Company: TRTN-PA
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001660734-25-000025
Chunk: 42

Company: Triton International Ltd
Filing Date: 2025-08-01
Form: 6-K
Chunk 42
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 The primary reasons for the remaining decrease were as follows:

• $1.3 million decrease in storage expense resulting from idle units in lower rate locations; partially offset by a

• $0.8 million increase in repair and maintenance as a result of a higher volume of redeliveries.

Transaction and other costs. Transaction and other costs were $16.1 million for the three months ended June 30, 2024 related to employee incentive and retention compensation costs, legal expenses and other costs associated with the acquisition of the Company by Brookfield Infrastructure through its subsidiary Brookfield Infrastructure Corporation in September 2023 (the "Merger"). There were no Merger-related transaction costs in 2025.

Provision (reversal) for doubtful accounts. Provision for doubtful accounts was $2.2 million for the three months ended June 30, 2025 compared to a reversal of $2.0 million in the same period in 2024. We recorded a reserve of $2.1 million in the second quarter of 2025 for equipment not expected to be recovered due to a customer default at the end of 2024. In the second quarter of 2024, reserves established in 2022 related to a customer default were reversed due to better than expected recoveries.

Interest and debt expense. Interest and debt expense was $58.9 million for the three months ended June 30, 2025 compared to $61.4 million in the same period in 2024, a decrease of $2.5 million, of which $8.1 million related to the TCF VIII Distribution. This decrease was partially offset by a $5.3 million increase due to an increase in the average effective interest rate which is primarily due to the maturity of lower interest fixed-rate debt in the second quarter of 2024, which was repaid with higher rate variable debt borrowings.

Income tax expense (benefit). Income tax expense was $13.5 million for the three months ended June 30, 2025 compared to $13.2 million in the same period in 2024, an increase of $0.3 million. The increase in income tax expense was primarily the result of an increase in pre-tax income partially offset by a decrease in the effective tax rate. The Company's effective tax rate was 9.7% for the three months ended June 30, 2025 compared to 14.5% in 2024. The decrease in the effective tax rate was primarily