v3.25.2
Document and Entity Information
 6 Months Ended
Jun. 30, 2025
Cover [Abstract]  
Document Type 6-K
Entity Registrant Name TRITON INTERNATIONAL LIMITED
Amendment Flag false
Entity Central Index Key 0001660734
Document Period End Date Jun. 30, 2025
Current Fiscal Year End Date --12-31
v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
ASSETS:    
Leasing equipment, net of accumulated depreciation of $3,575,780 and $4,776,458 $ 6,728,388 $ 8,639,136
Net investment in finance leases 1,526,511 1,585,812
Equipment held for sale 144,889 101,696
Revenue earning assets 8,399,788 10,326,644
Cash and cash equivalents 885,118 58,227
Restricted cash 94,763 111,489
Accounts receivable, net of allowances of $1,533 and $1,317 187,740 232,420
Goodwill 236,665 236,665
Other assets 33,738 33,782
Fair value of derivative instruments 64,357 104,176
Total assets 9,902,169 11,103,403
LIABILITIES AND SHAREHOLDERS' EQUITY:    
Equipment purchases payable 100,495 4,855
Fair value of derivative instruments 1,533 697
Deferred revenue 146,252 184,760
Accounts payable and other accrued expenses 122,223 87,694
Net deferred income tax liability 403,893 410,524
Debt, net of unamortized costs of $38,976 and $48,743 6,643,031 7,605,720
Total liabilities 7,417,427 8,294,250
Shareholders' equity:    
Undesignated shares, $0.01 par value, 20,800,000 shares authorized, no shares issued and outstanding 0 0
Additional paid-in capital (deficit) 889,462 (304,274)
Accumulated earnings 660,912 2,289,072
Accumulated other comprehensive income (loss) 53,356 93,343
Total shareholders' equity 2,484,742 2,809,153
Total liabilities and shareholders' equity 9,902,169 11,103,403
Preferred Shares    
Shareholders' equity:    
Preferred shares, $0.01 par value, at liquidation preference 880,000 730,000
Designated Common Stock    
Shareholders' equity:    
Common shares, $0.01 par value, 250,000,000 shares authorized, 101,158,891 shares issued and outstanding $ 1,012 $ 1,012
v3.25.2
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Leasing equipment, accumulated depreciation and allowances $ 3,575,780 $ 4,776,458
Accounts Receivable, Allowances 1,533 1,317
Debt, Unamortized Deferred Financing Costs $ 38,976 $ 48,743
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Designated Common Stock | Triton International Limited Holdings    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 250,000,000  
Common stock, shares issued (in shares) 101,158,891  
Common stock, shares outstanding (in shares) 101,158,891 101,158,891
Undesignated Common Stock    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 20,800,000  
Common stock, shares issued (in shares) 0 0
Common stock, shares outstanding (in shares) 0 0
v3.25.2
Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues:        
Operating lease revenues $ 276,765 $ 350,965 $ 633,160 $ 697,181
Finance lease revenues 26,068 28,024 52,713 53,093
Management fee revenues 7,045 0 7,045 0
Total revenues 309,878 378,989 692,918 750,274
Equipment trading revenues 16,411 13,971 28,326 24,117
Equipment trading expenses (15,657) (12,049) (26,978) (21,818)
Trading margin 754 1,922 1,348 2,299
Net gain (loss) on sale of leasing equipment 7,861 (38,118) 18,555 (23,496)
Operating expenses:        
Depreciation and amortization 79,368 135,536 207,728 271,617
Direct operating expenses 14,764 17,032 29,583 39,779
Administrative expenses 24,287 24,012 48,413 45,821
Transaction and other costs 0 16,139 0 21,651
Provision (reversal) for doubtful accounts 2,201 (1,956) 2,506 (1,490)
Total operating expenses 120,620 190,763 288,230 377,378
Operating income (loss) 197,873 152,030 424,591 351,699
Other (income) expenses:        
Interest and debt expense 58,891 61,386 127,020 122,838
Other (income) expense, net (195) 55 (272) (78)
Total other (income) expenses 58,696 61,441 126,748 122,760
Income (loss) before income taxes 139,177 90,589 297,843 228,939
Income tax expense (benefit) 13,453 13,153 27,346 25,960
Net income (loss) 125,724 77,436 270,497 202,979
Less: dividends on preferred shares 15,888 13,028 30,632 26,056
Net income (loss) attributable to common shareholder $ (109,836) $ (64,408) $ (239,865) $ (176,923)
v3.25.2
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 125,724 $ 77,436 $ 270,497 $ 202,979
Other comprehensive income (loss), net of tax:        
Change in derivative instruments designated as cash flow hedges (9,055) 13,720 (24,992) 50,505
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (7,707) (13,111) (15,720) (26,323)
Foreign currency translation adjustment 621 (39) 725 (94)
Other comprehensive income (loss), net of tax (16,141) 570 (39,987) 24,088
Comprehensive income 109,583 78,006 230,510 227,067
Dividend on preferred shares 15,888 13,028 30,632 26,056
Comprehensive income attributable to common shareholder $ 93,695 $ 64,978 $ 199,878 $ 201,011
v3.25.2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Tax (benefit) provision on change in derivative instruments designated as cash flow hedges $ (52) $ 301 $ (224) $ 1,206
Tax (benefit) provision on reclassification of (gain) loss on derivative instruments designated as cash flow hedges $ (176) $ (1,322) $ (358) $ (2,655)
v3.25.2
Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Preferred Shares
Common Shares
Treasury Shares
Add'l Paid in Capital (Deficit)
Accumulated Earnings
Accumulated Other Comprehensive Income (Loss)
Beginning balance, shares (in shares) at Dec. 31, 2023   29,200,000 101,158,891 0      
Beginning balance at Dec. 31, 2023 $ 2,936,998 $ 730,000 $ 1,012 $ 0 $ (308,114) $ 2,428,531 $ 85,569
Net income (loss) 125,543         125,543  
Other comprehensive income (loss) 23,518           23,518
Contributed capital from Parent for executive compensation 820       820    
Distributions to Parent [1] (913)         (913)  
Dividend to Parent (200,000)         (200,000)  
Preferred shares dividend declared (13,028)         (13,028)  
Ending balance, shares (in shares) at Mar. 31, 2024   29,200,000 101,158,891 0      
Ending balance at Mar. 31, 2024 2,872,938 $ 730,000 $ 1,012 $ 0 (307,294) 2,340,133 109,087
Net income (loss) 77,436         77,436  
Other comprehensive income (loss) 570           570
Contributed capital from Parent for executive compensation 820       820    
Distributions to Parent [1] (3,992)         (3,992)  
Preferred shares dividend declared (13,028)         (13,028)  
Ending balance, shares (in shares) at Jun. 30, 2024   29,200,000 101,158,891 0      
Ending balance at Jun. 30, 2024 2,934,744 $ 730,000 $ 1,012 $ 0 (306,474) 2,400,549 109,657
Beginning balance, shares (in shares) at Dec. 31, 2024   29,200,000 101,158,891 0      
Beginning balance at Dec. 31, 2024 2,809,153 $ 730,000 $ 1,012 $ 0 (304,274) 2,289,072 93,343
Preferred shares issued (in shares)   6,000,000          
Preferred shares issued 144,560 $ 150,000     (5,440)    
Net income (loss) 144,773         144,773  
Other comprehensive income (loss) (23,846)           (23,846)
Contributed capital from Parent for executive compensation 960       960    
Adjustment related to Treasury shares 0       1,203,220 (1,203,220)  
Distributions to Parent (516,306)       (5,668) (510,638)  
Dividend to Parent (150,000)         (150,000)  
Preferred shares dividend declared (14,267)         (14,267)  
Ending balance, shares (in shares) at Mar. 31, 2025   35,200,000 101,158,891 0      
Ending balance at Mar. 31, 2025 2,395,027 $ 880,000 $ 1,012 $ 0 888,798 555,720 69,497
Preferred shares issued (296)       (296)    
Net income (loss) 125,724         125,724  
Other comprehensive income (loss) (16,141)           (16,141)
Contributed capital from Parent for executive compensation 960       960    
Distributions to Parent [1] (4,644)         (4,644)  
Preferred shares dividend declared (15,888)         (15,888)  
Ending balance, shares (in shares) at Jun. 30, 2025   35,200,000 101,158,891 0      
Ending balance at Jun. 30, 2025 $ 2,484,742 $ 880,000 $ 1,012 $ 0 $ 889,462 $ 660,912 $ 53,356
[1]
(1)    Represents expenses paid on behalf of Parent
v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2023
Cash flows from operating activities:          
Net income (loss) $ 125,724 $ 77,436 $ 270,497 $ 202,979  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:          
Depreciation and amortization 79,368 135,536 207,728 271,617  
Amortization of deferred debt cost and other debt related amortization     7,429 4,614  
Lease related amortization     0 1,360  
Other non-cash compensation costs     1,920 1,640  
Net (gain) loss on sale of leasing equipment     (18,555) 23,496  
Net (gain) loss on sale of building     (2) 47  
Deferred income taxes     4,292 930  
Changes in operating assets and liabilities:          
Accounts receivable, net     8,929 (18,097)  
Deferred revenue     (36,513) (35,872)  
Accounts payable and other accrued expenses     4,335 3,419  
Equipment sold (purchased) for resale activity     (13,641) 2,131  
Cash received (paid) for settlement of interest rate swaps     (1,663) 0  
Cash collections on finance lease receivables, net of income earned     64,546 59,811  
Other assets     1,059 7,175  
Net cash provided by (used in) operating activities     500,361 525,250  
Cash flows from investing activities:          
Purchases of leasing equipment and investments in finance leases (79,994) (293,852) (100,194) (368,160)  
Proceeds from sale of equipment, net of selling costs     130,884 200,727  
Other     572 (61)  
Net cash (used in) investing activities     31,262 (167,494)  
Cash flows from financing activities:          
Issuance of preferred shares, net of underwriting discount     144,264   $ 0
Debt issuance costs     (3,546) (8,757)  
Borrowings under debt facilities     1,554,910 1,319,855  
Payments under debt facilities and finance lease obligations     (1,206,384) (1,500,116)  
Dividends paid on preferred shares     (30,155) (26,056)  
Restricted cash balance transferred as part of equity distribution of TCF VIII [1]     (25,903) 0  
Dividends and distributions to Parent     (154,644) (204,905)  
Net Cash Provided by (Used in) Financing Activities     278,542 (419,979)  
Net increase (decrease) in cash, cash equivalents and restricted cash     810,165 (62,223)  
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance     169,716 149,226  
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance 979,881 87,003 979,881 87,003 $ 149,226
Supplemental disclosures:          
Interest paid     118,795 117,840  
Income taxes (refunded) paid     10,549 8,921  
Right-of-use assets obtained in exchange for new operating lease liabilities     327 1,326  
Supplemental non-cash investing activities:          
Equipment purchases payable 100,495 28,048 100,495 28,048  
Equity distribution of TCF VIII to Parent [1] $ 516,306 $ 0 $ 516,306 $ 0  
[1]
(1)     For additional information on the TCF VIII Distribution, refer to Note 2 - "Merger, Acquisition and Other Transactions".
v3.25.2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Statement of Cash Flows [Abstract]    
Restricted cash balance transferred as part of equity distribution of TCF VIII [1] $ (25,903) $ 0
[1]
(1)     For additional information on the TCF VIII Distribution, refer to Note 2 - "Merger, Acquisition and Other Transactions".
v3.25.2
Description of the Business and Basis of Presentation
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of the Business and Basis of Presentation Description of the Business and Basis of Presentation
Description of the Business and Basis of Presentation

Triton International Limited ("Triton" or the "Company"), through its subsidiaries, leases intermodal transportation equipment, primarily maritime containers, and provides maritime container management services through a worldwide network of service subsidiaries, third-party depots and other facilities. The majority of the Company's business is derived from leasing its containers to shipping line customers through a variety of long-term and short-term contractual lease arrangements. The Company also sells containers from its equipment leasing fleet as well as containers specifically acquired for resale from third parties. Triton also enters into management agreements with other parties that own the containers under which the Company manages the leasing and selling of containers on their behalf. The Company's registered office is located in Bermuda.

