Company: TRTN-PA
Filing Date: 2025-11-06
Form Type: 6-K
Source: 0001660734-25-000034
Chunk: 41

Company: Triton International Ltd
Filing Date: 2025-11-06
Form: 6-K
Chunk 41
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, and it would increase the cost of our financings. Additionally, under the terms of our senior notes and certain series of our preference shares, certain ratings downgrades following the occurrence of a change of control, as more fully described in the relevant agreements governing those instruments, could give holders of those instruments certain redemption or conversion rights. The Company's long-term debt and corporate rating of BBB- from Fitch Ratings and BBB from S&P Global Ratings remained unchanged in the third quarter of 2025.

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#### Cash Flow
The following table sets forth certain cash flow information for the periods presented (in thousands):

|                                                     |     | Nine Months Ended September 30, |     2025 |     |   |     2024 |     |   | Variance |
|:----------------------------------------------------|:----|:--------------------------------|---------:|:----|:--|---------:|:----|:--|---------:|
| Net cash provided by (used in) operating activities |     | $                               |  723,937 |     | $ |  868,113 |     | $ | -144,176 |
| Net cash provided by (used in) investing activities |     | $                               | -818,423 |     | $ | -380,109 |     | $ | -438,314 |
| Net cash provided by (used in) financing activities |     | $                               |   91,253 |     | $ | -476,013 |     | $ |  567,266 |

#### Operating Activities
Net cash provided by operating activities decreased by $144.2 million to $723.9 million for the nine months ended September 30, 2025, compared to $868.1 million in the same period in 2024. The decrease was primarily due to the TCF VIII Distribution, which was effective for accounting purposes as of March 31, 2025. In addition, we had net equipment purchased for resale activity in the third quarter of 2025 compared to net equipment sold for resale activity in the prior year, resulting in a decrease in cash provided by operating activities of $39.8 million. These decreases were partially offset by a positive change in cash collections on finance leases primarily due to the finance lease receivable portfolio acquired in connection with the GCI acquisition in the third quarter of 2025, as well as Merger related transaction costs incurred in 2024 that did not reoccur in 202