UNITY SOFTWARE INC.

Red flags

• Dealer concentration: U-Haul had over 23,000 independent equipment rental dealers, and just under half of fiscal 2026 U-Move rental revenue originated through this network.
• Manufacturer concentration: the company says it purchased the majority of its rental trucks from Ford Motor Company and General Motors Corporation over the last 30 years.
• Leverage and refinancing risk: net notes, loans and finance leases payable were $8.08 billion at March 31, 2026, up from $7.19 billion a year earlier; fleet loans and finance liabilities totaled approximately $3.16 billion.
• Residual-value risk: weaker used-truck demand or resale prices could force longer fleet lives, accelerated depreciation or losses on disposal.
• Insurance and credit-estimate exposure: the allowance for credit losses was $7.6 million at March 31, 2026, including $4.0 million for fixed-maturity securities; actual insurance reserves and asset recoverability may materially differ from management estimates.