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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, 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

FTAI-20210630_G1.JPG
FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
(Exact name of registrant as specified in its charter)
Delaware 32-0434238
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
1345 Avenue of the Americas, 45th Floor New York NY 10105
(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 share FTAI New York Stock Exchange
8.25% Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred Shares FTAI PR A New York Stock Exchange
8.00% Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares FTAI PR B New York Stock Exchange
8.25% Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares FTAI PR C New 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 filer þ Accelerated 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 85,641,314 common shares outstanding representing limited liability company interests at July 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;
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;
our dependence on our Manager and its professionals and actual, potential or perceived conflicts of interest in our relationship with our Manager;
2



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.
5
5
6
7
8
9
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)
Notes June 30, 2021 December 31, 2020
Assets
Cash and cash equivalents 2 $ 105,244  $ 121,703 
Restricted cash 2 38,001  39,715 
Accounts receivable, net 175,827  91,691 
Leasing equipment, net 4 1,656,702  1,635,259 
Operating lease right-of-use assets, net 13 64,541  62,355 
Finance leases, net 5 13,124  6,927 
Property, plant, and equipment, net 6 1,014,390  964,363 
Investments 7 114,493  146,515 
Intangible assets, net 8 14,488  18,786 
Goodwill 122,735  122,735 
Other assets 2 234,401  177,928 
Total assets $ 3,553,946  $ 3,387,977 
Liabilities
Accounts payable and accrued liabilities $ 148,367  $ 113,185 
Debt, net 9 2,127,086  1,904,762 
Maintenance deposits 119,448  148,293 
Security deposits 35,663  37,064 
Operating lease liabilities 13 64,120  62,001 
Other liabilities 18,249  23,351 
Total liabilities $ 2,512,933  $ 2,288,656 
Commitments and contingencies 19
Equity
Common shares ($0.01 par value per share; 2,000,000,000 shares authorized; 85,641,314 and 85,617,146 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively)
$ 856  $ 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 June 30, 2021 and December 31, 2020, respectively)
133  91 
Additional paid in capital 1,163,748  1,130,106 
Accumulated deficit (88,056) (28,158)
Accumulated other comprehensive loss (49,115) (26,237)
Shareholders' equity 1,027,566  1,076,658 
Non-controlling interest in equity of consolidated subsidiaries 13,447  22,663 
Total equity 1,041,013  1,099,321 
Total liabilities and equity $ 3,553,946  $ 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 June 30, Six Months Ended June 30,
Notes 2021 2020 2021 2020
Revenues
Equipment leasing revenues $ 81,571  $ 79,834  $ 138,178  $ 166,283 
Infrastructure revenues 15,344  14,475  35,886  40,866 
Total revenues 12 96,915  94,309  174,064  207,149 
Expenses
Operating expenses 31,183  24,572  56,180  58,016 
General and administrative 3,655  4,388  7,907  9,051 
Acquisition and transaction expenses 4,399  3,661  6,042  6,855 
Management fees and incentive allocation to affiliate 16 4,113  4,756  8,103  9,522 
Depreciation and amortization 4, 6, 8 47,371  41,720  91,906  83,917 
Asset impairment 89  10,476  2,189  10,476 
Interest expense 37,504  21,794  70,494  44,655 
Total expenses 128,314  111,367  242,821  222,492 
Other (expense) income
Equity in losses of unconsolidated entities 7 (7,152) (3,209) (5,778) (2,944)
Gain (loss) on sale of assets, net 3,987  768  4,798  (1,051)
Loss on extinguishment of debt 9 (3,254) —  (3,254) (4,724)
Interest income 454  22  739  63 
Other (expense) income (884) (1) (703) 32 
Total other expense (6,849) (2,420) (4,198) (8,624)
Loss from continuing operations before income taxes (38,248) (19,478) (72,955) (23,967)
Benefit from income taxes 15 (1,640) (3,750) (1,471) (3,848)
Net loss from continuing operations (36,608) (15,728) (71,484) (20,119)
Net income from discontinued operations, net of income taxes   —    1,331 
Net loss (36,608) (15,728) (71,484) (18,788)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries (6,625) (4,112) (11,586) (8,848)
Less: Dividends on preferred shares 6,551  4,079  11,176  8,618 
Net loss attributable to shareholders $ (36,534) $ (15,695) $ (71,074) $ (18,558)
(Loss) earnings per share: 18
Basic
Continuing operations $ (0.42) $ (0.18) $ (0.83) $ (0.23)
Discontinued operations $   $ —  $   $ 0.02 
Diluted
Continuing operations $ (0.42) $ (0.18) $ (0.83) $ (0.23)
Discontinued operations $   $ —  $   $ 0.02 
Weighted average shares outstanding:
Basic 86,030,652  86,009,959  86,029,305  86,009,029 
Diluted 86,030,652  86,009,959  86,029,305  86,009,029 




