Company: TRTN-PA
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001660734-25-000025
Chunk: 41

Company: Triton International Ltd
Filing Date: 2025-08-01
Form: 6-K
Chunk 41
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2024, a decrease of $1.1 million. The decrease was primarily due to a decrease in volume in the re-sale of new production units for which we receive higher margins.

Net gain (loss) on sale of leasing equipment. Gain on sale of leasing equipment was $7.9 million for the three months ended June 30, 2025 compared to a $38.1 million loss on sale in the same period in 2024, an increase of $46.0 million. In the second quarter of 2024, we recorded a $57.1 million up-front loss on a finance lease transaction that included certain containers purchased during the COVID-19 pandemic with carrying values exceeding their current market values. Excluding this loss,

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gain on sale of equipment decreased by $11.1 million primarily due to a decrease in sales volume and a decrease in the average sales price for used dry containers.

Depreciation and amortization. Depreciation and amortization was $79.4 million for the three months ended June 30, 2025 compared to $135.5 million in the same period in 2024, a decrease of $56.1 million of which $36.7 million related to the TCF VIII Distribution. In addition, effective January 1, 2025, we increased the estimated useful lives for Dry containers and Refrigerated containers to 15 and 13 years, respectively, and decreased the residual value of our Refrigerated containers. This change resulted in a net decrease in depreciation expense of $18.4 million in the second quarter of 2025. The primary reasons for the remaining decrease were as follows:

• $9.0 million decrease due to an increase in the number of containers that have become fully depreciated or reclassified to assets held for sale; partially offset by a

• $6.7 million increase due to new production units placed on-hire during 2024 that have a full quarter of depreciation expense in 2025.

Direct operating expenses. Direct operating expenses primarily consist of our costs to repair equipment returned off lease, store equipment when it is not on lease and reposition equipment from locations with weak leasing demand. Direct operating expenses were $14.8 million for the three months ended June 30, 2025 compared to $17.0 million in the same period in 2024, a decrease of $2.2 million of which $2.0 million related to the TCF VIII Distribution.