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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 September 30, 2021
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/bff11e086deb0bf737a1183a6992a8d2-ftai-20210930_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 shareFTAINew York Stock Exchange
8.25% Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred SharesFTAI PR ANew York Stock Exchange
8.00% Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred SharesFTAI PR BNew York Stock Exchange
8.25% Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred SharesFTAI PR CNew York Stock Exchange
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 99,180,385 common shares outstanding representing limited liability company interests at October 26, 2021.



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 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 a potential 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; 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)
NotesSeptember 30, 2021December 31, 2020
Assets
Cash and cash equivalents2$176,052 $121,703 
Restricted cash2283,398 39,715 
Accounts receivable, net205,680 91,691 
Leasing equipment, net51,696,594 1,635,259 
Operating lease right-of-use assets, net1474,643 62,355 
Finance leases, net613,795 6,927 
Property, plant, and equipment, net71,527,770 964,363 
Investments8110,963 146,515 
Intangible assets, net980,737 18,786 
Goodwill239,941 122,735 
Other assets2272,944 177,928 
Total assets$4,682,517 $3,387,977 
Liabilities
Accounts payable and accrued liabilities$213,441 $113,185 
Debt, net102,983,989 1,904,762 
Maintenance deposits100,700 148,293 
Security deposits35,167 37,064 
Operating lease liabilities1474,134 62,001 
Other liabilities71,044 23,351 
Total liabilities$3,478,475 $2,288,656 
Commitments and contingencies21
Equity
Common shares ($0.01 par value per share; 2,000,000,000 shares authorized; 97,896,522 and 85,617,146 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively)
$979 $856 
Preferred shares ($0.01 par value per share; 200,000,000 shares authorized; 13,320,000 and 9,120,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively)
133 91 
Additional paid in capital1,420,247 1,130,106 
Accumulated deficit(120,136)(28,158)
Accumulated other comprehensive loss(103,755)(26,237)
Shareholders' equity1,197,468 1,076,658 
Non-controlling interest in equity of consolidated subsidiaries6,574 22,663 
Total equity1,204,042 1,099,321 
Total liabilities and equity$4,682,517 $3,387,977 


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 September 30,Nine Months Ended September 30,
Notes2021202020212020
Revenues
Equipment leasing revenues$99,174 $69,799 $237,352 $236,082 
Infrastructure revenues36,788 13,910 72,674 54,776 
Total revenues13135,962 83,709 310,026 290,858 
Expenses
Operating expenses52,793 23,128 108,973 81,144 
General and administrative4,422 4,241 12,329 13,292 
Acquisition and transaction expenses7,130 2,442 13,172 9,297 
Management fees and incentive allocation to affiliate183,845 4,591 11,948 14,113 
Depreciation and amortization5, 7, 953,368 42,626 145,274 126,543 
Asset impairment859 3,915 3,048 14,391 
Interest expense54,500 26,904 124,994 71,559 
Total expenses176,917 107,847 419,738 330,339 
Other income (expense)
Equity in losses of unconsolidated entities8(4,082)(2,501)(9,860)(5,445)
Gain (loss) on sale of assets, net12,685 (1,114)17,483 (2,165)
Loss on extinguishment of debt10  (3,254)(4,724)
Interest income 483 58 1,222 121 
Other (expense) income(8,068) (8,771)32 
Total other income (expense)1,018 (3,557)(3,180)(12,181)
Loss from continuing operations before income taxes(39,937)(27,695)(112,892)(51,662)
Benefit from income taxes17(494)(2,486)(1,965)(6,334)
Net loss from continuing operations(39,443)(25,209)(110,927)(45,328)
Net income from discontinued operations, net of income taxes   1,331 
Net loss (39,443)(25,209)(110,927)(43,997)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries(7,363)(3,876)(18,949)(12,724)
Less: Dividends on preferred shares6,791 4,625 17,967 13,243 
Net loss attributable to shareholders$(38,871)$(25,958)$(109,945)$(44,516)
(Loss) earnings per share:20
Basic
Continuing operations$(0.44)$(0.30)$(1.27)$(0.53)
Discontinued operations$ $ $ $0.02 
Diluted
Continuing operations$(0.44)$(0.30)$(1.27)$(0.53)
Discontinued operations$ $ $ $0.02 
Weighted average shares outstanding:
Basic88,277,897 86,022,302 86,787,072 86,013,485 
Diluted88,277,897 86,022,302 86,787,072 86,013,485 




