Exhibit 10.1 Execution Version CREDIT AGREEMENT among FTAI INFRASTRUCTURE INC., as the Borrower, The Guarantors from time to time party hereto, The Several Lenders from time to time party hereto ALTER DOMUS (US) LLC, as Administrative Agent BARCLAYS BANK PLC, DEUTSCHE BANK SECURITIES INC. and MORGAN STANLEY SENIOR FUNDING, INC., as Joint Bookrunners and BMO CAPITAL MARKETS CORP., CITIZENS BANK, N.A. and JEFFERIES FINANCE LLC, as Lead Managers, Dated as of February 25, 2026 TABLE OF CONTENTS | SECTION 1. | D ...

Revenue Growth - Formula 1 revenue increased 14% to $3.9 billion for the year, with operating income growing 28% to $632 million and Adjusted OIBDA rising 20% to $946 million[1]. - MotoGP revenue also increased 14% to $573 million, with operating income growing 86% to $54 million and Adjusted OIBDA increasing 15% to $201 million on a pro forma basis[1]. - Liberty Media's consolidated revenue for 2025 was $4.48 billion, up from $3.65 billion in 2024, representing a 23% increase[7]. - Total revenue for 2025 reached $4,482 million, a 22.7% increase from $3,653 million in 2024[48]. - Motorsport revenue increased to $4,105 million in 2025, up 23.7% from $3,318 million in 2024[48]. Attendance and Viewership - F1 fan attendance reached 6.75 million, up 4% compared to 2024, while live viewership increased by 21%[1]. - MotoGP fan attendance exceeded 3.66 million, marking a 21% increase compared to 2024, with cumulative TV viewership up 9%[1]. - The Las Vegas Grand Prix sold out, attracting over 300,000 attendees and generating 1.8 billion social impressions[1]. Financial Performance - Operating income for 2025 was $577 million, compared to $287 million in 2024, reflecting a 101.0% increase[48]. - Net earnings attributable to Liberty stockholders for 2025 were $555 million, a significant recovery from a loss of $2,063 million in 2024[48]. - Adjusted OIBDA for 2025 was $1,068 million, up from $774 million in 2024, indicating a 37.9% increase[54]. - Cash flows from operating activities improved to $908 million in 2025, compared to $567 million in 2024[50]. Debt and Cash Management - Total cash and cash equivalents decreased to $1,055 million as of December 31, 2025, down from $2,631 million in 2024[1]. - Total debt as of December 31, 2025, was $5,100 million, slightly down from $5,164 million in the previous quarter[1]. - Interest expense increased to $249 million in 2025 from $208 million in 2024, reflecting higher borrowing costs[48]. - The company reported a net cash used by investing activities of $3,202 million in 2025, compared to $292 million in 2024[50]. Race and Revenue Streams - Primary Formula 1 revenue streams for 2025 comprised 26.7% from race promotion, 31.3% from media rights fees, and 21.7% from sponsorship fees[11]. - The number of races in 2025 included 24 for the full year and 7 in the fourth quarter, compared to 24 and 6 in 2024 respectively[12]. - The number of races held in 2025 was 22, compared to 20 in 2024, contributing to increased race promotion revenue[1]. - Primary MotoGP revenue for the year ended December 31, 2025, was $502 million, a 15% increase compared to $435 million in 2024[1]. - Total motorsport revenue increased to $573 million in 2025, reflecting a 14% growth from $503 million in 2024[1]. Corporate Actions - Liberty Media completed the split-off of Liberty Live Holdings on December 15, 2025, resulting in separate trading of the two companies[3]. - Liberty Media's remaining repurchase authorization for common stock is $1.1 billion as of February 1, 2026[1]. - The company incurred $3,267 million in cash for acquisitions in 2025, a substantial increase from $205 million in 2024[50]. - Team payments as a percentage of pre-team payment Adjusted OIBDA decreased from 61.5% in 2024 to 59.7% in 2025[16]. - MotoGP leverage improved to 4.7x as of December 31, 2025, compared to 5.6x in the previous quarter[1].

Exhibit 99.1 LIBERTY MEDIA CORPORATION REPORTS FOURTH QUARTER AND YEAR END 2025 FINANCIAL AND OPERATING RESULTS Englewood, Colorado, February 26, 2026 - Liberty Media Corporation ("Liberty Media" or "Liberty") (NASDAQ: FWONA, FWONK) today reported fourth quarter and year end 2025 results. Headlines include (1): 1 "2025 was an exceptional and productive year for Liberty, and we are excited about the opportunities ahead," said Derek Chang, Liberty Media President & CEO. "We delivered on our key strategic obje ...

