Pay vs Performance Disclosure - USD ($)

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

										Net Income
							Value of Initial Fixed			Excluding
							$100 Investment Based			Tax
					Average		on:			Adjustments
	Summary	Summary	Compensation	Compensation	Summary	Average		Peer Group		and Other
	Compensation	Compensation	Actually Paid	Actually Paid	Compensation	Compensation	Total	Total	Net	Items
	Table Total for	Table Total for	to PEO	to PEO	Table Total for	Actually Paid	Shareholder	Shareholder	Income	(non-GAAP)
	PEO (Kenney)	PEO (Lyons)	(Kenney)	(Lyons)	Non-PEO	to Non-PEO	Return	Return	($, in	($, in
Year	($)(1)	($)(1)	($)(3)	($)(3)	NEOs ($)(2)	NEOs ($)(3)	($)	($)(4)	millions)	millions)
2025		8,178,380		6,964,123	2,478,828	2,315,153	223.50	154.40	333.275	319.759
2024		6,846,635		7,553,607	1,805,805	2,165,676	201.21	143.65	284.184	288.079
2023		6,472,498		5,092,187	1,798,061	1,543,434	153.50	126.13	259.169	257.602
2022	6,120,956	4,559,380	(2,085,538)	4,463,028	1,909,348	1,434,592	133.26	108.37	155.923	217.694
2021	7,464,484		8,822,603		2,150,242	2,418,007	127.93	124.73	143.093	182.186

(1) Brian A. Kenney served as our President and Chief Executive Officer until April 22, 2022. On that date, Mr. Kenney retired and Mr. Lyons was appointed as our President and Chief Executive Officer.

(2) The individuals comprising the Non-PEO NEOs for each year presented are listed below:

Year	Non-PEO NEOs
2025	Mr. Ellman, Mr. Glassberg, Ms. Nero, and Mr. Titterton
2024	Mr. Ellman, Mr. Glassberg, Ms. Nero, and Mr. Titterton
2023	Mr. Ellman, Mr. Glassberg, Ms. Nero, and Mr. Titterton
2022	Mr. Ellman, Deborah A. Golden, Ms. Nero, N. Gokce Tezel, Mr. Titterton, and Robert A. Zmudka
2021	Mr. Ellman, Ms. Golden, Mr. Lyons, and Mr. Tezel

(3) Compensation actually paid to our NEOs represents the “Total” compensation reported in the Summary Compensation Table, adjusted as follows:

	2025
			Average
			Non-PEO
Adjustments (a)	PEO		NEOs
Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY	$	(4,583,934)	$	(967,937)
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End	$	4,195,674	$	886,152
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date	$	—	$	—
Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End	$	(667,418)	$	(141,157)
Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date	$	1,143,496	$	234,496
Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End	$	—	$	—
Increase based on Dividends Paid to the Executive during Applicable FY on outstanding equity awards	$	—	$	—
Increase based on Incremental Fair Value of Options Modified during Applicable FY	$	—	$	—
Deduction for Change in the Actuarial Present Values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” Column of the Summary Compensation Table for Applicable FY	$	(1,564,936)	$	(248,080)
Increase for Service Cost and, if applicable, Prior Service Cost for Pension Plans	$	262,861	$	72,851
​ ​ ​TOTAL ADJUSTMENTS	$	(1,214,257)	$	(163,675)

(a) Fair value or change in fair value, as applicable, of equity awards in the “Compensation Actually Paid” columns was determined by reference to the following: (1) for RSUs, if any, (A) for year-end dates, the closing price of our common stock on such year-end date, or (B) for vesting dates, the average of the high and low prices of our common stock on the applicable vesting date; (2) for performance shares, (A) for year-end dates, the closing price of our common stock on such year-end date multiplied by the probable achievement as of such date, or (B) for vesting dates, the average of the high and low prices of our common stock on the applicable vesting date multiplied

