AIR T INC — fact timeline

AIR T INC completed an acquisition involving Arena Aviation Partners B.V. for cash consideration of $21.75 million (closed 2026-06-10).

“(the “Company”), through its subsidiaries and affiliates, entered into and consummated a series of related agreements and transactions involving the reorganization and capitalization of its aviation asset management platform and the acquisition of Arena Aviation Partners B.V., a Netherlands private limited company (“Arena”). The transactions were completed through Crestone Air Partners, LLC, a Delaware limited liability company (“CAP”), which serves as the platform vehicle for the combined Crestone and Arena aviation asset management business.”

AIR T INC incurred revolving credit of $2.8 million with Alerus Financial, National Association maturing October 15, 2026.

“Amendment No. 6 provides for a temporary overline revolving credit commitment under which, subject to the terms and conditions of the Alerus Credit Agreement, as amended, Alerus may make overline revolving credit loans to the Alerus Borrowers from time to time during the overline commitment period in an aggregate principal amount outstanding at any one time not to exceed the lesser of: (i) $2.8 million; and (ii) the amount by which the borrowing base exceeds total usage before giving effect to the requested loan.”

AIR T INC amended Amendment No. 6 to Credit Agreement and Other Loan Documents with Alerus Financial, National Association valued at Provides for temporary overline revolving credit commitment up to $2.8 million, subject to borrowing (effective 2026-06-15).

“On June 15, 2026, Air’Zona Aircraft Services, Inc., CSA Air, Inc., Global Ground Support, LLC, Jet Yard, LLC, Jet Yard Solutions, LLC, Mountain Air Cargo, Inc., Worldwide Aircraft Services, Inc., Royal Aircraft Services, LLC and Worthington Aviation, LLC, each a subsidiary or affiliate of the Company (collectively, the “Alerus Borrowers”), together with the Company, in its capacities as loan party agent and guarantor, entered into Amendment No. 6 to Credit Agreement and Other Loan Documents (“Amendment No. 6”) with Alerus Financial, National Association (“Alerus”), as lender. Amendment No. 6 amends that certain Credit Agreement, dated as of August 29, 2024, as previously amended, by and among the Alerus Borrowers, the Company, as loan party agent, and Alerus (the “Alerus Credit Agreement”). Amendment No. 6 provides for a temporary overline revolving credit commitment under which, subject to the terms and conditions of the Alerus Credit Agreement, as amended, Alerus may make overline re”

AIR T INC entered into CAP Limited Liability Company Agreement with Initial members: Company, AGI, Blue Owl Capital Inc. or affiliate, Crestone Group Management, LLC valued at Company and AGI contributed servicing rights for Class A Common Units; Company and Blue Owl contribu (effective 2026-06-10).

“On the Closing Date, the limited liability company agreement of CAP became effective, and CAP was capitalized through contributions by its initial members. The Company and AGI contributed the servicing agreement rights received from CAM to CAP in exchange for Class A Common Units of CAP. The Company and Blue Owl Capital Inc. or an affiliate thereof contributed an aggregate of $21.7 million in cash to CAP in exchange for Class B Preferred Units of CAP. The Company also contributed $50 thousand in cash to CAP in exchange for Class A Common Units of CAP.”

AIR T INC amended Amendment to CAM Limited Liability Company Agreement with CAM and the MRC parties valued at Amended to reflect exit of MRC parties and preserve certain investor-protective consent rights (effective 2026-06-10).

“the parties also amended CAM’s limited liability company agreement to reflect the exit of the MRC parties from the common interest holder group and to preserve certain limited investor-protective consent rights held by specified MRC investor-side entities.”

AIR T INC entered into Redemption Agreement with Crestone Asset Management, LLC (CAM) valued at Redeemed approximately 99% of CAM common interests in exchange for assignment of servicing agreement (effective 2026-06-10).

“the Company and AGI entered into a Redemption Agreement with CAM, pursuant to which the Company and AGI redeemed approximately 99% of their CAM common interests in exchange for CAM’s assignment to the Company and AGI of a portfolio of servicing agreement rights.”

