Other Commercial & Industrial Machinery and Equipment Rental and Leasing (NAICS 532490)

A Histometrics industry primer for investors. Figures are U.S. totals; federal reference years are stated inline.

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1. Overview

If you rent a $150,000 spectrum analyzer for a six-month engineering program instead of buying one, hire a diesel generator to keep a plant running during an outage, or lease a fleet of infusion pumps to a hospital during flu season, you are a customer of this industry. NAICS code 532490 is the "everything else" bucket of business-equipment rental: the companies that rent or lease specialized machinery and equipment to other businesses — medical devices, electronic test instruments, telecom and broadcast gear, generators and temporary power, manufacturing machinery, modular offices and portable storage, and institutional furniture [1].

One thing to clear up first, because the name invites confusion. Despite the words "rental and leasing," this is not a real-estate industry. It rents movable equipment, not buildings or land. That distinction matters for how you value the businesses and, for real-estate-minded readers, it means the familiar toolkit — REIT (real estate investment trust), NOI (net operating income), cap rate (capitalization rate), FFO/AFFO (funds from operations / adjusted funds from operations), NAV (net asset value) — does not apply here. Those belong to the property codes in NAICS Sector 531. Equipment lessors are ordinary taxable corporations, and you judge them the way you judge any capital-intensive operating business (Section 5) [27].

Why an investor cares. This is a cash-generative but capital-heavy, cyclical business built on owning depreciating assets and renting them repeatedly. It is also mostly private: the biggest specialty-rental platforms have been bought out of the public market by private-equity firms, and there is no clean listed "pure play." Public-market investors reach it through a couple of listed rental companies and, indirectly, through the finance arms of industrial manufacturers and banks. Private investors reach it by owning fleets directly, backing sponsor-led roll-ups, or lending against equipment.

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2. What it is, and how it's structured

Scope and the codes next door

NAICS 532490 covers establishments that primarily rent or lease non-consumer machinery and equipment that doesn't have its own dedicated code [1]. It is a genuine catch-all, and its real-world sub-segments are worth naming because they behave differently:

• Institutional medical / biomedical equipment rented to hospitals and alternate-site care providers (patient monitors, infusion pumps, movable surgical devices).
• Electronic test-and-measurement (T&M) instruments — oscilloscopes, spectrum and network analyzers — rented to aerospace/defense, telecom, and semiconductor firms.
• Telecom, broadcast, and motion-picture/theatrical equipment.
• Generators and temporary power, material-handling equipment, and specialty industrial machinery.
• Modular buildings, mobile offices, and portable storage placed at customer sites.
• Institutional furniture and agricultural equipment rented without an operator [1].

What it deliberately excludes is as important as what it includes, because the excluded activities are where most of the well-known "rental" names actually sit:

Two boundaries drive the whole investment picture. First, the big listed construction-rental names (United Rentals, Herc) are in 532412, not 532490 — a common source of confusion. Second, and more subtly, the line between a rental/operating lease and a finance lease splits this industry across two sectors of the statistics. If the lessor keeps the asset and its resale risk, it's rental (532xxx). If the deal is really a disguised loan — the customer pays it off and keeps the gear — the government counts it in the finance sector (522220). So the roughly $1.3-trillion-a-year equipment-finance business (Section 5) sits mostly outside the 532490 revenue line and is measured by trade-association data instead. A complete investor view has to read both [7].

(NAICS 533110, licensing patents/trademarks/brands for royalties, is the "asset-light, high-margin" cousin — near-zero marginal cost, no physical fleet — but it is a separate code, not part of 532490, and is covered in its own primer [1].)

Ownership mix

This is a fragmented, private-capital-heavy industry with only indirect public exposure:

• Small operators and individuals — thousands of local specialists (scaffolding, generators, medical devices, institutional furniture) plus a large tail of one-person lessors (Section 3).
• Private-equity-backed platforms — the category leaders in the biggest verticals are sponsor-owned: Agiliti (medical), Electro Rent (test), Aggreko (temporary power).
• A few listed operators — McGrath RentCorp and WillScot in modular/storage and test equipment.
• Manufacturer captives and bank lessors — the finance layer that funds much of the equipment (Deere Financial, Caterpillar Financial; Wells Fargo, Bank of America).

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3. How big it is

The authoritative federal benchmark is the 2022 Economic Census (a full census taken every five years) supplemented by the annual County Business Patterns (CBP) program.

