income attributable to common stockholders$(18,839)$(8,557)$(3,807)$(54,104)$162 $(81,319)$(166,464)
II. For the Six Months Ended June 30, 2026
Six Months Ended June 30, 2026
Ports and Terminals
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Revenues
Total revenues$177,162 $51,634 $6,745 $110,850 $— $28,741 $375,132 
Expenses
Operating expenses98,098 44,553 12,683 52,698 2 29,693 237,727 
General and administrative— — — — — 7,228 7,228 
Acquisition and transaction expenses4,099 — — 3,046 115 5,581 12,841 
Management fees and incentive allocation to affiliate— — — — — 7,769 7,769 
Depreciation and amortization38,999 23,984 5,238 21,485 — 496 90,202 
Asset impairment— — — 60,380 — 2,808 63,188 
Total expenses141,196 68,537 17,921 137,609 117 53,575 418,955 
Other (expense) income
Equity in losses of unconsolidated entities— — — — (1,078)— (1,078)
Loss on sale of assets, net(9)— — (573)— — (582)
Loss on modification or extinguishment of debt— (6,429)— (549)— (40,538)(47,516)
Interest expense(3,404)(29,871)(3,356)(48,697)— (102,651)(187,979)
Other income (expense)119 1,368 1,988 2,231 1,576 (1,011)6,271 
Total other (expense) income(3,294)(34,932)(1,368)(47,588)498 (144,200)(230,884)
Income (loss) before income taxes32,672 (51,835)(12,544)(74,347)381 (169,034)(274,707)
Provision for (benefit from) income taxes6,535 348 2 (14,951)— 13 (8,053)
Net income (loss)26,137 (52,183)(12,546)(59,396)381 (169,047)(266,654)
Less: Net (loss) income attributable to non-controlling interests in consolidated subsidiaries(261)(24,754)(574)(121)— 73 (25,637)
Less: Preferred dividends and accretion on redeemable non-controlling interests70,451 — — — — — 70,451 
Less: Dividends and accretion of redeemable preferred stock— — — — — 657 657 
Less: Convertible preferred stock dividend— — — — — 8,864 8,864 
Net (loss) income attributable to common stockholders$(44,053)$(27,429)$(11,972)$(59,275)$381 $(178,641)$(320,989)
The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to common stockholders:
Six Months Ended June 30, 2026
Ports and Terminals
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Adjusted EBITDA$82,589 $27,451 $(2,089)$53,840 $496 $(15,582)$146,705 
Add: Non-controlling share of Adjusted EBITDA704 16,542 477 569 — 27 18,319 
Add: Equity in losses of unconsolidated entities— — — — (1,078)— (1,078)
Less: Interest and other costs on pension and OPEB liabilities283 — — — — — 283 
Less: Dividends and accretion of redeemable and convertible preferred stock(70,451)— — — — (9,521)(79,972)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities— — — — 1,078 — 1,078 
Less: Interest expense(3,404)(29,871)(3,356)(48,697)— (102,651)(187,979)
Less: Depreciation and amortization expense(38,999)(26,449)(5,238)(10,962)— (496)(82,144)
Less: Incentive allocations— — — — — — — 
Less: Asset impairment charges— — — (60,380)— (2,808)(63,188)
Less: Changes in fair value of non-hedge derivative instruments(924)— — 171 — — (753)
Less: Losses on the modification or extinguishment of debt and capital lease obligations— (6,429)— (549)— (40,538)(47,516)
Less: Acquisition and transaction expenses(4,099)— — (3,046)(115)(5,581)(12,841)
Less: Equity-based compensation expense(889)(8,325)(1,764)(5,172)— (288)(16,438)
Less: (Provision for) benefit from income taxes(6,535)(348)(2)14,951 — (13)8,053 
Less: Other non-recurring items(2,328)— — — — (1,190)(3,518)
Net (loss) income attributable to common stockholders$(44,053)$(27,429)$(11,972)$(59,275)$381 $(178,641)$(320,989)
III. Three Months Ended June 30, 2025
Three Months Ended June 30, 2025
Ports and Terminals
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Revenues
Total revenues$42,140 $21,628 $2,992 $41,796 $— $13,730 $122,286 
Expenses
Operating expenses22,130 17,018 5,449 16,026 2 13,810 74,435 
General and administrative— — — — — 3,862 3,862 
Acquisition and transaction expenses2,783 69 1,980 1,397 — 2,475 8,704 
Management fees and incentive allocation to affiliate — — — — — 3,680 3,680 
Depreciation and amortization4,979 11,290 2,494 15,018 — 217 33,998 