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 June 30, Six Months Ended June 30,
2021 2020 2021 2020
Net loss $ (36,608) $ (15,728) $ (71,484) $ (18,788)
Other comprehensive loss:
Other comprehensive loss related to equity method investees, net (1)
(32,832) (12,112) (22,878) (3,354)
Comprehensive loss (69,440) (27,840) (94,362) (22,142)
Comprehensive loss attributable to non-controlling interest (6,625) (4,112) (11,586) (8,848)
Comprehensive loss attributable to shareholders $ (62,815) $ (23,728) $ (82,776) $ (13,294)
________________________________________________________
(1) Net of deferred tax benefit of $(7,118) and $(3,220) for the three months ended June 30, 2021 and 2020, respectively, and $(4,472) and $(894) for the six months ended June 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 Six Months Ended June 30, 2021
Common Shares Preferred Shares Additional Paid In Capital Accumulated Deficit  Accumulated Other Comprehensive (Loss) Income  Non-Controlling Interest in Equity of Consolidated Subsidiaries Total 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 income   9,954    9,954 
Total comprehensive (loss) income (29,915) 9,954  (4,961) (24,922)
Settlement of equity-based compensation (183) (183)
Issuance of common shares   150  150 
Dividends declared - common shares (28,383) (28,383)
Issuance of preferred shares 42  101,138  101,180 
Dividends declared - preferred shares (4,625) (4,625)
Equity-based compensation 1,114  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 shares   305  305 
Dividends declared - common shares (28,412) (28,412)
Issuance of preferred shares   20  20 
Dividends declared - preferred shares (6,551) (6,551)
Equity-based compensation 1,439  1,439 
Equity - June 30, 2021 $ 856  $ 133  $ 1,163,748  $ (88,056) $ (49,115) $ 13,447  $ 1,041,013 
Three and Six Months Ended June 30, 2020
Common Shares Preferred Shares Additional Paid In Capital Retained Earnings  Accumulated Other Comprehensive Income (Loss)  Non-Controlling Interest in Equity of Consolidated Subsidiaries Total Equity
Equity - December 31, 2019 $ 849  $ 81  $ 1,110,122  $ 190,453  $ 372  $ 36,980  $ 1,338,857 
Net income (loss) 1,676  (4,736) (3,060)
Other comprehensive income —  8,758  —  8,758 
Total comprehensive income (loss) 1,676  8,758  (4,736) 5,698 
Issuance of common shares 154  156 
Conversion of participating securities (2) (2)
Dividends declared - common shares (28,391) (28,391)
Issuance costs of preferred shares (246) (246)
Dividends declared - preferred shares (4,539) (4,539)
Equity-based compensation 291  291 
Equity - March 31, 2020 $ 851  $ 81  $ 1,110,028  $ 159,199  $ 9,130  $ 32,535  $ 1,311,824 
Net loss (11,616) (4,112) (15,728)
Other comprehensive loss —  (12,112) —  (12,112)
Total comprehensive loss (11,616) (12,112) (4,112) (27,840)
Settlement of equity-based compensation (42) (42)
Issuance of common shares 150  155 
Conversion of participating securities (5) (5)
Dividends declared - common shares (28,391) (28,391)
Issuance costs of preferred shares (542) (542)
Dividends declared - preferred shares (4,079) (4,079)
Equity-based compensation 411  411 
Equity - June 30, 2020 $ 856  $ 81  $ 1,109,631  $ 115,113  $ (2,982) $ 28,792  $ 1,251,491 

See accompanying notes to consolidated financial statements.
8


FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(Dollars in thousands)
Six Months Ended June 30,
2021 2020
Cash flows from operating activities:
Net loss $ (71,484) $ (18,788)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in losses of unconsolidated entities 5,778  2,944 
Gain on sale of subsidiaries   (1,331)
(Gain) loss on sale of assets, net (4,798) 1,051 
Security deposits and maintenance claims included in earnings (15,413) 2,951 
Loss on extinguishment of debt 3,254  4,724 
Equity-based compensation 2,553  702 
Depreciation and amortization 91,906  83,917 
Asset impairment 2,189  10,476 
Deferred tax provision (1,632) (4,506)
Change in fair value of non-hedge derivative (6,573) 181 
Amortization of lease intangibles and incentives 14,905  13,488 
Amortization of deferred financing costs 4,489  4,010 
Bad debt expense, net (733) 1,761 
Other (117) 759 
Change in:
 Accounts receivable (86,661) (24,140)
 Other assets (44,639) 6,210 
 Accounts payable and accrued liabilities 47,320  (18,894)
 Management fees payable to affiliate (631) (20,987)
 Other liabilities (3,637) 124 
Net cash (used in) provided by operating activities (63,924) 44,652 
Cash flows from investing activities:
Investment in unconsolidated entities (1,105) (2,514)
Principal collections on finance leases 1,269  3,320 
Acquisition of leasing equipment (170,132) (206,299)
Acquisition of property, plant and equipment (84,134) (130,073)
Acquisition of lease intangibles (517) 1,997 
Purchase deposits for acquisitions (9,180) (4,590)
Proceeds from sale of leasing equipment 57,155  37,687 
Proceeds from deposit on sale of aircraft and engine 1,425  — 
Return of deposit on sale of engine 1,010  2,350 
Net cash used in investing activities $ (204,209) $ (298,122)

















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,
2021 2020
Cash flows from financing activities:
Proceeds from debt $ 776,100  $ 458,981 
Repayment of debt (552,704) (275,991)
Payment of deferred financing costs (10,653) (12,629)
Receipt of security deposits 1,020  853 
Return of security deposits (1,034) (3,815)
Receipt of maintenance deposits 16,255  18,499 
Release of maintenance deposits (12,071) (9,185)
Proceeds from issuance of preferred shares, net of underwriter's discount and issuance costs 101,201  (267)
Purchase of non-controlling interest   (45)
Settlement of equity-based compensation (183) — 
Cash dividends - common shares (56,795) (56,782)
Cash dividends - preferred shares (11,176) (8,618)
Net cash provided by financing activities $ 249,960  $ 111,001 
Net decrease in cash and cash equivalents and restricted cash (18,173) (142,469)
Cash and cash equivalents and restricted cash, beginning of period 161,418  242,517 
Cash and cash equivalents and restricted cash, end of period $ 143,245  $ 100,048 
Supplemental disclosure of non-cash investing and financing activities:
Acquisition of leasing equipment $ 23,299  $ 25,326 
Acquisition of property, plant and equipment (891) (13,631)
Settled and assumed security deposits (1,042) (2,545)
Billed, assumed and settled maintenance deposits (22,123) (20,113)
Non-cash change in equity method investment (22,878) (3,354)
Issuance of common shares 455  304 




























See accompanying notes to consolidated financial statements.
10


FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
(Dollars in tables in thousands, unless otherwise noted)

