# FTAI Infrastructure Inc. (FIP) Informational only - not investment advice. CIK: 0001899883 SIC: 4011 Railroads, Line-Haul Operating SIC breadcrumb: [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/) > [Railroad Transportation](/major-group/40/) > [SIC 4011 Railroads, Line-Haul Operating](/industry/4011/) Latest 10-K filed: 2026-03-16 SEC page: https://www.sec.gov/edgar/browse/?CIK=1899883 Filing source: https://www.sec.gov/Archives/edgar/data/1899883/000189988326000015/ftai-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-03-16 · accession 0001899883-26-000015 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001899883.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 502,520,000 USD | 2025 | verified | | Net income | -152,054,000 USD | 2025 | verified | | Assets | 5,748,661,000 USD | 2025 | verified | | Free cash flow | -398,534,000 USD | 2025 | computed | | Net margin | -30.26% | 2025 | computed | | Revenue YoY | +51.59% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). No market price, no rating, no forecast on this site. Not investment advice. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 502520000 | USD | 2025 | 2026-03-16 | | Net income | -152054000 | USD | 2025 | 2026-03-16 | | Assets | 5748661000 | USD | 2025 | 2026-03-16 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-16. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001899883.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 68,562,000 | 120,219,000 | 261,966,000 | 320,472,000 | 331,497,000 | 502,520,000 | | Net income | -71,723,000 | -106,341,000 | -187,517,000 | -159,750,000 | -266,064,000 | -152,054,000 | | Diluted EPS | -0.56 | -0.80 | -1.73 | -1.79 | -2.72 | -2.26 | | Operating cash flow | -46,860,000 | -61,716,000 | -42,690,000 | 5,513,000 | -15,278,000 | -118,008,000 | | Capital expenditures | 247,524,000 | 140,897,000 | 217,141,000 | 99,022,000 | 79,536,000 | 280,526,000 | | Dividends paid | 0.00 | 0.00 | 3,082,000 | 12,372,000 | 13,124,000 | 13,831,000 | | Assets | | 2,442,301,000 | 2,478,399,000 | 2,379,609,000 | 2,374,388,000 | 5,748,661,000 | | Liabilities | | 980,255,000 | 1,689,015,000 | 1,641,518,000 | 1,918,032,000 | 4,804,678,000 | | Stockholders' equity | | 1,462,137,000 | 551,623,000 | 484,289,000 | 202,651,000 | 21,324,000 | | Cash and cash equivalents | | 49,872,000 | 36,486,000 | 29,367,000 | 27,785,000 | 57,351,000 | | Free cash flow | -294,384,000 | -202,613,000 | -259,831,000 | -93,509,000 | -94,814,000 | -398,534,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | -104.61% | -88.46% | -71.58% | -49.85% | -80.26% | -30.26% | | Return on equity | | -7.27% | -33.99% | -32.99% | -131.29% | | | Return on assets | | -4.35% | -7.57% | -6.71% | -11.21% | -2.65% | | Liabilities / equity | | 0.67 | 3.06 | 3.39 | 9.46 | | | Current ratio | | 3.19 | 1.74 | 1.23 | 0.88 | 1.18 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-10. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001899883.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | -0.43 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | -0.40 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | -0.38 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 80,706,000 | -56,101,000 | -0.55 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 81,440,000 | -48,193,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 82,535,000 | -56,582,000 | -0.54 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 84,887,000 | -54,350,000 | -0.52 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 83,311,000 | -49,971,000 | -0.45 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 80,764,000 | -133,556,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 96,161,000 | 109,724,000 | 0.89 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 122,286,000 | -79,816,000 | -0.73 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 140,556,000 | -118,352,000 | -1.38 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 143,517,000 | -118,959,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 188,364,000 | -150,172,000 | -1.32 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 186,768,000 | -166,464,000 | -1.41 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from FIP's latest 10-K: [/company/FIP/business/](/company/FIP/business/). ## Risk Factors Verbatim Item 1A Risk Factors from FIP's latest 10-K: [/company/FIP/risk-factors/](/company/FIP/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1899883/000189988326000036/fip-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-10 Report date: 2026-06-30 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help you understand FTAI Infrastructure Inc. (“we”, “us”, “our”, or the “Company”). Our MD&A should be read in conjunction with our unaudited consolidated financial statements and the accompanying notes, and with Part II, Item 1A, “Risk Factors” and “Forward-Looking Statements” included elsewhere in this Quarterly Report on Form 10-Q. Overview We are in the business of acquiring, developing and operating assets and businesses that represent critical infrastructure for customers in the transportation, energy and industrial products industries. We were formed on December 13, 2021 as FTAI Infrastructure LLC, a Delaware limited liability company and subsidiary of FTAI Aviation Ltd. (previously Fortress Transportation and Infrastructure Investors LLC; “FTAI” or “Former Parent”). We are a publicly-traded company trading on The Nasdaq Global Select Market under the symbol “FIP.” Our operations consist of four primary business lines: (i) Railroad, (ii) Ports and Terminals, (iii) Power and Gas and (iv) Sustainability and Energy Transition. Our Railroad business primarily invests in and operates short line and regional railroads in North America. Our Ports and Terminals business, consisting of our Jefferson Terminal and Repauno segments, develops or acquires industrial properties in strategic locations that store and handle for third parties a variety of energy products, including crude oil, refined products and clean fuels. Our Power and Gas business develops and operates facilities, such as a 485 megawatt power plant at the Long Ridge terminal in Ohio, that leverage the property’s location and key attributes to generate incremental value. Our Sustainability and Energy Transition business focuses on investments in companies and assets that utilize green technology, produce sustainable fuels and products or enable customers to reduce their carbon footprint. We expect to continue to invest in such market sectors, and pursue additional investment opportunities in other infrastructure businesses and assets we believe to be attractive and meet our investment objectives. Our team focuses on acquiring a diverse group of long-lived assets or operating businesses that provide mission-critical services or functions to infrastructure networks and typically have high barriers to entry, strong margins, stable cash flows and upside from earnings growth and asset appreciation driven by increased use and inflation. We believe that there are a large number of acquisition opportunities in our markets and that our Manager’s expertise and business and financing relationships, together with our access to capital and generally available capital for infrastructure projects in today’s marketplace, will allow us to take advantage of these opportunities. As of June 30, 2026, we had total consolidated assets of $5.7 billion and redeemable preferred stock and equity of $638.3 million. Operating Segments Our reportable segments represent strategic business units comprised of investments in different types of infrastructure assets. We have five reportable segments which operate in infrastructure businesses across several market sectors, all in North America. Our reportable segments are (i) Railroad, (ii) Jefferson Terminal, (iii) Repauno, (iv) Power and Gas and (v) Sustainability and Energy Transition. On April 29, 2026, we entered into an agreement (the “Agreement”) to sell Long Ridge Energy & Power LLC (see Note 2 for additional details), subject to the receipt of certain regulatory approvals expected to be received within 12 months of the signing of such agreement. As such, we have recorded Long Ridge Energy & Power LLC, included in our Power and Gas segment, as held-for-sale as of the date of the Agreement through regulatory approval and closing of the sale. On June 29, 2026 (the “acquisition date”), we acquired Tidewater, a barge and rail transloading company with operations in Ohio, West Virginia and Texas (see Note 2 for additional details), which will be included in our Railroad segment as of the acquisition date. Additionally, on June 30, 2026, we sold our KRS business (see Note 2 for additional details), which was included within the Corporate and Other segment. Our Manager On May 14, 2024, certain members of Fortress management and affiliates of Mubadala Investment Company, through its wholly owned asset management subsidiary, Mubadala Capital (“Mubadala”), completed their acquisition of 100% of the equity of Fortress. Fortress continues to operate as an independent investment manager under the Fortress brand, with autonomy over investment processes and decision making, personnel and operations. Results of Operations Adjusted EBITDA (Non-GAAP) The CODM utilizes Adjusted EBITDA as the key performance measure. Adjusted