A few things this tells you. The average firm is small — roughly $8 million of revenue — and by the SBA's $40 million threshold the overwhelming majority of the 5,347 firms are officially "small" [5]. Yet the work is well-paid and technical: annual payroll per employee runs about $74,000 (calibration technicians, biomedical engineers, field service), above the all-industry average [3]. Employment also grew briskly coming out of the pandemic — roughly 12% from 2022 to 2023 on the CBP series — reflecting a strong equipment-capex and rental expansion [3]. (The Census Bureau's separate Service Annual Survey reports a close $44.5 billion of 2022 revenue, corroborating the ~$44 billion benchmark [11].)

The undercount caveat — read this before you take the numbers literally. Federal business statistics count only employer establishments, and they under-represent this industry in two specific ways:

1. The individual-operator tail is missing. The 2022 Nonemployer Statistics show 35,689 nonemployer businesses in the broader machinery-rental group (NAICS 5324) with $5.23 billion of receipts — an average of about $146,000 each [4]. These are the one-person and micro fleet-owners that sit beneath the ~5,300 employer firms and never appear in the headline count.
2. Most of the money economics live in another code. Because finance leases are classified in the finance sector, the ~$1.3-trillion equipment-finance market is largely absent from the $43.78 billion 532490 revenue line [7]. The Census figure captures the rental slice, not the full economic footprint of "putting business equipment to work for someone else."

There is no meaningful federal "number of rental units" for this industry — a modular classroom, an infusion pump, a generator, and a spectrum analyzer are not comparable units, and the Census publishes no unified fleet count [Codex, §2]. For scale, the Bureau of Economic Analysis (BEA) put the whole U.S. private nonresidential equipment stock at about $9.3 trillion (current-cost net, end of 2024) — the pool of equipment from which rental fleets are drawn, not a market size for 532490 [21].

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4. The investable universe

There is no listed pure-play for 532490. The nearest listed operators, and the metrics our sources actually report, are below. (Market capitalizations and dividend yields move daily and are not in our source filings; check them live before investing.)

Note on scope: modular-building and portable-storage rental is generally classified in or immediately adjacent to 532490, which is why WillScot and McGrath's modular segments are the most visible listed exposures — and why the FTC (Federal Trade Commission) treated them as competitors when it forced WillScot to abandon a $3.8 billion acquisition of McGrath in 2024 [15]. McGrath's TRS-RenTelco test-equipment division is the cleanest in-code activity among listed names.

Indirect public exposure comes through diversified financials whose equipment-finance books are large but blended with much else: manufacturer captives Deere (DE) and Caterpillar (CAT); bank lessors inside Wells Fargo (WFC), Bank of America (BAC), PNC, and U.S. Bancorp (USB); and equipment-finance BDCs (business development companies) such as SLR Investment Corp. (SLRC) and Trinity Capital (TRIN), which hold equipment leases and loans within leveraged private-credit portfolios [10][19][20][30].

Major private / institutional owners — where most of the industry actually sits:

• Agiliti — the largest U.S. movable-medical-equipment provider; ~$1.18B revenue (2023, of which ~$460M was equipment rental, the rest clinical-engineering and managed services); taken private by Thomas H. Lee Partners in May 2024 at $10/share, ~$2.5B enterprise value (THL already held ~72%) [12].
• Electro Rent — T&M rental/lease specialist, 5,500+ customers in 100+ countries; owned by Platinum Equity (acquired ~$382M, 2016) [16].
• US Med-Equip — hospital-equipment rental, 135,000+ devices/beds at ~100 locations; backed by Freeman Spogli [18].
• Aggreko — the largest global temporary-power and climate-control fleet; owned by I Squared Capital and TDR Capital (2021) [17].
• Regional modular operators such as Satellite Shelters and Pacific Mobile Structures, plus thousands of local generator, scaffolding, and specialty-equipment firms.
• Equipment-finance leaders — captives (John Deere Financial, Caterpillar Financial, PACCAR Financial), bank lessors (Wells Fargo Equipment Finance, Bank of America Global Leasing), and independents (DLL, a Rabobank arm; Element Fleet; First Citizens/CIT) [10].