1. ORGANIZATION
Fortress Transportation and Infrastructure Investors LLC (“we”, “us”, “our” or the “Company”) is a Delaware limited liability company which, through its subsidiary, Fortress Worldwide Transportation and Infrastructure General Partnership (the “Partnership”), owns and leases aviation equipment and also owns and operates (i) a multi-modal crude oil and refined products terminal in Beaumont, Texas (“Jefferson Terminal”), (ii) a deep-water port located along the Delaware River with an underground storage cavern and multiple industrial development opportunities (“Repauno”) and (iii) an equity method investment in a multi-modal terminal located along the Ohio River with multiple industrial development opportunities, including a power plant under construction (“Long Ridge”). Additionally, we own and lease offshore energy equipment and shipping containers. We have three reportable segments, (i) Aviation Leasing, (ii) Jefferson Terminal and (iii) Ports and Terminals, which operate in two primary businesses, Equipment Leasing and Infrastructure (see Note 17).
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of AccountingThe accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of us and our subsidiaries.
Principles of ConsolidationWe consolidate all entities in which we have a controlling financial interest and control over significant operating decisions, as well as variable interest entities (“VIEs”) in which we are the primary beneficiary. All significant intercompany transactions and balances have been eliminated. All adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The ownership interest of other investors in consolidated subsidiaries is recorded as non-controlling interest.
We use the equity method of accounting for investments in entities in which we exercise significant influence but which do not meet the requirements for consolidation. Under the equity method, we record our proportionate share of the underlying net income (loss) of these entities as well as the proportionate interest in adjustments to other comprehensive income (loss).
Use of EstimatesThe 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 UncertaintiesIn the normal course of business, we encounter 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 we operate, which could adversely impact the pricing of the services offered by us 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 our leasing equipment or operating assets. Capital market risk is the risk that we are unable to obtain capital at reasonable rates to fund the growth of our business or to refinance existing debt facilities. We, through our subsidiaries, also conduct operations outside of the United States; such international operations are subject to the same risks as those associated with our 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. We do not have significant exposure to foreign currency risk as all of our leasing arrangements and the majority of terminal services revenue are denominated in U.S. dollars.
Variable Interest EntitiesThe 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.
Delaware River Partners LLC
During 2016, through Delaware River Partners LLC (“DRP”), a consolidated subsidiary, we purchased the assets of Repauno, which consisted primarily of land, a storage cavern, and riparian rights for the acquired land, site improvements and rights. Upon acquisition there were no operational processes that could be applied to these assets that would result in outputs without significant green field development. We currently hold an approximately 98% economic interest, and a 100% voting interest in DRP. DRP is solely reliant on us to finance its activities and therefore is a VIE. We concluded that we were the primary beneficiary; and accordingly, DRP has been presented on a consolidated basis in the accompanying financial statements.
Cash and Cash EquivalentsWe consider all highly liquid short-term investments with a maturity of 90 days or less when purchased to be cash equivalents.
11


FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
(Dollars in tables in thousands, unless otherwise noted)
Restricted CashRestricted cash consists of prepaid interest and principal pursuant to the requirements of certain of our debt agreements (see Note 9) and other qualifying construction projects at Jefferson Terminal.
InventoryWe hold aircraft engine modules, spare parts and used material inventory for trading and to support operations within our Aviation Leasing segment. Aviation inventory is carried at the lower of cost or net realizable value on our balance sheet. We had Aviation inventory of $72.1 million and $58.2 million as of June 30, 2021 and December 31, 2020, respectively, which is included in Other assets in the Consolidated Balance Sheets.
Commodities inventory is carried at the lower of cost or net realizable value on our balance sheet. Commodities are removed from inventory based on the average cost at the time of sale. We had commodities inventory of $11.5 million and $0.1 million as of June 30, 2021 and December 31, 2020, respectively, which is included in Other assets in the Consolidated Balance Sheets.
Deferred Financing CostsCosts incurred in connection with obtaining long term financing are capitalized and amortized to interest expense over the term of the underlying loans. Unamortized deferred financing costs of $40.4 million and $36.2 million as of June 30, 2021 and December 31, 2020, respectively, are recorded as a component of debt in the Consolidated Balance Sheets.
We also have unamortized deferred revolver fees related to our revolving debt of $0.9 million and $1.6 million as of June 30, 2021 and December 31, 2020, respectively, which are included in Other assets in the Consolidated Balance Sheets.
Amortization expense was $2.2 million and $1.9 million for the three months ended June 30, 2021 and 2020, respectively, and $4.5 million and $4.0 million for the six months ended June 30, 2021 and 2020, respectively, and is included in Interest expense in the Consolidated Statements of Operations.
Revenue Recognition
Equipment Leasing Revenues
Operating Leases—We lease equipment pursuant to operating leases. Operating leases with fixed rentals and step rentals are recognized on a straight-line basis over the term of the lease, assuming no renewals. Revenue is not recognized when collection is not reasonably assured. When collectability is not reasonably assured, the customer is placed on non-accrual status and revenue is recognized when cash payments are received.
Generally, under our aircraft lease and engine agreements, the lessee is required to make periodic maintenance payments calculated based on the lessee’s utilization of the leased asset or at the end of the lease. Typically, under our aircraft lease agreements, the lessee is responsible for maintenance, repairs and other operating expenses throughout the term of the lease. These periodic maintenance payments accumulate over the term of the lease to fund major maintenance events, and we are contractually obligated to return maintenance payments to the lessee up to the cost of maintenance events paid by the lessee. In the event the total cost of maintenance events over the term of a lease is less than the cumulative maintenance payments, we are not required to return any unused or excess maintenance payments to the lessee.
Maintenance payments received for which we expect to repay to the lessee are presented as Maintenance Deposits in our Consolidated Balance Sheets. All excess maintenance payments received that we do not expect to repay to the lessee are recorded as Maintenance revenues. Estimates in recognizing revenue include mean time between removal, projected costs for engine maintenance and forecasted utilization of aircraft which are affected by historical usage patterns and overall industry, market and economic conditions. Significant changes to these estimates could have a material effect on the amount of revenue recognized in the period.
For purchase and lease back transactions, we account for the transaction as a single arrangement. We allocate the consideration paid based on the relative fair value of the aircraft and lease. The fair value of the lease may include a lease premium or discount.
In April 2020, the FASB Staff issued a question-and-answer document (the “Q&A”) regarding accounting for lease concessions related to the effects of the COVID-19 pandemic. The Q&A permits an entity to elect to forgo the evaluation of the enforceable rights and obligations of a lease contract required under ASC 842, Leases, as long as the total rent payments after the lease concessions are substantially the same, or less than, the total rent payments in the existing lease. The impact of the COVID-19 related lease concessions granted above did not have a material impact on our results of operations during the six months ended June 30, 2021.
Finance Leases—From time to time we enter into finance lease arrangements that include a lessee obligation to purchase the leased equipment at the end of the lease term, a bargain purchase option, or provides for minimum lease payments with a present value that equals or exceeds substantially all of the fair value of the leased equipment at the date of lease inception. Net investment in finance leases represents the minimum lease payments due from lessee, net of unearned income. The lease payments are segregated into principal and interest components similar to a loan. Unearned income is recognized on an effective interest method over the lease term and is recorded as finance lease income. The principal component of the lease payment is reflected as a reduction to the net investment in finance leases. Revenue is not recognized when collection is not reasonably assured. When collectability is not reasonably assured, the customer is placed on non-accrual status and revenue is recognized when cash payments are received.
12


FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
(Dollars in tables in thousands, unless otherwise noted)
Infrastructure Revenues
Terminal Services Revenues—Terminal services are provided to customers for the receipt and redelivery of various commodities. These revenues are recognized over time, i.e., as the services are rendered and the customer simultaneously receives and consumes the benefit over time.
Lease Income—Lease income consists of rental income from tenants for storage space. Lease income is recognized on a straight-line basis over the term of the relevant lease agreement.
Crude Marketing Revenues—Crude marketing revenues consist of marketing revenue related to Canadian crude oil. The revenues are recognized over time, i.e., as the services are rendered and the customer simultaneously receives and consumes the benefit over time.
Other Revenue—Other revenue primarily consists of revenue related to the handling, storage and sale of raw materials. Other revenue consists of two performance obligations: handling and storage of raw materials. The revenues are recognized over time, i.e., as the services are rendered and the customer simultaneously receives and consumes the benefit over time.
Additionally, other revenue consists of revenue related to derivative trading activities. See Commodity Derivatives below for additional information.
Payment terms for Infrastructure Revenues are generally short term in nature.
Leasing ArrangementsAt contract inception, we evaluate whether an arrangement is or contains a lease for which we are the lessee (that is, arrangements which provide us with the right to control a physical asset for a period of time). Operating lease right-of-use (“ROU”) assets and lease liabilities are recognized in Operating lease right-of-use assets, net and Operating lease liabilities in our Consolidated Balance Sheets, respectively. Finance lease ROU assets are recognized in Property, plant and equipment, net and lease liabilities are recognized in Other liabilities in our Consolidated Balance Sheets.
All lease liabilities are measured at the present value of the unpaid lease payments, discounted using our incremental borrowing rate based on the information available at commencement date of the lease. ROU assets, for both operating and finance leases, are initially measured based on the lease liability, adjusted for prepaid rent and lease incentives. ROU assets are subsequently measured at the carrying amount of the lease liability adjusted for prepaid or accrued lease payments and lease incentives. The finance lease ROU assets are subsequently amortized using the straight-line method.
Operating lease expenses are recognized on a straight-line basis over the lease term. With respect to finance leases, amortization of the ROU asset is presented separately from interest expense related to the finance lease liability. Variable lease payments, which are primarily based on usage, are recognized when the associated activity occurs.
We have elected to combine lease and non-lease components for all lease contracts where we are the lessee. Additionally, for arrangements with lease terms of 12 months or less, we do not recognize ROU assets, and lease liabilities and lease payments are recognized on a straight-line basis over the lease term with variable lease payments recognized in the period in which the obligation is incurred.
Concentration of Credit RiskWe are subject to concentrations of credit risk with respect to amounts due from customers on our finance leases and operating leases. We attempt to limit our credit risk by performing ongoing credit evaluations and, when deemed necessary, enter into collateral arrangements. During both the three months ended June 30, 2021 and 2020, one customer in the Aviation Leasing segment accounted for approximately 10% of total revenue. During the six months ended June 30, 2021, one customer in the Aviation Leasing segment accounted for approximately 11% of total revenue. During the six months ended June 30, 2020, one customer in the Jefferson Terminal segment and one customer in the Aviation Leasing segment each accounted for approximately 11% of total revenue.
As of June 30, 2021, there were two customers in the Aviation Leasing segment that represented 32% and 10% of total accounts receivable, net and two customers in the Jefferson Terminal segment that each represented 12% of total accounts receivable, net. As of December 31, 2020, accounts receivable from two customers in the Aviation Leasing segment represented 40% and 15% of total accounts receivable, net.
We maintain cash and restricted cash balances, which generally exceed federally insured limits, and subject us to credit risk, in high credit quality financial institutions. We monitor the financial condition of these institutions and have not experienced any losses associated with these accounts.
Allowance for Doubtful AccountsWe determine the allowance for doubtful accounts based on our assessment of the collectability of our receivables on a customer-by-customer basis. The allowance for doubtful accounts was $3.8 million and $4.6 million as of June 30, 2021 and December 31, 2020, respectively. There was a bad debt reversal of $0.2 million and bad debt expense of $1.1 million for the three months ended June 30, 2021 and 2020, respectively, and a bad debt reversal of $0.7 million and bad debt expense of $1.8 million for the six months ended June 30, 2021 and 2020, respectively, and is included in Operating expenses in the Consolidated Statements of Operations.
13


FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
(Dollars in tables in thousands, unless otherwise noted)
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. Our comprehensive income (loss) represents net income (loss), as presented in the Consolidated Statements of Operations, adjusted for fair value changes related to other comprehensive income (loss) related to our equity method investees.
Derivative Financial Instruments
Electricity Derivatives—Through our equity method investment in Long Ridge, we enter into derivative contracts as part of a risk management program to mitigate price risk associated with certain electricity price exposures. We primarily use swap derivative contracts, which are agreements to buy or sell a quantity of electricity at a predetermined future date and at a predetermined price.
Cash Flow Hedges
Certain of these derivative instruments are designated and qualify as cash flow hedges. Our share of the derivative's gain or loss is reported as Other comprehensive income (loss) related to equity method investees in our Consolidated Statements of Comprehensive (Loss) Income and recorded in Accumulated other comprehensive (loss) income in our Consolidated Balance Sheets.
Derivatives Not Designated As Hedging Instruments
Certain of these derivative instruments are not designated as hedging instruments for accounting purposes. The change in fair value of these contracts is recognized in Equity in earnings (losses) in unconsolidated entities in the Consolidated Statements of Operations. The cash flow impact of derivative contracts that are not designated as hedging instruments is recognized in Equity in earnings (losses) in unconsolidated entities in our Consolidated Statements of Cash Flows.
Commodity Derivatives—We also enter into short-term and long-term crude forward contracts. Gains and losses related to our crude sales and purchase derivatives are recorded on a gross basis and are included in Crude marketing revenues and Operating expenses, respectively, in our Consolidated Statements of Operations. The cash flow impact of these derivatives is recognized in Change in fair value of non-hedge derivatives in our Consolidated Statements of Cash Flows.
Additionally, depending on market conditions, we enter into short-term forward purchase and sales contracts for butane. Gains and losses related to our butane derivatives are recorded on a net basis and are included in Other revenue in our Consolidated Statements of Operations, as these contracts are considered part of central operating activities. The cash flow impact of these derivatives is recognized in Change in fair value of non-hedge derivatives in our Consolidated Statements of Cash Flows.
See Note 11 for additional details related to our commodity derivatives.
Some of our derivatives are used for speculative purposes. We record all derivative assets and liabilities on a gross basis at fair value, which are included in Other assets and Other liabilities, respectively, in our Consolidated Balance Sheets.
Other Assets—Other assets is primarily comprised of lease incentives of $46.3 million and $55.1 million, purchase deposits of $9.3 million and $6.1 million, prepaid expenses of $24.7 million and $10.1 million, notes receivable of $6.4 million and $0.7 million, maintenance right assets of $17.1 million and $6.4 million and aircraft engine modules, spare parts and used material inventory of $72.1 million and $58.2 million as of June 30, 2021 and December 31, 2020, respectively.
Dividends—Dividends are recorded if and when declared by the Board of Directors. For both the three and six months ended June 30, 2021 and 2020, the Board of Directors declared cash dividends of $0.33 and $0.66 per common share, respectively.
Additionally, in the quarter ended June 30, 2021, the Board of Directors declared cash dividends on the Series A Preferred Shares, Series B Preferred Shares and Series C Preferred Shares of $0.52, $0.50 and $0.46 per share, respectively.
Recent Accounting PronouncementsIn March 2020 and January 2021, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and ASU 2021-01, Reference Rate Reform: Scope, respectively. Together, the ASU’s temporarily simplify the accounting for contract modifications, including hedging relationships, due to the transition from LIBOR and other interbank offered rates to alternative reference interest rates. For example, entities can elect not to remeasure the contracts at the modification date or reassess a previous accounting determination if certain conditions are met. Additionally, entities can elect to continue applying hedge accounting for hedging relationships affected by reference rate reform if certain conditions are met. The new standard was effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. Adoption did not have a material impact on our consolidated financial statements.
14


FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
(Dollars in tables in thousands, unless otherwise noted)
In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). This standard simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020 and early adoption is permitted. We adopted this guidance in the first quarter of 2021, which did not have a material impact on our consolidated financial statements.
Unadopted Accounting PronouncementsIn July 2021, the FASB issued ASU 2021-05, Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments. This ASU requires lessors to classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if (i) the lease would have been classified as a sales-type lease or a direct financing lease under Topic 842 and (ii) the lessor would have otherwise recognized a day-one loss. This standard is effective for all reporting periods beginning after December 15, 2021. We are currently assessing the impact this guidance may have on our consolidated financial statements.
3. DISCONTINUED OPERATIONS
In December 2019, we completed the sale of substantially all of our railroad business (“CMQR”), which was previously reported as our Railroad segment. Under ASC 205-20, this disposition met the criteria to be reported as discontinued operations. Accordingly, the results of operations of CMQR have been reported as discontinued operations for all periods presented. During the six months ended June 30, 2020, we recognized a gain on sale of $1.3 million which is reported in Net income from discontinued operations, net of income taxes in the Consolidated Statements of Operations. There were no non-cash items or capital expenditures during the six months ended June 30, 2020.
4. LEASING EQUIPMENT, NET
Leasing equipment, net is summarized as follows:
June 30, 2021 December 31, 2020
Leasing equipment $ 2,082,733  $ 2,042,404 
Less: accumulated depreciation (426,031) (407,145)
Leasing equipment, net $ 1,656,702  $ 1,635,259 

During the six months ended June 30, 2021, we evaluated our leasing equipment portfolio and identified certain assets with indicators of impairment, including, but not limited to, the redelivery of unserviceable leasing equipment and a decline in market values due to the ongoing COVID-19 pandemic for leasing equipment we have decided to sell. For these assets, we performed a recoverability assessment at the individual asset level and determined that the carrying amounts exceeded the estimated future undiscounted net cash flows and these assets were impaired. To determine fair value, we used both a market approach, using quoted market prices for the same or similar assets, and an income approach, using discounted cash flows and an estimated discount rate. As a result, we adjusted the carrying value of these assets to fair value and recognized transactional impairment charges of $2.2 million, net of redelivery compensation.
The following table presents information related to our acquisitions and dispositions of aviation leasing equipment during the six months ended June 30, 2021:
Acquisitions:
Aircraft
Engines 32 
Dispositions:
Aircraft
Engines 20 

15


FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
(Dollars in tables in thousands, unless otherwise noted)
Depreciation expense for leasing equipment is summarized as follows:
Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Depreciation expense for leasing equipment $ 35,899  $ 34,293  $ 70,594  $ 69,017 

