View Filing Data

Print Document View Excel Document

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2015	Jun. 03, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Fortress Transportation & Infrastructure Investors LLC
Entity Central Index Key	0001590364
Document Type	10-Q
Document Period End Date	Mar. 31, 2015
Document Fiscal Year Focus	2015
Amendment Flag	false
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		73,502,873

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 37,292	$ 22,125
Restricted cash	16,431	21,084
Accounts receivable, net	10,123	9,588
Leasing equipment, net	502,945	509,379
Finance leases, net	99,872	102,813
Property, plant, and equipment, net	264,421	228,328
Investments in and advances to unconsolidated entities	21,823	21,569
Tendered bonds	298,000	298,000
Intangible assets, net	49,025	52,041
Goodwill	115,226	115,226
Other assets	23,461	24,048
Total assets	1,438,619	1,404,201
Liabilities
Accounts payable and accrued liabilities	28,744	42,784
Debt	588,603	592,867
Maintenance deposits	35,265	35,575
Security deposits	12,790	13,622
Other liabilities	6,413	5,856
Total liabilities	671,815	690,704
Commitments and Contingencies
Members' Equity
Common Shares ($.01 par value per share; 2,000,000,000 shares authorized; 53,502,873 shares issued and outstanding)	535	535
Additional Paid In Capital	657,404	613,683
Accumulated other comprehensive income	75	214
Members' equity	658,014	614,432
Non-controlling interest in equity of consolidated subsidiaries	108,790	99,065
Total members' equity	766,804	713,497
Total liabilities and members' equity	$ 1,438,619	$ 1,404,201

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares issued (in shares)	53,502,873	53,502,873
Common stock, shares outstanding (in shares)	53,502,873	53,502,873

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenues
Total revenues	$ 33,973	$ 7,696
Expenses
Operating expenses	14,719	537
General and administrative	348	227
Acquisition and transaction expenses	368	3,333
Management fees to affiliate	2,414	751
Depreciation and amortization	10,562	1,831
Interest expense	4,815	817
Total expenses	33,226	7,496
Other income
Equity in earnings of unconsolidated entities	1,241	1,604
Gain (loss) on sale of equipment, net	3	(40)
Interest income	187	6
Other income (expense)	(6)	(9)
Total other income	1,425	1,561
Income before income taxes	2,172	1,761
Provision for income taxes	230	159
Net income	1,942	1,602
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	(3,506)	176
Net income attributable to members	$ 5,448	$ 1,426
Basic and Diluted Earnings Per Share (In dollars per share)	$ 0.10	$ 0.03
Weighted Average Shares Outstanding (in shares)	53,502,873	53,502,873
Equipment Leasing
Revenues
Total revenues	$ 23,038	$ 7,696
Infrastructure
Revenues
Total revenues	$ 10,935	$ 0

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 1,942	$ 1,602
Other comprehensive income (loss):
Change in fair value of cash flow hedge	(139)	(17)
Comprehensive income	1,803	1,585
Comprehensive income (loss) attributable to non-controlling interest	(3,506)	176
Comprehensive income attributable to members	$ 5,309	$ 1,409

CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS’ EQUITY (Unaudited) - 3 months ended Mar. 31, 2015 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid In Capital	Accumulated Other Comprehensive Income	Non-controlling interest in equity of consolidated subsidiaries
Members' equity - December 31, 2014 at Dec. 31, 2014	$ 713,497	$ 535	$ 613,683	$ 214	$ 99,065
Comprehensive income (loss):
Net income for the period	1,942		5,448		(3,506)
Other comprehensive income (loss)	(139)			(139)
Comprehensive income	1,803		5,448	(139)	(3,506)
Capital contributions	73,913		61,991		11,922
Capital distributions	(23,829)		(23,718)		(111)
Equity-based compensation	1,420				1,420
Members' equity - March 31, 2015 at Mar. 31, 2015	$ 766,804	$ 535	$ 657,404	$ 75	$ 108,790

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income	$ 1,942	$ 1,602
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of unconsolidated entities	(1,241)	(1,604)
(Gain) loss on sale of equipment	(3)	40
Income from forfeiture of security deposit	(1,120)	0
Equity-based compensation	1,420	0
Depreciation and amortization	10,562	1,831
Change in current and deferred income taxes	32	159
Change in fair value of non-hedge derivative	8	9
Amortization of lease intangibles and incentives	2,156	152
Amortization of deferred financing costs	366	36
Operating distributions from unconsolidated entities	54	1,313
Bad debt expense	4	43
Other	(207)	0
Change in:
Accounts receivable	(141)	8
Other assets	441	(70)
Accounts payable and accrued liabilities	(7,387)	1,223
Management fees payable to affiliate	(1,212)	(513)
Other liabilities	548	395
Net cash provided by operating activities	6,222	4,624
Cash flows from investing activities:
Change in restricted cash	4,653	0
Acquisition of other investment	0	(27,600)
Principal collections on finance leases	2,941	2,698
Acquisition of leasing equipment	(33)	(25,411)
Acquisition of property plant and equipment	(44,296)	0
Acquisition of lease intangibles	0	(3,745)
Proceeds from sale of property, plant and equipment	121	0
Proceeds from sale of equipment held for sale	0	135
Return of capital distributions from unconsolidated entities	933	1,287
Net cash used in investing activities	(35,681)	(52,636)
Cash flows from financing activities:
Proceeds from debt	200	0
Repayment of debt	(4,255)	(2,367)
Receipt of security deposits	500	520
Return of security deposits	(69)	(350)
Receipt of maintenance deposits	1,552	349
Release of maintenance deposits	(3,386)	0
Capital contributions from members	61,991	98,000
Capital distributions to members	(23,718)	(4,005)
Capital contributions from non-controlling interests	11,922	0
Capital distributions to non-controlling interests	(111)	(93)
Net cash provided by financing activities	44,626	92,054
Net increase in cash and cash equivalents	15,167	44,042
Cash and cash equivalents, beginning of period	22,125	7,236
Cash and cash equivalents, end of period	37,292	51,278
Supplemental disclosure of cash flow information:
Cash paid for interest	5,504	804
Cash paid for taxes	197	0
Supplemental disclosure of non-cash investing and financing activities:
Acquisition of leasing equipment	(555)	(8,627)
Settled and assumed security deposits	(143)	100
Billed and assumed maintenance deposits	1,523	5,495
Change in fair value of cash flow hedge	$ (139)	$ (17)

ORGANIZATION	3 Months Ended
ORGANIZATION	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Fortress Transportation and Infrastructure Investors LLC (the “Company”) is a Delaware limited liability company which, through its subsidiary, Fortress Transportation and Infrastructure General Partnership (the “Partnership”), is engaged in the ownership and leasing of aviation equipment, offshore energy equipment and shipping containers, and also owns and operates a short line railroad in North America (“CMQR”) and a multi-modal crude oil and refined products terminal in Beaumont, Texas (“Jefferson Terminal”). The Company has five reportable segments, Aviation Leasing, Offshore Energy, Shipping Containers, Jefferson Terminal and Railroad, which operate in two primary businesses, Equipment Leasing and Infrastructure (Note 15). At March 31, 2015 and December 31, 2014, through their investment in the Company, the beneficial owners of the Partnership were Fortress Worldwide Transportation and Infrastructure Investors LP (the "Onshore Fund"), with an 89.97% interest and Fortress Worldwide Transportation and Infrastructure Offshore LP (the "Offshore Fund") with a 9.98% interest; in addition Fortress Worldwide Transportation and Infrastructure Master GP LLP (the "Master GP") holds a 0.05% interest. The Master GP is owned by an affiliate of Fortress Investment Group LLC (“Fortress”). The Onshore Fund and the Offshore Fund (collectively the "Initial Shareholders") are investment vehicles which are sponsored by Fortress. The general partner of the Onshore Fund and the Offshore Fund is owned by an affiliate of Fortress. The Master GP is entitled to an incentive return (the “Incentive Return”) generally equal to 10% of the Partnership’s returns (before certain taxes), as defined, subject to: i) an 8% cumulative preferred return payable to the Onshore Fund and Offshore Fund investors and ii) a clawback provision which requires amounts previously distributed as Incentive Return to be returned to the Company for the benefit of the Onshore Fund and Offshore Fund investors (after adjusting for tax in accordance with the partnership agreement) if, upon the termination of the Company, the amounts ultimately distributed to the Master GP exceed its allocable amount. As of March 31, 2015, the Company was managed by FIG Transportation Fund Management LLC (the “Manager”), an affiliate of Fortress, pursuant to a management agreement (the “Management Agreement”) which provides for the Partnership to bear obligations for management fees and expense reimbursements payable to the Manager (Note 14). In May 2015, in connection with its initial public offering (the "IPO"), the Company entered into a new management agreement with FIG LLC, which replaced the existing management agreement. Pursuant to the new management agreement, FIG LLC or its affiliate will receive a monthly management fee and reimbursement for certain expenses incurred (Note 14). Additionally, in May 2015, the partnership agreement of the Partnership was amended whereby, among other things, the existing Incentive Return arrangement for the Master GP was revised to specify that the entitlement to certain incentive distributions be based on the consolidated net income in excess of certain hurdle return targets and capital gains income of the Partnership, subject to certain adjustments, as defined, before any amounts are distributed to the Company (Note 18). At March 31, 2015, the aggregate capital commitments of the investors of the Onshore Fund, Offshore Fund and Master GP, which are designated for investment in the Partnership, were approximately $995,497, of which approximately $761,180 had been called. In April and May 2015, the remaining capital commitments of the investors of the Onshore Fund, Offshore Fund and Master GP were called. In May 2015, 53,502,873 common shares were issued to the Onshore Fund and Offshore Fund based on their relative interests in the Company. Immediately prior to the consummation of the IPO, the Master GP contributed its rights to previously undistributed incentive allocations pursuant to the Partnership Agreement in exchange for the limited partnership interest in each such partnership equal to the amount of any such undistributed incentive allocations. The limited partners of the Onshore Fund and Offshore Fund and the Master GP will receive the underlying value in common shares commensurate with their partnership interest inclusive, in the case of the Master GP, of any undistributed incentive allocations. Additionally, on May 20, 2015, the Company completed an IPO of 20 million common shares at a price to the public of $17.00 per share (Note 18).

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting—-The unaudited consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Principals (“GAAP”) in the United States and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The consolidated balance sheet at December 31, 2014 has been derived from audited financial statements but does not include all of the information and notes required by GAAP for complete financial statements. The interim financial information contained herein should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2014 included in Amendment No. 7 to the Company’s Registration Statement on Form S-1, filed May 14, 2015. Principles of Consolidation—The Company consolidates all entities in which it has a controlling financial interest and in which it has control over significant operating decisions, as well as variable interest entities (“VIE’s”) in which the Company is the primary beneficiary. All significant intercompany transactions and balances have been eliminated. The ownership interest of other investors in consolidated subsidiaries is recorded as non-controlling interest. The Company uses the equity method of accounting for investments in entities in which the Company exercises significant influence but which do not meet the requirements for consolidation. Under the equity method, the Company records its proportionate share of the underlying net income (loss) of these entities. Variable Interest Entities—The assessment of whether an entity is a VIE and the determination of whether to consolidate a VIE requires judgment. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, and only by its primary beneficiary, which is defined as the party who has the power to direct the activities of a VIE that most significantly impact its economic performance and who has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. The VIE in which the Company has an interest is WWTAI IES MT6015 Ltd. (“MT6015”), an entity formed in 2014 which has entered into a contract with a shipbuilder for the construction of an offshore multi service / inspection, maintenance and repair vessel (the “Vessel”) for a price of approximately $75 million. A subsidiary of the Company and a third party each hold a 50% interest in MT6015 and have equal representation on its board of directors. In connection with the initial capitalization of MT6015, another subsidiary of the Company provided the partner with a $3,725 loan which was utilized by the partner to fund its equity contribution to MT6015. In addition, the agreement provides the Company with disproportionate voting rights, in certain situations, as defined in the agreement. Accordingly, the Company determined that MT6015 is a VIE and that it was the primary beneficiary; accordingly, MT6015 has been presented on a consolidated basis in the accompanying financial statements. At March 31, 2015 and December 31, 2014, MT6015 had total assets of $7,533 and $7,450, respectively, which are available only to settle the obligations of MT6015. Other than entering into the above commitment, MT6015 has conducted no operations, and no creditors of MT6015 have recourse to any assets or to the general credit of the Company. Use of Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Risks and Uncertainties—In the normal course of business, the Company encounters several significant types of economic risk including credit, market, and capital market risks. Credit risk is the risk of the inability or unwillingness of a lessee, customer, or derivative counterparty to make contractually required payments or to fulfill its other contractual obligations. Market risk reflects the risk of a downturn or volatility in the underlying industry segments in which the Company operates which could adversely impact the pricing of the services offered by the Company or a lessee’s or customer’s ability to make payments, increase the risk of unscheduled lease terminations and depress lease rates and the value of the Company’s leasing equipment or operating assets. Capital market risk is the risk that the Company is unable to obtain capital at reasonable rates to fund the growth of its business or to refinance existing debt facilities. The Company, through its subsidiaries, also conducts operations outside of the United States; such international operations are subject to the same risks as those associated with its United States operations as well as additional risks, including unexpected changes in regulatory requirements, heightened risk of political and economic instability, potentially adverse tax consequences and the burden of complying with foreign laws. The Company does not have significant exposure to foreign currency risk as all of its leasing arrangements, terminal services revenue and the majority of freight rail revenue are denominated in U.S. dollars. Restricted Cash—Restricted cash of $16,431 and $21,084 at March 31, 2015 and December 31, 2014, respectively, consists of cash held in segregated accounts pursuant to the requirements of the Company’s debt agreements (Note 9). Goodwill —The Company reviews the carrying values of goodwill at least annually to assess impairment since these assets are not amortized. An annual impairment review is conducted as of October 1st of each year. Additionally, the Company reviews the carrying value of goodwill whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. The determination of fair value involves significant management judgment. Impairment is expensed when incurred. As of March 31, 2015, there was no impairment of goodwill. Concentration of Credit Risk—The Company is subject to concentrations of credit risk with respect to amounts due from customers on its finance leases and operating leases. The Company attempts to limit its credit risk by performing ongoing credit evaluations. During the three months ended March 31, 2015, the Company earned approximately 14% of its revenue from one lessee in the offshore energy segment. During the three months ended March 31, 2014, the Company earned approximately 58% of its revenue from three lessees; one each in the aviation leasing, shipping containers and offshore energy segments. The Company maintains cash and restricted cash balances, which generally exceed federally insured limits, and subject the Company to credit risk, in high credit quality financial institutions. The Company monitors the financial condition of these institutions and has not experienced any losses associated with these accounts. Provision for Doubtful Accounts—The Company determines the provision for doubtful accounts based on its assessment of the collectability of its receivables on a customer-by-customer basis. The provision for doubtful accounts at both March 31, 2015 and December 31, 2014 was $111. Bad debt expense was $4 and $43 for the three months ended March 31, 2015 and 2014, respectively. Comprehensive Income (Loss)—Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. The Company’s comprehensive income (loss) represents net income (loss), as presented in the consolidated statements of income, adjusted for fair value changes related to derivatives accounted for as cash flow hedges and the Company’s pro-rata share of items of comprehensive income derived from investments in unconsolidated entities. The Company had reclassification adjustments of $37 and $44, which impacted accumulated other comprehensive income during the three months ended March 31, 2015 and 2014, respectively. Derivative Financial Instruments—In the normal course of business the Company may utilize interest rate derivatives to manage its exposure to interest rate risks, principally related to the hedging of variable rate interest payments on various debt facilities. If certain conditions are met, an interest rate derivative may be specifically designated as a cash flow hedge. In connection with its debt obligations (Note 9), the Company has entered into one interest rate derivative designated as a cash flow hedge and one non-hedge derivative. The Company does not enter into speculative derivative transactions. Derivative assets of $85 and $232, as of March 31, 2015 and December 31, 2014, respectively, were recorded within other assets in the Consolidated Balance Sheet. On the date that the Company enters into an interest rate derivative, its designation as a cash flow hedge is formally documented. On an ongoing basis, an assessment is made as to whether the interest rate derivative has been highly effective in offsetting changes in the cash flows of the variable rate interest payments on the associated debt and whether the interest rate derivative is expected to remain highly effective in future periods. If it were to be determined that the interest rate derivative is not (or has ceased to be) highly effective as a cash flow hedge, the use of hedge accounting would be discontinued prospectively. All interest rate derivatives are recognized on the balance sheet at their fair value. For interest rate derivatives designated as cash flow hedges, the effective portion of the interest rate derivative’s gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings when the interest payments on the debt are recorded in earnings. The ineffective portion of the interest rate derivative, if any, is calculated and recorded in interest expense. Changes in fair value of non-hedge derivatives are recorded in earnings on a current basis. The estimated net amount of existing gains/losses reported in accumulated other comprehensive income at March 31, 2015 expected to be reclassified into earnings within the next 12 months is approximately $86. In the event of a termination of an interest rate derivative prior to its contracted maturity, any related net gains or losses in accumulated other comprehensive income at the date of termination would be reclassified into earnings, unless it remains probable that interest payments on the debt will continue to occur, in which case the amount in accumulated other comprehensive income would be reclassified into earnings as the interest payments on the debt affect earnings. Recent Accounting Pronouncements— In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-08 (ASU 2014-08), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. Under the new guidance, a discontinued operation is defined as a disposal of a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The standard states that a strategic shift should include a disposal of (i) major geographical area of operations, (ii) a major line of business, (iii) a major equity method investment, or (iv) other major parts of an entity. ASU 2014-08 is effective prospectively for new disposals (or classifications as held for sale) that occur within annual periods beginning on or after December 14, 2014, and interim periods within those annual periods. The Company adopted ASU 2014-08 beginning January 1, 2015. Unadopted Accounting Pronouncements—In May 2013, the FASB issued a revised exposure draft, Leases (the “Lease ED”), which would replace the existing guidance in the Accounting Standards Codification 840 (“ASC 840”), Leases. Pursuant to the Lease ED, leases would be classified as either leases of property or leases of assets other than property. Leases of property will continue to use operating lease accounting. Leases of other than property would use the receivable residual approach. Under the receivable residual approach, a lease receivable would be recognized for the lessor’s right to receive lease payments, a portion of the carrying amount of the underlying asset would be allocated between the right of use granted to the lessee and the lessor’s residual value and profit or loss would only be recognized at commencement if it is reasonably assured. It is anticipated that the final standard would have an effective date no earlier than 2017. When and if the proposed guidance becomes effective, it may have a significant impact on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU-2014-09") which provides a single comprehensive model for recognizing revenue from contracts with customers and supersedes existing revenue recognition guidance. The new standard requires that a company recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the company expects to receive in exchange for those goods or services. Companies will need to use more judgment and estimates than under the guidance currently in effect, including estimating the amount of variable revenue to recognize over each identified performance obligation. Additional disclosures will be required to help users of financial statements understand the nature, amount and timing of revenue and cash flows arising from contracts. As currently drafted, the new standard is expected to become effective for the Company beginning with the first quarter 2017 with early adoption not permitted, however the FASB has currently proposed to defer the effective date by one year with early adoption permitted. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 amends the consolidation guidance for VIEs and general partners’ investments in limited partnerships and modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities. ASU 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs, (“ASU 2015-03”). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The guidance is effective for reporting periods beginning after December 15, 2015 and interim periods within those fiscal years with early adoption permitted. ASU 2015-03 should be applied on a retrospective basis, wherein the balance sheet of each period presented should be adjusted to reflect the effects of adoption. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements.

ACQUISITIONS

3 Months Ended

Mar. 31, 2015

Business Combinations [Abstract]

ACQUISITIONS

CMQR

The Company, through its subsidiaries, acquired certain assets and assumed certain liabilities of Montreal, Maine and Atlantic Railway Ltd. (“MM&A—U.S.”) and Montreal, Maine and Atlantic Canada Co (“MM&A—Canada”) for an aggregate purchase price of approximately $15.2 million, including assumed liabilities of approximately $3.2 million. The acquisitions were accounted for as business combinations pursuant to ASC 805 and the results of operations of the acquired businesses of MM&A—U.S. and MM&A—Canada have been included in the consolidated financial statements of the Company since their respective dates of acquisition. The closing of MM&A—U.S. and MM&A—Canada occurred on May 15, 2014 and June 30, 2014, respectively. Subsequent to the acquisitions, the acquired businesses were renamed as the Central Maine and Quebec Railway (“CMQR”). CMQR is headquartered in Maine, employs approximately 110 employees, and owns and operates approximately 500 miles of track in the US and Canada. CMQR is reported within the Railroad segment.

