Fortress Transportation and Infrastructure Investors LLC FTAI → FTAI Infrastructure Inc. FIP
| Parent | Fortress Transportation and Infrastructure Investors LLC FTAI |
|---|---|
| Spinco | FTAI Infrastructure Inc. FIP |
| Status | Completed |
| Structure | Spin-off A filing states a pro-rata distribution: holders receive shares automatically. |
| Focus | Focus-increasing Parent and spinco operate in different industries — the class the research associates with stronger post-separation returns. |
| Ratio | 1 FTAI Infrastructure share for every 1 FTAI share |
| Checked against EDGAR | 2026-08-22 |
Data trap
The information statement and the annual report disagree about when regular-way trading began. The information statement's boilerplate says the first trading day following the distribution, which would be August 2; the annual report states plainly that trading began on August 1, the spin date, and that no public market existed before then. The annual report is the record of what happened and is used here. Separately, the parent renamed itself FTAI Aviation later that year and had moved exchanges months earlier, so the entity that appears as FTAI in vendor data today is not the entity that made this distribution. No filing read states an announcement date.
The restated filings have landed; this is kept as history.
Catalyst clock
- —Separation announced
- 2022-04-29Form 10 filed
- 2022-07-12Form 10 last amended
- 2022-07-15Form 10 effective
- 2022-07-21Record date
- —When-issued trading opens
- 2022-08-01Distribution
- 2022-11-01First standalone earnings
- —Index inclusion announced
Performance since separation
| FTAI Infrastructure Inc. since separation | +15.76% |
|---|---|
| Fortress Transportation and Infrastructure Investors LLC over the same window | +987.09% |
| S&P 500 (SPY) over the same window | +86.41% |
| Russell 2000 (IWM) over the same window | +60.25% |
| Excess over the S&P 500 | -70.65% |
| Excess over the Russell 2000 | -44.49% |
Measured from the first regular-way close on or after the distribution — 2022-08-01 at 3.30 — to 2026-08-21 at 3.82. Window: 4.1 years. Two benchmarks, because one is misleading: spin-offs are usually small companies, and across this period small caps lagged the S&P by several points a year on their own. Measured against the S&P alone, roughly a third of any shortfall is company size rather than the separation. Returns are arithmetic over end-of-day closing prices. Unlike every other figure on this page, they do not come from a filing.
Pre-distribution investor return
| Parent, announcement to separation | no announcement date on file |
|---|---|
| Combined (Fortress Transportation and Infrastructure Investors LLC + FTAI Infrastructure Inc.), pre-distribution to now | +987.72% |
| Combined excess over the S&P 500 | +901.86% |
| Combined excess over the Russell 2000 | +927.53% |
Combined treats a pre-spin holding as 1 FTAI Infrastructure share for every 1 FTAI share valued at the parent's last close before regular post-spin trading resumed — 2022-07-29 at 19.63 — against that same basket today. That baseline is a practical proxy, not an attempt to isolate exactly how much value the separation transferred: for a large parent and a small spinco, ordinary day-to-day price noise can be bigger than the transfer itself.
Filings
Every fact on this page comes from one of these.
- 10-12Bfiled 2022-04-29 · 0001140361-22-016706Initial Form 10 registration statement
- 10-12B/Afiled 2022-07-12 · 0001140361-22-025777Final Form 10 amendment with an information statement
- 8-Kfiled 2022-07-15 · 0001140361-22-026146Form 10 declared effective; definitive information statement with the 1-for-1 ratio and the July 21 record date
- 8-Kfiled 2022-08-01 · 0001140361-22-027683Completion: separation completed August 1, 2022; the parent retained no ownership interest
- 10-Kfiled 2023-03-09 · 0001899883-23-000002First annual report; states trading began on August 1, 2022, the spin-off date
Notes
Fortress Transportation and Infrastructure's separation of its infrastructure assets — terminals, a rail operator and a power project — from its aviation leasing business. Left unclassified: the registrant codes describe railroads and transportation services and capture neither side well. Classified focus_increasing: the Form 10 keeps FTAI's aviation/aircraft-leasing business at the parent while FTAI Infrastructure holds a genuinely different portfolio — a crude-oil terminal, a deep-water port, a power-plant investment and five freight railroads. The parent's own name containing 'Infrastructure' is misleading; the diversified industrial grab-bag is the spinco, not the retained business. FTAI Infrastructure raised $450 million of secured notes plus $300 million of preferred stock from Ares Management (~$750 million total), with proceeds paid up to the parent — both companies stayed under Fortress's external management post-separation.