Company: TRTN-PA
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001660734-25-000025
Chunk: 45

Company: Triton International Ltd
Filing Date: 2025-08-01
Form: 6-K
Chunk 45
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 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, gain on sale of equipment decreased by $15.1 million primarily due to a decrease in sales volume.

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Depreciation and amortization. Depreciation and amortization was $207.7 million for the six months ended June 30, 2025 compared to $271.6 million in the same period in 2024, a decrease of $63.9 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 $22.5 million. The primary reasons for the remaining decrease were due to:

• $20.6 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

• $15.2 million increase due to new production units placed on-hire during 2024.

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 $29.6 million for the six months ended June 30, 2025 compared to $39.8 million in the same period in 2024, a decrease of $10.2 million, of which $2.0 million related to the TCF VIII Distribution. The primary reason for the remaining decrease was due to an $8.4 million decrease in storage expense due to a decrease in the number of idle units.

Administrative expenses. Administrative expenses were $48.4 million for the six months ended June 30, 2025 compared to $45.8 million in the same period in 2024, an increase of $2.6 million primarily due to an increase in incentive compensation costs.

Transaction and other costs. Transaction and other costs were $21.7 million for the six months ended June 30, 2024 related to employee incentive and retention compensation costs and legal expenses associated with the Merger. There were