This year’s Monitor 101+ report reflects a leaner lineup and a market in flux. With only 25 reporting companies, the data reveals diverging asset performance, cautious originations and a collective pivot toward operational discipline and strategic growth.
This year’s Monitor 101+ isn’t just smaller; it’s more revealing. In a year marked by volatility, the 25 reporting companies offer a clear window into how the equipment finance sector is recalibrating. Between mergers and acquisitions, restructurings and several companies opting out of this year’s survey without offering a reason, the total number of companies dropped to 25 from last year’s 35. As a group for year-end 2024, the Monitor 101+ companies reported $3,519.6 million in net assets and $2,178.5 million in new business volume and 622 employees.
THE TOP FIVE
Among the top five Monitor 101+ companies ranked by net assets, performance varied significantly. No. 101-ranked NextGen Equipment Finance led with net assets of $313.6 million but shed $175.9 million from its portfolio year-over-year. Milestone Bank followed at No. 102 with $303.1 million in net assets and posted the strongest growth of the top five, increasing its portfolio by 44.4% or $93.2 million. No. 103-ranked Merchants Bank Equipment Finance held $270.1 million in net assets but experienced a 3.6% drop, down $10.1 million. OnePlace Capital, which came in at No. 104 with $240.8 million in assets, grew modestly by 7.6%, adding $17 million. And No. 5-ranked Falcon Equipment Finance reported $237.4 million in net assets but saw its portfolio contract by 11.3%, down $30.3 million. This mix of gains and losses underscores the uneven market conditions across the sector.
ASSET TRENDS BY SEGMENT
From a net asset perspective, the U.S. Bank Affiliates led the Monitor 101+ in collective portfolio size, reporting nearly $1.9 billion in 2024 assets, up from $1.8 billion in 2023, an increase of $107.8 million or 6.1% year over year. Of the 10 companies in this segment, six reported asset growth of $152.9 million while four experienced declines of $45 million, showing a trend toward expansion and a $107.8 million year-over-year increase for the
group.
The Independents also posted solid gains. Total assets rose from $1.2 billion to $1.3 billion, a $91.3 million (7.6%) increase year over year. This growth was driven by strong performances from firms like MMP Capital and Regents Capital, which reported 82% and 61.6% year-over-year increases, respectively, despite a few notable declines. Out of 13 companies in this group, eight recorded increases, four declined and one remained flat.
In contrast, the Captives had the weakest performance. Total assets fell sharply from $527.7 million in 2023 to $343.3 million in 2024, marking a $184.4 million (34.9%) drop. Both companies in this segment posted declines, with no gainers. Captive assets now make up just 9.8% of the Monitor 101+ universe, reflecting a significant contraction in their presence.
TOP FIVE ENI GAINERS
The Monitor 101’s top performers in ending net investment (ENI) growth were led by Milestone Bank, which surged by $93.2 million, a 44.4% increase, making it the largest dollar gainer among all companies. MMP Capital followed closely with an impressive $78.1 million gain, reflecting a massive 82% year-over-year increase. MidCap Equipment Finance added $45.8 million, while Regents Capital and 1st Equipment Finance gained $31.6 million and $20.6 million, respectively.
TOP FIVE PERCENTAGE GAINERS
In terms of percentage growth, MMP Capital led the field with 82%, trailed by Regents Capital at 61.6%, and Reliant Capital, which rose 35.9%. Milestone Bank posted a 44.4% gain, combining both strong ENI and percentage performance. Rounding out the top five was Targeted Lending Co., which grew by 25.6%.
$100MM CLUB
This year’s $100MM Club welcomes two new entrants who surpassed the $100 million threshold in net assets, marking a major milestone in portfolio growth. MMP Capital made a leap from $95.3 million in 2023 to $173.4 million in 2024. Targeted Lending Co. climbed from $90.5 million to $113.7 million, marking a 25.6% gain year over year.
YE 2025 ENI FORECAST
The 2025 forecast for Monitor 101+ net assets, calculated on a weighted average basis, projects strong growth, with total assets expected to rise from $3.5 billion in 2024 to $4.4 billion by year-end 2025, an increase of 23.6%. All 25 companies in the ranking participated in the forecast, ensuring full coverage. Of those, 22 companies anticipate growth, while three expect no change — none forecast a decline.
While net asset growth tells one story, origination volume reveals another: pressure, pivots and pockets of aggressive expansion.
NEW BUSINESS VOLUME: MIXED SIGNALS
New business volume across the Monitor 101+ companies totaled nearly $2.2 billion in 2024, down 5.5% from $2.3 billion in 2023, a net decline of $127.7 million. While 13 companies increased volume, their combined gain of $210.5 million was outweighed by the $338.2 million decline of 11 companies. One company remained flat year-over-year.
THE TOP FIVE — NBV
Leading the Monitor 101 in new business volume was MMP Capital, holding steady with $352.9 million, nearly flat from 2023. Milestone Bank surged to No. 102 with $192.3 million, an 83.1% increase over last year. Reliant Capital ranked No. 103 at $182.4 million, up 13.6%, followed by Regents Capital at $155.4 million, up 12.4%. MidCap Equipment Finance rounded out the top five with $142 million, posting a 17.4% increase. These companies were key drivers of volume in a year where growth wasn’t guaranteed, proving their ability to expand even amid broader pullbacks.
