v3.25.2
FINANCING ARRANGEMENTS (Tables)
 12 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes certain information about the current financing arrangements of the Company's and its subsidiaries as of March 31, 2025 and 2024:

(In Thousands)March 31, 2025March 31, 2024Maturity DateInterest RateUnused commitments as of March 31, 2025Type of Debt
Air T Debt
Revolver - MBT$— $— 8/31/2024
SOFR + range of 2.25% - 3.25%
Recourse
Term Note A - MBT1— 6,955 8/31/20313.42%Recourse
Term Note B - MBT1
— 2,456 8/31/20313.42%Recourse
Term Note D - MBT1
— 1,271 1/1/2028
1-month LIBOR + 2.00%
Recourse
Term Note F - MBT1
— 783 1/31/2028
Greater of 6.00% or Prime + 1.00%
Recourse
Debt - Trust Preferred Securities235,342 34,214 6/7/20498.00%Recourse
Total35,342 45,679 
AirCo 1 Debt
Term Loan - PSB3— 5,434 12/11/2025
3-month SOFR + 3.26%
Non-recourse
Total— 5,434 
Jet Yard Debt
Term Loan - MBT1
— 1,749 8/31/20314.14%Recourse
Total— 1,749 
Alerus Loan Parties Debt
Revolver - Alerus6,050 — 8/28/2026
Greater of 5.00% or 1-month SOFR + 2.00%
7,950Recourse
Overline Note - Alerus— — 10/31/2025
Greater of 5.00% or 1-month SOFR + 2.00%
3,000Recourse
Term Note A - Alerus9,827 — 8/15/2029
Greater of 5.00% or 1-month SOFR + 2.00%
Recourse
Term Note B - Alerus— — 8/15/2029
Greater of 5.00% or 1-month SOFR + 2.00%
Recourse
Total15,877 — 
Contrail Debt
Revolver - ONB3,127 3,476 11/24/2025
1-month SOFR + 3.56%
21,873Limited recourse4
Term Loan G - ONB5— 14,918 11/24/2025
1-month SOFR + 3.11%
Limited recourse3
Term Note I - ONB5
— 10,000 9/28/2025
1-month SOFR + 3.11%
Limited recourse3
Term Note J - ONB8,750 — 9/12/2028
1-month SOFR + 3.86%
Limited recourse3
Total11,877 28,394 
Wolfe Lake Debt
Term Loan - Bridgewater9,059 9,327 12/2/20313.65%Non-recourse
Total9,059 9,327 
Air T Acquisition 22.1
Term Loan - Bridgewater3,500 4,000 2/8/20274.00%Non-recourse
Term Loan A - ING1,298 1,946 2/1/20273.50%Non-recourse
Term Loan B - ING1,082 1,081 5/1/20274.00%Non-recourse
Total5,880 7,027 
WASI Debt
Promissory Note - Seller's Note398 849 1/1/20266.00%Non-recourse
Total398 849 
AAM 24-1 Debt
Promissory Notes - Institutional Investors30,000 15,000 3/1/20318.50%Non-recourse
Total30,000 15,000 
MAC Debt
Term Loan - BofA2,271 — 2/21/2030
1-month SOFR + 0.11% + 1.75%
Non-recourse
Total2,271 — 
Total Debt110,704 113,459 
Unamortized Premiums and Debt Issuance Costs(379)(533)
Total Debt, net$110,325 $112,926 
Schedule of Maturities of Long-term Debt
At March 31, 2025, our contractual financing obligations, including payments due by period, are as follows (in thousands)
Fiscal year endedAmount
2026$9,099 
202714,135 
20285,527 
20293,208 
20305,840 
Thereafter72,895 
110,704 
Unamortized Premiums and Debt Issuance Costs(379)
$110,325 
Schedule of Interest Expense
The components of net interest expense during the years ended March 31, 2025 and March 31, 2024 are as follows (in thousands):
March 31, 2025March 31, 2024
Contractual interest$8,606 $6,688 
Amortization of deferred financing costs323 324 
Gain on interest rate swaps
(167)(4)
Interest income(375)(92)
Total$8,387 $6,916 
Net interest expense by entity during the years ended March 31, 2025 and March 31, 2024 are as follows (in thousands):
Year Ended March 31,
20252024
Air T$3,380 $3,818 
Jet Yard31 78 
Alerus Loan Parties997 — 
Contrail1,316 1,570 
AirCo 1378 561 
Wolfe Lake345 356 
Air T Acquisition 22.1277 318 
WASI39 67 
AAM 24-11,793 132 
MAC14 — 
Gain on interest rate swaps
(167)(4)
Other(16)20 
Total$8,387 $6,916 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments The following table presents the carrying amounts and estimated fair values of the Company’s debt instruments, which are not measured at fair value on a recurring basis, as of March 31, 2025 and 2024:
(in thousands)
March 31, 2025March 31, 2024
Carrying Value
$75,362 $79,245 
Estimated Fair Value
$92,984 $90,248