SCHEDULE 13G/A 0001316580 XXXXXXXX LIVE 4 Common Stock, par value $0.01 per share 09/30/2025 0001899883 FTAI Infrastructure Inc. 35953C106 1345 AVENUE OF THE AMERICAS SUITE 500, #947 NEW YORK NY 10105 Rule 13d-1(c) Thebes Offshore Master Fund, LP a E9 0 3789194 0 3789194 3789194 3.3 PN Qena Capital Partners Offshore Master Fund, LP a E9 0 927548 0 927548 927548 0.8 PN LCG Holdings, LLC a DE 0 4716742 0 4716742 4716742 4.1 OO Luxor Capital Group, LP a DE 0 4716742 0 4716742 4716742 4.1 PN Luxor Management, LLC a DE 0 4716742 0 4716742 4716742 4.1 OO Christian Leone a X1 0 4716742 0 4716742 4716742 4.1 IN FTAI Infrastructure Inc. 1345 Avenue of the Americas, 45th Floor, New York, NY 10105 The names and citizenships of the persons filing this statement on Schedule 13G are (collectively, the "Reporting Persons"): Thebes Offshore Master Fund, LP ("Thebes Master Fund") Qena Capital Partners Offshore Master Fund, LP ("Qena Master Fund") LCG Holdings, LLC ("LCG Holdings") Luxor Capital Group, LP ("Luxor Capital Group") Luxor Management, LLC ("Luxor Management") Christian Leone ("Mr. Leone") The principal business address of each of Luxor Capital Group, Luxor Management, LCG Holdings, and Mr. Leone is 7 Times Square, 43rd Floor, New York, New York 10036. The principal business address of each of Thebes Master Fund and Qena Master Fund is c/o Maples Corporate Services Limited, P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. Each of Thebes Master Fund and Qena Master Fund is organized under the laws of the Cayman Islands. Each of LCG Holdings, Luxor Capital Group and Luxor Management is organized under the laws of the State of Delaware. Mr. Leone is a citizen of the United States. Y As of the close of business on September 30, 2025: (i) Thebes Master Fund beneficially owned 3,789,194 Common Shares; (ii) Qena Master Fund beneficially owned 927,548 Common Shares; (iii) LCG Holdings, as the general partner of Thebes Master Fund and Qena Master Fund, may be deemed to have beneficially owned 4,716,742 Common Shares beneficially owned by Thebes Master Fund and Qena Master Fund; (iii) Luxor Capital Group, as the investment manager of Thebes Master Fund and Qena Master Fund, may be deemed to have beneficially owned the 4,716,742 Common Shares beneficially owned by Thebes Master Fund and Qena Master Fund; (iv) Luxor Management, as the general partner of Luxor Capital Group, may be deemed to have beneficially owned the 4,716,742 Common Shares beneficially owned by Luxor Capital Group; and (v) Mr. Leone, as the managing member of Luxor Management, may be deemed to have beneficially owned the 4,716,742 Common Shares beneficially owned by Luxor Management. As of the close of business on September 30, 2025, the Reporting Persons may be deemed to have beneficially owned 4,716,742 shares of the Issuer's Common Shares or 4.1% of the Issuer's Common Shares outstanding, which percentage was calculated based on 116,294,461 of the Issuer's Common Shares outstanding as of October 29, 2025, as reported in the Issuer's Form 10Q filed with the Securities and Exchange Commission on October 31, 2025. Specifically, as of the close of business on September 30, 2025, each Reporting Person beneficially owned such percentage as reflected in Item 11 of the applicable Cover Page hereto. See Cover Pages Items 5-9. See Cover Pages Items 5-9. See Cover Pages Items 5-9. See Cover Pages Items 5-9. N Y Y Y N See Exhibit A of the Schedule 13G/A filed with the Securities and Exchange Commission on August 14, 2025 Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. Thebes Offshore Master Fund, LP /s/ Norris Nissim 11/14/2025 Qena Capital Partners Offshore Master Fund, LP /s/ Norris Nissim 11/14/2025 LCG Holdings, LLC /s/ Norris Nissim 11/14/2025 Luxor Capital Group, LP /s/ Norris Nissim 11/14/2025 Luxor Management, LLC /s/ Norris Nissim 11/14/2025 Christian Leone /s/ Norris Nissim 11/14/2025