Rita E. Garwood,
Editor in Chief,
Monitor

Monitor’s Top 30 Private Independents saw another year of growth in 2024, though at a slightly slower pace than anticipated. The group collectively reported a 22.4% year-over-year new business volume increase, a solid performance in the face of economic headwinds.

The top five independent firms remain familiar, with Stonebriar Commercial Finance, GreatAmerica Financial Services, PEAC Solutions, Auxilior Capital Partners, and Amur Equipment Finance leading the rankings.

TOP FIVE
The top five independents contributed $8,575 million in originations, making up more than 48% of the total in the ranking. All five companies reported year-over-year increases, collectively adding $2,090.2 million in new business volume growth.

• Stonebriar Commercial Finance retained its No. 1 spot with $3,372.5 million in originations, marking a substantial 53.7% increase from the previous year.

• GreatAmerica Financial Services maintained second place with $1,574.5 million in originations, a 5.0% growth year-over-year.

• PEAC Solutions maintained third place with $1,484 million, showing a 35.9% increase in volume.

• Auxilior Capital Partners rose to fourth place, reporting $1,180 million in originations, up 26.9% from 2023.

• Amur Equipment Finance reached the top five, increasing its new business volume to $965 million, a 25.3% gain.

TOP PERCENTAGE GAINERS
Leading the rankings in percentage growth, Global Jet Capital reported a remarkable 77.7% increase in new business volume, climbing to $642 million in 2024 from $361.33 million the previous year. Stonebriar Commercial Finance was not far behind, growing by 53.7% with an increase of $1,178.5 million.

Dext Capital secured the third-highest percentage gain at 41.5%, reaching $573.7 million, while Verdant Commercial Capital and PEAC Solutions posted respective gains of 37.2% and 35.9%.

TOP DOLLAR GAINERS
Stonebriar Commercial Finance saw the highest volume increase in 2024, adding $1.18 billion to reach $3.37 billion. This represents a 53.7% increase over its 2023 new business volume of $2.19 billion, securing its position as the top gainer overall.

PEAC Solutions followed with a $392 million gain, growing its volume from $1.09 billion in 2023 to $1.48 billion in 2024.

Global Jet Capital experienced significant growth, adding $280.67 million to its new business volume, which increased from $361.33 million to $642 million.

Auxilior Capital Partners reported a $250 million increase in originations, moving from $930 million in 2023 to $1.18 billion in 2024.

Verdant Commercial Capital rounded out the top five with a $207.2 million gain, bringing its new business volume up from $557.1 million in 2023 to $764.3 million in 2024.

NEW ARRIVALS
This year saw the introduction of several new firms to the ranking:

Commercial Capital Company, led by Mitch Rice, joined the fray at No. 26 with $174 million in originations.

MidCap Equipment Finance, led by Saurin Shah, landed in the ranking at No. 29, with $142 million in new business volume.

Dakota Financial, led by Michael Green, entered the running at No. 30, with $116.4 million in originations.

2024 RETROSPECTIVES
The 2024 retrospectives from the top independents highlight several key challenges and trends, including economic uncertainty, interest rate fluctuations, regulatory constraints and market competition. Many respondents emphasized how economic conditions significantly impacted their operations, particularly in terms of access to capital and investment decisions. As one respondent put it, “Managing growth in an uncertain interest rate environment was our biggest hurdle.”

A notable theme was the continued volatility of interest rates, which created difficulties in forecasting and financial planning. “Stability and lowering of interest benchmarks became crucial for long-term growth strategies,” a respondent said.

Another major issue cited by multiple respondents was the competitive landscape, particularly for new entrants. One company shared its experience: “Being the first new global independent entrant in years meant overcoming both structural and reputational hurdles in an already saturated market.”

Despite these challenges, some respondents noted positive momentum, particularly in business aviation. “The business aviation market enjoyed a robust recovery, with strong demand for new aircraft and leasing opportunities,” one retrospective stated. However, this optimism was tempered by caution due to macroeconomic instability.

Overall, the retrospectives paint a picture of a dynamic yet challenging year, with companies navigating economic headwinds while seeking growth opportunities amid uncertainty.

FOCUS IN 2025
As they look ahead, the independents have a clear focus on expanding their footprint, advancing technological capabilities and maintaining service excellence.

One respondent highlighted, “In 2025 our biggest challenge will be replicating our success from 2024 while addressing evolving market conditions, including access to capital and regulatory shifts.”

