Company: AIRTP
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0000353184-25-000126
Chunk: 49

Company: AIR T INC
Filing Date: 2025-11-12
Form: 10-Q
Item: Item 8
Chunk 49
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%Non-recourseTotal2,214 2,271 Total Debt119,227 110,704 Unamortized Premiums and Debt Issuance Costs(801)(379)Total Debt, net$118,426 $110,325 At September 30, 2025, our contractual financing obligations, including payments due by period, are as follows (in thousands):Due byAmountSeptember 30, 2026$3,447 September 30, 202723,257 September 30, 20282,102 September 30, 20295,049 September 30, 20302,488 Thereafter82,884 119,227 Unamortized Premiums and Debt Issuance Costs(801)$118,426 Interest Expense, net - Net interest expense for the Company and its subsidiaries were as follows for the three and six months ended September 30, 2025 and 2024:Three Months EndedSeptember 30,Six Months EndedSeptember 30,2025202420252024Air T$743 $979 $1,454 $1,952 Jet Yard— 12 — 31 Alerus Loan Parties370 177 741 177 Contrail156 332 465 690 AirCo 1— 125 — 251 Wolfe Lake85 113 170 175 Air T Acquisition 22.125 83 115 150 WASI4 11 9 23 AAM 24-1736 310 1,435 633 MAC38 — 96 — Other95 20 80 26 Total$2,252 $2,162 $4,565 $4,108 Cash paid for interest totaled $3.8 million during the six months ended September 30, 2025.

14.    EMPLOYEE AND NON-EMPLOYEE STOCK OPTIONS

27

Air T, Inc. maintains the 2020 Omnibus Stock and Incentive Plan for the benefit of certain eligible employees and directors. Compensation expense is recognized over the requisite service period for stock options which are expected to vest based on their grant-date fair values. The Company uses either the Black-Scholes option pricing model or Monte Carlo simulations to value stock options the Company grants. The key assumptions for the valuation methodologies include the expected term of the option, stock price volatility, risk-free