AIR T INC entered into Membership Interest Purchase Agreement with MRC Common Member LLC and MR CAM US Splitter 2, L.P. valued at Aggregate cash consideration of $6.2 million, with Company and AGI each contributing $3.1 million (effective 2026-06-10).

“the Company and Aviation Growth Initiatives, LLC (“AGI”), a management-affiliated entity formed by executives of Crestone Air Partners, Inc., entered into a Membership Interest Purchase Agreement with the MRC Parties, pursuant to which the Company and AGI acquired the MRC Parties’ 10% common interest position in CAM for aggregate cash consideration of $6.2 million, with each of the Company and AGI contributing $3.1 million of the aggregate cash consideration.”

AIR T INC entered into Share Purchase Agreement with Arena, the sellers party thereto (collectively, the "Sellers"), and Dirk Jan Smit, as Securityholders' Agent valued at approximately $20 million (effective 2026-03-08).

“On March 8, 2026, the Company, through Crestone Air Partners, Inc. (the “ Purchaser ” or “ Crestone ”), entered into a Share Purchase Agreement (the “ Purchase Agreement ”) with Arena, the sellers party thereto (collectively, the “ Sellers ”), and Dirk Jan Smit, as Securityholders’ Agent, pursuant to which Purchaser agreed to acquire all of the outstanding shares of Arena.”

AIR T INC entered into Share Purchase Agreement with Arena Aviation Partners B.V. valued at in excess of 35 million (effective 2026-03-08).

“On March 8, 2026, Air T, Inc. (the “Company”), through Crestone Air Partners LLC (the “Purchaser” or “Crestone”), entered into a Share Purchase Agreement (the “Purchase Agreement”) with Arena Aviation Partners B.V. (“Arena”), the sellers party thereto (collectively, the “Sellers”), and Dirk Jan Smit, as Securityholders’ Agent, pursuant to which Purchaser agreed to acquire all of the outstanding shares of Arena.”

AIR T INC entered into Intercreditor Deed – Regional Express Airlines with Commonwealth of Australia, 25.1 Lending (or an affiliate thereof), and P.T. Limited, as trustee (effective 2025-12-17).

“On December 17, 2025, the Company and certain of its subsidiaries, Rex Express and the Rex Companies, the Commonwealth of Australia, as represented by the Department of Infrastructure, Transport, Regional Development, Communications, Sport and the Arts (the “Commonwealth”), 25.1 Lending (or an affiliate thereof), and P.T. Limited, as trustee (the “Air T Security Trustee”), entered into an Intercreditor Deed – Regional Express Airlines (the “Intercreditor Deed”).”

AIR T INC entered into a asset purchase with Regional Express Holdings Limited valued at $1.00 and the assumption of liabilities of approximately A$108,000,000 (effective 2025-12-17).

“On December 17, 2025, the Company, through its indirect wholly-owned subsidiary Rex Acquisition, acquired all the outstanding capital stock of Rex Express for a purchase price of $1.00 plus the assumption of liabilities which, at the time of acquisition, was approximately A$108,000,000.”

AIR T INC entered into Contingent Payment Agreement with Company, Acquisition 25.1, Rex Acquisition and the Investors valued at up to A$8,000,000.

“In connection with the Investor Note, the Company, Acquisition 25.1, Rex Acquisition and the Investors entered into a Contingent Payment Agreement that provides the Investors with the right to receive up to A$8,000,000 of contingent payments after the Investor Note has been repaid in full”

AIR T INC entered into Syndicated Loan Note Subscription Agreement – Project Mustang with Lending 25.1, Regional Express and additional parties valued at A$50,000,000 (effective 2025-12-17).

“The New Cap Note Facility provides a A$50,000,000 line of credit, matures five years from the date of closing, and bears interest at 12.0% per annum.”

AIR T INC entered into Note Purchase Agreement with Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Fund valued at $40,000,000 (effective 2025-12-15).

