Stability and Shifts in Rail Finance: A Conversation with David Nahass

At this year’s FTR Transportation Conference, Eric Starks sat down with David Nahass, President of Railroad Financial Corporation, to talk through the state of railcar financing, market trends, and the outlook for the industry.

David and his team advise clients on buying, leasing, and selling railcars — with the goal of driving bottom-line value. In their panel session, “The Money Behind the Markets,” David brought together perspectives from lessors and banks to discuss financing trends and investment appetite in rail equipment.

Key Takeaways from the Conversation

• Conviction Amid Uncertainty
  For the past two years, uncertainty has dominated industry discussions. But David noted a shift in tone this year: instead of trepidation, there’s growing conviction that “we’re going to be okay.” Despite questions about car builds and growth, liquidity remains strong, with money ready to be deployed into the railcar space.

• Valuations and Asset Pressure
  Investors are navigating high valuations in the secondary market. While some worry about a correction, David believes the dynamics are different this time. With the fleet in a state of attrition and no clear excess of cars, there’s less room for a sharp downturn. Instead, valuations may continue to rise, feeding into new car pricing.

• Shifts Toward Leasing Over Owning
  Companies are increasingly questioning whether tying up capital in equipment is the best use of funds. Leasing railcars allows them to reduce operating costs and redeploy cash into core business priorities like production and modernization.

David also highlighted broader concerns about trade policy and the potential unwinding of the USMCA agreement, underscoring the uncertainties that continue to loom over long-term planning.

👉 Watch the full conversation with David Nahass.

Thanks for watching! We’ve really enjoyed these conversations with industry leaders and attendees throughout the conference. To catch all of the 10 Minute Takes podcasts from the event, visit www.ftrintel.com/connection.

Looking Ahead

Railroad Financial Corporation will be co-hosting the Chemical Cars & Capital Forum in Houston on November 5, 2025, followed by their flagship Rail Equipment Finance Conference on March 2–5, 2026, in La Quinta, California. Both events promise to bring together top voices in rail finance and equipment to tackle the challenges and opportunities ahead.

For more information on the Rail Equipment Leasing Forum click here.