by the probable achievement as of such date; and (3) for stock options, a value derived using the Black-Scholes option pricing model and the present value of dividends we expect to pay over the expected term of the award as of the applicable year-end or vesting dates, determined based on the same methodology as used to determine grant date fair value of such stock options for financial statement purposes modified to obtain the values as of the relevant valuation dates. The Black-Scholes option pricing model assumptions were determined as follows: (i) the average of the high and low values of our common stock on the applicable valuation date as of the current market price, (ii) in the case of in the money options, an expected term equal to the original ratio of expected term relative to the seven-year contractual term multiplied times the remaining term as of the applicable valuation date, and in the case of underwater stock options, an expected term set equal to the remaining term of the award, (iii) volatility based on the historical volatility of our stock price over a period equal to the expected term, and (iv) risk-free interest rates based on the implied yield on recently-issued U.S. Treasury zero-coupon bonds with a term comparable to the expected term. In all cases, these amounts were calculated in accordance with ASC Topic No. 718, Compensation – Stock Compensation. For additional information on the assumptions used to calculate the valuation of the awards, see the Notes to the Company’s audited financial statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

⁽⁴⁾ For the relevant fiscal year, represents the cumulative TSR (the “Peer Group TSR”) of the S&P MidCap 400 Index as of December 31 (the “Peer Group”). We are not aware of any peer companies whose businesses are directly comparable to ours and, therefore, the graph displays the returns of the index noted above as it includes companies with market capitalizations similar to ours.

Company Selected Measure Name

Net income, excluding tax adjustments and other items (non-GAAP)

Named Executive Officers, Footnote

Year	Non-PEO NEOs
2025	Mr. Ellman, Mr. Glassberg, Ms. Nero, and Mr. Titterton
2024	Mr. Ellman, Mr. Glassberg, Ms. Nero, and Mr. Titterton
2023	Mr. Ellman, Mr. Glassberg, Ms. Nero, and Mr. Titterton
2022	Mr. Ellman, Deborah A. Golden, Ms. Nero, N. Gokce Tezel, Mr. Titterton, and Robert A. Zmudka
2021	Mr. Ellman, Ms. Golden, Mr. Lyons, and Mr. Tezel

Peer Group Issuers, Footnote

⁽⁴⁾ For the relevant fiscal year, represents the cumulative TSR (the “Peer Group TSR”) of the S&P MidCap 400 Index as of December 31 (the “Peer Group”). We are not aware of any peer companies whose businesses are directly comparable to ours and, therefore, the graph displays the returns of the index noted above as it includes companies with market capitalizations similar to ours.

Adjustment To PEO Compensation, Footnote

(3) Compensation actually paid to our NEOs represents the “Total” compensation reported in the Summary Compensation Table, adjusted as follows:

	2025
			Average
			Non-PEO
Adjustments (a)	PEO		NEOs
Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY	$	(4,583,934)	$	(967,937)
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End	$	4,195,674	$	886,152
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date	$	—	$	—
Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End	$	(667,418)	$	(141,157)
Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date	$	1,143,496	$	234,496
Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End	$	—	$	—
Increase based on Dividends Paid to the Executive during Applicable FY on outstanding equity awards	$	—	$	—
Increase based on Incremental Fair Value of Options Modified during Applicable FY	$	—	$	—
Deduction for Change in the Actuarial Present Values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” Column of the Summary Compensation Table for Applicable FY	$	(1,564,936)	$	(248,080)
Increase for Service Cost and, if applicable, Prior Service Cost for Pension Plans	$	262,861	$	72,851
​ ​ ​TOTAL ADJUSTMENTS	$	(1,214,257)	$	(163,675)

(a) Fair value or change in fair value, as applicable, of equity awards in the “Compensation Actually Paid” columns was determined by reference to the following: (1) for RSUs, if any, (A) for year-end dates, the closing price of our common stock on such year-end date, or (B) for vesting dates, the average of the high and low prices of our common stock on the applicable vesting date; (2) for performance shares, (A) for year-end dates, the closing price of our common stock on such year-end date multiplied by the probable achievement as of such date, or (B) for vesting dates, the average of the high and low prices of our common stock on the applicable vesting date multiplied