MM&A—U.S. and MM&A—Canada previously operated an integrated, international short-line freight railroad system in Maine, Vermont and Quebec, Canada and since mid-2013, had been operating under the respective bankruptcy protections in the US and Canada. Its assets were sold at auction to the Company, as supervised by the respective judicial courts in the U.S. and Canada. The Company viewed the acquisitions of MM&A—U.S. and MM&A—Canada as an opportunity to gain entry into the railroad industry.

The Company’s acquisition accounting for CMQR is still preliminary, pending the finalization of estimates used in the determination of fair values of fixed assets, environmental liabilities, and accrued expenses, as well as physical inspection of fixed assets. Subsequent to the acquisition during the year ended December 31, 2014, measurement period adjustments as of the acquisition date were made to the valuation of fixed assets acquired and employee and environmental liabilities assumed consisting of an increase to fixed assets of $679, an increase to assumed employee liabilities of $232, an increase to assumed environmental liabilities of $680, and additional goodwill recorded of $233. There were no additional measurement period adjustments recorded during the three months ended March 31, 2015.

The property, plant and equipment acquired in connection with CMQR is being depreciated based on estimated remaining useful lives from the date of acquisition, which are 4 years for buildings, 2-5 years for track and track related assets, 4-6 years for railroad equipment, 2 years for vehicles and 5 years for freight cars and locomotives, as all of the acquired assets were near the end of their useful lives at the time of acquisition.

In connection with the purchase, the Company incurred and expensed transaction-related costs in 2014 of approximately $5,646, included within Acquisition and Transaction expenses, and general and administrative expenses and employee severance expenses of approximately $392, included within Operating Expenses. The goodwill recognized is comprised primarily of an assembled workforce and is expected to be deductible for tax purposes.

JEFFERSON TERMINAL

The Company, through its subsidiaries, acquired certain assets and assumed certain liabilities of Jefferson Refinery, LLC, Port of Beaumont Petroleum Transload Terminal I, LLC, and Port of Beaumont Petroleum Transload Terminal II, LLC (collectively “Jefferson Terminal”). Jefferson Terminal is comprised of complementary energy logistics assets and is headquartered in The Woodlands, Texas. Its principal operations are to engage in the business of terminalling, storage, throughput and transloading of crude oil and petroleum products. Prior to the acquisition, a subsidiary of the Company had several term loan agreements with Jefferson Refinery, LLC (“Pre-Existing Debt Relationships”) of $97.6 million. The acquisition of Jefferson was consummated on August 27, 2014. The Company viewed the acquisition of Jefferson Terminal as an opportunity to gain entry into this industry.

Jefferson Terminal was purchased for an aggregate purchase price of approximately $607.8 million, including assumed liabilities of $522.0 million (of which $97.6 million relates to Pre-Existing Debt Relationships) and equity consideration of $38.2 million. The Company owns a 60% interest in Jefferson Terminal. The remaining 40% interest in Jefferson Terminal is owned by a portion of the retaining shareholders and a private equity fund sponsored by Fortress, each holding an interest of 20% and accounted for as non-controlling interests in the accompanying consolidated financial statements. In connection with the acquisition, a $100 million loan was also obtained (Note 9).

The acquisition was accounted for as a business combination under ASC 805 and the results of operations of the acquired business of Jefferson Terminal have been included in the consolidated financial statements since the date of acquisition. In connection with the purchase, the Company incurred and expensed transaction related costs of approximately $5,494, included within Acquisition and Transaction expenses, in the Consolidated Statements of Income. The Company’s acquisition accounting for Jefferson Terminal is still preliminary, pending the final determination of certain estimated amounts for property, plant and equipment, construction in progress, and accrued liabilities. There were no measurement period adjustments recorded during the three months ended March 31, 2015. The goodwill recognized is attributable to strategic opportunities and expected future cash flows of the business and is expected to be deductible for tax purposes. Property, plant and equipment acquired in connection with Jefferson Terminal is being depreciated based on estimated remaining useful lives from the date of acquisition.

The fair values assigned to acquired assets and assumed liabilities of CMQR and Jefferson Terminal at their respective dates of acquisition are as follows:



	CMQR			Jefferson Terminal
Assets:
Restricted cash	—			190,811
Land and improvements	5,484			9,573
Track	4,952			—
Buildings and improvements	136			2,139
Crude oil terminal machinery and equipment	—			47,286
Railroad equipment	713			—
Furniture and fixtures	—			317
Computer hardware and software	—			34
Turnout and other track materials	1,415			—
Vehicles	320			258
Railcars and locomotives	1,283			—
Construction in progress	—			86,223
Prepaids and other deposits	103			6,102
Tendered bonds	—			115,000
Customer lists and customer contracts	225			35,385
Goodwill	593			114,633
Total assets	15,224			607,761

Liabilities:
Employee-related liabilities	(1,119		)	—
Environmental remediation liabilities	(1,333		)	—
Real estate taxes	(714		)	—
Accrued expenses	—			(56,150		)
Term loan	—			(93,995		)
Bonds payable	—			(348,788		)
Note payable	—			(21,297		)
Other liabilities	—			(1,753		)
Total liabilities	(3,166		)	(521,983		)
Net assets acquired	$	12,058		$	85,778

During 2014, goodwill additions of $593 and $114,633 were attributed to the Railroad and Jefferson Terminal reportable segments, respectively. No additional goodwill was recorded during the three months ended March 31, 2015.

In accordance with ASC 805, the acquired assets and assumed liabilities were recorded at their estimated fair values at the acquisition dates. During the measurement periods of up to one year, additional assets or liabilities may be recognized if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in the recognition of those assets or liabilities as of that date. The preliminary measurement of net assets acquired may be adjusted after obtaining additional information regarding, among other things, asset valuations (including market and other information with which to determine fair values), liabilities assumed, the analysis of assumed contracts, and revisions of previous estimates. These adjustments may be significant and will be accounted for retrospectively.

The preliminary fair values assigned to intangible assets were determined through the use of the replacement cost method and the income approach, specifically the multi-period excess earnings method. Both valuation methods rely on management’s judgments, including the cost to recreate the customer relationships, expected future cash flows resulting from existing customer relationships, customer attrition rates, contributory effects of other assets utilized in the business, and peer group cost of capital as well as other factors. The valuation of tangible assets was derived using a combination of the income approach, the market approach and the cost approach. Significant judgments used in valuing tangible assets include estimated reproduction or replacement cost, useful lives of assets and estimated selling prices. The valuation of assumed liabilities, including bonds payable, was derived using the market approach, using quoted values as available and the income approach, comparing the stated interest rate on certain credit agreements to the market interest rate. The valuation of equity interests conveyed to retaining shareholders was derived using the market approach, as agreed between the parties, representing the cash that would have been offered on an arm’s length basis, on the acquisition date.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1392-128463

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7008-128479

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1486-128463

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4845-128472

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1500-128463

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1524-128463

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7000-128479

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4922-128472

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4934-128472

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4926-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1383-128463

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479

+ Details

LEASING EQUIPMENT

3 Months Ended

Mar. 31, 2015

Leases [Abstract]

LEASING EQUIPMENT

The following is a summary of leasing equipment recorded on the Consolidated Balance Sheets:



	March 31, 2015
Equipment	Aviation Leasing			Offshore Energy			Jefferson Terminal			Total
Leasing equipment:	$	298,792		$	182,355		$	44,326		$	525,473
Less: Accumulated depreciation	(16,587		)	(5,226		)	(715		)	(22,528		)
Leasing equipment, net	$	282,205		$	177,129		$	43,611		$	502,945



	December 31, 2014
Equipment	Aviation Leasing			Offshore Energy			Jefferson Terminal			Total
Leasing equipment:	$	298,204		$	182,355		$	44,326		$	524,885
Less: Accumulated depreciation	(11,331		)	(3,737		)	(438		)	(15,506		)
Leasing equipment, net	$	286,873		$	178,618		$	43,888		$	509,379

During the three months ended March 31, 2015, the Company did not acquire or sell any equipment held for lease. Depreciation expense for leasing equipment for the three months ended March 31, 2015 and 2014 was $7,022 and $1,831, respectively.

FINANCE LEASES

3 Months Ended

Mar. 31, 2015

Leases [Abstract]

FINANCE LEASES

Finance leases are summarized as follows:



	March 31, 2015
	Offshore Energy			Shipping Containers			Total
Finance leases	$	21,550		$	104,709		$	126,259
Unearned revenue	(11,166		)	(15,221		)	(26,387		)
Finance leases, net	$	10,384		$	89,488		$	99,872



	December 31, 2014
	Offshore Energy			Shipping Containers			Total
Finance leases	$	22,045		$	109,492		$	131,537
Unearned revenue	(11,580		)	(17,144		)	(28,724		)
Finance leases, net	$	10,465		$	92,348		$	102,813

At March 31, 2015, future minimum lease payments to be received under finance leases for the remainder of the lease terms are as follows:



	Offshore Energy		Shipping Containers		Total
2015	$	1,513	$	22,355	$	23,868
2016	2,013		25,702		27,715
2017	2,008		51,308		53,316
2018	2,008		5,344		7,352
2019	2,008		—		2,008
Thereafter	12,000		—		12,000
Total	$	21,550	$	104,709	$	126,259

PROPERTY, PLANT AND EQUIPMENT

3 Months Ended

Mar. 31, 2015

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consists of the following:



	March 31, 2015
	Railroad			Jefferson Terminal			Total
Land and improvements	$	5,484		$	14,014		$	19,498
Buildings and improvements	470			2,193			2,663
Crude oil terminal machinery and equipment	—			183,247			183,247
Track and track related assets	11,988			—			11,988
Railroad equipment	1,149			—			1,149
Computer hardware and software	—			34			34
Furniture and fixtures	—			317			317
Vehicles	321			258			579
Construction in progress	842			47,534			48,376
Railcars and locomotives	1,322			—			1,322
	21,576			247,597			269,173
Less: accumulated depreciation	(1,460		)	(3,292		)	(4,752		)
Property, plant and equipment, net	$	20,116		$	244,305		$	264,421



	December 31, 2014
	Railroad			Jefferson Terminal			Total
Land and improvements	$	5,484		$	9,573		$	15,057
Buildings and improvements	470			2,139			2,609
Crude oil terminal machinery and equipment	—			50,627			50,627
Track and track related assets	11,988			—			11,988
Railroad equipment	1,268			—			1,268
Computer hardware and software	—			34			34
Furniture and fixtures	—			317			317
Vehicles	321			258			579
Construction in progress	—			146,663			146,663
Railcars and locomotives	1,293			—			1,293
	20,824			209,611			230,435
Less: accumulated depreciation	(962		)	(1,145		)	(2,107		)
Property, plant and equipment, net	$	19,862		$	208,466		$	228,328

During three months ended March 31, 2015 additional property, plant and equipment of $38,857 was acquired, and is included within land and improvements, buildings and improvements, crude oil machinery and equipment, and construction in progress. During the three months ended March 31, 2015, disposals of railroad equipment totaled $119. Depreciation expense for property, plant and equipment was $2,645 and $0, for the three months ended March 31, 2015 and 2014, respectively.

INVESTMENTS IN UNCONSOLIDATED ENTITIES

3 Months Ended

Mar. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS IN UNCONSOLIDATED ENTITIES

The following table presents the ownership interest and carrying values of the Company’s investments in unconsolidated entities:



				Carrying Value
		Ownership Percentage		March 31,		December 31,
	Date Acquired	Ownership Percentage		2015		2014
Intermodal Finance I, Ltd	September 2012	51	%	21,823		21,569
				$	21,823	$	21,569

Intermodal Finance I, Ltd

The Company owns a 51% non-controlling interest in Intermodal Finance I, Ltd., a joint venture. Intermodal Finance I, Ltd owns a portfolio of multiple finance leases, representing 6 customers and comprising approximately 66,000 shipping containers as well as a portfolio of approximately 38,000 shipping containers subject to multiple operating leases.

Summary financial information for Intermodal Finance I, Ltd is as follows:



	Three Months Ended March 31,
	2015		2014
Revenue
Total revenues	$	4,318	$	5,512

Expenses
Operating expenses	193		407
General and administrative	161		208
Depreciation and amortization	597		664
Interest expense	1,043		1,240
Total expenses	1,994		2,519

Net income	2,324		2,993
Other comprehensive income	—		—
Comprehensive income	$	2,324	$	2,993

Company's equity in earnings	$	1,241	$	1,604



	March 31,		December 31,
	2015		2014
Assets
Cash and cash equivalents	$	2,982	$	5,214
Restricted cash	2,140		2,320
Accounts Receivable	2,089		1,051
Leasing assets, net of accumulated depreciation of $4,983 and $4,449, respectively	73,511		74,045
Finance Leases, net	55,720		62,393
Deferred costs, net of accumulated amortization of $640 and $602, respectively	1,408		1,524
Other assets	3		8
Total Assets	$	137,853	$	146,555

Liabilities
Accounts payable and accrued liabilities	$	128	$	157
Syndication liabilities	4,182		5,152
Debt	110,655		120,303
Other liabilities	5		383
Total Liabilities	$	114,970	$	125,995

Members' Equity
Members' Equity	22,883		20,560
Total members' equity	22,883		20,560
Total liabilities and members' equity	$	137,853	$	146,555

Company's investment in and advances to unconsolidated entities	$	21,823	$	21,569

INTANGIBLE ASSETS AND LIABILITIES

3 Months Ended

Mar. 31, 2015

Intangible Assets and Liabilities Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES

The Company’s intangible assets and liabilities are summarized as follows:



	March 31, 2015
	Aviation Leasing			Jefferson Terminal			Railroad			Total
Intangible assets:
Acquired favorable lease intangibles	$	20,435		$	—		$	—		$	20,435
Accumulated amortization	(4,917		)	—			—			(4,917		)
Total acquired favorable lease intangibles, net	15,518			—			—			15,518

Customer relationships	—			35,385			225			35,610
Accumulated amortization	—			(2,064		)	(39		)	(2,103		)
Total acquired customer relationships, net	—			33,321			186			33,507

Total intangible assets, net	$	15,518		$	33,321		$	186		$	49,025

Intangible liabilities:
Acquired unfavorable lease intangibles	$	261		$	—		$	—		$	261
Accumulated amortization	(49		)	—			—			(49		)
Total acquired unfavorable lease intangibles, net	$	212		$	—		$	—		$	212



	December 31, 2014
	Aviation Leasing			Jefferson Terminal			Railroad			Total
Intangible assets:
Acquired favorable lease intangibles	$	20,435		$	—		$	—		$	20,435
Accumulated amortization	(2,796		)	—			—			(2,796		)
Total acquired favorable lease intangibles, net	17,639			—			—			17,639

Customer relationships	—			35,385			225			35,610
Accumulated amortization	—			(1,180		)	(28		)	(1,208		)
Total acquired customer relationships, net	—			34,205			197			34,402

Total intangible assets, net	$	17,639		$	34,205		$	197		$	52,041

Intangible liabilities:
Acquired unfavorable lease intangibles	$	261		$	—		$	—		$	261
Accumulated amortization	(24		)	—			—			(24		)
Total acquired unfavorable lease intangibles, net	$	237		$	—		$	—		$	237

Intangible liabilities relate to unfavorable lease intangibles and are included as a component of other liabilities in the accompanying Consolidated Balance Sheet. Amortization of intangibles for the three months ended March 31, 2015 and 2014 was $2,991 and $152, respectively. Amortization of lease intangibles of $2,096 and $152 for the three months ended March 31, 2015 and 2014, respectively, is included as a component of equipment leasing revenue in the Consolidated Statements of Income. Amortization of customer relationships of $895 and $0 for the three months ended March 31, 2015 and 2014, respectively, is included in depreciation and amortization in the Consolidated Statements of Income. As of March 31, 2015, estimated net annual amortization of intangibles is as follows:



	March 31, 2015
2015	$	6,975
2016	8,093
2017	6,491
2018	6,142
2019	4,568
Thereafter	16,544
Total	$	48,813

DEBT

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

DEBT

The Company’s debt at March 31, 2015 and December 31, 2014 is summarized as follows:



	March 31,		December 31,
	2015		2014
Loans payable
Container Loan #1	$	40,220	$	42,040
Container Loan #2	18,592		19,115
FTAI Pride Credit Agreement	71,875		73,438
CMQR Credit Agreement	9,412		9,416
Jefferson Terminal Credit Agreement	99,500		99,750
Total loans payable	239,599		243,759
Bonds payable
Series 2010 Bonds	298,000		298,000
Series 2012 Bonds (including unamortized premium of $1,788 and $1,791 at March 31, 2015 and December 31, 2014, respectively)	48,518		48,521
Total bonds payable	346,518		346,521
Note payable to non-controlling interest
Note payable to non-controlling interest	2,486		2,587
Total note payable to non-controlling interest	2,486		2,587

Total debt	$	588,603	$	592,867

Total debt due within one year	$	23,767	$	23,915

Loans Payable

Container Loan #1—On December 27, 2012, a subsidiary of the Company entered into a Credit Agreement (“Container Loan #1”) with a bank for an initial aggregate amount of approximately $55,991 in connection with the acquisition of a portfolio of shipping containers subject to finance leases. Borrowings under the loan bear interest at a rate selected by the Company of either (i) a LIBOR based rate plus a spread of 3.75% or (ii) a Base Rate equal to the higher of the Prime Rate or the Federal Funds Rate plus 1.50%, plus a spread of 3.75%. At March 31, 2015 and December 31, 2014, borrowings under the loan were LIBOR based borrowings bearing interest at a rate of 3.92% and 3.90%, respectively. Container Loan #1 requires monthly payments of interest and scheduled principal payments through its maturity on December 27, 2017 and can be prepaid without penalty after the third anniversary of the closing of the loan. Container Loan #1 is secured by the Company’s interest in the shipping containers and related finance leases. Interest expense for the three months ended March 31, 2015 and 2014 was approximately $468 and $545, respectively, and the average interest rate was 4.34% and 4.33%, respectively, inclusive of the effect of an interest rate swap (see below). Interest expense includes $28 and $27, respectively, of deferred financing fees for the three months ended March 31, 2015 and 2014.

Pursuant to the Container Loan #1 agreement, amounts realized by the Company in connection with the finance lease are remitted directly into a trust account as restricted cash for disbursement according to specified payment priorities. Any amounts remaining in the trust account after payment of required obligations are released to the Company. As of March 31, 2015, the Company was in compliance with all of the covenants under this agreement.

In connection with Container Loan #1, the Company entered into an interest rate swap agreement (the “Swap”) on January 17, 2013 with respect to 70% of the outstanding balance of the Loan and designated as a cash flow hedge which fixed the LIBOR rate at 0.681%. The initial notional amount of the Swap was approximately $39,194, with scheduled monthly decreases through the maturity date of the Container Loan #1. The fair value of the Swap at March 31, 2015 and December 31, 2014 was $75 and $214, respectively. Periodic settlement payments made in connection with the Swap during the three months ended March 31, 2015 and 2014 of approximately $37 and $36, respectively, were recorded as a component of interest expense in the accompanying Consolidated Statements of Income.

Container Loan #2—On August 15, 2013, a subsidiary of the Company entered into a Credit Agreement (“Container Loan #2”) with a bank for an initial aggregate amount of approximately $21,548 in connection with the acquisition of a portfolio of shipping containers subject to finance leases. Borrowings under Container Loan #2 bear interest at a rate of LIBOR plus a spread of 3.25%. At March 31, 2015 and December 31, 2014, borrowings under Container Loan #2 bore interest at a rate of 3.51% and 3.49%, respectively. Container Loan #2 requires quarterly payments of interest and scheduled principal payments through its maturity on August 28, 2018 and can be prepaid without penalty at any time. Container Loan #2 is secured by the Company’s interest in the shipping containers and related finance leases. Interest expense on Container Loan #2 for the three months ended March 31, 2015 and 2014 was approximately $174 and $191, respectively, and the average interest rate was 3.61% and 3.58%, respectively. Interest expense includes $9 and $9, respectively, of deferred financing fees for the three months ended March 31, 2015 and 2014.

Pursuant to the Container Loan #2 agreement, amounts realized by the Company in connection with the finance leases are remitted directly into a trust account for disbursement according to specified payment priorities. Any amounts remaining in the trust account after payment of required obligations are released to the Company. As of March 31, 2015, the Company was in compliance with all of the covenants under this agreement.

