Company: TRTN-PA
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001660734-25-000004
Chunk: 115

Company: Triton International Ltd
Filing Date: 2025-02-28
Form: 20-F
Item: Item 19
Chunk 115
---
 are financed ("the Collection Accounts"). Cash proceeds collected from leasing and disposition are deposited into the Collection Accounts and all expenses related to the operation of the containers are paid from the Collection Accounts. The Company considers the portion of the balance in the Collection Accounts to be transferred to separate trust accounts for the benefit of asset-backed securitization ("ABS") noteholders as restricted and the portion of the balance attributable to containers that are unsecured as unrestricted.

Trust accounts

Pursuant to certain debt agreements, cash is transferred from the Collection Accounts to separate accounts (the "Trust Accounts"). The Trust Accounts are maintained by an indenture trustee on behalf of certain ABS noteholders. The cash in the Trust Accounts is used to pay related ABS debt service and related expenses. Interest income earned on restricted cash is recorded in Interest and debt expense on the Consolidated Statements of Operations. Any remaining cash in these accounts is transferred to certain unrestricted bank accounts of the Company and is included in Cash and cash equivalents on the Consolidated Balance Sheets.

Other restricted cash

Pursuant to certain secured debt financings, cash is held in separate accounts to maintain an amount equal to projected interest expense for a specified number of months.

F-18

TRITON INTERNATIONAL LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Other restricted cash at December 31, 2024 includes $ 13.4

Note 7 - Debt

The table below summarizes the Company's key terms and carrying value of debt as of the periods indicated:

                                              December 31, 2024                                                                                                                            December 31, 2023                                     
                                              Outstanding Borrowings (in thousands)                     Contractual Weighted Avg Interest Rate      Maturity Range                         Outstanding Borrowings (in thousands)                 
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
                                                                                                                                          From      To                                                                                           
  Secured Debt Financings                                                                                                                                                                                                                        
  Asset-backed securitization term notes      $                                          3,032,700                                        2.93      February 2028       February 2035      $                                          2,579,832  
  Asset-backed securitization warehouse                                                     60,000                                        6.16      January 2031        January 2031                                                    240,000  
  Total secured debt financings                                                          3,092,700                                                                                                                                    2,819,832  
  Unsecured Debt