“On December 15, 2025, the Company and Acquisition 25.1, entered into a Note Purchase Agreement (the “Agreement”) with Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Fund (together the “Investors”).”

AIR T INC incurred credit facility of A$50,000,000 with Rex Express at 12.0% per annum maturing five years from the date of closing.

“The New Cap Note Facility provides a A$50,000,000 line of credit, matures five years from the date of closing, and bears interest at 12.0% per annum.”

AIR T INC incurred senior notes of US$40,000,000 with Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Fund at 11.5% per annum maturing December 15, 2031.

“Acquisition 25.1 issued to the Investors a 11.5% Senior Secured Note due December 15, 2031 in the aggregate principal amount of US$40,000,000”

AIR T INC completed an acquisition involving Regional Express Holdings Limited for $1.00 and assumption of approximately A$108,000,000 in liabilities (closed 2025-12-17).

“On December 17, 2025, the Company, through Rex Acquisition, completed the acquisition of all of the outstanding capital stock of Regional Express Holdings Limited ("Rex Express") for cash consideration of $1.00 and the assumption of Rex Express’s liabilities.”

AIR T INC entered into Master Loan Agreement with Alerus Financial, National Association valued at $15,000,000 (effective 2025-11-24).

“On November 24, 2025, Contrail entered into a Master Loan Agreement and Supplement No. 1 to Master Loan Agreement (collectively the “Master Loan Agreement”) with Alerus.”

AIR T INC entered into a credit facility with Alerus Financial, National Association valued at $6,000,000 (effective 2025-11-24).

“.01 Entry into a Material Definitive Agreement Alerus Financial Financings On November 24, 2025, Air T Acquisition 22.1, LLC (“22.1”) and Contrail Aviation Services, LLC and Contrail Aviation Leasing, LLC (collectively “Contrail”) completed financings with Alerus Financial, National Association (“Alerus”). (a) 22.1 Term Loan On November 24, 2025, 22.1 entered into a $6,000,000 term loan with Alerus.”

AIR T INC amended guarantee of $2,000,000 with Alerus Financial, National Association.

“the loan is secured by a payment guaranty of Air T, Inc, in an aggregate amount not to exceed $2,000,000 plus collection and collateral recovery costs.”

AIR T INC incurred revolving credit of $15,000,000 with Alerus Financial, National Association at 1-month SOFR plus 3.11% maturing November 24, 2027.

“Contrail entered into a Master Loan Agreement and Supplement No. 1 to Master Loan Agreement (collectively the “Master Loan Agreement”) with Alerus. The agreement provided for a $15,000,000 revolving loan facility that is evidenced by a Promissory Note Revolving Note dated November 24, 2025 in the principal amount of $15,000,000. The funds are to be used for the”

AIR T INC incurred term loan of $6,000,000 with Alerus Financial, National Association at the greater of 5.0% or 1.90% plus the CME one-month term SOFR rate maturing November 24, 2032.

“.01 Entry into a Material Definitive Agreement Alerus Financial Financings On November 24, 2025, Air T Acquisition 22.1, LLC (“22.1”) and Contrail Aviation Services, LLC and Contrail Aviation Leasing, LLC (collectively “Contrail”) completed financings with Alerus Financial, National Association (“Alerus”). (a) 22.1 Term Loan On November 24, 2025, 22.1 entered into a $6,000,000 term loan with Alerus.”

AIR T INC completed a disposition involving FTAI Aircraft Leasing Ireland (2025) DAC for exceeded $18,000,000 (closed 2025-07-15).

“of Contrail Aviation Support, LLC (“Contrail”), completed the sale of two Airbus aircraft with engines. The total transaction value for the aircraft and engine sales exceeded $18,000,000. The sale and purchase agreements related to the transactions were filed as exhibits to that certain Air T, Inc. Current Report on Form 8-K filed June 25, 2025 and the purchaser”

AIR T INC incurred senior notes of $100,000,000 with institutional investors at 8.5% maturing May 31, 2035.

