FTAI Infrastructure Inc. Reports Fourth Quarter and Full Year 2025 Results, Declares Dividend of $0.03 per Share of Common Stock

NEW YORK, Feb. 26, 2026 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the fourth quarter and full year 2025. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release. Business Highlights Reported $232.3 million(1) of Adjusted EBITDA for fiscal 2025, up 82% from fiscal 2024.Fourth quarter Adjusted EBITDA of $80.2 million(2) represented a run rate at year-end of $320.8 million annually.Closed new $1.315 billion term loan to refinance 2025 bridge facility issued in connection with the acquisition of the Wheeling & Lake Erie Railroad.Railroad segment reported $41.3 million of fourth quarter Adjusted EBITDA with integration of the Wheeling now underway and multiple new M&A opportunities being pursued. (1)Excludes $9.0 million gain realized in Q4 related to CPE investment and $120.0 million gain related to the consolidation of Long Ridge following the acquisition of the remaining 49.9% minority stake. (2)Excludes $9.0 million gain realized in Q4 related to CPE investment. Financial Overview (in thousands, except per share data) Selected Financial Results Three Months Ended December 31, 2025 Year Ended December 31, 2025Net Loss Attributable to Stockholders, Before Series B Preferred Stock Dividend and Loss on Extinguishment of Preferred Stock $(118,959) $(207,403)Basic Loss per Share of Common Stock $(1.06) $(2.24)Diluted Loss per Share of Common Stock $(1.08) $(2.26)Adjusted EBITDA(1) $89,158 $361,224 Adjusted EBITDA – Four Core Segments(1)(2) $89,107 $382,815 _______________________________ (1) For definitions and reconciliations of non-GAAP measures, please refer to the exhibit to this press release. (2) Excludes Sustainability and Energy Transition and Corporate and Other segments. Fourth Quarter 2025 Dividends On February 26, 2026, the Company’s Board of Directors (the “Board”) declared a cash dividend on its common stock of $0.03 per share for the quarter ended December 31, 2025, payable on April 1, 2026 to the holders of record on March 13, 2026. Additional Information For additional information that management believes to be useful for investors, please refer to the presentation posted on the Investor Relations section of the Company’s website, www.fipinc.com, and the Company’s Annual Report on Form 10-K, when available on the Company’s website. Nothing on the Company’s website is included or incorporated by reference herein. Conference Call In addition, management will host a conference call on Friday, February 27, 2026 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://register-conf.media-server.com/register/BI2c5be2238dae44279ac782022ea89a85. Once registered, participants will receive a dial-in and unique pin to access the call. A simultaneous webcast of the conference call will be available to the public on a listen-only basis at https://www.fipinc.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast. A replay of the conference call will be available after 11:30 A.M. on Friday, February 27, 2026 through 11:30 A.M. on Friday, March 6, 2026 on https://ir.fipinc.com/news-events/events. The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release. About FTAI Infrastructure Inc. FTAI Infrastructure primarily invests in critical infrastructure with high barriers to entry across the rail, ports and terminals, and power and gas sectors that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI Infrastructure is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm. Cautionary Note Regarding Forward-Looking Statements Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the Company’s control. The Company can give no assurance that its expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company’s website (www.fipinc.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. For further information, please contact: Alan Andreini Investor Relations FTAI Infrastructure Inc. (646) 734-9414 [email protected] Exhibit – Financial Statements FTAI INFRASTRUCTURE INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Dollar amounts in thousands, except share and per share data) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Revenues Total revenues $143,517 $80,764 $502,520 $331,497 Expenses Operating expenses 83,122 59,108 299,587 247,674 General and administrative 4,045 4,108 16,222 14,798 Acquisition and transaction expenses 11,698 1,084 27,138 5,457 Management fees and incentive allocation to affiliate 4,710 2,734 14,714 11,318 Depreciation and amortization 38,666 19,234 132,489 79,410 Asset impairment — 72,336 4,401 72,336 Total expenses 142,241 158,604 494,551 430,993 Other income (expense) Equity in earnings (losses) of unconsolidated entities 6,056 (16,498) 12,303 (55,496)Gain (loss) on