Here are 1-3 brief analogies for FTAI Infrastructure (FIP):

• Like American Tower, but for physical industrial logistics assets (ports, railcars, etc.) instead of digital communication towers.
• Like Prologis, but for critical transportation and energy infrastructure (ports, rail, power) instead of just warehouses.
• Like a utility company, but focused on the essential infrastructure for industrial supply chains and renewable fuels.

• Ports and Terminals Operations: Provides maritime logistics services through the ownership and operation of deepwater port facilities, facilitating cargo handling and intermodal transportation.
• Railroad Operations: Manages and operates short-line railroads, offering freight transportation and railcar maintenance and repair services.
• Energy Infrastructure Services: Develops and operates critical infrastructure for natural gas processing, liquefaction (LNG), and midstream energy transportation and storage.

FTAI Infrastructure (FIP) primarily sells its services and infrastructure capacity to other companies, operating on a business-to-business (B2B) model. Its customer base consists of various commercial and industrial enterprises that utilize its infrastructure assets.

Due to the diversified nature of its operations across multiple infrastructure assets (ports, rail, and energy/industrial facilities), FTAI Infrastructure does not publicly disclose specific "major customers" by name that individually account for a significant portion of its total revenue in its financial filings. Instead, its customer base spans a range of industries that leverage its strategic infrastructure for their logistics, energy, and industrial needs.

The types of companies that constitute FTAI Infrastructure's customer base include:

• Energy Companies: This category includes producers, refiners, distributors, and traders of various commodities such as crude oil, refined petroleum products, natural gas liquids (NGLs), and other fuels. They utilize FIP's terminals for storage, transloading, and transportation.
• Petrochemical and Chemical Companies: Firms in the petrochemical and chemical sectors use FIP's port and rail facilities for the handling, storage, and distribution of their feedstocks, intermediate products, and finished chemicals.
• Logistics and Shipping Companies: Businesses specializing in freight transportation and supply chain management leverage FIP's deepwater ports and rail networks for the movement of goods, often serving as intermediaries for other industrial clients.
• General Industrial and Manufacturing Companies: Various industrial users and manufacturers, particularly those dealing with bulk materials or requiring significant infrastructure for their operations, utilize FIP's facilities for storage, processing, and transportation services.
• Utilities: Specifically for FIP's Long Ridge Energy Terminal, which includes a power generation facility, customers may include regional utilities or large industrial power off-takers.

Kenneth J. Nicholson Chief Executive Officer and President

Kenneth J. Nicholson was appointed Chief Executive Officer and President of FTAI Infrastructure in August 2022, coinciding with the company's spin-off from FTAI Aviation Ltd.. He has over 30 years of experience in the transportation, infrastructure, and energy sectors. Mr. Nicholson joined Fortress Investment Group, a diversified global investment firm, in May 2006, where he serves as a Managing Director. Prior to Fortress, he worked in investment banking at UBS Investment Bank and Donaldson, Lufkin & Jenrette.

Carl Russell "Buck" Fletcher IV Chief Financial Officer and Chief Accounting Officer

Carl Russell "Buck" Fletcher IV assumed the role of Chief Financial Officer and Chief Accounting Officer of FTAI Infrastructure on March 21, 2025. He also holds a position as Managing Director at Fortress, focusing on investments across transportation, infrastructure, and energy industries. Before joining Fortress in February 2025, Mr. Fletcher served as interim Co-Chief Executive Officer, Chief Financial Officer, and Senior Vice President of Strategy at Onyx Renewable Partners, an entity established by Blackstone Energy Partners. His background includes experience at The Blackstone Group, where he advised on mergers, acquisitions, and capital market transactions for private equity businesses, along with roles at Portfolio Advisors and Bank of America Merrill Lynch.

Alan Andreini Head of Investor Relations

Alan Andreini is the Head of Investor Relations for FTAI Infrastructure. He is also a Managing Director at Fortress Investment Group, where he is responsible for investor relations with both FTAI Infrastructure and FTAI Aviation. With over 30 years in corporate finance, Mr. Andreini has a track record of leading and building public and private companies, generating significant returns for stakeholders. His expertise spans deal structuring, investment management (including hedge funds and private equity), trading, and e-commerce across various company stages.