In connection with Container Loan #2, on September 20, 2013, the Company entered into an interest rate cap agreement (the “Cap”), which was not designated as a cash flow hedge, with an initial payment date of February 28, 2014. The Cap was acquired at an initial cost of approximately $57 (inclusive of an up-front origination fee of approximately $14) and capped LIBOR at 2.5% with respect to 50% of the portion of the outstanding balance of Container Loan #2 attributable to the 5-year finance leases. The initial notional amount of the Cap was approximately $2,554, with scheduled quarterly decreases through the August 28, 2018 maturity date of the Loan. The fair value of the Cap at March 31, 2015 and December 31, 2014 was approximately $10 and $18, respectively.

FTAI Pride Credit Agreement—On September 15, 2014, FTAI Pride, LLC, (“FTAI Pride”) a subsidiary of the Company entered into a credit agreement (the “FTAI Pride Credit Agreement”) with a financial institution for a term loan in an aggregate amount of $75,000. The loan proceeds were used in connection with the acquisition of an offshore construction vessel. Borrowings under the FTAI Pride Credit Agreement bear interest at the LIBOR rate plus a spread of 4.50%. At March 31, 2015 and December 31, 2014 borrowings under the FTAI Pride Credit Agreement bore interest at a rate of 4.77% and 4.74%, respectively, and interest expense for the three months ended March 31, 2015 was approximately $925, inclusive of deferred financing fee amortization of $56.

The FTAI Pride Credit Agreement requires quarterly payments of interest and scheduled principal payments of $1,562 beginning in the quarter ending December 31, 2014, through its maturity and can be prepaid without penalty at any time.

The FTAI Pride Credit Agreement is secured on a first priority basis by the offshore construction vessel and charter. The FTAI Pride Credit Agreement contains affirmative and negative covenants which limit certain actions of the borrower and a financial covenant requiring a Fixed Charges Coverage Ratio, as defined, of not less than 1.15:1.00 in any twelve month period ending December 31, 2014, or later. As of March 31, 2015, the Company was in compliance with all of the covenants under the FTAI Pride Credit Agreement.

CMQR Credit Agreement—On September 18, 2014, CMQR entered into a credit agreement (the “CMQR Credit Agreement”) with a financial institution for a revolving line of credit in an aggregate amount of $10,000. Borrowings under the CMQR Credit Agreement bear interest at either (i) Adjusted LIBOR plus a spread of 2.50% or 4.50%, (ii) the U.S. or Canadian Base Rate plus a spread of 1.50% or 3.50%, or (iii) the Canadian Fixed Rate plus a spread of 2.50% or 4.50%, as each of those terms is defined by the CMQR Credit Agreement. The CMQR Credit Agreement requires quarterly payments of interest and the maturity date of the CMQR Credit Agreement is September 18, 2017. Borrowings under the CMQR Credit Agreement bore interest at an average rate of 2.92% and 2.95% at March 31, 2015 and December 31, 2014, respectively, and interest expense for the three months ended March 31, 2015 was approximately $130, inclusive of deferred financing fee amortization of $66.

The CMQR Credit Agreement is also indirectly supported by the Onshore and Offshore Funds (the “Sponsors”). In the event of a default under the credit agreement, CMQR’s lenders can cause CMQR to call up to $20 million (subject to reduction of such amount to take into account capital contributions to CMQR) in capital from the Sponsors, and in the event of CMQR’s bankruptcy, the lenders can put the debt back to the Sponsors. The CMQR Credit Agreement contains affirmative and negative covenants which limit certain actions of CMQR and a financial covenant requiring a Fixed Charge Coverage Ratio, as defined, of CMQR and its subsidiaries of not less than 1.30:1.00 in any rolling four-quarter period, effective after September 30, 2014. As of March 31, 2015, the Company was in compliance with all of the covenants contained in the CMQR Credit Agreement.

Jefferson Terminal Credit Agreement—On August 27, 2014, a subsidiary of the Company, entered into a credit agreement (the “Jefferson Terminal Credit Agreement”) with a financial institution for an aggregate amount of $100,000. The loan proceeds were used to partially finance the acquisition of Jefferson Terminal (Note 3) as well as to pay certain working capital amounts. Borrowings under the Jefferson Terminal Credit Agreement bear interest, at the Company’s option, at the Adjusted Eurodollar Rate plus a spread of 8.00% or at a Base Rate plus a spread of 7.00%. The Jefferson Terminal Credit Agreement provides for a prepayment premium ranging from 1% to 3% of the aggregate principal amount prepaid, including repayment at maturity (the “Exit Fee”). The Exit Fee payable at maturity of approximately $2,753 is being recognized ratably over the term of the loan and recorded as a component of interest expense in the Consolidated Statements of Income. At both March 31, 2015 and December 31, 2014, borrowings under the Jefferson Terminal Credit Agreement bore interest at a rate of 9.00%, and interest expense for the three months ended March 31, 2015 was $2,660, of which approximately $533 related to capital improvements was capitalized to Construction in Progress. Interest expense includes $197 of accrued exit fees and $206 of deferred financing fees for the three months ending March 31, 2015.

The Jefferson Terminal Credit Agreement requires quarterly payments of $250 beginning with the quarter ending December 31, 2014, with such quarterly payments increasing to $1,250 beginning with the quarter ending December 31, 2016, and may be prepaid or repaid at any time prior to its maturity on February 27, 2018. Accrued exit fees of $459 and $262 are classified as a component of accounts payable and accrued liabilities in the Consolidated Balance Sheet as of March 31, 2015 and December 31, 2014, respectively.

The Jefferson Terminal Credit Agreement is secured on a first priority basis by substantially all assets of Jefferson Terminal, as defined in the agreement. The Jefferson Terminal Credit Agreement contains affirmative and negative covenants which limit certain actions of the borrowers. In addition, the Jefferson Terminal Credit Agreement contains a financial covenant requiring Consolidated EBITDA, as defined within the agreement, of Jefferson Gulf Coast Energy Holdings, LLC and its subsidiaries to be at least $30,000 in any rolling twelve month period beginning with December 31, 2015. As of March 31, 2015, the Company was in compliance with all of the covenants under the Jefferson Terminal Credit Agreement.

Bonds Payable

Series 2010 Bonds—On December 1, 2010, Jefferson County Development Corporation issued $300 million of tax-exempt industrial bonds (“Series 2010 Bonds”), which provided tax-exempt financing for businesses, to be used for specific purposes to stimulate the economy of the respective beneficiary counties. The proceeds of this issuance were loaned to Jefferson Terminal, to be held in trust, as restricted cash, to ensure adherence to the restrictions of use of the funds. Use of the proceeds requires approval from a trustee prior to release of funds.

In accordance with the terms of the trust indenture and security agreements, Series 2010 Bonds can be tendered by bondholders and purchased by the Company using the unused restricted cash proceeds. Series 2010 Bonds purchased by the Company are deemed to be owned by the Company, and are classified as assets, tendered bonds, in the Consolidated Balance Sheet with an equal corresponding amount as debt, as Series 2010 bonds owned by the Company are not deemed extinguished or cancelled. Tendered bonds do not convey principal or interest payments while held by the Company.

During 2014, $2,000 of principal was repaid related to the Series 2010 Bonds and the remaining $298,000 of principal was tendered by the bondholders and purchased by the Company utilizing unused restricted cash proceeds.

The Series 2010 bonds have a stated maturity date of December 1, 2040, can bear interest at a rate of 0.6% per year, and the principal amount is due at maturity. Interest expense for the Series 2010 Bonds was $0 for the three months ended March 31, 2015. As of March 31, 2015, the Company was in compliance with all of the covenants under the Series 2010 Bonds.

Series 2012 Bonds—On August 1, 2012, Jefferson County Development Corporation issued $46.9 million of tax-exempt industrial bonds (“Series 2012 Bonds”), to specifically fund construction and operation of an intermodal transfer facility for crude oil and refined petroleum products. The proceeds of this issuance were loaned to Jefferson Terminal, to be held in trust, as restricted cash, to ensure adherence to the restrictions of use of the funds. Use of the proceeds requires approval from a trustee prior to release of funds.

In connection with the Company’s acquisition of Jefferson Terminal, the Series 2012 Bonds were recorded at a fair value of $48,554, which represented a premium of $1,823 as compared to their face value at the date of acquisition; such premium is being amortized using the effective interest method over the remaining contractual term of the Series 2012 Bonds. During the three months ended March 31, 2015, interest expense on the Series 2012 Bonds was approximately $960, inclusive of premium amortization of $3.

The Series 2012 Bonds have a stated maturity of July 1, 2032, bear interest at 8.25%, and require scheduled principal payments. The principal of the Series 2012 Bonds is payable annually at varying amounts. As of March 31, 2015, the Company was in compliance with all of the covenants under the Series 2012 Bonds.

Note Payable to Non-Controlling Interest

In May 2013, in connection with the capitalization of a consolidated subsidiary, the Company and the owner of the non-controlling interest loaned approximately $18,275 and $3,225, respectively, to the entity in proportion to their respective ownership percentages of 85% and 15%. The loans bear interest at an annual rate of 5% and require monthly payments of principal and interest through their final maturity in May 2021. The loan amount funded by the Company and related interest have been eliminated in consolidation. Interest expense in connection with the loan payable to non-controlling interest during the three months ended March 31, 2015 and 2014 was approximately $31 and $36, respectively.

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Fair value measurements and disclosures require the use of valuation techniques to measure fair value that maximize the use of observable inputs and minimize use of unobservable inputs. These inputs are prioritized as follows:

•Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.


•	Level 2: Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or market corroborated inputs.


•	Level 3: Unobservable inputs for which there is little or no market data and which require the Company to develop its own assumptions about how market participants price the asset or liability.

The valuation techniques that may be used to measure fair value are as follows:


•	Market approach—Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.


•	Income approach—Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts.


•	Cost approach—Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost).

The following tables set forth the Company’s financial assets measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014, by level within the fair value hierarchy. Assets measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement.



	Fair Value as of		Fair Value Measurements at March 31, 2015
	March 31, 2015		Using Fair Value Hierarchy
	Total		Level 1		Level 2		Level 3		Valuation Technique
Assets:
Cash and cash equivalents	$	37,292	$	37,292	$	—	$	—	Market
Restricted cash	16,431		16,431		—		—		Market
Derivative assets	85		—		85		—		Income
Total	$	53,808	$	53,723	$	85	$	—

	Fair Value as of		Fair Value Measurements at December 31, 2014
	December 31, 2014		Using Fair Value Hierarchy
	Total		Level 1		Level 2		Level 3		Valuation Technique
Assets:
Cash and cash equivalents	$	22,125	$	22,125	$	—	$	—	Market
Restricted cash	21,084		21,084		—		—		Market
Derivative assets	232		—		232		—		Income
Total	$	43,441	$	43,209	$	232	$	—

At March 31, 2015 and December 31, 2014, the Company had no liabilities that were measured at fair value on a recurring basis.

The Company’s cash and cash equivalents and restricted cash consist largely of demand deposit accounts with initial maturities of 90 days or less that are considered to be highly liquid and easily tradable. These instruments are valued using inputs observable in active markets for identical instruments and are therefore classified as Level 1 within the fair value hierarchy. The Company’s derivatives are valued using discounted cash flow models with observable market inputs (i.e., cash rates, futures rates, swap rates and contractual cash flows) that can be verified and do not involve significant judgments and are therefore classified as Level 2 within the fair value hierarchy.

Except as discussed below, the Company’s financial instruments other than cash and cash equivalents, restricted cash, and derivatives consist principally of accounts receivable, tendered bonds, accounts payable and accrued liabilities, bonds payable, security deposits, maintenance deposits and management fees payable, whose fair value approximates their carrying value based on an evaluation of pricing data, vendor quotes, and historical trading activity or due to their short maturity profiles.

The Company’s note receivable at March 31, 2015 and December 31, 2014, which is included as a component of other assets in the accompanying Consolidated Balance Sheet, consists of a $3,725 loan bearing interest at 12.00% made to the Company’s joint venture partner in MT 6015 (Note 2) which is collateralized by other property owned by the joint venture partner. The fair value of this note receivable approximates its carrying value due to it bearing a market rate of interest for similar types of loans.

The fair values of Container Loan #1 and Container Loan #2, reported in Debt in the Consolidated Balance Sheet at March 31, 2015 and December 31, 2014, was approximately $40,643 and $42,515, respectively, and $18,604 and $19,129, respectively, based upon current market interest rates for similar types of loans. The fair value of Series 2012 bonds, reported in Debt in the Consolidated Balance Sheet, was approximately $50,269 at March 31, 2015 and approximated carrying value at December 31, 2014, based upon market prices for similar municipal securities. The fair values of the Jefferson Terminal Credit Agreement, CMQR Credit Agreement, and FTAI Pride Credit Agreement, reported in Debt in the Consolidated Balance Sheet, approximate their carrying values due to their bearing market rates of interest.

The fair value of the note payable to non-controlling interest at March 31, 2015 and December 31, 2014 approximates its carrying value as such loan bears interest at market rate for similar types of instruments.

The Company measures the fair value of certain assets and liabilities on a non-recurring basis when GAAP requires the application of fair value, including events or changes in circumstances that indicate that the carrying amounts of assets may not be recoverable. Assets subject to these measurements include goodwill, intangible assets, property, plant and equipment and equipment held for lease owned by the Company. The Company records such assets at fair value when it is determined the carrying value may not be recoverable. Fair value measurements for assets subject to impairment tests are based on an income approach which uses Level 3 inputs, which include the Company’s assumptions as to future cash flows from operation of the underlying businesses and the leasing and eventual sale of assets.

During the three months ended March 31, 2015 and 2014, no impairment charges were recognized.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

REVENUES

3 Months Ended

Mar. 31, 2015

Revenue Disclosure [Abstract]

REVENUES

Components of revenue in the three months ended March 31, 2015 and 2014 are as follows:



	Three Months Ended March 31, 2015
	Equipment Leasing						Infrastructure
Revenues	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Total
Equipment leasing revenues
Lease income	$	9,739	$	6,266	$	—	$	—	$	—	$	16,005
Maintenance revenue	3,386		—		—		—		—		3,386
Finance lease income	—		410		1,901		—		—		2,311
Other revenue	1,120		191		25		—		—		1,336
Total equipment leasing revenues	$	14,245	$	6,867	$	1,926	$	—	$	—	$	23,038
Infrastructure revenues
Lease income	—		—		—		1,410		—		1,410
Rail revenues	—		—		—		—		6,289		6,289
Terminal services revenues	—		—		—		3,236		—		3,236
Total infrastructure revenues	$	—	$	—	$	—	$	4,646	$	6,289	$	10,935
Total revenues	$	14,245	$	6,867	$	1,926	$	4,646	$	6,289	$	33,973



	Three Months Ended March 31, 2014
	Equipment Leasing						Infrastructure
Revenues	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Total
Equipment leasing revenues
Lease income	$	2,040	$	1,845	$	—	$	—	$	—	$	3,885
Maintenance revenue	1,227		—		—		—		—		1,227
Finance lease income	—		427		2,131		—		—		2,558
Other revenue	—		—		26		—		—		26
Total equipment leasing revenues	$	3,267	$	2,272	$	2,157	$	—	$	—	$	7,696
Total revenues	$	3,267	$	2,272	$	2,157	$	—	$	—	$	7,696

Minimum future annual revenues contracted to be received under existing operating leases of equipment at March 31, 2015 are as follows:



	March 31, 2015
2015	$	45,448
2016	43,817
2017	50,913
2018	21,845
2019	9,093
Thereafter	309
	$	171,425

EQUITY BASED COMPENSATION	3 Months Ended
EQUITY BASED COMPENSATION	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
EQUITY BASED COMPENSATION	EQUITY BASED COMPENSATION In August 2014, the Company granted a senior employee of a subsidiary equity based compensation consisting of 1.25 million restricted shares of such subsidiary’s equity instruments in exchange for services to be provided. The awards vest in three tranches, over three years, subject to continued employment and the achievement of three separate performance conditions based on EBITDA for that subsidiary, as defined. The award expires in August 2017. The award is equity based, with compensation expense recognized ratably over the remaining service period when it is probable that the performance conditions will be achieved. The grant date fair value of the award is $23,879 which was based on the fair value per share on the date of grant, August 27, 2014 and estimated using a market approach. During the three months ended March 31, 2015, the achievement of one performance condition representing 50% of the grant value remains probable, and the Company has recognized cumulative expense of $1,990, including $853 of compensation expense during the three months ended March 31, 2015, within Operating expenses in the Consolidated Statements of Income. If the performance condition continues to be probable, an additional $9,949 of compensation expense could be recognized. If all vesting conditions for the entire award granted are met, future compensation expense of $21,889 would be recognized as of that date, through the year ended December 31, 2017. All restricted shares were outstanding and unvested as of March 31, 2015 and December 31, 2014. The award has an assumed forfeiture rate of zero. In December 2014, the Company granted a senior employee of a subsidiary equity based compensation consisting of 1.1 million common units of such subsidiary’s equity instruments with a grant date fair value of $1,353 in exchange for services to be provided. The awards have a term of 16.5 months, and vest 50% on each of May 15, 2015 and May 15, 2016, subject to continued employment through each respective vesting date. The award is equity based, with compensation expense recognized ratably over the vesting period. During the three months ended March 31, 2015, no portion of this award was vested or forfeited, and $567 of compensation expense was recognized within Operating expenses in the Consolidated Statements of Income. The award has an assumed forfeiture rate of zero. The fair value of the award was based on the fair value of the operating subsidiary on the date of grant, which was estimated using a discounted cash flow analysis which requires the application of discount factors and terminal multiples to projected cash flows. Discount factors and terminal multiples were based on market based inputs and transactions, as available at the measurement date.

INCOME TAXES

3 Months Ended

Mar. 31, 2015

Income Tax Disclosure [Abstract]

INCOME TAXES

The current and deferred components of the income tax expense included in the Consolidated Statements of Income are as follows:



	March 31,
	2015			2014
Current:
Federal	$	29		$	51
State and local	8			1
Foreign	115			—
Total current provision	152			52

Deferred:
Federal	15			107
State and local	(1		)	—
Foreign	64			—
Total deferred provision	78			107

Total provision for income taxes	$	230		$	159

The Company is taxed as a flow-through entity for U.S. income tax purposes and its taxable income or loss generated is the responsibility of its partners. Taxable income or loss generated by the Company’s corporate subsidiaries is subject to U.S. federal, state and foreign corporate income tax in locations where they conduct business.

The Company’s effective tax rate differs from the U.S. federal tax rate of 35% primarily due to a significant portion of its income that is not subject to U.S. corporate tax rates or that is deemed to be foreign sourced and is either not taxable or taxable at effectively lower tax rates.

As of and for the period ended March 31, 2015, the Company had not established a liability for uncertain tax positions as no such positions existed. In general, the Company’s tax returns and the tax returns of its corporate subsidiaries are subject to U.S. federal, state and foreign income tax examinations by tax authorities. Generally, the Company is not subject to examination by taxing authorities for tax years prior to 2011. The Company does not believe that it is reasonably possible that the total amount of unrecognized tax benefits will significantly change within 12 months of the reporting date.