sale of assets, net 8,986 (225) 128,842 2,370 Loss on modification or extinguishment of debt (42) (502) (59,323) (8,925)Interest expense (90,286) (33,312) (265,914) (122,108)Other income 8,452 5,039 20,751 20,904 Total other expense (66,834) (45,498) (163,341) (163,255)Loss before income taxes (65,558) (123,338) (155,372) (262,751)Provision for (benefit from) income taxes 32,163 1,333 (3,318) 3,313 Net loss (97,721) (124,671) (152,054) (266,064)Less: Net loss attributable to non-controlling interests in consolidated subsidiaries (10,882) (10,366) (44,880) (42,419)Less: Preferred dividends and accretion on redeemable non-controlling interests 32,120 — 44,607 — Less: Dividends and accretion of redeemable preferred stock — 19,251 55,622 70,814 Net loss attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock $(118,959) $(133,556) $(207,403) $(294,459) Net loss attributable to common stockholders $(125,482) $(133,556) $(260,406) $(294,459) Loss per share: Basic $(1.06) $(1.29) $(2.24) $(2.72)Diluted $(1.08) $(1.29) $(2.26) $(2.72)Weighted average shares outstanding: Basic 116,294,461 103,426,793 115,214,910 108,217,871 Diluted 116,294,461 103,426,793 115,214,910 108,217,871 FTAI INFRASTRUCTURE INC. CONSOLIDATED BALANCE SHEETS (Dollar amounts in thousands, except share and per share data) December 31, 2025 2024 Assets Current assets: Cash and cash equivalents $57,351 $27,785 Restricted cash and cash equivalents 268,595 119,511 Accounts receivable, net 95,388 52,994 Other current assets 62,677 19,561 Total current assets 484,011 219,851 Leasing equipment, net 36,570 37,453 Operating lease right-of-use assets, net 133,493 67,937 Property, plant, and equipment, net 4,581,771 1,653,468 Investments 22,243 12,529 Intangible assets, net 43,173 46,229 Goodwill 365,703 275,367 Other assets 81,697 61,554 Total assets $5,748,661 $2,374,388 Liabilities Current liabilities: Accounts payable and accrued liabilities $280,707 $176,425 Debt, net 1,611,006 48,594 Operating lease liabilities 9,108 7,172 Derivative liabilities 34,381 — Other current liabilities 20,363 18,603 Total current liabilities 1,955,565 250,794 Debt, net 2,163,167 1,539,241 Operating lease liabilities 71,000 60,893 Derivative liabilities 189,116 — Warrant liabilities 81,599 — Deferred income tax liabilities 300,231 9,639 Other liabilities 44,000 57,465 Total liabilities 4,804,678 1,918,032 Commitments and contingencies Redeemable preferred stock Series A ($0.01 par value per share; 200,000,000 total preferred shares authorized; 300,000 Series A shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively; redemption amount of $— million and $431.8 million as of December 31, 2025 and December 31, 2024, respectively) — 381,218 Redeemable convertible preferred stock Series B ($0.01 par value per share; 200,000,000 total preferred shares authorized; 160,000 and — Series B shares issued and outstanding as of December 31, 2025 and December 31, 2024; redemption amount of $192.0 million and $— million as of December 31, 2025 and December 31, 2024) 152,642 — Redeemable preferred stock Series A RailCo - Non-controlling interest (zero par value per share; 1,000,000 total preferred shares authorized; 1,000,000 and — Series A - RailCo shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively; redemption amount of $1.4 billion and $— million at December 31, 2025 and December 31, 2024, respectively) 937,578 — Equity Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 116,294,461 and 113,934,860 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively) 1,163 1,139 Additional paid in capital 623,771 764,381 Accumulated deficit (512,992) (405,818)Accumulated other comprehensive loss (90,618) (157,051)Stockholders' equity 21,324 202,651 Non-controlling interests in equity of consolidated subsidiaries (167,561) (127,513)Total equity (146,237) 75,138 Total liabilities, redeemable preferred stock and equity $5,748,661 $2,374,388 FTAI INFRASTRUCTURE INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollar amounts in thousands, unless otherwise noted) Year Ended December 31, 2025 2024 Cash flows from operating activities: Net loss $(152,054) $(266,064)Equity in (earnings) losses of unconsolidated entities (12,303) 55,496 Gain on sale of subsidiaries (128,921) — Loss (gain) on sale of assets, net 79 (2,370)Loss on modification or extinguishment of debt 59,323 8,925 Gain on sale of easement — (3,486)Equity-based compensation 11,076 8,636 Depreciation and amortization 132,489 79,410 Asset impairment 4,401 72,336 Change in deferred income taxes (5,764) 1,920 Change in fair value of non-hedge derivatives 603 — Change in fair value of warrants (4,234) — Amortization of deferred financing costs 10,988 6,248 Amortization of bond discount 23,336 8,682 Amortization of other comprehensive income (20,092) — Paid-in-kind interest expense 5,829 — Provision for (recovery) credit losses (888) 863 Change in: Accounts receivable (9,920) 2,133 Other assets (13,282) (1,976)Accounts payable and accrued liabilities 51,745 20,970 Derivative liabilities (67,006) — Other liabilities (3,416) (7,001)Net cash used in operating activities (118,011) (15,278) Cash flows from investing activities: Investment in unconsolidated entities (18,548) (3,826)Acquisition of business, net of cash acquired (856,644) — Acquisition of leasing equipment (724) (3,288)Acquisition of property, plant and equipment (280,526) (79,536)Investment in investor loan 11,001 — Investment in promissory notes — (31,438)Investment in equity instruments — (5,000)Proceeds from insurance recoveries — 267 Proceeds from sale of property, plant and equipment 2,775 1,198 Proceeds from sale of easement — 3,486 Net cash used in investing activities (1,142,666) (118,137) Cash flows from financing activities: Proceeds from debt, net 1,794,074 498,426 Repayment of debt (780,364) (247,594)Payment of financing costs (62,051) (11,438)Proceeds from issuance of common shares 2,694 — Proceeds from issuance of redeemable preferred stock 1,000,000 — Redeemable preferred stock issuance costs (21,197) — Repayment of preferred stock (447,121) — Distributions to non-controlling interests (1,311) (15,039)Settlement of equity-based compensation (6,050) (3,335)Cash dividends – common stock (13,831) (13,124)Cash dividends – redeemable preferred stock (25,516) (14,664)Net cash provided by financing activities 1,439,327 193,232 Net increase in cash and cash equivalents and restricted cash and cash equivalents 178,650 59,817 Cash and cash equivalents and restricted cash and cash equivalents, beginning of period 147,296 87,479 Cash and cash equivalents and restricted cash and cash equivalents, end of period $325,946 $147,296 Key Performance Measures The Chief Operating Decision Maker (“CODM”) utilizes Adjusted EBITDA as our key performance measure. Adjusted EBITDA provides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. Adjusted EBITDA is defined as net income (loss) attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, 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 other pension expense benefits (“OPEB”) liabilities, dividends and accretion of redeemable 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. The following table sets forth a reconciliation of net loss attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock to Adjusted EBITDA for the three and twelve months ended December 31, 2025 and 2024: Three Months Ended December 31, Year Ended December 31, (in thousands) 2025 2024 2025 2024 Net loss attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock $(118,959) $(133,556) $(207,403) $(294,459)Add: Provision for (benefit from) income taxes 32,163 1,333 (3,318) 3,313 Add: Equity-based compensation expense 7,391 1,868 11,076 8,636 Add: Acquisition and transaction expenses 11,698 1,084 27,138 5,457 Add: Losses on the modification or extinguishment of debt and capital lease obligations 42 502 59,323 8,925 Add: Changes in fair value of non-hedge derivative instruments (4,274) — (4,063) — Add: Asset impairment charges — 70,401 4,401 70,401 Add: Incentive allocations — — — — Add: Depreciation & amortization expense(1) 33,777 20,467 117,328 83,885 Add: Interest expense 90,286 33,312 265,914 122,108 Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities(2) 18,152 5,182 30,875 20,272 Add: Dividends and accretion of redeemable preferred stock 32,120 19,251 100,229 70,814 Add: Interest and other costs on pension and OPEB liabilities (93) (280) (887) (66)Add: Other non-recurring items(3) — — 2,295 — Less: Equity in (earnings) losses of unconsolidated entities (6,056) 16,498 (12,303) 55,496 Less: Non-controlling share of Adjusted EBITDA(4) (7,089) (6,889) (29,381) (27,194)Adjusted EBITDA (Non-GAAP) $89,158 $29,173 $361,224 $127,588 (1)Includes the following items for the years ended December 31, 2025 and 2024: (i) depreciation and amortization expense of $132,489 and $79,410, (ii) capitalized contract costs amortization of $4,931 and $4,475 and (iii) amortization of other comprehensive income of $(20,092) and $—, respectively. Includes the following items for the three months ended December 31, 2025 and 2024: (i) depreciation and amortization expense of $38,666 and $19,234, (ii) capitalized contract costs amortization of $1,233 and $1,233 and (iii) amortization of other comprehensive income of $(6,122) and $—, respectively. (2)Includes the following items for the years ended December 31, 2025 and 2024: (i) net income (loss) of $21,206 and $(55,656), (ii) interest expense of $8,574 and $43,549, (iii) depreciation and amortization expense of $9,029 and $28,115, (iv) acquisition and transaction