The Railcar Leasing and Services Group owns and operates a fleet of railcars and provides third-party fleet leasing, management, and administrative services; railcar maintenance and modification services; and other railcar logistics products and services. See Note 1 for information on future contractual minimum rental revenues related to the Leasing Group's railcar operating leases. Information related to the Leasing Group is as follows:


	Three Months Ended June 30,								Six Months Ended June 30,
	2025			2024			Percent		2025			2024			Percent
	($ in millions)						Change		($ in millions)						Change
Revenues:
Leasing and management	$	233.5		$	221.9		5.2	%	$	452.5		$	430.9		5.0	%
Maintenance services (1)	59.3			49.0			21.0	%	118.5			114.2			3.8	%
Digital and logistics services	9.6			10.5			(8.6)	%	18.8			21.5			(12.6)	%
Total revenues	$	302.4		$	281.4		7.5	%	$	589.8		$	566.6		4.1	%

Cost of revenues (2)	$	179.0		$	157.4		13.7	%	350.8			327.0			7.3	%
Selling, engineering, and administrative expenses	13.9			20.0			(30.5)	%	32.6			38.1			(14.4)	%
Gains on dispositions of property:
Lease portfolio sales	7.8			22.7			*		13.7			24.8			*
Other	1.3			1.3			*		3.0			2.0			*
Total operating profit	$	118.6		$	128.0		(7.3)	%	$	223.1		$	228.3		(2.3)	%
Total operating profit margin	39.2		%	45.5		%			37.8		%	40.3		%
Total operating profit margin, excluding lease portfolio sales	36.6		%	37.4		%			35.5		%	35.9		%

Selected expense information for Company-owned railcars (3):
Depreciation and amortization expense (4)	$	61.8		$	60.1		2.8	%	$	122.9		$	120.0		2.4	%
Maintenance and compliance expense (5)	$	43.1		$	35.0		23.1	%	$	81.1		$	65.4		24.0	%
Other fleet operating costs (6)	$	9.8		$	8.1		21.0	%	$	17.8		$	15.8		12.7	%
Interest expense (7)	$	58.0		$	60.4		(4.0)	%	$	114.4		$	117.8		(2.9)	%

(1) Revenues related to services performed by the maintenance services business on Company-owned railcars under full-service lease agreements are eliminated within the Railcar Leasing and Services Group and are excluded from the totals reported on this line.

(2) Includes depreciation and amortization expense, maintenance and compliance expense, and other fleet operating costs related to our lease fleet, as well as operating costs for our maintenance services and digital and logistics services businesses.

(4) Depreciation and amortization expense includes deferred profit related to new railcar additions, sustainable railcar conversions, railcar modifications, and other betterments, resulting in the recognition of depreciation expense based on the original cost of the railcars and services.


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
	($ in millions)
Lease portfolio sales	$	29.3		$	162.5		$	63.0		$	186.7
Operating profit on lease portfolio sales	$	7.8		$	22.7		$	13.7		$	24.8
Operating profit margin on lease portfolio sales	26.6		%	14.0		%	21.7		%	13.3		%

Debt. Wholly-owned subsidiaries. The Leasing Group’s debt at June 30, 2025 consisted primarily of non-recourse debt. As of June 30, 2025, Trinity’s wholly-owned subsidiaries included in the Leasing Group held equipment with a net book value of $5,462.9 million, which is pledged solely as collateral for Leasing Group debt held by those subsidiaries. The net book value of unpledged equipment at June 30, 2025 was $610.1 million. See Note 8 for more information regarding the Leasing Group’s debt.