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS	3 Months Ended
MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS	Mar. 31, 2015
Related Party Transactions [Abstract]
MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS	MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS The Manager is paid annual fees in exchange for advising the Company on various aspects of its business, formulating its investment strategies, arranging for the acquisition and disposition of assets, arranging for financing, monitoring performance, and managing its day-to-day operations, inclusive of all costs incidental thereto. In addition, the Manager may be reimbursed for various expenses incurred by the Manager on the Company’s behalf, including the costs of legal, accounting and other administrative activities. As of March 31, 2015, the management fee is calculated at an annual rate of 1.25% for any Onshore Fund or Offshore Fund investor (collectively, the “Fund Investors”) with a capital commitment of at least $100 million and 1.50% for any capital commitment of less than $100 million, payable semi-annually in arrears. Commencing with the date of the initial closing of the Onshore Fund and the Offshore Fund and continuing through the third anniversary of their final closing (the “Fund Commitment Period”), this percentage is applied to the weighted average of all capital called, reduced for any return of capital resulting from the partial or complete disposition of any Portfolio Investment, as defined. Subsequent to the Fund Commitment Period, the management fee percentage is applied to the lesser of (a) the weighted daily average of all capital contributions of the Fund Investors, reduced for any return of capital resulting from the partial or complete disposition of any Portfolio Investment, as defined, or (b) the net asset value of the Onshore Fund and the Offshore Fund (calculated by averaging the net asset value of the fund on the last day of each semi-annual period and the last day of each of the two preceding fiscal quarters). The amount of the management fee payable to the Manager shall be reduced (but not below zero) by the amount of any transaction, advisory, break-up, director’s, origination or similar fees received by the Master GP or the general partner of the Onshore Fund or the Offshore Fund during the six month period preceding the applicable Management Fee Due Date, as defined. Neither the Master GP, the general partner of the Onshore Fund or the Offshore Fund nor their affiliates are required to contribute capital to fund any portion of the management fee incurred. In addition, affiliates of the Manager may receive an amount not to exceed $1 million per annum to cover legal, compliance, operational, tax, accounting, insurance, transfer agent and informational technology services (“Specified General and Administrative Expenses”) performed by employees of such affiliates on behalf of the Company or the Onshore Fund and the Offshore Fund. The Incentive Return, as described in Note 1, is payable to the Master GP from Distributable Proceeds of the Company (as defined) as they are distributed. Accordingly, an Incentive Return may be paid to the Master GP in connection with a particular investment if and when such investment generates proceeds in excess of the capital called with respect to such investment, plus an 8% cumulative preferred return on such investment and on all previously liquidated investments. If, upon the termination of the Company, the aggregate amount paid to the Master GP as Incentive Return exceeds the amount actually due after taking into account the aggregate return to the Onshore Fund and the Offshore Fund investors, the excess is required to be returned by the Master GP (that is “clawed back”, after adjusting for tax in accordance with the Company agreements) to the Company for benefit of the Fund Investors. During the three months ended March 31, 2015 and 2014, no Incentive Return was distributed to the Master GP. Certain employees of an affiliate of the Manager are or may become entitled to receive profit sharing arrangements from the Master GP, pursuant to which they receive a portion of the Master GP’s Incentive Return. The Company is not required to reimburse the Master GP for such amounts. During the three months ended March 31, 2015 and 2014, the Master GP did not incur any amounts payable to these employees under such profit sharing arrangements attributable to the operations of the Company. In May 2015, in connection with the IPO, the Company entered into a new management agreement with FIG LLC, which replaced the existing management agreement (Note 18). During the three months ended March 31, 2015 and 2014, the Company incurred $2,414 and $751, respectively, of management fees. To date, there have been no Specified General and Administrative Expenses incurred pursuant to the Management Agreement. Accrued management fees of $2,414 and $3,626, as of March 31, 2015 and December 31, 2014, respectively, are included as a component of accounts payable and accrued liabilities in the accompanying Consolidated Balance Sheet. As of March 31, 2015 and December 31, 2014, amounts receivable from the Manager of $0 and $335, respectively, are included within other assets in the Consolidated Balance Sheet. As of March 31, 2015 and December 31, 2014, amounts due to the Manager of $188 and $160, excluding accrued management fees, respectively, are included within other liabilities in the Consolidated Balance Sheet. As of March 31, 2015 and December 31, 2014, a private equity fund sponsored by Fortress owns a 20% interest in Jefferson Terminal which has been accounted for as a component of non-controlling interest in consolidated subsidiaries in the accompanying consolidated financial statements. The amount of this non-controlling interest at March 31, 2015 and December 31, 2014 was $64,647 and $54,273, and for the three months ending March 31, 2015, the amount of this non-controlling interest share of net income (loss) was $(1,549). A non-controlling interest holder of Jefferson Terminal provides construction services for Jefferson Terminal. At March 31, 2015 and December 31, 2014, accounts payable due to this vendor was $10,014 and $14,025, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Company’s reportable segments represent strategic business units comprised of investments in different types of transportation and infrastructure assets. The Company has five reportable segments which operate in the Equipment Leasing and Infrastructure businesses across several market sectors. The Company’s reportable segments are Aviation Leasing, Offshore Energy, Shipping Containers, Jefferson Terminal and Railroad. Aviation Leasing consists of aircraft and aircraft engines held for lease and are typically held long-term. Offshore Energy consists of vessels and equipment that support offshore oil and gas drilling and production which are typically subject to long-term operating leases. Shipping Containers consist of investments in shipping containers and related equipment subject to operating leases and finance leases and also includes an investment in an unconsolidated entity engaged in the acquisition and leasing of shipping containers (on both an operating lease and finance lease basis). Jefferson Terminal consists of a multi-modal crude oil and refined products terminal and other related assets. Railroad consists of our CMQR railroad operations (Note 3).

With the CMQR and Jefferson Terminal acquisitions during 2014, the Company created two new reporting segments, Jefferson Terminal and Railroad. The Chief Operating Decision Maker (“CODM”) also implemented Adjusted Net Income as the key performance measure during the same period. This segment structure and performance measure reflects the current management of the businesses and provides the CODM with the information necessary to assess operational performance as well as make resource and allocation decisions. These changes have been reflected within the following tables.

Corporate consists primarily of unallocated Company level general and administrative expenses and management fees. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates investment performance for each reportable segment primarily based on Net Income attributable to members and Adjusted Net Income.

Adjusted Net Income is defined as net income attributable to members, adjusted (a) to exclude the impact of provision for income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, and equity in earnings of unconsolidated entities; (b) to include the impact of cash income tax payments, the Company’s pro-rata share of the Adjusted Net Income from unconsolidated entities (collectively “Adjusted Net Income”), and (c) to exclude the impact of the non-controlling share of Adjusted Net Income.

The Company believes that net income attributable to members as defined by GAAP is the most appropriate earnings measurement with which to reconcile Adjusted Net Income. Adjusted Net Income should not be considered as an alternative to Net Income attributable to members as determined in accordance with GAAP.

The following tables set forth certain information for each reportable segment of the Company:

I. For the Three Months Ended March 31, 2015



	Three Months Ended March 31, 2015
	Equipment Leasing							Infrastructure
	Aviation Leasing		Offshore Energy		Shipping Containers			Jefferson Terminal			Railroad			Corporate			Total
Revenues
Equipment leasing	$	14,245	$	6,867	$	1,926		$	—		$	—		$	—		$	23,038
Infrastructure	—		—		—			4,646			6,289			—			10,935
Total revenues	14,245		6,867		1,926			4,646			6,289			—			33,973

Expenses
Operating expenses	338		571		53			6,673			7,084			—			14,719
General and administrative	—		—		—			—			—			348			348
Acquisition and transaction expense	—		—		—			—			—			368			368
Management fees	—		—		—			—			—			2,414			2,414
Depreciation and amortization	5,256		1,489		—			3,308			509			—			10,562
Interest expense	—		956		642			3,087			130			—			4,815
Total expenses	5,594		3,016		695			13,068			7,723			3,130			33,226

Other income (expense)

Equity in earnings of unconsolidated entities	—		—		1,241			—			—			—			1,241
Gain on sale of equipment	—		—		—			—			3			—			3
Interest income	8		139		—			40			—			—			187
Other income (expense)	—		—		(7		)	1			—			—			(6		)
Total other income (expense)	8		139		1,234			41			3			—			1,425
Income before income taxes	8,659		3,990		2,465			(8,381		)	(1,431		)	(3,130		)	2,172
Provision for income taxes	214		—		16			—			—			—			230
Net income (loss)	8,445		3,990		2,449			(8,381		)	(1,431		)	(3,130		)	1,942
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	—		181		—			(3,654		)	(33		)	—			(3,506		)
Net income (loss) attributable to members	$	8,445	$	3,809	$	2,449		$	(4,727	)	$	(1,398	)	$	(3,130	)	$	5,448

The following table sets forth a reconciliation of Adjusted Net Income to Net Income attributable to members:



	Three Months Ended March 31, 2015
	Equipment Leasing						Infrastructure
	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal			Railroad			Corporate			Total
Adjusted Net Income (Loss)	$	8,462	$	3,809	$	2,473	$	(4,215	)	$	(844	)	$	(2,762	)	$	6,923
Add: Non-controlling share of adjustments to Adjusted Net Income																354
Add: Equity in earnings of unconsolidated entities																1,241
Add: Cash payments for income taxes																197
Less: Pro-rata share of Adjusted Net Income from investments in unconsolidated entities																(1,241		)
Less: Asset impairment charges																—
Less: Changes in fair value of non-hedge derivative instruments																(8		)
Less: Losses on the modification or extinguishment of debt and capital lease obligations																—
Less: Acquisition and transaction expenses																(368		)
Less: Equity-based compensation expense																(1,420		)
Less: Provision for income taxes																(230		)
Net Income attributable to members																$	5,448

Summary information with respect to the Company’s geographic sources of revenue is as follows:



	Three Months Ended March 31, 2015
	Equipment Leasing						Infrastructure
	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Corporate		Total
Revenues
Africa	$	3,116	$	—	$	—	$	—	$	—	$	—	$	3,116
Asia	5,988		1,844		1,378		—		—		—		9,210
Europe	4,526		4,613		—		—		—		—		9,139
North America	480		410		548		4,646		6,289		—		12,373
South America	135		—		—		—		—		—		135
Total revenues	$	14,245	$	6,867	$	1,926	$	4,646	$	6,289	$	—	$	33,973

II. As of and for the Three Months Ended March 31, 2014



	Three Months Ended March 31, 2014
	Equipment Leasing								Infrastructure
	Aviation Leasing			Offshore Energy		Shipping Containers			Jefferson Terminal			Railroad			Corporate			Total
Revenues
Equipment leasing	$	3,267		$	2,272	$	2,157		$	—		$	—		$	—		$	7,696
Total revenues	3,267			2,272		2,157			—			—			—			7,696

Expenses
Operating expenses	393			86		58			—			—			—			537
General and administrative	—			—		—			—			—			227			227
Acquisition and transaction expense	—			—		—			1,062			2,309			(38		)	3,333
Management fees	—			—		—			—			—			751			751
Depreciation and amortization	1,457			374		—			—			—			—			1,831
Interest expense	—			36		736			—			—			45			817
Total expenses	1,850			496		794			1,062			2,309			985			7,496

Other income (expense)

Equity in earnings of unconsolidated entities	—			—		1,604			—			—			—			1,604
Gain on sale of equipment	(40		)	—		—			—			—			—			(40		)
Interest income	6			—		—			—			—			—			6
Other income (expense)	—			—		(9		)	—			—			—			(9		)
Total other income (expense)	(34		)	—		1,595			—			—			—			1,561
Income before income taxes	1,383			1,776		2,958			(1,062		)	(2,309		)	(985		)	1,761
Provision for income taxes	57			—		102			—			—			—			159
Net income (loss)	1,326			1,776		2,856			(1,062		)	(2,309		)	(985		)	1,602
Less: Net income attributable to non-controlling interests in consolidated subsidiaries	—			176		—			—			—			—			176
Net income (loss) attributable to members	$	1,326		$	1,600	$	2,856		$	(1,062	)	$	(2,309	)	$	(985	)	$	1,426

The following table sets forth a reconciliation of Adjusted Net Income to Net Income attributable to members:



	Three Months Ended March 31, 2014
	Equipment Leasing						Infrastructure
	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Corporate			Total
Adjusted Net Income (Loss)	$	1,383	$	1,600	$	2,967	$	—	$	—	$	(1,023	)	$	4,927
Add: Non-controlling share of adjustments to Adjusted Net Income														—
Add: Equity in earnings of unconsolidated entities														1,604
Add: Cash payments for income taxes														—
Less: Pro-rata share of Adjusted Net Income from investments in unconsolidated entities														(1,604		)
Less: Asset impairment charges														—
Less: Changes in fair value of non-hedge derivative instruments														(9		)
Less: Losses on the modification or extinguishment of debt and capital lease obligations														—
Less: Acquisition and transaction expenses														(3,333		)
Less: Equity-based compensation expense														—
Less: Provision for income taxes														(159		)
Net Income attributable to members														$	1,426

Summary information with respect to the Company’s geographic sources of revenue is as follows:



	Three Months Ended March 31, 2014
	Equipment Leasing						Infrastructure
	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Corporate		Total
Revenues
Africa	$	82	$	—	$	—	$	—	$	—	$	—	$	82
Asia	219		1,845		1,550		—		—		—		3,614
Europe	2,454		—		—		—		—		—		2,454
North America	512		427		607		—		—		—		1,546
South America	—		—		—		—		—		—		—
Total revenues	$	3,267	$	2,272	$	2,157	$	—	$	—	$	—	$	7,696

III. Balance Sheet and location of long-lived assets

The following tables sets forth summarized balance sheet information and the location of property, plant and equipment and equipment held for lease as of March 31, 2015 and December 31, 2014:



	March 31, 2015
	Equipment Leasing						Infrastructure
	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Corporate		Total
Total assets	$	305,626	$	207,881	$	114,418	$	754,026	$	27,599	$	29,069	$	1,438,619

Debt	—		74,361		58,812		446,018		9,412		—		588,603

Total liabilities	48,346		78,234		59,105		463,308		17,357		5,465		671,815

Members' equity
Common shares	—		—		—		—		—		535		535
Additional Paid in Capital	257,280		122,257		55,238		190,479		9,081		23,069		657,404
Accumulated other comprehensive income	—		—		75		—		—		—		75
Non-controlling interests in equity of consolidated subsidiaries	—		7,390		—		100,239		1,161		—		108,790
Total members' equity	257,280		129,647		55,313		290,718		10,242		23,604		766,804
Total liabilities and members’ equity	$	305,626	$	207,881	$	114,418	$	754,026	$	27,599	$	29,069	$	1,438,619



	March 31, 2015
	Equipment Leasing						Infrastructure
	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Corporate		Total
Property, plant and equipment and equipment held for lease, net
Africa	$	47,912	$	—	$	—	$	—	$	—	$	—	$	47,912
Asia	113,377		40,263		—		—		—		—		153,640
Europe	104,610		136,866		—		—		—		—		241,476
North America	15,716		—		—		287,916		20,116		—		323,748
South America	590		—		—		—		—		—		590
Total property, plant and equipment and equipment held for lease, net	$	282,205	$	177,129	$	—	$	287,916	$	20,116	$	—	$	767,366



	December 31, 2014
	Equipment Leasing						Infrastructure
	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Corporate		Total
Total assets	$	308,957	$	212,699	$	117,298	$	720,727	$	30,605	$	13,915	$	1,404,201

Debt	—		76,024		61,154		446,272		9,417		—		592,867

Total liabilities	50,282		81,903		61,434		470,171		19,499		7,415		690,704

Members' equity
Common shares	—		—		—		—		—		535		535
Additional Paid in Capital	258,675		123,477		55,650		159,438		10,478		5,965		613,683
Accumulated other comprehensive income	—		—		214		—		—		—		214
Non-controlling interests in equity of consolidated subsidiaries	—		7,319		—		91,118		628		—		99,065
Total members' equity	258,675		130,796		55,864		250,556		11,106		6,500		713,497
Total liabilities and members’ equity	$	308,957	$	212,699	$	117,298	$	720,727	$	30,605	$	13,915	$	1,404,201



	December 31, 2014
	Equipment Leasing						Infrastructure
	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Corporate		Total
Property, plant and equipment and equipment held for lease, net
Africa	$	47,945	$	—	$	—	$	—	$	—	$	—	$	47,945
Asia	119,232		40,637		—		—		—		—		159,869
Europe	105,762		137,981		—		—		—		—		243,743
North America	13,335		—		—		252,354		19,862		—		285,551
South America	599		—		—		—		—		—		599
Total property, plant and equipment and equipment held for lease, net	$	286,873	$	178,618	$	—	$	252,354	$	19,862	$	—	$	737,707

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599

+ Details

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

EARNINGS PER SHARE

Basic earnings per share ("EPS") is calculated by dividing net income attributable to the Company by the weighted average number of shares of common stock outstanding. Diluted EPS is calculated by dividing net income attributable to the Company by the weighted average number of shares of common stock outstanding, plus potentially dilutive securities. Potentially dilutive securities are calculated using the treasury stock method.

The Company completed an IPO on May 20, 2015 in which the Initial Shareholders, immediately prior to the consummation of the IPO, received shares in proportion to their respective ownership percentages (Note 18). As a result, the Company is retrospectively presenting the shares outstanding for all periods presented.

The calculation of basic and diluted EPS is presented below (in thousands, except share and per share data).



	Three months ended March 31,
	2015		2014
Net Income Attributable to Members	$	5,448	$	1,426
Weighted Average Shares Outstanding	53,502,873		53,502,873
Basic and Diluted EPS	$	0.10	$	0.03

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

In the normal course of business the Company may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown as such arrangements would involve future claims that may be made against the Company that have not yet occurred. The Company believes the risk of loss in connection with such arrangements to be remote.

In connection with the formation of MT6015, a consolidated VIE (Note 2), the Company and its joint venture partner are each obligated to fund additional equity contributions of $11,925.

Two of the Company’s subsidiaries are lessees under various operating leases. As of March 31, 2015, minimum future rental payments under these leases are as follows:



	March 31, 2015
2015	$	3,710
2016	5,029
2017	5,026
2018	4,019
2019	3,891
Thereafter	47,673
	$	69,348

