Air T (NASDAQ:AIRT) announced that majority-owned Crestone Air Partners has completed its acquisition of Arena Aviation Capital, expanding its global aviation asset management platform.
Assets under management rise from $1.2 billion on March 31, 2026 to about $3.6 billion post-transaction, with Crestone earning standard aviation management and incentive fees.
Blue Owl Capital agreed to acquire up to 12.5% of Crestone at an $80 million post-merger valuation, while Air T now holds about 83.9% of Crestone’s equity.
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Positive
Crestone AUM grows to about $3.6 billion post-acquisition
Crestone AUM increased from $800 million to $1.2 billion in one quarter pre-deal
Blue Owl Capital invests at $80 million post-merger valuation for up to 12.5%
Air T and AGI acquire prior 10% CAM interest at $62 million valuation
Crestone targets 10%+ post-fee returns on aviation investments
Air T retains majority stake of about 83.9% in Crestone
Negative
Air T’s ownership in Crestone declines from 90% of CAM to about 83.9%
News Market Reaction – AIRT
+4.84%
1 alert
+4.84%Session close to close
$62.84MMarket Cap
1.4xRel. Volume
In the Jun 17 session, AIRT gained 4.84%, reflecting a moderate positive market reaction.
This announcement finalizes Crestone’s acquisition of Arena Aviation Capital, boosting AUM from $1.2...
Analysis
This announcement finalizes Crestone’s acquisition of Arena Aviation Capital, boosting AUM from $1.2 billion on March 31, 2026, to $3.6 billion. It reinforces Air T’s permanent-capital, buy-to-build strategy and brings in Blue Owl Capital as a potential holder of up to 12.5% of Crestone at an $80 million valuation. Investors may watch how management-fee growth, realized returns versus the 10%+ target, and integration progress shape future disclosures.
Key Figures
Crestone AUM Dec 31, 2025:$800 millionCrestone AUM Mar 31, 2026:$1.2 billionCombined AUM post-transaction:$3.6 billion+5 more
8 metrics
Crestone AUM Dec 31, 2025$800 millionAssets under management before Arena deal ramp
Crestone AUM Mar 31, 2026$1.2 billionAssets under management pre-transaction
Combined AUM post-transaction$3.6 billionCrestone plus Arena Aviation Capital platform
Target returns10%+Aviation asset management platforms’ return objective after fees
CAM pre-money valuation$62 millionValuation used to acquire 10% CAM interest from MRC parties
CAM 10% purchase price$6.2 millionAggregate cash consideration for 10% CAM common interest
Crestone post-merger valuation$80 millionValuation for Blue Owl Capital investment in Crestone
Blue Owl stake rangeup to 12.5%Potential equity interest in Crestone, performance-dependent
Mountain Air Cargo purchase of Royal Aircraft Services to boost MRO reach.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Pattern Detected
Acquisition headlines have often coincided with flat-to-negative next-day moves: 3 divergences vs 1 alignment, despite generally positive strategic framing.
Recent Company History
Over the past year, Air T has pursued a series of platform-building acquisitions. In May 2025, its Mountain Air Cargo unit acquired Royal Aircraft Services to deepen MRO capabilities. Through late 2025, Air T advanced and then closed the Regional Express deal, assuming substantial liabilities but securing a major Australian regional airline platform. In March 2026, Crestone Air Partners agreed to acquire Arena Aviation Capital. Today’s announcement marks the closing of that Arena transaction, transforming Crestone’s AUM scale within Air T’s aviation ecosystem.
Key Terms
assets under management, management fees, origination fees, incentive fee, +2 more
6 terms
assets under managementfinancial
"post-transaction, the combined platform now comprises $3.6 billion of AUM."
Assets under management (AUM) is the total value of all the investments that a financial company or fund is responsible for overseeing on behalf of its clients. It’s like a big bucket that shows how much money the firm is managing for people or organizations. A higher AUM often indicates a larger, more trusted company, and it can influence how much money they earn and the services they can offer.
management feesfinancial
"Crestone receives standard aviation industry management fees, including origination fees..."