See accompanying notes to consolidated financial statements.
6


FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (unaudited)
(Dollars in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Net loss$(39,443)$(25,209)$(110,927)$(43,997)
Other comprehensive loss:
Other comprehensive loss related to equity method investees, net (1)
(54,640)(13,468)(77,518)(16,822)
Comprehensive loss(94,083)(38,677)(188,445)(60,819)
Comprehensive loss attributable to non-controlling interest(7,363)(3,876)(18,949)(12,724)
Comprehensive loss attributable to shareholders$(86,720)$(34,801)$(169,496)$(48,095)
________________________________________________________
(1) Net of deferred tax expense (benefit) of $1,798 and $(3,580) for the three months ended September 30, 2021 and 2020, respectively, and $(2,674) and $(4,474) for the nine months ended September 30, 2021 and 2020, 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 Nine Months Ended September 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(59,898)(11,586)(71,484)
Other comprehensive income (22,878) (22,878)
Total comprehensive (loss) income(59,898)(22,878)(11,586)(94,362)
Settlement of equity-based compensation(183)(183)
Issuance of common shares 455 455 
Dividends declared - common shares(56,795)(56,795)
Issuance of preferred shares42 101,158 101,200 
Dividends declared - preferred shares(11,176)(11,176)
Equity-based compensation2,553 2,553 
Equity - June 30, 2021$856 $133 $1,163,748 $(88,056)$(49,115)$13,447 $1,041,013 
Net loss(32,080)(7,363)(39,443)
Other comprehensive loss (54,640) (54,640)
Total comprehensive loss(32,080)(54,640)(7,363)(94,083)
Settlement of equity-based compensation(238)(238)
Issuance of common shares123 291,701 291,824 
Conversion of participating securities(2)(2)
Dividends declared - common shares(28,409)(28,409)
Dividends declared - preferred shares(6,791)(6,791)
Equity-based compensation728 728 
Equity - September 30, 2021$979 $133 $1,420,247 $(120,136)$(103,755)$6,574 $1,204,042 

Three and Nine Months Ended September 30, 2020
Common SharesPreferred SharesAdditional Paid In CapitalRetained Earnings Accumulated Other Comprehensive Income (Loss) Non-Controlling Interest in Equity of Consolidated SubsidiariesTotal Equity
Equity - December 31, 2019$849 $81 $1,110,122 $190,453 $372 $36,980 $1,338,857 
Net loss(9,940)(8,848)(18,788)
Other comprehensive loss— (3,354) (3,354)
Total comprehensive loss(9,940)(3,354)(8,848)(22,142)
Settlement of equity-based compensation(42)(42)
Issuance of common shares7 304 311 
Conversion of participating securities(7)(7)
Dividends declared - common shares(56,782)(56,782)
Issuance costs of preferred shares(788)(788)
Dividends declared - preferred shares(8,618)(8,618)
Equity-based compensation702 702 
Equity - June 30, 2020$856 $81 $1,109,631 $115,113 $(2,982)$28,792 $1,251,491 
Net loss(21,333)(3,876)(25,209)
Other comprehensive loss— (13,468)— (13,468)
Total comprehensive loss(21,333)(13,468)(3,876)(38,677)
Settlement of equity-based compensation(68)(68)
Dividends declared - common shares(28,395)(28,395)
Issuance of preferred shares10 20,490 20,500 
Dividends declared - preferred shares(4,625)(4,625)
Equity-based compensation621 621 
Equity - September 30, 2020$