Union Pacific and Norfolk Southern’s growth-oriented merger argument remains sound, but the bid-ask spread on competitive concessions remains unknown until the rails respond. Downstream, we view today’s filing as constructive…

The Union Pacific+Norfolk Southern merger terms were largely as expected. NS can walk away from UP for an unsolicited better offer ($11/share break fee), but a BNSF-CSX combination is more…

We have increased conviction that railcar leasing fundamentals will remain exceptional through 2025, while rising economic and tariff uncertainty suggest lower for longer railcar orders with downside risks to nearer-term…

Three days with hundreds of rail equipment industry participants at Rail Equipment Finance 2023 reveal a railcar market that is healthier than we’ve feared into 2023 (lease rate inflation overwhelming…