expenses of $201 and $209, (v) changes in fair value of non-hedge derivative instruments of $(12,822) and $(1,488), (vi) asset impairment of $— and $274, (vii) equity-based compensation of $— and $2, (viii) loss on modification or extinguishment of debt of $— and $4,724, (ix) equity method basis adjustments of $10 and $65, (x) provision for income taxes of $4,676 and $— and (xi) other non-recurring items of $1 and $478, respectively. Includes the following items for the three months ended December 31, 2025 and 2024: (i) net income (loss) of $9,628 and $(16,524), (ii) interest expense of $926 and $10,648, (iii) depreciation and amortization expense of $4,293 and $8,024, (iv) acquisition and transaction expenses of $— and $112, (v) changes in fair value of non-hedge derivative instruments of $— and $2,906, (vi) equity method basis adjustments of $— and $16 and (vii) provision for income taxes of $3,305 and $—, respectively. (3)Includes the following items for the year ended December 31, 2025: (i) incidental utility rebillings of $650, (ii) loss on inventory heel of $385, (iii) Railroad severance expense of $305 and (iv) non-ordinary professional fees of $955.(4)Includes the following items for the years ended December 31, 2025 and 2024: (i) equity-based compensation of $449 and $1,127, (ii) benefit from income taxes of $(219) and $(510), (iii) interest expense of $15,569 and $11,555, (iv) depreciation and amortization expense of $12,543 and $12,930, (v) changes in fair value of non-hedge derivative instruments of $(25) and $—, (vi) acquisition and transaction expenses of $278 and $7, (vii) interest and other costs on pension and OPEB liabilities of $(5) and $(1), (viii) asset impairment of $24 and $—, (ix) equity in earnings of unconsolidated entities of $96 and $—, (x) dividends and accretion of redeemable preferred stock of $243 and $—, (xi) loss on modification or extinguishment of debt of $367 and $2,086 and (xii) other recurring items of $61 and $—, respectively. Includes the following items for the three months ended December 31, 2025 and 2024: (i) equity-based compensation of $105 and $188, (ii) benefit from income taxes of $(421) and $(136), (iii) interest expense of $3,801 and $3,649, (iv) depreciation and amortization expense of $3,324 and $3,075, (v) changes in fair value of non-hedge derivative instruments of $(22) and $—, (vi) acquisition and transaction expenses of $60 and $4, (vii) interest and other costs on pension and OPEB liabilities of $— and $(2), (viii) asset impairment charges of $(1) and $—, (ix) equity in earnings of unconsolidated entities of $65 and $—, (x) dividends and accretion of redeemable preferred stock of $171 and $— and (xi) loss on modification or extinguishment of debt of $7 and $111, respectively. The following tables sets forth a reconciliation of net loss attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock to Adjusted EBITDA for our four core segments for the three months and year ended December 31, 2025: Three Months Ended December 31, 2025(in thousands) Railroad Jefferson Terminal Repauno Power and Gas Four Core SegmentsNet loss attributable to stockholders, before series B preferred stock and loss on extinguishment of preferred stock $(8,191) $(6,971) $(8,195) $(45,699) $(69,056)Add: Provision for (benefit from) income taxes 317 (2,593) 658 34,933 33,315 Add: Equity-based compensation expense 1,230 328 70 5,636 7,264 Add: Acquisition and transaction expenses 1,190 — 959 3,966 6,115 Add: Losses on the modification or extinguishment of debt and capital lease obligations — 12 — 30 42 Add: Changes in fair value of non-hedge derivative instruments (3,764) — — (510) (4,274)Add: Asset impairment charges — — — — — Add: Incentive allocations — — — — — Add: Depreciation & amortization expense(1) 6,057 13,542 2,494 11,438 33,531 Add: Interest expense 552 15,442 2,413 26,730 45,137 Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities(2) 18,305 — — — 18,305 Add: Dividends and accretion of redeemable preferred stock 32,120 — — — 32,120 Add: Interest and other costs on pension and OPEB liabilities (93) — — — (93)Add: Other non-recurring items — — — — — Less: Equity in earnings of unconsolidated entities (6,210) — — — (6,210)Less: Non-controlling share of Adjusted EBITDA(3) (261) (6,191) (300) (337) (7,089)Adjusted EBITDA (Non-GAAP) $41,252 $13,569 $(1,901) $36,187 $89,107 Year Ended December 31, 2025(in thousands) Railroad Jefferson Terminal Repauno Power and Gas Four Core SegmentsNet income (loss) attributable to stockholders, before series B preferred stock and loss on extinguishment of preferred stock $15,817 $(46,043) $(30,765) $109,824 $48,833 Add: Provision for (benefit from) income taxes 5,937 (1,873) 714 (7,524) (2,746)Add: Equity-based compensation expense 2,300 1,495 1,240 5,636 10,671 