Basis of Presentation

The unaudited consolidated financial statements and accompanying notes include the accounts of the Company and its subsidiaries and have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information. Accordingly, these financial statements do not include all information and footnotes required by GAAP for complete financial statements.

The unaudited interim financial statements have been prepared on a basis consistent with the Company's annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary to state fairly the Company's financial position, results of operations, comprehensive income, shareholders' equity, and cash flows for the periods presented. The Consolidated Balance Sheet as of December 31, 2024, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures required by GAAP. The consolidated results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2025 or for any other future annual or interim period.

These financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2024 included in the Company's Annual Report on Form 20-F which was filed with the Securities and Exchange Commission on February 28, 2025. The unaudited consolidated financial statements include the accounts of the Company and subsidiaries in which it has a controlling interest, and variable interest entities of which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made to the accompanying prior period financial statements and notes to conform to the current year's presentation.

In connection with the acquisition of the Company by Brookfield Infrastructure through its subsidiary Brookfield Infrastructure Corporation in September 2023 (the "Merger"), the Company cancelled all of its then issued treasury shares on September 28, 2023. The Company recorded the cancellation as a reduction to Additional paid-in capital of $1,203.2 million during the year ended December 31, 2023. Subsequent to the issuance of the December 31, 2024 financial statements, the Company concluded that the reduction should have been recorded to Retained earnings. Accordingly, the Company recorded an out-of-period adjustment between Additional paid-in capital and Accumulated earnings of $1,203.2 million as of March 31, 2025.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities in the financial statements. Such estimates include, but are not limited to, the Company's estimates in connection with leasing equipment, including residual values and depreciable lives, values of assets held for sale and other long-lived assets, provision for income tax, allowance for doubtful accounts, components of compensation, goodwill and intangible assets. Actual results could differ from those estimates.

Effective January 1, 2025, the Company increased the estimated useful lives for dry containers and refrigerated containers to 15 and 13 years, respectively, and decreased the residual value of its refrigerated containers. For the three and six months ended June 30, 2025, the impact of these changes resulted in a net decrease to depreciation expense of $18.4 million and $22.5 million, respectively, including a one-time increase of $22.8 million in the first quarter related to those refrigerated
containers in the Company's leasing fleet that had reached the end of their useful life at the time of the decrease in residual values.

Concentration of Credit Risk

The Company's equipment leases and trade receivables subject it to potential credit risk. The Company extends credit to its customers based upon an evaluation of each customer's financial condition and credit history. Evaluations of the financial condition and associated credit risk of customers are performed on an ongoing basis. As a percent of its lease billings, the Company's three largest customers accounted for 19%, 19%, and 13% for the six months ended June 30, 2025 and 20%, 19%, and 13% for the six months ended June 30, 2024.

Fair Value Measurements

For information on the fair value of debt and derivative instruments, refer to Note 6 - "Debt" and Note 7 - "Derivative Instruments", respectively.

Recently Adopted Accounting Standards

Compensation Costs

ASU No. 2024-01, Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards (“ASU 2024-01”), was issued in March 2024, to clarify the scope application of profits interest and similar awards and to add incremental clarity to help entities determine whether profits interest and similar awards should be accounted for as share-based payment arrangements within the scope of ASC 718, Compensation-Stock Compensation. ASU 2024-01 is effective for annual periods beginning after December 15, 2024 and interim periods within those annual periods with early adoption permitted. The Company adopted ASU 2024-01 in the first quarter of 2025, and it had no impact on the Company’s consolidated financial statements.

Recently Issued Accounting Standards Not Yet Adopted

Income Taxes

ASU No. 2023-09, Improvements to Income Tax Disclosures, was issued in December 2023, which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). The new guidance also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual reporting periods beginning after December 15, 2024. The Company is currently evaluating the impact that the adoption of this standard will have on its income tax disclosures. The Company will adopt this standard for the annual reporting period ended December 31, 2025.

Expense Disaggregation Disclosures
ASU No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"), was issued in November 2024, and ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, was issued in January 2025, which requires disclosure in the notes to the financial statements, of disaggregated information about certain costs and expenses that are included in expense line items on the face of the income statement. The requirements of ASU 2024-03, as clarified by ASU 2025-01, are effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact, if any, that the adoption of this standard will have on its Consolidated Financial Statements and disclosures.
v3.25.2
Merger
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Merger Merger, Acquisition and Other Transactions
On March 27, 2025, the Company distributed its equity interest in Triton Container Finance VIII LLC ("TCF VIII"), a special purpose securitization subsidiary of Triton, to Thanos Holdings Limited ("Parent") (the “TCF VIII Distribution”). The
effective date of the TCF VIII Distribution used for accounting purposes was March 31, 2025. As of March 31, 2025, TCF VIII had total assets of approximately $1.8 billion, consisting primarily of revenue earning assets, total indebtedness of approximately $1.3 billion, and shareholders’ equity of approximately $0.5 billion. From April 1, 2025 forward, revenues and net income related to TCF VIII are no longer included in the Company's Consolidated Statements of Operations. Following the TCF VIII Distribution, the Company continues to manage the containers in the TCF VIII securitization portfolio, for which it is entitled to receive management fees. For the three months ended June 30, 2025, the Company received $7.1 million of management fees.
v3.25.2
Other Compensation Costs
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Other Compensation Costs Other Compensation Costs
Long-Term Cash Incentive Plan

Under the Company's Long-Term Cash Incentive Plan ("LTIP") the Company grants long-term cash incentive awards with specified target values to certain employees and consultants of the Company, subject to the participant's continued service with the Company. Payouts of these awards are based on changes in the Company’s valuation, plus cumulative cash dividends and return of capital distributions paid by the Company from the grant date to the vesting date. At each reporting period subsequent to the grant date, changes in the award's aggregate target value will be recognized as compensation expense based on the portion of vesting or service period lapsed from the grant date through the reporting date. The Company recognized Compensation expense for the LTIP Awards for the three months ended June 30, 2025 and 2024 of $2.1 million and $0.9 million, respectively, and for the six months ended June 30, 2025 and 2024 of $4.3 million and $1.9 million, respectively, in Administrative expenses on the Consolidated Statements of Operations.

The following table summarizes awards that have been granted as of June 30, 2025:

Award Vesting
Grant DateAggregate Target ValueDateWeightingDateWeighting
February 2025$11.8 millionJanuary 15, 202725%January 15, 202875%
February 2024$13.8 millionJanuary 15, 202650%January 15, 202750%

Long-Term Incentive Awards

Pursuant to a long-term incentive program established by Brookfield Infrastructure, certain senior executives of the Company have been granted incentive units (the "Incentive Units") which vest in five equal annual installments beginning September 28, 2024, subject to the participants' continued employment or service. As of June 30, 2025, the total number of Incentive Units granted under the long-term incentive program was 875.

As of June 30, 2025 and December 31, 2024, the fair value of the awards was $19.2 million. The Company recognized compensation expense for the three months ended June 30, 2025 and 2024 of $1.0 million and $0.8 million, respectively, and for the six months ended June 30, 2025 and 2024 of $1.9 million and $1.6 million, respectively, in Administrative expenses on the Consolidated Statements of Operations. These amounts are reflected as Contributed capital from Parent on the Consolidated Statements of Shareholders’ Equity. Payment obligations, if any, are the responsibility of Brookfield Infrastructure.
v3.25.2
Other Equity Matters
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Other Equity Matters Other Equity Matters
During the six months ended June 30, 2025 and 2024, the Company paid cash dividends of $150.0 million and $200.0 million, respectively, on the common shares of the Company to Parent. Effective March 31, 2025, the Company distributed its equity interest in TCF VIII to Parent. For additional information on the TCF VIII Distribution, refer to Note 2 - "Merger, Acquisition and Other Transactions".
Preference Shares

The following table summarizes the Company's preference share issuances as of June 30, 2025 (each, a "Series"):
Preference Share SeriesIssuanceLiquidation Preference (in thousands)
# of Shares(1)
Series A 8.50% Cumulative Redeemable Perpetual Preference Shares ("Series A")
March 2019$86,250 3,450,000 
Series B 8.00% Cumulative Redeemable Perpetual Preference Shares ("Series B")
June 2019143,750 5,750,000 
Series C 7.375% Cumulative Redeemable Perpetual Preference Shares ("Series C")
November 2019175,000 7,000,000 
Series D 6.875% Cumulative Redeemable Perpetual Preference Shares ("Series D")
January 2020150,000 6,000,000 
Series E 5.75% Cumulative Redeemable Perpetual Preference Shares ("Series E")
August 2021175,000 7,000,000 
Series F 7.625% Cumulative Redeemable Perpetual Preference Shares ("Series F")
February 2025150,000 6,000,000 
$880,000 35,200,000 
(1)     Represents number of shares authorized, issued, and outstanding.

Triton's preference shares are listed on the New York Stock Exchange.

On February 6, 2025, the Company completed a public offering of the Series F Preference Shares and received $144.3 million in aggregate net proceeds after deducting underwriting discounts and estimated offering expenses of $5.7 million. The net proceeds from the sale of the Series F Preference Shares were used for general corporate purposes.

