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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended June 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____
Commission file number 001-37386

https://cdn.kscope.io/76e9f0c8448927152626d7ad84f9c71c-ftai-20220630_g1.jpg
FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
(Exact name of registrant as specified in its charter)
Delaware32-0434238
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1345 Avenue of the Americas, 45th FloorNew YorkNY10105
(Address of principal executive offices)(Zip Code)

(Registrant’s telephone number, including area code) (212) 798-6100
(Former name, former address and former fiscal year, if changed since last report) N/A
Securities registered pursuant to Section 12(b) of the Act:
Title of each class:Trading Symbol:Name of exchange on which registered:
Class A common shares, $0.01 par value per shareFTAI
The Nasdaq Global Select Market
8.25% Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred SharesFTAIP
The Nasdaq Global Select Market
8.00% Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred SharesFTAIO
The Nasdaq Global Select Market
8.25% Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred SharesFTAIN
The Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨ 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerþAccelerated filer¨
Non-accelerated filer¨Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No þ
There were 99,378,771 common shares outstanding representing limited liability company interests at July 25, 2022.



FORWARD-LOOKING STATEMENTS AND RISK FACTORS SUMMARY
This report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact but instead are based on our present beliefs and assumptions and on information currently available to us. You can identify these forward-looking statements by the use of forward-looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “target,” “projects,” “contemplates” or the negative version of those words or other comparable words. Any forward-looking statements contained in this report are based upon our historical performance and on our current plans, estimates and expectations in light of information currently available to us. The inclusion of this forward-looking information should not be regarded as a representation by us, that the future plans, estimates or expectations contemplated by us will be achieved.
Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. The following is a summary of the principal risk factors that make investing in our securities risky and may materially adversely affect our business, financial condition, results of operations and cash flows. This summary should be read in conjunction with the more complete discussion of the risk factors we face, which are set forth in Part II, Item 1A. “Risk Factors” of this report. We believe that these factors include, but are not limited to:
changes in economic conditions generally and specifically in our industry sectors, and other risks relating to the global economy, including, but not limited to, the Russia-Ukraine conflict, the ongoing COVID-19 pandemic and other public health crises, and any related responses or actions by businesses and governments;
reductions in cash flows received from our assets, as well as contractual limitations on the use of our aviation assets to secure debt for borrowed money;
our ability to take advantage of acquisition opportunities at favorable prices;
changes in our asset composition, investment strategy and liquidity as a result of the previously announced spin-off of our infrastructure business or other factors;
a lack of liquidity surrounding our assets, which could impede our ability to vary our portfolio in an appropriate manner;
the relative spreads between the yield on the assets we acquire and the cost of financing;
adverse changes in the financing markets we access affecting our ability to finance our acquisitions;
customer defaults on their obligations;
our ability to renew existing contracts and enter into new contracts with existing or potential customers;
the availability and cost of capital for future acquisitions;
concentration of a particular type of asset or in a particular sector;
competition within the aviation, energy and intermodal transport sectors;
the competitive market for acquisition opportunities;
risks related to operating through joint ventures, partnerships, consortium arrangements or other collaborations with third parties;
our ability to successfully integrate acquired businesses;
obsolescence of our assets or our ability to sell, re-lease or re-charter our assets;
exposure to uninsurable losses and force majeure events;
infrastructure operations and maintenance may require substantial capital expenditures;
the legislative/regulatory environment and exposure to increased economic regulation;
exposure to the oil and gas industry’s volatile oil and gas prices;
difficulties in obtaining effective legal redress in jurisdictions in which we operate with less developed legal systems;
our ability to maintain our exemption from registration under the Investment Company Act of 1940 and the fact that maintaining such exemption imposes limits on our operations;
our ability to successfully utilize leverage in connection with our investments;
foreign currency risk and risk management activities;
effectiveness of our internal control over financial reporting;
exposure to environmental risks, including natural disasters, increasing environmental legislation and the broader impacts of climate change;
changes in interest rates and/or credit spreads, as well as the success of any hedging strategy we may undertake in relation to such changes;
actions taken by national, state, or provincial governments, including nationalization, or the imposition of new taxes, could materially impact the financial performance or value of our assets;
2



our dependence on our Manager and its professionals and actual, potential or perceived conflicts of interest in our relationship with our Manager;
effects of the merger of Fortress Investment Group LLC with affiliates of SoftBank Group Corp.;
volatility in the market price of our shares;
the inability to pay dividends to our shareholders in the future
the risk that the contemplated spin-off of our infrastructure business may not be completed or may not achieve the intended benefits; and
other risks described in the “Risk Factors” section of this report.
These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report. The forward-looking statements made in this report relate only to events as of the date on which the statements are made. We do not undertake any obligation to publicly update or review any forward-looking statement except as required by law, whether as a result of new information, future developments or otherwise.
If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us.
3



FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
INDEX TO FORM 10-Q
PART I - FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II - OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.


