Financing Arrangements (Tables)

9 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

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 December 31, 2024:

(In Thousands)	December 31, 2024		March 31, 2024		Maturity Date	Interest Rate	Unused commitments at December 31, 2024		Type of Debt
Air T Debt
Revolver - MBT1	$	—	$	—	8/31/2024	SOFR + range of 2.25% - 3.25%			Recourse
Term Note A - MBT1	—		6,955		8/31/2031	3.42%			Recourse
Term Note B - MBT1	—		2,456		8/31/2031	3.42%			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 Securities2	34,917		34,214		6/7/2049	8.00%			Recourse
Total	34,917		45,679
Jet Yard Debt
Term Loan - MBT1	—		1,749		8/31/2031	4.14%			Recourse
Total	—		1,749
Alerus Loan Parties Debt
Revolver - Alerus	9,113		—		2/28/20263	Greater of 5.00% or 1-month SOFR + 2.00%	$	4,887	Recourse
Term Note A - Alerus	10,210		—		8/15/2029	Greater of 5.00% or 1-month SOFR + 2.00%			Recourse
Term Note B - Alerus	2,250		—		8/15/2029	Greater of 5.00% or 1-month SOFR + 2.00%			Recourse
Total	21,573		—
Contrail Debt
Revolver - ONB	7,048		3,476		11/24/2025	1-month SOFR + 3.56%	$	17,952	Limited recourse4
Term Loan G - ONB	—		14,918		11/24/2025	1-month SOFR + 3.11%			Limited recourse4
Term Note I - ONB	—		10,000		9/28/2025	1-month SOFR + 3.11%			Limited recourse4
Term Note J - ONB	9,375		—		9/12/2028	1-month SOFR + 3.86%			Limited recourse4
Total	16,423		28,394
AirCo 1 Debt
Term Loan - PSB	4,475		5,434		12/11/2025	3-month SOFR + 3.26%			Non-recourse
Total	4,475		5,434
Wolfe Lake Debt
Term Loan - Bridgewater	9,128		9,327		12/2/2031	3.65%			Non-recourse
Total	9,128		9,327
Air T Acquisition 22.1
Term Loan - Bridgewater	4,000		4,000		2/8/2027	4.00%			Non-recourse
Term Loan A - ING	1,402		1,946		2/1/2027	3.50%			Non-recourse
Term Loan B - ING	1,039		1,081		5/1/2027	4.00%			Non-recourse
Total	6,441		7,027
WASI Debt
Promissory Note - Seller's Note	513		849		1/1/2026	6.00%			Non-recourse
Total	513		849
AAM 24-1 Debt
Promissory Notes - Honeywell	30,000		15,000		3/1/2031	8.50%			Non-recourse
Total	30,000		15,000
Total Debt	123,470		113,459
Unamortized Premiums and Debt Issuance Costs	(595)		(533)
Total Debt, net	$	122,875	$	112,926

Schedule of Maturities of Long-term Debt

At December 31, 2024, our contractual financing obligations, including payments due by period, are as follows (in thousands):

Due by	Amount
December 31, 2025	$	17,519
December 31, 2026	14,688
December 31, 2027	8,616
December 31, 2028	3,807
December 31, 2029	6,290
Thereafter	72,550
	123,470
Unamortized Premiums and Debt Issuance Costs	(595)
	$	122,875

Interest Expense, net - Net interest expense for the Company and its subsidiaries were as follows for the three and nine months ended December 31, 2024 and 2023:

	Three Months Ended December 31,				Nine Months Ended December 31,
	2024		2023		2024		2023
Air T	$	717	$	1,041	$	2,670	$	2,846
Jet Yard	—		19		31		58
Alerus Loan Parties	459		—		636		—
Contrail	602		224		1,293		1,270
AirCo 1	113		144		363		437
Wolfe Lake	87		89		262		268
Air T Acquisition 22.1	50		85		200		243
WASI	10		(80)		32		53
AAM 24-1	551		—		1,196		—
Other	(28)		6		(13)		14
Total	$	2,561	$	1,528	$	6,670	$	5,189