“the Issuer agreed to issue and sell a Multiple Advance Senior Secured Note in an aggregate principal amount of up to $100,000,000”

AIR T INC amended credit facility of Added Royal as a Borrower; term loan of $1,050,000 with Alerus Financial, National Association at not specified maturing not specified.

“National Association (“Alerus”) and Royal and Air T entered into Amendment No. 4 to Credit Agreement and Consent (the “Amendment”) and Term Loan C with Alerus in the amount of $1,050,000. The purpose of the Amendment and Term Note was to provide a term loan to finance the full purchase price of the acquisition, to add Royal as a Borrower to the Alerus credit”

AIR T INC incurred term loan of $1,050,000 with Alerus Financial, National Association at greater of 5% or CME one-month term SOFR rate plus 2.25% maturing May 15, 2030.

“In connection with the acquisition, Air’Zona Aircraft Services, Inc., AirCo Services, LLC, CSA Air, Inc., Global Ground Support, LLC, Jet Yard, LLC, Jet Yard Solutions, LLC, Mountain Air Cargo, Inc., Stratus Aero Partners, LLC, Worldwide Aircraft Services, Inc., Worthington Aviation, LLC (the “Borrowers”) under the Revolving Credit Agreement with Alerus Financial, National Association (“Alerus”) and Royal and Air T entered into Amendment No. 4 to Credit Agreement and Consent (the “Amendment”) and Term Loan C with Alerus in the amount of $1,050,000.”

AIR T INC incurred revolving credit of $3,000,000 Overline Note with Alerus Financial, National Association at greater of five (5%) percent or the CME one-month term SOFR rate maturing October 31, 2025.

“the Revolving Credit Agreement with Alerus Financial, National Association (“Alerus”) entered into Amendment No. 3 to Credit Agreement (the “Amendment”) with Alerus as well as a $3,000,000 Overline Note and an Amended and Restated Revolving Credit Note in the amount of $14,000,000. The purpose of the new agreements was to memorialize a new $3,000,000 overline”

AIR T INC amended credit facility with Alerus Financial, National Association.

“Alerus Financial, National Association entered into Amendment No. 2 to Credit Agreement and Consent (“Amendment No. 2”) on February 21, 2025.”

AIR T INC incurred term loan of $2,280,000 with Bank of America, N.A. at Term SOFR (Adjusted Periodically) plus one and 75/100 percentage points (1.75%) maturing February 21, 2030.

“On February 21, 2025, Mountain Air Cargo, Inc (MAC), a wholly-owned subsidiary of Air T, Inc., entered into a $2,280,000 term loan with Bank of America, N.A.”

AIR T INC completed an acquisition for $18,000,000 (closed 2024-09-12).

“On September 12, 2024, CASP Leasing I, LLC (“CASP”), a 95% owned subsidiary of Contrail Aviation Support, LLC (“CAS”), completed the purchase of two airplanes - an Airbus A320 aircraft and an Airbus A321 aircraft. The total transaction value for the aircraft purchases exceeded $18,000,000”

Tracy Kennedy was appointed as Principal Financial Officer at AIR T INC.

“the Company will appoint Tracy Kennedy, the Company’s Chief Accounting Officer, to assume the duties of principal financial officer of the Company effective September 3, 2024.”

Brian Ochocki departed as Chief Financial Officer at AIR T INC.

“Brian Ochocki will resign as Chief Financial Officer of the Company effective as of September 3, 2024.”

AIR T INC received a nasdaq deficiency notice notice regarding stockholders equity (rules 5450(b)(1)(A)).

“February 15, 2024 notifying the Company that it was not in compliance with the minimum stockholders’ equity requirement for continued listing set forth in Nasdaq Listing Rule 5450(b)(1)(A). Nasdaq Listing Rule 5450(b)(1)(A) requires listed companies to maintain stockholders’ equity of at least $10,000,000. Upon the transfer of listing of the Company’s securities on the Nasdaq Capital Market on April 8, 2024, such deficiency would be resolved. Air T Funding’s Alpha Income Trust Preferred Securities, par value $25.00, will continue to trade on the Nasdaq Global Market under the symbol “AIRTP.” S”

AIR T INC: Amended advanced notice procedures, special meeting vote threshold, and added foreign ownership limitation (effective 2024-03-21).