Each Series of preference shares may be redeemed at the Company's option, at any time after approximately five years from original issuance, in whole or in part at a redemption price, plus an amount equal to all accumulated and unpaid dividends, whether or not declared. The Company may also redeem each Series of preference shares prior to the lapse of the five year period upon the occurrence of certain events as described in each instrument, such as transactions that either transfer ownership of substantially all assets to a single entity or establish a majority voting interest by a single entity, and which for certain Series cause a downgrade or withdrawal of rating by the rating agency within 60 days of the event. If the Company does not elect to redeem a Series upon the occurrence of the preceding events, holders may have the right to convert their preference shares into common shares. Additionally, for Series E and F only, the Company may redeem the Series if an applicable rating agency changes the methodology or criteria that were employed in assigning equity credit to securities similar to the relevant Series when originally issued, which either (a) shortens the period of time during which equity credit pertaining to the Series would have been in effect had the methodology not been changed or (b) reduces the amount of equity credit as compared with the amount of equity credit that the rating agency had assigned to the Series when originally issued.

Holders of preference shares generally have no voting rights. If the Company fails to pay dividends for six or more quarterly periods (whether or not consecutive), holders will be entitled to elect two additional directors to the Board of Directors and the size of the Board of Directors will be increased to accommodate such election. Such right to elect two directors will continue until such time as there are no accumulated and unpaid dividends in arrears.

Dividends

Dividends on shares of each preference share Series are cumulative from the date of original issue and will be payable quarterly in arrears on the 15th day of March, June, September and December of each year, when, as and if declared by the Company's Board of Directors. Dividends will be payable equal to the stated rate per annum of the $25.00 liquidation preference per share. The Series rank senior to the Company's common shares with respect to dividend rights and rights upon the Company's liquidation, dissolution or winding up, whether voluntary or involuntary.
The Company paid the following quarterly dividends on its issued and outstanding Series (in millions except for the per-share amounts):

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
SeriesPer Share PaymentAggregate PaymentPer Share PaymentAggregate PaymentPer Share PaymentAggregate PaymentPer Share PaymentAggregate Payment
A(1)
$0.53$1.8 $0.53$1.8 $1.06$3.6 $1.06$3.6 
B$0.50$2.9 $0.50$2.9 $1.00$5.8 $1.00$5.8 
C(1)
$0.46$3.2 $0.46$3.2 $0.92$6.4 $0.92$6.4 
D(1)
$0.43$2.6 $0.43$2.6 $0.86$5.2 $0.86$5.2 
E(1)
$0.36$2.5 $0.36$2.5 $0.72$5.1 $0.72$5.1 
F(1)(2)
$0.48$2.9 ——$0.69$4.1 ——
Total$15.9 $13.0 $30.2 $26.1 
(1)     Per share payments rounded to the nearest whole cent.
(2)     Issued in February 2025.

As of June 30, 2025, the Company had cumulative unpaid preference share dividends of $2.6 million.
v3.25.2
Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases Leases
Lessee

The Company leases office facilities under various cancellable and non-cancellable operating leases, most of which provide extension or early termination options. The Company's lease agreements do not contain any residual value guarantees or material restrictive covenants.

The following table summarizes the impact of the Company's leases in its financial statements (in thousands):

Balance SheetFinancial statement captionJune 30, 2025December 31, 2024
Right-of-use asset - operatingOther assets$10,014 $10,645 
Lease liability - operatingAccounts payable and other accrued expenses$13,573 $14,331 
Three Months Ended June 30,Six Months Ended June 30,
Income StatementFinancial statement caption2025202420252024
Operating lease cost(1)
Administrative expenses$789 $732 $1,546 $1,468 
(1)    Includes short-term leases that are immaterial.

Cash paid for amounts included in the measurement of lease liabilities included in operating cash flows was $1.5 million and $1.0 million for the six months ended June 30, 2025, and 2024, respectively.

The following table includes supplemental information related to the Company's operating leases:

June 30, 2025
Weighted-Average Remaining Lease Term
8.2 years
Weighted-Average Discount Rate5.66 %
Lessor

Operating Leases

As of June 30, 2025, the Company has deferred revenue balances related to upfront payments received in return for reduced lease rates during the lease term. These amounts will be amortized into revenue as follows (in thousands):

Years ending December 31,
2025 (Remaining 6 months)$28,308 
202642,580 
202716,753 
202815,392 
202913,837 
2030 and thereafter29,382 
Total$146,252 

Finance Leases

The following table summarizes the components of the net investment in finance leases (in thousands):
June 30, 2025December 31, 2024
Future minimum lease payment receivable(1)
$1,878,600 $1,989,859 
Estimated residual receivable(2)
269,214 269,090 
Gross finance lease receivables(3)
2,147,814 2,258,949 
Unearned income(4)
(621,303)(673,137)
Net investment in finance leases(5)
$1,526,511 $1,585,812 
(1)     There were no executory costs included in gross finance lease receivables as of June 30, 2025 and December 31, 2024.
(2)    The Company's finance leases generally include a purchase option at nominal amounts that is reasonably certain to be exercised, and therefore, the Company has immaterial residual value risk for assets.
(3)    The gross finance lease receivable is reduced as billed to customers and reclassified to accounts receivable until paid by customers.
(4)     There were no unamortized initial direct costs as of June 30, 2025 and December 31, 2024.
(5)    One major customer represented 94% and 93% of the Company's finance lease portfolio as of June 30, 2025 and December 31, 2024, respectively. No other customer represented more than 10% of the Company's finance lease portfolio in each of those periods.
The Company’s finance lease portfolio customers are primarily large international shipping lines. In its estimate of expected credit losses, the Company evaluates the overall credit quality of its finance lease portfolio. The Company considers an account past due when a payment has not been received in accordance with the terms of the related lease agreement and maintains allowances, if necessary, for doubtful accounts. These allowances are based on, but not limited to, historical experience which includes stronger and weaker economic cycles, each lessee's payment history, management's current assessment of each lessee's financial condition, consideration of current economic conditions and reasonable market forecasts.
Leases Leases
Lessee

The Company leases office facilities under various cancellable and non-cancellable operating leases, most of which provide extension or early termination options. The Company's lease agreements do not contain any residual value guarantees or material restrictive covenants.

The following table summarizes the impact of the Company's leases in its financial statements (in thousands):

Balance SheetFinancial statement captionJune 30, 2025December 31, 2024
Right-of-use asset - operatingOther assets$10,014 $10,645 
Lease liability - operatingAccounts payable and other accrued expenses$13,573 $14,331 
Three Months Ended June 30,Six Months Ended June 30,
Income StatementFinancial statement caption2025202420252024
Operating lease cost(1)
Administrative expenses$789 $732 $1,546 $1,468 
(1)    Includes short-term leases that are immaterial.

Cash paid for amounts included in the measurement of lease liabilities included in operating cash flows was $1.5 million and $1.0 million for the six months ended June 30, 2025, and 2024, respectively.

The following table includes supplemental information related to the Company's operating leases:

June 30, 2025
Weighted-Average Remaining Lease Term
8.2 years
Weighted-Average Discount Rate5.66 %
Lessor

Operating Leases

As of June 30, 2025, the Company has deferred revenue balances related to upfront payments received in return for reduced lease rates during the lease term. These amounts will be amortized into revenue as follows (in thousands):

Years ending December 31,
2025 (Remaining 6 months)$28,308 
202642,580 
202716,753 
202815,392 
202913,837 
2030 and thereafter29,382 
Total$146,252 

Finance Leases

The following table summarizes the components of the net investment in finance leases (in thousands):
June 30, 2025December 31, 2024
Future minimum lease payment receivable(1)
$1,878,600 $1,989,859 
Estimated residual receivable(2)
269,214 269,090 
Gross finance lease receivables(3)
2,147,814 2,258,949 
Unearned income(4)
(621,303)(673,137)
Net investment in finance leases(5)
$1,526,511 $1,585,812 
(1)     There were no executory costs included in gross finance lease receivables as of June 30, 2025 and December 31, 2024.
(2)    The Company's finance leases generally include a purchase option at nominal amounts that is reasonably certain to be exercised, and therefore, the Company has immaterial residual value risk for assets.
(3)    The gross finance lease receivable is reduced as billed to customers and reclassified to accounts receivable until paid by customers.
(4)     There were no unamortized initial direct costs as of June 30, 2025 and December 31, 2024.
(5)    One major customer represented 94% and 93% of the Company's finance lease portfolio as of June 30, 2025 and December 31, 2024, respectively. No other customer represented more than 10% of the Company's finance lease portfolio in each of those periods.
The Company’s finance lease portfolio customers are primarily large international shipping lines. In its estimate of expected credit losses, the Company evaluates the overall credit quality of its finance lease portfolio. The Company considers an account past due when a payment has not been received in accordance with the terms of the related lease agreement and maintains allowances, if necessary, for doubtful accounts. These allowances are based on, but not limited to, historical experience which includes stronger and weaker economic cycles, each lessee's payment history, management's current assessment of each lessee's financial condition, consideration of current economic conditions and reasonable market forecasts.
v3.25.2
Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
The table below summarizes the Company's key terms and carrying value of debt as of the periods indicated:

June 30, 2025December 31, 2024
Outstanding Borrowings (in thousands)Contractual Weighted Avg Interest RateMaturity RangeOutstanding Borrowings (in thousands)
FromTo
Secured Debt Financings
Asset-backed securitization ("ABS") term notes$1,869,435 3.95 %February 2028March 2035$3,032,700 
Asset-backed securitization warehouse260,000 5.90 %January 2031January 203160,000 
Total secured debt financings2,129,435 3,092,700 
Unsecured Debt Financings
Senior notes1,800,000 2.82 %April 2026March 20321,800,000 
Credit facility:
Revolving credit tranche1,145,000 5.75 %July 2029July 20291,085,000 
Term loan tranche1,610,000 5.75 %July 2029July 20291,680,000 
Total unsecured debt financings4,555,000 4,565,000 
Total debt financings$6,684,435 $7,657,700 
Unamortized debt costs(38,976)(48,743)
Unamortized debt premium & discounts(2,428)(3,237)
Debt, net of unamortized costs$6,643,031 $7,605,720 

Securitization Term Instruments

Under the Company's ABS facilities, indirect wholly owned subsidiaries of the Company enter into debt agreements for ABS term instruments, including ABS notes. These subsidiaries are intended to be bankruptcy remote so that such assets are not available to creditors of the Company or its affiliates until and unless the related secured borrowings have been fully discharged. These transactions do not meet accounting requirements for sales treatment and are recorded as secured borrowings.

The Company’s borrowings under the ABS facilities amortize in monthly installments, typically in level payments over five or more years. These facilities provide for an advance rate against the net book values of designated eligible equipment. The net book values for purposes of calculating eligible equipment is determined according to the related debt agreement and may be different than those calculated per GAAP. The Company is required to maintain restricted cash balances on deposit in designated bank accounts equal to nine months of interest expense on certain securitized term instruments.

