Company: AIRTP
Filing Date: 2025-08-12
Form Type: 10-K/A
Source: 0000353184-25-000069
Chunk: 73

Company: AIR T INC
Filing Date: 2025-08-12
Form: 10-K/A
Chunk 73
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        | March 31, 2025 |     |   |        | March 31, 2024 |
|:---------------------------------------|:----|:--------------------|-------:|:---------------|:----|:--|-------:|:---------------|
| Overnight Air Cargo                    |     | $                   |  6,808 |                |     | $ |  7,144 |                |
| Ground Support Equipment               |     |                     |   -773 |                |     |   |   -949 |                |
| Commercial Aircraft, Engines and Parts |     |                     |  9,832 |                |     |   |  6,119 |                |
| Digital Solutions                      |     |                     |   -272 |                |     |   |    149 |                |
| Segments total                         |     |                     | 15,595 |                |     |   | 12,463 |                |
| Corporate and Other                    |     |                     | -8,232 |                |     |   | -6,273 |                |
| Adjusted EBITDA                        |     | $                   |  7,363 |                |     | $ |  6,190 |                |

Issuer and guarantor subsidiary summarized information

Air T Funding is a statutory business trust formed under Delaware law in September 2018. Air T Funding exists for the exclusive purposes of (i) issuing and selling its Alpha Income Trust Preferred Securities (also referred to as the 8.0% Cumulative Securities, Capital Securities or “Trust Preferred Securities”), par value $25.00 per share, (ii) using the proceeds from the sale of the Trust Preferred Securities to acquire Junior Subordinated Debentures issued by the Company, and (iii) engaging in only those other activities necessary, advisable or incidental thereto (such as registering the transfer of the Trust Preferred Securities). Accordingly, the Junior Subordinated Debentures are the sole assets of Air T Funding, and payments by the Company under the Junior Subordinated Debentures and a related expense agreement are the sole revenues of Air T Funding. Air T Funding’s business and affairs are conducted by a Property Trustee, a Delaware Trustee and two individual Administrative Trustees who are officers of Air T.

Distributions on the Trust Preferred Securities are payable to record holders at the annual rate of 8% of the stated $25.00 liquidation amount, payable quarterly in arrears on the 15th day of February