EBITDA is not a financial measure in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). This performance measure provides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. We believe Adjusted EBITDA is a useful metric for investors and analysts for similar purposes of assessing our operational performance. Adjusted EBITDA is defined as net income (loss) attributable to common stockholders, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, gains 44 (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 OPEB liabilities, dividends and accretion of redeemable and convertible 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. We believe that net income (loss) attributable to common stockholders, as defined by U.S. GAAP, is the most appropriate earnings measure with which to reconcile Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net income (loss) attributable to common stockholders as determined in accordance with U.S. GAAP. Segment information for prior periods has been recast to conform to the current period presentation of net income (loss) attributable to common stockholders. 45 Comparison of the three and six months ended June 30, 2026 and 2025 The following table presents our consolidated results of operations: [[GREPCENT_TABLE]] [["","Three Months Ended June 30,","","Change","","Six Months Ended June 30,","","Change"],["(in thousands)","2026","","2025","","","2026","","2025"],["Revenues"],["Lease income","$","2,773","","","$","1,246","","","$","1,527","","","$","5,268","","","$","2,583","","","$","2,685"],["Rail revenues","88,804","","","42,292","","","46,512","","","171,097","","","84,466","","","86,631"],["Terminal services revenues","29,780","","","24,284","","","5,496","","","58,088","","","46,989","","","11,099"],["Roadside services revenues","15,497","","","13,217","","","2,280","","","28,051","","","26,193","","","1,858"],["Power revenues","42,568","","","38,010","","","4,558","","","88,196","","","53,790","","","34,406"],["Gas revenues","5,857","","","2,958","","","2,899","","","21,813","","","4,146","","","17,667"],["Other revenue","1,489","","","279","","","1,210","","","2,619","","","280","","","2,339"],["Total revenues","186,768","","","122,286","","","64,482","","","375,132","","","218,447","","","156,685"],["Expenses"],["Operating expenses","117,333","","","74,435","","","42,898","","","237,727","","","141,480","","","96,247"],["General and administrative","3,674","","","3,862","","","(188)","","","7,228","","","8,975","","","(1,747)"],["Acquisition and transaction expenses","6,021","","","8,704","","","(2,683)","","","12,841","","","12,219","","","622"],["Management fees and incentive allocation to affiliate","3,677","","","3,680","","","(3)","","","7,769","","","6,222","","","1,547"],["Depreciation and amortization","39,511","","","33,998","","","5,513","","","90,202","","","59,010","","","31,192"],["Asset impairment","63,188","","","4,401","","","58,787","","","63,188","","","4,401","","","58,787"],["Total expenses","233,404","","","129,080","","","104,324","","","418,955","","","232,307","","","186,648"],["Other (expense) income"],["Equity in (losses) earnings of unconsolidated entities","(560)","","","(1,995)","","","1,435","","","(1,078)","","","3,319","","","(4,397)"],["(Loss) gain on sale of assets, net","(16)","","","\u2014","","","(16)","","","(582)","","","119,828","","","(120,410)"],["Loss on modification or extinguishment of debt","(1,602)","","","(4,066)","","","2,464","","","(47,516)","","","(4,073)","","","(43,443)"],["Interest expense","(105,492)","","","(59,204)","","","(46,288)","","","(187,979)","","","(102,316)","","","(85,663)"],["Other income","3,287","","","3,052","","","235","","","6,271","","","6,745","","","(474)"],["Total other (expense) income","(104,383)","","","(62,213)","","","(42,170)","","","(230,884)","","","23,503","","","(254,387)"],["(Loss) income from before income taxes","(151,019)","","","(69,007)","","","(82,012)","","","(274,707)","","","9,643","","","(284,350)"],["(Benefit from) provision for income taxes","(11,576)","","","952","","","(12,528)","","","(8,053)","","","(40,562)","","","32,509"],["Net (loss) income","(139,443)","","","(69,959)","","","(69,484)","","","(266,654)","","","50,205","","","(316,859)"],["Less: Net loss attributable to non-controlling interest in consolidated subsidiaries - common stockholders","(11,377)","","","(11,100)","","","(277)","","","(25,637)","","","(22,501)","","","(3,136)"],["Less: Preferred dividends and accretion on redeemable non-controlling interests","33,230","","","\u2014","","","33,230","","","70,451","","","\u2014","","","70,451"],["Less: Dividends and accretion of redeemable