Crestone Air Partners, an Air T Business, Completes Acquisition of Arena Aviation Capital, Surpassing $3.6 Billion in Assets Under Management

Milestone reflects Air T's permanent-capital, buy-to-build model and the momentum of its networked aviation portfolio

MINNEAPOLIS, MN / ACCESS Newswire / June 16, 2026 / Air T, Inc. (NASDAQ:AIRT) today announced that its majority owned business Crestone Air Partners, a global aviation asset management platform, has completed its acquisition of Arena Aviation Capital - a well-established aviation asset manager with a diversified portfolio and deep airline relationships. The transaction, first disclosed on March 8, 2026, has now closed following the satisfaction of all customary closing conditions and required approvals.

The acquisition materially expands Crestone. Assets under management (AUM) as of December 31, 2025, were $800 million; as of March 31, 2026, AUM had grown to $1.2 billion; and post-transaction, the combined platform now comprises $3.6 billion of AUM. Crestone receives standard aviation industry management fees, including origination fees, administrative fees, disposition fees, and an incentive fee above a certain hurdle rate (which varies by investment transaction). Our aviation asset management platforms seek to generate 10%+ returns after fees.

Immediately prior to the closing, Air T owned 90% of the common interests in Crestone Asset Management, LLC ("CAM"). At this same time, entities controlled by the Mill Road Investors collectively owned the remaining 10% of the common interests in CAM. In connection with the transactions, Air T and Aviation Growth Initiatives, LLC ("AGI"), a management-affiliated entity formed by executives of Crestone Air Partners, Inc., acquired the MRC Parties' 10% common interest position in CAM at a pre-money valuation of $62 million for aggregate cash consideration of $6.2 million. In connection with the reorganization, the parties also amended CAM's limited liability company agreement to reflect the exit of the MRC parties from the common interest holder group.

On the closing date, Blue Owl Capital bought in to Crestone Air Partners at an $80 million valuation post-merger for up to 12.5% of Crestone Air Partners, dependent upon Crestone performance. Air T now owns approximately 83.9% of the equity of this business.

This transaction is a clear expression of how Air T invests. We are a permanent capital vehicle - buying to build, not to trade - and we give the leaders of our businesses the runway and resources to grow on their own terms.

"We buy to build and empower dynamos and dynamic teams. Our investments don't come with expiration dates," said Nick Swenson, Chief Executive Officer of Air T, Inc. "Crestone has grown from zero to over $3.5 billion dollars in assets under management in five years. Our job was to provide permanent capital and the runway, then let Crestone build. Crestone's leasing capabilities are supported by the AirT network: airframe and engine material sales, landing gear leasing, disassembly, storage, and MRO facilities all sit inside the Air T family. Crestone can draw on every one of them across an aircraft's life. Aviation has a lot of niche, high-value businesses within it, and we seek to know them well. That's the momentum a networked portfolio creates - and we intend to keep at it."

For additional information on the transaction, please refer to the Crestone Air Partners Press Release.

NOTE REGARDING STAKEHOLDER QUESTIONS

If you have questions related to this release or other Air T matters, please use our interactive Q&A capability, through Slido.com, accessible from our website, to submit your questions. We intend to keep that link open and available for shareholder questions. Questions submitted through Slido will be answered "live" and in writing at our Annual Meeting, and via a written response on a quarterly basis. Note that legal and pragmatic requirements restrict us from answering every question posted, yet we intend to address all reasonable and relevant questions with a written answer.

ABOUT AIR T, INC.

Established in 1980, Air T Inc. is a portfolio of powerful businesses and financial assets, each of which is independent yet interrelated. Its core segments are overnight air cargo, ground support equipment, commercial aircraft, engines and parts, regional airline and digital solutions. We seek to expand, strengthen and diversify Air T's after-tax cash flow per share. Our goal is to build Air T's core businesses, and when appropriate, to expand into adjacent and other industries. We seek to activate growth and overcome challenges while delivering meaningful value for all stakeholders. For more information, visit www.airt.com. The information on our website is available for information purposes only and is not incorporated by reference into this press release.

CONTACT

Tracy Kennedy, Chief Financial Officer
tkennedy@airt.com

SOURCE: Air T, Inc.