“On March 21, 2024, the Board of Directors of Air T, Inc. (the “Company”) approved the Second Amended and Restated Bylaws.”

AIR T INC incurred senior notes of $15,000,000 with Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Trust at 8.5% maturing February 22, 2031.

“On February 22, 2024 (the “Closing Date”), Air T, Inc., a Delaware corporation (the “Company”), along with its wholly owned subsidiary AAM 24-1, LLC, a Minnesota limited liability company (the “Issuer”), entered into a Note Purchase Agreement (the “Note Purchase Agreement”) with Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Trust (each, an “Investor” and together, the “Investors”) pursuant to which the Issuer agreed to issue and sell 8.5% senior secured notes in the aggregate principal amount of $15,000,000 to the Investors (each a “Note” and collectively, the “Notes”; and the transaction, “Financing”), for an aggregate purchase price of $14,850,000.”

AIR T INC entered into Note Purchase Agreement with Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Trust valued at $15,000,000 (effective 2024-02-22).

“On February 22, 2024 (the “Closing Date”), Air T, Inc., a Delaware corporation (the “Company”), along with its wholly owned subsidiary AAM 24-1, LLC, a Minnesota limited liability company (the “Issuer”), entered into a Note Purchase Agreement (the “Note Purchase Agreement”) with Honeywell Common Investment Fund and Honeywell International Inc. Master Retirement Trust (each, an “Investor” and together, the “Investors”) pursuant to which the Issuer agreed to issue and sell 8.5% senior secured notes in the aggregate principal amount of $15,000,000 to the Investors”

AIR T INC received a nasdaq deficiency notice notice regarding stockholders equity (rules 5450(b)(1)(A), 5450(b)(2), 5450(b)(3)).

“received a deficiency letter (the “Letter”) from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it is not in compliance with the minimum stockholders’ equity requirement for continued listing set forth in Nasdaq Listing Rule 5450(b)(1)(A). Nasdaq Listing Rule 5450(b)(1)(A) requires listed companies to maintain stockholders’ equity of at least $10,000,000 (the “Stockholders’ Equity Requirement”). The Company has identified its history of stock buybacks as a significant contributing cause, given the direct impact stock bu”

AIR T INC entered into ATM Agreement with Ascendiant Capital Markets, LLC valued at up to $6,450,000 (effective 2023-10-17).

“On October 17, 2023, Air T, Inc. (the “Company”) and Air T Funding (the “Trust”) entered into an At-the-Market Offering Agreement (the “ATM Agreement”) with Ascendiant Capital Markets, LLC (the “sales agent” or “Ascendiant”), pursuant to which the Trust may sell and issue its Alpha Income Preferred Securities having an aggregate offering price of up to $6,450,000”

AIR T INC amended Sixth Amendment to Supplement #2 to Master Loan Agreement with Old National Bank (effective 2023-09-05).

“On August 30, 2023, Contrail Aviation Support, LLC (“CAS”) a 79%-owned subsidiary of Air T, Inc., entered into the Sixth Amendment to Supplement #2 to Master Loan Agreement”

AIR T INC shareholders approved Ratify the appointment of Deloitte & Touche LLP as the Company's independent registered public accounting firm for 2024. at the 2023-08-16 meeting.

“Proposal 4. Ratify the appointment of Deloitte & Touche LLP as the Company's independent registered public accounting firm for 2024. Votes For Votes Against Abstain 2,619,172 70 175”

AIR T INC shareholders approved Adopt an amendment to the Company's Certificate of Incorporation to allow for the exculpation of Officers. at the 2023-08-16 meeting.

