Four Forces Reshaping Equipment Finance in 2026:
Key Insights From ELFA Annual Funding Conference

By Randy Haug | Co-Founder & EVP, LTi Technology Solutions
ELFA Annual Funding Conference, Chicago | April 2026 | 29th Year Attending

Jen Martin, LTi SVP and Randy Haug in Chicago

The equipment finance industry gathered in Chicago last week for the ELFA Annual Funding Conference – and this year felt very different.  With nearly 800 registrants and 73 distinct funding sources, both all-time records, the energy in the room reflected an industry at a genuine inflection point.  After 29 years attending this event, I can state with confidence: the conversations were sharper, the stakes felt higher, and the signal-to-noise ratio was better than ever.

What follows are the four themes I believe every equipment finance professional needs to understand heading into the second half of 2026.

1. Experience and Thought Leadership Are the New Competitive Edge:
The equipment finance space is competitive. But, here’s the more important headline: liquidity is back. Capital has returned to the marketplace.  However, it is being deployed with far more discipline and institutional scrutiny than in previous cycles. The question every organization is asking right now is not whether to lend, but where, in which segments, and with what talent behind the decision.

“I have never seen – in 37+ years – this level of focus on institutional strength and talent as the primary differentiator between top firms and everyone else.”

The companies winning right now are not simply the best-capitalized. They are the most experienced. They are investing simultaneously in elite talent acquisition and internal talent development, and they are treating thought leadership as a strategic asset, not a marketing afterthought.  Smart growth – the kind that yields returns aligned with institutional credit profiles – is a planned, execution-based strategy. It does not happen by accident.
 
2.  Data-Driven, Client-Embedded Models Are Now the Baseline:

Relationships and collaboration used to be differentiators in equipment finance. Today, they are table stakes. What IS actually separating high-performing organizations is how deeply data is embedded into every client interaction – from origination through portfolio management and cross-sell identification.

The demand signals coming from the market are telling. The standard blocking-and-tackling requests from clients from basic reporting to standard servicing, are being replaced by sophisticated asks: advanced analytics, embedded technology expertise, and platforms that can keep pace with ambitious growth plans. Human capital in this knowledge-based business is expensive and is getting more-so. The organizations investing in technology to extend the leverage of their teams are building structural advantages that compound over time.

“The most forward-thinking customers are not asking what your platform can do today. They’re asking whether it can scale with where they’re going tomorrow.”

This is not a trend that we expect will slow down. The appetite for platforms that deliver time savings, productivity gains, and new revenue identification through data is accelerating. Premier service models – and even embedded talent offerings – are emerging as the next tier of competitive differentiation for organizations that want to be true partners in their customers’ growth.

3.  Independent Equipment Finance Companies Are Surging – and They Mean Business! 
One of the most energizing storylines at this year’s Conference was the continued, accelerating rise of the independent equipment finance companies. Small ticket and vendor finance businesses are growing at a remarkable pace, and they are doing it with sophistication that frankly outpaces their size.

These organizations are not waiting for the market to come to them. They have talented sales and marketing teams executing at a high level, increasingly advanced origination systems, and a clear command for the ABS, syndication, and securitization markets to fund their growth. They are outperforming the equipment finance market as a whole – and they know it.

“They have their foot on the gas pedal and are not looking to slow down. Micro-ticket, point-of-sale, embedded finance are not future aspirations. They are current strategies.”

The operational demands that come with this kind of growth are intense. These companies are scaling fast and need platforms that can scale with them. They are driving into micro-ticket, point-of-sale, and embedded finance markets that are less rate-sensitive and more volume-driven. And they are demanding automation, self-service customer portals for their borrowers, sophisticated collections capabilities, and support for every payment modality:  ACH, credit card, and beyond. High-tech, lower-touch is not a preference. It is a required business model.
 
4.  Private Equity, Private Credit, and Family Offices Are Reshaping the Funding Stack:
Perhaps the most structurally significant development I observed at this year’s Conference was the degree to which private equity, private credit, and family office capital is actively reshaping the funding landscape – particularly for sub-investment-grade and non-prime credit segments.

This market remains very much open for top-tier performers. But the bar is high.  Accessing this capital requires sophisticated servicing infrastructure, embedded expertise in advanced portfolio management and data analytics, and deep Treasury and capital market capability. The organizations that have built this talent into their core teams – not as a supplementary function but as a strategic pillar – are the ones consistently accessing the best terms.

“ABS and securitization are not one-time transactions. They are repeatable funding engines that require the institutional commitment and talent infrastructure to treat them that way.”
 
Securitization pools across all ticket sizes are growing larger and more complex. The operational demands of packaging, servicing, and managing tranches through their full life cycle, while simultaneously building the next pool, require platforms and processes that can scale without breaking. This is not a future challenge. For the fastest-growing companies in this space it is a present day reality.