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS In April and May 2015, the remaining capital commitments of the investors of the Onshore Fund, Offshore Fund and Master GP were called. In May 2015, 53,502,873 common shares were issued to the Onshore Fund and Offshore Fund based on their relative interests in the Company. Immediately prior to the consummation of the IPO, the Master GP contributed its rights to previously undistributed incentive allocations pursuant to the Partnership Agreement in exchange for the limited partnership interest in each such partnership equal to the amount of any such undistributed incentive allocations. The limited partners of the Onshore Fund and Offshore Fund and the Master GP will receive the underlying value in common shares commensurate with their partnership interest inclusive, in the case of the Master GP, of any undistributed incentive allocations. Additionally, on May 20, 2015, the Company completed an IPO of 20 million common shares, at a price to the public of $17.00 per share. The Company intends to use the net proceeds, together with other sources of capital and liquidity, for the acquisition of new assets in the sectors the Company currently invests in, as well as to opportunistically acquire assets across the entire transportation and transportation-related infrastructure and equipment market. In addition, the Company intends to use the net proceeds for follow-on investments in existing assets, working capital and other general purposes. In May 2015, in connection with the IPO, the Company entered into a new management agreement with FIG LLC, which replaced the existing management agreement. Pursuant to the new management agreement, FIG LLC or its affiliate will receive a monthly management fee and reimbursement for certain expenses incurred. Additionally, in May 2015, the partnership agreement of the Partnership was amended whereby, among other things, the existing Incentive Return arrangement for the Master GP was revised to specify that the entitlement to certain incentive distributions be based on the consolidated net income in excess of certain hurdle return targets and capital gains income of the Partnership, subject to certain adjustments, as defined, before any amounts are distributed to the Company.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2015
Accounting Policies [Abstract]
Basis of Accounting	The unaudited consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Principals (“GAAP”) in the United States and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The consolidated balance sheet at December 31, 2014 has been derived from audited financial statements but does not include all of the information and notes required by GAAP for complete financial statements. The interim financial information contained herein should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2014 included in Amendment No. 7 to the Company’s Registration Statement on Form S-1, filed May 14, 2015.
Principles of Consolidation	The Company consolidates all entities in which it has a controlling financial interest and in which it has control over significant operating decisions, as well as variable interest entities (“VIE’s”) in which the Company is the primary beneficiary. All significant intercompany transactions and balances have been eliminated. The ownership interest of other investors in consolidated subsidiaries is recorded as non-controlling interest. The Company uses the equity method of accounting for investments in entities in which the Company exercises significant influence but which do not meet the requirements for consolidation. Under the equity method, the Company records its proportionate share of the underlying net income (loss) of these entities.
Variable Interest Entities	The assessment of whether an entity is a VIE and the determination of whether to consolidate a VIE requires judgment. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, and only by its primary beneficiary, which is defined as the party who has the power to direct the activities of a VIE that most significantly impact its economic performance and who has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Risks and Uncertainties	In the normal course of business, the Company encounters several significant types of economic risk including credit, market, and capital market risks. Credit risk is the risk of the inability or unwillingness of a lessee, customer, or derivative counterparty to make contractually required payments or to fulfill its other contractual obligations. Market risk reflects the risk of a downturn or volatility in the underlying industry segments in which the Company operates which could adversely impact the pricing of the services offered by the Company or a lessee’s or customer’s ability to make payments, increase the risk of unscheduled lease terminations and depress lease rates and the value of the Company’s leasing equipment or operating assets. Capital market risk is the risk that the Company is unable to obtain capital at reasonable rates to fund the growth of its business or to refinance existing debt facilities. The Company, through its subsidiaries, also conducts operations outside of the United States; such international operations are subject to the same risks as those associated with its United States operations as well as additional risks, including unexpected changes in regulatory requirements, heightened risk of political and economic instability, potentially adverse tax consequences and the burden of complying with foreign laws. The Company does not have significant exposure to foreign currency risk as all of its leasing arrangements, terminal services revenue and the majority of freight rail revenue are denominated in U.S. dollars.
Concentration of Credit Risk	The Company is subject to concentrations of credit risk with respect to amounts due from customers on its finance leases and operating leases. The Company attempts to limit its credit risk by performing ongoing credit evaluations. During the three months ended March 31, 2015, the Company earned approximately 14% of its revenue from one lessee in the offshore energy segment. During the three months ended March 31, 2014, the Company earned approximately 58% of its revenue from three lessees; one each in the aviation leasing, shipping containers and offshore energy segments. The Company maintains cash and restricted cash balances, which generally exceed federally insured limits, and subject the Company to credit risk, in high credit quality financial institutions. The Company monitors the financial condition of these institutions and has not experienced any losses associated with these accounts.
Goodwill	The Company reviews the carrying values of goodwill at least annually to assess impairment since these assets are not amortized. An annual impairment review is conducted as of October 1st of each year. Additionally, the Company reviews the carrying value of goodwill whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. The determination of fair value involves significant management judgment. Impairment is expensed when incurred.
Provision for Doubtful Accounts	The Company determines the provision for doubtful accounts based on its assessment of the collectability of its receivables on a customer-by-customer basis.
Comprehensive Income (Loss)	Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. The Company’s comprehensive income (loss) represents net income (loss), as presented in the consolidated statements of income, adjusted for fair value changes related to derivatives accounted for as cash flow hedges and the Company’s pro-rata share of items of comprehensive income derived from investments in unconsolidated entities.
Derivative Financial Instruments	In the normal course of business the Company may utilize interest rate derivatives to manage its exposure to interest rate risks, principally related to the hedging of variable rate interest payments on various debt facilities. If certain conditions are met, an interest rate derivative may be specifically designated as a cash flow hedge. In connection with its debt obligations (Note 9), the Company has entered into one interest rate derivative designated as a cash flow hedge and one non-hedge derivative. The Company does not enter into speculative derivative transactions. Derivative assets of $85 and $232, as of March 31, 2015 and December 31, 2014, respectively, were recorded within other assets in the Consolidated Balance Sheet. On the date that the Company enters into an interest rate derivative, its designation as a cash flow hedge is formally documented. On an ongoing basis, an assessment is made as to whether the interest rate derivative has been highly effective in offsetting changes in the cash flows of the variable rate interest payments on the associated debt and whether the interest rate derivative is expected to remain highly effective in future periods. If it were to be determined that the interest rate derivative is not (or has ceased to be) highly effective as a cash flow hedge, the use of hedge accounting would be discontinued prospectively. All interest rate derivatives are recognized on the balance sheet at their fair value. For interest rate derivatives designated as cash flow hedges, the effective portion of the interest rate derivative’s gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings when the interest payments on the debt are recorded in earnings. The ineffective portion of the interest rate derivative, if any, is calculated and recorded in interest expense. Changes in fair value of non-hedge derivatives are recorded in earnings on a current basis. The estimated net amount of existing gains/losses reported in accumulated other comprehensive income at March 31, 2015 expected to be reclassified into earnings within the next 12 months is approximately $86. In the event of a termination of an interest rate derivative prior to its contracted maturity, any related net gains or losses in accumulated other comprehensive income at the date of termination would be reclassified into earnings, unless it remains probable that interest payments on the debt will continue to occur, in which case the amount in accumulated other comprehensive income would be reclassified into earnings as the interest payments on the debt affect earnings.
Accounting Pronouncements	Recent Accounting Pronouncements— In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-08 (ASU 2014-08), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. Under the new guidance, a discontinued operation is defined as a disposal of a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The standard states that a strategic shift should include a disposal of (i) major geographical area of operations, (ii) a major line of business, (iii) a major equity method investment, or (iv) other major parts of an entity. ASU 2014-08 is effective prospectively for new disposals (or classifications as held for sale) that occur within annual periods beginning on or after December 14, 2014, and interim periods within those annual periods. The Company adopted ASU 2014-08 beginning January 1, 2015. Unadopted Accounting Pronouncements—In May 2013, the FASB issued a revised exposure draft, Leases (the “Lease ED”), which would replace the existing guidance in the Accounting Standards Codification 840 (“ASC 840”), Leases. Pursuant to the Lease ED, leases would be classified as either leases of property or leases of assets other than property. Leases of property will continue to use operating lease accounting. Leases of other than property would use the receivable residual approach. Under the receivable residual approach, a lease receivable would be recognized for the lessor’s right to receive lease payments, a portion of the carrying amount of the underlying asset would be allocated between the right of use granted to the lessee and the lessor’s residual value and profit or loss would only be recognized at commencement if it is reasonably assured. It is anticipated that the final standard would have an effective date no earlier than 2017. When and if the proposed guidance becomes effective, it may have a significant impact on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU-2014-09") which provides a single comprehensive model for recognizing revenue from contracts with customers and supersedes existing revenue recognition guidance. The new standard requires that a company recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the company expects to receive in exchange for those goods or services. Companies will need to use more judgment and estimates than under the guidance currently in effect, including estimating the amount of variable revenue to recognize over each identified performance obligation. Additional disclosures will be required to help users of financial statements understand the nature, amount and timing of revenue and cash flows arising from contracts. As currently drafted, the new standard is expected to become effective for the Company beginning with the first quarter 2017 with early adoption not permitted, however the FASB has currently proposed to defer the effective date by one year with early adoption permitted. The Company is currently evaluating the impact of adopting this new guidance on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 amends the consolidation guidance for VIEs and general partners’ investments in limited partnerships and modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities. ASU 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs, (“ASU 2015-03”). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The guidance is effective for reporting periods beginning after December 15, 2015 and interim periods within those fiscal years with early adoption permitted. ASU 2015-03 should be applied on a retrospective basis, wherein the balance sheet of each period presented should be adjusted to reflect the effects of adoption. The Company is currently evaluating the impact of adopting this new guidance on the consolidated financial statements.

ACQUISITIONS (Tables)

3 Months Ended

Mar. 31, 2015

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The fair values assigned to acquired assets and assumed liabilities of CMQR and Jefferson Terminal at their respective dates of acquisition are as follows:



	CMQR			Jefferson Terminal
Assets:
Restricted cash	—			190,811
Land and improvements	5,484			9,573
Track	4,952			—
Buildings and improvements	136			2,139
Crude oil terminal machinery and equipment	—			47,286
Railroad equipment	713			—
Furniture and fixtures	—			317
Computer hardware and software	—			34
Turnout and other track materials	1,415			—
Vehicles	320			258
Railcars and locomotives	1,283			—
Construction in progress	—			86,223
Prepaids and other deposits	103			6,102
Tendered bonds	—			115,000
Customer lists and customer contracts	225			35,385
Goodwill	593			114,633
Total assets	15,224			607,761

Liabilities:
Employee-related liabilities	(1,119		)	—
Environmental remediation liabilities	(1,333		)	—
Real estate taxes	(714		)	—
Accrued expenses	—			(56,150		)
Term loan	—			(93,995		)
Bonds payable	—			(348,788		)
Note payable	—			(21,297		)
Other liabilities	—			(1,753		)
Total liabilities	(3,166		)	(521,983		)
Net assets acquired	$	12,058		$	85,778

LEASING EQUIPMENT (Tables)

3 Months Ended

Mar. 31, 2015

Leases [Abstract]

Summary of Leasing Equipment

The following is a summary of leasing equipment recorded on the Consolidated Balance Sheets:



	March 31, 2015
Equipment	Aviation Leasing			Offshore Energy			Jefferson Terminal			Total
Leasing equipment:	$	298,792		$	182,355		$	44,326		$	525,473
Less: Accumulated depreciation	(16,587		)	(5,226		)	(715		)	(22,528		)
Leasing equipment, net	$	282,205		$	177,129		$	43,611		$	502,945



	December 31, 2014
Equipment	Aviation Leasing			Offshore Energy			Jefferson Terminal			Total
Leasing equipment:	$	298,204		$	182,355		$	44,326		$	524,885
Less: Accumulated depreciation	(11,331		)	(3,737		)	(438		)	(15,506		)
Leasing equipment, net	$	286,873		$	178,618		$	43,888		$	509,379

FINANCE LEASES (Tables)

3 Months Ended

Mar. 31, 2015

Leases [Abstract]

Schedule of Capital Leases, Lessor Balance Sheet

Finance leases are summarized as follows:



	March 31, 2015
	Offshore Energy			Shipping Containers			Total
Finance leases	$	21,550		$	104,709		$	126,259
Unearned revenue	(11,166		)	(15,221		)	(26,387		)
Finance leases, net	$	10,384		$	89,488		$	99,872



	December 31, 2014
	Offshore Energy			Shipping Containers			Total
Finance leases	$	22,045		$	109,492		$	131,537
Unearned revenue	(11,580		)	(17,144		)	(28,724		)
Finance leases, net	$	10,465		$	92,348		$	102,813

Schedule of Future Minimum Lease Payments for Capital Leases

At March 31, 2015, future minimum lease payments to be received under finance leases for the remainder of the lease terms are as follows:



	Offshore Energy		Shipping Containers		Total
2015	$	1,513	$	22,355	$	23,868
2016	2,013		25,702		27,715
2017	2,008		51,308		53,316
2018	2,008		5,344		7,352
2019	2,008		—		2,008
Thereafter	12,000		—		12,000
Total	$	21,550	$	104,709	$	126,259

PROPERTY, PLANT AND EQUIPMENT (Tables)

3 Months Ended

Mar. 31, 2015

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consists of the following:



	March 31, 2015
	Railroad			Jefferson Terminal			Total
Land and improvements	$	5,484		$	14,014		$	19,498
Buildings and improvements	470			2,193			2,663
Crude oil terminal machinery and equipment	—			183,247			183,247
Track and track related assets	11,988			—			11,988
Railroad equipment	1,149			—			1,149
Computer hardware and software	—			34			34
Furniture and fixtures	—			317			317
Vehicles	321			258			579
Construction in progress	842			47,534			48,376
Railcars and locomotives	1,322			—			1,322
	21,576			247,597			269,173
Less: accumulated depreciation	(1,460		)	(3,292		)	(4,752		)
Property, plant and equipment, net	$	20,116		$	244,305		$	264,421



	December 31, 2014
	Railroad			Jefferson Terminal			Total
Land and improvements	$	5,484		$	9,573		$	15,057
Buildings and improvements	470			2,139			2,609
Crude oil terminal machinery and equipment	—			50,627			50,627
Track and track related assets	11,988			—			11,988
Railroad equipment	1,268			—			1,268
Computer hardware and software	—			34			34
Furniture and fixtures	—			317			317
Vehicles	321			258			579
Construction in progress	—			146,663			146,663
Railcars and locomotives	1,293			—			1,293
	20,824			209,611			230,435
Less: accumulated depreciation	(962		)	(1,145		)	(2,107		)
Property, plant and equipment, net	$	19,862		$	208,466		$	228,328

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)

3 Months Ended

Mar. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

Summary financial information for Intermodal Finance I, Ltd is as follows:



	Three Months Ended March 31,
	2015		2014
Revenue
Total revenues	$	4,318	$	5,512

Expenses
Operating expenses	193		407
General and administrative	161		208
Depreciation and amortization	597		664
Interest expense	1,043		1,240
Total expenses	1,994		2,519

Net income	2,324		2,993
Other comprehensive income	—		—
Comprehensive income	$	2,324	$	2,993

Company's equity in earnings	$	1,241	$	1,604



	March 31,		December 31,
	2015		2014
Assets
Cash and cash equivalents	$	2,982	$	5,214
Restricted cash	2,140		2,320
Accounts Receivable	2,089		1,051
Leasing assets, net of accumulated depreciation of $4,983 and $4,449, respectively	73,511		74,045
Finance Leases, net	55,720		62,393
Deferred costs, net of accumulated amortization of $640 and $602, respectively	1,408		1,524
Other assets	3		8
Total Assets	$	137,853	$	146,555

Liabilities
Accounts payable and accrued liabilities	$	128	$	157
Syndication liabilities	4,182		5,152
Debt	110,655		120,303
Other liabilities	5		383
Total Liabilities	$	114,970	$	125,995

Members' Equity
Members' Equity	22,883		20,560
Total members' equity	22,883		20,560
Total liabilities and members' equity	$	137,853	$	146,555

Company's investment in and advances to unconsolidated entities	$	21,823	$	21,569

The following table presents the ownership interest and carrying values of the Company’s investments in unconsolidated entities:



				Carrying Value
		Ownership Percentage		March 31,		December 31,
	Date Acquired	Ownership Percentage		2015		2014
Intermodal Finance I, Ltd	September 2012	51	%	21,823		21,569
				$	21,823	$	21,569

INTANGIBLE ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2015

Intangible Assets and Liabilities Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets and Liabilities

The Company’s intangible assets and liabilities are summarized as follows:



	March 31, 2015
	Aviation Leasing			Jefferson Terminal			Railroad			Total
Intangible assets:
Acquired favorable lease intangibles	$	20,435		$	—		$	—		$	20,435
Accumulated amortization	(4,917		)	—			—			(4,917		)
Total acquired favorable lease intangibles, net	15,518			—			—			15,518

Customer relationships	—			35,385			225			35,610
Accumulated amortization	—			(2,064		)	(39		)	(2,103		)
Total acquired customer relationships, net	—			33,321			186			33,507

Total intangible assets, net	$	15,518		$	33,321		$	186		$	49,025

Intangible liabilities:
Acquired unfavorable lease intangibles	$	261		$	—		$	—		$	261
Accumulated amortization	(49		)	—			—			(49		)
Total acquired unfavorable lease intangibles, net	$	212		$	—		$	—		$	212



	December 31, 2014
	Aviation Leasing			Jefferson Terminal			Railroad			Total
Intangible assets:
Acquired favorable lease intangibles	$	20,435		$	—		$	—		$	20,435
Accumulated amortization	(2,796		)	—			—			(2,796		)
Total acquired favorable lease intangibles, net	17,639			—			—			17,639

Customer relationships	—			35,385			225			35,610
Accumulated amortization	—			(1,180		)	(28		)	(1,208		)
Total acquired customer relationships, net	—			34,205			197			34,402

Total intangible assets, net	$	17,639		$	34,205		$	197		$	52,041

Intangible liabilities:
Acquired unfavorable lease intangibles	$	261		$	—		$	—		$	261
Accumulated amortization	(24		)	—			—			(24		)
Total acquired unfavorable lease intangibles, net	$	237		$	—		$	—		$	237

Schedule of Below Market Leases

The Company’s intangible assets and liabilities are summarized as follows:



	March 31, 2015
	Aviation Leasing			Jefferson Terminal			Railroad			Total
Intangible assets:
Acquired favorable lease intangibles	$	20,435		$	—		$	—		$	20,435
Accumulated amortization	(4,917		)	—			—			(4,917		)
Total acquired favorable lease intangibles, net	15,518			—			—			15,518

Customer relationships	—			35,385			225			35,610
Accumulated amortization	—			(2,064		)	(39		)	(2,103		)
Total acquired customer relationships, net	—			33,321			186			33,507

Total intangible assets, net	$	15,518		$	33,321		$	186		$	49,025

Intangible liabilities:
Acquired unfavorable lease intangibles	$	261		$	—		$	—		$	261
Accumulated amortization	(49		)	—			—			(49		)
Total acquired unfavorable lease intangibles, net	$	212		$	—		$	—		$	212



	December 31, 2014
	Aviation Leasing			Jefferson Terminal			Railroad			Total
Intangible assets:
Acquired favorable lease intangibles	$	20,435		$	—		$	—		$	20,435
Accumulated amortization	(2,796		)	—			—			(2,796		)
Total acquired favorable lease intangibles, net	17,639			—			—			17,639

Customer relationships	—			35,385			225			35,610
Accumulated amortization	—			(1,180		)	(28		)	(1,208		)
Total acquired customer relationships, net	—			34,205			197			34,402

Total intangible assets, net	$	17,639		$	34,205		$	197		$	52,041

Intangible liabilities:
Acquired unfavorable lease intangibles	$	261		$	—		$	—		$	261
Accumulated amortization	(24		)	—			—			(24		)
Total acquired unfavorable lease intangibles, net	$	237		$	—		$	—		$	237

Schedule of Net Annual Amortization of Intangibles

As of March 31, 2015, estimated net annual amortization of intangibles is as follows:



	March 31, 2015
2015	$	6,975
2016	8,093
2017	6,491
2018	6,142
2019	4,568
Thereafter	16,544
Total	$	48,813

DEBT (Tables)

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The Company’s debt at March 31, 2015 and December 31, 2014 is summarized as follows:



	March 31,		December 31,
	2015		2014
Loans payable
Container Loan #1	$	40,220	$	42,040
Container Loan #2	18,592		19,115
FTAI Pride Credit Agreement	71,875		73,438
CMQR Credit Agreement	9,412		9,416
Jefferson Terminal Credit Agreement	99,500		99,750
Total loans payable	239,599		243,759
Bonds payable
Series 2010 Bonds	298,000		298,000
Series 2012 Bonds (including unamortized premium of $1,788 and $1,791 at March 31, 2015 and December 31, 2014, respectively)	48,518		48,521
Total bonds payable	346,518		346,521
Note payable to non-controlling interest
Note payable to non-controlling interest	2,486		2,587
Total note payable to non-controlling interest	2,486		2,587

Total debt	$	588,603	$	592,867

Total debt due within one year	$	23,767	$	23,915

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis



	Fair Value as of		Fair Value Measurements at March 31, 2015
	March 31, 2015		Using Fair Value Hierarchy
	Total		Level 1		Level 2		Level 3		Valuation Technique
Assets:
Cash and cash equivalents	$	37,292	$	37,292	$	—	$	—	Market
Restricted cash	16,431		16,431		—		—		Market
Derivative assets	85		—		85		—		Income
Total	$	53,808	$	53,723	$	85	$	—

	Fair Value as of		Fair Value Measurements at December 31, 2014
	December 31, 2014		Using Fair Value Hierarchy
	Total		Level 1		Level 2		Level 3		Valuation Technique
Assets:
Cash and cash equivalents	$	22,125	$	22,125	$	—	$	—	Market
Restricted cash	21,084		21,084		—		—		Market
Derivative assets	232		—		232		—		Income
Total	$	43,441	$	43,209	$	232	$	—

REVENUES REVENUES (Tables)

3 Months Ended

Mar. 31, 2015

Revenue Disclosure [Abstract]

Reconciliation of Revenue from Segments to Consolidated

Components of revenue in the three months ended March 31, 2015 and 2014 are as follows:



	Three Months Ended March 31, 2015
	Equipment Leasing						Infrastructure
Revenues	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Total
Equipment leasing revenues
Lease income	$	9,739	$	6,266	$	—	$	—	$	—	$	16,005
Maintenance revenue	3,386		—		—		—		—		3,386
Finance lease income	—		410		1,901		—		—		2,311
Other revenue	1,120		191		25		—		—		1,336
Total equipment leasing revenues	$	14,245	$	6,867	$	1,926	$	—	$	—	$	23,038
Infrastructure revenues
Lease income	—		—		—		1,410		—		1,410
Rail revenues	—		—		—		—		6,289		6,289
Terminal services revenues	—		—		—		3,236		—		3,236
Total infrastructure revenues	$	—	$	—	$	—	$	4,646	$	6,289	$	10,935
Total revenues	$	14,245	$	6,867	$	1,926	$	4,646	$	6,289	$	33,973



	Three Months Ended March 31, 2014
	Equipment Leasing						Infrastructure
Revenues	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Total
Equipment leasing revenues
Lease income	$	2,040	$	1,845	$	—	$	—	$	—	$	3,885
Maintenance revenue	1,227		—		—		—		—		1,227
Finance lease income	—		427		2,131		—		—		2,558
Other revenue	—		—		26		—		—		26
Total equipment leasing revenues	$	3,267	$	2,272	$	2,157	$	—	$	—	$	7,696
Total revenues	$	3,267	$	2,272	$	2,157	$	—	$	—	$	7,696

Schedule of Future Minimum Rental Payments for Operating Leases

Minimum future annual revenues contracted to be received under existing operating leases of equipment at March 31, 2015 are as follows:



	March 31, 2015
2015	$	45,448
2016	43,817
2017	50,913
2018	21,845
2019	9,093
Thereafter	309
	$	171,425

Two of the Company’s subsidiaries are lessees under various operating leases. As of March 31, 2015, minimum future rental payments under these leases are as follows:



	March 31, 2015
2015	$	3,710
2016	5,029
2017	5,026
2018	4,019
2019	3,891
Thereafter	47,673
	$	69,348

INCOME TAXES INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The current and deferred components of the income tax expense included in the Consolidated Statements of Income are as follows:



	March 31,
	2015			2014
Current:
Federal	$	29		$	51
State and local	8			1
Foreign	115			—
Total current provision	152			52

Deferred:
Federal	15			107
State and local	(1		)	—
Foreign	64			—
Total deferred provision	78			107

