Form 8-K

8-K — FTAI Infrastructure Inc.

Accession: 0001899883-26-000023

Filed: 2026-05-07

Period: 2026-05-07

CIK: 0001899883

SIC: 4011 (RAILROADS, LINE-HAUL OPERATING)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — ftai-20260507.htm (Primary)

EX-99.1 (fip33120268-kxexhibit991.htm)

GRAPHIC (ftai_infrastructurexlogo.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: ftai-20260507.htm · Sequence: 1

ftai-20260507

2026falseFY000189988300018998832026-05-072026-05-07

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): May 7, 2026

FTAI INFRASTRUCTURE INC.

(Exact name of registrant as specified in its charter)

Delaware

001-41370

87-4407005

(State or other jurisdiction of

incorporation or organization)

(Commission File Number)

(I.R.S. Employer Identification Number)

1345 Avenue of the Americas, 45th Floor

New York, New York 10105

(Address of principal executive offices and zip code)

(212) 798-6100

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $0.01 per share

FIP

The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02. Results of Operations and Financial Condition.

On May 7, 2026, FTAI Infrastructure Inc. (“FIP” or the “Company”) issued a press release announcing the Company’s results for its fiscal quarter ended March 31, 2026. A copy of the Company’s press release is attached to this Current Report on Form 8-K (the “Current Report”) as Exhibit 99.1 and is incorporated herein solely for purposes of this Item 2.02 disclosure.

This Current Report, including the exhibit attached hereto, is being furnished and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, unless expressly set forth as being incorporated by reference into such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number

Description

99.1

Press release, dated May 7, 2026, issued by FTAI Infrastructure Inc.

104

Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: May 7, 2026

FTAI INFRASTRUCTURE INC.

/s/ Kenneth J. Nicholson

Kenneth J. Nicholson

Chief Executive Officer and President

EX-99.1

Filename: fip33120268-kxexhibit991.htm · Sequence: 2

Document

Exhibit 99.1

PRESS RELEASE

FTAI Infrastructure Inc. Reports First Quarter 2026 Results, Declares Dividend of $0.03 per Share of Common Stock

NEW YORK, May 7, 2026 (GLOBE NEWSWIRE) -- FTAI Infrastructure Inc. (NASDAQ:FIP) (the “Company” or “FTAI Infrastructure”) today reported financial results for the first quarter 2026. The Company’s consolidated comparative financial statements and key performance measures are attached as an exhibit to this press release.

Business Highlights

•Announced agreement on April 30, 2026, to sell Long Ridge to MARA Holdings, Inc. for $1.52 billion transaction value.

•At closing of the sale, FIP will immediately eliminate $1.16 billion of Long Ridge debt and use net proceeds to repay approximately $300 million of debt at the FIP parent level, resulting in lower interest expense and higher free cash flow going forward.

•Reported $70.6 million of Adjusted EBITDA for the first quarter of 2026.

•Long Ridge first quarter results were impacted by a 25-day planned outage of the power plant for scheduled maintenance; excluding the impact of the outage, Adjusted EBITDA for FIP would have exceeded $80 million for Q1 and would have represented a new quarterly record.

•Strong performance from rail segment and Jefferson, while Repauno phase two expansion continued on plan for early 2027 operational commencement.

Financial Overview

(in thousands, except per share data)

Selected Financial Results

Q1’26

Net Loss Attributable to Stockholders, Before Series B Preferred Stock Dividend and Loss on Extinguishment of Preferred Stock

$ (150,172)

Basic and Diluted Loss per Share of Common Stock $ (1.32)

Adjusted EBITDA (1)

$ 70,592

Adjusted EBITDA - Four core segments (1)(2)

$ 78,760

_______________________________

(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.

First Quarter 2026 Dividends

On May 7, 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 March 31, 2026, payable on June 12, 2026 to the holders of record on May 18, 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 Quarterly Report on Form 10-Q, 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, May 8, 2026 at 8:00 A.M. Eastern Time. The conference call may be accessed by registering via the following link https://dpregister.com/sreg/10207794/103afb4fca0. 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, May 8, 2026 through 11:30 A.M. on Friday, May 15, 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

aandreini@ftaiaviation.com

Exhibit - Financial Statements

FTAI INFRASTRUCTURE INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(Dollar amounts in thousands, except share and per share data)

Three Months Ended March 31,

2026 2025

Revenues

Total revenues $ 188,364 $ 96,161

Expenses

Operating expenses 120,394 67,045

General and administrative 3,554 5,113

Acquisition and transaction expenses 6,820 3,515

Management fees and incentive allocation to affiliate 4,092 2,542

Depreciation and amortization 50,691 25,012

Total expenses 185,551 103,227

Other income (expense)