by the probable achievement as of such date; and (3) for stock options, a value derived using the Black-Scholes option pricing model and the present value of dividends we expect to pay over the expected term of the award as of the applicable year-end or vesting dates, determined based on the same methodology as used to determine grant date fair value of such stock options for financial statement purposes modified to obtain the values as of the relevant valuation dates. The Black-Scholes option pricing model assumptions were determined as follows: (i) the average of the high and low values of our common stock on the applicable valuation date as of the current market price, (ii) in the case of in the money options, an expected term equal to the original ratio of expected term relative to the seven-year contractual term multiplied times the remaining term as of the applicable valuation date, and in the case of underwater stock options, an expected term set equal to the remaining term of the award, (iii) volatility based on the historical volatility of our stock price over a period equal to the expected term, and (iv) risk-free interest rates based on the implied yield on recently-issued U.S. Treasury zero-coupon bonds with a term comparable to the expected term. In all cases, these amounts were calculated in accordance with ASC Topic No. 718, Compensation – Stock Compensation. For additional information on the assumptions used to calculate the valuation of the awards, see the Notes to the Company’s audited financial statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Non-PEO NEO Average Total Compensation Amount

$ 2,478,828

$ 1,805,805

$ 1,798,061

$ 1,909,348

$ 2,150,242

Non-PEO NEO Average Compensation Actually Paid Amount

$ 2,315,153

2,165,676

1,543,434

1,434,592

2,418,007

Adjustment to Non-PEO NEO Compensation Footnote

(3) Compensation actually paid to our NEOs represents the “Total” compensation reported in the Summary Compensation Table, adjusted as follows:

	2025
			Average
			Non-PEO
Adjustments (a)	PEO		NEOs
Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY	$	(4,583,934)	$	(967,937)
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End	$	4,195,674	$	886,152
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date	$	—	$	—
Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End	$	(667,418)	$	(141,157)
Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date	$	1,143,496	$	234,496
Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End	$	—	$	—
Increase based on Dividends Paid to the Executive during Applicable FY on outstanding equity awards	$	—	$	—
Increase based on Incremental Fair Value of Options Modified during Applicable FY	$	—	$	—
Deduction for Change in the Actuarial Present Values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” Column of the Summary Compensation Table for Applicable FY	$	(1,564,936)	$	(248,080)
Increase for Service Cost and, if applicable, Prior Service Cost for Pension Plans	$	262,861	$	72,851
​ ​ ​TOTAL ADJUSTMENTS	$	(1,214,257)	$	(163,675)

(a) Fair value or change in fair value, as applicable, of equity awards in the “Compensation Actually Paid” columns was determined by reference to the following: (1) for RSUs, if any, (A) for year-end dates, the closing price of our common stock on such year-end date, or (B) for vesting dates, the average of the high and low prices of our common stock on the applicable vesting date; (2) for performance shares, (A) for year-end dates, the closing price of our common stock on such year-end date multiplied by the probable achievement as of such date, or (B) for vesting dates, the average of the high and low prices of our common stock on the applicable vesting date multiplied

by the probable achievement as of such date; and (3) for stock options, a value derived using the Black-Scholes option pricing model and the present value of dividends we expect to pay over the expected term of the award as of the applicable year-end or vesting dates, determined based on the same methodology as used to determine grant date fair value of such stock options for financial statement purposes modified to obtain the values as of the relevant valuation dates. The Black-Scholes option pricing model assumptions were determined as follows: (i) the average of the high and low values of our common stock on the applicable valuation date as of the current market price, (ii) in the case of in the money options, an expected term equal to the original ratio of expected term relative to the seven-year contractual term multiplied times the remaining term as of the applicable valuation date, and in the case of underwater stock options, an expected term set equal to the remaining term of the award, (iii) volatility based on the historical volatility of our stock price over a period equal to the expected term, and (iv) risk-free interest rates based on the implied yield on recently-issued U.S. Treasury zero-coupon bonds with a term comparable to the expected term. In all cases, these amounts were calculated in accordance with ASC Topic No. 718, Compensation – Stock Compensation. For additional information on the assumptions used to calculate the valuation of the awards, see the Notes to the Company’s audited financial statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid vs. Net Income

