EquipmentShare OWN Program Dependency

This structure makes EquipmentShare partly a credit intermediation business, not just an equipment renter. Instead of funding most fleet growth only with its own balance sheet, EquipmentShare buys machines, sells many into the OWN Program, then leases and manages them back on its platform. That lowers upfront capital needs, but it also ties fleet capacity and liquidity to third party buyers, ABS markets, and leaseback terms in a way pure rental peers do not depend on.1 2 3 4

• The dependency is concrete. OWN participants include institutional investors, ABS entities, family offices, and individuals. EquipmentShare keeps operating control, pricing, dispatch, and service, but outside capital owns much of the fleet and gets paid from equipment rental revenue, so fleet expansion depends on continuing investor appetite as well as end customer demand.2 3 4
• The scale is large enough to matter. EquipmentShare says $5.1B of equipment is enrolled in OWN, out of $9.1B of total fleet under management. It also completed multiple OWN ABS transactions, including a roughly $454M deal in December 2025, which shows the program is a core funding channel rather than a side vehicle.1 4 5
• That differs from a peer like United Rentals. United Rentals uses debt and a receivables securitization facility, but its fleet is principally company owned. EquipmentShare, by contrast, has built a funding model where third party owned machines sit inside the operating fleet, adding refinancing and counterparty risk on top of normal rental cycle risk.3 6

Going forward, the upside is faster fleet growth with less equity dilution, but the trade is permanent exposure to capital market conditions. If ABS buyers stay available, EquipmentShare can keep scaling faster than a traditional renter. If credit tightens at the same time utilization softens, the OWN structure can turn a fleet slowdown into a sharper liquidity constraint.1 2 4 5