2021 MONITOR 101+ Smaller Group Achieves 23.3% Portfolio Growth

by Rita E. Garwood Vol. 48. No. 5 2021
The companies who make up the Monitor 101+ continued to expand in 2020 despite the COVID-19 pandemic, achieving an annual portfolio increase of 23.2% and an uptick in volume of 1.8%. Sany Capital USA topped the asset ranking, while Liberty Commercial Finance retained its position as the highest generator of new business volume.

Rita E. Garwood,
Editor in Chief,

The second annual Monitor 101+ group, comprised of two Captives, 17 Independents and 13 U.S. Bank Affiliates, reported $2,866.7 million in net assets, $2,166.8 million in new business volume and 834 employees in 2020.

Although this year’s group of companies achieved growth across the board — 2020 portfolio growth of 23.2% and a year-over-year increase in new business volume of 1.8% — it must be noted that many of last year’s players opted out of this year’s survey, which reduced the number of companies from 40 to 32.

The Top Five

With a portfolio of $170.6 million, Sany Capital USA took the Monitor 101+ crown, powered by a 62.5% gain in net assets, which propelled the Captive from the No. 112 position it held last year. Coming in at No. 102 is 36th Street Capital, with $170.1 million in net assets, down 5.6% year over year. Dext Capital catapulted itself into the No. 103 position — from No. 118 last year — after achieving 2020 portfolio growth of 145.2%. Lease Corporation of America joined the Monitor 101+ this year at No. 104 with net assets of $161.1 million, down 20% from 2019. Bell Bank Equipment Finance also ascended the ranks to No. 105 after reporting an annual gain of 106.3%, which increased its portfolio to $160.1 million.

Segment Overview — Net Assets

The 17 Independents supplied $1,334.9 million in net assets, the largest percentage (46.6%) of the Monitor 101’s collective portfolio. Eleven Independents (65%) achieved a cumulative year-over-year gain totaling $318.5 million, while five (29%) reported a cumulative decline of $60.7 million and one reported no change. 36th Street Capital led the Independents with $170.1 million in assets, followed by Dext Capital ($164.5 million), Lease Corporation of America ($162.5 million), Quality Leasing ($155.2 million) and Accord Financial Equipment Finance ($151.1 million).

The 13 U.S. Bank Affiliates reported collective net assets of $1,201.1 million, representing 41.9% of the total Monitor 101, with nine (69%) posting a cumulative increase of $267.2 million and four (31%) recording a total decline of $30 million. Bell Bank Equipment Finance led the banks with a portfolio of $161.1 million, followed by TriState Capital Bank Equipment Finance ($157.5 million), One Place Capital ($155.7 million), Falcon Leasing ($145.5 million) and Continental Bank ($121.1 million)

Two Captives provided $330.7 million (11.5%) of the collective portfolio, with one reporting a gain of $65.6 million and the other posting a decline of $19.8 million. Sany Capital led the group with a portfolio of $170.6 million and OnPoint Capital came in second with net assets of $160.1 million.

Top Five ENI Gainers

Dext Capital, ranked No. 103, achieved a year-over-year dollar gain of $97.4 million, the highest reported by the group. Bell Bank Equipment Finance, ranked No. 105, reported the second largest increase of $83 million. TriState Capital Equipment Finance, ranked No. 107, amassed the third largest gain of $76.9 million, while No. 101-ranked Sany Capital USA and No. 120-ranked AILCO Equipment Finance Group reported year-over-year dollar gains of $65.6 million and $59 million, respectively.

Top Five Percentage Gainers

Newcomer XS Financial, ranked No. 131, achieved the highest year-over-year portfolio gain of the Monitor 101+ companies (1,100%), which brought its total net assets to $7.2 million. Dext Capital achieved an annual gain of 145.2%, which increased its portfolio to $164.5 million. Liberty Commercial Finance, ranked No. 122, grew its portfolio by 139.2% in 2020, ending the year with $45.2 million in net assets. Bell Bank Equipment Finance increased its assets by 106.3% to $161.1 million. TriState Capital Bank Equipment Finance also reported a significant portfolio increase of 95.4%, which brought its 2020 net assets to $157.5 million.

$100MM Club

Three companies joined the $100 million club this year. Dext Capital increased its portfolio to $164.5 million in 2020 from $67.1 million the previous year. Bell Bank Equipment Finance grew its portfolio to $161.1 million, up from $78.1 million in 2019. And TriState Capital Bank Equipment Finance bulked its net assets up to $157.5 million from $80.6 million one year earlier.

