REDEEMABLE PREFERRED STOCK	6 Months Ended
Jun. 30, 2026
Equity [Abstract]
REDEEMABLE PREFERRED STOCK	15. REDEEMABLE PREFERRED STOCK Series B Preferred Stock - Redeemable Convertible Preferred Stock As of June 30, 2026, the Company has $23.0 million of cumulative dividends increasing the liquidation preference on the Series B Preferred Stock. Dividends recorded in Dividends and accretion of redeemable preferred stock on the Consolidated Statements of Operations totaled $0.7 million and $0.7 million for the three and six months ended June 30, 2026, respectively. If the Series B Preferred Stock were redeemed due to a change in control as of June 30, 2026, it would be redeemable for $186.6 million. If the Series B Preferred Stock were converted at the option of the holder as of June 30, 2026, it would be converted to 22,369,536 shares of common stock. The Company would have an obligation to pay cash of $0.6 million for shares over the Share Cap on an optional conversion at June 30, 2026. Series A Preferred Stock - RailCo - Redeemable Preferred Stock - Non-Controlling Interest As of June 30, 2026, RR Holdings had $92.4 million of PIK dividends increasing its Series A Preferred Units (“Series A Preferred Stock - RailCo”) balance. Dividends recorded in Dividends and accretion of redeemable preferred stock on the Consolidated Statements of Operations totaled $28.0 million and $55.0 million for the three and six months ended June 30, 2026, respectively. The Company has presented the Series A Preferred Stock - RailCo in temporary equity and is accreting the discount and issuance costs using the interest method to the earliest redemption date of August 25, 2032. Such accretion, recorded in Dividends and accretion of redeemable preferred stock on the Consolidated Statements of Operations, totaled $5.2 million and $10.4 million for the three and six months ended June 30, 2026, respectively. As of June 30, 2026, the Series A Preferred Stock - RailCo shares would be redeemable at a redemption price per share of $1,417.48.

As of June 30, 2026, the Company has $23.0 million of cumulative dividends increasing the liquidation preference on the Series B Preferred Stock. Dividends recorded in Dividends and accretion of redeemable preferred stock on the Consolidated Statements of Operations totaled $0.7 million and $0.7 million for the three and six months ended June 30, 2026, respectively.

If the Series B Preferred Stock were redeemed due to a change in control as of June 30, 2026, it would be redeemable for $186.6 million.

If the Series B Preferred Stock were converted at the option of the holder as of June 30, 2026, it would be converted to 22,369,536 shares of common stock. The Company would have an obligation to pay cash of $0.6 million for shares over the Share Cap on an optional conversion at June 30, 2026.

Series A Preferred Stock - RailCo - Redeemable Preferred Stock - Non-Controlling Interest

As of June 30, 2026, RR Holdings had $92.4 million of PIK dividends increasing its Series A Preferred Units (“Series A Preferred Stock - RailCo”) balance. Dividends recorded in Dividends and accretion of redeemable preferred stock on the Consolidated Statements of Operations totaled $28.0 million and $55.0 million for the three and six months ended June 30, 2026, respectively.

The Company has presented the Series A Preferred Stock - RailCo in temporary equity and is accreting the discount and issuance costs using the interest method to the earliest redemption date of August 25, 2032. Such accretion, recorded in Dividends and accretion of redeemable preferred stock on the Consolidated Statements of Operations, totaled $5.2 million and $10.4 million for the three and six months ended June 30, 2026, respectively.

As of June 30, 2026, the Series A Preferred Stock - RailCo shares would be redeemable at a redemption price per share of $1,417.48.