LIBERTY MEDIA CORPORATION REPORTS FOURTH QUARTER AND YEAR END 2025 FINANCIAL AND OPERATING RESULTS Englewood, Colorado, February 26, 2026 - Liberty Media Corporation ("Liberty Media" or "Liberty") (NASDAQ: FWONA, FWONK) today reported fourth quarter and year end 2025 results. Headlines include (1): Exhibit 99.1 1 ● Formula 1 o For the year, F1 revenue increased 14% to $3.9 billion, operating income grew 28% to $632 million and Adjusted OIBDA (2) increased 20% to $946 million o 2025 F1 fan attendance of 6.75 ...

Exhibit 99.1 ● Formula 1 o For the year, F1 revenue increased 14% to $3.9 billion, operating income grew 28% to $632 million and Adjusted OIBDA (2) increased 20% to $946 million o 2025 F1 fan attendance of 6.75 million, up 4% compared to 2024 and live viewership up 21% compared to 2024 o Announced the return of the Portugal Grand Prix in 2027 and 2028 and extended the Barcelona-Catalunya Grand Prix through 2032 on rotation with the Belgium Grand Prix o Entered into new multi-year sponsorship agreement with ...

Exhibit 99.1 LIBERTY MEDIA CORPORATION REPORTS FOURTH QUARTER AND YEAR END 2025 FINANCIAL AND OPERATING RESULTS Englewood, Colorado, February 26, 2026 - Liberty Media Corporation ("Liberty Media" or "Liberty") (NASDAQ: FWONA, FWONK) today reported fourth quarter and year end 2025 results. Headlines include (1): 1 ● Formula 1 o For the year, F1 revenue increased 14% to $3.9 billion, operating income grew 28% to $632 million and Adjusted OIBDA (2) increased 20% to $946 million o 2025 F1 fan attendance of 6.75 ...

Exhibit 99.1 LIBERTY MEDIA CORPORATION REPORTS FOURTH QUARTER AND YEAR END 2025 FINANCIAL AND OPERATING RESULTS Englewood, Colorado, February 26, 2026 - Liberty Media Corporation ("Liberty Media" or "Liberty") (NASDAQ: FWONA, FWONK) today reported fourth quarter and year end 2025 results. Headlines include (1): 1 ● Formula 1 o For the year, F1 revenue increased 14% to $3.9 billion, operating income grew 28% to $632 million and Adjusted OIBDA (2) increased 20% to $946 million o 2025 F1 fan attendance of 6.75 ...

Exhibit 99.1 LIBERTY MEDIA CORPORATION REPORTS FOURTH QUARTER AND YEAR END 2025 FINANCIAL AND OPERATING RESULTS Englewood, Colorado, February 26, 2026 - Liberty Media Corporation ("Liberty Media" or "Liberty") (NASDAQ: FWONA, FWONK) today reported fourth quarter and year end 2025 results. Headlines include (1): 1 ● Formula 1 o For the year, F1 revenue increased 14% to $3.9 billion, operating income grew 28% to $632 million and Adjusted OIBDA (2) increased 20% to $946 million o 2025 F1 fan attendance of 6.75 ...