The Company maintains irrevocable standby letters of credit to satisfy the restricted cash balance requirements equal to nine months of interest expense on the ABS facilities. As of June 30, 2025, the current value of the standby letters of credit for the Company's ABS facilities was $29.6 million.

On June 24, 2025, the Company issued a series of securitization fixed-rate notes in the principal amount of $300.0 million at a weighted average interest rate of 5.50% and an expected maturity date of March 2035. The proceeds from this issuance were primarily used to repay borrowings under the revolving credit tranche of the Company's credit facility.

During the first quarter of 2025, the Company distributed its equity interest in TCF VIII to Parent, resulting in a decrease in total indebtedness of approximately $1.3 billion.

Asset-Backed Securitization Warehouse

Under the Company’s ABS warehouse facility, an indirect wholly owned subsidiary of the Company issues ABS notes. This subsidiary is intended to be bankruptcy remote so that such assets are not available to creditors of the Company or its
affiliates until and unless the related secured borrowings have been fully discharged. These transactions do not meet accounting requirements for sales treatment and are recorded as secured borrowings.

The Company's ABS warehouse facility has a maximum borrowing capacity of $1,125.0 million that is available on a revolving basis until the January 22, 2027 conversion date. The interest rate under the ABS warehouse facility for the revolving period is daily compounded SOFR plus 1.60%. After the revolving period, borrowings will convert to term notes with a final maturity date of January 22, 2031 and bear interest at daily compounded SOFR plus 2.60%.

During the revolving period, the borrowing capacity under this facility is determined by applying an advance rate against the net book values of designated eligible equipment. The net book values for purposes of calculating eligible equipment are determined according to the related debt agreement and may be different than those calculated per GAAP. The Company is required to maintain restricted cash balances on deposit in designated bank accounts equal to three months of interest expense.

Senior Notes

The Company’s senior notes are unsecured and have initial maturities ranging from five to ten years and interest payments due semi-annually. The senior notes are prepayable (in whole or in part) at the Company's option at any time prior to the maturity date, subject to certain provisions in the senior note agreements, including the payment of a make-whole premium with respect to such prepayment.

Credit Facility

The Company's credit facility has a maturity date of July 9, 2029 and includes a $2,000.0 million revolving credit tranche and a term loan tranche. Term loan borrowings under the facility amortize in quarterly installments. The interest rate under the credit facility is daily SOFR plus 1.30%. The credit facility is subject to covenants customary for financings of this type, including financial covenants that require the Company to maintain a minimum ratio of unencumbered assets to certain financial indebtedness.

Derivative Impact on Debt

The Company hedges the risks associated with fluctuations in interest rates on a portion of its floating-rate debt by entering into interest rate swap agreements that convert a portion of its floating-rate debt to a fixed rate basis, thus reducing the impact of interest rate changes on future interest expense.

The following table summarizes the Company's outstanding fixed-rate and floating-rate debt as of June 30, 2025:

Balance Outstanding (in thousands)Contractual Weighted Avg Interest RateMaturity RangeWeighted Avg Remaining Term
FromTo
Excluding impact of derivative instruments:
Fixed-rate debt$3,669,435 3.40%Apr 2026Mar 20354.3 years
Floating-rate debt$3,015,000 5.76%Jul 2029Jan 20313.8 years
Including impact of derivative instruments:
Fixed-rate debt$3,669,435 3.40%
Hedged floating rate debt1,652,500 3.74%
Total fixed and hedged floating-rate debt5,321,935 3.50%
Unhedged floating rate debt1,362,500 5.76%
Total debt financings$6,684,435 3.97%

The fair value of total debt outstanding was $6,481.3 million and $7,241.7 million as of June 30, 2025 and December 31, 2024, respectively, and was measured using Level 1 and Level 2 inputs.

As of June 30, 2025, the maximum borrowing levels for the ABS warehouse and the revolving credit tranche under the credit facility were $1,125.0 million and $2,000.0 million, respectively. These facilities are governed by either borrowing bases
or an unencumbered asset test that limits borrowing capacity. Based on those limitations, the availability under these revolving credit facilities at June 30, 2025 was approximately $1,034.0 million.
The Company is subject to certain financial covenants under its debt financings. As of June 30, 2025, the Company was in compliance with all financial covenants in accordance with the terms of its debt agreements.
v3.25.2
Derivative Instruments
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
Interest Rate Swaps / Caps

The Company enters into derivative agreements to manage interest rate risk exposure. Interest rate swap agreements are utilized to limit the Company's exposure to interest rate risk by converting a portion of its floating-rate debt to a fixed-rate basis, thus reducing the impact of interest rate changes on future interest expense. Interest rate swaps involve the receipt of floating-rate amounts in exchange for fixed-rate interest payments over the lives of the agreements without an exchange of the underlying principal amounts. These swaps are designated as cash flow hedges for accounting purposes and accordingly, changes in the fair value are recorded in Accumulated other comprehensive income (loss) and are reclassified to interest and debt expense when the hedged interest payments are recognized.

The counterparties to these agreements are highly rated financial institutions. In the unlikely event that the counterparties fail to meet the terms of these agreements, the Company's exposure is limited to the interest rate differential on the notional amount at each monthly settlement period over the life of the agreements. The Company does not anticipate any non-performance by the counterparties.

Certain assets of the Company's subsidiaries are pledged as collateral for various ABS facilities. Additionally, the Company may be required to post cash collateral on certain derivative agreements if the fair value of these contracts represents a liability. Any amounts of cash collateral posted are included in Other assets on the Consolidated Balance Sheets and are presented in operating activities on the Consolidated Statements of Cash Flows. As of June 30, 2025, the Company had cash collateral on derivative instruments of $0.4 million.

Within the next twelve months, the Company expects to reclassify $24.0 million of net unrealized and realized gains related to derivative instruments designated as cash flow hedges from accumulated other comprehensive income (loss) into earnings.

As of June 30, 2025, the Company had derivative agreements in place to fix interest rates on a portion of the borrowings under its debt facilities with floating interest rates as summarized below:
DerivativesNotional Amount (in millions)Weighted Average
Fixed Leg (Pay) Interest Rate		Weighted Average
Remaining Term
Interest Rate Swap(1)
$1,652.52.41%3.9 years
(1)    Excludes certain interest rate swaps with an effective date in a future period ("forward starting swaps"). Including these instruments will increase total notional amount by $300.0 million and increase the weighted average remaining term to 4.9 years.

In May 2025, the Company entered into swaps with a notional value of $400.0 million and termination date of June 2035. The Company partially terminated $300.0 million notional of these swaps in June 2025 and paid $1.7 million.

In April 2025, the Company entered into forward starting swaps with a notional value of $300 million that will commence in September 2029 and have a termination date of March 2035. These swaps were designated as cash flow hedges to fix the interest rates on a portion of the Company's floating rate debt.
The following table summarizes the impact of derivative instruments on the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income on a pretax basis (in thousands):
  Three Months Ended June 30,Six Months Ended June 30,
Financial statement caption2025202420252024
Non-Designated Derivative Instruments
Unrealized (gains) lossesOther (income) expense, net$— $1 $(2)$47 
Designated Derivative Instruments
Realized (gains) lossesInterest and debt (income) expense$(7,883)$(14,433)$(16,078)$(28,978)
Unrealized (gains) lossesComprehensive (income) loss$9,107 $(14,021)$25,216 $(51,711)

Fair Value of Derivative Instruments

The Company presents the fair value of derivative instruments on a gross basis as a separate line item on the Consolidated Balance Sheets.
The Company has elected to use the income approach to value its interest rate swap and cap agreements, using Level 2 market expectations at the measurement date and standard valuation techniques to convert future values to a single discounted present value. The Level 2 inputs for the interest rate swap and cap valuations are inputs other than quoted prices that are observable for the asset or liability (specifically SOFR and swap rates and credit risk at commonly quoted intervals).
v3.25.2
Segment and Geographic Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
Segment Information

The Company operates its business in one industry, intermodal transportation equipment, and has two operating segments which also represent its reportable segments:
•Equipment leasing - the Company owns, leases and ultimately disposes of containers and chassis from its leasing fleet, as well as manages containers owned by other parties.
•Equipment trading - the Company purchases containers from shipping line customers, and other sellers of containers, and resells these containers to container retailers and users of containers for storage or one-way shipment. Included in the equipment trading segment revenues are leasing revenues from equipment purchased for resale that is currently on lease until the containers are dropped off.

These operating segments were determined based on the chief operating decision makers' review and resource allocation of the products and services offered. The Company’s Chief Operating Decision Maker(s) ("CODM") is the senior executive team.

