It's probably DC-DC Step down switching converter for 48V to 12.5V, regulators aren't just efficient enough for high powers.On looking closer at the label on the power supply, looks like it also takes 48V DC input. That I would guess the 48v part of the power supply would just be a regulator circuitry to convert to 12.5v DC output. And the 48V DC rails on the rack would supply the power in a data center.
Are there UPSs that provide 48v output available? If so, that would be an option for powering these if a UPS power is desired. I need UPS power. Somehow, I'm not convinced by using a Wall -> UPS -> Transformer -> Power Supply approach. Don't know if all UPSs would even work. Just lost even more.
The best solution would be to use a normal 120v switching power supply and hack the 12v inputs to these boards. Is the power supply standard size, does it measure the same as any standard 2U, 1U or ATX power supply? Or is the dimensions proprietary too?
48v ups is fairly simple, all you need is power supply that can feed up to 57VDC and batteries in series of fours so the nominal voltage over single battery pack is 48VDC. Also DC circuit breakers are recommended. 57VDC because it's roughly the recommended recharging voltage for the batteries, 4*14.4V and even if the PSU on the device is rated for 48VDC input they usually have voltage range from mid-30V to 60V, so 48VDC is just nominal voltage.