Looking Ahead
The ELFA Funding Conference has always been a barometer for where the equipment finance industry is headed. This year, the reading was clear: we are in a talent-driven, data-powered, capital-sophisticated era, and the pace of change is not slowing down.

The firms that will lead the next chapter of this industry are the ones building the right people, the right platforms, and the right institutional partnerships, right now. The conversations in Chicago last week confirmed it. The opportunity ahead is significant for those prepared to meet and seize it.

About the Author
Randy Haug | Co-Founder & Executive Vice President LTi Technology Solutions.
Randy Haug co-founded LTi Technology Solutions and has spent more than 37 years at the forefront of equipment finance technology innovation and leadership. A long-time ELFA and NEFA member, board participant, and committee leader, Randy writes on the intersection of culture, technology, and sustainable growth in asset finance.

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New Hires/Promotions in the Leasing Business
and Related Industries

Ryan Chen, 360 Equipment Finance added Chen as director of operations, further strengthening the firm’s operational leadership as it continues to scale its platform and expand its partner network across the equipment finance industry.

Chen brings more than 25 years of experience in equipment finance, with a track record of building and scaling vendor-driven origination platforms across broker, vendor and direct lending channels. Over the course of his career, he has been directly responsible for more than $350 million in equipment finance originations and has led the development of programs designed to generate consistent, high-quality deal flow.

Kyle Twombley, First Citizens Bank, was promoted to Director of Business Development and Vendor Programs (April 2026 – Present). Previously Vice President of Sales (July 2023 – Present); CIT Bank (March 2014 – July 2023) Assistant Vice President Sales Manager (January 2021 – July 2023), Strategic Account Manager (March 2014 – January 2021)

Heidi Mukomela, CLFP joined Channel as senior vice president of credit and operations. She brings over 25 years of leadership experience in equipment finance, with background spanning operations, risk management and process improvement.

In this role, Mukomela will oversee Channel’s credit and operations functions, with a focus on improving efficiency, advancing automation initiatives and supporting strong partner relationships.

“Heidi brings a collaborative leadership style that aligns teams around shared goals and helps build strong, high-performing cultures,” Ryan Schlenner, Managing Director of Channel, said. “Her operational depth, thoughtful approach to strategy and focus on continuous improvement will be a real asset as Channel continues to grow and evolve.”

Before joining Channel, Mukomela most recently served as lease operations director at CoBank, where she led lease operations teams with responsibility for end-to-end processing, including documentation, booking, funding, titles and insurance. Prior to that, she spent 23 years with U.S. Bank, most notably serving as vice president of equipment finance operational excellence, where she drove enterprise-wide initiatives, risk management and strategic transformation across complex environments.

“Heidi is someone who truly understands the business end to end in a very real, practical way,” Adam Peterson, CEO of Channel, said. “She’s spent her career focused on improving processes and thoughtfully applying automation, with a clear eye on building strong, durable risk practices. Just as important, she leads in a way that’s grounded, collaborative and aligned with how we work at Channel. That combination makes her a natural fit for where we’re headed.”

Mukomela will lead the team responsible for credit and operations across the organization’s equipment finance and working capital offerings.

https://www.linkedin.com/in/heidi-mukomela-clfp/

Help Wanted Ad
    Ameris Bank Equipment Finance

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It's Called Fishing, Not Catching
(This has run before but worth re-reading)
By Ken Lubin, Managing Director, ZRG Partners

Have you ever gone fishing? Stood there for hours and hours wondering why the fish aren’t coming to you? And thought, ‘this is dumb, I am either walking away with no fish or I am going to change my tactics so that I can get a fish.’ 

That why it is called fishing, not catching.

Many hiring managers, HR Professionals, and leaders say they can’t hire anyone good. They complain that they can’t find, attract and hire top talent. What have they truly done to get the best of the best on board, to differentiate themselves?  Using recruiters, job boards, and paying referral fees are great ways to get candidates to interview and hired but what happens next is usually what kills the deal/hire.

Once candidates are in the door, hiring organizations forget that they need keep their sales/recruiting hat on (this is critical). They forget that they need to be showing them how great their company is and how they can make a difference in the world rather than finding fault in the candidate. “A” level candidates know they can do the job, can go anywhere they want, and it is your job to recruit them, not select them out. Chances are candidates aren’t lining up outside the door begging to come to work for you.  Chances are they are they aren’t they aren’t going to take a pay cut, and chances are you aren’t that cool.  You have to differentiate yourself, sell the story, get potential candidates excited and close the deal quickly.

There is bigger and better bait on someone else's fishing pole!