5. FINANCE LEASES, NET
Finance leases, net are summarized as follows:
June 30, 2021 December 31, 2020
Finance leases $ 15,708  $ 9,389 
Unearned revenue (2,584) (2,462)
Finance leases, net $ 13,124  $ 6,927 
During the six months ended June 30, 2021, we entered into 52-month sales-type lease arrangements for four airframes.
6. PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, net is summarized as follows:
June 30, 2021 December 31, 2020
Land, site improvements and rights $ 59,334  $ 52,047 
Construction in progress 108,698  425,261 
Buildings and improvements 6,268  4,491 
Terminal machinery and equipment 927,371  557,788 
Track and track related assets 8,400  2,349 
Railroad equipment 5,598  5,560 
Computer hardware and software 5,159  5,101 
Furniture and fixtures 3,092  2,449 
Other 6,533  5,870 
1,130,453  1,060,916 
Less: accumulated depreciation (116,063) (96,553)
Property, plant and equipment, net $ 1,014,390  $ 964,363 

During the six months ended June 30, 2021, we placed additional assets into service and also added property, plant and equipment of $69.5 million, both of which primarily consist of terminal machinery and equipment placed in service or under development at Jefferson Terminal and Repauno.
Depreciation expense for property, plant and equipment is summarized as follows:
Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Depreciation expense $ 10,583  $ 6,538  $ 19,535  $ 13,123 

16


FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
(Dollars in tables in thousands, unless otherwise noted)
7. INVESTMENTS
The following table presents the ownership interests and carrying values of our investments:
Carrying Value
Investment Ownership Percentage June 30, 2021 December 31, 2020
Advanced Engine Repair JV Equity method 25% $ 22,039  $ 22,721 
Intermodal Finance I, Ltd. Equity method 51% 32  — 
Long Ridge Terminal LLC Equity method 50% 91,167  122,539 
FYX Trust Holdco LLC Equity 14% 1,255  1,255 
Investments $ 114,493  $ 146,515 
We did not recognize any other-than-temporary impairments for the three and six months ended June 30, 2021 or 2020.
The following table presents our proportionate share of equity in income (losses):
Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Advanced Engine Repair JV $ (341) $ (594) $ (681) $ (1,185)
Intermodal Finance I, Ltd. 204  (33) 376  (83)
Long Ridge Terminal LLC (7,015) (2,582) (5,473) (1,676)
Total $ (7,152) $ (3,209) $ (5,778) $ (2,944)

Equity Method Investments
Long Ridge Terminal LLC
In December 2019, Ohio River Shareholder LLC (“ORP”) contributed its equity interests in Long Ridge into Long Ridge Terminal LLC and sold a 49.9% interest (the “Long Ridge Transaction”) for $150 million in cash, plus an earn out. We no longer have a controlling interest in Long Ridge but still maintain significant influence through our retained interest and, therefore, now account for this investment in accordance with the equity method. Following the sale we deconsolidated ORP, which held the assets of Long Ridge.
The following table presents a summarized statement of operations:
Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Total revenue $ 8,849  $ 5,169  $ 17,270  $ 9,907 
Total expenses (11,074) (8,483) (19,417) (14,858)
Other (loss) income (11,776) (1,840) (8,777) 1,605 
Net loss $ (14,001) $ (5,154) $ (10,924) $ (3,346)
Advanced Engine Repair JV
In December 2016, we invested $15 million for a 25% interest in an advanced engine repair joint venture. We focus on developing new costs savings programs for engine repairs. We exercise significant influence over this investment and account for this investment as an equity method investment.
In August 2019, we expanded the scope of our joint venture and invested an additional $13.5 million and maintained a 25% interest.
Equity Investments
FYX Trust Holdco LLC
In July 2020, we invested $1.3 million for a 14% interest in an operating company that provides roadside assistance services for the intermodal and over-the-road trucking industries. FYX Trust Holdco LLC (“FYX”) has developed a mobile and web-based application that connects fleet managers, owner-operators, and drivers with repair vendors to efficiently and reliably quote, dispatch, monitor, and bill roadside repair services.
17


FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
(Dollars in tables in thousands, unless otherwise noted)
8. INTANGIBLE ASSETS AND LIABILITIES, NET
Intangible assets and liabilities, net are summarized as follows:
June 30, 2021
Aviation Leasing Jefferson Terminal Total
Intangible assets
Acquired favorable lease intangibles $ 35,865  $   $ 35,865 
Less: Accumulated amortization (32,629)   (32,629)
Acquired favorable lease intangibles, net 3,236    3,236 
Customer relationships   35,513  35,513 
Less: Accumulated amortization   (24,261) (24,261)
Acquired customer relationships, net   11,252  11,252 
Total intangible assets, net $ 3,236  $ 11,252  $ 14,488 
Intangible liabilities
Acquired unfavorable lease intangibles $ 7,148  $   $ 7,148 
Less: Accumulated amortization (5,688)   (5,688)
Acquired unfavorable lease intangibles, net $ 1,460  $   $ 1,460 
December 31, 2020
Aviation Leasing Jefferson Terminal Total
Intangible assets
Acquired favorable lease intangibles $ 35,349  $ —  $ 35,349 
Less: Accumulated amortization (29,591) —  (29,591)
Acquired favorable lease intangibles, net 5,758  —  5,758 
Customer relationships —  35,513  35,513 
Less: Accumulated amortization —  (22,485) (22,485)
Acquired customer relationships, net —  13,028  13,028 
Total intangible assets, net $ 5,758  $ 13,028  $ 18,786 
Intangible liabilities
Acquired unfavorable lease intangibles $ 7,151  $ —  $ 7,151 
Less: Accumulated amortization (4,604) —  (4,604)
Acquired unfavorable lease intangibles, net $ 2,547  $ —  $ 2,547 
Intangible liabilities relate to unfavorable lease intangibles and are included as a component of Other liabilities in the Consolidated Balance Sheets.
18


FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
(Dollars in tables in thousands, unless otherwise noted)
Amortization of intangible assets and liabilities is as follows:
Classification in Consolidated Statements of Operations Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Lease intangibles Equipment leasing revenues $ 1,198  $ 931  $ 1,950  $ 2,063 
Customer relationships Depreciation and amortization 889  889  1,777  1,777 
Total $ 2,087  $ 1,820  $ 3,727  $ 3,840 
As of June 30, 2021, estimated net annual amortization of intangibles is as follows:
Remainder of 2021 $ 3,082 
2022 4,362 
2023 3,349 
2024 2,235 
2025 — 
Thereafter — 
Total $ 13,028 


