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 FTAI Infrastructure Inc. (“we”, “us”, “our”, “FTAI Infrastructure” or the “Company”) 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, 2025.

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—Subsequent to the second quarter of 2026, we have paid down the Jefferson Taxable Series 2024B Bonds with the Jefferson Bridge Loan Credit Agreement (see Note 18 for additional details), which will mature on June 30, 2027. The expected closing of the sale of Long Ridge will further improve the Company’s liquidity position and reduce our total debt (see Note 2 for additional details). The Company has significant remaining debt obligations, which it continues to actively manage. Sources of liquidity on hand and cash flows from operations are not expected to be sufficient to satisfy the Bridge Credit Agreement as it matures. However, management’s planned actions, including the sale of Long Ridge and refinancing the Jefferson Bridge Loan Credit Agreement, are considered probable to be implemented and to provide sufficient liquidity for the Company to meet its obligations as they become due over the twelve months from the date the financial statements were issued. In assessing whether it was probable the Company will refinance its credit facilities on or prior to their respective maturity dates, the Company performed a comprehensive assessment including factors such as: current debt market conditions; the Company’s credit worthiness based upon current and expected financial performance and leverage levels; comparable lending transactions; the Company’s historical ability to obtain financing; discussions with the Company’s existing lenders; and continuing favorable lending relationships. There can be no assurance that financing will be obtained at terms more favorable than the existing Jefferson Bridge Loan Credit Agreement.

Held For Sale Classification—We report and classify a business or a component of an entity as held-for-sale (“Held-For-Sale Business”) when management has approved the sale or received approval to sell the business and is committed to a formal plan, the business is available for immediate sale, the business is being actively marketed, the sale is anticipated to occur during the next 12 months and certain other specified criteria are met. A Held-For-Sale Business is recorded at the lower of its carrying amount or estimated fair value less cost to sell. If the carrying amount of the business exceeds its estimated fair value less costs to sell, a loss is recognized. As of the date an entity is classified as held-for-sale, depreciation and depletion on property, plant and equipment ceases. As of June 30, 2026, assets and liabilities related to a Held-For-Sale Business are reported in Assets held for sale and Liabilities held for sale, respectively, in our Consolidated Balance Sheet. Refer to Note 2 for additional details.

Other Liabilities—Other liabilities primarily includes a $46.8 million financing obligation that The Wheeling Corporation (“Wheeling”) entered into in January 2026 with Bank of Montreal to finance the lease of 400 railcars as of June 30, 2026. This transaction was a sale-leaseback in legal form that is treated as a financing obligation for accounting purposes.

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 $23.9 million and $21.9 million as of June 30, 2026 and December 31, 2025, respectively, are included in Debt, net in the Consolidated Balance Sheets.

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 23% of total revenues for both the three and six months ended June 30, 2026 from one customer in the Railroad segment. Additionally, we earned approximately 8% of total revenues for both the three and six months ended June 30, 2026 from one customer in the Jefferson Terminal segment. We earned approximately 32% and 36%, respectively, of total revenues for the three and six months ended June 30, 2025 from one customer in the Railroad segment. We earned approximately 11% of total revenues for both the three and six months ended June 30, 2025 from one customer in the Jefferson Terminal segment.


	Three and Six Months Ended June 30, 2026
	Derivatives		Pension and other postretirement benefit accounts		Total
Accumulated other comprehensive (loss) income - December 31, 2025	$	(112,196)	$	21,578	$	(90,618)
Other comprehensive loss before reclassification	(12,106)		—		(12,106)
Amounts reclassified from accumulated other comprehensive income (loss)	15,960		(531)		15,429
Net current period other comprehensive income (loss), net of tax	3,854		(531)		3,323
Accumulated other comprehensive (loss) income - March 31, 2026	$	(108,342)	$	21,047	$	(87,295)
Other comprehensive loss before reclassification	(47,488)		—		(47,488)
Amounts reclassified from accumulated other comprehensive income (loss)	4,731		(487)		4,244
Net current period other comprehensive loss, net of tax	(42,757)		(487)		(43,244)
Accumulated other comprehensive (loss) income - June 30, 2026	$	(151,099)	$	20,560	$	(130,539)


	Three and Six Months Ended June 30, 2025
	Derivatives		Equity method investee		Pension and other postretirement benefit accounts		Total
Accumulated other comprehensive (loss) income - December 31, 2024	$	—	$	(182,983)	$	25,932	$	(157,051)
Other comprehensive loss before reclassification	(24,050)		(633)		—		(24,683)
Amounts reclassified from accumulated other comprehensive (loss) income	(381)		183,616		(558)		182,677
Net current period other comprehensive (loss) income, net of tax	(24,431)		182,983		(558)		157,994
Accumulated other comprehensive (loss) income - March 31, 2025	$	(24,431)	$	—	$	25,374	$	943
Other comprehensive loss before reclassification	(16,124)		—		—		(16,124)
Amounts reclassified from accumulated other comprehensive loss	(1,344)		—		(559)		(1,903)
Net current period other comprehensive loss, net of tax	(17,468)		—		(559)		(18,027)
Accumulated other comprehensive (loss) income - June 30, 2025	$	(41,899)	$	—	$	24,815	$	(17,084)