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Financing Arrangements (Tables) | 3 Months Ended
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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 recourse 2
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 |

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