Most of Triton’s revenues are derived from leasing equipment to the Company's core shipping line customers. The most important driver of profitability is the extent to which leasing revenues, which are driven by the Company's owned equipment fleet size, utilization and average lease rates, exceed ownership (depreciation and interest expense) and operating costs. The Company's profitability is also driven by the gains or losses realized on the sale of used containers and the margins generated from trading new and used containers. The CODM uses leasing margin and disposal gains in the Company's equipment leasing segment and net trading margin in the equipment trading segment as the primary measures of profitability and the basis for the allocation of resources. Within the components of leasing margin, the CODM will analyze the relationship between revenue trends and certain significant expenses including storage and handling and repair costs. The Company adopted ASU 2023-07 in December of 2024 on a retrospective basis.
The following tables summarize the Company's segment information and the consolidated totals reported (in thousands):
Three Months Ended June 30,
20252024
Equipment LeasingEquipment TradingTotalsEquipment LeasingEquipment TradingTotals
Total revenues$307,903 $1,975 $309,878 $376,865 $2,124 $378,989 
Less:
Depreciation and amortization79,179 189 79,368 135,330 206 135,536 
Interest and debt expense58,500 391 58,891 61,217 169 61,386 
Storage and handling10,914 — 10,914 13,523 — 13,523 
Repair costs2,558 — 2,558 2,328 — 2,328 
Other operating expenses1,292 — 1,292 1,181 — 1,181 
Administrative expenses(1)
23,972 315 24,287 23,636 376 24,012 
Other (income) expenses(2)
2,006 — 2,006 (1,902)— (1,902)
Leasing margin$129,482 $1,080 $130,562 $141,552 $1,373 $142,925 
Net trading margin— 754 754 — 1,922 1,922 
Net gain (loss) on sale of leasing equipment7,861 — 7,861 (38,118)— (38,118)
Transaction and other costs— (16,139)
Other costs (income)(3)
— (1)
Income (loss) before income taxes$139,177 $90,589 
Total assets9,805,199 96,970 9,902,169 10,945,904 65,805 11,011,709 
Purchases of leasing equipment and investments in finance leases(4)
$79,994 $— $79,994 $293,852 $— $293,852 
Six Months Ended June 30,
20252024
Equipment LeasingEquipment TradingTotalsEquipment LeasingEquipment TradingTotals
Total revenues$689,072 $3,846 $692,918 $746,554 $3,720 $750,274 
Less:
Depreciation and amortization207,345 383 207,728 271,205 412 271,617 
Interest and debt expense126,379 641 127,020 122,505 333 122,838 
Storage and handling20,982 — 20,982 31,479 — 31,479 
Repair costs5,150 — 5,150 5,065 — 5,065 
Other operating expenses3,451 — 3,451 3,235 — 3,235 
Administrative expenses(1)
47,837 576 48,413 45,278 543 45,821 
Other (income) expenses(2)
2,236 — 2,236 (1,615)— (1,615)
Leasing margin$275,692 $2,246 $277,938 $269,402 $2,432 $271,834 
Net trading margin— 1,348 1,348 — 2,299 2,299 
Net gain (loss) on sale of leasing equipment18,555 — 18,555 (23,496)— (23,496)
Transaction and other costs— (21,651)
Other costs (income)(3)
2 (47)
Income (loss) before income taxes$297,843 $228,939 
Total assets9,805,199 96,970 9,902,169 10,945,904 65,805 11,011,709 
Purchases of leasing equipment and investments in finance leases(4)
$100,194 $— $100,194 $368,160 $— $368,160 
(1)     Certain Administrative expenses have been allocated to the equipment trading segment based on a methodology that is consistent in all the periods presented.
(2) Other segment items primarily include the provision (reversal) for doubtful accounts.
(3)    Other non-allocated costs (income) include unrealized gains or losses on derivative instruments and debt termination expense.
(4)    Represents cash disbursements for purchases of leasing equipment and investments in finance leases as reflected in the Consolidated Statements of Cash Flows for the periods indicated, but excludes cash flows associated with the purchase of equipment held for resale.
There are no intercompany revenues or expenses between segments. Certain administrative expenses have been allocated between segments based on an estimate of services provided to each segment. A portion of the Company's equipment purchased for resale in the equipment trading segment may be leased for a period of time and is reflected as leasing equipment as opposed to equipment held for sale and the cash flows associated with these transactions are reflected as purchases of leasing equipment and proceeds from the sale of equipment in investing activities in the Company's Consolidated Statements of Cash Flows.

Geographic Segment Information

The Company generates the majority of its leasing revenues from international containers which are deployed by its customers in a wide variety of global trade routes. The majority of the Company's leasing related revenue is denominated in U.S. dollars.

The following table summarizes the geographic allocation of total leasing revenues based on customers' primary domicile (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Total revenues:  
Asia$116,750 $135,328 $265,719 $259,354 
Europe159,760 204,971 361,827 403,870 
Americas14,803 22,743 31,021 55,545 
Bermuda1,047 1,050 2,195 2,122 
Other International17,518 14,897 32,156 29,383 
Total$309,878 $378,989 $692,918 $750,274 

Since the majority of the Company's containers are used internationally, where no one container is domiciled in one particular place for a prolonged period of time, all of the Company's long-lived assets are considered to be international.

The following table summarizes the geographic allocation of equipment trading revenues based on the location of the sale (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Total equipment trading revenues:  
Asia$2,181 $6,483 $4,165 $8,474 
Europe2,886 2,605 4,422 4,538 
Americas8,524 2,840 15,275 6,697 
Bermuda— — — — 
Other International2,820 2,043 4,464 4,408 
Total$16,411 $13,971 $28,326 $24,117 
v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Container Equipment Purchase Commitments

As of June 30, 2025, the Company had commitments to purchase equipment in the amount of $101.8 million.

Contingencies

Legal Proceedings

The Company is party to various pending or threatened legal or regulatory proceedings arising in the ordinary course of its business. The ability to predict the ultimate outcome of such matters involves judgments, estimates and inherent uncertainties.
Triton records liabilities related to legal matters when the exposure item becomes probable and can be reasonably estimated. Based upon information presently available, the Company does not expect liabilities arising from these matters to have a material adverse effect on its financial condition, results of operations, or liquidity. However, these matters are subject to inherent uncertainties and it is possible that a liability arising from these matters could have a material adverse impact in the period in which the uncertainties are resolved, depending in part on the operating results for such period.
v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company is a Bermuda exempted company. Bermuda enacted a corporate income tax which became effective January 1, 2025. The Company and its subsidiaries are currently not within the scope of the Bermuda Corporate Income Tax Act and will not be subject to income tax in Bermuda. However, the Company's subsidiaries are subject to taxation in certain foreign jurisdictions, including the US, in which such subsidiaries conduct business.

The following table summarizes the Company's effective tax rate:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Effective income tax rate9.7 %14.5 %9.2 %11.3 %
The Company has computed the provision for income taxes based on the estimated annual effective tax rate and the application of discrete items, if any, in the applicable period. The decrease in the effective tax rate for the three and six months ended June 30, 2025, compared to the same periods in 2024 was primarily due to nondeductible transaction costs incurred in connection with the Merger and the up-front loss on a finance lease transaction recorded in a lower rate tax jurisdiction during the second quarter of 2024, which resulted in a disproportionate increase to pre-tax income in a higher rate tax jurisdiction.
v3.25.2
Related Party
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
The Company holds a 50% interest in Tristar Container Services (Asia) Private Limited ("Tristar"), which is primarily engaged in the selling and leasing of container equipment in the domestic and short sea markets in India. The Company's equity investment in Tristar is included in Other assets on the Consolidated Balance Sheets. The Company received payments on finance leases with Tristar of $0.5 million and $1.0 million for both the three and six months ended June 30, 2025 and 2024. The Company has a finance lease receivable balance with Tristar of $3.0 million and $3.9 million as of June 30, 2025 and December 31, 2024, respectively.

Effective March 31, 2025, the Company distributed its equity interest in TCF VIII to Parent. For additional information on the TCF VIII Distribution, refer to Note 2 - "Merger, Acquisition and Other Transactions".
v3.25.2
Subsequent Events
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On July 28, 2025, the Company's Board of Directors approved and declared a cash dividend on its issued and outstanding preference shares, payable on September 15, 2025 or the next business day thereafter to holders of record at the close of business on September 8, 2025 as follows:

Preference Share SeriesDividend RateDividend Per Share
Series A8.500%$0.5312500
Series B8.000%$0.5000000
Series C7.375%$0.4609375
Series D6.875%$0.4296875
Series E5.750%$0.3593750
Series F7.625%$0.4765625
On July 4, 2025, the One Big Beautiful Bill Act was signed into law in the U.S., which contains a range of corporate tax reform provisions. Triton is currently evaluating these provisions; however, the Company currently expects that the legislation will not have a material impact on its financial statements.

On July 1, 2025, the Company completed the acquisition of Global Container International LLC (“GCI”), a Bermuda-domiciled container leasing company that operates a fleet of approximately 0.5 million TEU. The Company acquired the assets of GCI for a purchase price of approximately $1,070.0 million, including transaction costs. The transaction was accounted for as an asset acquisition for accounting purposes and the majority of the purchase price was allocated to the leasing equipment and finance lease receivables acquired.
v3.25.2
Description of the Business and Basis of Presentation (Policies)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities in the financial statements. Such estimates include, but are not limited to, the Company's estimates in connection with leasing equipment, including residual values and depreciable lives, values of assets held for sale and other long-lived assets, provision for income tax, allowance for doubtful accounts, components of compensation, goodwill and intangible assets. Actual results could differ from those estimates.
Concentration of Credit Risk
Concentration of Credit Risk
The Company's equipment leases and trade receivables subject it to potential credit risk. The Company extends credit to its customers based upon an evaluation of each customer's financial condition and credit history. Evaluations of the financial condition and associated credit risk of customers are performed on an ongoing basis.
Recently Adopted Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted
Recently Adopted Accounting Standards

Compensation Costs

ASU No. 2024-01, Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards (“ASU 2024-01”), was issued in March 2024, to clarify the scope application of profits interest and similar awards and to add incremental clarity to help entities determine whether profits interest and similar awards should be accounted for as share-based payment arrangements within the scope of ASC 718, Compensation-Stock Compensation. ASU 2024-01 is effective for annual periods beginning after December 15, 2024 and interim periods within those annual periods with early adoption permitted. The Company adopted ASU 2024-01 in the first quarter of 2025, and it had no impact on the Company’s consolidated financial statements.

Recently Issued Accounting Standards Not Yet Adopted

Income Taxes

ASU No. 2023-09, Improvements to Income Tax Disclosures, was issued in December 2023, which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). The new guidance also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual reporting periods beginning after December 15, 2024. The Company is currently evaluating the impact that the adoption of this standard will have on its income tax disclosures. The Company will adopt this standard for the annual reporting period ended December 31, 2025.

Expense Disaggregation Disclosures
ASU No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"), was issued in November 2024, and ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, was issued in January 2025, which requires disclosure in the notes to the financial statements, of disaggregated information about certain costs and expenses that are included in expense line items on the face of the income statement. The requirements of ASU 2024-03, as clarified by ASU 2025-01, are effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact, if any, that the adoption of this standard will have on its Consolidated Financial Statements and disclosures.
v3.25.2
Other Compensation Costs (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award
The following table summarizes awards that have been granted as of June 30, 2025:

Award Vesting
Grant DateAggregate Target ValueDateWeightingDateWeighting
February 2025$11.8 millionJanuary 15, 202725%January 15, 202875%
February 2024$13.8 millionJanuary 15, 202650%January 15, 202750%
v3.25.2
Other Equity Matters (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Stock by Class
Preference Shares

The following table summarizes the Company's preference share issuances as of June 30, 2025 (each, a "Series"):
Preference Share SeriesIssuanceLiquidation Preference (in thousands)
# of Shares(1)
Series A 8.50% Cumulative Redeemable Perpetual Preference Shares ("Series A")
March 2019$86,250 3,450,000 
Series B 8.00% Cumulative Redeemable Perpetual Preference Shares ("Series B")
June 2019143,750 5,750,000 
Series C 7.375% Cumulative Redeemable Perpetual Preference Shares ("Series C")
November 2019175,000 7,000,000 
Series D 6.875% Cumulative Redeemable Perpetual Preference Shares ("Series D")
January 2020150,000 6,000,000 
Series E 5.75% Cumulative Redeemable Perpetual Preference Shares ("Series E")
August 2021175,000 7,000,000 
Series F 7.625% Cumulative Redeemable Perpetual Preference Shares ("Series F")
February 2025150,000 6,000,000 
$880,000 35,200,000 
(1)     Represents number of shares authorized, issued, and outstanding.
Dividends Declared
The Company paid the following quarterly dividends on its issued and outstanding Series (in millions except for the per-share amounts):