Ken

Ken Lubin
Managing Director
ZRG Partners, LLC
Americas I EMEA I Asia Pacific
C: 508-733-4789
klubin@zrgpartners.com
https://www.linkedin.com/in/klubin

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Apple's Constant Search
for the Next Big Thing
(Kit Menkin remembers)

Founded on April 1, 1976, by Steve Jobs, Steve Wozniak, and Ronald Wayne in a garage in Los Altos, California, I visited it in the early days.

Along the way, Jobs wanted me to arrange financing for Wozniak’s brother’s Apple store. I wound up making arrangements at other stores across the United States. No profit or interference in the negotiations. The original store was more a broker recommendation from me, but not for the money.

Steve Jobs was too “demanding” for me, although I visited him several times as his company grew. (Don’t park in his private parking space as you car would be towed). Some of the dates and issues were from VisualCapitalist as the memory is not what it used to be (Yes, made a lot of money from buying the stock early).

---

As they grew, what began as a small operation, evolved into one of the most valuable companies in the world. Under Steve Jobs' tough, demanding leadership and later, Tim Cook's stewardship, Apple became synonymous with innovation, premium design and seamless user experience.

Today, Apple stands as one of the world's largest companies by market capitalization, shaping how billions of people communicate, work, and consume media. Over the decades, Apple revolutionized multiple industries with iconic products such as the Macintosh (1984), iPod (2001), iPhone (2007), and iPad (2010).

When Apple unveiled its upcoming mixed reality headset called Apple Vision Pro at WWDC in June 2023, it evoked some memories of January 2007. Back then, Steve Jobs had introduced the long-rumored Apple phone, the iPhone, to a mesmerized audience. And while the Vision Pro keynote was pre-recorded, so there were no “oohs” and “ahhs” and no knowing round of applause when Tim Cook announced that he had “one more thing” to show, there was also a shiny new device with an all-new, “magical” user interface that is supposed to ring in a new era of computing.

“In the same way that Mac introduced us to personal computing and iPhone introduced us to mobile computing, Apple Vision Pro will introduce us to spatial computing,” Tim Cook said in the presentation, leaning into the public expectation that the Vision Pro will be the next big thing for Apple and the world. And while the select few that got to try the new device right after the announcement were widely impressed, there was also a feeling of skepticism, as it isn’t yet clear what the standout use case, the so-called “killer app,” of such a device is or might become. He was very popular speaking at events.

That doesn’t mean it’s a bad product, however. The same was arguably true when the Apple Watch was introduced in 2015 and most people agreed that it was a nice piece of tech but didn’t really know what to do with it. Over time, the watch found its purpose and Apple pivoted more and more towards it being a health and fitness device rather than an iPhone for your wrist. Even the first iPhone was very limited in actual features from today’s point of view, and we all know how that played out.

(I still have one of the first Apple computers they sold. It still works.)

Since its launch in June 2007, the iPhone went from zero to close to $210 billion in annual revenue, helping Apple to become the world's first $3-trillion company. Considering its starting price of $3,499, it seems unlikely the Vision Pro will become a hit product right away, but the price might come down over time, giving early adopters and developers a couple of years to figure out what to do with this powerful piece of technology.

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Press Release ########################

Tom Depping and LKCM Headwater Investments
Reunite to Launch Fox Ridge

PORTSMOUTH, N.H. -- Fox Ridge Capital LLC announced its launch, offering achievement-focused financing to small and mid-sized organizations. Fox Ridge Capital LLC is led by CEO Tom Depping, who has driven industry-changing innovation for over three decades. Depping’s leadership has provided over $7 billion in cumulative funding to small and mid-sized companies across the nation.

Fox Ridge Capital combines elements of banking and fintech strengths into a hybrid model with a scalable finance platform designed to match the pace and goals of today’s businesses. “We are pleased to come to market as a catalyst for success and bring a foundation of innovation and a culture of collaboration that leverages technology and AI without removing our relationship-based approach,” said Depping.

The company benefits from the backing and industry expertise of LKCM Headwater Investments (“Headwater”). Brad Wallace, Partner at Headwater, said, "This is a business we know well, led by someone we have backed before. We are proud to support Tom and the Fox Ridge Capital team as they build something we believe can be exceptional. We were early partners with Tom dating back over 20 years and are fortunate to have been chosen as a trusted partner on this next chapter. We look forward to this partnership, this time from a distinct position of strength, with proven leadership, a differentiated technology platform, and a clear market opportunity in small business finance.”
                     
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CSI Announces Key Leadership Promotions
to Drive Future Growth

CSI Leasing, Inc. (CSI) recently announced a series of leadership changes that highlight its commitment to advancing long-term strategic objectives. These changes recognize the contributions of the individuals and reinforce the company’s focus on operational efficiency and global growth.

After 43 years of service at CSI, of which the past nine were as chief executive officer, Steve Hamilton has reduced his role in CSI’s day-to-day operations. He has transitioned to the new role of executive chairman and will continue to serve on the board of directors. Steve joined CSI in 1983 as a corporate attorney before becoming general counsel in 1988. Beginning in 1999, he led CSI’s international expansion until becoming president and COO in 2008. In 2016, he was named vice chairman and CEO, then chairman in 2018.