Equity in (losses) earnings of unconsolidated entities (518) 5,314

(Loss) gain on sale of assets, net (566) 119,828

Loss on modification or extinguishment of debt (45,914) (7)

Interest expense (82,487) (43,112)

Other income 2,984 3,693

Total other (expense) income (126,501) 85,716

(Loss) income before income taxes (123,688) 78,650

Provision for (benefit from) income taxes 3,523 (41,514)

Net (loss) income (127,211) 120,164

Less: Net loss attributable to non-controlling interests in consolidated subsidiaries - common stockholders (14,260) (11,401)

Less: Preferred dividends and accretion on redeemable non-controlling interests 37,221 —

Less: Dividends and accretion of redeemable preferred stock — 21,841

Net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock $ (150,172) $ 109,724

Net (loss) income attributable to common stockholders $ (154,525) $ 108,257

(Loss) earnings per share:

Basic $ (1.32) $ 0.95

Diluted $ (1.32) $ 0.89

Weighted average shares outstanding:

Basic 116,689,474 114,101,860

Diluted 116,689,474 122,758,859

FTAI INFRASTRUCTURE INC.

CONSOLIDATED BALANCE SHEETS

(Dollar amounts in thousands, except share and per share data)

(Unaudited)

March 31, 2026 December 31, 2025

Assets

Current assets:

Cash and cash equivalents $ 37,860 $ 57,351

Restricted cash and cash equivalents 189,571 268,595

Accounts receivable, net 97,368 95,388

Other current assets 72,778 62,677

Total current assets 397,577 484,011

Leasing equipment, net 36,178 36,570

Operating lease right-of-use assets, net 149,274 133,493

Property, plant, and equipment, net 4,576,463 4,581,771

Investments 21,726 22,243

Intangible assets, net 42,170 43,173

Goodwill 365,703 365,703

Other assets 99,441 81,697

Total assets $ 5,688,532 $ 5,748,661

Liabilities

Current liabilities:

Accounts payable and accrued liabilities $ 251,870 $ 280,707

Debt, net 25,433 65,438

Operating lease liabilities 11,090 9,108

Derivative liabilities 50,290 34,381

Other current liabilities 23,039 20,363

Total current liabilities 361,722 409,997

Debt, net 3,787,717 3,708,735

Operating lease liabilities 85,484 71,000

Derivative liabilities 158,648 189,116

Warrant liabilities 82,506 81,599

Deferred income tax liabilities 301,831 300,231

Other liabilities 90,562 44,000

Total liabilities 4,868,470 4,804,678

Commitments and contingencies — —

Redeemable convertible preferred stock Series B ($0.01 par value per share; 200,000,000 total preferred shares authorized; 160,000 and 160,000 Series B shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively; redemption amount of $192.0 million and $192.0 million at March 31, 2026 and December 31, 2025, respectively)

152,642 152,642

Redeemable preferred stock Series A RailCo - Non-controlling interest (zero par value per share; 1,000,000 total preferred shares authorized; 1,000,000 Series A - RailCo shares issued and outstanding as of March 31, 2026 and December 31, 2025; redemption amount of $1.4 billion and $1.4 billion at March 31, 2026 and December 31, 2025, respectively)

970,516 937,578

Equity

Common stock ($0.01 par value per share; 2,000,000,000 shares authorized; 118,163,555 and 116,294,461 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively)

1,182 1,163

Additional paid in capital 589,593 623,771

Accumulated deficit (625,943) (512,992)

Accumulated other comprehensive loss (87,295) (90,618)

Stockholders' equity (122,463) 21,324

Non-controlling interest in equity of consolidated subsidiaries (180,633) (167,561)

Total equity (303,096) (146,237)

Total liabilities, redeemable preferred stock and equity $ 5,688,532 $ 5,748,661

FTAI INFRASTRUCTURE INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Dollar amounts in thousands, unless otherwise noted)

Three Months Ended March 31,

2026 2025

Cash flows from operating activities:

Net (loss) income $ (127,211) $ 120,164

Adjustments to reconcile net loss to net cash used in operating activities:

Equity in losses (earnings) of unconsolidated entities 518 (5,314)

Gain on sale of subsidiaries — (119,952)

Loss on modification or extinguishment of debt 45,914 7

Equity-based compensation 10,978 1,253

Depreciation and amortization 50,691 25,012

Change in deferred income taxes 1,600 (41,827)

Amortization of deferred financing costs 3,876 2,908

Amortization of bond discount 12,155 1,892

Amortization of other comprehensive income (10,236) (1,588)

Other 3,293 105

Change in:

Accounts receivable (2,002) 91

Other assets (19,570) (4,402)

Accounts payable and accrued liabilities (38,458) 1,927

Derivative liabilities — (66,713)

Other liabilities (925) 786

Net cash used in operating activities (69,377) (85,651)

Cash flows from investing activities:

Investment in unconsolidated entities (7,180) (6,943)

Acquisition of business, net of cash acquired — 226,628

Acquisition of property, plant and equipment (46,476) (66,529)

Proceeds from investor loan — 11,001

Proceeds from sale of property, plant and equipment 8,901 142

Net cash (used in) provided by investing activities (44,755) 164,299

Cash flows from financing activities:

Proceeds from debt, net 1,309,459 28,237

Repayment of debt (1,320,223) —

Payment of financing costs (11,525) (1,270)

Proceeds from financing obligation 50,000 —

Repayment of financing obligation (366) —

Cash dividends - common stock (3,545) (3,443)

Cash dividends - redeemable preferred stock — (25,516)

Cash dividends - redeemable preferred stock - NCI (5,000) —

Settlement of equity-based compensation (2,823) (545)

Distributions to non-controlling interests (360) —

Net cash provided by (used in) financing activities 15,617 (2,537)

Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents (98,515) 76,111

Cash and cash equivalents and restricted cash and cash equivalents, beginning of period 325,946 147,296

Cash and cash equivalents and restricted cash and cash equivalents, end of period $ 227,431 $ 223,407

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, gains (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) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock to Adjusted EBITDA for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31, Change

(in thousands) 2026 2025

Net (loss) income attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock $ (150,172) $ 109,724 $ (259,896)

Add: Provision for (benefit from) income taxes 3,523 (41,514) 45,037

Add: Equity-based compensation expense 10,978 1,253 9,725

Add: Acquisition and transaction expenses 6,820 3,515 3,305

Add: Losses on the modification or extinguishment of debt and capital lease obligations 45,914 7 45,907

Add: Changes in fair value of non-hedge derivative instruments 558 — 558

Add: Asset impairment charges — — —

Add: Incentive allocations — — —

Add: Depreciation and amortization expense (1)

41,688 24,657 17,031

Add: Interest expense 82,487 43,112 39,375

Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2)

(518) 4,500 (5,018)

Add: Dividends and accretion of redeemable preferred stock 37,221 21,841 15,380

Add: Interest and other costs on pension and OPEB liabilities (180) (265) 85

Add: Other non-recurring items (3)

2,661 1,035 1,626

Less: Equity in losses (earnings) of unconsolidated entities 518 (5,314) 5,832

Less: Non-controlling share of Adjusted EBITDA (4)

(10,906) (7,332) (3,574)

Adjusted EBITDA (Non-GAAP) $ 70,592 $ 155,219 $ (84,627)

_______________________________

(1)Includes the following items for the three months ended March 31, 2026 and 2025: (i) depreciation and amortization expense of $50,691 and $25,012, (ii) capitalized contract costs amortization of $1,233 and $1,233 and (iii) amortization of other comprehensive income of $(10,236) and $(1,588), respectively.

(2)Includes the following items for the three months ended March 31, 2026 and 2025: (i) net (loss) income of $(518) and $6,578, (ii) interest expense of $— and $7,648, (iii) depreciation and amortization expense of $— and $2,884, (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)Includes the following items for the three months ended March 31, 2026: (i) Railroad severance and integration expenses of $1,471 and (ii) unrealized loss on investment of $1,190. Includes the following items for the three months ended March 31, 2025: (i) incidental utility rebillings of $650 and (ii) loss on inventory heel of $385.

(4)Includes the following items for the three months ended March 31, 2026 and 2025: (i) equity-based compensation of $1,772 and $138, (ii) provision for income taxes of $66 and $104, (iii) interest expense of $4,052 and $3,940, (iv) depreciation and amortization expense of $3,331 and $3,069, (v) acquisition and transaction expenses of $15 and $1, (vi) interest and other costs on pension and OPEB liabilities of $— and $(2), (vii) asset impairment charges of $— and $19,

(viii) losses on the modification or extinguishment of debt of $1,489 and $2, (ix) dividends and accretion of redeemable preferred stock of $175 and $— and (x) other non-recurring items of $6 and $61, 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 ended March 31, 2026:

Three Months Ended March 31, 2026

(in thousands) Railroad Jefferson Terminal Repauno Power and Gas Four Core Segments

Net loss attributable to stockholders, before series B preferred stock dividend and loss on extinguishment of preferred stock

$ (25,214) $ (18,872) $ (8,165) $ (5,171) $ (57,422)