Asset impairment4,401 — — — — — 4,401 
Total expenses34,293 28,377 9,923 32,441 2 24,044 129,080 
Other (expense) income
Equity in losses of unconsolidated entities— — — — (1,995)— (1,995)
Loss on modification or extinguishment of debt— (742)(3,324)— — — (4,066)
Interest expense(112)(16,000)— (24,787)— (18,305)(59,204)
Other income (expense)399 1,282 103 345 926 (3)3,052 
Total other income (expense)287 (15,460)(3,221)(24,442)(1,069)(18,308)(62,213)
Income (loss) before income taxes8,134 (22,209)(10,152)(15,087)(1,071)(28,622)(69,007)
Provision for (benefit from) income taxes768 336 25 — — (177)952 
Net income (loss)7,366 (22,545)(10,177)(15,087)(1,071)(28,445)(69,959)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries46 (10,579)(567)— — — (11,100)
Less: Dividends and accretion of redeemable preferred stock— — — — — 20,957 20,957 
Less: Convertible preferred stock dividend— — — — — 4,082 4,082 
Net income (loss) attributable to common stockholders$7,320 $(11,966)$(9,610)$(15,087)$(1,071)$(53,484)$(83,898)
The following table sets forth a reconciliation of Adjusted EBITDA to net income (loss) attributable to common stockholders:
Three Months Ended June 30, 2025
Ports and Terminals
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Adjusted EBITDA$20,671 $11,082 $(2,082)$22,971 $824 $(7,550)$45,916 
Add: Non-controlling share of Adjusted EBITDA84 6,948 445 — — — 7,477 
Add: Equity in losses of unconsolidated entities— — — — (1,995)— (1,995)
Less: Interest and other costs on pension and OPEB liabilities264 — — — — — 264 
Less: Dividends and accretion of redeemable and convertible preferred stock— — — — — (25,039)(25,039)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities— — — — 100 — 100 
Less: Interest expense(112)(16,000)— (24,787)— (18,305)(59,204)
Less: Depreciation and amortization expense(4,979)(12,522)(2,494)(11,874)— (217)(32,086)
Less: Incentive allocations— — — — — — — 
Less: Asset impairment charges(4,401)— — — — — (4,401)
Less: Changes in fair value of non-hedge derivative instruments— — — — — — — 
Less: Losses on the modification or extinguishment of debt and capital lease obligations— (742)(3,324)— — — (4,066)
Less: Acquisition and transaction expenses(2,783)(69)(1,980)(1,397)— (2,475)(8,704)
Less: Equity-based compensation expense(358)(327)(150)— — (75)(910)
Less: (Provision for) benefit from income taxes(768)(336)(25)— — 177 (952)
Less: Other non-recurring items(298)— — — — — (298)
Net income (loss) attributable to common stockholders$7,320 $(11,966)$(9,610)$(15,087)$(1,071)$(53,484)$(83,898)
IV. For the Six Months Ended June 30, 2025
Six Months Ended June 30, 2025
Port and Terminals
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Revenues
Total revenues$84,771 $41,077 $6,803 $59,090 $— $26,706 $218,447 
Expenses
Operating expenses45,069 35,112 12,115 22,337 2 26,845 141,480 
General and administrative— — — — — 8,975 8,975 
Acquisition and transaction expenses2,876 68 2,296 2,466 — 4,513 12,219 
Management fees and incentive allocation to affiliate— — — — — 6,222 6,222 
Depreciation and amortization10,065 22,530 4,990 21,108 — 317 59,010 
Asset impairment4,401 — — — — — 4,401 
Total expenses62,411 57,710 19,401 45,911 2 46,872 232,307 
Other income (expense)
Equity in earnings (losses) of unconsolidated entities— — — 10,588 (7,319)50 3,319 
(Loss) gain on sale of assets, net(124)— — 119,952 — — 119,828 
Loss on modification or extinguishment of debt— (749)(3,324)— — — (4,073)
Interest expense(251)(32,624)(1,518)(33,804)— (34,119)(102,316)
Other income (expense)787 2,008 103 2,585 1,265 (3)6,745 
Total other income (expense)412 (31,365)(4,739)99,321 (6,054)(34,072)23,503 
Income (loss) before income taxes22,772 (47,998)(17,337)112,500 (6,056)(54,238)9,643 
Provision for (benefit from) income taxes1,580 759 37 (42,457)— (481)(40,562)
Net income (loss)21,192 (48,757)(17,374)154,957 (6,056)(53,757)50,205 
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries133 (21,663)(971)— — — (22,501)
Less: Dividends and accretion of redeemable preferred stock— — — — — 42,798 42,798 
