FTAI Infrastructure acquires, develops, and operates hard infrastructure assets across freight rail, energy terminals, and power generation. The company's two core businesses are freight railroads and energy terminals. In rail, FTAI owns Transtar, a network of six short-line railroads serving U.S. Steel's major production facilities, and Wheeling & Lake Erie, a regional railroad operating over 1,000 miles of track in Ohio, Pennsylvania, West Virginia, and Maryland serving roughly 250 customers across commodities including energy, chemicals, grain, and plastics. In energy terminals, FTAI owns Jefferson Terminal at the Port of Beaumont on the Gulf Coast, which stores, blends, and transloads crude oil and refined products, and Repauno on the Delaware River, which exports LPG sourced via rail from Marcellus and Utica Basin fractionators. FTAI also owns Long Ridge, a 485MW combined-cycle power plant in Ohio, which it is actively exploring selling. Revenue is primarily earned through long-term contracts with minimum volume commitments — carload fees in rail and throughput and storage fees in terminals — giving the business stable, recurring cash flows. Costs in both rail and terminals are largely fixed, so incremental volumes flow heavily to EBITDA. FTAI is externally managed by a Fortress Investment Group affiliate for a 1.5% annual management fee on total equity. Management's longer-term goal is to evolve FTAI into a predominantly pure-play freight railroad company, pursuing additional short-line and regional railroad acquisitions while using proceeds from the expected Long Ridge sale to reduce leverage.