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5. How the money works

Because so many readers arrive with a real-estate mental model, it helps to say plainly what the analogue is. In real estate, value ≈ NOI ÷ cap rate, and REITs distribute ~90% of taxable income and are judged on FFO/AFFO and price-to-NAV [27]. None of that applies here. Equipment isn't real property, so these firms can't be REITs, there's no 90% distribution rule, and there's no cap-rate mechanism. The closest analogue is simply a required cash return on the fleet and a multiple on rental cash flow. Two engines actually drive the economics: operating rental, and equipment finance.

A. Operating-rental economics

The model is simple to state: buy an asset, keep it on your balance sheet, and rent it out repeatedly across many short contracts, then sell it. Revenue boils down to:

Rental revenue ≈ average fleet cost × utilization × rental rate

Four levers decide whether it's profitable:

1. Utilization — the master metric. There are two flavors, and confusing them is a classic error. Time (physical) utilization is the share of the fleet that's on rent. Dollar utilization is annualized rental revenue divided by the fleet's OEC (original equipment cost) — the true yield on invested capital. Fleets are compared on OEC rather than book value because book value depends on depreciation policy. Because branches, technicians, and depreciation are largely fixed, incremental rentals carry high margins — and a modest utilization drop cuts profit disproportionately. (McGrath's TRS-RenTelco ran ~64% average utilization in 2025 [13]; WillScot's 2025 modular utilization was ~60% [14].)

2. Rental rate. Price per day/week/month, driven by asset cost, customer urgency, contract length, technical complexity, and service content. McGrath's test-equipment business, for example, typically charges 2%–10% of an instrument's list price per month on one-to-six-month contracts [13].

3. Residual / resale value. The lessor recovers a big slice of the asset's economics by selling used equipment at end of life — and accounting depreciation is a convention, not a forecast of sale proceeds. McGrath depreciates test gear to zero residual over one-to-eight years, yet used-equipment sales still produced 22% of that segment's revenue in 2025 [13]. Strong secondary-market prices lift returns; a collapse in used prices is the core residual-value risk (Section 9).

4. Fleet financing and depreciation. Fleets are capital-intensive and usually debt-financed. The owner earns the spread between rental yield and cost of capital plus depreciation — and depreciation is typically the single largest cost line. This is why tax depreciation rules matter so much (Section 7).

Services are the moat. Delivery, setup, calibration, repair, and asset management add revenue without proportionate fleet spend and are hard for small entrants to replicate. Medical rental is especially service-heavy: only ~39% of Agiliti's 2023 revenue was equipment rental itself — the rest was clinical engineering and on-site managed services [12]. These businesses are measured on GAAP net income, EBITDA (earnings before interest, taxes, depreciation and amortization), ROIC (return on invested capital), and free cash flow — not FFO/AFFO.

B. Equipment-finance economics (the ~$1.3-trillion layer)

Alongside true rental sits the much larger business of funding customers' equipment purchases — the captives, banks, and independents. Here the lessor/lender earns:

lease/loan yield + fees + residual gains + tax benefits − funding cost − credit losses − servicing

The lease structure decides who bears which risk [Opus §4B; 22]:

• Fair-market-value (FMV) lease ("true lease"): the lessor keeps the asset's residual risk and reward, assumes a residual of roughly 15–30% of cost, and charges lower monthly payments — a genuine bet on used-asset value.
• $1-buyout / capital lease: economically a loan — the customer keeps the gear for $1 at the end and bears all the residual risk. This is the structure most likely counted in the finance sector (522220).
• TRAC leases (for titled vehicles) and PUT/fixed-percentage leases sit in between.

The scale: an estimated $1.34 trillion of equipment finance was originated in 2023 — a record — with about 57.7% of the $2.3 trillion in U.S. equipment-and-software (E&S) investment financed, and 82% of end-users using some form of financing [7]. By funding channel, the financed market is roughly 59% banks, 17% manufacturer captives, 15% independents, 7% fintechs [8].

This is fundamentally a spread business, and rates run right through it. An industry survey of large lessors showed the squeeze plainly: in 2024 the average pretax portfolio yield was 7.40%, funding cost 4.81%, and spread just 2.59% — and as interest expense jumped 33% and loss provisions rose, surveyed return on equity fell from 11.1% to 7.9% [8]. Credit quality stayed historically strong (portfolios ~99% current; charge-offs well under 1%, though they crept toward ~0.4–0.6% during 2024) — a low-loss, secured-lending profile that nonetheless deteriorates in downturns [8][9]. Independents and captives fund themselves with bank lines, term debt, and ABS (asset-backed securities) — securitized pools of lease receivables that public fixed-income investors can also buy.