Paul Keefe has been named CEO and has joined the board of directors. Paul started working at CSI in 2003 as international controller before becoming executive vice president and chief financial officer in 2016, overseeing accounting, tax, treasury and financial reporting.

Arnaldo Rodriguez, currently president, has had chief commercial officer added to his title. Arnaldo joined CSI in 2002 as managing director of CSI Latina Financial and was promoted to president of CSI’s international division in 2009, expanding subsidiaries in Europe, Latin America and Asia. In 2016, he was named president, overseeing worldwide sales and marketing efforts.

Fred O’Neal, who has served CSI diligently and with distinction for more than 35 years, is retiring from his position as chief operating officer and member of the board of directors. Fred will remain available as a consultant providing the benefit of his expertise and experience to the management team through 2026. Fred joined CSI in 1990 as vice president and treasurer. In 1994, he was promoted to senior vice president and then to executive vice president and chief financial officer in 2003.

Janine Todd has been named chief financial officer. Janine joined CSI in 1996 as director of accounting before becoming senior vice president of accounting in 2015. She oversees the accounting, tax, treasury and financial reporting areas of CSI and is a certified public accountant.

Barry Naylor has been promoted to chief administrative officer. Barry joined CSI in 2000 as managing director of CSI UK before being promoted to European director in 2008 and international controller and European credit director in 2016.

Chas McDaniels, executive vice president and chief pricing officer, and Jeff Rousseau, executive vice president of global business development, have had the title of co-chief strategy officer added to their existing roles. Chas joined CSI in 2001 as a credit analyst and was named executive vice president and chief pricing officer in 2016. Prior to this, he was senior vice president and United States chief credit officer. Jeff joined CSI in 2000 as a corporate attorney and was named executive vice president of global business development in 2019. He has served in a management role with CSI’s international group since 2007.

Masa Hiraga has been promoted to executive vice president and will continue to serve on the board of directors. He leads efforts to promote CSI’s capabilities to Japanese-owned companies around the world. Masa joined CSI’s board of directors in 2019.

Bruna Souza has been promoted to international controller. Bruna joined CSI in 2017 as accounting regulatory specialist in Brazil, before becoming head of finance for CSI LifeCycle Leasing in Germany. She was promoted to manager of process improvements and system analysis in 2022.

Kirk Kasicki has been promoted to director of accounting. Kirk began his career at CSI in 2001, left for several years, then returned in 2010 as tax manager. In 2023, he was promoted to senior vice president of corporate tax.

Esteban Moreno has been promoted to head of European credit. Esteban has been with CSI for 18 years. In 2025, he was promoted to the head of credit for Southern Europe after serving as country credit manager for CSI Spain.

“I’m very optimistic for the future of the CSI Group led by this extremely capable and experienced management team,” said Steve Hamilton, executive chairman of CSI Leasing. “Leading CSI as CEO for the past nine years has truly been the highlight of my career. Reflecting on the last four decades, I am extremely proud of how much we’ve grown as an organization. It’s truly remarkable and I am grateful to have been part of its success.”

“I am excited and honored for the opportunity to lead this company full of extraordinarily talented and passionate professionals. I’ve been fortunate enough to spend the last 23 years learning what an amazing company CSI is, and I am very much looking forward to continuing our success,” said Paul Keefe, incoming CEO for CSI Leasing. “I certainly have big shoes to fill, but I am excited and ready to get started.”

 

News Briefs

Xavier Manzano Leasing News Computer Tech
   Available San Francisco Bay Area in Person
       Also Available by Telephone/Email/Computer
https://leasingnews.org/Items/link_javoer.html

Tesla Surprises Wall Street With Better Profits, $1.4 Billion in Free Cash Flow
https://www.wsj.com/business/autos/tesla-earnings-q1-2026-tsla-stock-image-72a9a58e?mod=hp_lead_pos3

What Everyone Got Wrong About Jobs
and the Immigration Crackdown
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United Airlines says it will raise summer fares
as much as 20% as fuel prices surge amid Iran war
https://nypost.com/2026/04/22/business/united-airlines-says-it-will-raise-summer-fares-as-much-as-20-as-fuel-prices-surge-amid-iran-war/

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Navy secretary fired after feud over Trump’s ‘Golden Fleet’ with Pentagon leaders, including Hegseth
https://nypost.com/2026/04/22/us-news/trump-replacing-navy-secretary-in-major-shakeup-as-strait-of-hormuz-blockade-rages/

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Sports Briefs

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California News Briefs

 

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Gimme that Wine

http://www.youtube.com/watch?v=EJnQoi8DSE8