19


FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
(Dollars in tables in thousands, unless otherwise noted)
9. DEBT, NET
Our debt, net is summarized as follows:
June 30, 2021 December 31, 2020
Outstanding Borrowings Stated Interest Rate Maturity Date Outstanding Borrowings
Loans payable
Revolving Credit
Facility (1)
$ 100,000 
(i) Base Rate + 2.00%; or
(ii) Adjusted Eurodollar Rate + 3.00%
1/31/2022 $ — 
DRP Revolver (2)
25,000 
(i) Base Rate + 1.50%; or
(ii) Base Rate + 2.50% (Eurodollar)
11/5/2021 25,000 
EB-5 Loan Agreement 26,100  5.75% 1/25/2026 — 
Total loans payable 151,100  25,000 
Bonds payable
Series 2020 Bonds 263,980 
(i) Tax Exempt Series 2020A Bonds: 3.625%
(ii) Tax Exempt Series 2020A Bonds: 4.00%
(iii) Taxable Series 2020B Bonds: 6.00%
(i) 1/1/2035
(ii) 1/1/2050
(iii) 1/1/2025
263,980 
Senior Notes due
2022 (3)
  6.75% 3/15/2022 399,331 
Senior Notes due
2025 (4)
852,440  6.50% 10/1/2025 852,673 
Senior Notes due 2027 400,000  9.75% 8/1/2027 400,000 
Senior Notes due 2028 500,000  5.50% 5/1/2028 — 
Total bonds payable 2,016,420  1,915,984 
Debt 2,167,520  1,940,984 
Less: Debt issuance costs (40,434) (36,222)
Total debt, net $ 2,127,086  $ 1,904,762 
Total debt due within one year $ 125,000  $ 25,000 
________________________________________________________
(1) Requires a quarterly commitment fee at a rate of 0.50% on the average daily unused portion, as well as customary letter of credit fees and agency fees.
(2) Requires a quarterly commitment fee at a rate of 0.875% on the average daily unused portion, as well as customary letter of credit fees and agency fees.
(3) Includes an unamortized discount of $2,230 and an unamortized premium of $1,561 at December 31, 2020.
(4) Includes an unamortized discount of $3,913 and $4,303 at June 30, 2021 and December 31, 2020, respectively, and an unamortized premium of $6,353 and $6,976 at June 30, 2021 and December 31, 2020, respectively.
EB-5 Loan AgreementOn January 25, 2021, Jefferson entered into a non-recourse loan agreement under the U.S. Citizenship and Immigration Services EB-5 Program (“EB-5 Loan Agreement”) to pay for the development, construction and acquisition of certain facilities at Jefferson Terminal. The maximum aggregate principal amount available under the EB-5 Loan Agreement is $61.2 million, of which $26.1 million is available under the first tranche and $35.1 million is available under the second tranche. The loans mature in 5 years from the funding of each individual tranche with an option to extend the maturity for both tranches by two one-year periods. If the option to extend the maturity is exercised, the interest rate will increase to 6.25% from 5.75% for the extension period.
Senior Notes due 2028On April 12, 2021, we issued $500 million aggregate principal amount of senior unsecured notes due 2028 (the “Senior Notes due 2028”). The Senior Notes due 2028 bear interest at a rate of 5.50% per annum, payable semi-annually in arrears on May 1 and November 1 of each year, commencing on November 1, 2021.
We used a portion of the proceeds to redeem in full the Senior Notes due 2022 (see below), and used the remaining net proceeds for general corporate purposes, including the funding of acquisitions and investments, including aviation investments.
Senior Notes due 2022On May 7, 2021, we redeemed in full the Senior Notes due 2022, which totaled $400 million aggregate principal plus accrued and unpaid interest, and recognized a loss on extinguishment of debt of $3.3 million.
We were in compliance with all debt covenants as of June 30, 2021.
20


FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
(Dollars in tables in thousands, unless otherwise noted)

10. 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 us to develop our 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 our financial assets measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020, 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 Using Fair Value Hierarchy as of
June 30, 2021 June 30, 2021
Total Level 1 Level 2 Level 3 Valuation Technique
Assets
Cash and cash equivalents $ 105,244  $ 105,244  $   $   Market
Restricted cash 38,001  38,001      Market
Derivative assets 6,573    6,573    Income
Total assets $ 149,818  $ 143,245  $ 6,573  $  
Fair Value as of Fair Value Measurements Using Fair Value Hierarchy as of
December 31, 2020 December 31, 2020
Total Level 1 Level 2 Level 3 Valuation Technique
Assets
Cash and cash equivalents $ 121,703  $ 121,703  $ —  $ —  Market
Restricted cash 39,715  39,715  —  —  Market
Total $ 161,418  $ 161,418  $ —  $ — 
    
Our cash and cash equivalents and restricted cash consist largely of demand deposit accounts with maturities of 90 days or less when purchased that are considered to be highly liquid. 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.
Except as discussed below, our financial instruments other than cash and cash equivalents and restricted cash consist principally of accounts receivable, accounts payable and accrued liabilities, loans payable, bonds payable, security deposits, maintenance deposits and management fees payable, whose fair values approximate their carrying values based on an evaluation of pricing data, vendor quotes, and historical trading activity or due to their short maturity profiles.
21


FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
(Dollars in tables in thousands, unless otherwise noted)
The fair value of our bonds and notes payable reported as debt, net in the Consolidated Balance Sheets are presented in the table below:
June 30, 2021 December 31, 2020
Series A 2020 Bonds (1)
$ 191,327  $ 186,306 
Series B 2020 Bonds (1)
82,018  79,723 
Senior Notes due 2022   403,536 
Senior Notes due 2025 883,652  888,701 
Senior Notes due 2027 463,552  460,340 
Senior Notes due 2028 521,405  — 
________________________________________________________
(1) Fair value is based upon market prices for similar municipal securities.
The fair value of all other items reported as debt, net in the Consolidated Balance Sheet approximate their carrying values due to their bearing market rates of interest and are classified as Level 2 within the fair value hierarchy.
We measure 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 leasing equipment. We record such assets at fair value at acquisition or 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 our assumptions as to future cash flows from operation of the underlying businesses and the leasing and eventual sale of assets.
11. DERIVATIVE FINANCIAL INSTRUMENTS
Commodity Derivatives
Crude Oil
Depending on market conditions, we source crude oil from producers in Canada, arranging logistics to Jefferson Terminal and marketing crude oil to third parties. We exited this strategy in the fourth quarter of 2019. These crude oil forward purchase and sales contracts are not designated in hedging relationships.
Butane
Depending on market conditions, Repauno enters into forward purchase and sales contracts for butane. These derivatives are short-term in nature and are used for trading purposes.
The following table presents information related to our butane derivative contracts:
June 30, 2021 December 31, 2020
Notional Amount (BBL in thousands)
2,418  N/A
Fair Value of Assets (1)
$ 6,573  $ — 
Term
2 to 9 months
N/A
________________________________________________________
(1) Included in Other assets in the Consolidated Balance Sheets.
The following table presents a summary of the changes in fair value for all Level 3 derivatives:
Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Beginning Balance $   $ —  $   $ 181 
Net losses recognized in earnings   —    (181)
Ending Balance $   $ —  $   $ — 

There were no transfers into or out of Level 3 during the periods presented.
22


FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
(Dollars in tables in thousands, unless otherwise noted)
12. REVENUES
We disaggregate our revenue from contracts with customers by products and services provided for each of our segments, as we believe it best depicts the nature, amount, timing and uncertainty of our revenue. Revenues attributed to our Equipment Leasing business unit are within the scope of ASC 842, while revenues attributed to our Infrastructure business unit are within the scope of ASC 606, unless otherwise noted. Under the provisions of ASC 842, we have elected to exclude sales and other similar taxes from lease payments in arrangements where we are a lessor.
Three Months Ended June 30, 2021
Equipment Leasing Infrastructure
Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total
Equipment leasing revenues
Lease income $ 40,208  $   $   $ 2,694  $ 42,902 
Maintenance revenue 32,003        32,003 
Finance lease income 443        443 
Other revenue 5,789      434  6,223 
Total equipment leasing revenues 78,443      3,128  81,571 
Infrastructure revenues
Lease income   432      432 
Terminal services revenues   11,095  25    11,120 
Crude marketing revenues          
Other revenue     2,319  1,473  3,792 
Total infrastructure revenues   11,527  2,344  1,473  15,344 
Total revenues $ 78,443  $ 11,527  $ 2,344  $ 4,601  $ 96,915 
Three Months Ended June 30, 2020
Equipment Leasing Infrastructure
Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total
Equipment leasing revenues
Lease income $ 42,505  $ —  $ —  $ 2,129  $ 44,634 
Maintenance revenue 27,105  —  —  —  27,105 
Finance lease income 413  —  —  —  413 
Other revenue 5,236  —  —  2,446  7,682 
Total equipment leasing revenues 75,259  —  —  4,575  79,834 
Infrastructure revenues
Lease income —  287  —  —  287 
Terminal services revenues —  12,794  —  —  12,794 
Crude marketing revenues —  —  —  —  — 
Other revenue —  —  —  1,394  1,394 
Total infrastructure revenues —  13,081  —  1,394  14,475 
Total revenues $ 75,259  $ 13,081  $ —  $ 5,969  $ 94,309 
23


FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
(Dollars in tables in thousands, unless otherwise noted)
Six Months Ended June 30, 2021
Equipment Leasing Infrastructure
Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total
Equipment leasing revenues
Lease income $ 79,997  $   $   $ 3,132  $ 83,129 
Maintenance revenue 47,511        47,511 
Finance lease income 846        846 
Other revenue 6,190      502  6,692 
Total equipment leasing revenues 134,544      3,634  138,178 
Infrastructure revenues
Lease income   862      862 
Terminal services revenues   21,384  157    21,541 
Crude marketing revenues          
Other revenue     10,283  3,200  13,483 
Total infrastructure revenues   22,246  10,440  3,200  35,886 
Total revenues $ 134,544  $ 22,246  $ 10,440  $ 6,834  $ 174,064 
Six Months Ended June 30, 2020
Equipment Leasing Infrastructure
Aviation Leasing Jefferson Terminal Ports and Terminals Corporate and Other Total
Equipment leasing revenues
Lease income $ 89,446  $ —  $ —  $ 5,001  $ 94,447 
Maintenance revenue 59,100  —  —  —  59,100 
Finance lease income 842  —  —  —  842 
Other revenue 8,863  —  —  3,031  11,894 
Total equipment leasing revenues 158,251  —  —  8,032  166,283 
Infrastructure revenues
Lease income —  407  —  —  407 
Terminal services revenues —  29,205  —  —  29,205 
Crude marketing revenues —  8,210  —  —  8,210 
Other revenue —  —  314  2,730  3,044 
Total infrastructure revenues —  37,822  314  2,730  40,866 
Total revenues $ 158,251  $ 37,822  $ 314  $ 10,762  $ 207,149 

Presented below are the contracted minimum future annual revenues to be received under existing operating and finance leases across several market sectors as of June 30, 2021:
Operating Leases Finance Leases
Remainder of 2021 $ 84,604  $ 800 
2022 117,598  1,215 
2023 79,543  478 
2024 52,762  86 
2025 37,685 
Thereafter 23,405  — 
Total $ 395,597  $ 2,584 

24


FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
(Dollars in tables in thousands, unless otherwise noted)
13. LEASES
We have commitments as lessees under lease arrangements primarily for real estate, equipment and vehicles. Our leases have remaining lease terms ranging from approximately five months to 41 years.
The following table presents lease related costs:
Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Operating lease expense $ 1,188  $ 1,229  $ 2,447  $ 2,364 
Short-term lease expense 329  160  580  450 
Variable lease expense 426  264  637  1,104 
Total lease expense $ 1,943  $ 1,653  $ 3,664  $ 3,918 

The following table presents information related to our operating leases as of and for the six months ended June 30, 2021:
Right-of-use assets, net $ 64,541 
Lease liabilities 64,120 
Weighted average remaining lease term 38.3 years
Weighted average incremental borrowing rate