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6. What drives demand

• The business capital-expenditure cycle. Rental and equipment finance are pro-cyclical: when companies expand, retool, or reshore, they rent and finance more. The ~$2.3 trillion annual E&S investment pool is the demand base [7].
• Interest rates — two-edged. Higher rates make renting more attractive (avoid a big financed purchase) but also raise lessors' own funding costs and can dent customer capex. Lower rates re-accelerate origination and re-expand finance spreads [8].
• Technology-refresh and obsolescence. Test instruments and medical devices evolve fast; renting hedges obsolescence — a structural tailwind for T&M and biomedical rental, tied to semiconductors, data centers/AI, defense, and 5G/fiber build-outs [13].
• Healthcare activity. Hospital equipment demand tracks patient census, procedure mix, seasonal illness, and capital budgets — Agiliti's model [12].
• Long OEM lead times. When customers can't wait for new equipment, they rent a bridge.
• Flexibility and cash-flow preference. Renting converts capital spending into operating expense and preserves liquidity.
• Tax policy. Immediate expensing (bonus depreciation and Section 179) shifts the buy-versus-rent calculus and can pull equipment demand forward (Section 7) [25].

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7. Regulation

Fair-housing, rent-control, and landlord-tenant law — the real-estate regulatory surface — is not applicable. What governs 532490 instead:

• Commercial lease and secured-transactions law — UCC (Uniform Commercial Code) Articles 2A and 9. Determines whether a deal is a "true lease" or a disguised secured loan, which in turn drives who claims tax depreciation and how bankruptcy treats the claim — the same split that separates 532490 from finance code 522220 [22].
• Lease accounting — ASC 842 (the FASB standard). Since 2019, customers must put most leases on their balance sheet, which removed the old "off-balance-sheet" motive for leasing — though tax, cash-flow, and risk-transfer motives remain [23].
• Federal tax depreciation. Bonus depreciation (IRC §168(k)) and Section 179 expensing materially drive demand and lease structuring. After the TCJA phase-down (100% → 80% → 60%...), the One Big Beautiful Bill Act (OBBBA, 2025) permanently restored 100% bonus depreciation for qualified property placed in service after January 19, 2025; the 2026 Section 179 cap is $2.56 million [25]. This cuts both ways: full expensing makes buying more tax-attractive (a mild headwind to leasing) but also lets lessors expense fleet purchases and pass value through in lower rates.
• Consumer-finance law does not apply. Because these are business-to-business contracts, the CFPB's Regulation M, the Consumer Leasing Act, and rent-to-own statutes exclude them — an important scope point [24].
• Sector-specific rules. Medical-equipment rental intersects FDA device regulation and, indirectly, hospital reimbursement. Note that CMS (Centers for Medicare & Medicaid Services) DMEPOS (durable medical equipment, prosthetics, orthotics and supplies) rules chiefly govern home-use DME in code 532283 — hospital-equipment lessors are affected only indirectly through hospital budgets [26]. Other assets carry OSHA, environmental (generators/refrigerants), building-permit (modular), export-control (sensitive test/telecom), and calibration requirements.
• Antitrust. National combinations can draw FTC scrutiny even when local markets look fragmented — as the blocked WillScot/McGrath merger showed [15].

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8. Competitive dynamics and consolidation

The starting point is a competitive, fragmented market: the four largest firms hold just 23.2% of revenue (CR4), it takes 50 firms to reach ~56% (CR50), and the Herfindahl-Hirschman Index (a standard concentration gauge) is 186.7 — far below the 1,500 threshold regulators call "concentrated" [2]. But fragmentation by count coexists with real economic concentration in a few big platforms: an SBA structural analysis found a Gini coefficient of 0.824 and a receipts-weighted average firm size of about $740 million even though the simple-average firm earns single-digit millions [6]. In plain terms: a very long tail of small specialists, plus a handful of national platforms.

Private-equity roll-up is the dominant consolidation vector. Sponsors have bought the category leaders out of the public market — Platinum Equity/Electro Rent, THL/Agiliti, I Squared–TDR/Aggreko — and are combining fragmented regional operators beneath them, which reduces public-market exposure over time [12][16][17]. WillScot alone reports ~40 acquisitions worth ~$4.9 billion of enterprise value since its 2017 listing [14].

