
	June 30, 2026		December 31, 2025
	(in millions)
Railcars in our lease fleet:
Wholly-owned subsidiaries (1):
Equipment on lease	$	8,793.7	$	8,668.5
Less: accumulated depreciation	(2,261.1)		(2,156.1)
	6,532.6		6,512.4
Partially-owned subsidiary:
Equipment on lease	—		620.5
Less: accumulated depreciation	—		(248.3)
	—		372.2

Deferred profit on railcar products sold (2)	(827.4)		(926.6)
Less: accumulated amortization	266.6		298.0
	(560.8)		(628.6)
Total railcars in our lease fleet	5,971.8		6,256.0

Operating and administrative assets:
Land	16.1		16.1
Buildings and improvements	412.3		408.4
Machinery and other	449.0		452.9
Construction in progress	27.6		18.5
	905.0		895.9
Less: accumulated depreciation	(544.3)		(530.6)
Total operating and administrative assets	360.7		365.3
Total property, plant, and equipment, net	$	6,332.5	$	6,621.3

(1) The Leasing Group’s debt at June 30, 2026 consisted primarily of non-recourse debt. As of June 30, 2026, Trinity’s wholly-owned subsidiaries included in the Leasing Group held equipment with a net book value of $5,616.0 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, 2026 was $872.2 million. See Note 7 for more information regarding the Leasing Group's debt.

(2) Includes deferred profit related to new railcar additions, sustainable railcar conversions, railcar modifications, and other betterments. The deferred profit is subsequently eliminated in consolidation.