Company: AIRTP
Filing Date: 2025-06-27
Form Type: 10-K
Source: 0000353184-25-000044
Chunk: 380

Company: AIR T INC
Filing Date: 2025-06-27
Form: 10-K
Item: Item 8
Chunk 380
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 of Air T ("Shanwick RNCI").The Company has presented the Shanwick RNCI between the liabilities and equity sections of the accompanying condensed consolidated balance sheets. In addition, the Company has elected to recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the estimated redemption value at the end of each reporting period. As the Shanwick RNCI will be redeemed at established multiples of EBIT, it is considered redeemable at other than fair value. Changes in its estimated redemption value are recorded on our consolidated statements of operations within non-controlling interests.The Shanwick RNCI and Contrail RNCI are measured at the higher of their carrying value or redemption value. As of March 31, 2025, the balances were comprised of the following (in thousands):Shanwick RNCIContrail RNCITotalBeginning Balance as of April 1, 2024$5,540 $7,436 $12,976 Contribution from non-controlling members— — — Distribution to non-controlling members(323)(180)(503)Net income attributable to non-controlling interests229 521 750 Other comprehensive income attributable to the RNCI(234)— (234)Redemption value adjustments(36)— (36)Redemption of non-controlling interests— (5,899)(5,899)Ending Balance as of  March 31, 2025$5,176 $1,878 $7,054 

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Crestone Asset Management, LLC and CJVII, LLCFor CAM's Investment Function, as described in Note 9, CAM's initial commitment to CJVII was approximately $51.0 million. The Company and MRC have commitments to CAM in the respective amounts of $7.0 million and $44.0 million. These represent the investor interests of CAM, separate and distinct from the common interests. Any investment returns on CAM’s investor interests are shared pro-rata between the Company and MRC for each individual investment at the CJVII Series. Per its Operating Agreement, CAM is comprised of only two Series: the Onshore and the Offshore Series. Participation in each is determined solely based on whether a potential investment at the CJVII Series is a domestic (Onshore) or international (Offshore) investment. As of March 31, 2025, for its Investment Function, the Company has contributed $17.