SEGMENT PERFORMANCE — VOLUME
Captives posted the steepest decline, with originations falling 12.8%, from $169.5 million to $147.8 million.
Independents held relatively steady, posting a slight decline of 0.1%, from $1,251.8 million to $1,250.2 million (a drop of just $1.6 million). Out of 13 companies, nine increased volume, three decreased and one remained flat.
The U.S. Bank Affiliates experienced the largest dollar decline, with volume dropping $104.4 million, or 11.8%, from $884.9 million to $780.5 million. While four companies posted increases, six reported declines, some of them substantial. This segment’s share of total volume dropped from 38.4% to 35.8%, reflecting a more cautious lending posture across the bank-affiliated players.
TOP PERFORMERS
Several companies stood out in 2024 for their notable year-over-year new business volume shifts. Milestone Bank led all gainers with an $87.3 million increase, up 83.1% from the prior year, making it one of the most significant growth stories in both dollar and percentage terms. Reliant Capital and MidCap Equipment Finance also posted strong gains, growing by $21.9 million (13.6%) and $21 million (17.4%), respectively. On the percentage side, C.H. Brown Co. surged 48.3%, while American Financial Partners and IMT Commercial Credit grew by 26.0% and 27.6%, respectively.
2024 RETROSPECTIVE: MARKET CHALLENGES, SHIFTS, AND STRATEGIC RESPONSES
Monitor 101+ companies across all segments faced a volatile and complex market environment in 2024, shaped by rising interest rates, inflation, tightening credit conditions and sector-specific headwinds. Many U.S. Bank Affiliates described a pullback in small business lending, especially in sectors like transportation, where demand weakened. One bank-affiliated lender noted that while small business buyers were cautious, middle market lending improved as liquidity began to normalize. Others pointed to credit quality concerns, extended deal cycles and delayed equipment deliveries as key friction points in completing transactions.
Independent lenders, particularly those relying on internal funding, faced a different set of pressures. One noted that the challenge wasn’t capital access but managing cash flow and portfolio risk amid a high-rate, risk-averse environment. Equipment demand was uneven — construction slowed, while infrastructure and utility spending held steady. Internally, many made strategic adjustments, from implementing CRM automation to refining underwriting models and improving borrower education. The impact of aggressive pricing from new entrants backed by asset managers was also cited, especially in the large-ticket space.
Despite these challenges, several independents shared a more optimistic outlook. Some are in expansion mode, investing in new funding channels, technologies and growth infrastructure. As one independent succinctly put it, “Survive till 2025” became the mantra, reflecting the cautious but forward-focused mindset shared across the Monitor 101+ landscape.
2025 OUTLOOK: TECH, TALENT & TRANSFORMATION
As Monitor 101+ companies look ahead, their focus is sharply aligned around three main themes: efficiency, adaptability and growth — each shaped by their segment-specific realities.
U.S. Bank Affiliates are heavily focused on portfolio performance in the year ahead. With delinquencies and credit risk still top of mind, lenders are working to keep collections strong and recoveries up, particularly in commercial leasing. Several are undergoing LOS software upgrades, system conversions and prescreen automation to drive faster, more efficient decisioning. Despite headwinds, some are positioning themselves for growth, with efforts centered on identifying new opportunities and refining process efficiency. However, parent company liquidity remains a concern for some bank-owned lenders.
Independents are investing heavily in technology, automation and internal processes to streamline operations, manage risk and expand capacity. Many continue to operate with internal funding, which places added importance on speed, precision and credit quality. Several firms cited manual bottlenecks, outdated workflows and staffing constraints as key challenges they’re actively addressing through system upgrades, CRM enhancements and AI initiatives. Sales enablement is another major focus, with companies prioritizing sales training, marketing and direct origination strategies to remain competitive in a high-rate, crowded market. Others are ramping up originations, entering new verticals and preparing to scale through syndication income and book growth.
Across the board, 2025 is a year of recalibration. Companies are addressing past inefficiencies, strengthening internal infrastructure and doubling down on customer-focused strategies to compete smarter — if not harder — in a still-uncertain market.
CHALLENGES & CONCERNS
According to survey data from 25 Monitor 101+ companies, the economy and capital spending trends top the list of concerns heading into 2025, cited by 32% of respondents. Companies remain wary of how inflation, interest rates and buyer hesitation could impact equipment acquisition and investment activity.
Competition came in second, with 20% of companies naming it their biggest worry — especially with new entrants and aggressive pricing continuing to squeeze margins. Credit quality of customers followed closely at 16%, as lenders remain cautious about rising delinquency risks in a still-volatile economic environment.
Regulatory constraints were cited by 12%, while margin compression and access to quality capital each received 8% of responses, pointing to continued profitability and funding pressure. Lastly, geopolitical instability was flagged by one company (4%), underscoring how global uncertainty continues to loom over business planning, even if it’s not the primary concern for most.
As always, we appreciate the time and effort of the equipment finance companies that participate in our annual survey. The Monitor 101+ would not be possible without the ongoing cooperation of the equipment finance community. •