YE 2020 ENI Forecast

Of the 30 companies that provided a portfolio forecast for 2021, 25 (83%) anticipate an increase in 2021 ending net investment and five (17%) predicted a decline. The collective forecast for the group, calculated on an average weighted basis, is 41.4%, which would increase the Monitor 101+ total to $3.9 billion, representing a $1,153.4 million increase.


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New Business Volume

The Monitor 101+ companies reported $2,166.8 million in 2020 new business volume, up $38.9 million (1.8%) from $2,127.9 million in 2019.

The Top Five — NBV

Liberty Commercial Finance hung on to the lead in the volume ranking despite a year-over-year decline of 19.7%, which brought its 2020 volume to $241.5 million. Alliance Funding Group was the runner up in the volume ranking, with $156 million in 2020 originations, up $20.4 million (15%) year over year. Regents Capital, ranked No. 103 in the volume ranking, reported $132.9 million in 2020 volume, up $7.9 million or 6.3% from $125 million in 2019. Dext Capital, ranked No. 104 in the volume ranking, and Bell Bank Equipment Finance, ranked No. 105, reported $130.2 million and $117.2 million, respectively.


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Segment Performance — Volume

The 17 Independents provided the bulk of the Monitor 101+ group’s new business volume (59.8%), reporting $1,295.8 million in originations, a decline of 4.7% year over year. Six Independents achieved combined originations growth of $157 million and 11 posted a combined decline of $221.5 million. Liberty Commercial Finance led the independents with $241.5 million in new business volume, followed by Alliance Funding Group with $156 million, Regents Capital with $132.9 million, Dext Capital with $130.2 million and Partners Capital Group with $98.7 million.

The 13 U.S. Bank Affiliates provided 31% of the collective originations of the group, reporting $671.1 million in 2020 new business volume, up $155.1 million (30.1%) from $516 million in 2019. Ten banks reported a combined increase totaling $168.3 million and three reported a combined decline of $13.2 million. Bell Bank Equipment Finance led the banks with $117.2 million in 2020 originations, followed by TriState Capital Bank Equipment Finance with $104.4 million, Falcon Leasing with $94 million, OnePlace Capital with $83.4 million and Continental Bank with $56.5 million.

The two Captives provided 9.2% of the Monitor 101+ total, or $199.9 million in 2020 new business volume. The two Captives reported a combined decline in originations of $51.7 million. Sany Capital USA led the duo with $116.6 million in volume, while OnPoint Capital was the runner-up with $83.3 million.

Notable Performances

XS Financial achieved a 1,000% year-over-year gain in new business volume, reporting $6.6 million in 2020, up $6 million from $0.6 million in 2019. Dext Capital posted the second most impressive gain of $58.9 million (82.6%). Other notable volume gainers included Fidelity Bank, up $6.9 million (59.5%); Bell Bank Equipment Finance, up $41.8 million (55.4%); TriState Capital Bank Equipment Finance, up $35 million (50.4%); Continental Bank, up $16.8 million (42.3%) and Bank of Utah, up $4.2 million (35.6%).


Each year, we ask Monitor 101+ participants to provide an overview of the challenges they faced in the preceding year. The following are a sample of the responses:

Independent: The stress of the effects of the COVID-19 pandemic on the macro economy and what it meant to each borrower in our portfolio was the most significant challenge of 2020 as well as refining underwriting guidelines to de-risk the business the company was originating during the pandemic.

U.S. Bank Affiliate: The challenges in 2020 related to the uncertainty throughout the market due to the COVID-19 pandemic. Many clients delayed equipment acquisitions as projects were delayed or placed on hold through year-end.

Captive: Our only challenge was availability of equipment to finance from our parent. We faced significant equipment shortages throughout the summer and into the fall.

Independent: Our most significant challenge has been the government funding and financial assistance associated with the COVID-19 pandemic to businesses. We have experienced a reduced interest of companies who need any type of financing from us. The plethora of government assistance combined with the hesitation involving the individual state shutdown response has made companies much more cautious.

U.S. Bank Affiliate: The most significant challenge was starting an equipment leasing group in the COVID-19 pandemic. There were many unknowns and we had to operate in a fluid environment and maintain our flexibility. Not having a portfolio to manage turned out to be a positive. We focused all of our resources on new originations.

Independent: It was all COVID-19, keeping employees safe and engaged, keeping vendors updated on financing promotions to help them sell equipment and then working with current customers to help them stay in business. We also switched out of a few smaller industries and focused more on COVID-19 positive industries like delivery trucks, manufacturing and medical.

See the full list here.

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