Less: Convertible preferred stock dividend— — — — — 5,549 5,549 
Net income (loss) attributable to common stockholders$21,059 $(27,094)$(16,403)$154,957 $(6,056)$(102,104)$24,359 
The following table sets forth a reconciliation of Adjusted EBITDA to net income (loss) attributable to common stockholders:
Six Months Ended June 30, 2025
Port and Terminals
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Adjusted EBITDA$40,595 $19,032 $(3,534)$161,061 $(802)$(15,217)$201,135 
Add: Non-controlling share of Adjusted EBITDA122 13,904 783 — — — 14,809 
Add: Equity in earnings (losses) of unconsolidated entities— — — 10,588 (7,319)50 3,319 
Less: Interest and other costs on pension and OPEB liabilities529 — — — — — 529 
Less: Dividends and accretion of redeemable and convertible preferred stock— — — — — (48,347)(48,347)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities— — — (6,503)2,065 38 (4,400)
Less: Interest expense(251)(32,624)(1,518)(33,804)— (34,119)(102,316)
Less: Depreciation and amortization expense(10,065)(24,995)(4,990)(16,376)— (317)(56,743)
Less: Incentive allocations— — — — — — — 
Less: Asset impairment charges(4,401)— — — — — (4,401)
Less: Changes in fair value of non-hedge derivative instruments— — — — — — — 
Less: Losses on the modification or extinguishment of debt and capital lease obligations— (749)(3,324)— — — (4,073)
Less: Acquisition and transaction expenses(2,876)(68)(2,296)(2,466)— (4,513)(12,219)
Less: Equity-based compensation expense(716)(835)(452)— — (160)(2,163)
Less: (Provision for) benefit from income taxes(1,580)(759)(37)42,457 — 481 40,562 
Less: Other non-recurring items(298)— (1,035)— — — (1,333)
Net income (loss) attributable to common stockholders$21,059 $(27,094)$(16,403)$154,957 $(6,056)$(102,104)$24,359 
V. Balance Sheet
The following tables set forth the summarized balance sheet. All property, plant and equipment and leasing equipment are located in North America.
June 30, 2026
Ports and Terminals
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Current assets$106,650 $87,173 $94,917 $5 $794 $21,295 $310,834 
Non-current assets2,054,760 1,091,164 538,091 370 51,196 42,940 3,778,521 
Assets held for sale4,510 — — 1,652,880 — — 1,657,390 
Total assets2,165,920 1,178,337 633,008 1,653,255 51,990 64,235 5,746,745 
Total debt, net47,261 921,411 396,434 — — 1,398,611 2,763,717 
Current liabilities107,673 304,612 55,628 4,334 20 282,029 754,296 
Non-current liabilities539,224 764,666 394,232 — — 1,165,123 2,863,245 
Liabilities held for sale— — — 1,490,882 — — 1,490,882 
Total liabilities646,897 1,069,278 449,860 1,495,216 20 1,447,152 5,108,423 
Redeemable preferred stock1,003,747 — — — — 153,298 1,157,045 
Non-controlling interests in equity of consolidated subsidiaries4,813 (199,006)(4,722)9,894 — 74 (188,947)
Total equity515,276 109,059 183,148 158,039 51,970 (1,536,215)(518,723)
Total liabilities, redeemable preferred stock and equity$2,165,920 $1,178,337 $633,008 $1,653,255 $51,990 $64,235 $5,746,745 
December 31, 2025
Ports and Terminals
RailroadJefferson TerminalRepaunoPower and GasSustainability and Energy TransitionCorporate and OtherTotal
Current assets$90,394 $100,455 $165,765 $84,222 $14,716 $28,459 $484,011 
Non-current assets2,010,137 1,112,460 450,928 1,637,568 32,383 21,174 5,264,650 
Total assets2,100,531 1,212,915 616,693 1,721,790 47,099 49,633 5,748,661 
Total debt, net48,841 959,720 385,759 1,154,374 — 1,225,479 3,774,173 
Current liabilities80,532 121,528 38,964 125,740 910 42,323 409,997 
Non-current liabilities453,909 988,828 390,140 1,334,995 — 1,226,809 4,394,681 
Total liabilities534,441 1,110,356 429,104 1,460,735 910 1,269,132 4,804,678 
Redeemable preferred stock937,578 — — — — 152,642 1,090,220 
Non-controlling interests in equity of consolidated subsidiaries5,996 (174,252)(4,148)4,843 — — (167,561)
Total equity628,512 102,559 187,589 261,055 46,189 (1,372,141)(146,237)
Total liabilities, redeemable preferred stock and equity$2,100,531 $1,212,915 $616,693 $1,721,790 $47,099 $49,633 $5,748,661