Joseph P. Adams, Jr. Chairman of the Board of Directors

Joseph P. Adams, Jr. serves as the Chairman of the Board of Directors for FTAI Infrastructure. He is a Managing Director within the Private Equity Group at Fortress Investment Group and a member of Fortress's Management Committee. Previously, Mr. Adams served as Chief Executive Officer and as a board member of FTAI Aviation Ltd., becoming its Chairman in May 2016. He has also held directorships on the boards of Seacastle, Inc., SeaCube Container Leasing Ltd., Aircastle Limited, and RailAmerica Inc.

Kevin Krieger Secretary

Kevin Krieger serves as the Secretary for FTAI Infrastructure.

1. High Leverage and Financial Instability: FTAI Infrastructure is heavily indebted, with a high debt-to-equity ratio and a substantial debt load of approximately $3.0 billion. The company's financial health indicators are poor, including a distressed Altman Z-Score and a low Piotroski F-Score. This significant leverage, coupled with new debt and preferred stock, results in high interest and dividend burdens, which could lead to a liquidity crisis. The current ratio also suggests potential difficulties in meeting short-term obligations.
2. Persistent Unprofitability and Inconsistent Growth: The company has a history of unprofitability, with reported net losses and negative operating and net margins. Over the past five years, losses have worsened, and FTAI Infrastructure is not forecast to become profitable in the next three years. Revenue growth has been inconsistent, and there are concerns regarding management's past failures to meet growth objectives and the accuracy of projected growth drivers.
3. Acquisition Integration Risks: The recent $1.05 billion acquisition of the Wheeling & Lake Erie Railway, while intended to diversify revenue, presents significant integration challenges. These include regulatory hurdles and potential operational inefficiencies, which are common in rail mergers. The acquisition has also contributed to increased annual costs and the company's overall debt burden, making its success critical to FTAI Infrastructure's long-term vision.

The accelerated pace of the global energy transition, driven by significant investments in renewable energy, battery storage, and green hydrogen technologies, coupled with increasingly stringent environmental regulations and corporate decarbonization mandates, poses an emerging threat to FTAI Infrastructure's natural gas-dependent assets. As these alternative energy solutions become more economically viable and widespread, the long-term demand for natural gas transportation and storage infrastructure may diminish more rapidly than currently projected. This could lead to premature devaluation or stranding of FIP's gas-related assets if they are unable to be repurposed or if the transition outpaces their asset lifecycles and planned investments in mitigation or conversion technologies. Evidence for this accelerating trend includes global climate policy targets, government subsidies for green energy, and substantial private sector capital flowing into non-fossil fuel energy systems.

FTAI Infrastructure (FIP) operates across several key segments, with addressable markets primarily in North America and globally for certain clean energy initiatives. Below are the estimated market sizes for their main products and services:

• Railroad Services (including Railcar Leasing and Intermodal Freight Transportation):
  • The North American railcar leasing market was valued at approximately USD 12.2 billion in 2024 and is projected to reach USD 16.7 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 5.3% (North America).
  • Another estimate for the North American railcar leasing market indicates a growth by USD 8.30 billion during 2024-2029, with a CAGR of 9.1%.
  • The North America intermodal freight transportation market generated approximately USD 15.3 billion in revenue in 2023 and is expected to reach approximately USD 31.6 billion by 2030, at a CAGR of 11.2% from 2024 to 2030 (North America). The domestic intermodal industry in the U.S. alone was estimated at USD 29.37 billion in 2022, with a projected CAGR of 13.8% through 2029.
• Ports and Terminals (Jefferson Terminal and Repauno segments):
  • The market size for these specific multi-modal crude oil and refined products terminals and deep-water ports is largely captured within the broader intermodal and logistics market. The North American intermodal freight market, which encompasses marine terminals, rail terminals, depots, container yards, and inland ports, is estimated at USD 51 billion (North America).
• Power and Gas (Long Ridge Energy Terminal):
  • FTAI's Long Ridge Energy Terminal includes a power plant that is transitioning to run on carbon-free hydrogen. The U.S. hydrogen generation market was valued at USD 40.3 billion in 2024 and is projected to reach USD 56.8 billion by 2033 (U.S.). Other estimates for the U.S. hydrogen generation market include USD 19.86 billion in 2023, expected to grow at a CAGR of 8.7% from 2024 to 2030, and USD 18.3 billion in 2023, reaching USD 31.4 billion by 2033 at a CAGR of 5.7%.
  • The global clean energy infrastructure market, relevant to Long Ridge's transition to hydrogen and broader clean energy initiatives, was valued at USD 0.7 trillion in 2023 and is projected to reach USD 1.8 trillion by 2033, growing at a CAGR of 9.2% (Global).
• Sustainability and Energy Transition (Renewable Fuels):
  • This segment includes waste plastic to renewable fuel initiatives. The North American renewable natural gas (RNG) market is projected to grow from USD 1.5 billion in 2022 to USD 4.0 billion by 2030, with a CAGR of 13.04% (North America). Another projection for the North America renewable natural gas market indicates a value of USD 2.19 billion in 2024, expected to reach USD 12.18 billion by 2034, growing at a CAGR of 8.16%.
  • For lithium-ion battery recycling and carbon capture businesses, specific addressable market sizes directly linked to FTAI Infrastructure's operations were not readily available in the search results.

