Company: AIRTP
Filing Date: 2025-06-27
Form Type: 10-K
Source: 0000353184-25-000044
Chunk: 131

Company: AIR T INC
Filing Date: 2025-06-27
Form: 10-K
Item: Item 1A
Chunk 131
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 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 $17.6 million to CAM’s Offshore Series and $1.0 million to CAM’s Onshore Series. The Company fulfilled its Investment Function initial commitment to CAM in fiscal year 2023.In connection with the formation of CAM, MRC had a fixed price put option of $1.0 million to sell its common equity in CAM to the Company at each of the first three (3) anniversary date. The fixed price put option expired on May 5, 2024. At the later of (a) five (5) years after execution of the agreement and (b) distributions to MRC per the waterfall equal to their capital contributions, Air T has a call option and MRC has a put option on the MRC common interests