Management fees are the regular charges a fund or investment manager takes for running an investment vehicle, covering tasks like selecting assets, monitoring portfolios and handling paperwork. For investors, these fees reduce returns over time much like an ongoing subscription cuts into your monthly budget—so lower fees or clearer value from the manager can meaningfully affect net gains and long-term performance.
origination feesfinancial
"standard aviation industry management fees, including origination fees, administrative fees..."
Origination fees are one-time charges a lender or loan arranger collects for creating, evaluating and processing a loan or financing deal; they are usually a percentage of the loan amount and paid at closing or over time. For investors, these fees change the effective cost and proceeds of a financing, boost lender or arranger revenue, and can alter deal returns and cash flows—like a service charge that trims what a borrower receives and raises the lender’s income.
incentive feefinancial
"and an incentive fee above a certain hurdle rate (which varies by investment transaction)."
An incentive fee is a performance-based charge a fund manager or advisor collects only when the investment returns beat a predetermined target or benchmark—much like a salesperson’s bonus for exceeding sales goals. It matters to investors because it changes the amount they ultimately keep and influences manager behavior: well-designed incentives can align manager and investor interests, but large or poorly structured incentives can encourage riskier choices unless safeguards (minimum gains, loss protection) are included.
hurdle ratefinancial
"an incentive fee above a certain hurdle rate (which varies by investment transaction)."
The hurdle rate is the minimum annual return an investment must be expected to deliver before it is considered worthwhile. Think of it as the height of a jump: if a project or asset can’t clear that height, capital is kept elsewhere. For investors, the hurdle rate acts as a simple pass/fail benchmark that guides buy/sell decisions, risk assessment and how future cash flows are valued.
permanent capitalfinancial
"We are a permanent capital vehicle - buying to build, not to trade -..."
Permanent capital is money a company or investment vehicle can keep indefinitely because it has no fixed repayment date or mandatory redemption schedule. It matters to investors because it lets managers pursue long-term projects without the pressure to sell assets quickly—like a homeowner who owns a house outright instead of being forced to sell to pay a mortgage—affecting stability, risk profile, expected returns, and how easily investors can get their cash back.
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.
What acquisition did Air T (NASDAQ:AIRT) complete through Crestone Air Partners in June 2026?
Air T announced that Crestone Air Partners completed the acquisition of Arena Aviation Capital, a global aviation asset manager. According to Air T, Arena brings a diversified portfolio and deep airline relationships, enhancing Crestone’s aviation asset management platform and long-term buy-to-build strategy.
How much did Crestone Air Partners’ AUM increase after acquiring Arena Aviation Capital?
Crestone’s assets under management rose to about $3.6 billion after the Arena acquisition. According to Air T, AUM was $800 million on December 31, 2025 and $1.2 billion on March 31, 2026, showing significant scale-up through organic growth and the transaction.
What is Blue Owl Capital’s investment in Crestone Air Partners and how does it affect AIRT?
On the closing date, Blue Owl Capital agreed to buy into Crestone at an $80 million post-merger valuation. According to Air T, Blue Owl may own up to 12.5% of Crestone, while Air T now holds approximately 83.9% of the business’s equity.
What returns does Crestone Air Partners target on its aviation asset management platform?
Crestone’s aviation asset management platforms seek to generate 10%+ returns after fees on investments. According to Air T, Crestone earns standard industry management, origination, administrative, disposition and incentive fees, with the incentive component triggered above specified hurdle rates per investment.
How did Air T change its ownership in Crestone Asset Management ahead of the AIRT deal?
Immediately before closing, Air T and AGI acquired the Mill Road-controlled parties’ 10% common interest in CAM for $6.2 million. According to Air T, this implied a $62 million pre-money valuation and removed those parties from CAM’s common interest holder group.
How can Air T (AIRT) shareholders ask questions about the Crestone and Arena Aviation transaction?
Shareholders can submit questions through Air T’s interactive Q&A tool hosted on Slido.com, accessible from its website. According to Air T, questions will be addressed live and in writing at the Annual Meeting and through quarterly written responses, subject to legal and practical limits.