Here are 3-5 expected drivers of future revenue growth for FTAI Infrastructure (FIP) over the next 2-3 years:

1. Rail Segment Expansion and Synergies from Wheeling & Lake Erie Railway Acquisition: The acquisition and integration of the Wheeling & Lake Erie Railway are anticipated to significantly bolster the rail segment's EBITDA, with management targeting a combined Transtar and Wheeling EBITDA run rate of approximately $220 million by the end of 2026. This expansion is expected to generate around $20 million in annual cost synergies and provide network optimization and expanded market reach. Additionally, new freight volumes into and out of U.S. Steel facilities, resulting from Nippon Steel's $5 billion investment, are projected to increase shipments by 10% to 20%, representing approximately $15 million of annual EBITDA.
2. Increased Gas Production and Data Center Development at Long Ridge: The commencement of West Virginia gas production is expected to substantially increase gas output, allowing for incremental revenue from the sale of excess gas beyond the power plant's needs. Furthermore, management anticipates entering into transactions for data centers at Long Ridge in the coming months, which could generate materially higher power revenues, given the attractive economics of providing power to data centers. The Long Ridge segment itself is projected to achieve a $160 million annual EBITDA run rate by the fourth quarter of 2025.
3. New Contracts and Volume Growth at Jefferson Terminal: FTAI Infrastructure expects revenue growth at its Jefferson Terminal from new long-term contracts. Two contracts, representing a total of $20 million of incremental annual EBITDA with minimum volume commitments, are commencing in the coming months. The company is also in late-stage negotiations for additional contracts to handle conventional crude, refined products, and renewable fuels, which will further drive revenue growth.
4. Repauno Terminal Phase 2 and 3 Expansions: The completion of Repauno's Phase 2 transloading system is expected to commence revenue generation upon its completion, anticipated in late 2026. Beyond Phase 2, the permitted Phase 3 cavern project is expected to double the terminal's storage capacity, presenting a significant future growth opportunity.

Capital Allocation Decisions for FTAI Infrastructure (FIP) (Last 3-5 Years)

Share Repurchases

• FTAI Infrastructure recorded approximately $266 million in net common equity repurchases in 2024.
• In 2023, the company had approximately $160 million in net common equity repurchases.
• Net common equity repurchases amounted to approximately $188 million in 2022.

Share Issuance

• As part of the financing for the Wheeling & Lake Erie Railway acquisition in 2025, $1 billion in preferred stock was purchased by Ares Management funds.
• In 2023, FTAI Infrastructure issued restricted stock units (RSUs) with a grant date fair value of $16.9 million.

Inbound Investments

• In 2025, Ares Management funds made a significant inbound investment by purchasing $1 billion in preferred stock to help finance the acquisition of the Wheeling & Lake Erie Railway.

Outbound Investments

• FTAI Infrastructure agreed to acquire The Wheeling & Lake Erie Railway Company for $1.05 billion in cash, with the transaction closing in August 2025.
• In July 2021, FTAI acquired an asset from US Steel for $640 million.

Capital Expenditures

• Capital expenditures were approximately $82 million in 2024, $100 million in 2023, $210 million in 2022, $136 million in 2021, and $248 million in 2020.
• In 2025, the company announced plans to offer approximately $300 million in Series 2025 Bonds to finance expansion projects at the Repauno Port & Rail Terminal, where it has already invested over $332 million.
• The primary focus of capital expenditures includes strategic investments in infrastructure and energy transition, particularly expansion projects at the Repauno Port & Rail Terminal, and data center developments at Long Ridge.