Scale rewards national logistics, calibration/repair labs, fleet-purchasing leverage, funding cost, and utilization/residual data — but niche expertise and local service protect small operators, which is why the long tail persists. In the finance layer, a 2024 pullback by banks opened share for independents, captives, and private-credit-funded lessors — a structural shift worth watching [8][10].

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9. Risks

• Interest-rate sensitivity (lead risk). For the finance layer, earnings are a funding spread — rising rates compress margins if asset yields reprice slower than funding costs, and can throttle new volume (surveyed ROE fell from 11.1% to 7.9% in 2024) [8]. For the rental layer, higher rates raise fleet-financing cost and can depress used-asset values. There is no cap-rate mechanism, but the effect rhymes: a higher required cash return on the fleet and a lower multiple on rental cash flow.
• Residual-value risk. FMV lessors and fleet owners are betting on used-equipment prices. A soft secondary market — from oversupply, a technology shift, or recession — erodes end-of-term gains and forces write-downs. Caterpillar's captive, for illustration, estimates that a lasting 10% drop in leased-equipment values would add ~$65 million to annual depreciation [20].
• Utilization / oversupply. Idle fleet is pure cost, and equipment ordered in a boom can arrive after demand cools. WillScot's 2025 is a concrete case: it raised rates but had 11% fewer units on rent, and launched a network-optimization program taking ~$302 million of accelerated depreciation on ~53,000 units [14].
• Cyclicality. Demand tracks business investment; a capex downturn hits utilization, rate, and residuals at once — operating leverage in reverse.
• Obsolescence / technology risk. Especially in electronics and medical, an asset can lose value faster than the books depreciate it.
• Credit risk. Customer defaults are currently low but rise in downturns — and repossessed gear is often worth least exactly when defaults peak [8].
• Acquisition risk. Roll-ups can overpay for revenue that proves local and relationship-dependent, and centralization can degrade the service that made the target valuable.
• Regulatory / tax shifts. A change in bonus-depreciation policy can swing the buy-versus-rent decision materially [25].

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10. How to invest, and the outlook

Public-market routes

• Direct listed operators are few: WillScot (WSC) and McGrath (MGRC) for modular/storage and (via McGrath) electronic test equipment; Transcat (TRNS) for a partial T&M-rental exposure blended with calibration [13][14].
• Indirect finance exposure through the equipment-finance books inside Deere (DE), Caterpillar (CAT), and large banks, or through equipment-finance BDCs (SLRC, TRIN) [10][19][20][30].
• ABS: public bond investors can buy rated equipment-lease asset-backed securities — a direct claim on diversified lease receivables.
• Valuation is corporate, not real-estate. Judge operators on EV/EBITDA, free cash flow after realistic replacement capex, ROIC, net debt/EBITDA, and fleet KPIs (dollar utilization, fleet age, OEC growth, used-sale margins). Judge finance lessors on portfolio yield minus funding cost, ROA/ROE, delinquencies and charge-offs, reserve coverage, and duration matching. Treat dividend yield against free cash flow after fleet capex — a high payout unbacked by replacement spending is not comparable to a REIT distribution, and price-to-NAV is unreliable because specialized gear has uncertain liquidation value.

Private-market routes

• Direct fleet ownership — buying and renting specialty equipment (the nonemployer/small-firm path — ~35,700 such businesses at the broader group level) [4].
• Private equity / private credit — the dominant institutional route: sponsor-owned platforms and equipment-backed direct lending to independent lessors.
• Independent leasing companies — FMV or finance-lease books earning net spread, funded by bank lines and ABS.
• A private fleet should be underwritten cohort-by-cohort: purchase and delivery cost, utilization ramp, rate and ancillary revenue, maintenance and downtime, economic (not accounting) life, downside residual, and financing terms. Separate the return from owning the equipment from the return from operating capability — a passive buyer without the branch, maintenance, and customer network rarely reproduces the seller's utilization.

Outlook

The trade-association backdrop entering 2026 is constructive but cooling: the industry's forecaster projected ~6.2% real E&S investment growth in 2026 (after an estimated ~9.8% in 2025), while monthly financing demand had softened for several straight months [28]. The Federal Reserve held its policy rate at 3.50%–3.75% through the first half of 2026, and its lending survey showed banks modestly tightening business-credit standards — financing available but selective [29].

