| Schedule of Debt |
The following table summarizes the terms of the related notes in addition to the principal outstanding (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Principal Outstanding | | | | | | PPN | | 6/30/2026 | | 3/31/2026 | | Maximum Participation | | Maturity Date | | Pico Duarte | | $ | 4,808 | | | $ | 9,286 | | | $ | 20,000 | | | 2/22/2046 | | Aerie | | 3,484 | | | — | | | 4,000 | | | 3/30/2046 |
The following table provides certain information about the current financing arrangements of the Company and its subsidiaries (other than related party obligations) as of June 30, 2026 and March 31, 2026:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In Thousands) | June 30,
2026 | | March 31,
2026 | | Maturity Date | | Interest Rate | | Unused commitments as of June 30, 2026 | | Type of Debt | | Air T Debt | | | | | | | | | | | | | Debt - Air T Funding Trust Preferred Securities2 | $ | 39,535 | | | $ | 38,719 | | | 6/7/2049 | | 8.00% | | | | Recourse | | Total | 39,535 | | | 38,719 | | | | | | | | | | | | | | | | | | | | | | | Alerus Loan Parties Debt | | | | | | | | | | | | | Revolver - Alerus | 10,654 | | | 10,545 | | | 8/28/2027 | | Greater of 5.00% or 1-month SOFR + 1.90% | | $ | 9,346 | | | Recourse |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Overline Note - Alerus | 2,800 | | | — | | | 10/15/2026 | | Greater of 5.00% or 1-month SOFR + 2.50% | | — | | | Recourse | | Term Note A - Alerus | 7,912 | | | 8,295 | | | 8/15/2029 | | Greater of or 1-month SOFR + 2.00% | | | | Recourse | | Term Note C - Alerus | 888 | | | 925 | | | 5/15/2030 | | Greater of 5.00% or 1-month SOFR + 2.25% | | | | Recourse | | Total | 22,254 | | | 19,765 | | | | | | | | | | | | | | | | | | | | | | | Contrail Debt | | | | | | | | | | | | | Revolver - Alerus | 11,601 | | | 8,181 | | | 11/24/2027 | | 1-month SOFR + 3.11% | | 3,399 | | | Limited recourse3 | | Term Loan - OCAS II | 3,535 | | | — | | | 4/1/2029 | | 10-YR Treasury Yield + 2.50% | | | | Non-recourse | | Term Loan - OCAS I | 547 | | | — | | | 11/28/2026 | | 10-YR Treasury Yield + 2.50% | | | | Non-recourse | | Total | 15,683 | | | 8,181 | | | | | | | | | | | | | | | | | | | | | | | Wolfe Lake Debt | | | | | | | | | | | | | Term Loan - Bridgewater | 8,706 | | | 8,778 | | | 12/2/2031 | | 3.65% | | | | Non-recourse | | Total | 8,706 | | | 8,778 | | | | | | | | | | | | | | | | | | | | | | | ATA 22.1 Debt | | | | | | | | | | | | | Term Loan - Alerus | 6,000 | | | 6,000 | | | 11/24/2032 | | Greater of 5.00% or CME 1-month SOFR + 1.90% | | | | Non-recourse | | Term Loan A - ING | 513 | | | 690 | | | 2/1/2027 | | 3.50% | | | | Non-recourse | | Term Loan B - ING | 1,141 | | | 1,150 | | | 5/1/2027 | | 4.00% | | | | Non-recourse | | Total | 7,654 | | | 7,840 | | | | | | | | | | | | | | | | | | | | | | | AAM 24-1 Debt | | | | | | | | | | | | | Promissory Notes - Institutional Investors | 75,000 | | | 60,000 | | | 5/31/2035 | | 8.50% | | | | Non-recourse | | Total | 75,000 | | | 60,000 | | | | | | | | | | | | | | | | | | | | | | | MAC Debt | | | | | | | | | | | | | Term Loan - Bank of America, N.A. | 2,128 | | | 2,157 | | | 2/21/2030 | | 1-month SOFR + 0.11% + 1.75% | | | | Non-recourse | | Total | 2,128 | | | 2,157 | | | | | | | | | | | | | | | | | | | | | | | Rex Debt | | | | | | | | | | | | | Term Loan - Commonwealth | 24,899 | | | 23,842 | | | 11/11/2054 | | —% | | | | Non-recourse | | Line of Credit - Commonwealth | 11,600 | | | — | | | 12/17/2032 | | 12.00% | | 29,614 | | | Non-recourse | | Total | 36,499 | | | 23,842 | | | | | | | | | | | | | | | | | | | | | |
3 Includes Air T's guarantee of approximately $2.0 million. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ATA 25.1 Debt | | | | | | | | | | | | | Term Note - Institutional Investors | 41,301 | | | 41,271 | | | 12/15/2031 | | 11.50% | | | | Recourse | | | | | | | | | | | | | | | | | | | | | | | | | | Total Debt | 248,760 | | | 210,553 | | | | | | | | | | | | | | | | | | | | | | | Unamortized Premiums and Debt Issuance Costs | (2,424) | | | (2,357) | | | | | | | | | | | Total Debt, net | $ | 246,336 | | | $ | 208,196 | | | | | | | | | |
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