4




PART I—FINANCIAL INFORMATION
Item 1. Financial Statements

FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share and per share data)
(Unaudited)
NotesJune 30, 2022December 31, 2021
Assets
Cash and cash equivalents2$118,854 $188,078 
Restricted cash2177,951 251,983 
Accounts receivable, net166,562 175,225 
Leasing equipment, net31,844,095 1,891,649 
Operating lease right-of-use assets, net73,549 75,344 
Property, plant, and equipment, net41,642,536 1,555,857 
Investments599,543 77,325 
Intangible assets, net695,845 98,699 
Goodwill262,819 257,137 
Other assets2400,394 292,557 
Total assets$4,882,148 $4,863,854 
Liabilities
Accounts payable and accrued liabilities$253,207 $202,669 
Debt, net73,497,566 3,220,211 
Maintenance deposits58,553 106,836 
Security deposits27,761 40,149 
Operating lease liabilities72,140 73,594 
Other liabilities283,650 96,295 
Total liabilities$4,192,877 $3,739,754 
Commitments and contingencies16
Equity
Common shares ($0.01 par value per share; 2,000,000,000 shares authorized; 99,200,196 and 99,180,385 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively)
$992 $992 
Preferred shares ($0.01 par value per share; 200,000,000 shares authorized; 13,320,000 and 13,320,000 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively)
133 133 
Additional paid in capital1,332,968 1,411,940 
Accumulated deficit(336,345)(132,392)
Accumulated other comprehensive loss(298,874)(156,381)
Shareholders' equity698,874 1,124,292 
Non-controlling interest in equity of consolidated subsidiaries(9,603)(192)
Total equity689,271 1,124,100 
Total liabilities and equity$4,882,148 $4,863,854 


See accompanying notes to consolidated financial statements.
5


FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(Dollars in thousands, except share and per share data)
Three Months Ended June 30,Six Months Ended June 30,
Notes2022202120222021
Revenues
Equipment leasing revenues$112,064 $81,571 $203,755 $138,178 
Infrastructure revenues65,868 15,344 112,016 35,886 
Total revenues9177,932 96,915 315,771 174,064 
Expenses
Operating expenses284,004 31,183 192,920 56,180 
General and administrative5,004 3,655 10,695 7,907 
Acquisition and transaction expenses9,626 4,399 15,650 6,042 
Management fees and incentive allocation to affiliate133,062 4,113 7,226 8,103 
Depreciation and amortization3, 4, 656,622 47,371 114,923 91,906 
Asset impairment886 89 123,676 2,189 
Interest expense54,373 37,504 104,971 70,494 
Total expenses213,577 128,314 570,061 242,821 
Other income (expense)
Equity in losses of unconsolidated entities5(13,823)(7,152)(37,836)(5,778)
Gain on sale of assets, net63,645 3,987 79,933 4,798 
Loss on extinguishment of debt (3,254) (3,254)
Interest income 590 454 1,246 739 
Other expense(1,596)(884)(2,055)(703)
Total other income (expense)48,816 (6,849)41,288 (4,198)
Income (loss) before income taxes13,171 (38,248)(213,002)(72,955)
Provision for (benefit from) income taxes123,411 (1,640)6,897 (1,471)
Net income (loss) 9,760 (36,608)(219,899)(71,484)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries(8,480)(6,625)(15,946)(11,586)
Less: Dividends on preferred shares6,791 6,551 13,582 11,176 
Net income (loss) attributable to shareholders$11,449 $(36,534)$(217,535)$(71,074)
Income (loss) per share:15
Basic$0.12 $(0.42)$(2.19)$(0.83)
Diluted$0.11 $(0.42)$(2.19)$(0.83)
Weighted average shares outstanding:
Basic99,370,301 86,030,652 99,367,597 86,029,305 
Diluted99,805,455 86,030,652 99,367,597 86,029,305 



See accompanying notes to consolidated financial statements.
6


FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited)
(Dollars in thousands)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Net income (loss)$9,760 $(36,608)$(219,899)$(71,484)
Other comprehensive loss:
Other comprehensive loss related to equity method investees, net (1)
(47,714)(32,832)(142,493)(22,878)
Comprehensive loss(37,954)(69,440)(362,392)(94,362)
Comprehensive loss attributable to non-controlling interest(8,480)(6,625)(15,946)(11,586)
Comprehensive loss attributable to shareholders$(29,474)$(62,815)$(346,446)$(82,776)
________________________________________________________
(1) Net of deferred tax benefit of $ and $(7,118) for the three months ended June 30, 2022 and 2021, respectively, and $ and $(4,472) for the six months ended June 30, 2022 and 2021, respectively.