Another emphasized the importance of digital transformation: “Continued technological innovation of business processes will be key to improving efficiency and staying ahead of the competition.”

For some, service remains the top priority. One executive stated, “Maintaining industry-leading service and continuing to attract top-tier talent will be essential for sustaining our growth trajectory.”

Meanwhile, others see an opportunity in strengthening relationships, with one company noting their focus on “enhancing the partner experience and creating deeper, long-term relationships with
customers.”

GREATEST CONCERNS
The independents’ key concerns for the year ahead include competition, economic conditions, customer credit quality, margin compression, regulatory constraints and geopolitical uncertainty.

1. Competition (25.9%)
Competition remains the top concern for independents. As larger players leverage economies of scale and advanced technology, smaller businesses hustle to maintain market share, requiring independents to innovate and adapt to stay competitive.

2. Economic Conditions and Capital Spending (22.2%)
Economic uncertainty, inflation and fluctuating interest rates continue to impact capital investment decisions. Many independents are wary of committing to expansion or hiring due to concerns about demand stability, access to affordable credit and overall market conditions.

3. Credit Quality of Customers (14.8%)
The financial health of customers is a growing concern, particularly in industries reliant on invoicing or extended payment terms. With economic volatility, late payments and defaults are becoming more common, straining cash flow and increasing financial risk for small businesses.

4. Margin Compression (11.1%)
Rising costs, supply chain disruptions and pricing pressures from competitors are squeezing profit margins. Independents must find ways to offset these pressures, whether through cost-cutting, pricing
strategies or value-added services.

5. Regulatory Constraints (11.1%)
Compliance with government regulations remains a significant burden. New labor laws, environmental policies and tax regulations can increase operational costs and require additional administrative
efforts, disproportionately impacting smaller businesses.

6. Geopolitical Environment (7.4%)
Global instability, trade policies, and international conflicts are contributing to supply chain disruptions, cost fluctuations, and overall uncertainty in the business climate. For industries dependent on
international trade or raw materials, these factors can significantly affect operations and profitability.

2025 FORECAST
Despite these challenges, Monitor’s Top Private Independents remain optimistic about 2025, predicting 19.5% year-over-year growth in new business volume. This translates to an estimated $3,525.4
million increase across the group. Independent finance firms continue to see an opportunity to fill gaps left by banks and expand their market presence.

SUMMARY
Monitor’s Top 30 Private Independents experienced another year of solid growth in 2024, with a 19.5% increase in new business volume. Although this was slightly below last year’s projection, it was a strong performance amid economic uncertainty. The top five independent firms — Stonebriar Commercial Finance, GreatAmerica Financial Services, PEAC Solutions, Auxilior Capital Partners, and Amur Equipment Finance — led the rankings, contributing nearly half of the total volume. Stonebriar stood out with a 53.7% increase, securing its place as both the top dollar and percentage gainer. New entrants, such as Commercial Capital Company, MidCap Equipment Finance, and Dakota Financial, also made their debut in the rankings.

Economic challenges, including interest rate volatility, regulatory constraints and intense competition, shaped the industry’s landscape. Despite these obstacles, companies found opportunities, particularly in business aviation and digital transformation. Looking ahead, independents are focusing on expanding their footprint, leveraging technology and maintaining service excellence.

CONCLUSION
As 2025 approaches, independent equipment finance firms remain cautiously optimistic, forecasting another year of nearly 20% growth. However, concerns around competition, economic conditions, customer credit quality and regulatory constraints remain top of mind. To sustain their momentum, independents will need to innovate, strengthen relationships and navigate an evolving financial landscape. While challenges persist, the sector’s resilience and adaptability suggest that private independents will continue to play a vital role in the market.

Monitor thanks all companies that participated in this year’s survey and contributed to the report. •

ABOUT THE SURVEY: BASIS FOR RANKING
To meet the criteria for selection, companies that qualify must be privately owned with equity provided by the individual owners and/or privately held owners.

Participants were asked to provide full-year data relating to funded new business volume, which was to include information pertaining to equipment related loans and leases only.

We also collected information such as staffing levels, origination and funding sources, average deal size, etc. Once received, the data was compiled, checked for accuracy and formatted for this report.

A company’s position in the Monitor’s Top Private Independents ranking is based solely on its funded new business volume.

Questions/Participation Inquiries:
Please contact Rita Garwood at [email protected].