FINANCING ARRANGEMENTS (Tables)

12 Months Ended

Mar. 31, 2026

Provided no default or event of default of the Issuer exists, and subject to satisfaction of all requirements for any closing as set forth in the Third NPA, the Investors are obligated to advance to the Issuer an additional aggregate $60.0 million in $10.0 million increments, each on or within fifteen days of the following dates:


September 30, 2025			$10.0 million
January 30, 2026			$10.0 million
May 30, 2026			$10.0 million
September 30, 2026			$10.0 million
January 30, 2027			$10.0 million
May 30, 2027			$10.0 million

Schedule of Debt

The following table provides certain information about the current financing arrangements of the Company and its subsidiaries (other than related party obligations) as of March 31, 2026 and 2025:


(In Thousands)	March 31, 2026		March 31, 2025		Maturity Date	Interest Rate	Unused commitments as of March 31, 2026		Type of Debt
Air T Debt
Debt - Air T Funding Trust Preferred Securities1	$	38,719	$	35,342	6/7/2049	8.00%			Recourse
Total	38,719		35,342

Alerus Loan Parties Debt
Revolver - Alerus	10,545		6,050		8/28/2027	Greater of 5.00% or 1-month SOFR + 1.90%	$	9,455	Recourse
Overline Note - Alerus	—		—		10/31/2025	Greater of 5.00% or 1-month SOFR + 2.00%	—		Recourse
Term Note A - Alerus	8,295		9,827		8/15/2029	1-month SOFR + 2.00%			Recourse
Term Note C - Alerus	925		—		5/15/2030	Greater of 5.00% or 1-month SOFR + 2.25%			Recourse
Total	19,765		15,877

Contrail Debt
Revolver - Alerus	8,181		—		11/24/2027	1-month SOFR + 3.11%	6,819		Limited recourse2
Revolver - ONB	—		3,127		11/24/2025	1-month SOFR + 3.56%	—		Limited recourse3
Term Note J - ONB	—		8,750		9/12/2028	1-month SOFR + 3.86%			Limited recourse3
Total	8,181		11,877

Wolfe Lake Debt
Term Loan - Bridgewater	8,778		9,059		12/2/2031	3.65%			Non-recourse
Total	8,778		9,059



ATA 22.1 Debt
Term Loan - Alerus	6,000		—		11/24/2032	Greater of 5.00% or 1-month SOFR + 1.90%		Non-recourse
Term Loan - Bridgewater	—		3,500		2/8/2027	4.00%		Non-recourse
Term Loan A - ING	690		1,298		2/1/2027	3.50%		Non-recourse
Term Loan B - ING	1,150		1,082		5/1/2027	4.00%		Non-recourse
Total	7,840		5,880

WASI Debt
Promissory Note - Seller's Note	—		398		1/1/2026	6.00%		Non-recourse
Total	—		398

AAM 24-1 Debt
Promissory Notes - Institutional Investors	60,000		30,000		5/31/2035	8.50%		Non-recourse
Total	60,000		30,000

MAC Debt
Term Loan - Bank of America, N.A.	2,157		2,271		2/21/2030	1-month SOFR + 0.11% + 1.75%		Non-recourse
Total	2,157		2,271

Rex Debt
Term Loan - Commonwealth4	23,842		—		11/11/2054	—%		Non-recourse
Line of Credit - Commonwealth	—		—		12/17/2032	12.00%	41,070	Non-recourse
Total	23,842		—

ATA 25.1
Term Note - Institutional Investors	41,271		—		12/15/2031	11.50%		Recourse
Total	41,271		—

Total Debt	210,553		110,704

Unamortized Premiums and Debt Issuance Costs	(2,357)		(379)
Total Debt, net	$	208,196	$	110,325

Schedule of Maturities of Long-term Debt

At March 31, 2026, our contractual financing obligations, including payments due by period, are as follows (in thousands):


Due by	Amount
March 31, 2027	$	3,633
March 31, 2028	22,829
March 31, 2029	2,965
March 31, 2030	6,847
March 31, 2031	1,519
Thereafter	172,760
	210,553
Unamortized Premiums and Debt Issuance Costs	(2,357)
	$	208,196

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 (in thousands):


	March 31, 2026		March 31, 2025
Carrying Value	$	210,553	$	75,362
Estimated Fair Value	$	200,081	$	92,984

Schedule of Interest Expense

The components of net interest expense during the fiscal years ended March 31, 2026 and March 31, 2025 were as follows (in thousands):


	Year Ended March 31,
	2026		2025
Contractual interest	$	10,969	$	8,606
Amortization of deferred financing costs	268		323
Gain on interest rate swaps	(2)		(167)
Interest income	(748)		(375)
Accretion of fair value discount	1,328		—
Other	225		—
Total	$	12,040	$	8,387

Net interest expense for the Company and its subsidiaries were as follows for the fiscal years ended March 31, 2026 and 2025 (in thousands):


	Year Ended March 31,
	2026		2025
Air T	$	2,872	$	3,504
Jet Yard	—		31
Alerus Loan Parties	1,486		997
Contrail	715		981
AirCo 1	—		378
Wolfe Lake	335		345
ATA 22.1	333		277
WASI	11		39
AAM 24-1	3,310		1,793
MAC	233		58
Rex	917		—
ATA 25.1	1,584		—
Other	244		(16)
Total	$	12,040	$	8,387