Financing Arrangements (Tables)

3 Months Ended

Jun. 30, 2025

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 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 June 30, 2025:

(In Thousands)	June 30, 2025	March 31, 2025	Maturity Date	Interest Rate	Unused commitments as of June 30, 2025	Type of Debt
Air T Debt

Debt - Trust Preferred Securities1	$	35,450	$	35,342	6/7/2049	8.00%			Recourse
Total	35,450		35,342
Alerus Loan Parties Debt
Revolver - Alerus	12,924		6,050		8/28/2026	Greater of 5.00% or 1-month SOFR + 2.00%	$	1,076	Recourse
Overline Note - Alerus	—		—		10/31/2025	Greater of 5.00% or 1-month SOFR + 2.00%	3,000		Recourse
Term Note A - Alerus	9,444		9,827		8/15/2029	Greater of 5.00% or 1-month SOFR + 2.00%			Recourse
Term Note C - Alerus	1,038		—		5/15/2030	Greater of 5.00% or 1-month SOFR + 2.25%			Recourse
Total	23,406		15,877
Contrail Debt
Revolver - ONB	18		3,127		11/24/2025	1-month SOFR + 3.56%	24,982		Limited recourse2
Term Note J - ONB	8,125		8,750		9/12/2028	1-month SOFR + 3.86%			Limited recourse2
Total	8,143		11,877
Wolfe Lake Debt
Term Loan - Bridgewater	8,989		9,059		12/2/2031	3.65%			Non-recourse
Total	8,989		9,059
Air T Acquisition 22.1
Term Loan - Bridgewater	3,500		3,500		2/8/2027	4.00%			Non-recourse
Term Loan A - ING	1,231		1,298		2/1/2027	3.50%			Non-recourse
Term Loan B - ING	1,172		1,082		5/1/2027	4.00%			Non-recourse
Total	5,903		5,880
WASI Debt
Promissory Note - Seller's Note	280		398		1/1/2026	6.00%			Non-recourse
Total	280		398
AAM 24-1 Debt
Promissory Notes - Honeywell	40,000		30,000		5/31/2035	8.50%			Non-recourse
Total	40,000		30,000

MAC Debt
Term Loan - Bank of America, N.A.	2,242		2,271		2/21/2030	1-month SOFR + 0.11% + 1.75%	Non-recourse
Total	2,242		2,271
Total Debt	124,413		110,704
Unamortized Premiums and Debt Issuance Costs	(571)		(379)
Total Debt, net	$	123,842	$	110,325

Schedule of Maturities of Long-term Debt

At June 30, 2025, our contractual financing obligations, including payments due by period, are as follows (in thousands):

Due by	Amount
June 30, 2026	$	6,080
June 30, 2027	22,212
June 30, 2028	4,599
June 30, 2029	2,736
June 30, 2030	5,869
Thereafter	82,917
	124,413
Unamortized Premiums and Debt Issuance Costs	(571)
	$	123,842

Interest Expense, net - Net interest expense for the Company and its subsidiaries were as follows for the three months ended June 30, 2025 and 2024:

	Three Months Ended June 30,
	2025		2024
Air T	$	711	$	971
Jet Yard	—		18
Alerus Loan Parties	371		—
Contrail	309		358
AirCo 1	—		126
Wolfe Lake	83		60
Air T Acquisition 22.1	89		68
WASI	5		12
AAM 24-1	699		323
MAC	38		—
Other	9		10
Total	$	2,314	$	1,946