“Proposal 3. Adopt an amendment to the Company's Certificate of Incorporation to allow for the exculpation of Officers. Votes For Votes Against Abstain Broker Non-Votes 2,166,541 4,688 1,036 447,152”

AIR T INC shareholders approved Advisory vote to approve the compensation of the Company's named executive officers. at the 2023-08-16 meeting.

“Proposal 2. Advisory vote to approve the compensation of the Company's named executive officers. Votes For Votes Against Abstain Broker Non-Votes 2,165,729 6,194 342 447,152”

AIR T INC shareholders approved Election of Directors at the 2023-08-16 meeting.

“Proposal 1. Election of Directors Votes For Votes Withheld Broker Non-Votes Raymond E. Cabillot 2,148,999 23,266 447,152 William R. Foudray 1,930,912 241,353 447,152 Gary S. Kohler 2,170,767 1,498 447,152 Peter McClung 2,148,999 23,266 447,152 Nicholas J. Swenson 2,171,160 1,105 447,152 Travis Swenson Jamie Thingelstad 2,170,935 2,171,160 1,330 1,105 447,152 447,152”

AIR T INC amended Amendment to Main Street Priority Loan Facility Term Loan Agreement with Park State Bank valued at Replaced Three-Month LIBOR benchmark with Three-Month SOFR based rate plus 3.26161%; principal amoun (effective 2023-05-26).

“AirCo 1, LLC, an indirect wholly-owned subsidiary of Air T, Inc., executed an Amendment to Main Street Priority Loan Facility Term Loan Agreement with Park State Bank.”

AIR T INC amended First Amendment to Supplement #8 to Master Loan Agreement, Fifth Amendment to Supplement #2 to Master Loan Agreement and Fourth Amended and Restated Promissory Note Revolving Note with Old National Bank valued at Replaced LIBOR interest rate with SOFR-based rate; maximum principal amount remains $25,000,000; int (effective 2023-05-26).

“CAS entered into the First Amendment to Supplement #8 to Master Loan Agreement, the Fifth Amendment to Supplement #2 to the Master Loan Agreement and the Fourth Amended and Restated Promissory Note Revolving Note with ONB.”

AIR T INC amended credit facility with Old National Bank.

“On March 22, 2023, Contrail Aviation Support, LLC and Contrail Aviation Leasing, LLC (collectively “Contrail”) entered into the First Amendment to Second Amendment to Master Loan Agreement and Third Amendment to Master Loan Agreement (the “Amendment”) with Old National Bank (“ONB”). The Amendment amends the Master Loan Agreement dated as of June 24, 2019, as amended.”

AIR T INC amended First Amendment to Second Amendment to Master Loan Agreement and Third Amendment to Master Loan Agreement with Old National Bank (effective 2023-03-22).

“On March 22, 2023, Contrail Aviation Support, LLC and Contrail Aviation Leasing, LLC (collectively “Contrail”) entered into the First Amendment to Second Amendment to Master Loan Agreement and Third Amendment to Master Loan Agreement (the “Amendment”) with Old National Bank (“ONB”).”

AIR T INC completed an acquisition involving Worldwide Aircraft Services, Inc. for $3,078,021 (closed 2023-01-31).

“On January 31, 2023, Air T, Inc. (“Company”) acquired all of the issued and outstanding common stock of Worldwide Aircraft Services, Inc., a Kansas corporation (“Worldwide”) for $3,078,021.”

AIR T INC incurred term loan of $1,000,000 with Minnesota Bank & Trust, a division of HTLF Bank, successor by merger with MBT at the greater of six percent (6%) or the prime rate plus one percent (1%) maturing January 31, 2028.

“Amendment No. 2 provides for a new term loan ("Term Loan F") in the amount of $1,000,000”

AIR T INC entered into Amendment No. 2 to the Third Amended and Restated Credit Agreement with Minnesota Bank & Trust, a division of HTLF Bank, successor by merger with MBT valued at $1,000,000 (effective 2023-01-31).

“Amendment No. 2 provides for a new term loan (“Term Loan F”) in the amount of $1,000,000 to help finance a portion of the consideration paid by the Company for Worldwide.”