Three themes stand out. Rates are the swing variable — a durable move lower would re-expand finance spreads and re-accelerate origination; higher-for-longer keeps pressure on funding costs and valuations. The tax tailwind is real but ambiguous for lessors — permanent 100% bonus depreciation lifts overall equipment demand but nudges some creditworthy, high-utilization customers toward buying [25]. And privatization continues — expect more PE roll-ups of fragmented verticals and continued share migration from retreating banks toward independents, captives, and private-credit-funded lessors [8][12].

The investable takeaway: an attractive, cash-generative, competitively fragmented industry — but one you reach mainly through private capital and diversified financials, not through a REIT or a listed pure-play. Underwrite it on utilization, funding spread, residual value, and credit — the equipment-industry fundamentals — not on the real-estate metrics the name might suggest.

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Sources

1. U.S. Census Bureau, 2022 NAICS Definition — 532490 Other Commercial and Industrial Machinery and Equipment Rental and Leasing (scope, inclusions, exclusions, adjacent codes), 2022. https://www.census.gov/naics/?details=532490&year=2022
2. U.S. Census Bureau, 2022 Economic Census — Sector 53 concentration/basic tables, NAICS 532490 (receipts $43,776,626 thousand; firms 5,347; CR4 23.2%, CR8 33.6%, CR20 44.4%, CR50 55.7%; HHI 186.7), 2024. https://data.census.gov/
3. U.S. Census Bureau, County Business Patterns 2023, NAICS 532490 (establishments 10,248; employment 132,302; annual payroll $9,840,549 thousand; Q1 payroll $2,471,845 thousand), 2024. https://www.census.gov/programs-surveys/cbp.html
4. U.S. Census Bureau, 2022 Nonemployer Statistics, NAICS 5324 (35,689 nonemployer businesses; receipts $5,227,855 thousand), 2024. https://www.census.gov/programs-surveys/nonemployer-statistics.html
5. U.S. Small Business Administration, Table of Size Standards (effective March 17, 2023) — NAICS 532490 = $40.0 million average annual receipts. https://www.sba.gov/document/support-table-size-standards
6. U.S. Small Business Administration, Small Business Size Standards: industry-structure analysis (2017 Economic Census special tabulation — CR4 24.2%, Gini 0.824, simple-average receipts $6.28M, receipts-weighted average firm size $739.77M), 2025. https://public-inspection.federalregister.gov/2025-16142.pdf
7. Equipment Leasing & Finance Foundation, 2024 Equipment Finance Industry Horizon Report ($1.34 trillion financed in 2023; 57.7% of $2.3T E&S investment; 82% of end-users finance), 2024. https://www.leasefoundation.org/industry-research/horizon-report/
8. Equipment Leasing and Finance Association, 2024 Survey of Equipment Finance Activity / new-business volume release (portfolio yield 7.40%, funding cost 4.81%, spread 2.59%; ROE 11.1%→7.9%; ~99% current; channel shares ~59% banks / 17% captives / 15% independents / 7% fintechs), 2025. https://www.elfaonline.org/
9. Equipment Leasing and Finance Association, Monthly Leasing & Finance Index (MLFI-25), 2024 releases (receivables >30 days ~2%; charge-offs well under 1%). https://www.elfaonline.org/
10. Monitor, Monitor 100 (2024 and 2025 rankings) — DLL, Wells Fargo Equipment Finance, Bank of America Global Leasing, John Deere Financial, Caterpillar Financial; bank pullback in equipment finance. https://www.monitordaily.com/
11. U.S. Census Bureau (via FRED), Total Revenue for Other Commercial and Industrial Machinery and Equipment Rental and Leasing — Service Annual Survey ($44.505B, 2022). https://fred.stlouisfed.org/series/REVEF53249ALLEST
12. Agiliti, Inc., Form 10-K FY2023 and take-private disclosures (revenue ~$1.175B; Equipment Solutions ~$459.8M; THL take-private May 2024, $10.00/share, ~$2.5B EV), 2024. https://www.sec.gov/Archives/edgar/data/1749704/000174970424000016/agti-20231231.htm
