Company: AIRTP
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0000353184-25-000073
Chunk: 14

Company: AIR T INC
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 1
Chunk 14
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 the condensed consolidated statement of income (loss). As of June 30, 2025 and March 31, 2025, the fair value of these marketable equity securities was an asset of $1.2 million and $1.1 million, respectively, which is included within marketable securities and restricted investments in the condensed consolidated balance sheets.

9.    Equity Method Investments

Lendway, Inc. investmentThe Company’s investment in Lendway (NASDAQ: LDWY), formerly Insignia Systems, Inc., is accounted for under the equity method of accounting. The Company elected a three-month lag upon adoption of the equity method. On August 2, 2023, Insignia reincorporated in the state of Delaware as Lendway, Inc. Subsequent to reincorporation, Lendway sold its legacy business on August 4, 2023 and pivoted the business towards specialty agricultural finance. On February 26, 2024, Lendway acquired Bloomia B.V. ("Bloomia"), marking its first investment in specialty agriculture and underscoring its strategy of targeting high-quality agricultural assets and enterprises. As of June 30, 2025, the Company owned 487,000 Lendway shares, representing approximately 27.5% of Lendway's outstanding shares.On August 15, 2024, the Company entered into a delayed draw term loan with Lendway for up to $2.5 million with an interest rate of 8.0%. On September 27, 2024 the borrowing limit was increased to $3.5 million. On January 15, 2025 the borrowing limit was further increased to $3.8 million and as of March 31, 2025, $3.8 million has been drawn. All outstanding principal and accrued interest will become due and payable to the Company on the maturity date, which is the earlier of August 15, 2029 or by written demand of the Company after February 15, 2026. Prior to the maturity, Lendway may prepay any accrued interest or principal outstanding without penalty. As of June 30, 2025, $3.4 million of the principal balance remains outstanding and $0.2 million of interest has been accrued.Cadillac Casting, Inc. investmentThe Company's 20.1% investment in Cadillac Casting, Inc. ("CCI") is accounted for under the equity method of accounting