Compensation Actually Paid vs. Company Selected Measure

Tabular List, Table

Pay Versus Performance Tabular List

We believe the following performance measures represent the most important financial performance measures used by us to link compensation actually paid to our NEOs for the fiscal year ended December 31, 2025:

● Net income, excluding tax adjustments and other items (non-GAAP)

● Three-year cumulative investment volume

● Three-year average LTI-adjusted return on equity (non-GAAP)

Total Shareholder Return Amount

$ 223.5

201.21

153.5

133.26

127.93

Peer Group Total Shareholder Return Amount

154.4

143.65

126.13

108.37

124.73

Net Income (Loss)

$ 333,275,000

$ 284,184,000

$ 259,169,000

$ 155,923,000

$ 143,093,000.000

Company Selected Measure Amount

319,759,000

288,079,000.000

257,602,000

217,694,000

182,186,000

Measure:: 1

Pay vs Performance Disclosure

Name

Net income, excluding tax adjustments and other items (non-GAAP)

Non-GAAP Measure Description

Net income, excluding tax adjustments and other items (non-GAAP), and three-year average LTI-adjusted return on equity are non-GAAP measures. For a reconciliation of these non-GAAP measures to the most comparable GAAP measures, please see Exhibit A to this Proxy Statement. Investment volume is a GAAP measure.

Measure:: 2

Pay vs Performance Disclosure

Compensation Actually Paid vs. Other Measure

Name

Three-year cumulative investment volume

Measure:: 3

Pay vs Performance Disclosure

Compensation Actually Paid vs. Other Measure

Name

Three-year average LTI-adjusted return on equity (non-GAAP)

Brian A. Kenney

Pay vs Performance Disclosure

PEO Total Compensation Amount

$ 6,120,956

$ 7,464,484

PEO Actually Paid Compensation Amount

(2,085,538)

$ 8,822,603

Robert C. Lyons

Pay vs Performance Disclosure

PEO Total Compensation Amount

$ 8,178,380

$ 6,846,635

$ 6,472,498

4,559,380

PEO Actually Paid Compensation Amount

6,964,123

$ 7,553,607

$ 5,092,187

$ 4,463,028

PEO | Total Adjustments

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(1,214,257)

PEO | Increase for Service Cost and, if applicable, Prior Service Cost for Pension Plans

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

262,861

PEO | Deduction for Change in the Actuarial Present values reported under the Change in Pension Value and Nonqualified Deferred Compensation Earnings Column of the Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(1,564,936)

PEO | Increase/deduction based on ASC 718 Fair Value of Prior FY Awards that Vested During the Applicable FY, as of Vesting Date as of Compared to Valuation as of Prior FY End

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

1,143,496

PEO | Increase/deduction based on ASC 718 Fair Value of Outstanding Unvested Prior FY Awards as of Applicable FY End as of Compared to Valuation as of Prior FY End

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(667,418)

PEO | Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End as of Applicable FY End

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

4,195,674

PEO | Deduction for ASC 718 Fair Value as of Grant Date Reported under the Stock Awards and Option Awards Columns in the Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(4,583,934)

Non-PEO NEO | Total Adjustments

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(163,675)

Non-PEO NEO | Increase for Service Cost and, if applicable, Prior Service Cost for Pension Plans

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

72,851

Non-PEO NEO | Deduction for Change in the Actuarial Present values reported under the Change in Pension Value and Nonqualified Deferred Compensation Earnings Column of the Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(248,080)

Non-PEO NEO | Increase/deduction based on ASC 718 Fair Value of Prior FY Awards that Vested During the Applicable FY, as of Vesting Date as of Compared to Valuation as of Prior FY End

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

234,496

Non-PEO NEO | Increase/deduction based on ASC 718 Fair Value of Outstanding Unvested Prior FY Awards as of Applicable FY End as of Compared to Valuation as of Prior FY End

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(141,157)

Non-PEO NEO | Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End as of Applicable FY End

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

886,152

Non-PEO NEO | Deduction for ASC 718 Fair Value as of Grant Date Reported under the Stock Awards and Option Awards Columns in the Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (967,937)