Total provision for income taxes	$	230		$	159

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables set forth certain information for each reportable segment of the Company:

I. For the Three Months Ended March 31, 2015



	Three Months Ended March 31, 2015
	Equipment Leasing							Infrastructure
	Aviation Leasing		Offshore Energy		Shipping Containers			Jefferson Terminal			Railroad			Corporate			Total
Revenues
Equipment leasing	$	14,245	$	6,867	$	1,926		$	—		$	—		$	—		$	23,038
Infrastructure	—		—		—			4,646			6,289			—			10,935
Total revenues	14,245		6,867		1,926			4,646			6,289			—			33,973

Expenses
Operating expenses	338		571		53			6,673			7,084			—			14,719
General and administrative	—		—		—			—			—			348			348
Acquisition and transaction expense	—		—		—			—			—			368			368
Management fees	—		—		—			—			—			2,414			2,414
Depreciation and amortization	5,256		1,489		—			3,308			509			—			10,562
Interest expense	—		956		642			3,087			130			—			4,815
Total expenses	5,594		3,016		695			13,068			7,723			3,130			33,226

Other income (expense)

Equity in earnings of unconsolidated entities	—		—		1,241			—			—			—			1,241
Gain on sale of equipment	—		—		—			—			3			—			3
Interest income	8		139		—			40			—			—			187
Other income (expense)	—		—		(7		)	1			—			—			(6		)
Total other income (expense)	8		139		1,234			41			3			—			1,425
Income before income taxes	8,659		3,990		2,465			(8,381		)	(1,431		)	(3,130		)	2,172
Provision for income taxes	214		—		16			—			—			—			230
Net income (loss)	8,445		3,990		2,449			(8,381		)	(1,431		)	(3,130		)	1,942
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	—		181		—			(3,654		)	(33		)	—			(3,506		)
Net income (loss) attributable to members	$	8,445	$	3,809	$	2,449		$	(4,727	)	$	(1,398	)	$	(3,130	)	$	5,448

As of and for the Three Months Ended March 31, 2014



	Three Months Ended March 31, 2014
	Equipment Leasing								Infrastructure
	Aviation Leasing			Offshore Energy		Shipping Containers			Jefferson Terminal			Railroad			Corporate			Total
Revenues
Equipment leasing	$	3,267		$	2,272	$	2,157		$	—		$	—		$	—		$	7,696
Total revenues	3,267			2,272		2,157			—			—			—			7,696

Expenses
Operating expenses	393			86		58			—			—			—			537
General and administrative	—			—		—			—			—			227			227
Acquisition and transaction expense	—			—		—			1,062			2,309			(38		)	3,333
Management fees	—			—		—			—			—			751			751
Depreciation and amortization	1,457			374		—			—			—			—			1,831
Interest expense	—			36		736			—			—			45			817
Total expenses	1,850			496		794			1,062			2,309			985			7,496

Other income (expense)

Equity in earnings of unconsolidated entities	—			—		1,604			—			—			—			1,604
Gain on sale of equipment	(40		)	—		—			—			—			—			(40		)
Interest income	6			—		—			—			—			—			6
Other income (expense)	—			—		(9		)	—			—			—			(9		)
Total other income (expense)	(34		)	—		1,595			—			—			—			1,561
Income before income taxes	1,383			1,776		2,958			(1,062		)	(2,309		)	(985		)	1,761
Provision for income taxes	57			—		102			—			—			—			159
Net income (loss)	1,326			1,776		2,856			(1,062		)	(2,309		)	(985		)	1,602
Less: Net income attributable to non-controlling interests in consolidated subsidiaries	—			176		—			—			—			—			176
Net income (loss) attributable to members	$	1,326		$	1,600	$	2,856		$	(1,062	)	$	(2,309	)	$	(985	)	$	1,426

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following table sets forth a reconciliation of Adjusted Net Income to Net Income attributable to members:



	Three Months Ended March 31, 2015
	Equipment Leasing						Infrastructure
	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal			Railroad			Corporate			Total
Adjusted Net Income (Loss)	$	8,462	$	3,809	$	2,473	$	(4,215	)	$	(844	)	$	(2,762	)	$	6,923
Add: Non-controlling share of adjustments to Adjusted Net Income																354
Add: Equity in earnings of unconsolidated entities																1,241
Add: Cash payments for income taxes																197
Less: Pro-rata share of Adjusted Net Income from investments in unconsolidated entities																(1,241		)
Less: Asset impairment charges																—
Less: Changes in fair value of non-hedge derivative instruments																(8		)
Less: Losses on the modification or extinguishment of debt and capital lease obligations																—
Less: Acquisition and transaction expenses																(368		)
Less: Equity-based compensation expense																(1,420		)
Less: Provision for income taxes																(230		)
Net Income attributable to members																$	5,448

The following table sets forth a reconciliation of Adjusted Net Income to Net Income attributable to members:



	Three Months Ended March 31, 2014
	Equipment Leasing						Infrastructure
	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Corporate			Total
Adjusted Net Income (Loss)	$	1,383	$	1,600	$	2,967	$	—	$	—	$	(1,023	)	$	4,927
Add: Non-controlling share of adjustments to Adjusted Net Income														—
Add: Equity in earnings of unconsolidated entities														1,604
Add: Cash payments for income taxes														—
Less: Pro-rata share of Adjusted Net Income from investments in unconsolidated entities														(1,604		)
Less: Asset impairment charges														—
Less: Changes in fair value of non-hedge derivative instruments														(9		)
Less: Losses on the modification or extinguishment of debt and capital lease obligations														—
Less: Acquisition and transaction expenses														(3,333		)
Less: Equity-based compensation expense														—
Less: Provision for income taxes														(159		)
Net Income attributable to members														$	1,426

Revenue from External Customers by Geographic Areas

Summary information with respect to the Company’s geographic sources of revenue is as follows:



	Three Months Ended March 31, 2014
	Equipment Leasing						Infrastructure
	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Corporate		Total
Revenues
Africa	$	82	$	—	$	—	$	—	$	—	$	—	$	82
Asia	219		1,845		1,550		—		—		—		3,614
Europe	2,454		—		—		—		—		—		2,454
North America	512		427		607		—		—		—		1,546
South America	—		—		—		—		—		—		—
Total revenues	$	3,267	$	2,272	$	2,157	$	—	$	—	$	—	$	7,696

Summary information with respect to the Company’s geographic sources of revenue is as follows:



	Three Months Ended March 31, 2015
	Equipment Leasing						Infrastructure
	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Corporate		Total
Revenues
Africa	$	3,116	$	—	$	—	$	—	$	—	$	—	$	3,116
Asia	5,988		1,844		1,378		—		—		—		9,210
Europe	4,526		4,613		—		—		—		—		9,139
North America	480		410		548		4,646		6,289		—		12,373
South America	135		—		—		—		—		—		135
Total revenues	$	14,245	$	6,867	$	1,926	$	4,646	$	6,289	$	—	$	33,973

Reconciliation of Other Significant Reconciling Items from Segments to Consolidated

The following tables sets forth summarized balance sheet information and the location of property, plant and equipment and equipment held for lease as of March 31, 2015 and December 31, 2014:



	March 31, 2015
	Equipment Leasing						Infrastructure
	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Corporate		Total
Total assets	$	305,626	$	207,881	$	114,418	$	754,026	$	27,599	$	29,069	$	1,438,619

Debt	—		74,361		58,812		446,018		9,412		—		588,603

Total liabilities	48,346		78,234		59,105		463,308		17,357		5,465		671,815

Members' equity
Common shares	—		—		—		—		—		535		535
Additional Paid in Capital	257,280		122,257		55,238		190,479		9,081		23,069		657,404
Accumulated other comprehensive income	—		—		75		—		—		—		75
Non-controlling interests in equity of consolidated subsidiaries	—		7,390		—		100,239		1,161		—		108,790
Total members' equity	257,280		129,647		55,313		290,718		10,242		23,604		766,804
Total liabilities and members’ equity	$	305,626	$	207,881	$	114,418	$	754,026	$	27,599	$	29,069	$	1,438,619



	December 31, 2014
	Equipment Leasing						Infrastructure
	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Corporate		Total
Property, plant and equipment and equipment held for lease, net
Africa	$	47,945	$	—	$	—	$	—	$	—	$	—	$	47,945
Asia	119,232		40,637		—		—		—		—		159,869
Europe	105,762		137,981		—		—		—		—		243,743
North America	13,335		—		—		252,354		19,862		—		285,551
South America	599		—		—		—		—		—		599
Total property, plant and equipment and equipment held for lease, net	$	286,873	$	178,618	$	—	$	252,354	$	19,862	$	—	$	737,707

Long-lived Assets by Geographic Areas



	December 31, 2014
	Equipment Leasing						Infrastructure
	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Corporate		Total
Property, plant and equipment and equipment held for lease, net
Africa	$	47,945	$	—	$	—	$	—	$	—	$	—	$	47,945
Asia	119,232		40,637		—		—		—		—		159,869
Europe	105,762		137,981		—		—		—		—		243,743
North America	13,335		—		—		252,354		19,862		—		285,551
South America	599		—		—		—		—		—		599
Total property, plant and equipment and equipment held for lease, net	$	286,873	$	178,618	$	—	$	252,354	$	19,862	$	—	$	737,707



	March 31, 2015
	Equipment Leasing						Infrastructure
	Aviation Leasing		Offshore Energy		Shipping Containers		Jefferson Terminal		Railroad		Corporate		Total
Property, plant and equipment and equipment held for lease, net
Africa	$	47,912	$	—	$	—	$	—	$	—	$	—	$	47,912
Asia	113,377		40,263		—		—		—		—		153,640
Europe	104,610		136,866		—		—		—		—		241,476
North America	15,716		—		—		287,916		20,116		—		323,748
South America	590		—		—		—		—		—		590
Total property, plant and equipment and equipment held for lease, net	$	282,205	$	177,129	$	—	$	287,916	$	20,116	$	—	$	767,366

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The calculation of basic and diluted EPS is presented below (in thousands, except share and per share data).



	Three months ended March 31,
	2015		2014
Net Income Attributable to Members	$	5,448	$	1,426
Weighted Average Shares Outstanding	53,502,873		53,502,873
Basic and Diluted EPS	$	0.10	$	0.03

COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

Minimum future annual revenues contracted to be received under existing operating leases of equipment at March 31, 2015 are as follows:



	March 31, 2015
2015	$	45,448
2016	43,817
2017	50,913
2018	21,845
2019	9,093
Thereafter	309
	$	171,425

Two of the Company’s subsidiaries are lessees under various operating leases. As of March 31, 2015, minimum future rental payments under these leases are as follows:



	March 31, 2015
2015	$	3,710
2016	5,029
2017	5,026
2018	4,019
2019	3,891
Thereafter	47,673
	$	69,348

ORGANIZATION (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended	12 Months Ended
ORGANIZATION (Details) $ / shares in Units, $ in Thousands	May 20, 2015 $ / shares shares	May 31, 2015 shares	Mar. 31, 2015 USD ($) segment	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments \| segment			5
Number of primary businesses \| segment			2
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Aggregate capital commitments of investors \| $			$ 995,497
Capital commitments called \| $			$ 761,180
Subsequent Event
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Common stock shares issued (in shares) \| shares		53,502,873
Subsequent Event \| IPO \| Common Stock
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Common stock shares issued (in shares) \| shares	20,000,000
Common stock price (in dollars per share) \| $ / shares	$ 17.00
Onshore Fund
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Beneficial owners percentage of ownership			89.97%	89.97%
Offshore Fund
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Beneficial owners percentage of ownership			9.98%	9.98%
Master GP
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Partner ownership percentage			0.05%	0.05%
Incentive return percentage			10.00%
Cumulative preferred return payable, percentage			8.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2015 USD ($) lessee derivative_instrument	Mar. 31, 2014 USD ($) lessee	Dec. 31, 2014 USD ($)
Variable Interest Entities [Abstract]
Restricted cash	$ 16,431		$ 21,084
Goodwill impairment	0
Provision for doubtful accounts	111		111
Bad debt expense	4	$ 43
Reclassification adjustments impacting accumulated other comprehensive income	37	$ 44
Estimated net gains/losses reclassified from AOCI into earnings within next 12 months	86
Other Assets
Variable Interest Entities [Abstract]
Derivative assets	85		232
Co-venturer \| Subsidiary
Variable Interest Entities [Abstract]
Subsidiary loan to VIE partner for equity contribution	3,725		3,725
MT6015
Variable Interest Entities [Abstract]
Total assets	7,533		$ 7,450
MT6015 \| MT6015
Variable Interest Entities [Abstract]
Vessel purchase commitment	$ 75,000
MT6015 \| Subsidiary
Variable Interest Entities [Abstract]
Interest held in VIE, as a percentage	50.00%
MT6015 \| Third Party
Variable Interest Entities [Abstract]
Interest held in VIE, as a percentage	50.00%
Customer One \| Reportable Subsegments \| Equipment Leasing \| Operating Segments \| Offshore Energy \| Customer Concentration Risk \| Sales Revenue, Segment
Variable Interest Entities [Abstract]
Concentration risk percentage	14.00%
Number of lessees \| lessee	1
Customer Group One \| Reportable Subsegments \| Equipment Leasing \| Operating Segments \| Shipping Containers \| Customer Concentration Risk \| Sales Revenue, Segment
Variable Interest Entities [Abstract]
Number of lessees \| lessee		1
Customer Group One \| Reportable Subsegments \| Equipment Leasing \| Operating Segments \| Aviation Leasing, Shipping Containers and Offshore Energy [Member] \| Customer Concentration Risk \| Sales Revenue, Segment
Variable Interest Entities [Abstract]
Concentration risk percentage		58.00%
Number of lessees \| lessee		3
Customer Group One \| Reportable Subsegments \| Equipment Leasing \| Operating Segments \| Aviation Leasing \| Customer Concentration Risk \| Sales Revenue, Segment
Variable Interest Entities [Abstract]
Number of lessees \| lessee		1
Customer Group One \| Reportable Subsegments \| Equipment Leasing \| Operating Segments \| Offshore Energy \| Customer Concentration Risk \| Sales Revenue, Segment
Variable Interest Entities [Abstract]
Number of lessees \| lessee		1
Designated as Hedging Instrument
Variable Interest Entities [Abstract]
Number of derivatives \| derivative_instrument	1
Not Designated as Hedging Instrument
Variable Interest Entities [Abstract]
Number of derivatives \| derivative_instrument	1

ACQUISITIONS - Additional Information (Details)		2 Months Ended	3 Months Ended		6 Months Ended	12 Months Ended
ACQUISITIONS - Additional Information (Details)	Aug. 27, 2014 USD ($)	Jun. 30, 2014 USD ($)	Mar. 31, 2015 USD ($) employee mi	Mar. 31, 2014 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2014 USD ($)
Business Acquisition [Line Items]
General and administrative and employee severance expenses			$ 368,000	$ 3,333,000
Goodwill			$ 0
CMQR
Business Acquisition [Line Items]
Aggregate purchase price		$ 15,200,000
Assumed liabilities		$ 3,166,000
Number of employees \| employee			110
Miles of rail track \| mi			500
Increase in assumed fixed assets					$ 679,000
Increase to assumed employee liabilities					232,000
Increase to assumed environmental liabilities					680,000
Increase of assumed goodwill					233,000
Goodwill						$ 593,000
CMQR \| Acquisition and Transaction Expenses
Business Acquisition [Line Items]
General and administrative and employee severance expenses					5,646,000
CMQR \| Operating Expense
Business Acquisition [Line Items]
General and administrative and employee severance expenses					$ 392,000
CMQR \| Building
Business Acquisition [Line Items]
Estimated useful life			P4Y
CMQR \| Track and track related assets \| Minimum
Business Acquisition [Line Items]
Estimated useful life			P2Y
CMQR \| Track and track related assets \| Maximum
Business Acquisition [Line Items]
Estimated useful life			P5Y
CMQR \| Railroad equipment \| Minimum
Business Acquisition [Line Items]
Estimated useful life			P4Y
CMQR \| Railroad equipment \| Maximum
Business Acquisition [Line Items]
Estimated useful life			P6Y
CMQR \| Vehicles
Business Acquisition [Line Items]
Estimated useful life			P2Y
CMQR \| Railcars and locomotives
Business Acquisition [Line Items]
Estimated useful life			P5Y
Jefferson Terminal
Business Acquisition [Line Items]
Aggregate purchase price	$ 607,800,000
Assumed liabilities	521,983,000
Equity consideration	38,200,000
Percent interest acquired			60.00%
Remaining non-controlling interest			40.00%
Loan obtained through acquisition	100,000,000
Goodwill						$ 114,633,000
Jefferson Terminal \| Acquisition and Transaction Expenses
Business Acquisition [Line Items]
Transaction related costs of acquisition	5,494
Retaining Shareholders \| Jefferson Terminal
Business Acquisition [Line Items]
Remaining non-controlling interest			20.00%
Private Equity Fund
Business Acquisition [Line Items]
Remaining non-controlling interest			20.00%
Subsidiary \| Jefferson Terminal
Business Acquisition [Line Items]
Long-term Debt	$ 97,600,000

ACQUISITIONS - Fair Values Assigned to Acquired Assets and Assumed Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014	Aug. 27, 2014	Jun. 30, 2014
Assets:
Goodwill	$ 115,226	$ 115,226
CMQR
Assets:
Prepaids and other deposits				$ 103
Customer lists and customer contracts				225
Goodwill				593
Total assets				15,224
Liabilities:
Employee-related liabilities				(1,119)
Environmental remediation liabilities				(1,333)
Real estate taxes				(714)
Total liabilities				(3,166)
Net assets acquired				12,058
CMQR \| Land and improvements
Assets:
Property, plant and equipment				5,484
CMQR \| Track
Assets:
Property, plant and equipment				4,952
CMQR \| Buildings and improvements
Assets:
Property, plant and equipment				136
CMQR \| Railroad equipment
Assets:
Property, plant and equipment				713
CMQR \| Turnout and other track materials
Assets:
Property, plant and equipment				1,415
CMQR \| Vehicles
Assets:
Property, plant and equipment				320
CMQR \| Railcars and locomotives
Assets:
Property, plant and equipment				$ 1,283
Jefferson Terminal
Assets:
Restricted cash			$ 190,811
Construction in progress			86,223
Prepaids and other deposits			6,102
Tendered bonds			115,000
Customer lists and customer contracts			35,385
Goodwill			114,633
Total assets			607,761
Liabilities:
Accrued expenses			(56,150)
Other liabilities			(1,753)
Total liabilities			(521,983)
Net assets acquired			85,778
Jefferson Terminal \| Term loan
Liabilities:
Long-term debt			(93,995)
Jefferson Terminal \| Bonds payable
Liabilities:
Long-term debt			(348,788)
Jefferson Terminal \| Note payable
Liabilities:
Long-term debt			(21,297)
Jefferson Terminal \| Land and improvements
Assets:
Property, plant and equipment			9,573
Jefferson Terminal \| Buildings and improvements
Assets:
Property, plant and equipment			2,139
Jefferson Terminal \| Crude oil terminal machinery and equipment
Assets:
Property, plant and equipment			47,286
Jefferson Terminal \| Furniture and fixtures
Assets:
Property, plant and equipment			317
Jefferson Terminal \| Computer hardware and software
Assets:
Property, plant and equipment			34
Jefferson Terminal \| Vehicles
Assets:
Property, plant and equipment			$ 258

LEASING EQUIPMENT (Details) - USD ($) $ in Thousands	3 Months Ended
LEASING EQUIPMENT (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Property Subject to or Available for Operating Lease [Line Items]
Leasing equipment, net	$ 502,945		$ 509,379
Equipment Leasing
Property Subject to or Available for Operating Lease [Line Items]
Leasing equipment:	525,473		524,885
Less: Accumulated depreciation	(22,528)		(15,506)
Leasing equipment, net	502,945		509,379
Depreciation	7,022	$ 1,831
Reportable Subsegments \| Equipment Leasing \| Operating Segments \| Aviation Leasing
Property Subject to or Available for Operating Lease [Line Items]
Leasing equipment:	298,792		298,204
Less: Accumulated depreciation	(16,587)		(11,331)
Leasing equipment, net	282,205		286,873
Reportable Subsegments \| Equipment Leasing \| Operating Segments \| Offshore Energy
Property Subject to or Available for Operating Lease [Line Items]
Leasing equipment:	182,355		182,355
Less: Accumulated depreciation	(5,226)		(3,737)
Leasing equipment, net	177,129		178,618
Reportable Subsegments \| Equipment Leasing \| Operating Segments \| Jefferson Terminal
Property Subject to or Available for Operating Lease [Line Items]
Leasing equipment:	44,326		44,326
Less: Accumulated depreciation	(715)		(438)
Leasing equipment, net	$ 43,611		$ 43,888

