Brian McKenna

Gregory Lewis

Giuliano Anderes-Bologna

Giuliano Bologna

Sherif Elmaghrabi

- FIP has completed several key financial objectives in the first six months of **2025**, including recapitalizing the Long Ridge facility debt (over **$1 billion**), securing financing for the Repauno facility (**$300 million to $400 million** of taxable debt), and refinancing HoldCo debt, which reduced annual interest expense from **$130 million to $100 million**.  **[1899883_tx_375179_1]** 
- The company also acquired the Wheeling and West Virginia short line railroad for **$1.5**.  **[1899883_tx_375179_1]** **[1899883_tx_375179_3]**  This acquisition is expected to significantly diversify the business, reducing reliance on **U.S. Steel** from **95%** to the **30s%**.  **[1899883_tx_375179_2]** **[1899883_tx_375179_6]** 
- FIP's strategic plan over the next **18 to 24 months** (by early to mid-2027) involves selling its Long Ridge, Repauno, and Jefferson assets, aiming to generate **$1 billion to $1.2 billion in equity** and eliminate debt.  **[1899883_tx_375179_2]** **[1899883_tx_375179_3]** 
- The long-term goal is to transition into a pure-play short line railroad business, with the combined Transtar and Wheeling & West Virginia entities projected to achieve **$200 million in EBITDA** by the end of **2026**.  **[1899883_tx_375179_1]** **[1899883_tx_375179_3]**  The overall target for the short line railroad business is **$400 million to $500 million in EBITDA**.  **[1899883_tx_375179_2]** **[1899883_tx_375179_3]** 
- The company's current annualized EBITDA, based on Q2 **2025** numbers, is **$184 million**.  **[1899883_tx_375179_3]**

Ftai Infrastructure Outlines Strategic Transformation and Financial Progress

- **FTAI Infrastructure Inc. (FIP)** filed an 8-K on **August 25, 2025**, announcing the formation of **FIP RR Holdings LLC** on **August 14, 2025**, to own **railroad-related assets**, including **Transtar** and the **Target**.  **[1899883_0001140361-25-032534_ef20054420_8k.htm:0]** **[1899883_0001140361-25-032534_ef20054420_ex10-2.htm:6]** **[1899883_0001140361-25-032534_ef20054420_ex10-2.htm:34]** 
- On **August 25, 2025**, FIP entered into key agreements related to this new entity, including a **Voting Trust Agreement**, a **Credit Agreement** with BARCLAYS, and an **Amended and Restated Limited Liability Company Agreement** for FIP RR Holdings LLC.  **[1899883_0001140361-25-032534_ef20054420_8k.htm:12]** 
- The company will file financial statements for the acquired business and pro forma financial information by amendment to the 8-K within **71 days**.  **[1899883_0001140361-25-032534_ef20054420_8k.htm:12]** 
- The document details restrictions on FIP RR Holdings LLC, such as a **$5,000,000** limit on issuing certain securities below current value and an aggregate **$30,000,000** limit on other restricted payments.  **[1899883_0001140361-25-032534_ef20054420_ex10-3.htm:6]** **[1899883_0001140361-25-032534_ef20054420_ex10-1.htm:100]**

FTAI Infrastructure (FIP)