Who owns Conrail

The disclosed stakes

One row per position. Where a holder reports the same company in two share classes, both rows are shown rather than summed, because the class is part of a position's identity.

Where each figure comes from

A private stake has no ownership form behind it, so the source is always the holder's own filing or disclosure. Anything modelled says so, with the arithmetic.

• Norfolk Southern Corporation, as of 30 Jun 2026. Conrail is a limited liability company, not a share-denominated entity, so shares is null and the interest is expressed as a percentage. Q2 2026 10-Q, Note 9: 'Through a limited liability company, we and CSX Corporation (CSX) jointly own Conrail Inc. (Conrail), whose primary subsidiary is Consolidated Rail Corporation (CRC). We have a 58% economic and 50% voting interest in the jointly-owned entity, and CSX has the remainder of the economic and voting interests. Our investment in Conrail was $1.9 billion and $1.8 billion at June 30, 2026 and December 31, 2025, respectively.' This figure sizes Conrail specifically and is not part of a combined multi-investee balance. sourcesource 2
• CSX Corporation, as of 31 Dec 2025. FY2025 10-K, Note 15, Investment in Affiliates and Related-Party Transactions: 'CSX has a 42% economic interest and 50% voting interest in the jointly-owned entity, and NS has the remainder of the economic and voting interests.' CSX applies the equity method (ASC Investments-Equity Method and Joint Venture Topic) to this investment. Carrying value disclosed as $1,301 million at December 31, 2025 ($1,245 million at December 31, 2024). Conrail owns rail infrastructure and operates for the joint benefit of CSX and NS in the shared asset area; it is privately held with no public share count, so shares is null and the interest is recorded as a carrying value and economic percentage instead. source