FINANCE LEASES - Summary (Details) - Equipment Leasing - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Capital Leased Assets [Line Items]
Finance leases	$ 126,259	$ 131,537
Unearned revenue	(26,387)	(28,724)
Finance leases, net	99,872	102,813
Reportable Subsegments \| Operating Segments \| Offshore Energy
Capital Leased Assets [Line Items]
Finance leases	21,550	22,045
Unearned revenue	(11,166)	(11,580)
Finance leases, net	10,384	10,465
Reportable Subsegments \| Operating Segments \| Shipping Containers
Capital Leased Assets [Line Items]
Finance leases	104,709	109,492
Unearned revenue	(15,221)	(17,144)
Finance leases, net	$ 89,488	$ 92,348

FINANCE LEASES - Future Minimum Payments Receivable (Details) - Equipment Leasing $ in Thousands	Mar. 31, 2015 USD ($)
Capital Leased Assets [Line Items]
2015	$ 23,868
2016	27,715
2017	53,316
2018	7,352
2019	2,008
Thereafter	12,000
Total	126,259
Reportable Subsegments \| Operating Segments \| Offshore Energy
Capital Leased Assets [Line Items]
2015	1,513
2016	2,013
2017	2,008
2018	2,008
2019	2,008
Thereafter	12,000
Total	21,550
Reportable Subsegments \| Operating Segments \| Shipping Containers
Capital Leased Assets [Line Items]
2015	22,355
2016	25,702
2017	51,308
2018	5,344
2019	0
Thereafter	0
Total	$ 104,709

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Net	$ 264,421	$ 228,328
Infrastructure
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	269,173	230,435
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(4,752)	(2,107)
Property, Plant and Equipment, Net	264,421	228,328
Infrastructure \| Land and improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	19,498	15,057
Infrastructure \| Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	2,663	2,609
Infrastructure \| Crude oil terminal machinery and equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	183,247	50,627
Infrastructure \| Track and track related assets
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	11,988	11,988
Infrastructure \| Railroad equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,149	1,268
Infrastructure \| Computer hardware and software
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	34	34
Infrastructure \| Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	317	317
Infrastructure \| Vehicles
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	579	579
Infrastructure \| Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	48,376	146,663
Infrastructure \| Railcars and locomotives
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,322	1,293
Infrastructure \| Railroad \| Reportable Subsegments \| Operating Segments
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	21,576	20,824
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(1,460)	(962)
Property, Plant and Equipment, Net	20,116	19,862
Infrastructure \| Railroad \| Reportable Subsegments \| Operating Segments \| Land and improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	5,484	5,484
Infrastructure \| Railroad \| Reportable Subsegments \| Operating Segments \| Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	470	470
Infrastructure \| Railroad \| Reportable Subsegments \| Operating Segments \| Crude oil terminal machinery and equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	0	0
Infrastructure \| Railroad \| Reportable Subsegments \| Operating Segments \| Track and track related assets
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	11,988	11,988
Infrastructure \| Railroad \| Reportable Subsegments \| Operating Segments \| Railroad equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,149	1,268
Infrastructure \| Railroad \| Reportable Subsegments \| Operating Segments \| Computer hardware and software
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	0	0
Infrastructure \| Railroad \| Reportable Subsegments \| Operating Segments \| Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	0	0
Infrastructure \| Railroad \| Reportable Subsegments \| Operating Segments \| Vehicles
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	321	321
Infrastructure \| Railroad \| Reportable Subsegments \| Operating Segments \| Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	842	0
Infrastructure \| Railroad \| Reportable Subsegments \| Operating Segments \| Railcars and locomotives
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,322	1,293
Infrastructure \| Jefferson Terminal \| Reportable Subsegments \| Operating Segments
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	247,597	209,611
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(3,292)	(1,145)
Property, Plant and Equipment, Net	244,305	208,466
Infrastructure \| Jefferson Terminal \| Reportable Subsegments \| Operating Segments \| Land and improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	14,014	9,573
Infrastructure \| Jefferson Terminal \| Reportable Subsegments \| Operating Segments \| Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	2,193	2,139
Infrastructure \| Jefferson Terminal \| Reportable Subsegments \| Operating Segments \| Crude oil terminal machinery and equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	183,247	50,627
Infrastructure \| Jefferson Terminal \| Reportable Subsegments \| Operating Segments \| Track and track related assets
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	0	0
Infrastructure \| Jefferson Terminal \| Reportable Subsegments \| Operating Segments \| Railroad equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	0	0
Infrastructure \| Jefferson Terminal \| Reportable Subsegments \| Operating Segments \| Computer hardware and software
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	34	34
Infrastructure \| Jefferson Terminal \| Reportable Subsegments \| Operating Segments \| Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	317	317
Infrastructure \| Jefferson Terminal \| Reportable Subsegments \| Operating Segments \| Vehicles
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	258	258
Infrastructure \| Jefferson Terminal \| Reportable Subsegments \| Operating Segments \| Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	47,534	146,663
Infrastructure \| Jefferson Terminal \| Reportable Subsegments \| Operating Segments \| Railcars and locomotives
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 0	$ 0

PROPERTY, PLANT AND EQUIPMENT - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Property, Plant and Equipment [Line Items]
Property, plant and equipment acquired	$ 38,857,000
Depreciation expense	2,645,000	$ 0
Railroad equipment
Property, Plant and Equipment [Line Items]
Disposals of railroad equipment	$ 119,000

INVESTMENTS IN UNCONSOLIDATED ENTITIES - Ownership Interest and Carrying Values (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 21,823	$ 21,569
Intermodal Finance I, Ltd
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	51.00%	51.00%
Carrying Value	$ 21,823	$ 21,569

INVESTMENTS IN UNCONSOLIDATED ENTITIES - Intermodal Finance I, Ltd (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2015 USD ($) shipping_container customer	Mar. 31, 2014 USD ($)	Dec. 31, 2014 USD ($)
Expenses
Company's equity in earnings	$ 1,241	$ 1,604
Members' Equity
Investments in and advances to unconsolidated entities	$ 21,823		$ 21,569
Intermodal Finance I, Ltd
Schedule of Equity Method Investments [Line Items]
Ownership percentage	51.00%		51.00%
Number of customers \| customer	6
Revenue
Total revenues	$ 4,318	5,512
Expenses
Operating expenses	193	407
General and administrative	161	208
Depreciation and amortization	597	664
Interest expense	1,043	1,240
Total expenses	1,994	2,519
Net income	2,324	2,993
Other comprehensive income	0	0
Comprehensive income	2,324	2,993
Company's equity in earnings	1,241	$ 1,604
Assets
Cash and cash equivalents	2,982		$ 5,214
Restricted cash	2,140		2,320
Accounts Receivable	2,089		1,051
Leasing assets, net of accumulated depreciation of $4,983 and $4,449, respectively	73,511		74,045
Accumulated depreciation	4,984		4,449
Finance Leases, net	55,720		62,393
Deferred costs, net of accumulated amortization of $640 and $602, respectively	1,408		1,524
Accumulated amortization	640		602
Other assets	3		8
Total Assets	137,853		146,555
Liabilities
Accounts payable and accrued liabilities	128		157
Syndication liabilities	4,182		5,152
Debt	110,655		120,303
Other liabilities	5		383
Total Liabilities	114,970		125,995
Members' Equity
Total members' equity	22,883		20,560
Total liabilities and members' equity	137,853		146,555
Investments in and advances to unconsolidated entities	$ 21,823		$ 21,569
Containers \| Intermodal Finance I, Ltd
Schedule of Equity Method Investments [Line Items]
Number of shipping containers \| shipping_container	66,000
Containers \| Intermodal Finance I, Ltd \| Shipping Containers Subject to Multiple Operating Leases
Schedule of Equity Method Investments [Line Items]
Shipping containers subject to multiple operating leases \| shipping_container	38,000

INTANGIBLE ASSETS AND LIABILITIES - Summaized Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Intangible assets:
Total intangible assets, net	$ 49,025	$ 52,041
Intangible liabilities:
Below Market Lease, Gross	261	261
Below Market Lease, Accumulated Amortization	(49)	(24)
Below Market Lease, Net	212	237
Off-Market Favorable Lease
Intangible assets:
Acquired finite-lived intangibles	20,435	20,435
Accumulated amortization	(4,917)	(2,796)
Total	15,518	17,639
Customer Relationships
Intangible assets:
Acquired finite-lived intangibles	35,610	35,610
Accumulated amortization	(2,103)	(1,208)
Total	33,507	34,402
Reportable Subsegments \| Operating Segments \| Equipment Leasing \| Aviation Leasing
Intangible assets:
Total intangible assets, net	15,518	17,639
Intangible liabilities:
Below Market Lease, Gross	261	261
Below Market Lease, Accumulated Amortization	(49)	(24)
Below Market Lease, Net	212	237
Reportable Subsegments \| Operating Segments \| Equipment Leasing \| Aviation Leasing \| Off-Market Favorable Lease
Intangible assets:
Acquired finite-lived intangibles	20,435	20,435
Accumulated amortization	(4,917)	(2,796)
Total	15,518	17,639
Reportable Subsegments \| Operating Segments \| Equipment Leasing \| Aviation Leasing \| Customer Relationships
Intangible assets:
Acquired finite-lived intangibles	0	0
Accumulated amortization	0	0
Total	0	0
Reportable Subsegments \| Operating Segments \| Infrastructure \| Jefferson Terminal
Intangible assets:
Total intangible assets, net	33,321	34,205
Intangible liabilities:
Below Market Lease, Gross	0	0
Below Market Lease, Accumulated Amortization	0	0
Below Market Lease, Net	0	0
Reportable Subsegments \| Operating Segments \| Infrastructure \| Jefferson Terminal \| Off-Market Favorable Lease
Intangible assets:
Acquired finite-lived intangibles	0	0
Accumulated amortization	0	0
Total	0	0
Reportable Subsegments \| Operating Segments \| Infrastructure \| Jefferson Terminal \| Customer Relationships
Intangible assets:
Acquired finite-lived intangibles	35,385	35,385
Accumulated amortization	(2,064)	(1,180)
Total	33,321	34,205
Reportable Subsegments \| Operating Segments \| Infrastructure \| Railroad
Intangible assets:
Total intangible assets, net	186	197
Intangible liabilities:
Below Market Lease, Gross	0	0
Below Market Lease, Accumulated Amortization	0	0
Below Market Lease, Net	0	0
Reportable Subsegments \| Operating Segments \| Infrastructure \| Railroad \| Off-Market Favorable Lease
Intangible assets:
Acquired finite-lived intangibles	0	0
Accumulated amortization	0	0
Total	0	0
Reportable Subsegments \| Operating Segments \| Infrastructure \| Railroad \| Customer Relationships
Intangible assets:
Acquired finite-lived intangibles	225	225
Accumulated amortization	(39)	(28)
Total	$ 186	$ 197

INTANGIBLE ASSETS AND LIABILITIES - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets and liabilities	$ 2,991,000	$ 152,000
Equipment Leasing Revenue \| Lease Agreements
Finite-Lived Intangible Assets [Line Items]
Amortization of lease intangible assets and liabilities	2,096,000	152,000
Depreciation and Amortization \| Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 895,000	$ 0

INTANGIBLE ASSETS AND LIABILITIES - Schedule of Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2015 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2015	$ 6,975
2016	8,093
2017	6,491
2018	6,142
2019	4,568
Thereafter	16,544
Total	$ 48,813

DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total debt	$ 588,603	$ 592,867
Total debt due within one year	23,767	23,915
Loans payable
Debt Instrument [Line Items]
Total debt	239,599	243,759
Loans payable \| Container Loan 1
Debt Instrument [Line Items]
Total debt	40,220	42,040
Loans payable \| Container Loan 2
Debt Instrument [Line Items]
Total debt	18,592	19,115
Loans payable \| FTAI Pride Credit Agreement
Debt Instrument [Line Items]
Total debt	71,875	73,438
Loans payable \| CMQR Credit Agreement
Debt Instrument [Line Items]
Total debt	9,412	9,416
Loans payable \| Jefferson Terminal Credit Agreement
Debt Instrument [Line Items]
Total debt	99,500	99,750
Bonds payable
Debt Instrument [Line Items]
Total debt	346,518	346,521
Bonds payable \| Series 2010 Bonds
Debt Instrument [Line Items]
Total debt	298,000	298,000
Bonds payable \| Series 2012 Bonds
Debt Instrument [Line Items]
Total debt	48,518	48,521
Unamortized premium	1,788	1,791
Note payable to non-controlling interest
Debt Instrument [Line Items]
Total debt	2,486	2,587
Note payable to non-controlling interest \| Note payable to non-controlling interest
Debt Instrument [Line Items]
Total debt	$ 2,486	$ 2,587

DEBT - Loans Payable, Additional Information (Details)							3 Months Ended			12 Months Ended
DEBT - Loans Payable, Additional Information (Details)	Sep. 18, 2014 USD ($)	Sep. 15, 2014 USD ($)	Aug. 27, 2014 USD ($)	Sep. 20, 2013 USD ($)	Aug. 15, 2013 USD ($)	Dec. 27, 2012 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Mar. 31, 2014 USD ($)	Dec. 31, 2014 USD ($)	Sep. 30, 2014	Jan. 17, 2013 USD ($)
Debt Instrument [Line Items]
Deferred financing fees							$ 366,000		$ 36,000
CMQR Credit Agreement
Debt Instrument [Line Items]
Covenant evaluation period							12 months
Loans payable \| Container Loan 1 \| Interest Rate Swap
Debt Instrument [Line Items]
Percentage of debt hedged by interest rate derivatives												70.00%
Periodic settlement payments							$ 37,000		36,000
Loans payable \| Container Loan 1 \| Subsidiary
Debt Instrument [Line Items]
Debt face amount						$ 55,991,000
Debt interest expense							$ 468,000		$ 545,000
Average interest rate							4.34%		4.33%
Deferred financing fees							$ 28,000		$ 27,000
Loans payable \| Container Loan 1 \| Designated as Hedging Instrument \| Interest Rate Swap
Debt Instrument [Line Items]
Notional amount of interest rate swap												$ 39,194,000
Fair value of interest rate swap							$ 75,000	$ 214,000		$ 214,000
Loans payable \| Container Loan 1 \| LIBOR \| Interest Rate Swap
Debt Instrument [Line Items]
Fixed interest rate												0.681%
Loans payable \| Container Loan 1 \| LIBOR \| Subsidiary
Debt Instrument [Line Items]
Basis spread on variable rate						3.75%
Effective interest rate							3.92%	3.90%		3.90%
Loans payable \| Container Loan 1 \| Federal Funds Rate \| Subsidiary
Debt Instrument [Line Items]
Basis spread on variable rate						1.50%
Loans payable \| Container Loan 1 \| Base Rate \| Subsidiary
Debt Instrument [Line Items]
Basis spread on variable rate						3.75%
Loans payable \| Container Loan 2 \| Interest Rate Cap
Debt Instrument [Line Items]
Percentage of debt hedged by interest rate derivatives				50.00%
Lease term				5 years
Loans payable \| Container Loan 2 \| Subsidiary
Debt Instrument [Line Items]
Debt face amount					$ 21,548,000
Debt interest expense							$ 174,000		$ 191,000
Average interest rate							3.61%		3.58%
Deferred financing fees							$ 9,000		$ 9,000
Loans payable \| Container Loan 2 \| Not Designated as Hedging Instrument \| Interest Rate Cap
Debt Instrument [Line Items]
Notional amount of interest rate swap				$ 2,554,000
Fair value of interest rate swap							$ 10,000	$ 18,000		$ 18,000
Cap acquisition cost				57,000
Origination fee				$ 14,000
Loans payable \| Container Loan 2 \| LIBOR \| Interest Rate Cap
Debt Instrument [Line Items]
Cap interest rate				2.50%
Loans payable \| Container Loan 2 \| LIBOR \| Subsidiary
Debt Instrument [Line Items]
Basis spread on variable rate					3.25%
Effective interest rate							3.51%	3.49%		3.49%
Loans payable \| FTAI Pride Credit Agreement \| Subsidiary
Debt Instrument [Line Items]
Debt face amount		$ 75,000,000
Debt interest expense							$ 925,000
Deferred financing fees							$ 56,000
Periodic payments								$ 1,562,000
Fixed charges coverage ratio								1.15		1.15
Covenant evaluation period							12 months
Loans payable \| FTAI Pride Credit Agreement \| LIBOR \| Subsidiary
Debt Instrument [Line Items]
Basis spread on variable rate		4.50%
Effective interest rate							4.77%	4.74%		4.74%
Loans payable \| CMQR Credit Agreement \| Subsidiary
Debt Instrument [Line Items]
Debt face amount	$ 10,000,000
Debt interest expense							$ 130,000
Average interest rate							2.92%			2.95%
Deferred financing fees							$ 66,000
Fixed charges coverage ratio											1.30
Debt call price							$ 20,000,000
Loans payable \| CMQR Credit Agreement \| LIBOR \| Subsidiary \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
Loans payable \| CMQR Credit Agreement \| LIBOR \| Subsidiary \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	4.50%
Loans payable \| CMQR Credit Agreement \| Base Rate \| Subsidiary \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Loans payable \| CMQR Credit Agreement \| Base Rate \| Subsidiary \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%
Loans payable \| CMQR Credit Agreement \| Canadian Fixed Rate \| Subsidiary \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
Loans payable \| CMQR Credit Agreement \| Canadian Fixed Rate \| Subsidiary \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	4.50%
Loans payable \| Jefferson Terminal Credit Agreement \| Subsidiary
Debt Instrument [Line Items]
Debt face amount			$ 100,000,000
Effective interest rate							9.00%	9.00%		9.00%
Debt interest expense							$ 2,660,000
Deferred financing fees							206,000
Origination fee							$ 2,753,000
Covenant evaluation period							12 months
Minimum EBITDA requirement per credit covenant							$ 30,000,000
Capitalized interest							533,000
Accrued exit fees							197,000
Loans payable \| Jefferson Terminal Credit Agreement \| Subsidiary \| Accounts Payable and Accrued Liabilities
Debt Instrument [Line Items]
Accrued exit fees							459,000			$ 262,000
Loans payable \| Jefferson Terminal Credit Agreement \| Subsidiary \| December 31, 2014
Debt Instrument [Line Items]
Periodic payments								$ 250,000
Loans payable \| Jefferson Terminal Credit Agreement \| Subsidiary \| December 31, 2016
Debt Instrument [Line Items]
Periodic payments							$ 1,250,000
Loans payable \| Jefferson Terminal Credit Agreement \| Subsidiary \| Minimum
Debt Instrument [Line Items]
Prepayment premium percentage							1.00%
Loans payable \| Jefferson Terminal Credit Agreement \| Subsidiary \| Maximum
Debt Instrument [Line Items]
Prepayment premium percentage							3.00%
Loans payable \| Jefferson Terminal Credit Agreement \| Base Rate \| Subsidiary
Debt Instrument [Line Items]
Basis spread on variable rate			7.00%
Loans payable \| Jefferson Terminal Credit Agreement \| Eurodollar \| Subsidiary
Debt Instrument [Line Items]
Basis spread on variable rate			8.00%

DEBT - Bonds Payable, Additional Information(Details) - Bonds payable - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Aug. 27, 2014	Aug. 01, 2012	Dec. 01, 2010
Series 2010 Bonds
Debt Instrument [Line Items]
Debt face amount					$ 300,000,000
Repayments of debt		$ 2,000
Repayments of bonds		298,000,000
Interest rate	0.60%
Debt interest expense	$ 0
Series 2012 Bonds
Debt Instrument [Line Items]
Debt face amount				$ 46,900,000
Unamortized premium	$ 1,788,000	$ 1,791,000
Subsidiary \| Series 2012 Bonds
Debt Instrument [Line Items]
Interest rate	8.25%
Debt interest expense	$ 960,000
Premium amortization	$ 3,000
Subsidiary \| Jefferson Terminal \| Series 2012 Bonds
Debt Instrument [Line Items]
Fair value of bonds at acquisition			$ 48,554,000
Unamortized premium			$ 1,823,000

DEBT - Note Payable to Non-Controlling Interest, Additional Information (Details) - Note payable to non-controlling interest - Note payable to non-controlling interest - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	May 31, 2013	Mar. 31, 2015	Mar. 31, 2014
Debt Instrument [Line Items]
Partner ownership percentage	85.00%
Remaining non-controlling interest	15.00%
Subsidiary
Debt Instrument [Line Items]
Debt face amount	$ 18,275
Interest rate	5.00%
Debt interest expense		$ 31	$ 36
Owner \| Subsidiary
Debt Instrument [Line Items]
Debt face amount	$ 3,225

