Air T Inc 2025年度报告

Air T, Inc.2026 Annual Report July10,2026 Dear Shareholders, Theyear just passed included two potentiallytransformative transactions that have roots inourorganizationalarchitectureand capabilities.WhileAirThasgrown inmanydirectionsandbythework of manyhandsthisyear,highlightingtwo importanttransactions will giveshareholdersasenseofwhatwe'redoing,whilealsodemonstratecasesofsomeofouever-presentorganizational drivers. We all know equity investors rely greatly on management to make investment and org-businessesyetthen somethingwas amiss.Someclassic serialacquirershaveaveragebusinessyetoutperform.MostAirTshareholdersunderstandthatAirT'smanagementisimportantbecausewearecommittedtoadecentralizedportfolioofpowerfulcompaniesapproach. And our investment decisions are amplified by Air T's nano-size andreinvestment initiatives. Crestone We like to build value by putting high performance leaders and teams in charge ofbusinesses theyknowwell,andgivingthemtheresourcestothrive.Somepeopledon'tlikecorporatehierarchies anddon'twantto work forprivateequity.Therightincentives,alongtermpathway,agreatteam,abusiness vision,resourcesofa largersystem-these thingscanworkmagic intherightcontexts.Wecallitmakingspacefordynamosanddynamicteams. Crestonemanagement spun out of Contrail when it became clear thatwe had a teamthatwas moreintoleasing than Contrail's core engineteardownbusiness.WematchedtheCrestone team with capital to get them going, funded a cash burn j-curve, then got out oftheway.TheCrestoneteamdidthe rest--they'vegrownwonderfullyoverthepastsix (6)years becauseBlue Owland otherinvestors arepleased bythe returns theyaregettingthrough Crestone's aircraft & leasing management. When Arena was available for sale, andlookingforahappyplacetolandtheirbusiness,theBlueOwlpeopleencouragedustotakealook.Theresultingmergertransactionbuildsscaleandsolvestheneedsofthesellersand younger talent. LP Investors get a step up in scale and deal flow, Blue Owl'scommitmentasa~10%owneroftheplatform,andAirT'slong-termorientation.Inaddition,ourindependentyetinterrelated organizationis likelytobringopportunitiesforvaluecreationthroughAirTsister-companycollaboration.We likewhattheCrestoneteamis doingto integrate andgrowpost-merger. Rex Inaperfect world investingis aboutfindingattractivereturns withacceptablerisk.This ishardbecause a lot of smart people are trying to do the same. However, if a person digs intounusual areas orevaluates things with a differential logicalorfactual grounding,thengoodideas can advancetheball.It's also true that businesses themselves generate realoptionalitythat doesn't existintherelativelybloodless worldofmarketable securities.Wesystematicallytrytobuildourideafactorybyworkingtraditionalresearchmethodsofsecuritiesmarket investors and listeningtowhatourbusinessesandtheirindustrialnetworks aretelling us,thereby hearing the market. When we started tracking the restructuring of Rex Regional Airlines we noticed a few things.First of all, Rexhadbeen a public companyfor a couple of decades and they had beennicelyprofitablewithintheirnichemarket.Theyownedall of theiraircraftoutright,andinfacthadover9oaircraftonproperty.TheirprimaryworkhorsewastheSaab34-whichweknewwell becauseoneof Air T's business had been involved inthe supply chainforoverfifteen(15)years.ManyrisksandchallengeswereevidentintheRexrestructuring:covidsignificant numbers of Rex aircraft; the restructuring was complex; the AustralianCommonwealthhadimportant intereststheyneededtoprotect;craftingthedeal wouldrequiremulti-partynegotiations;andahappyoutcomewould requirelong-termtechnicalaviation successes.AirTwas ableto“flytotheball"whenthe Rexball wasfumbled.WejumpedinwiththehelpofagreatteamandrapportwithRexmanagement.Thedealstructure we settled on distributes risks and rewards in a waythat addresses the coreinterests of eachparty.Nodoubt, closing adeal less than 100days before the Iran Warstartedwas abodyblow and increases outcome variation.However, allthose involvedaresoldiering onward.Rexdelivers essential connectivityto remote and rural Australia.Themanagementteam islong-standing,coherent,andcustomer-centric.Wehavetheknowledge to solve the technical challenges. What's not to like about the vibrant Australianeconomy?We continueto likethe situation,yet challenges remain.The Rex investmentwasgeneratedbyresearchandattentiontoournetworksandtheoptionalityinherentinowningbusinesses.WeareallworkinghardtoreturntotheclassicRexRegional business SevenFlatYears Managementbelievesthat the AirT stockprice isnotreflectingthe valuethat wearebuildingintothecompany.Manydaysofindustriousactivityhavepassed.Theseven-flatstockpriceyearsarehardtointerpret.Somesaythatifwemademoredisclosuresandworkedtoprovide clarityintovariousaspects of thecompany-ourbalancesheet and Crestoneforexample-thenthe stockmight notbeflat.Others comment abouttheliquidity are mentioned.Others say it's simplya matter of simplifying by cutting andreducing investments.OrmaybeaquarterlyQ&Aopenmictobuild rapportwit