See accompanying notes to consolidated financial statements.
7


FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (unaudited)
(Dollars in thousands)

Three and Six Months Ended June 30, 2022
Common SharesPreferred SharesAdditional Paid In CapitalAccumulated Deficit Accumulated Other Comprehensive Loss Non-Controlling Interest in Equity of Consolidated SubsidiariesTotal Equity
Equity - December 31, 2021$992 $133 $1,411,940 $(132,392)$(156,381)$(192)$1,124,100 
Net loss(222,193)(7,466)(229,659)
Other comprehensive loss(94,779)(94,779)
Total comprehensive loss(222,193)(94,779)(7,466)(324,438)
Issuance of common shares164 164 
Dividends declared - common shares(32,749)(32,749)
Dividends declared - preferred shares(6,791)(6,791)
Equity-based compensation709 709 
Equity - March 31, 2022$992 $133 $1,372,564 $(354,585)$(251,160)$(6,949)$760,995 
Net income (loss)18,240 (8,480)9,760 
Other comprehensive loss(47,714)(47,714)
Total comprehensive income (loss)18,240 (47,714)(8,480)(37,954)
Acquisition of consolidated subsidiary3,054 3,054 
Contributions from non-controlling interest1,187 1,187 
Issuance of common shares235 235 
Dividends declared - common shares(33,040)(33,040)
Dividends declared - preferred shares(6,791)(6,791)
Equity-based compensation1,585 1,585 
Equity - June 30, 2022$992 $133 $1,332,968 $(336,345)$(298,874)$(9,603)$689,271 

8


FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (unaudited)
(Dollars in thousands)

Three and Six Months Ended June 30, 2021
Common SharesPreferred SharesAdditional Paid In CapitalAccumulated Deficit Accumulated Other Comprehensive (Loss) Income Non-Controlling Interest in Equity of Consolidated SubsidiariesTotal Equity
Equity - December 31, 2020$856 $91 $1,130,106 $(28,158)$(26,237)$22,663 $1,099,321 
Net loss(29,915)(4,961)(34,876)
Other comprehensive income9,954 9,954 
Total comprehensive (loss) income(29,915)9,954 (4,961)(24,922)
Settlement of equity-based compensation(183)(183)
Issuance of common shares150 150 
Dividends declared - common shares(28,383)(28,383)
Issuance of preferred shares42 101,138 101,180 
Dividends declared - preferred shares(4,625)(4,625)
Equity-based compensation1,114 1,114 
Equity - March 31, 2021$856 $133 $1,198,386 $(58,073)$(16,283)$18,633 $1,143,652 
Net loss(29,983)(6,625)(36,608)
Other comprehensive loss(32,832)(32,832)
Total comprehensive loss(29,983)(32,832)(6,625)(69,440)
Issuance of common shares305 305 
Dividends declared - common shares(28,412)(28,412)
Issuance of preferred shares20 20 
Dividends declared - preferred shares(6,551)(6,551)
Equity-based compensation1,439 1,439 
Equity - June 30, 2021$856 $133 $1,163,748 $(88,056)$(49,115)$13,447 $1,041,013 


See accompanying notes to consolidated financial statements.
9


FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(Dollars in thousands)
Six Months Ended June 30,
20222021
Cash flows from operating activities:
Net loss$(219,899)$(71,484)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in losses of unconsolidated entities37,836 5,778 
Gain on sale of assets, net(79,933)(4,798)
Security deposits and maintenance claims included in earnings(30,208)(15,413)
Loss on extinguishment of debt 3,254 
Equity-based compensation2,294 2,553 
Depreciation and amortization114,923 91,906 
Asset impairment123,676 2,189 
Change in deferred income taxes6,200 (1,632)
Change in fair value of non-hedge derivative(748)(6,573)
Amortization of lease intangibles and incentives23,818 14,905 
Amortization of deferred financing costs13,328 4,489 
Provision for (benefit from) credit losses47,218 (733)
Other(407)(117)
Change in:
 Accounts receivable(47,061)(86,661)
 Other assets(37,692)(44,639)
 Accounts payable and accrued liabilities5,045 47,320 
 Management fees payable to affiliate(1,829)(631)
 Other liabilities(5,130)(