FAIR VALUE MEASUREMENTS - Financial Assets Measured at Fair Value on a Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Assets:
Total	$ 53,808	$ 43,441
Market
Assets:
Cash and cash equivalents	37,292	22,125
Restricted cash	16,431	21,084
Income
Assets:
Derivative assets	85	232
Level 1
Assets:
Total	53,723	43,209
Level 1 \| Market
Assets:
Cash and cash equivalents	37,292	22,125
Restricted cash	16,431	21,084
Level 1 \| Income
Assets:
Derivative assets	0	0
Level 2
Assets:
Total	85	232
Level 2 \| Market
Assets:
Cash and cash equivalents	0	0
Restricted cash	0	0
Level 2 \| Income
Assets:
Derivative assets	85	232
Level 3
Assets:
Total	0	0
Level 3 \| Market
Assets:
Cash and cash equivalents	0	0
Restricted cash	0	0
Level 3 \| Income
Assets:
Derivative assets	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities measured at fair value on a recurring basis	$ 0		$ 0
Impairment charges	0	$ 0
Series 2012 Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of bonds payable	50,269,000		50,269,000
Loans payable \| Container Loan 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of bonds payable	40,643,000		42,515,000
Loans payable \| Container Loan 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of bonds payable	18,604,000		19,129,000
Co-venturer \| Subsidiary
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note receivable	$ 3,725,000		$ 3,725,000
Loans receivable interest rate	12.00%		12.00%

REVENUES - Components of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenues
Total revenues	$ 33,973	$ 7,696
Equipment Leasing
Revenues
Lease income	16,005	3,885
Maintenance revenue	3,386	1,227
Finance lease income	2,311	2,558
Other revenue	1,336	26
Total revenues	23,038	7,696
Infrastructure
Revenues
Lease income	1,410
Rail revenues	6,289
Terminal services revenues	3,236
Total revenues	10,935	0
Operating Segments \| Reportable Subsegments \| Equipment Leasing \| Aviation Leasing
Revenues
Lease income	9,739	2,040
Maintenance revenue	3,386	1,227
Finance lease income	0	0
Other revenue	1,120	0
Total revenues	14,245	3,267
Operating Segments \| Reportable Subsegments \| Equipment Leasing \| Offshore Energy
Revenues
Lease income	6,266	1,845
Maintenance revenue	0	0
Finance lease income	410	427
Other revenue	191	0
Total revenues	6,867	2,272
Operating Segments \| Reportable Subsegments \| Equipment Leasing \| Shipping Containers
Revenues
Lease income	0	0
Maintenance revenue	0	0
Finance lease income	1,901	2,131
Other revenue	25	26
Total revenues	1,926	2,157
Operating Segments \| Reportable Subsegments \| Infrastructure \| Jefferson Terminal
Revenues
Lease income	1,410
Rail revenues	0
Terminal services revenues	3,236
Total revenues	4,646	0
Operating Segments \| Reportable Subsegments \| Infrastructure \| Railroad
Revenues
Lease income	0
Rail revenues	6,289
Terminal services revenues	0
Total revenues	$ 6,289	$ 0

REVENUES REVENUES - Minimum Future Annual Revenues (Details) $ in Thousands	Mar. 31, 2015 USD ($)
Revenue Disclosure [Abstract]
2015	$ 45,448
2016	43,817
2017	50,913
2018	21,845
2019	9,093
Thereafter	309
Total future minimum payments receivable	$ 171,425

EQUITY BASED COMPENSATION (Details) $ in Thousands		1 Months Ended		3 Months Ended		12 Months Ended
EQUITY BASED COMPENSATION (Details) $ in Thousands	Aug. 27, 2014 USD ($)	Dec. 31, 2014 USD ($) shares	Aug. 31, 2014 performance_condition tranche shares	Mar. 31, 2015 USD ($) performance_condition shares	Mar. 31, 2014 USD ($)	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense				$ 1,420	$ 0
Restricted Stock \| Senior Employee of a Subsidiary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity based compensation restricted shares granted (in shares) \| shares			1,250,000.00
Number of tranches \| tranche			3
Vesting period			3 years
Number of performance conditions \| performance_condition			3
Grant date fair value	$ 23,879
Performance condition that remains probable				50.00%
Performance conditions probable, expected compensation expense				$ 21,889
Forfeiture rate				0.00%		0.00%
Restricted Stock \| Senior Employee of a Subsidiary \| Tranche 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of performance conditions \| performance_condition				1
Cumulative expense recognized				$ 1,990
Compensation expense				853
Performance conditions probable, expected compensation expense				9,949
Stock Compensation Plan \| Senior Employee of a Subsidiary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity based compensation restricted shares granted (in shares) \| shares		1,100,000.0
Grant date fair value		$ 1,353
Compensation expense				$ 567
Forfeiture rate				0.00%
Award term		16 months 15 days
Vested portion of award \| shares				0
Forfeited portion of award \| shares				0
Stock Compensation Plan \| Senior Employee of a Subsidiary \| Tranche 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		50.00%
Stock Compensation Plan \| Senior Employee of a Subsidiary \| Tranche 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		50.00%

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Mar. 31, 2014
Current:
Federal	$ 29	$ 51
State and local	8	1
Foreign	115	0
Total current provision	152	52
Deferred:
Federal	15	107
State and local	(1)	0
Foreign	64	0
Total deferred provision	78	107
Total provision for income taxes	$ 230	$ 159
U.S. federal tax rate	35.00%

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS (Details) - USD ($)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Period of management fee reduction preceding due date	6 months
Management fees to affiliate	$ 2,414,000	$ 751,000
Net income (loss) attributable to non-controlling interest	(3,506,000)	$ 176,000
Fortress Worldwide Transportation and Infrastructure Master GP LLP
Related Party Transaction [Line Items]
Payment for administrative fees	$ 0
Incentive return percentage	0.00%	0.00%
Management fees to affiliate	$ 2,414,000	$ 751,000
Minimum
Related Party Transaction [Line Items]
Management fee percentage with capital commitment of at least $100 million	1.25%
Management fee payable	$ 0
Maximum
Related Party Transaction [Line Items]
Management fee percentage with capital commitment of less than $100 million	1.50%
Payment for administrative fees	$ 1,000,000
Accounts Payable and Accrued Liabilities \| Fortress Worldwide Transportation and Infrastructure Master GP LLP
Related Party Transaction [Line Items]
Due to related party	2,414,000		$ 3,626,000
Other Assets \| Fortress Worldwide Transportation and Infrastructure Master GP LLP
Related Party Transaction [Line Items]
Due from related party	0		335,000
Other Liabilities \| Fortress Worldwide Transportation and Infrastructure Master GP LLP
Related Party Transaction [Line Items]
Management fee payable	$ 188,000		160,000
Master GP
Related Party Transaction [Line Items]
Cumulative preferred return payable, percentage	8.00%
Jefferson Terminal
Related Party Transaction [Line Items]
Due to related party	$ 10,014,000		$ 14,025,000
Non-controlling interest ownership percentage	20.00%		20.00%
Non-controlling interest by private equity fund	$ 64,647,000		$ 54,273,000
Net income (loss) attributable to non-controlling interest	$ (1,549,000)

SEGMENT INFORMATION - Statement of Income by Segment (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2015 USD ($) segment	Mar. 31, 2014 USD ($)	Dec. 31, 2014 segment
Segment Reporting [Abstract]
Number of reportable segments \| segment	5
Number of additional reportable segments \| segment			2
Revenues
Total revenues	$ 33,973	$ 7,696
Expenses
Operating expenses	14,719	537
General and administrative	348	227
Acquisition and transaction expenses	368	3,333
Management fees to affiliate	2,414	751
Depreciation and amortization	10,562	1,831
Interest expense	4,815	817
Total expenses	33,226	7,496
Other income (expense)
Equity in earnings of unconsolidated entities	1,241	1,604
Gain on sale of equipment	3	(40)
Interest income	187	6
Other income (expense)	(6)	(9)
Total other income	1,425	1,561
Income before income taxes	2,172	1,761
Provision for income taxes	230	159
Net income	1,942	1,602
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	(3,506)	176
Net income attributable to members	5,448	1,426
Equipment Leasing
Revenues
Total revenues	23,038	7,696
Infrastructure
Revenues
Total revenues	10,935	0
Operating Segments \| Reportable Subsegments \| Equipment Leasing \| Aviation Leasing
Revenues
Total revenues	14,245	3,267
Expenses
Operating expenses	338	393
General and administrative	0	0
Acquisition and transaction expenses	0	0
Management fees to affiliate	0	0
Depreciation and amortization	5,256	1,457
Interest expense	0	0
Total expenses	5,594	1,850
Other income (expense)
Equity in earnings of unconsolidated entities	0	0
Gain on sale of equipment	0	(40)
Interest income	8	6
Other income (expense)	0	0
Total other income	8	(34)
Income before income taxes	8,659	1,383
Provision for income taxes	214	57
Net income	8,445	1,326
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	0	0
Net income attributable to members	8,445	1,326
Operating Segments \| Reportable Subsegments \| Equipment Leasing \| Offshore Energy
Revenues
Total revenues	6,867	2,272
Expenses
Operating expenses	571	86
General and administrative	0	0
Acquisition and transaction expenses	0	0
Management fees to affiliate	0	0
Depreciation and amortization	1,489	374
Interest expense	956	36
Total expenses	3,016	496
Other income (expense)
Equity in earnings of unconsolidated entities	0	0
Gain on sale of equipment	0	0
Interest income	139	0
Other income (expense)	0	0
Total other income	139	0
Income before income taxes	3,990	1,776
Provision for income taxes	0	0
Net income	3,990	1,776
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	181	176
Net income attributable to members	3,809	1,600
Operating Segments \| Reportable Subsegments \| Equipment Leasing \| Shipping Containers
Revenues
Total revenues	1,926	2,157
Expenses
Operating expenses	53	58
General and administrative	0	0
Acquisition and transaction expenses	0	0
Management fees to affiliate	0	0
Depreciation and amortization	0	0
Interest expense	642	736
Total expenses	695	794
Other income (expense)
Equity in earnings of unconsolidated entities	1,241	1,604
Gain on sale of equipment	0	0
Interest income	0	0
Other income (expense)	(7)	(9)
Total other income	1,234	1,595
Income before income taxes	2,465	2,958
Provision for income taxes	16	102
Net income	2,449	2,856
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	0	0
Net income attributable to members	2,449	2,856
Operating Segments \| Reportable Subsegments \| Infrastructure \| Jefferson Terminal
Revenues
Total revenues	4,646	0
Expenses
Operating expenses	6,673	0
General and administrative	0	0
Acquisition and transaction expenses	0	1,062
Management fees to affiliate	0	0
Depreciation and amortization	3,308	0
Interest expense	3,087	0
Total expenses	13,068	1,062
Other income (expense)
Equity in earnings of unconsolidated entities	0	0
Gain on sale of equipment	0	0
Interest income	40	0
Other income (expense)	1	0
Total other income	41	0
Income before income taxes	(8,381)	(1,062)
Provision for income taxes	0	0
Net income	(8,381)	(1,062)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	(3,654)	0
Net income attributable to members	(4,727)	(1,062)
Operating Segments \| Reportable Subsegments \| Infrastructure \| Railroad
Revenues
Total revenues	6,289	0
Expenses
Operating expenses	7,084	0
General and administrative	0	0
Acquisition and transaction expenses	0	2,309
Management fees to affiliate	0	0
Depreciation and amortization	509	0
Interest expense	130	0
Total expenses	7,723	2,309
Other income (expense)
Equity in earnings of unconsolidated entities	0	0
Gain on sale of equipment	3	0
Interest income	0	0
Other income (expense)	0	0
Total other income	3	0
Income before income taxes	(1,431)	(2,309)
Provision for income taxes	0	0
Net income	(1,431)	(2,309)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	(33)	0
Net income attributable to members	(1,398)	(2,309)
Corporate
Revenues
Total revenues	0	0
Expenses
Operating expenses	0	0
General and administrative	348	227
Acquisition and transaction expenses	368	(38)
Management fees to affiliate	2,414	751
Depreciation and amortization	0	0
Interest expense	0	45
Total expenses	3,130	985
Other income (expense)
Equity in earnings of unconsolidated entities	0	0
Gain on sale of equipment	0	0
Interest income	0	0
Other income (expense)	0	0
Total other income	0	0
Income before income taxes	(3,130)	(985)
Provision for income taxes	0	0
Net income	(3,130)	(985)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries	0	0
Net income attributable to members	$ (3,130)	$ (985)

SEGMENT INFORMATION - Reconciliation of Adjusted Net Income to Net Income (Details) - USD ($)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Segment Reporting Information [Line Items]
Adjusted Net Income (Loss)	$ 6,923,000	$ 4,927,000
Add: Non-controlling share of adjustments to Adjusted Net Income	354,000	0
Equity in earnings of unconsolidated entities	1,241,000	1,604,000
Add: Cash payments for income taxes	197,000	0
Less: Pro-rata share of Adjusted Net Income from investments in unconsolidated entities	(1,241,000)	(1,604,000)
Less: Asset impairment charges	0	0
Less: Changes in fair value of non-hedge derivative instruments	(8,000)	(9,000)
Less: Losses on the modification or extinguishment of debt and capital lease obligations	0	0
Less: Acquisition and transaction expenses	(368,000)	(3,333,000)
Less: Equity-based compensation expense	(1,420,000)	0
Less: Provision for income taxes	(230,000)	(159,000)
Net income attributable to members	5,448,000	1,426,000
Operating Segments \| Reportable Subsegments \| Equipment Leasing \| Aviation Leasing
Segment Reporting Information [Line Items]
Adjusted Net Income (Loss)	8,462,000	1,383,000
Equity in earnings of unconsolidated entities	0	0
Less: Acquisition and transaction expenses	0	0
Less: Provision for income taxes	(214,000)	(57,000)
Net income attributable to members	8,445,000	1,326,000
Operating Segments \| Reportable Subsegments \| Equipment Leasing \| Offshore Energy
Segment Reporting Information [Line Items]
Adjusted Net Income (Loss)	3,809,000	1,600,000
Equity in earnings of unconsolidated entities	0	0
Less: Acquisition and transaction expenses	0	0
Less: Provision for income taxes	0	0
Net income attributable to members	3,809,000	1,600,000
Operating Segments \| Reportable Subsegments \| Equipment Leasing \| Shipping Containers
Segment Reporting Information [Line Items]
Adjusted Net Income (Loss)	2,473,000	2,967,000
Equity in earnings of unconsolidated entities	1,241,000	1,604,000
Less: Acquisition and transaction expenses	0	0
Less: Provision for income taxes	(16,000)	(102,000)
Net income attributable to members	2,449,000	2,856,000
Operating Segments \| Reportable Subsegments \| Infrastructure \| Jefferson Terminal
Segment Reporting Information [Line Items]
Adjusted Net Income (Loss)	(4,215,000)	0
Equity in earnings of unconsolidated entities	0	0
Less: Acquisition and transaction expenses	0	(1,062,000)
Less: Provision for income taxes	0	0
Net income attributable to members	(4,727,000)	(1,062,000)
Operating Segments \| Reportable Subsegments \| Infrastructure \| Railroad
Segment Reporting Information [Line Items]
Adjusted Net Income (Loss)	(844,000)	0
Equity in earnings of unconsolidated entities	0	0
Less: Acquisition and transaction expenses	0	(2,309,000)
Less: Provision for income taxes	0	0
Net income attributable to members	(1,398,000)	(2,309,000)
Corporate
Segment Reporting Information [Line Items]
Adjusted Net Income (Loss)	(2,762,000)	(1,023,000)
Equity in earnings of unconsolidated entities	0	0
Less: Acquisition and transaction expenses	(368,000)	38,000
Less: Provision for income taxes	0	0
Net income attributable to members	$ (3,130,000)	$ (985,000)

SEGMENT INFORMATION - Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Total assets	$ 1,438,619	$ 1,404,201
Debt	588,603	592,867
Total liabilities	671,815	690,704
Members' Equity
Common shares	535	535
Additional Paid In Capital	657,404	613,683
Accumulated other comprehensive income	75	214
Non-controlling interest in equity of consolidated subsidiaries	108,790	99,065
Total members' equity	766,804	713,497
Total liabilities and members' equity	1,438,619	1,404,201
Operating Segments \| Reportable Subsegments \| Equipment Leasing \| Aviation Leasing
Segment Reporting Information [Line Items]
Total assets	305,626	308,957
Debt	0	0
Total liabilities	48,346	50,282
Members' Equity
Common shares	0	0
Additional Paid In Capital	257,280	258,675
Accumulated other comprehensive income	0	0
Non-controlling interest in equity of consolidated subsidiaries	0	0
Total members' equity	257,280	258,675
Total liabilities and members' equity	305,626	308,957
Operating Segments \| Reportable Subsegments \| Equipment Leasing \| Offshore Energy
Segment Reporting Information [Line Items]
Total assets	207,881	212,699
Debt	74,361	76,024
Total liabilities	78,234	81,903
Members' Equity
Common shares	0	0
Additional Paid In Capital	122,257	123,477
Accumulated other comprehensive income	0	0
Non-controlling interest in equity of consolidated subsidiaries	7,390	7,319
Total members' equity	129,647	130,796
Total liabilities and members' equity	207,881	212,699
Operating Segments \| Reportable Subsegments \| Equipment Leasing \| Shipping Containers
Segment Reporting Information [Line Items]
Total assets	114,418	117,298
Debt	58,812	61,154
Total liabilities	59,105	61,434
Members' Equity
Common shares	0	0
Additional Paid In Capital	55,238	55,650
Accumulated other comprehensive income	75	214
Non-controlling interest in equity of consolidated subsidiaries	0	0
Total members' equity	55,313	55,864
Total liabilities and members' equity	114,418	117,298
Operating Segments \| Reportable Subsegments \| Infrastructure \| Jefferson Terminal
Segment Reporting Information [Line Items]
Total assets	754,026	720,727
Debt	446,018	446,272
Total liabilities	463,308	470,171
Members' Equity
Common shares	0	0
Additional Paid In Capital	190,479	159,438
Accumulated other comprehensive income	0	0
Non-controlling interest in equity of consolidated subsidiaries	100,239	91,118
Total members' equity	290,718	250,556
Total liabilities and members' equity	754,026	720,727
Operating Segments \| Reportable Subsegments \| Infrastructure \| Railroad
Segment Reporting Information [Line Items]
Total assets	27,599	30,605
Debt	9,412	9,417
Total liabilities	17,357	19,499
Members' Equity
Common shares	0	0
Additional Paid In Capital	9,081	10,478
Accumulated other comprehensive income	0	0
Non-controlling interest in equity of consolidated subsidiaries	1,161	628
Total members' equity	10,242	11,106
Total liabilities and members' equity	27,599	30,605
Corporate
Segment Reporting Information [Line Items]
Total assets	29,069	13,915
Debt	0	0
Total liabilities	5,465	7,415
Members' Equity
Common shares	535	535
Additional Paid In Capital	23,069	5,965
Accumulated other comprehensive income	0	0
Non-controlling interest in equity of consolidated subsidiaries	0	0
Total members' equity	23,604	6,500
Total liabilities and members' equity	$ 29,069	$ 13,915

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Net Income Attributable to Members	$ 5,448	$ 1,426
Weighted Average Shares Outstanding (in shares)	53,502,873	53,502,873
Basic and Diluted EPS (in dollars per share)	$ 0.10	$ 0.03

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2015 USD ($) subsidiary
Variable Interest Entity [Line Items]
Number of subsidiaries \| subsidiary	2
MT6015
Variable Interest Entity [Line Items]
Equity contribution obligation	$ 11,925
Co-venturer \| MT6015
Variable Interest Entity [Line Items]
Equity contribution obligation	$ 11,925

COMMITMENTS AND CONTINGENCIES - Minimum Future Rental Payments (Details) $ in Thousands	Mar. 31, 2015 USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2015	$ 3,710
2016	5,029
2017	5,026
2018	4,019
2019	3,891
Thereafter	47,673
Total future minimum payments due	$ 69,348

SUBSEQUENT EVENTS (Details) - Subsequent Event - $ / shares		1 Months Ended
	May 20, 2015	May 31, 2015
Subsequent Event [Line Items]
Common stock shares issued (in shares)		53,502,873
Onshore Fund and Offshore Fund
Subsequent Event [Line Items]
Common stock shares issued (in shares)		53,502,873
IPO \| Common Stock
Subsequent Event [Line Items]
Common stock shares issued (in shares)	20,000,000
Common stock price (in dollars per share)	$ 17.00