v3.26.1
Financing Arrangements (Tables)
 3 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Line of Credit Facilities 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 agreed 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, of which the Issuer has received all contractually required advances through June 30, 2026 (in thousands):
September 30, 2025$10,000 
January 30, 202610,000
May 30, 20261
10,000
September 30, 202610,000
January 30, 202710,000
May 30, 202710,000
1 The Investors advanced $15.0 million for the scheduled $10.0 million issuance on May 30, 2026. For the remaining scheduled issuances, the Company has the flexibility to choose which advance amount will be reduced by $5.0 million. As of the date the condensed consolidated financial statements are issued, the Company has not made that determination.
Schedule of Debt The following table summarizes the terms of the related notes in addition to the principal outstanding (in thousands):
Principal Outstanding
PPN6/30/20263/31/2026Maximum ParticipationMaturity Date
Pico Duarte$4,808 $9,286 $20,000 2/22/2046
Aerie3,484 — 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 DateInterest RateUnused commitments as of June 30, 2026Type of Debt
Air T Debt
Debt - Air T Funding Trust Preferred Securities2$39,535 $38,719 6/7/20498.00%Recourse
Total39,535 38,719 
Alerus Loan Parties Debt
Revolver - Alerus10,654 10,545 8/28/2027
Greater of 5.00% or 1-month SOFR + 1.90%
$9,346 Recourse
Overline Note - Alerus2,800 — 10/15/2026
Greater of 5.00% or 1-month SOFR + 2.50%
— Recourse
Term Note A - Alerus7,912 8,295 8/15/2029
Greater of or 1-month SOFR + 2.00%
Recourse
Term Note C - Alerus888 925 5/15/2030
Greater of 5.00% or 1-month SOFR + 2.25%
Recourse
Total22,254 19,765 
Contrail Debt
Revolver - Alerus11,601 8,181 11/24/2027
1-month SOFR + 3.11%
3,399 Limited recourse3
Term Loan - OCAS II3,535 — 4/1/2029
10-YR Treasury Yield + 2.50%
Non-recourse
Term Loan - OCAS I547 — 11/28/2026
10-YR Treasury Yield + 2.50%
Non-recourse
Total15,683 8,181 
Wolfe Lake Debt
Term Loan - Bridgewater8,706 8,778 12/2/20313.65%Non-recourse
Total8,706 8,778 
ATA 22.1 Debt
Term Loan - Alerus6,000 6,000 11/24/2032
Greater of 5.00% or CME 1-month SOFR + 1.90%
Non-recourse
Term Loan A - ING513 690 2/1/20273.50%Non-recourse
Term Loan B - ING1,141 1,150 5/1/20274.00%Non-recourse
Total7,654 7,840 
AAM 24-1 Debt
Promissory Notes - Institutional Investors75,000 60,000 5/31/20358.50%Non-recourse
Total75,000 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
Total2,128 2,157 
Rex Debt
Term Loan - Commonwealth24,899 23,842 11/11/2054—%Non-recourse
Line of Credit - Commonwealth11,600 — 12/17/203212.00%29,614 Non-recourse
Total36,499 23,842 
3 Includes Air T's guarantee of approximately $2.0 million.
ATA 25.1 Debt
Term Note - Institutional Investors41,301 41,271 12/15/203111.50%Recourse
Total Debt248,760 210,553 
Unamortized Premiums and Debt Issuance Costs(2,424)(2,357)
Total Debt, net$246,336 $208,196 
Schedule of Maturities of Long-term Debt
At June 30, 2026, our contractual financing obligations, including payments due by period, are as follows (in thousands):
Due byAmount
June 30, 2027$9,046 
June 30, 202826,388 
June 30, 20294,227 
June 30, 20306,726 
June 30, 20311,197 
Thereafter201,176 
248,760 
Unamortized Premiums and Debt Issuance Costs(2,424)
$246,336 
Net interest expense (income) for the Company and its subsidiaries was as follows for the three months ended June 30, 2026 and 2025:
Three Months Ended
June 30,
20262025Change
Rex$1,428 $— $1,428 
ATA 25.1 (Rex's parent entity)1,192 — 1,192 
Air T Funding Trust Preferred Securities1,372 711 661 
AAM 24-11,021 699 322 
Other59 14 45 
Alerus Loan Parties371 371 — 
Wolfe Lake82 83 (1)
MAC13 38 (25)
Contrail231 309 (78)
ATA 22.1 (96)89 (185)
Total$5,673 $2,314 $3,359