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
SeriesPer Share PaymentAggregate PaymentPer Share PaymentAggregate PaymentPer Share PaymentAggregate PaymentPer Share PaymentAggregate Payment
A(1)
$0.53$1.8 $0.53$1.8 $1.06$3.6 $1.06$3.6 
B$0.50$2.9 $0.50$2.9 $1.00$5.8 $1.00$5.8 
C(1)
$0.46$3.2 $0.46$3.2 $0.92$6.4 $0.92$6.4 
D(1)
$0.43$2.6 $0.43$2.6 $0.86$5.2 $0.86$5.2 
E(1)
$0.36$2.5 $0.36$2.5 $0.72$5.1 $0.72$5.1 
F(1)(2)
$0.48$2.9 ——$0.69$4.1 ——
Total$15.9 $13.0 $30.2 $26.1 
(1)     Per share payments rounded to the nearest whole cent.
(2)     Issued in February 2025.
v3.25.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Lessee, Balance Sheet and Income Statement Effect
The following table summarizes the impact of the Company's leases in its financial statements (in thousands):

Balance SheetFinancial statement captionJune 30, 2025December 31, 2024
Right-of-use asset - operatingOther assets$10,014 $10,645 
Lease liability - operatingAccounts payable and other accrued expenses$13,573 $14,331 
Three Months Ended June 30,Six Months Ended June 30,
Income StatementFinancial statement caption2025202420252024
Operating lease cost(1)
Administrative expenses$789 $732 $1,546 $1,468 
Schedule of Weighted-Average Operating Lease
The following table includes supplemental information related to the Company's operating leases:

June 30, 2025
Weighted-Average Remaining Lease Term
8.2 years
Weighted-Average Discount Rate5.66 %
Schedule of deferred revenue
As of June 30, 2025, the Company has deferred revenue balances related to upfront payments received in return for reduced lease rates during the lease term. These amounts will be amortized into revenue as follows (in thousands):

Years ending December 31,
2025 (Remaining 6 months)$28,308 
202642,580 
202716,753 
202815,392 
202913,837 
2030 and thereafter29,382 
Total$146,252 
Schedule of components of the net investment in finance leases
The following table summarizes the components of the net investment in finance leases (in thousands):
June 30, 2025December 31, 2024
Future minimum lease payment receivable(1)
$1,878,600 $1,989,859 
Estimated residual receivable(2)
269,214 269,090 
Gross finance lease receivables(3)
2,147,814 2,258,949 
Unearned income(4)
(621,303)(673,137)
Net investment in finance leases(5)
$1,526,511 $1,585,812 
(1)     There were no executory costs included in gross finance lease receivables as of June 30, 2025 and December 31, 2024.
(2)    The Company's finance leases generally include a purchase option at nominal amounts that is reasonably certain to be exercised, and therefore, the Company has immaterial residual value risk for assets.
(3)    The gross finance lease receivable is reduced as billed to customers and reclassified to accounts receivable until paid by customers.
(4)     There were no unamortized initial direct costs as of June 30, 2025 and December 31, 2024.
(5)    One major customer represented 94% and 93% of the Company's finance lease portfolio as of June 30, 2025 and December 31, 2024, respectively. No other customer represented more than 10% of the Company's finance lease portfolio in each of those periods.
v3.25.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of debt instruments
The table below summarizes the Company's key terms and carrying value of debt as of the periods indicated:

June 30, 2025December 31, 2024
Outstanding Borrowings (in thousands)Contractual Weighted Avg Interest RateMaturity RangeOutstanding Borrowings (in thousands)
FromTo
Secured Debt Financings
Asset-backed securitization ("ABS") term notes$1,869,435 3.95 %February 2028March 2035$3,032,700 
Asset-backed securitization warehouse260,000 5.90 %January 2031January 203160,000 
Total secured debt financings2,129,435 3,092,700 
Unsecured Debt Financings
Senior notes1,800,000 2.82 %April 2026March 20321,800,000 
Credit facility:
Revolving credit tranche1,145,000 5.75 %July 2029July 20291,085,000 
Term loan tranche1,610,000 5.75 %July 2029July 20291,680,000 
Total unsecured debt financings4,555,000 4,565,000 
Total debt financings$6,684,435 $7,657,700 
Unamortized debt costs(38,976)(48,743)
Unamortized debt premium & discounts(2,428)(3,237)
Debt, net of unamortized costs$6,643,031 $7,605,720 
The following table summarizes the Company's outstanding fixed-rate and floating-rate debt as of June 30, 2025:

Balance Outstanding (in thousands)Contractual Weighted Avg Interest RateMaturity RangeWeighted Avg Remaining Term
FromTo
Excluding impact of derivative instruments:
Fixed-rate debt$3,669,435 3.40%Apr 2026Mar 20354.3 years
Floating-rate debt$3,015,000 5.76%Jul 2029Jan 20313.8 years
Including impact of derivative instruments:
Fixed-rate debt$3,669,435 3.40%
Hedged floating rate debt1,652,500 3.74%
Total fixed and hedged floating-rate debt5,321,935 3.50%
Unhedged floating rate debt1,362,500 5.76%
Total debt financings$6,684,435 3.97%
v3.25.2
Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of interest rate swap contracts
As of June 30, 2025, the Company had derivative agreements in place to fix interest rates on a portion of the borrowings under its debt facilities with floating interest rates as summarized below:
DerivativesNotional Amount (in millions)Weighted Average
Fixed Leg (Pay) Interest Rate		Weighted Average
Remaining Term
Interest Rate Swap(1)
$1,652.52.41%3.9 years
(1)    Excludes certain interest rate swaps with an effective date in a future period ("forward starting swaps"). Including these instruments will increase total notional amount by $300.0 million and increase the weighted average remaining term to 4.9 years.
Schedule of derivatives instruments and their effect on consolidated statements of operations and consolidated statements of comprehensive income
The following table summarizes the impact of derivative instruments on the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income on a pretax basis (in thousands):
  Three Months Ended June 30,Six Months Ended June 30,
Financial statement caption2025202420252024
Non-Designated Derivative Instruments
Unrealized (gains) lossesOther (income) expense, net$— $1 $(2)$47 
Designated Derivative Instruments
Realized (gains) lossesInterest and debt (income) expense$(7,883)$(14,433)$(16,078)$(28,978)
Unrealized (gains) lossesComprehensive (income) loss$9,107 $(14,021)$25,216 $(51,711)
v3.25.2
Segment and Geographic Information (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of segment information
The following tables summarize the Company's segment information and the consolidated totals reported (in thousands):
Three Months Ended June 30,
20252024
Equipment LeasingEquipment TradingTotalsEquipment LeasingEquipment TradingTotals
Total revenues$307,903 $1,975 $309,878 $376,865 $2,124 $378,989 
Less:
Depreciation and amortization79,179 189 79,368 135,330 206 135,536 
Interest and debt expense58,500 391 58,891 61,217 169 61,386 
Storage and handling10,914 — 10,914 13,523 — 13,523 
Repair costs2,558 — 2,558 2,328 — 2,328 
Other operating expenses1,292 — 1,292 1,181 — 1,181 
Administrative expenses(1)
23,972 315 24,287 23,636 376 24,012 
Other (income) expenses(2)
2,006 — 2,006 (1,902)— (1,902)
Leasing margin$129,482 $1,080 $130,562 $141,552 $1,373 $142,925 
Net trading margin— 754 754 — 1,922 1,922 
Net gain (loss) on sale of leasing equipment7,861 — 7,861 (38,118)— (38,118)
Transaction and other costs— (16,139)
Other costs (income)(3)
— (1)
Income (loss) before income taxes$139,177 $90,589 
Total assets9,805,199 96,970 9,902,169 10,945,904 65,805 11,011,709 
Purchases of leasing equipment and investments in finance leases(4)
$79,994 $— $79,994 $293,852 $— $293,852 
Six Months Ended June 30,
20252024
Equipment LeasingEquipment TradingTotalsEquipment LeasingEquipment TradingTotals
Total revenues$689,072 $3,846 $692,918 $746,554 $3,720 $750,274 
Less:
Depreciation and amortization207,345 383 207,728 271,205 412 271,617 
Interest and debt expense126,379 641 127,020 122,505 333 122,838 
Storage and handling20,982 — 20,982 31,479 — 31,479 
Repair costs5,150 — 5,150 5,065 — 5,065 
Other operating expenses3,451 — 3,451 3,235 — 3,235 
Administrative expenses(1)
47,837 576 48,413 45,278 543 45,821 
Other (income) expenses(2)
2,236 — 2,236 (1,615)— (1,615)
Leasing margin$275,692 $2,246 $277,938 $269,402 $2,432 $271,834 
Net trading margin— 1,348 1,348 — 2,299 2,299 
Net gain (loss) on sale of leasing equipment18,555 — 18,555 (23,496)— (23,496)
Transaction and other costs— (21,651)
Other costs (income)(3)
2 (47)
Income (loss) before income taxes$297,843 $228,939 
Total assets9,805,199 96,970 9,902,169 10,945,904 65,805 11,011,709 
Purchases of leasing equipment and investments in finance leases(4)
$100,194 $— $100,194 $368,160 $— $368,160 
(1)     Certain Administrative expenses have been allocated to the equipment trading segment based on a methodology that is consistent in all the periods presented.
(2) Other segment items primarily include the provision (reversal) for doubtful accounts.
(3)    Other non-allocated costs (income) include unrealized gains or losses on derivative instruments and debt termination expense.
(4)    Represents cash disbursements for purchases of leasing equipment and investments in finance leases as reflected in the Consolidated Statements of Cash Flows for the periods indicated, but excludes cash flows associated with the purchase of equipment held for resale.
Geographic allocation of revenues for the periods indicated based on the customers primary domicile and allocates equipment trading revenue based on the location of sale
The following table summarizes the geographic allocation of total leasing revenues based on customers' primary domicile (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Total revenues:  
Asia$116,750 $135,328 $265,719 $259,354 
Europe159,760 204,971 361,827 403,870 
Americas14,803 22,743 31,021 55,545 
Bermuda1,047 1,050 2,195 2,122 
Other International17,518 14,897 32,156 29,383 
Total$309,878 $378,989 $692,918 $750,274 
The following table summarizes the geographic allocation of equipment trading revenues based on the location of the sale (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Total equipment trading revenues:  
Asia$2,181 $6,483 $4,165 $8,474 
Europe2,886 2,605 4,422 4,538 
Americas8,524 2,840 15,275 6,697 
Bermuda— — — — 
Other International2,820 2,043 4,464 4,408 
Total$16,411 $13,971 $28,326 $24,117 
v3.25.2
Income Taxes - (Tables)
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
The following table summarizes the Company's effective tax rate:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Effective income tax rate9.7 %14.5 %9.2 %11.3 %
v3.25.2
Subsequent Events (Tables)
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Schedule of Dividends Payable
On July 28, 2025, the Company's Board of Directors approved and declared a cash dividend on its issued and outstanding preference shares, payable on September 15, 2025 or the next business day thereafter to holders of record at the close of business on September 8, 2025 as follows:

Preference Share SeriesDividend RateDividend Per Share
Series A8.500%$0.5312500
Series B8.000%$0.5000000
Series C7.375%$0.4609375
Series D6.875%$0.4296875
Series E5.750%$0.3593750
Series F7.625%$0.4765625
v3.25.2
Description of the Business and Basis of Presentation (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jan. 01, 2025
Restructuring Cost and Reserve [Line Items]      
Treasury stock, retired, cost method, amount $ 1,203.2    
Refrigerated container      
Restructuring Cost and Reserve [Line Items]      
Property, plant and equipment, useful life     13 years
Depreciation expense increase (decrease) $ 22.8    
Dry container      
Restructuring Cost and Reserve [Line Items]      
Property, plant and equipment, useful life     15 years
Customer One | Leases Billing | Customer Concentration Risk      
Restructuring Cost and Reserve [Line Items]      
Concentration risk, percentage 19.00% 20.00%  
Customer Two | Leases Billing | Customer Concentration Risk      
Restructuring Cost and Reserve [Line Items]      
Concentration risk, percentage 19.00% 19.00%  
Customer Three | Leases Billing | Customer Concentration Risk      
Restructuring Cost and Reserve [Line Items]      
Concentration risk, percentage 13.00% 13.00%  
v3.25.2
Merger - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Business Acquisition [Line Items]          
Assets $ 9,902,169 $ 11,011,709 $ 9,902,169 $ 11,011,709 $ 11,103,403
Total revenues: 309,878 378,989 692,918 750,274  
Operating income 197,873 $ 152,030 424,591 $ 351,699  
TCF VIII Distribution          
Business Acquisition [Line Items]          
Assets $ 1,300,000   $ 1,300,000    
v3.25.2
Other Compensation Costs (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based payment arrangement, noncash expense $ 2,100 $ 900 $ 4,300 $ 1,900
Lease related deferrals     $ 1,920 1,640
Employee Stock Option | Brookfield Infrastructure        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation arrangement by share-based payment award, number of shares available for grant 875   875  
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period, fair value     $ 19,200  
Lease related deferrals $ 1,000 $ 800 $ 1,900 $ 1,600
v3.25.2
Other Compensation Costs - Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award (Details) - USD ($)
$ in Millions
Feb. 28, 2025
Feb. 29, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Aggregate Target Value $ 11.8 $ 13.8
Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Award Vesting Weighting 25.00% 50.00%
Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Award Vesting Weighting 75.00% 50.00%
v3.25.2
Other Equity Matters (Details) - USD ($)
$ / shares in Units, $ in Millions
 6 Months Ended
Feb. 06, 2025
Jun. 30, 2025
Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Cash dividend   $ 150.0 $ 200.0
Preferred stock, redemption price per share (in dollars per share)   $ 25.00  
Preferred Shares      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Cumulative dividends   $ 2.6  
F      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Sale of stock, consideration received on transaction $ 144.3    
Payments for repurchase of preferred stock and preference stock $ 5.7    
v3.25.2
Other Equity Matters - Preferred Shares (Details) - USD ($)
$ in Thousands
Jan. 31, 2020
Nov. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Jun. 30, 2025
Aug. 31, 2021
Class of Stock [Line Items]            
Preferred Stock, Liquidation Preference, Value         $ 880,000  
Preferred Stock, Liquidation Preference Per Share         35,200,000  
A            
Class of Stock [Line Items]            
Dividend Rate       8.50%    
Preferred Stock, Liquidation Preference, Value       $ 86,250    
Preferred Stock, Liquidation Preference Per Share       3,450,000    
B            
Class of Stock [Line Items]            
Dividend Rate     8.00%      
Preferred Stock, Liquidation Preference, Value     $ 143,750      
Preferred Stock, Liquidation Preference Per Share     5,750,000      
C            
Class of Stock [Line Items]            
Dividend Rate   7.375%        
Preferred Stock, Liquidation Preference, Value   $ 175,000        
Preferred Stock, Liquidation Preference Per Share   7,000,000        
D            
Class of Stock [Line Items]            
Dividend Rate 6.875%          
Preferred Stock, Liquidation Preference, Value $ 150,000          
Preferred Stock, Liquidation Preference Per Share 6,000,000          
E            
Class of Stock [Line Items]            
Dividend Rate 5.75%          
Preferred Stock, Liquidation Preference, Value           $ 175,000
Preferred Stock, Liquidation Preference Per Share           7,000,000
F            
Class of Stock [Line Items]            
Dividend Rate 7.625%          
Preferred Stock, Liquidation Preference, Value           $ 150,000
Preferred Stock, Liquidation Preference Per Share           6,000,000
v3.25.2
Other Equity Matters - Dividend Payment (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
A        
Dividends Payable [Line Items]        
Per Share Payment (in dollars per share) $ 0.53 $ 0.53 $ 1.06 $ 1.06
Dividends $ 1.8 $ 1.8 $ 3.6 $ 3.6
B        
Dividends Payable [Line Items]        
Per Share Payment (in dollars per share) $ 0.50 $ 0.50 $ 1.00 $ 1.00
Dividends $ 2.9 $ 2.9 $ 5.8 $ 5.8
C        
Dividends Payable [Line Items]        
Per Share Payment (in dollars per share) $ 0.46 $ 0.46 $ 0.92 $ 0.92
Dividends $ 3.2 $ 3.2 $ 6.4 $ 6.4
D        
Dividends Payable [Line Items]        
Per Share Payment (in dollars per share) $ 0.43 $ 0.43 $ 0.86 $ 0.86
Dividends $ 2.6 $ 2.6 $ 5.2 $ 5.2
E        
Dividends Payable [Line Items]        
Per Share Payment (in dollars per share) $ 0.36 $ 0.36 $ 0.72 $ 0.72
Dividends $ 2.5 $ 2.5 $ 5.1 $ 5.1
F        
Dividends Payable [Line Items]        
Per Share Payment (in dollars per share) $ 0.48 $ 0 $ 0.69  
Dividends $ 2.9 $ 0.0 $ 4.1 0.0
Preferred Shares        
Dividends Payable [Line Items]        
Dividends $ 15.9 $ 13.0 $ 30.2 $ 26.1
v3.25.2
Leases -Lessee, Balance Sheet and Income Statement Effect (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Lessee, Lease, Description [Line Items]          
Right-of-use asset - operating $ 10,014   $ 10,014   $ 10,645
Lease liability - operating $ 13,573   $ 13,573   $ 14,331
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets   Other assets   Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Accounts payable and other accrued expenses   Accounts payable and other accrued expenses   Accounts payable and other accrued expenses
General and Administrative Expense          
Lessee, Lease, Description [Line Items]          
Operating lease cost $ 789 $ 732 $ 1,546 $ 1,468  
v3.25.2
Leases - Narrative (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Leases [Abstract]    
Operating lease, payments $ 1.5 $ 1.0
v3.25.2
Leases - Schedule of Weighted-Average Operating Lease (Details)
Jun. 30, 2025
Leases [Abstract]  
Weighted-Average Remaining Lease Term 8 years 2 months 12 days
Weighted-Average Discount Rate 5.66%
v3.25.2
Leases - Operating Leases Lessee Maturities (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Lessor, Operating Lease, Payment to be Received, Recognized  
2025 (Remaining 6 months) $ 28,308
2026 42,580
2027 16,753
2028 15,392
2029 13,837
2030 and thereafter 29,382
Total $ 146,252
v3.25.2
Leases - Schedule of components of the net investment in finance leases (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Components of the net investment in finance leases    
Future minimum lease payment receivable $ 1,878,600 $ 1,989,859
Estimated residual receivable 269,214 269,090
Gross finance lease receivable 2,147,814 2,258,949
Unearned income (621,303) (673,137)
Net investment in finance leases $ 1,526,511 $ 1,585,812
Customer One | Lease Finance Portfolio Benchmark | Customer Concentration Risk    
Components of the net investment in finance leases    
Concentration Risk, Percentage 94.00% 93.00%
v3.25.2
Debt - Key Term and Carrying Value (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Debt outstanding $ 6,684,435 $ 7,657,700
Unamortized debt costs (38,976) (48,743)
Unamortized debt premium & discounts (2,428) (3,237)
Debt, net of unamortized costs 6,643,031 7,605,720
Asset-backed securitization ("ABS") term notes    
Debt Instrument [Line Items]    
Debt outstanding $ 1,869,435 3,032,700
Contractual Weighted Avg Interest Rate 3.95%  
Asset-backed securitization warehouse    
Debt Instrument [Line Items]    
Debt outstanding $ 260,000 60,000
Contractual Weighted Avg Interest Rate 5.90%  
Total secured debt financings    
Debt Instrument [Line Items]    
Debt outstanding $ 2,129,435 3,092,700
Senior notes    
Debt Instrument [Line Items]    
Debt outstanding $ 1,800,000 1,800,000
Contractual Weighted Avg Interest Rate 2.82%  
Revolving credit tranche    
Debt Instrument [Line Items]    
Debt outstanding $ 1,145,000 1,085,000
Contractual Weighted Avg Interest Rate 5.75%  
Term loan tranche    
Debt Instrument [Line Items]    
Debt outstanding $ 1,610,000 1,680,000
Contractual Weighted Avg Interest Rate 5.75%  
Total unsecured debt financings    
Debt Instrument [Line Items]    
Debt outstanding $ 4,555,000 $ 4,565,000
v3.25.2
Debt - Narrative (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jul. 09, 2024
Jan. 22, 2024
Jun. 30, 2025
Jun. 24, 2025
Dec. 31, 2024
Jun. 30, 2024
Debt            
Assets     $ 9,902,169   $ 11,103,403 $ 11,011,709
Debt and lease obligation     6,684,435   7,657,700  
TCF VIII Distribution            
Debt            
Assets     1,300,000      
Standby Letters of Credit            
Debt            
Debt instrument, collateral amount     29,600      
Fair Value, Inputs, Level 2            
Debt            
Debt and lease obligation     6,481,300   7,241,700  
Revolving credit tranche            
Debt            
Borrowing capacity     2,000,000      
Debt and lease obligation     $ 1,145,000   1,085,000  
Revolving credit tranche | Revolving Credit Facility            
Debt            
Debt instrument, basis spread on variable rate   2.60% 1.60%      
Revolving Credit Facility            
Debt            
Borrowing capacity     $ 1,125,000      
Term Loan Facility            
Debt            
Debt instrument, basis spread on variable rate 1.30%          
Revolving Credit Facility and Second Revolving Credit Facility            
Debt            
Remaining borrowing capacity     1,034,000      
Senior notes            
Debt            
Debt and lease obligation     $ 1,800,000   $ 1,800,000  
Securitization Notes            
Debt            
Debt instrument, face aount       $ 300,000    
Weighted average interest       5.50%    
Minimum | Senior notes            
Debt            
Debt instrument, term     5 years      
Maximum | Senior notes            
Debt            
Debt instrument, term     10 years      
v3.25.2
Debt - Outstanding Debt (Details)
 6 Months Ended
Jun. 30, 2025
USD ($)
Excluding Impact | Variable Rate Debt  
Debt Instrument [Line Items]  
Balance Outstanding (in thousands) $ 3,015,000,000,000
Contractual Weighted Avg Interest Rate 5.76%
Weighted Avg Remaining Term 3 years 9 months 18 days
Excluding Impact | Fixed Rate Debt  
Debt Instrument [Line Items]  
Balance Outstanding (in thousands) $ 3,669,435,000,000
Contractual Weighted Avg Interest Rate 3.40%
Weighted Avg Remaining Term 4 years 3 months 18 days
Including Impact  
Debt Instrument [Line Items]  
Balance Outstanding (in thousands) $ 6,684,435,000,000
Contractual Weighted Avg Interest Rate 3.97%
Including Impact | Fixed Rate Debt  
Debt Instrument [Line Items]  
Balance Outstanding (in thousands) $ 3,669,435,000,000
Contractual Weighted Avg Interest Rate 3.40%
Designated as Hedging Instrument | Including Impact | Fixed and Hedged Debt  
Debt Instrument [Line Items]  
Balance Outstanding (in thousands) $ 5,321,935,000,000
Contractual Weighted Avg Interest Rate 3.50%
Designated as Hedging Instrument | Including Impact | Hedged Variable Rate Debt  
Debt Instrument [Line Items]  
Balance Outstanding (in thousands) $ 1,652,500,000,000
Contractual Weighted Avg Interest Rate 3.74%
Not Designated as Hedging Instrument | Including Impact | Unhedged Debt  
Debt Instrument [Line Items]  
Balance Outstanding (in thousands) $ 1,362,500,000,000
Contractual Weighted Avg Interest Rate 5.76%
v3.25.2
Derivative Instruments - Narrative (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
May 31, 2025
Apr. 30, 2025
Derivative Instruments      
Cash flow hedge gain (loss) to be reclassified within 12 months $ 24.0    
Not Designated as Hedging Instrument | Interest Rate Swap      
Derivative Instruments      
Cash collateral for interest rate swap contracts 0.4    
Derivative, notional amount 300.0 $ 400.0 $ 300.0
Derivative notional amount paid $ 1.7    
v3.25.2
Derivative Instruments - Interest Rate Swap/Caps (Details) - Interest Rate Swap
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Fair Value of Derivative Instruments  
Weighted Average Fixed Leg (Pay) Interest Rate 2.41%
Weighted Average Remaining Term 3 years 10 months 24 days
Interest rate swaps average remaining maturity, increase 4 years 10 months 24 days
Designated as Hedging Instrument  
Fair Value of Derivative Instruments  
Notional Amount (in millions) $ 1,652.5
Net notional amount of interest rate agreement, increase $ 300.0
v3.25.2
Derivative Instruments - Summary of Derivative Instruments (Details) - Interest Rate Swap - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Designated as Hedging Instrument        
Fair Value of Derivative Instruments        
Realized (gains) losses $ 7,883 $ 14,433 $ 16,078 $ 28,978
Other Comprehensive Income (Loss) | Designated as Hedging Instrument        
Fair Value of Derivative Instruments        
Unrealized (gains) losses (9,107) 14,021 (25,216) 51,711
Debt termination expense | Not Designated as Hedging Instrument        
Fair Value of Derivative Instruments        
Realized loss on derivative instruments, net $ 0 $ 1 $ (2) $ 47
v3.25.2
Segment and Geographic Information (Details)
 6 Months Ended
Jun. 30, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 2
Number of reportable segments 2
v3.25.2
Segment and Geographic Information - Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Segment Reporting Information [Line Items]          
Depreciation and amortization $ 79,368 $ 135,536 $ 207,728 $ 271,617  
Leasing margin 130,562 142,925 277,938 271,834  
Transaction and other costs 0 (16,139) 0 (21,651)  
Segment Reporting, Other Segment Item, Amount 0 (1) 2 (47)  
Total revenues: 309,878 378,989 692,918 750,274  
Interest and debt expense 58,891 61,386 127,020 122,838  
Storage and handling 10,914 13,523 20,982 31,479  
Repair costs 2,558 2,328 5,150 5,065  
Other operating expenses 1,292 1,181 3,451 3,235  
Administrative expenses 24,287 24,012 48,413 45,821  
Other (Income) Expense 2,006 (1,902) 2,236 (1,615)  
Net trading margin 754 1,922 1,348 2,299  
Net gain (loss) on sale of leasing equipment 7,861 (38,118) 18,555 (23,496)  
Income (loss) before income taxes 139,177 90,589 297,843 228,939  
Assets 9,902,169 11,011,709 9,902,169 11,011,709 $ 11,103,403
Purchases of leasing equipment and investments in finance leases 79,994 293,852 100,194 368,160  
Equipment Leasing | Operating Segments          
Segment Reporting Information [Line Items]          
Depreciation and amortization 79,179 135,330 207,345 271,205  
Leasing margin 129,482 141,552 275,692 269,402  
Total revenues: 307,903 376,865 689,072 746,554  
Interest and debt expense 58,500 61,217 126,379 122,505  
Storage and handling 10,914 13,523 20,982 31,479  
Repair costs 2,558 2,328 5,150 5,065  
Other operating expenses 1,292 1,181 3,451 3,235  
Administrative expenses 23,972 23,636 47,837 45,278  
Other (Income) Expense 2,006 (1,902) 2,236 (1,615)  
Net trading margin 0 0 0 0  
Net gain (loss) on sale of leasing equipment 7,861 (38,118) 18,555 (23,496)  
Assets 9,805,199 10,945,904 9,805,199 10,945,904  
Purchases of leasing equipment and investments in finance leases 79,994 293,852 100,194 368,160  
Equipment Trading | Operating Segments          
Segment Reporting Information [Line Items]          
Depreciation and amortization 189 206 383 412  
Leasing margin 1,080 1,373 2,246 2,432  
Total revenues: 1,975 2,124 3,846 3,720  
Interest and debt expense 391 169 641 333  
Storage and handling 0 0 0 0  
Repair costs 0 0 0 0  
Other operating expenses 0 0 0 0  
Administrative expenses 315 376 576 543  
Other (Income) Expense 0 0 0 0  
Net trading margin 754 1,922 1,348 2,299  
Net gain (loss) on sale of leasing equipment 0 0 0 0  
Assets 96,970 65,805 96,970 65,805  
Purchases of leasing equipment and investments in finance leases $ 0 $ 0 $ 0 $ 0  
v3.25.2
Segment and Geographic Information - Geographic Allocation (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenues: $ 309,878 $ 378,989 $ 692,918 $ 750,274
Total equipment trading revenues: 16,411 13,971 28,326 24,117
Asia        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenues: 116,750 135,328 265,719 259,354
Total equipment trading revenues: 2,181 6,483 4,165 8,474
Europe        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenues: 159,760 204,971 361,827 403,870
Total equipment trading revenues: 2,886 2,605 4,422 4,538
Americas        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenues: 14,803 22,743 31,021 55,545
Total equipment trading revenues: 8,524 2,840 15,275 6,697
Bermuda        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenues: 1,047 1,050 2,195 2,122
Total equipment trading revenues: 0 0 0 0
Other International        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenues: 17,518 14,897 32,156 29,383
Total equipment trading revenues: $ 2,820 $ 2,043 $ 4,464 $ 4,408
v3.25.2
Commitments and Contingencies (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Purchase commitment payable $ 101.8
v3.25.2
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Effective income tax rate 9.70% 14.50% 9.20% 11.30%
v3.25.2
Related Party (Details) - Tristar - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Related Party Transaction [Line Items]          
Percent of ownership 50.00%   50.00%    
Direct Financing Lease Receivable          
Related Party Transaction [Line Items]          
Revenue from related party $ 0.5 $ 1.0 $ 0.5 $ 1.0  
Loans and leases receivable, related parties $ 3.0   $ 3.0   $ 3.9
v3.25.2
Subsequent Events - Schedule of Dividends Payable (Details) - $ / shares
Jul. 28, 2025
Jan. 31, 2020
Nov. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
A          
Subsequent Event [Line Items]          
Dividend Rate         8.50%
A | Subsequent Event          
Subsequent Event [Line Items]          
Dividend Rate 8.50%        
Dividend approved and declared (in dollars per share) $ 0.5312500        
B          
Subsequent Event [Line Items]          
Dividend Rate       8.00%  
B | Subsequent Event          
Subsequent Event [Line Items]          
Dividend Rate 8.00%        
Dividend approved and declared (in dollars per share) $ 0.5000000        
C          
Subsequent Event [Line Items]          
Dividend Rate     7.375%    
C | Subsequent Event          
Subsequent Event [Line Items]          
Dividend Rate 7.375%        
Dividend approved and declared (in dollars per share) $ 0.4609375        
D          
Subsequent Event [Line Items]          
Dividend Rate   6.875%      
D | Subsequent Event          
Subsequent Event [Line Items]          
Dividend Rate 6.875%        
Dividend approved and declared (in dollars per share) $ 0.4296875        
E          
Subsequent Event [Line Items]          
Dividend Rate   5.75%      
E | Subsequent Event          
Subsequent Event [Line Items]          
Dividend Rate 5.75%        
Dividend approved and declared (in dollars per share) $ 0.3593750        
F          
Subsequent Event [Line Items]          
Dividend Rate   7.625%      
F | Subsequent Event          
Subsequent Event [Line Items]          
Dividend Rate 7.625%        
Dividend approved and declared (in dollars per share) $ 0.4765625        
v3.25.2
Subsequent Events - Narrative (Details) - Subsequent Event
TEU in Millions, $ in Millions
Jul. 01, 2025
USD ($)
TEU
Subsequent Event [Line Items]  
Cargo capacity amount | TEU 0.5
Global Container International LLC  
Subsequent Event [Line Items]  
Business combination, consideration transferred | $ $ 1,070.0