13. McGrath RentCorp, Form 10-K FY2025 (revenue $944.2M; adj. EBITDA $362.5M; fleet OEC $2.068B incl. $337M electronic test; TRS-RenTelco ~63.8% utilization; used-equipment sales 22% of segment revenue), 2026. https://www.sec.gov/Archives/edgar/data/752714/000119312526071463/mgrc-20251231.htm
14. WillScot Holdings Corp., Form 10-K FY2025 (revenue $2.281B; ~304,000 units; ~$3.1B fleet NBV; 260 branches; 2025 modular utilization 59.9%; network-optimization ~53,000 units/$312.1M NBV; ~40 acquisitions/$4.9B EV since 2017), 2026. https://www.sec.gov/Archives/edgar/data/1647088/000164708826000011/wsc-20251231.htm
15. Federal Trade Commission, Statement on WillScot's decision to abandon its proposed $3.8 billion acquisition of McGrath RentCorp (WillScot paid a $180M termination fee), 2024. https://www.ftc.gov/news-events/news/press-releases/2024/09
16. Platinum Equity, Electro Rent portfolio profile (T&M rental; 5,500+ customers, 100+ countries; acquired ~$382M in 2016). https://www.platinumequity.com/our-company/electro-rent/
17. Aggreko, Products — Power & Climate-Control Rentals (global temporary-power/climate fleet; owned by I Squared Capital and TDR Capital, 2021). https://www.aggreko.com/en-us/products
18. Freeman Spogli, US Med-Equip acquires Freedom Medical (135,000+ rentable devices/beds, ~100 locations), 2022. https://www.freemanspogli.com/news/us-med-equip-acquires-freedom-medical/
19. Deere & Company, Form 10-K FY2025 ($1.676B lease revenue, incl. $1.472B operating leases; residual estimation methods), 2025. https://www.sec.gov/Archives/edgar/data/315189/000110465925122321/de-20251102x10k.htm
20. Caterpillar Inc., Form 10-K FY2025 (Cat Financial $1.57B operating-lease residual value; 10% value decline → ~$65M added annual depreciation), 2026. https://www.sec.gov/Archives/edgar/data/18230/000001823026000008/cat-20251231.htm
21. U.S. Bureau of Economic Analysis (via FRED), Current-Cost Net Stock of Private Nonresidential Fixed Assets: Equipment (~$9.282 trillion, year-end 2024). https://fred.stlouisfed.org/series/K1NTOTL1EQ000
22. Cornell Legal Information Institute, Uniform Commercial Code Article 2A — Leases. https://www.law.cornell.edu/ucc/2A
23. Financial Accounting Standards Board, ASU 2016-02: Leases — Topic 842, 2016. https://storage.fasb.org/ASU%202016-02_Section%20A.pdf
24. Consumer Financial Protection Bureau, Regulation M, §1013.2 (business/commercial-purpose leases excluded). https://www.consumerfinance.gov/rules-policy/regulations/1013/2/
25. Internal Revenue Service, Publication 946: How to Depreciate Property (bonus depreciation; §179), and Grant Thornton, OBBBA (2025) — permanent restoration of 100% bonus depreciation for property placed in service after Jan 19, 2025. https://www.irs.gov/publications/p946; https://www.grantthornton.com/insights/alerts/tax/2025/insights/obbba-offers-new-ways-to-accelerate-depreciation
26. Centers for Medicare & Medicaid Services, Payment Policies for DMEPOS Items and Services (home-use DME chiefly in NAICS 532283). https://www.cms.gov/medicare/payment/fee-schedules/dmepos
27. Internal Revenue Service, Instructions for Form 1120-REIT (REIT asset/income tests; 90% distribution), and Nareit, Funds From Operations (FFO). https://www.irs.gov/instructions/i1120rei; https://www.reit.com/glossary/funds-operation-ffo
28. Equipment Leasing & Finance Foundation, 2026 Economic Outlook (~6.2% real E&S investment growth projected for 2026) and CapEx Finance Index (May 2026). https://www.leasefoundation.org/
29. Board of Governors of the Federal Reserve System, Monetary Policy Report (July 2026) (federal-funds target 3.50%–3.75%) and Senior Loan Officer Opinion Survey (April 2026). https://www.federalreserve.gov/
30. SLR Investment Corp., Form 10-K FY2025 (SLR Equipment Finance — $299.8M net investment), and Trinity Capital Inc., Q3 2025 results (equipment financings $318.2M within portfolio). https://www.sec.gov/Archives/edgar/data/1418076/000119312526066979/ck0001418076-20251231.htm; https://www.sec.gov/Archives/edgar/data/1786108/000119312525265801/trin-ex99_1.htm