preferred stock","657","","","20,957","","","(20,300)","","","657","","","42,798","","","(42,141)"],["Less: Convertible preferred stock dividend","4,511","","","4,082","","","429","","","8,864","","","5,549","","","3,315"],["Net (loss) income attributable to common stockholders","(166,464)","","","(83,898)","","","(82,566)","","","(320,989)","","","24,359","","","(345,348)"]] [[/GREPCENT_TABLE]] 46 The following table sets forth a reconciliation of net (loss) income attributable to common stockholders to Adjusted EBITDA: [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1899883/000189988326000015/ftai-20251231.htm Complete FY 2025 MD&A: /company/FIP/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-03-16 Report date: 2025-12-31 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help you understand FTAI Infrastructure Inc. (“we”, “us”, “our”, or the “Company”). Our MD&A should be read in conjunction with our consolidated financial statements and the accompanying notes, and with Part I, Item 1A, “Risk Factors” and “Forward-Looking Statements” included elsewhere in this Annual Report on Form 10-K. Overview We are in the business of acquiring, developing and operating assets and businesses that represent critical infrastructure for customers in the transportation, energy and industrial products industries. We were formed on December 13, 2021 as FTAI Infrastructure LLC, a Delaware limited liability company and subsidiary of FTAI Aviation Ltd. (previously Fortress Transportation and Infrastructure Investors LLC; “FTAI” or “Former Parent”). We are a publicly-traded company trading on The Nasdaq Global Select Market under the symbol “FIP.” Our operations consist of four primary business lines: (i) Railroad, (ii) Ports and Terminals, (iii) Power and Gas and (iv) Sustainability and Energy Transition. Our Railroad business primarily invests in and operates short line and regional railroads in North America. Our Ports and Terminals business, consisting of our Jefferson Terminal and Repauno segments, develops or acquires industrial properties in strategic locations that store and handle for third parties a variety of energy products, including crude oil, refined products and clean fuels. Our Power and Gas business develops and operates facilities, such as a 485-megawatt power plant at the Long Ridge terminal in Ohio, that leverage the property’s location and key attributes to generate incremental value. Our Sustainability and Energy Transition business focuses on investments in companies and assets that utilize green technology, produce sustainable fuels and products or enable customers to reduce their carbon footprint. For the year ended December 31, 2025, our Railroad business accounted for 34% of our total revenue, our Ports and Terminals business accounted for 19% of our total revenue and our Power and Gas business accounted for 36% of our total revenue. Corporate and other sources accounted for the remaining 11% of our total revenue. We expect to continue to invest in such market sectors and pursue additional investment opportunities in other infrastructure businesses and assets we believe to be attractive and meet our investment objectives. Our team focuses on acquiring a diverse group of long-lived assets or operating businesses that provide mission-critical services or functions to infrastructure networks and typically have high barriers to entry, strong margins, stable cash flows and upside from earnings growth and asset appreciation driven by increased use and inflation. We believe that there are a large number of acquisition opportunities in our markets and that our Manager’s expertise and business and financing relationships, together with our access to capital and generally available capital for infrastructure projects in today’s marketplace, will allow us to take advantage of these opportunities. As of December 31, 2025, we had total consolidated assets of $5.7 billion and redeemable preferred stock and equity of $944.0 million. Operating Segments During the first quarter of 2023, we modified our definition of Adjusted EBITDA to exclude the impact of other non-recurring items, such as severance expense. All segment data and related disclosures for earlier periods presented herein have been recast to reflect this segment reporting structure. Our reportable segments represent strategic business units comprised of investments in different types of infrastructure assets. We have five reportable segments which operate in infrastructure businesses across several market sectors, all in North America. Our reportable segments are (i) Railroad, (ii) Jefferson Terminal, (iii) Repauno, (iv) Power and Gas and (v) Sustainability and Energy Transition. The Railroad segment is comprised of eight freight railroads and one switching company that provide rail service to certain manufacturing and production facilities, which includes the newly acquired Wheeling as of the third quarter of 2025 (refer to Note 3 for additional details). The Jefferson Terminal segment consists of a multi-modal crude oil and refined products terminal, Jefferson Terminal South and other related assets. The Repauno segment consists of a 1,630-acre deep-water port located along the Delaware River with an underground storage cavern, a multipurpose dock, a rail-to-ship transloading system and multiple industrial development opportunities. The Power and Gas segment is comprised of Long Ridge, which is a 1,660-acre multi-modal terminal located along the Ohio River with rail, dock, and multiple industrial development opportunities, including a power plant in operation. The Sustainability and Energy Transition segment is comprised of Aleon/Gladieux, Clean Planet, and CarbonFree, and all three investments are development stage businesses focused on sustainability and recycling. Corporate and Other primarily consists of unallocated corporate general and administrative expenses, management fees, debt and redeemable preferred stock. Additionally, Corporate and Other includes an operating company that provides roadside assistance services for the intermodal and over-the-road trucking industries. As of the second quarter of 2025, we have moved KRS, a railcar cleaning operation, from the Railroad segment to the Corporate and Other segment. As the chief operating decision maker (“CODM”) focuses on Transtar and Wheeling, a pure railroad business, within the Railroad segment results, we believe the change in segment for KRS better aligns with how the CODM reviews overall segment results. Due to the immateriality of the results of KRS, we will apply this change prospectively. 36 Our Manager On May 14, 2024, certain members of Fortress management and affiliates of Mubadala Investment Company, through its wholly owned asset management subsidiary, Mubadala Capital (“Mubadala”), completed their acquisition of 100% of the equity of Fortress. Fortress continues to operate as an independent investment manager under the Fortress brand, with autonomy over investment processes and decision making, personnel and operations. Results of Operations In this section, we discuss the results of our operations for the year ended December 31, 2025 compared to the year ended December 31, 2024. For a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023, please refer to Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2024. Adjusted EBITDA (Non-GAAP) The CODM utilizes Adjusted EBITDA as the key performance measure. Adjusted EBITDA is not a financial measure in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). This performance measure provides the CODM with the information necessary to assess operational performance, as well as make resource and allocation decisions. We believe Adjusted EBITDA is a useful metric for investors and analysts for similar purposes of assessing our operational performance. 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 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. We believe that net income (loss) attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock, as defined by U.S. GAAP, is the most appropriate earnings measure with which to reconcile Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net income (loss) attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock as determined in accordance with U.S. GAAP. 37 The following table presents our consolidated results of operations: [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/FIP/mda/fy2025/ All MD&A years: /company/FIP/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/FIP/mda/fy2024/): filed 2025-03-13; accession 0001899883-25-000007 (https://www.sec.gov/Archives/edgar/data/1899883/000189988325000007/ftai-20241231.htm) - [FY 2023 MD&A](/company/FIP/mda/fy2023/): filed 2024-03-27; accession 0001899883-24-000012 (https://www.sec.gov/Archives/edgar/data/1899883/000189988324000012/ftai-20231231.htm) - [FY 2022 MD&A](/company/FIP/mda/fy2022/): filed 2023-03-09; accession 0001899883-23-000002 (https://www.sec.gov/Archives/edgar/data/1899883/000189988323000002/ftai-20221231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 4011 Railroads, Line-Haul Operating) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/FIP.md · JSON record: /company/FIP.json · verified financials: /company/FIP/financials.json / /company/FIP/financials.csv · machine TOC for the whole site: /llms.txt