[Form 4] Air T, Inc. Air T Funding Alpha Income Trust Preferred Securities Insider Trading Activity

Rhea-AI Filing Summary

Nicholas J. Swenson, reporting as a director, CEO and 10% owner, disclosed transactions in common stock of AIR T INC (AIRT) on 08/11/2025. He reported a direct disposition of 62,920 common shares and recorded significant indirect beneficial ownership through affiliated entities: AO Partners I, L.P. (972,584 shares), Glenhurst Co. (94,938), Groveland Capital, LLC (52,690) and Groveland DST, LLC (169,806), totaling 1,290,018 indirect shares. The filing also shows two stock option grants acquired on 08/11/2025: one with a $30 exercise price and one with a $50 exercise price, each covering 4,000 shares (totaling 8,000 options), exercisable on 08/06/2026 and expiring 08/06/2045, with a reported option price of $0. The filing includes standard disclaimers that Swenson disclaims beneficial ownership except to the extent of his pecuniary interest in the entity-owned shares.

Positive

• Acquisition of stock options: Two option grants totaling 8,000 shares were reported, aligning long-term incentive through exercisable options.
• Substantial indirect ownership: Affiliated entities collectively hold 1,290,018 shares, maintaining significant economic exposure.

Negative

• Direct disposition reported: A sale of 62,920 common shares was filed, indicating a reduction in direct holdings.
• Potential dilution from options: Grants cover 8,000 shares that could increase share count if exercised.

Insights

Securities Analyst

TL;DR: Director sold 62,920 shares and received two option grants totaling 8,000 shares; retains large indirect stake via affiliated entities.

The Form 4 shows a direct disposition of 62,920 common shares and simultaneous receipt of two option grants (4,000 shares each) with strikes at $30 and $50, exercisable 08/06/2026 and expiring 08/06/2045. Indirect beneficial ownership across four affiliated vehicles totals 1,290,018 shares, indicating sustained economic exposure despite the direct sale. The options appear recorded with a $0 price, consistent with compensatory grants. Impact on outstanding float and immediate market pressure appears limited based on the disclosed amounts, but the report is material for tracking insider alignment.

Corporate Governance Expert

TL;DR: CEO and 10% owner reports entity-held positions and a modest direct sale alongside option awards; ownership structure is through multiple entities.

The disclosure highlights governance-relevant facts: Swenson is identified as Director, CEO and a 10% owner, yet much of the reported holdings are held indirectly through AO Partners I, L.P., Glenhurst Co., Groveland Capital, LLC and Groveland DST, LLC. The filing includes explicit disclaimers limiting claimed beneficial ownership to pecuniary interest. The combination of an immediate disposition and contemporaneous option grants is a common pattern in executive reporting; governance stakeholders will note the layered ownership and the continued sizable indirect stake.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Swenson Nicholas John

(Last) (First) (Middle)

5000 WEST 36TH STREET

SUITE 130

(Street)

MINNEAPOLIS MN 55416

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
AIR T INC [ AIRT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	CEO

3. Date of Earliest Transaction (Month/Day/Year)
08/11/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock								62,920	D
Common Stock								972,584	I	By AO Partners I, LP(1)
Common Stock								94,938	I	By Glenhurst Co.(2)
Common Stock								52,690	I	By Groveland Capital, LLC(3)
Common Stock								169,806	I	By Groveland DST, LLC(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option	$30	08/11/2025		A		4,000		08/06/2026	08/06/2045	Common Stock	4,000	$0	4,000	D
Stock Option	$50	08/11/2025		A		4,000		08/06/2026	08/06/2045	Common Stock	4,000	$0	4,000	D

Explanation of Responses:

1. The reported securities are owned directly by AO Partners I, L.P., and indirectly by AO Partners, LLC, as General Partner of AO Partners I, L.P., and Nicholas J. Swenson as Managing Member of AO Partners, LLC. Nicholas J. Swenson disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

2. The reported securities are owned directly by Glenhurst Co., a Minnesota corporation. Nick Swenson is the President and sole director of Glenhurst Co. Nick Swenson directs the voting of all shares owned by Glenhurst Co. Nicholas J. Swenson disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

3. The reported securities are owned directly by Groveland Capital, LLC and indirectly by Nicholas J. Swenson as the sole managing member and president of Groveland Capital, LLC. Nicholas J. Swenson disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

4. The reported securities are owned directly by Groveland DST, LLC and indirectly by Nicholas J. Swenson as the sole managing member and president of Groveland DST, LLC. Nicholas J. Swenson disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

	/s/ Nicholas J Swenson	08/12/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did Nicholas J. Swenson report on Form 4 for AIRTP?

Key facts: On 08/11/2025 Swenson reported a direct disposition of 62,920 common shares and acquisition of two stock options (4,000 shares each) with $30 and $50 strikes, exercisable 08/06/2026 and expiring 08/06/2045.

How many shares does Swenson beneficially own indirectly according to the filing?

Indirect holdings total 1,290,018 shares, comprised of AO Partners I, L.P. (972,584), Glenhurst Co. (94,938), Groveland Capital, LLC (52,690) and Groveland DST, LLC (169,806).

What is Nicholas J. Swenson's relationship to Air T (AIRT/AIRTP)?

Relationship: The form lists Swenson as a Director, CEO and a 10% owner of the issuer.

Were terms of the option grants disclosed on the Form 4?

Yes: Two options were reported, each for 4,000 shares with exercise prices of $30 and $50, exercisable 08/06/2026 and expiring 08/06/2045; the reported option price is listed as $0.

Does Swenson claim direct beneficial ownership of the entity-held shares?

No: The filing includes disclaimers stating Swenson disclaims beneficial ownership of those securities except to the extent of his pecuniary interest.