v3.25.3
Document and Entity Information
 9 Months Ended
Sep. 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 Sep. 30, 2025
Current Fiscal Year End Date --12-31
v3.25.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
ASSETS:    
Leasing equipment, net of accumulated depreciation of $3,578,615 and $4,776,458 $ 7,440,129 $ 8,639,136
Net investment in finance leases 1,719,540 1,585,812
Equipment held for sale 161,753 101,696
Revenue earning assets 9,321,422 10,326,644
Cash and cash equivalents 50,182 58,227
Restricted cash 116,301 111,489
Accounts receivable, net of allowances of $1,523 and $1,317 210,276 232,420
Goodwill 236,665 236,665
Other assets 43,986 33,782
Fair value of derivative instruments 57,262 104,176
Total assets 10,036,094 11,103,403
LIABILITIES AND SHAREHOLDERS' EQUITY:    
Equipment purchases payable 15,264 4,855
Fair value of derivative instruments 5,222 697
Deferred revenue 131,675 184,760
Accounts payable and other accrued expenses 130,030 87,694
Net deferred income tax liability 415,123 410,524
Debt, net of unamortized costs of $39,273 and $48,743 6,759,865 7,605,720
Total liabilities 7,457,179 8,294,250
Shareholders' equity:    
Undesignated shares, $0.01 par value, 14,800,000 and 20,800,000 shares authorized, no shares issued and outstanding 0 0
Additional paid-in capital (deficit) 892,452 (304,274)
Accumulated earnings 762,368 2,289,072
Accumulated other comprehensive income (loss) 43,083 93,343
Total shareholders' equity 2,578,915 2,809,153
Total liabilities and shareholders' equity 10,036,094 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
v3.25.3
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Leasing equipment, accumulated depreciation and allowances $ 3,578,615 $ 4,776,458
Accounts Receivable, Allowances 1,523 1,317
Debt, Unamortized Deferred Financing Costs $ 39,273 $ 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) 14,800,000 20,800,000
Common stock, shares issued (in shares) 0 0
Common stock, shares outstanding (in shares) 0 0
v3.25.3
Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues:        
Operating lease revenues $ 297,717 $ 363,787 $ 930,877 $ 1,060,968
Finance lease revenues 29,754 27,532 82,467 80,625
Management fee revenues 6,367 0 13,412 0
Total revenues 333,838 391,319 1,026,756 1,141,593
Equipment trading revenues 16,943 11,493 45,269 35,610
Equipment trading expenses (16,297) (10,440) (43,275) (32,258)
Trading margin 646 1,053 1,994 3,352
Net gain (loss) on sale of leasing equipment 3,167 17,435 21,722 (6,061)
Operating expenses:        
Depreciation and amortization 89,233 134,952 296,961 406,569
Direct operating expenses 15,765 13,527 45,348 53,306
Administrative expenses 31,426 22,862 79,839 68,683
Transaction and other costs 0 5,095 0 26,746
Provision (reversal) for doubtful accounts (2) (53) 2,504 (1,543)
Total operating expenses 136,422 176,383 424,652 553,761
Operating income (loss) 201,229 233,424 625,820 585,123
Other (income) expenses:        
Interest and debt expense 69,860 67,404 196,880 190,242
Other (income) expense, net 267 (56) (5) (134)
Total other (income) expenses 70,127 67,348 196,875 190,108
Income (loss) before income taxes 131,102 166,076 428,945 395,015
Income tax expense (benefit) 13,773 15,423 41,119 41,383
Net income (loss) 117,329 150,653 387,826 353,632
Less: dividends on preferred shares 15,888 13,028 46,520 39,084
Net income (loss) attributable to common shareholder $ (101,441) $ (137,625) $ (341,306) $ (314,548)
v3.25.3
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 117,329 $ 150,653 $ 387,826 $ 353,632
Other comprehensive income (loss), net of tax:        
Change in derivative instruments designated as cash flow hedges (1,477) (40,604) (26,470) 9,901
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (8,547) (12,653) (24,266) (38,976)
Foreign currency translation adjustment (249) 241 476 147
Other comprehensive income (loss), net of tax (10,273) (53,016) (50,260) (28,928)
Comprehensive income 107,056 97,637 337,566 324,704
Dividend on preferred shares 15,888 13,028 46,520 39,084
Comprehensive income attributable to common shareholder $ 91,168 $ 84,609 $ 291,046 $ 285,620
v3.25.3
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Tax (benefit) provision on change in derivative instruments designated as cash flow hedges $ 11 $ (716) $ (213) $ 490
Tax (benefit) provision on reclassification of (gain) loss on derivative instruments designated as cash flow hedges $ (183) $ (1,195) $ (541) $ (3,850)
v3.25.3
Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Preferred Shares
Common 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      
Beginning balance at Dec. 31, 2023 $ 2,936,998 $ 730,000 $ 1,012 $ (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      
Ending balance at Mar. 31, 2024 2,872,938 $ 730,000 $ 1,012 (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      
Ending balance at Jun. 30, 2024 2,934,744 $ 730,000 $ 1,012 (306,474) 2,400,549 109,657
Net income (loss) 150,653       150,653  
Other comprehensive income (loss) (53,016)         (53,016)
Contributed capital from Parent for executive compensation 820     820    
Distributions to Parent [1] (79)       (79)  
Dividend to Parent (200,000)       (200,000)  
Preferred shares dividend declared (13,028)       (13,028)  
Ending balance, shares (in shares) at Sep. 30, 2024   29,200,000 101,158,891      
Ending balance at Sep. 30, 2024 2,820,094 $ 730,000 $ 1,012 (305,654) 2,338,095 56,641
Beginning balance, shares (in shares) at Dec. 31, 2024   29,200,000 101,158,891      
Beginning balance at Dec. 31, 2024 2,809,153 $ 730,000 $ 1,012 (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      
Ending balance at Mar. 31, 2025 2,395,027 $ 880,000 $ 1,012 888,798 555,720 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      
Ending balance at Jun. 30, 2025 2,484,742 $ 880,000 $ 1,012 889,462 660,912 53,356
Net income (loss) 117,329       117,329  
Other comprehensive income (loss) (10,273)         (10,273)
Contributed capital from Parent for executive compensation 2,990     2,990    
Distributions to Parent [1] 15       15  
Preferred shares dividend declared (15,888)       (15,888)  
Ending balance, shares (in shares) at Sep. 30, 2025   35,200,000 101,158,891      
Ending balance at Sep. 30, 2025 $ 2,578,915 $ 880,000 $ 1,012 $ 892,452 $ 762,368 $ 43,083
[1] (1)    Represents expenses paid on behalf of Parent
v3.25.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income (loss) $ 387,826 $ 353,632
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 296,961 406,569
Amortization of deferred debt cost and other debt related amortization 11,386 7,086
Lease related amortization 0 2,031
Other non-cash compensation costs 4,910 2,460
Net (gain) loss on sale of leasing equipment (21,722) 6,061
Deferred income taxes 15,694 3,031
Changes in operating assets and liabilities:    
Accounts receivable, net 2,162 14,953
Deferred revenue (51,090) (55,190)
Accounts payable and other accrued expenses 11,971 20,890
Equipment sold (purchased) for resale activity (31,696) 8,067
Cash received (paid) for settlement of interest rate swaps (2,137) 0
Cash collections on finance lease receivables, net of income earned 100,421 89,803
Other assets (749) 8,720
Net cash provided by (used in) operating activities 723,937 868,113
Cash flows from investing activities:    
Purchases of leasing equipment and investments in finance leases (270,626) (666,319)
Purchase of assets in connection with the GCI acquisition(1) (743,653) 0
Proceeds from sale of equipment, net of selling costs 195,642 286,096
Other 214 114
Net cash provided by (used in) investing activities (818,423) (380,109)
Cash flows from financing activities:    
Issuance of preferred shares, net of underwriting discount 144,264 0
Debt issuance costs (7,084) (18,815)
Borrowings under debt facilities 1,714,910 2,410,483
Payments under debt facilities and finance lease obligations (1,534,262) (2,423,613)
Dividends paid on preferred shares (46,043) (39,084)
Restricted cash balance transferred as part of equity distribution of TCF VIII [1] (25,903) 0
Dividends and distributions to Parent (154,629) (404,984)
Net cash provided by (used in) financing activities 91,253 (476,013)
Net increase (decrease) in cash, cash equivalents and restricted cash (3,233) 11,991
Cash, cash equivalents and restricted cash, beginning of period 169,716 149,226
Cash, cash equivalents and restricted cash, end of period 166,483 161,217
Supplemental disclosures:    
Interest paid 183,156 180,651
Income taxes paid (refunded) 16,102 13,669
Right-of-use assets obtained in exchange for new operating lease liabilities 406 1,441
Supplemental non-cash investing activities:    
Equipment purchases payable 15,264 173,606
Equity distribution of TCF VIII to Parent [1] 516,306 0
Debt transferred in connection with the GCI acquisition [2] $ 284,878 $ 0
[1]
(2)     For additional information on the TCF VIII Distribution, refer to Note 2 - "Acquisitions and Other Transactions".
[2]
(1) For additional information on the GCI acquisition, refer to Note 2 - "Acquisitions and Other Transactions".
v3.25.3
Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Statement of Cash Flows [Abstract]    
Restricted cash balance transferred as part of equity distribution of TCF VIII [1] $ (25,903) $ 0
[1]
(2)     For additional information on the TCF VIII Distribution, refer to Note 2 - "Acquisitions and Other Transactions".
v3.25.3
Description of the Business and Basis of Presentation
 9 Months Ended
Sep. 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 nine months ended September 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 nine months ended September 30, 2025, the impact of these changes resulted in a net decrease to depreciation expense of $18.2 million and $40.7 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 14% for the nine months ended September 30, 2025 and 20%, 19%, and 12% for the nine months ended September 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

Accounting Standards Update ("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.

Financial Instruments - Credit Losses

ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, was issued in July 2025, which provides a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. The guidance is effective for annual periods beginning after December 15, 2025 and interim periods within those annual periods 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.

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 ("ASU 2025-01"), 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.

Internal-Use Software
ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Recognition and Disclosure of Software Cost, was issued in September 2025 to remove the prescriptive “project stage” model for software development and require capitalization of software costs once management has authorized and committed to funding the project and it is probable the project will be completed and used as intended. The guidance is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, 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.
v3.25.3
Merger
 9 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Merger Acquisitions and Other Transactions
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, for a purchase price of $1,076.6 million, inclusive of transaction costs. The transaction was accounted for as an asset acquisition, with the majority of the purchase price allocated to leasing equipment and finance lease receivables, and the remaining purchase price allocated to other acquired assets including cash, restricted cash, accounts receivable, and an in-place lease intangible asset. The transaction was funded with cash on hand as of June 30, 2025, obtained from borrowings under the Company's credit facility. At closing, Triton paid $321.9 million to GCI shareholders and repaid $457.7 million of outstanding GCI indebtedness as a condition to close. In addition, $284.9 million of existing securitization fixed-rate notes, which remain outstanding, were transferred to Triton in connection with the GCI acquisition.

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 and nine months ended September 30, 2025, the Company received $6.3 million and $13.4 million of management fees, respectively.
v3.25.3
Other Compensation Costs
 9 Months Ended
Sep. 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 are recognized as compensation expense based on the portion of vesting or service period lapsed from the grant date through the reporting date.

As of September 30, 2025, the aggregate target value of the LTIP awards increased resulting from an increase in the Company's valuation as of such date. As a result, the Company recorded $1.1 million of incremental compensation expense in Administrative expenses on the Consolidated Statements of Operations for both the three and nine months ended September 30, 2025 for the portion of vesting period lapsed from the grant date through the reporting date.

In addition, the Company recognized compensation expense for the LTIP awards for the three months ended September 30, 2025 and 2024 of $2.1 million and $1.4 million, respectively, and for the nine months ended September 30, 2025 and 2024 of $6.4 million and $3.3 million, respectively, in Administrative expenses on the Consolidated Statements of Operations. An additional $1.6 million of incremental compensation expense for both the three and nine months ended September 30, 2025 was
recognized in Administrative expenses on the Consolidated Statements of Operations, resulting from the acceleration of LTIP awards during the third quarter of 2025 for certain employees in connection with their planned departures at the end of 2025.

The following table summarizes awards that have been granted as of September 30, 2025:
Award Vesting
Grant DateAggregate Target ValueDateWeightingDateWeighting
February 2025$14.2 millionJanuary 15, 202725%January 15, 202875%
February 2024$14.9 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. During the third quarter of 2025, 125 additional Incentive Units were granted under this program in the form of bonus unit awards. As of September 30, 2025, the total number of Incentive Units granted under the long-term incentive program was 1,000.

The Company recognizes compensation expense for the Incentive Units on a straight line basis over the five year vesting period based on the estimated fair value of the awards. Changes in the fair value of the awards at each reporting date are recognized as compensation expense based on the portion of the vesting or service period lapsed from the grant date through the reporting date.

As of September 30, 2025, the estimated fair value of the Incentive Units awards increased to $25.0 million resulting from an increase in the Company's valuation as of such date. As a result, the Company recognized $2.0 million of incremental compensation expense in Administrative expenses on the Consolidated Statements of Operations for both the three and nine month periods ended September 30, 2025 for the portion of the vesting period lapsed from grant date through the reporting date.

In addition, the Company recognized compensation expense for the three months ended September 30, 2025 and 2024 of $1.0 million and $0.8 million, respectively, and for the nine months ended September 30, 2025 and 2024 of $2.9 million and $2.5 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.

Other Compensation
The Company recorded severance costs of $2.5 million for both the three and nine months ended September 30, 2025 in Administrative expenses on the Consolidated Statements of Operations for certain employees in connection with their planned departures at the end of the year.
v3.25.3
Other Equity Matters
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Other Equity Matters Other Equity Matters
During the nine months ended September 30, 2025 and 2024, the Company paid cash dividends of $150.0 million and $400.0 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 - "Acquisitions and Other Transactions".
Preference Shares

The following table summarizes the Company's preference share issuances as of September 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 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 September 30,Nine Months Ended September 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 $1.59$5.4 $1.59$5.4 
B$0.50$2.9 $0.50$2.9 $1.50$8.7 $1.50$8.7 
C(1)
$0.46$3.2 $0.46$3.2 $1.38$9.6 $1.38$9.6 
D(1)
$0.43$2.6 $0.43$2.6 $1.29$7.8 $1.29$7.8 
E(1)
$0.36$2.5 $0.36$2.5 $1.08$7.6 $1.08$7.6 
F(1)(2)
$0.48$2.9 ——$1.17$6.9 ——
Total$15.9 $13.0 $46.0 $39.1 
(1)     Per share payments rounded to the nearest whole cent.
(2)     Issued in February 2025.

As of September 30, 2025, the Company had cumulative unpaid preference share dividends of $2.6 million.
v3.25.3
Leases
 9 Months Ended
Sep. 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 captionSeptember 30, 2025December 31, 2024
Right-of-use asset - operatingOther assets$9,561 $10,645 
Lease liability - operatingAccounts payable and other accrued expenses$13,052 $14,331 
Three Months Ended September 30,Nine Months Ended September 30,
Income StatementFinancial statement caption2025202420252024
Operating lease cost(1)
Administrative expenses$786 $740 $2,332 $2,208 
(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 $2.3 million and $1.8 million for the nine months ended September 30, 2025, and 2024, respectively.

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

September 30, 2025
Weighted-Average Remaining Lease Term
8.1 years
Weighted-Average Discount Rate5.63 %
Lessor

Operating Leases

As of September 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 3 months)$13,718 
202642,570 
202716,776 
202815,392 
202913,837 
2030 and thereafter29,382 
Total$131,675 

Finance Leases

The following table summarizes the components of the net investment in finance leases (in thousands):
September 30, 2025December 31, 2024
Future minimum lease payment receivable(1)
$2,113,553 $1,989,859 
Estimated residual receivable(2)
305,051 269,090 
Gross finance lease receivables(3)
2,418,604 2,258,949 
Unearned income(4)
(699,064)(673,137)
Net investment in finance leases(5)
$1,719,540 $1,585,812 
(1)     There were no executory costs included in gross finance lease receivables as of September 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.
(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 September 30, 2025 and December 31, 2024.
(5)    One major customer represented 94% and 93% of the Company's finance lease portfolio as of September 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 captionSeptember 30, 2025December 31, 2024
Right-of-use asset - operatingOther assets$9,561 $10,645 
Lease liability - operatingAccounts payable and other accrued expenses$13,052 $14,331 
Three Months Ended September 30,Nine Months Ended September 30,
Income StatementFinancial statement caption2025202420252024
Operating lease cost(1)
Administrative expenses$786 $740 $2,332 $2,208 
(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 $2.3 million and $1.8 million for the nine months ended September 30, 2025, and 2024, respectively.

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

September 30, 2025
Weighted-Average Remaining Lease Term
8.1 years
Weighted-Average Discount Rate5.63 %
Lessor

Operating Leases

As of September 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 3 months)$13,718 
202642,570 
202716,776 
202815,392 
202913,837 
2030 and thereafter29,382 
Total$131,675 

Finance Leases

The following table summarizes the components of the net investment in finance leases (in thousands):
September 30, 2025December 31, 2024
Future minimum lease payment receivable(1)
$2,113,553 $1,989,859 
Estimated residual receivable(2)
305,051 269,090 
Gross finance lease receivables(3)
2,418,604 2,258,949 
Unearned income(4)
(699,064)(673,137)
Net investment in finance leases(5)
$1,719,540 $1,585,812 
(1)     There were no executory costs included in gross finance lease receivables as of September 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.
(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 September 30, 2025 and December 31, 2024.
(5)    One major customer represented 94% and 93% of the Company's finance lease portfolio as of September 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.
v3.25.3
Debt
 9 Months Ended
Sep. 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:

September 30, 2025December 31, 2024
Outstanding Borrowings (in thousands)Contractual Weighted Avg Interest RateMaturity RangeOutstanding Borrowings (in thousands)
FromTo
Secured Debt Financings
Securitization ("ABS") term instruments$2,089,035 3.79 %February 2028March 2035$3,032,700 
Securitization warehouse160,000 5.98 %January 2031January 203160,000 
Total secured debt financings2,249,035 3,092,700 
Unsecured Debt Financings
Senior notes1,800,000 2.82 %April 2026March 20321,800,000 
Credit facility:
Revolving credit tranche1,155,000 5.43 %August 2030August 20301,085,000 
Term loan tranche1,597,400 5.43 %August 2030August 20301,680,000 
Total unsecured debt financings4,552,400 4,565,000 
Total debt financings$6,801,435 $7,657,700 
Unamortized debt costs(39,273)(48,743)
Unamortized debt premium & discounts(2,297)(3,237)
Debt, net of unamortized costs$6,759,865 $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 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 September 30, 2025, the current value of the standby letters of credit for the Company's ABS facilities was $29.6 million.

On July 1, 2025, $284.9 million of securitization fixed-rate notes at a weighted average interest rate of 2.61% and a weighted average expected maturity date of April 2031 were transferred to the Company in connection with the GCI acquisition.

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. Fees paid at closing of $3.9 million were deferred and will be amortized over the term of the notes based on the effective interest method. 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.
Securitization Warehouse

Under the Company’s Securitization 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 Securitization 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 Securitization 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

On August 7, 2025, the Company amended its existing credit facility, which consists of a revolving credit tranche and a term loan tranche. The amendment, among other things, extended the maturity date of the credit facility to August 7, 2030, reduced the applicable margin in respect of Daily Simple SOFR loans to 1.25%, reduced the commitment fees under the facility, and increased the term loan tranche of the credit facility by $20.0 million to $1,630.0 million. The $2,000.0 million revolving credit tranche of the credit facility remained unchanged by the amendment. 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.

The amendment of the credit facility was accounted for as a debt modification and, accordingly, financing fees paid of $2.7 million were deferred and $0.4 million of the unamortized fees from the existing term loan facility were written off and included in Other (income) expense, net on the Consolidated Statement of Operations.

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 September 30, 2025:

Balance Outstanding (in thousands)Contractual Weighted Avg Interest RateMaturity RangeWeighted Avg Remaining Term
FromTo
Excluding impact of derivative instruments:
Fixed-rate debt$3,889,035 3.34%Apr 2026Mar 20354 years
Floating-rate debt$2,912,400 5.46%Aug 2030Jan 20314.3 years
Including impact of derivative instruments:
Fixed-rate debt$3,889,035 3.34%
Hedged floating rate debt1,780,000 3.74%
Total fixed and hedged floating-rate debt5,669,035 3.46%
Unhedged floating rate debt1,132,400 5.46%
Total debt financings$6,801,435 3.74%

The fair value of total debt outstanding was $6,634.8 million and $7,241.7 million as of September 30, 2025 and December 31, 2024, respectively, and was measured using Level 1 and Level 2 inputs.

As of September 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 September 30, 2025 was approximately $877.7 million.
The Company is subject to certain financial covenants under its debt financings. As of September 30, 2025, the Company was in compliance with all financial covenants in accordance with the terms of its debt agreements.
v3.25.3
Derivative Instruments
 9 Months Ended
Sep. 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 September 30, 2025, the Company had cash collateral on derivative instruments of $0.4 million.

Within the next twelve months, the Company expects to reclassify $21.6 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 September 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)
$1,780.02.47%4.4 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 5.3 years.

In July 2025, in connection with the GCI acquisition, the Company acquired swap contracts for a fair value net liability of $0.5 million which were immediately terminated and settled. The Company subsequently entered into swaps with a notional value of $400.0 million and a termination date of June 2030.

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 $300.0 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 September 30,Nine Months Ended September 30,
Financial statement caption2025202420252024
Non-Designated Derivative Instruments
Unrealized (gains) lossesOther (income) expense, net$— $(7)$2 $40 
Designated Derivative Instruments
Realized (gains) lossesInterest and debt (income) expense$(8,730)$(13,848)$(24,807)$(42,826)
Unrealized (gains) lossesComprehensive (income) loss$1,466 $41,320 $26,683 $(10,391)

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).
v3.25.3
Segment and Geographic Information
 9 Months Ended
Sep. 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, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, 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 September 30,
20252024
Equipment LeasingEquipment TradingTotalsEquipment LeasingEquipment TradingTotals
Total revenues$332,011 $1,827 $333,838 $389,297 $2,022 $391,319 
Less:
Depreciation and amortization89,044 189 89,233 134,744 208 134,952 
Interest and debt expense69,231 629 69,860 67,232 172 67,404 
Storage and handling12,406 — 12,406 10,532 — 10,532 
Repair costs2,274 — 2,274 1,787 — 1,787 
Other operating expenses1,085 — 1,085 1,208 — 1,208 
Administrative expenses(1)
31,112 314 31,426 22,596 266 22,862 
Other (income) expenses(2)
265 — 265 (109)— (109)
Leasing margin$126,594 $695 $127,289 $151,307 $1,376 $152,683 
Net trading margin— 646 646 — 1,053 1,053 
Net gain (loss) on sale of leasing equipment3,167 — 3,167 17,435 — 17,435 
Transaction and other costs— (5,095)
Income (loss) before income taxes$131,102 $166,076 
Total assets9,934,916 101,178 10,036,094 11,141,059 65,458 11,206,517 
Purchases of leasing equipment and investments in finance leases(3)
$914,085 $— $914,085 $298,159 $— $298,159 
Nine Months Ended September 30,
20252024
Equipment LeasingEquipment TradingTotalsEquipment LeasingEquipment TradingTotals
Total revenues$1,021,083 $5,673 $1,026,756 $1,135,851 $5,742 $1,141,593 
Less:
Depreciation and amortization296,389 572 296,961 405,949 620 406,569 
Interest and debt expense195,610 1,270 196,880 189,737 505 190,242 
Storage and handling33,388 — 33,388 42,011 — 42,011 
Repair costs7,424 — 7,424 6,852 — 6,852 
Other operating expenses4,536 — 4,536 4,443 — 4,443 
Administrative expenses(1)
78,949 890 79,839 67,874 809 68,683 
Other (income) expenses(2)
2,499 — 2,499 (1,677)— (1,677)
Leasing margin$402,288 $2,941 $405,229 $420,662 $3,808 $424,470 
Net trading margin— 1,994 1,994 — 3,352 3,352 
Net gain (loss) on sale of leasing equipment21,722 — 21,722 (6,061)— (6,061)
Transaction and other costs— (26,746)
Income (loss) before income taxes$428,945 $395,015 
Total assets9,934,916 101,178 10,036,094 11,141,059 65,458 11,206,517 
Purchases of leasing equipment and investments in finance leases(3)
$1,014,279 $— $1,014,279 $666,319 $— $666,319 
(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, unrealized gains or losses on derivative instruments and debt termination expense.
(3)    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 September 30,Nine Months Ended September 30,
 2025202420252024
Total revenues:  
Asia$125,396 $148,562 $391,115 $407,915 
Europe174,823 208,620 536,650 612,491 
Americas14,357 17,340 45,378 72,885 
Bermuda1,138 1,081 3,333 3,203 
Other International18,124 15,716 50,280 45,099 
Total$333,838 $391,319 $1,026,756 $1,141,593 

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 September 30,Nine Months Ended September 30,
 2025202420252024
Total equipment trading revenues:  
Asia$1,107 $3,840 $5,271 $12,313 
Europe3,785 2,620 8,207 7,159 
Americas8,863 3,153 24,139 9,850 
Bermuda— — — — 
Other International3,188 1,880 7,652 6,288 
Total$16,943 $11,493 $45,269 $35,610 
v3.25.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Container Equipment Purchase Commitments

As of September 30, 2025, the Company had commitments to purchase equipment in the amount of $1.7 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.
v3.25.3
Income Taxes
 9 Months Ended
Sep. 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 September 30,Nine Months Ended September 30,
2025202420252024
Effective income tax rate10.5 %9.3 %9.6 %10.5 %
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 increase in the effective tax rate for the three months ended September 30, 2025, compared to the same period in 2024 was primarily due to an increase in pre-tax income in higher rate tax jurisdictions. The decrease in effective tax rate for the nine months ended September 30, 2025, compared to the same period 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 2024, which resulted in increased earnings in a higher tax rate jurisdiction.
v3.25.3
Related Party
 9 Months Ended
Sep. 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 $1.5 million for both the three and nine months ended September 30, 2025 and 2024. The Company has a finance lease receivable balance with Tristar of $2.6 million and $3.9 million as of September 30, 2025 and December 31, 2024, respectively.

Effective March 31, 2025, the Company distributed its equity interest in TCF VIII to Parent. As manager of the containers in the TCF VIII securitization portfolio, the Company received management fees from TCF VIII, which are considered related party transactions. For additional information on the TCF VIII Distribution, refer to Note 2 - "Acquisitions and Other Transactions".
v3.25.3
Subsequent Events
 9 Months Ended
Sep. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On November 3, 2025, the Company's Board of Directors approved and declared a cash dividend on its issued and outstanding preference shares, payable on December 15, 2025 or the next business day thereafter to holders of record at the close of business on December 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
v3.25.3
Description of the Business and Basis of Presentation (Policies)
 9 Months Ended
Sep. 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

Accounting Standards Update ("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.

Financial Instruments - Credit Losses

ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, was issued in July 2025, which provides a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. The guidance is effective for annual periods beginning after December 15, 2025 and interim periods within those annual periods 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.

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 ("ASU 2025-01"), 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.

Internal-Use Software
ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Recognition and Disclosure of Software Cost, was issued in September 2025 to remove the prescriptive “project stage” model for software development and require capitalization of software costs once management has authorized and committed to funding the project and it is probable the project will be completed and used as intended. The guidance is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, 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.
v3.25.3
Other Compensation Costs (Tables)
 9 Months Ended
Sep. 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 September 30, 2025:
Award Vesting
Grant DateAggregate Target ValueDateWeightingDateWeighting
February 2025$14.2 millionJanuary 15, 202725%January 15, 202875%
February 2024$14.9 millionJanuary 15, 202650%January 15, 202750%
v3.25.3
Other Equity Matters (Tables)
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Schedule of Stock by Class
Preference Shares

The following table summarizes the Company's preference share issuances as of September 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 September 30,Nine Months Ended September 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 $1.59$5.4 $1.59$5.4 
B$0.50$2.9 $0.50$2.9 $1.50$8.7 $1.50$8.7 
C(1)
$0.46$3.2 $0.46$3.2 $1.38$9.6 $1.38$9.6 
D(1)
$0.43$2.6 $0.43$2.6 $1.29$7.8 $1.29$7.8 
E(1)
$0.36$2.5 $0.36$2.5 $1.08$7.6 $1.08$7.6 
F(1)(2)
$0.48$2.9 ——$1.17$6.9 ——
Total$15.9 $13.0 $46.0 $39.1 
(1)     Per share payments rounded to the nearest whole cent.
(2)     Issued in February 2025.
v3.25.3
Leases (Tables)
 9 Months Ended
Sep. 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 captionSeptember 30, 2025December 31, 2024
Right-of-use asset - operatingOther assets$9,561 $10,645 
Lease liability - operatingAccounts payable and other accrued expenses$13,052 $14,331 
Three Months Ended September 30,Nine Months Ended September 30,
Income StatementFinancial statement caption2025202420252024
Operating lease cost(1)
Administrative expenses$786 $740 $2,332 $2,208 
(1)    Includes short-term leases that are immaterial.
Schedule of Weighted-Average Operating Lease
The following table includes supplemental information related to the Company's operating leases:

September 30, 2025
Weighted-Average Remaining Lease Term
8.1 years
Weighted-Average Discount Rate5.63 %
Schedule of deferred revenue
As of September 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 3 months)$13,718 
202642,570 
202716,776 
202815,392 
202913,837 
2030 and thereafter29,382 
Total$131,675 
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):
September 30, 2025December 31, 2024
Future minimum lease payment receivable(1)
$2,113,553 $1,989,859 
Estimated residual receivable(2)
305,051 269,090 
Gross finance lease receivables(3)
2,418,604 2,258,949 
Unearned income(4)
(699,064)(673,137)
Net investment in finance leases(5)
$1,719,540 $1,585,812 
(1)     There were no executory costs included in gross finance lease receivables as of September 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.
(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 September 30, 2025 and December 31, 2024.
(5)    One major customer represented 94% and 93% of the Company's finance lease portfolio as of September 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.
v3.25.3
Debt (Tables)
 9 Months Ended
Sep. 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:

September 30, 2025December 31, 2024
Outstanding Borrowings (in thousands)Contractual Weighted Avg Interest RateMaturity RangeOutstanding Borrowings (in thousands)
FromTo
Secured Debt Financings
Securitization ("ABS") term instruments$2,089,035 3.79 %February 2028March 2035$3,032,700 
Securitization warehouse160,000 5.98 %January 2031January 203160,000 
Total secured debt financings2,249,035 3,092,700 
Unsecured Debt Financings
Senior notes1,800,000 2.82 %April 2026March 20321,800,000 
Credit facility:
Revolving credit tranche1,155,000 5.43 %August 2030August 20301,085,000 
Term loan tranche1,597,400 5.43 %August 2030August 20301,680,000 
Total unsecured debt financings4,552,400 4,565,000 
Total debt financings$6,801,435 $7,657,700 
Unamortized debt costs(39,273)(48,743)
Unamortized debt premium & discounts(2,297)(3,237)
Debt, net of unamortized costs$6,759,865 $7,605,720 
The following table summarizes the Company's outstanding fixed-rate and floating-rate debt as of September 30, 2025:

Balance Outstanding (in thousands)Contractual Weighted Avg Interest RateMaturity RangeWeighted Avg Remaining Term
FromTo
Excluding impact of derivative instruments:
Fixed-rate debt$3,889,035 3.34%Apr 2026Mar 20354 years
Floating-rate debt$2,912,400 5.46%Aug 2030Jan 20314.3 years
Including impact of derivative instruments:
Fixed-rate debt$3,889,035 3.34%
Hedged floating rate debt1,780,000 3.74%
Total fixed and hedged floating-rate debt5,669,035 3.46%
Unhedged floating rate debt1,132,400 5.46%
Total debt financings$6,801,435 3.74%
v3.25.3
Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of interest rate swap contracts
As of September 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)
$1,780.02.47%4.4 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 $300.0 million and increase the weighted average remaining term to 5.3 years.
Schedule of derivatives instruments and their effect on consolidated statements of operations and consolidated statements of comprehensive income
The following table summarizes the impact of derivative instruments on the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income on a pretax basis (in thousands):
  Three Months Ended September 30,Nine Months Ended September 30,
Financial statement caption2025202420252024
Non-Designated Derivative Instruments
Unrealized (gains) lossesOther (income) expense, net$— $(7)$2 $40 
Designated Derivative Instruments
Realized (gains) lossesInterest and debt (income) expense$(8,730)$(13,848)$(24,807)$(42,826)
Unrealized (gains) lossesComprehensive (income) loss$1,466 $41,320 $26,683 $(10,391)
v3.25.3
Segment and Geographic Information (Tables)
 9 Months Ended
Sep. 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 September 30,
20252024
Equipment LeasingEquipment TradingTotalsEquipment LeasingEquipment TradingTotals
Total revenues$332,011 $1,827 $333,838 $389,297 $2,022 $391,319 
Less:
Depreciation and amortization89,044 189 89,233 134,744 208 134,952 
Interest and debt expense69,231 629 69,860 67,232 172 67,404 
Storage and handling12,406 — 12,406 10,532 — 10,532 
Repair costs2,274 — 2,274 1,787 — 1,787 
Other operating expenses1,085 — 1,085 1,208 — 1,208 
Administrative expenses(1)
31,112 314 31,426 22,596 266 22,862 
Other (income) expenses(2)
265 — 265 (109)— (109)
Leasing margin$126,594 $695 $127,289 $151,307 $1,376 $152,683 
Net trading margin— 646 646 — 1,053 1,053 
Net gain (loss) on sale of leasing equipment3,167 — 3,167 17,435 — 17,435 
Transaction and other costs— (5,095)
Income (loss) before income taxes$131,102 $166,076 
Total assets9,934,916 101,178 10,036,094 11,141,059 65,458 11,206,517 
Purchases of leasing equipment and investments in finance leases(3)
$914,085 $— $914,085 $298,159 $— $298,159 
Nine Months Ended September 30,
20252024
Equipment LeasingEquipment TradingTotalsEquipment LeasingEquipment TradingTotals
Total revenues$1,021,083 $5,673 $1,026,756 $1,135,851 $5,742 $1,141,593 
Less:
Depreciation and amortization296,389 572 296,961 405,949 620 406,569 
Interest and debt expense195,610 1,270 196,880 189,737 505 190,242 
Storage and handling33,388 — 33,388 42,011 — 42,011 
Repair costs7,424 — 7,424 6,852 — 6,852 
Other operating expenses4,536 — 4,536 4,443 — 4,443 
Administrative expenses(1)
78,949 890 79,839 67,874 809 68,683 
Other (income) expenses(2)
2,499 — 2,499 (1,677)— (1,677)
Leasing margin$402,288 $2,941 $405,229 $420,662 $3,808 $424,470 
Net trading margin— 1,994 1,994 — 3,352 3,352 
Net gain (loss) on sale of leasing equipment21,722 — 21,722 (6,061)— (6,061)
Transaction and other costs— (26,746)
Income (loss) before income taxes$428,945 $395,015 
Total assets9,934,916 101,178 10,036,094 11,141,059 65,458 11,206,517 
Purchases of leasing equipment and investments in finance leases(3)
$1,014,279 $— $1,014,279 $666,319 $— $666,319 
(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, unrealized gains or losses on derivative instruments and debt termination expense.
(3)    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 September 30,Nine Months Ended September 30,
 2025202420252024
Total revenues:  
Asia$125,396 $148,562 $391,115 $407,915 
Europe174,823 208,620 536,650 612,491 
Americas14,357 17,340 45,378 72,885 
Bermuda1,138 1,081 3,333 3,203 
Other International18,124 15,716 50,280 45,099 
Total$333,838 $391,319 $1,026,756 $1,141,593 
The following table summarizes the geographic allocation of equipment trading revenues based on the location of the sale (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Total equipment trading revenues:  
Asia$1,107 $3,840 $5,271 $12,313 
Europe3,785 2,620 8,207 7,159 
Americas8,863 3,153 24,139 9,850 
Bermuda— — — — 
Other International3,188 1,880 7,652 6,288 
Total$16,943 $11,493 $45,269 $35,610 
v3.25.3
Income Taxes - (Tables)
 9 Months Ended
Sep. 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 September 30,Nine Months Ended September 30,
2025202420252024
Effective income tax rate10.5 %9.3 %9.6 %10.5 %
v3.25.3
Subsequent Events (Tables)
 9 Months Ended
Sep. 30, 2025
Subsequent Events [Abstract]  
Schedule of Dividends Payable
On November 3, 2025, the Company's Board of Directors approved and declared a cash dividend on its issued and outstanding preference shares, payable on December 15, 2025 or the next business day thereafter to holders of record at the close of business on December 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%$0.4765625
v3.25.3
Description of the Business and Basis of Presentation (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2025
Sep. 30, 2024
Jan. 01, 2025
Restructuring Cost and Reserve [Line Items]        
Treasury stock, retired, cost method, amount   $ 1,203.2    
Depreciation expense increase (decrease) $ 18.2 40.7    
Refrigerated Container Units        
Restructuring Cost and Reserve [Line Items]        
Property, plant and equipment, useful life       13 years
Depreciation expense increase (decrease)   $ 22.8    
Dry Container Units        
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   14.00% 12.00%  
v3.25.3
Merger - Additional Information (Details)
$ in Thousands, TEU in Millions
 3 Months Ended 9 Months Ended
Jul. 01, 2025
USD ($)
TEU
Sep. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Jun. 24, 2025
USD ($)
Dec. 31, 2024
USD ($)
Business Combination [Line Items]                
Cargo capacity amount | TEU 0.5              
Assets   $ 10,036,094   $ 11,206,517 $ 10,036,094 $ 11,206,517   $ 11,103,403
Management fee revenues   6,367   $ 0 13,412 $ 0    
Management lease, lease income, adjusted   6,300            
Securitization Notes                
Business Combination [Line Items]                
Debt instrument, face aount $ 284,900           $ 300,000  
TCF VIII Distribution                
Business Combination [Line Items]                
Assets     $ 1,800,000          
Long-term debt   $ 1,300,000     $ 1,300,000      
Stockholders' Equity, Average Amount Outstanding     $ 500,000          
Global Container International LLC                
Business Combination [Line Items]                
Business combination, consideration transferred 1,076,600              
Payments to acquire business, gross 321,900              
Business combination, consideration transferred, liabilities assumed $ 457,700              
v3.25.3
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 $ 14.2 $ 14.9
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%
v3.25.3
Other Compensation Costs (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based payment arrangement, noncash expense, incremental administrative expense $ 1,100   $ 1,100  
Share-based payment arrangement, noncash expense 2,100 $ 1,400 6,400 $ 3,300
Lease related deferrals     4,910 2,460
Severance costs 2,500   2,500  
Employee Stock Option        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based payment arrangement, noncash expense, incremental administrative expense $ 1,600   1,600  
Employee Stock Option | Brookfield Infrastructure        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based payment arrangement, noncash expense, incremental administrative expense     $ 2,000  
Share-based compensation arrangement by share-based payment award, number of additional shares authorized 125      
Share-based compensation arrangement by share-based payment award, number of shares available for grant 1,000   1,000  
Share-based compensation arrangement by share-based payment award, ward vesting period     5 years  
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period, fair value     $ 25,000  
Lease related deferrals $ 1,000 $ 800 $ 2,900 $ 2,500
v3.25.3
Other Equity Matters (Details) - USD ($)
$ / shares in Units, $ in Millions
 9 Months Ended
Feb. 06, 2025
Sep. 30, 2025
Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Cash dividend   $ 150.0 $ 400.0
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    
v3.25.3
Other Equity Matters - Preferred Shares (Details) - USD ($)
$ in Thousands
Jan. 31, 2020
Nov. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Sep. 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
v3.25.3
Other Equity Matters - Dividend Payment (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
A        
Dividends Payable [Line Items]        
Per Share Payment (in dollars per share) $ 0.53 $ 0.53 $ 1.59 $ 1.59
Dividends $ 1.8 $ 1.8 $ 5.4 $ 5.4
B        
Dividends Payable [Line Items]        
Per Share Payment (in dollars per share) $ 0.50 $ 0.50 $ 1.50 $ 1.50
Dividends $ 2.9 $ 2.9 $ 8.7 $ 8.7
C        
Dividends Payable [Line Items]        
Per Share Payment (in dollars per share) $ 0.46 $ 0.46 $ 1.38 $ 1.38
Dividends $ 3.2 $ 3.2 $ 9.6 $ 9.6
D        
Dividends Payable [Line Items]        
Per Share Payment (in dollars per share) $ 0.43 $ 0.43 $ 1.29 $ 1.29
Dividends $ 2.6 $ 2.6 $ 7.8 $ 7.8
E        
Dividends Payable [Line Items]        
Per Share Payment (in dollars per share) $ 0.36 $ 0.36 $ 1.08 $ 1.08
Dividends $ 2.5 $ 2.5 $ 7.6 $ 7.6
F        
Dividends Payable [Line Items]        
Per Share Payment (in dollars per share) $ 0.48 $ 0 $ 1.17 $ 0
Dividends $ 2.9 $ 0.0 $ 6.9 $ 0.0
Preferred Shares        
Dividends Payable [Line Items]        
Dividends $ 15.9 $ 13.0 $ 46.0 $ 39.1
v3.25.3
Leases -Lessee, Balance Sheet and Income Statement Effect (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Lessee, Lease, Description [Line Items]          
Right-of-use asset - operating $ 9,561   $ 9,561   $ 10,645
Lease liability - operating $ 13,052   $ 13,052   $ 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 $ 786 $ 740 $ 2,332 $ 2,208  
v3.25.3
Leases - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Leases [Abstract]    
Operating lease, payments $ 2.3 $ 1.8
v3.25.3
Leases - Schedule of Weighted-Average Operating Lease (Details)
Sep. 30, 2025
Leases [Abstract]  
Weighted-Average Remaining Lease Term 8 years 1 month 6 days
Weighted-Average Discount Rate 5.63%
v3.25.3
Leases - Operating Leases Lessee Maturities (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Lessor, Operating Lease, Payment to be Received, Recognized  
2025 (Remaining 3 months) $ 13,718
2026 42,570
2027 16,776
2028 15,392
2029 13,837
2030 and thereafter 29,382
Total $ 131,675
v3.25.3
Leases - Schedule of components of the net investment in finance leases (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Mar. 31, 2025
Sep. 30, 2025
Dec. 31, 2024
Components of the net investment in finance leases      
Future minimum lease payment receivable   $ 2,113,553 $ 1,989,859
Estimated residual receivable   305,051 269,090
Gross finance lease receivable   2,418,604 2,258,949
Unearned income   (699,064) (673,137)
Net investment in finance leases   $ 1,719,540 $ 1,585,812
Customer One | Lease Finance Portfolio Benchmark | Customer Concentration Risk      
Components of the net investment in finance leases      
Concentration Risk, Percentage 93.00% 94.00%  
v3.25.3
Debt - Key Term and Carrying Value (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Debt outstanding $ 6,801,435 $ 7,657,700
Unamortized debt costs (39,273) (48,743)
Unamortized debt premium & discounts (2,297) (3,237)
Debt, net of unamortized costs 6,759,865 7,605,720
Asset Backed Securitization Term Notes [Member]    
Debt Instrument [Line Items]    
Debt outstanding $ 2,089,035 3,032,700
Contractual Weighted Avg Interest Rate 3.79%  
Asset Backed Warehouse Facility [Member]    
Debt Instrument [Line Items]    
Debt outstanding $ 160,000 60,000
Contractual Weighted Avg Interest Rate 5.98%  
Secrued Debt [Member]    
Debt Instrument [Line Items]    
Debt outstanding $ 2,249,035 3,092,700
Corporate 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 $ 1,155,000 1,085,000
Contractual Weighted Avg Interest Rate 5.43%  
Term loan tranche    
Debt Instrument [Line Items]    
Debt outstanding $ 1,597,400 1,680,000
Contractual Weighted Avg Interest Rate 5.43%  
Total unsecured debt financings    
Debt Instrument [Line Items]    
Debt outstanding $ 4,552,400 $ 4,565,000
v3.25.3
Debt - Narrative (Details) - USD ($)
$ in Thousands
 9 Months Ended
Aug. 07, 2025
Jan. 22, 2024
Sep. 30, 2025
Jul. 01, 2025
Jun. 24, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Debt                
Assets     $ 10,036,094       $ 11,103,403 $ 11,206,517
Debt and lease obligation     6,801,435       7,657,700  
TCF VIII Distribution                
Debt                
Assets           $ 1,800,000    
Standby Letters of Credit                
Debt                
Debt instrument, collateral amount     29,600          
Fair Value, Inputs, Level 2                
Debt                
Debt and lease obligation     6,634,800       7,241,700  
Revolving credit tranche                
Debt                
Borrowing capacity     2,000,000          
Debt and lease obligation     1,155,000       1,085,000  
Revolving credit tranche | Revolving Credit Facility                
Debt                
Borrowing capacity     $ 2,000,000          
Debt instrument, basis spread on variable rate 1.25% 2.60% 1.60%          
Line of credit facility, accordion feature, increase limit $ 20,000   $ 1,630,000          
Line of credit facility, deferred financing fee 2,700              
Line of credit facility, unamortized financing fee $ 400              
Revolving Credit Facility                
Debt                
Borrowing capacity     1,125,000          
Revolving Credit Facility and Second Revolving Credit Facility                
Debt                
Remaining borrowing capacity     877,700          
Corporate Notes                
Debt                
Debt and lease obligation     $ 1,800,000       $ 1,800,000  
Securitization Notes                
Debt                
Debt instrument, face aount       $ 284,900 $ 300,000      
Weighted average interest       2.61% 5.50%      
Debt instrument, fee amount         $ 3,900      
Minimum | Corporate Notes                
Debt                
Debt instrument, term     5 years          
Maximum | Corporate Notes                
Debt                
Debt instrument, term     10 years          
v3.25.3
Debt - Outstanding Debt (Details)
 9 Months Ended
Sep. 30, 2025
USD ($)
Excluding Impact | Variable Rate Debt  
Debt Instrument [Line Items]  
Balance Outstanding (in thousands) $ 2,912,400,000,000
Contractual Weighted Avg Interest Rate 5.46%
Weighted Avg Remaining Term 4 years 3 months 18 days
Excluding Impact | Fixed Rate Debt  
Debt Instrument [Line Items]  
Balance Outstanding (in thousands) $ 3,889,035,000,000
Contractual Weighted Avg Interest Rate 3.34%
Weighted Avg Remaining Term 4 years
Including Impact  
Debt Instrument [Line Items]  
Balance Outstanding (in thousands) $ 6,801,435,000,000
Contractual Weighted Avg Interest Rate 3.74%
Including Impact | Fixed Rate Debt  
Debt Instrument [Line Items]  
Balance Outstanding (in thousands) $ 3,889,035,000,000
Contractual Weighted Avg Interest Rate 3.34%
Designated as Hedging Instrument | Including Impact | Fixed and Hedged Debt  
Debt Instrument [Line Items]  
Balance Outstanding (in thousands) $ 5,669,035,000,000
Contractual Weighted Avg Interest Rate 3.46%
Designated as Hedging Instrument | Including Impact | Hedged Variable Rate Debt  
Debt Instrument [Line Items]  
Balance Outstanding (in thousands) $ 1,780,000,000,000
Contractual Weighted Avg Interest Rate 3.74%
Not Designated as Hedging Instrument | Including Impact | Unhedged Debt  
Debt Instrument [Line Items]  
Balance Outstanding (in thousands) $ 1,132,400,000,000
Contractual Weighted Avg Interest Rate 5.46%
v3.25.3
Derivative Instruments - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Aug. 01, 2025
Jul. 30, 2025
May 31, 2025
Apr. 30, 2025
Derivative Instruments          
Cash flow hedge gain (loss) to be reclassified within 12 months $ 21.6        
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 $ 0.5 $ 400.0 $ 300.0
Derivative notional amount paid $ 1.7        
v3.25.3
Derivative Instruments - Interest Rate Swap/Caps (Details) - Interest Rate Swap
$ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
Fair Value of Derivative Instruments  
Weighted Average Fixed Leg (Pay) Interest Rate 2.47%
Weighted Average Remaining Term 4 years 4 months 24 days
Interest rate swaps average remaining maturity, increase 5 years 3 months 18 days
Designated as Hedging Instrument  
Fair Value of Derivative Instruments  
Notional Amount (in millions) $ 1,780.0
Net notional amount of interest rate agreement, increase $ 300.0
v3.25.3
Derivative Instruments - Summary of Derivative Instruments (Details) - Interest Rate Swap - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Designated as Hedging Instrument        
Fair Value of Derivative Instruments        
Realized (gains) losses $ 8,730 $ 13,848 $ 24,807 $ 42,826
Other Comprehensive Income (Loss) | Designated as Hedging Instrument        
Fair Value of Derivative Instruments        
Unrealized (gains) losses (1,466) (41,320) (26,683) 10,391
Debt termination expense | Not Designated as Hedging Instrument        
Fair Value of Derivative Instruments        
Realized loss on derivative instruments, net $ 0 $ (7) $ 2 $ 40
v3.25.3
Segment and Geographic Information (Details)
 9 Months Ended
Sep. 30, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 2
Number of reportable segments 2
v3.25.3
Segment and Geographic Information - Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Segment Reporting Information [Line Items]          
Depreciation and amortization $ 89,233 $ 134,952 $ 296,961 $ 406,569  
Leasing margin 127,289 152,683 405,229 424,470  
Transaction and other costs 0 (5,095) 0 (26,746)  
Total revenues: 333,838 391,319 1,026,756 1,141,593  
Interest and debt expense 69,860 67,404 196,880 190,242  
Storage and handling 12,406 10,532 33,388 42,011  
Repair costs 2,274 1,787 7,424 6,852  
Other operating expenses 1,085 1,208 4,536 4,443  
Administrative expenses 31,426 22,862 79,839 68,683  
Other (Income) Expense 265 (109) 2,499 (1,677)  
Net trading margin 646 1,053 1,994 3,352  
Net gain (loss) on sale of leasing equipment 3,167 17,435 21,722 (6,061)  
Income (loss) before income taxes 131,102 166,076 428,945 395,015  
Assets 10,036,094 11,206,517 10,036,094 11,206,517 $ 11,103,403
Purchases of leasing equipment and investments in finance leases   298,159 270,626 666,319  
Payments to acquire equipment lease, adjusted 914,085   1,014,279    
Equipment Leasing | Operating Segments          
Segment Reporting Information [Line Items]          
Depreciation and amortization 89,044 134,744 296,389 405,949  
Leasing margin 126,594 151,307 402,288 420,662  
Total revenues: 332,011 389,297 1,021,083 1,135,851  
Interest and debt expense 69,231 67,232 195,610 189,737  
Storage and handling 12,406 10,532 33,388 42,011  
Repair costs 2,274 1,787 7,424 6,852  
Other operating expenses 1,085 1,208 4,536 4,443  
Administrative expenses 31,112 22,596 78,949 67,874  
Other (Income) Expense 265 (109) 2,499 (1,677)  
Net trading margin 0 0 0 0  
Net gain (loss) on sale of leasing equipment 3,167 17,435 21,722 (6,061)  
Assets 9,934,916 11,141,059 9,934,916 11,141,059  
Purchases of leasing equipment and investments in finance leases 914,085 298,159 1,014,279 666,319  
Equipment Trading | Operating Segments          
Segment Reporting Information [Line Items]          
Depreciation and amortization 189 208 572 620  
Leasing margin 695 1,376 2,941 3,808  
Total revenues: 1,827 2,022 5,673 5,742  
Interest and debt expense 629 172 1,270 505  
Storage and handling 0 0 0 0  
Repair costs 0 0 0 0  
Other operating expenses 0 0 0 0  
Administrative expenses 314 266 890 809  
Other (Income) Expense 0 0 0 0  
Net trading margin 646 1,053 1,994 3,352  
Net gain (loss) on sale of leasing equipment 0 0 0 0  
Assets 101,178 65,458 101,178 65,458  
Purchases of leasing equipment and investments in finance leases $ 0 $ 0 $ 0 $ 0  
v3.25.3
Segment and Geographic Information - Geographic Allocation (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenues: $ 333,838 $ 391,319 $ 1,026,756 $ 1,141,593
Total equipment trading revenues: 16,943 11,493 45,269 35,610
Asia        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenues: 125,396 148,562 391,115 407,915
Total equipment trading revenues: 1,107 3,840 5,271 12,313
Europe        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenues: 174,823 208,620 536,650 612,491
Total equipment trading revenues: 3,785 2,620 8,207 7,159
Americas        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenues: 14,357 17,340 45,378 72,885
Total equipment trading revenues: 8,863 3,153 24,139 9,850
Bermuda        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenues: 1,138 1,081 3,333 3,203
Total equipment trading revenues: 0 0 0 0
Other International        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenues: 18,124 15,716 50,280 45,099
Total equipment trading revenues: $ 3,188 $ 1,880 $ 7,652 $ 6,288
v3.25.3
Commitments and Contingencies (Details)
$ in Millions
Sep. 30, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Purchase commitment payable $ 1.7
v3.25.3
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Tax Disclosure [Abstract]        
Effective income tax rate 10.50% 9.30% 9.60% 10.50%
v3.25.3
Related Party (Details) - Tristar - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 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 $ 1.5 $ 0.5 $ 1.5  
Loans and leases receivable, related parties $ 2.6   $ 2.6   $ 3.9
v3.25.3
Subsequent Events - Schedule of Dividends Payable (Details) - $ / shares
Nov. 03, 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        
v3.25.3
Subsequent Events - Narrative (Details)
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 | $ $ 1,076.6