Here are Tourlite Fund's Thoughts on FTAI Infrastructure (FIP)

Tourlite Capital Management, an investment management firm, released its third-quarter 2025 investor letter. A copy of the letter can be downloaded here. Tourlite Fund, LP returned -2.0% in the third quarter of 2025 compared to 8.1% and 12.4% returns for the S&P 500 and the Russell 2000 Indexes. Since its inception, the fund has achieved annualized returns of 8.6%, compared to 13.4% and 6.3% for the Indexes, respectively. The firm observed that the rise in speculative, lower-quality stocks is similar to the trend seen in late 2021. In addition, please check the fund’s top five holdings to know its best picks in 2025.

In its third-quarter 2025 investor letter, Tourlite Capital Management highlighted stocks such as FTAI Infrastructure Inc. (NASDAQ:FIP). Headquartered in New York, New York, FTAI Infrastructure Inc. (NASDAQ:FIP) acquires, develops, and operates assets and businesses that represent infrastructure for customers in the transportation and energy industries. The one-month return of FTAI Infrastructure Inc. (NASDAQ:FIP) was -27.44%, and its shares lost 52.48% of their value over the last 52 weeks. On November 19, 2025, FTAI Infrastructure Inc. (NASDAQ:FIP) stock closed at $4.02 per share, with a market capitalization of $467.504 million.

Tourlite Capital Management stated the following regarding FTAI Infrastructure Inc. (NASDAQ:FIP) in its third quarter 2025 investor letter:

"In August, FTAI Infrastructure Inc. (NASDAQ:FIP) announced a transformative transaction involving the acquisition of Wheeling & Lake Erie Railway Company and a refinancing of its holding company debt. While the market initially reacted negatively, largely due to the high headline leverage and the issuance of preferred equity warrants tied to the new combined “RailCo,” we believe this reaction overlooks the long term value creation potential. Many of FIP’s infrastructure assets are still ramping toward full earnings potential or remain under development, temporarily inflating leverage metrics. Although we would have preferred the refinancing without the warrant component, we continue to see substantial upside in FIP’s equity. Following the announcement, both the CEO and Chairman early exercised their options, triggering a cash tax event, to increase exposure at what we view as highly attractive share price levels.

Management guided to normalized EBITDA of $200 million for the new Transtar “RailCo.” At a conservative 12x multiple for short-line rail assets, this implies value of more than $10+ per share to FIP shareholders.

On October 16th, Repauno secured new cavern permits for Phase 3, further enhancing its strategic value and positioning it as a compelling acquisition target. Phases 1 and 2 are expected to generate approximately $90 million of EBITDA, while Phase 3 expansion could add an additional $100 million within two years. Applying a conservative 10x multiple to normalized EBITDA, Repauno could be worth $12+ per share to FIP..." (Click here to read the full text)

FTAI Infrastructure Inc. (NASDAQ:FIP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. According to our database, 24 hedge fund portfolios held FTAI Infrastructure Inc. (NASDAQ:FIP) at the end of the second quarter, the same as in the previous quarter.  While we acknowledge the potential of FTAI Infrastructure Inc. (NASDAQ:FIP) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

In another article, we covered FTAI Infrastructure Inc. (NASDAQ:FIP) and shared the list of best dividend penny stocks to buy according to analysts. In addition, please check out our hedge fund investor letters Q3 2025 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.