Add: Acquisition and transaction expenses 3,607 68 4,253 6,594 14,522 Add: Losses on the modification or extinguishment of debt and capital lease obligations — 748 3,324 77 4,149 Add: Changes in fair value of non-hedge derivative instruments (4,234) — — 171 (4,063)Add: Asset impairment charges 4,401 — — — 4,401 Add: Incentive allocations — — — — — Add: Depreciation & amortization expense(1) 21,273 51,128 9,973 34,144 116,518 Add: Interest expense 883 65,130 6,943 88,490 161,446 Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities(2) 26,713 — — 6,503 33,216 Add: Dividends and accretion of redeemable preferred stock 44,607 — — — 44,607 Add: Interest and other costs on pension and OPEB liabilities (887) — — — (887)Add: Other non-recurring items(3) 305 — 1,035 — 1,340 Less: Equity in earnings of unconsolidated entities (9,223) — — (10,588) (19,811)Less: Non-controlling share of Adjusted EBITDA(4) (524) (27,028) (1,492) (337) (29,381)Adjusted EBITDA (Non-GAAP) $110,975 $43,625 $(4,775) $232,990 $382,815 (1)Jefferson Terminal Includes the following items for the three months and year ended December 31, 2025: (i) depreciation and amortization expense of $12,309 and $46,197 and (ii) capitalized contract costs amortization of $1,233 and $4,931, respectively. Power and Gas Includes the following items for the three months and year ended December 31, 2025: (i) depreciation and amortization expense of $17,560 and $54,236 and (ii) amortization of other comprehensive income of $(6,122) and $(20,092), respectively. (2)Railroad Includes the following items for the three months and year ended December 31, 2025: (i) net income of $9,781 and $14,966, (ii) depreciation expense of $4,293 and $6,145, (iii) interest expense of $926 and $926 and (iv) provision for income taxes of $3,305 and $4,676. Power and Gas Includes the following items for the three months and year ended December 31, 2025: (i) net income of $— and $10,576, (ii) interest expense of $— and $6,352, (iii) depreciation and amortization expense of $— and $2,185, (iv) acquisition and transaction expenses of $— and $201, (v) changes in fair value of non-hedge derivative instruments of $— and $(12,822), (vi) equity method basis adjustments of $— and $10 and (vii) other non-recurring items of $— and $1, respectively. (3)Railroad Includes the following items for the year ended December 31, 2025: Railroad severance expense of $305. Repauno Includes the following items for the year ended December 31, 2025: (i) incidental utility rebillings of $650 and (ii) loss on inventory heel of $385. (4)Railroad Includes the following items for the three months and year ended December 31, 2025: (i) equity-based compensation of $7 and $13, (ii) (benefit from) provision for income taxes of $1 and $33, (iii) interest expense of $3 and $5, (iv) depreciation and amortization expense of $29 and $116, (v) acquisition and transaction expenses of $6 and $20, (vi) interest and other costs on pension and OPEB liabilities of $— and $(5), (vii) changes in fair value of non-hedge derivative instruments of $(20) and $(23), (viii) asset impairment charges of $(1) and $24, (ix) equity in earnings of unconsolidated entities of $65 and $96, (x) dividends and accretion of redeemable preferred stock of $171 and $243 and (xi) other non-recurring items of $— and $2, respectively. Jefferson Terminal Includes the following items for the three months and year ended December 31, 2025: (i) equity-based compensation of $75 and $346, (ii) (benefit from) provision for income taxes of $(601) and $(434), (iii) interest expense of $3,577 and $15,085, (iv) depreciation and amortization expense of $3,137 and $11,842, (v) acquisition and transaction expenses of $— and $16 and (vi) loss on modification or extinguishment of debt of $3 and $173, respectively. Repauno Includes the following items for the three months and year ended ended December 31, 2025: (i) equity-based compensation of $— and $67, (ii) provision for income taxes of $36 and $39, (iii) interest expense of $115 and $373, (iv) depreciation and amortization expense of $111 and $538, (v) acquisition and transaction expense of $38 and $226, (vi) loss on modification or extinguishment of debt of $— and $190 and (vii) other non-recurring items of $— and $59, respectively. Power and Gas Includes the following items for the three months and year ended ended December 31, 2025: (i) equity-based compensation of $23 and $23, (ii) interest expense of $106 and $106, (iii) depreciation and amortization expense of $47 and $47, (iv) changes in fair value of non-hedge derivative instruments of $(2) and $(2), (v) provision for income taxes of $143 and $143, (vi) acquisition and transaction expense of $16 and $16 and (vii) loss on modification or extinguishment of debt of $4 and $4, respectively.