Investment and Financial Overview - Over $1.8 billion has been invested in the development of NuScale technology, including more than $578.3 million from the DOE[38]. - The company has incurred significant losses since inception and expects to continue incurring losses, making profitability uncertain[150]. - NuScale has not generated any material revenue to date and expects to require additional funding to support operations and commercialization[174]. - The company plans to reduce its workforce by 28% to align resources with core priorities, focusing on revenue-generating projects and technology commercialization[104]. - The company expects to retain future earnings to fund business development and growth, with capital appreciation being the sole source of gain for stockholders in the foreseeable future[207]. - The company does not expect to pay any cash dividends in the foreseeable future, which may affect investor interest[206]. - Payments under the Tax Receivable Agreement may exceed the actual tax benefits realized by NuScale Corp, potentially impairing its financial condition[137]. - The company is required to pay 85% of certain tax benefits realized from increases in tax basis due to exchanges of NuScale LLC Class B units for shares of Class A common stock[131]. - Following a Tax Receivable Agreement Amendment on November 6, 2025, NuScale will only be required to pay 42.5% of net cash tax savings from the exchange of Fluor Class B units[133]. Technology and Design - The NuScale Power Module™ (NPM) can generate 77 MWe and is designed for scalability from one to twelve modules, with configurations of 12-module (924 MWe), six-module (462 MWe), and four-module (308 MWe)[37][40]. - NuScale's NPM technology leverages existing light water nuclear reactor technology, which has been operating globally for over 60 years, ensuring a proven performance record[56]. - NuScale's innovative safety design allows for an unlimited coping period without the need for operator actions or external power, a significant improvement over traditional reactors[80]. - The modular design of SMRs allows for reduced construction times and greater cost predictability compared to traditional large-scale nuclear facilities[54]. - Each NPM can operate continuously for approximately 20 months before requiring refueling, with only a 77 MWe reduction in total plant output for about 10 days during staggered refueling[66]. - The expected capacity factor for a 12-module power plant producing 924 MWe is approximately 98%, significantly higher than other non-nuclear power generation methods[62]. - NuScale's design allows for operation without a grid connection, enabling off-grid capabilities and making it a first responder to grid restoration[62]. - NuScale's innovative technology has increased power output to 77 MWe per module without raising construction costs, indicating ongoing R&D efforts to enhance efficiency and reduce costs[94]. Regulatory Approvals and Compliance - The NRC approved NuScale's 12-module design for 160 million watts of thermal power (50 MWe per NPM) and the second SDA application for the 6-unit 77 MWe NPM design in May 2025[38]. - The NRC approved NuScale's design in 41 months, the fastest approval ever, allowing for a 50 MWe NPM and 12-module plant design[108]. - In May 2025, the NRC approved the company's second SDA application for a 6-module, 77 MWe NPM design, streamlining the regulatory process for customers[109]. - Customers must secure additional regulatory approvals to construct power plants using the company's NPMs, which could lead to significant delays and costs[188]. - The company is subject to potential claims regarding ownership of patents and intellectual property, which could adversely affect its business if not successfully defended[185]. - Regulatory approvals for the company's SMR design are currently only granted in the United States, with potential delays or denials in foreign markets impacting sales[187]. Market Demand and Competition - The global demand for electric power is projected to rise by 75% by 2050, driven by factors such as electric vehicles and data centers[47]. - Nuclear power plants produced 18% of the U.S. electricity in 2023, despite having only an 8% share of the total energy generation capacity[50]. - The U.S. aims to expand nuclear energy capacity from approximately 100 GW in 2024 to 400 GW by 2050, as per an executive order signed in May 2025[52]. - NuScale aims to grow by replacing carbon-intensive coal-fired power plants and providing alternatives to new gas-fired generation, focusing on sectors like direct air capture and hydrogen production[92]. - NuScale faces competition from other nuclear reactor technologies and companies operating commercial SMRs in China and Russia[143]. Intellectual Property and Technology Protection - The company has received 513 patents issued and 268 patents pending, protecting key aspects of its technology and maintaining a competitive advantage[78]. - NuScale's intellectual property protection may be challenged, exposing the company to potential loss of competitive advantage[178]. - The company may not be able to protect its intellectual property rights globally due to differing patent laws in various jurisdictions[180]. Operational Risks and Challenges - Manufacturing and construction issues could arise during production, potentially impacting deployment costs and schedules[164]. - The company faces risks related to the execution of binding agreements with ENTRA1, which may not guarantee revenue-generating contracts[160]. - Changes in U.S. trade policy, including tariffs, may adversely affect costs and delivery schedules for components manufactured overseas[170]. - The company relies on a senior management team with extensive experience, and losing key personnel could impair business strategy execution[173]. - Adverse public perception of nuclear energy could impact customer demand and regulatory requirements, affecting business operations[165]. - The company anticipates that costs associated with operating as a public company will increase, complicating financial projections[174]. Cybersecurity and Litigation - Cybersecurity risks are a major concern, with increasing sophistication of cyberattacks that could compromise information technology systems and data[209]. - The company has not experienced a material cybersecurity breach to date, but acknowledges the potential for significant adverse effects if such an incident were to occur[210]. - The company is involved in ongoing litigation that could materially affect its operations and financial condition, including a class action lawsuit related to federal securities laws[213]. - The company has a robust enterprise risk management process that includes assessing and managing cybersecurity risks, with oversight from the Board of Directors[216]. - The corporate information security organization is responsible for the overall cybersecurity strategy and has implemented a managed detection and response platform for continuous monitoring[219]. - The company relies on third-party services for cybersecurity monitoring and has contractual requirements for subcontractors to implement security controls[224].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO | State or other | | | I.R.S. Employer | | --- | --- | --- | --- | | Commission | | jurisdiction of | Identification | | Name of Registrant, A ...