Add: Provision for (benefit from) income taxes

3,298 212 — — 3,510

Add: Equity-based compensation expense 447 7,253 1,592 1,583 10,875

Add: Acquisition and transaction expenses 1,608 — — 801 2,409

Add: Losses on the modification or extinguishment of debt and capital lease obligations — 6,429 — — 6,429

Add: Changes in fair value of non-hedge derivative instruments 906 — — (348) 558

Add: Asset impairment charges — — — — —

Add: Incentive allocations — — — — —

Add: Depreciation and amortization expense (1)

19,487 13,220 2,583 6,140 41,430

Add: Interest expense 1,499 16,235 1,951 23,666 43,351

Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities

— — — — —

Add: Dividends and accretion of redeemable preferred stock 37,221 — — — 37,221

Add: Interest and other costs on pension and OPEB liabilities (180) — — — (180)

Add: Other non-recurring items (2)

1,471 — — — 1,471

Less: Equity in earnings of unconsolidated entities — — — — —

Less: Non-controlling share of Adjusted EBITDA (3)

(310) (10,040) (282) (260) (10,892)

Adjusted EBITDA (Non-GAAP) $ 40,233 $ 14,437 $ (2,321) $ 26,411 $ 78,760

_______________________________

(1)Jefferson Terminal

Includes the following items for the three months ended March 31, 2026: (i) depreciation and amortization expense of $11,987 and (ii) capitalized contract costs amortization of $1,233.

Power and Gas

Includes the following items for the three months ended March 31, 2026: (i) depreciation and amortization expense of $16,376 and (ii) amortization of other comprehensive income of $(10,236).

(2)Railroad

Includes the following items for the three months ended March 31, 2026: Railroad severance and integration expenses of $1,471.

(3)Railroad

Includes the following items for the three months ended March 31, 2026: (i) equity-based compensation expense of $2, (ii) provision for income taxes of $16, (iii) interest expense of $7, (iv) depreciation and amortization expense of $92, (v) acquisition and transaction expenses of $8, (vi) dividends and accretion of redeemable preferred stock of $175, (vii) changes in fair value of non-hedge derivative instruments of $4 and (viii) other non-recurring items of $6.

Jefferson Terminal

Includes the following items for the three months ended March 31, 2026: (i) equity-based compensation expense of $1,679, (ii) provision for income taxes of $49, (iii) interest expense of $3,761, (iv) depreciation and amortization expense of $3,062 and (v) losses on the modification or extinguishment of debt of $1,489.

Repauno

Includes the following items for the three months ended March 31, 2026: (i) equity-based compensation expense of $73, (ii) interest expense of $90 and (iii) depreciation and amortization expense of $119.

Power and Gas

Includes the following items for the three months ended March 31, 2026: (i) equity-based compensation expense of $13, (ii) interest expense of $194, (iii) depreciation and amortization expense of $50, (iv) acquisition and transaction expenses of $7 and (v) changes in fair value of non-hedge derivative instruments of $(4).

GRAPHIC

Filename: ftai_infrastructurexlogo.jpg · Sequence: 6

Binary file (378201 bytes)

Download ftai_infrastructurexlogo.jpg

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 8

v3.26.1

Cover

May 07, 2026

Cover [Abstract]

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Document Type

8-K

Document Period End Date

May 07, 2026

Entity Registrant Name

FTAI INFRASTRUCTURE INC.

Entity Incorporation, State or Country Code

Entity File Number

001-41370

Entity Tax Identification Number

87-4407005

Local Phone Number

798-6100

Entity Address, Address Line One

1345 Avenue of the Americas

Entity Address, Address Line Two

45th Floor

Entity Address, City or Town

New York

Entity Address, State or Province

Entity Address, Postal Zip Code

10105

City Area Code

212

Title of 12(b) Security

Common Stock, par value $0.01 per share

Trading Symbol

FIP

Security Exchange Name

NASDAQ

Entity Emerging Growth Company

false

Document Fiscal Year Focus

2026

Amendment Flag

false

Document Fiscal Period Focus

Entity Central Index Key

0001899883

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Cover page.

+ References

No definition available.

+ Details

Name:

dei_CoverAbstract

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

Fiscal period values are FY, Q1, Q2, and Q3. 1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.

+ References

No definition available.

+ Details

Name:

dei_DocumentFiscalPeriodFocus

Namespace Prefix:

dei_

Data Type:

dei:fiscalPeriodItemType

Balance Type:

Period Type:

duration

- Definition

This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.

+ References

No definition available.

+ Details

Name:

dei_DocumentFiscalYearFocus

Namespace Prefix:

dei_

Data Type:

xbrli:gYearItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 2 such as Street or Suite number

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine2

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration