Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

Debt

The carrying amounts of our debt are as follows:

	March 31, 2026		December 31, 2025
	(in millions)
Corporate – Recourse:
Revolving credit facility	$	—	$	—
Senior notes due 2028, inclusive of unamortized premium of $2.8 and $3.1	602.8		603.1
	602.8		603.1
Less: unamortized debt issuance costs	(4.2)		(4.6)
Total recourse debt	598.6		598.5
Lease fleet – Non-recourse:
Wholly-owned subsidiaries:
Secured railcar equipment notes, net of unamortized discount of $0.2 and $0.3	3,003.2		3,036.3
TRL-2023 term loan, net of unamortized discount of $0.6 and $0.6	1,025.3		1,031.9
TILC warehouse facility	460.4		478.5
Other equipment financing	47.0		47.6
	4,535.9		4,594.3
Less: unamortized debt issuance costs	(19.2)		(20.9)
	4,516.7		4,573.4
Partially-owned subsidiary:
Secured railcar equipment notes, net of unamortized discount of $— and $—	267.5		271.3
Less: unamortized debt issuance costs	(0.5)		(0.7)
	267.0		270.6
Total non-recourse debt	4,783.7		4,844.0
Total debt	$	5,382.3	$	5,442.5

Estimated Fair Value of Debt – The estimated fair value of our 7.75% senior notes due 2028 ("Senior Notes due 2028") is based on a quoted market price in a market with little activity (Level 2 input). The estimated fair values of our secured railcar equipment notes are based on our estimate of their fair value using unobservable input values provided by a third party (Level 3 inputs). As of March 31, 2026 and December 31, 2025, we evaluated the fair value of the other equipment financing liability using Level 3 inputs and determined that the carrying value approximates fair value. The respective carrying values of our revolving credit facility, TRL-2023 term loan, and TILC warehouse facility approximate fair value because the interest rate adjusts to the market interest rate. The estimated fair values of our debt are as follows:

	March 31, 2026		December 31, 2025
	(in millions)
Level 2	$	615.6	$	623.9
Level 3	$	3,258.6	$	3,303.6

Revolving Credit Facility – We have a $600.0 million unsecured corporate revolving credit facility. During the three months ended March 31, 2026, there were no borrowings and no repayments under the revolving credit facility. Additionally, we had outstanding letters of credit issued in an aggregate amount of $4.4 million, leaving $595.6 million available for borrowing as of March 31, 2026. Our outstanding letters of credit as of March 31, 2026 support performance bonds related to certain railcar orders. The revolving credit facility bears interest at a variable rate of SOFR plus (1) a benchmark adjustment of 10 basis points and (2) a facility margin of 1.50%, for an all-in interest rate of 5.23% as of March 31, 2026. A commitment fee accrues on the average daily unused portion of the revolving credit facility at the rate of 0.175% to 0.40% (0.20% as of March 31, 2026).

The revolving credit facility requires the maintenance of ratios related to minimum interest coverage for the leasing and manufacturing operations and maximum leverage. As of March 31, 2026, we were in compliance with all such financial covenants.

TILC Warehouse Loan Facility – TILC has a $800.0 million warehouse loan facility to finance railcars owned by TILC. During the three months ended March 31, 2026, we had total repayments of $18.1 million under the TILC warehouse loan facility. The entire unused facility amount of $339.6 million was available as of March 31, 2026 based on the amount of warehouse-eligible, unpledged equipment. Advances under the facility bear interest at one-month term SOFR plus a facility margin of 1.75%, for an all-in interest rate of 5.42% at March 31, 2026.

Subsequent Events

TRL-2025 Series 2026-1 Secured Railcar Equipment Notes – On April 17, 2026, Trinity Rail Leasing 2025 LLC, a Delaware limited liability company ("TRL-2025") and a limited purpose, indirect wholly-owned subsidiary of the Company owned through TILC, issued an aggregate principal amount of (i) $447.4 million of its Series 2026-1 Class A Green Secured Railcar Equipment Notes (the "Series 2026-1 Class A Notes"), and (ii) $33.4 million of its Series 2026-1 Class B Green Secured Railcar Equipment Notes (the "Series 2026-1 Class B Notes") (the Series 2026-1 Class A Notes and the Series 2026-1 Class B Notes are, collectively, the “Series 2026-1 Notes”). The Series 2026-1 Class A Notes bear interest at a fixed rate of 5.35%, and the Series 2026-1 Class B Notes bear interest at a fixed rate of 5.56%. The Series 2026-1 Notes are payable monthly and have a stated final maturity date of April 19, 2056. The Series 2026-1 Notes are obligations of TRL-2025 and are non-recourse to Trinity. The obligations are secured by a portfolio of railcars and operating leases thereon, certain cash reserves, and other assets acquired and owned by TRL-2025. Net proceeds received in connection with the issuance of the Series 2026-1 Notes were used to redeem the outstanding debt of the Trinity Rail Leasing 2019 LLC Series 2019-1 Secured Railcar Equipment Notes (the "Series 2019-1 Notes"), as described below, and for general corporate purposes.

Redemption of TRL-2019 Series 2019-1 Secured Railcar Equipment Notes – On April 17, 2026, with the net proceeds of the Series 2026-1 Notes described above, we redeemed in full the Series 2019-1 Notes, of which $377.1 million was outstanding at the redemption date. The all-in interest rate for the Series 2019-1 Notes was 3.82% per annum. The Trinity Rail Leasing 2019 LLC Series 2019-2 Secured Railcar Equipment Notes remain outstanding.

Tribute Rail Secured Railcar Equipment Notes – On April 9, 2026, as a result of a railcar partnership transaction, Tribute Rail and its related debt will no longer be included in our Consolidated Financial Statements. See Note 5 for further information.

Terms and conditions of our other debt, including recourse and non-recourse provisions and scheduled maturities, are described in Note 9 of our 2025 Annual Report on Form 10-K.