SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2026

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
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Revenues
Total revenues	$	92,154	$	24,316	$	5,537	$	48,844	$	—	$	15,917	$	186,768

Expenses
Operating expenses	51,334		18,740		6,377		24,923		2		15,957		117,333
General and administrative	—		—		—		—		—		3,674		3,674
Acquisition and transaction expenses	2,491		—		—		2,245		115		1,170		6,021
Management fees and incentive allocation to affiliate	—		—		—		—		—		3,677		3,677
Depreciation and amortization	19,512		11,997		2,655		5,109		—		238		39,511
Asset impairment	—		—		—		60,380		—		2,808		63,188
Total expenses	73,337		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 income	633		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 taxes	17,529		(19,496)		(3,988)		(69,130)		162		(76,096)		(151,019)
Provision for (benefit from) income taxes	3,237		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 interests	33,230		—		—		—		—		—		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)


	Three Months Ended June 30, 2025
			Ports and Terminals
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Revenues
Total revenues	$	42,140	$	21,628	$	2,992	$	41,796	$	—	$	13,730	$	122,286

Expenses
Operating expenses	22,130		17,018		5,449		16,026		2		13,810		74,435
General and administrative	—		—		—		—		—		3,862		3,862
Acquisition and transaction expenses	2,783		69		1,980		1,397		—		2,475		8,704
Management fees and incentive allocation to affiliate	—		—		—		—		—		3,680		3,680
Depreciation and amortization	4,979		11,290		2,494		15,018		—		217		33,998
Asset impairment	4,401		—		—		—		—		—		4,401
Total expenses	34,293		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 taxes	8,134		(22,209)		(10,152)		(15,087)		(1,071)		(28,622)		(69,007)
Provision for (benefit from) income taxes	768		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 subsidiaries	46		(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)

Segment Reporting, Reconciliation of Profit (Loss) by Segment to Consolidated

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
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Adjusted EBITDA	$	42,356	$	13,014	$	232	$	27,429	$	277	$	(7,195)	$	76,113
Add: Non-controlling share of Adjusted EBITDA	394		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 liabilities	103		—		—		—		—		—		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
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Revenues
Total revenues	$	177,162	$	51,634	$	6,745	$	110,850	$	—	$	28,741	$	375,132

Expenses
Operating expenses	98,098		44,553		12,683		52,698		2		29,693		237,727
General and administrative	—		—		—		—		—		7,228		7,228
Acquisition and transaction expenses	4,099		—		—		3,046		115		5,581		12,841
Management fees and incentive allocation to affiliate	—		—		—		—		—		7,769		7,769
Depreciation and amortization	38,999		23,984		5,238		21,485		—		496		90,202
Asset impairment	—		—		—		60,380		—		2,808		63,188
Total expenses	141,196		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 taxes	32,672		(51,835)		(12,544)		(74,347)		381		(169,034)		(274,707)
Provision for (benefit from) income taxes	6,535		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 interests	70,451		—		—		—		—		—		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
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Adjusted EBITDA	$	82,589	$	27,451	$	(2,089)	$	53,840	$	496	$	(15,582)	$	146,705
Add: Non-controlling share of Adjusted EBITDA	704		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 liabilities	283		—		—		—		—		—		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)

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
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Adjusted EBITDA	$	20,671	$	11,082	$	(2,082)	$	22,971	$	824	$	(7,550)	$	45,916
Add: Non-controlling share of Adjusted EBITDA	84		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 liabilities	264		—		—		—		—		—		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
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Revenues
Total revenues	$	84,771	$	41,077	$	6,803	$	59,090	$	—	$	26,706	$	218,447

Expenses
Operating expenses	45,069		35,112		12,115		22,337		2		26,845		141,480
General and administrative	—		—		—		—		—		8,975		8,975
Acquisition and transaction expenses	2,876		68		2,296		2,466		—		4,513		12,219
Management fees and incentive allocation to affiliate	—		—		—		—		—		6,222		6,222
Depreciation and amortization	10,065		22,530		4,990		21,108		—		317		59,010
Asset impairment	4,401		—		—		—		—		—		4,401
Total expenses	62,411		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 taxes	22,772		(47,998)		(17,337)		112,500		(6,056)		(54,238)		9,643
Provision for (benefit from) income taxes	1,580		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 subsidiaries	133		(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
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Adjusted EBITDA	$	40,595	$	19,032	$	(3,534)	$	161,061	$	(802)	$	(15,217)	$	201,135
Add: Non-controlling share of Adjusted EBITDA	122		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 liabilities	529		—		—		—		—		—		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

Reconciliation of Other Significant Reconciling Items from Segments to Consolidated

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
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Current assets	$	106,650	$	87,173	$	94,917	$	5	$	794	$	21,295	$	310,834
Non-current assets	2,054,760		1,091,164		538,091		370		51,196		42,940		3,778,521
Assets held for sale	4,510		—		—		1,652,880		—		—		1,657,390
Total assets	2,165,920		1,178,337		633,008		1,653,255		51,990		64,235		5,746,745

Total debt, net	47,261		921,411		396,434		—		—		1,398,611		2,763,717

Current liabilities	107,673		304,612		55,628		4,334		20		282,029		754,296
Non-current liabilities	539,224		764,666		394,232		—		—		1,165,123		2,863,245
Liabilities held for sale	—		—		—		1,490,882		—		—		1,490,882
Total liabilities	646,897		1,069,278		449,860		1,495,216		20		1,447,152		5,108,423

Redeemable preferred stock	1,003,747		—		—		—		—		153,298		1,157,045

Non-controlling interests in equity of consolidated subsidiaries	4,813		(199,006)		(4,722)		9,894		—		74		(188,947)
Total equity	515,276		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
	Railroad		Jefferson Terminal		Repauno		Power and Gas		Sustainability and Energy Transition		Corporate and Other		Total
Current assets	$	90,394	$	100,455	$	165,765	$	84,222	$	14,716	$	28,459	$	484,011
Non-current assets	2,010,137		1,112,460		450,928		1,637,568		32,383		21,174		5,264,650
Total assets	2,100,531		1,212,915		616,693		1,721,790		47,099		49,633		5,748,661

Total debt, net	48,841		959,720		385,759		1,154,374		—		1,225,479		3,774,173

Current liabilities	80,532		121,528		38,964		125,740		910		42,323		409,997
Non-current liabilities	453,909		988,828		390,140		1,334,995		—		1,226,809		4,394,681
Total liabilities	534,441		1,110,356		429,104		1,460,735		910		1,269,132		4,804,678

Redeemable preferred stock	937,578		—		—		—		—		152,642		1,090,220

Non-controlling interests in equity of consolidated subsidiaries	5,996		(174,252)		(4,148)		4,843		—		—		(167,561)
Total equity	628,512		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

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details