Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Madison Air Solutions Corp (MAIR) is the issuer whose Class A common stock is covered by a Schedule 13G reporting 25,429,032 shares, or 9.5%, as beneficially owned by the reporting persons. HRTG PV, L.P. directly holds 20,423,025 shares and HRTG CIF 2026, L.P. directly holds 5,006,007 shares.
HRTG GPE, LLC is the general partner of both partnerships, and Kevin Anthony Kelly and Keith Bryon Johnson each serve as a managing member. HRTG GPE, LLC and the two managing members report shared voting and disposition power over 25,429,032 shares, while disclaiming beneficial ownership of the partnership-held shares except to the extent of any pecuniary interest. The 9.5% calculation uses 267,450,883 shares outstanding: 177,342,753 shares outstanding as of July 28, 2026, plus 90,108,130 shares issued in a private placement, as reported in an August 25, 2026, 8-K.
Key Figures
Beneficially owned:25,429,032 sharesPercent of class:9.5%HRTG PV direct holding:20,423,025 shares+4 more
7 metrics
Beneficially owned25,429,032 sharesAggregate amount reported by the reporting persons
Percent of class9.5%Class A common stock
HRTG PV direct holding20,423,025 sharesClass A common stock
HRTG CIF 2026 direct holding5,006,007 sharesClass A common stock
Shares outstanding267,450,883 sharesBasis for the reported 9.5% ownership
Shares outstanding177,342,753 sharesAs of July 28, 2026
Shares issued in private placement90,108,130 sharesReported in an August 25, 2026, 8-K
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
shared voting powertechnical
"Shared voting power 25,429,032"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powertechnical
"Shared dispositive power 25,429,032"
pecuniary interesttechnical
"except to the extent of such person's pecuniary interest therein, if any"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many MAIR shares did the Schedule 13G report as beneficially owned?
The reporting persons reported beneficial ownership of 25,429,032 shares, or 9.5% of the Class A common stock. The shares are directly held by HRTG PV, L.P. and HRTG CIF 2026, L.P.
Which entities directly hold MAIR shares in the report?
HRTG PV, L.P. directly owns 20,423,025 shares, reported as 7.6% of the class, and HRTG CIF 2026, L.P. directly owns 5,006,007 shares, reported as 1.9%.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Madison Air Solutions Corp
(Name of Issuer)
Class A common stock, par value $0.0000001 per share
(Title of Class of Securities)
55658T105
(CUSIP Number)
09/01/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
55658T105
1
Names of Reporting Persons
HRTG PV, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
20,423,025.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
20,423,025.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
20,423,025.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.6 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Row 11. Based on a total of 267,450,883 shares of Class A Common Stock outstanding, consisting of (i) 177,342,753 shares of Class A Common Stock outstanding as of July 28, 2026, as reported by the Issuer in its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed with the Securities and Exchange Commission on July 30, 2026, and (ii) 90,108,130 shares of Class A Common Stock issued by the Issuer in a private placement, as reported by the Issuer in its Current Report on Form 8-K filed with the Securities and Exchange Commission on August 25, 2026.
SCHEDULE 13G
CUSIP Number(s):
55658T105
1
Names of Reporting Persons
HRTG CIF 2026, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
5,006,007.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
5,006,007.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,006,007.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
1.9 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Row 11. Based on a total of 267,450,883 shares of Class A Common Stock outstanding, consisting of (i) 177,342,753 shares of Class A Common Stock outstanding as of July 28, 2026, as reported by the Issuer in its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed with the Securities and Exchange Commission on July 30, 2026, and (ii) 90,108,130 shares of Class A Common Stock issued by the Issuer in a private placement, as reported by the Issuer in its Current Report on Form 8-K filed with the Securities and Exchange Commission on August 25, 2026.
SCHEDULE 13G
CUSIP Number(s):
55658T105
1
Names of Reporting Persons
HRTG GPE, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
25,429,032.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
25,429,032.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
25,429,032.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.5 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Row 6, 8 and 9. 20,423,025 shares of Class A Common Stock are directly owned by HRTG PV, L.P. ("HRTG PV") and 5,006,007 shares of Class A Common Stock are directly owned by HRTG CIF 2026, L.P. ("HRTG CIF 2026"). HRTG GPE, LLC ("HRTG") is the general partner of each of HRTG PV and HRTG CIF 2026.
Row 11. Based on a total of 267,450,883 shares of Class A Common Stock outstanding, consisting of (i) 177,342,753 shares of Class A Common Stock outstanding as of July 28, 2026, as reported by the Issuer in its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed with the Securities and Exchange Commission on July 30, 2026, and (ii) 90,108,130 shares of Class A Common Stock issued by the Issuer in a private placement, as reported by the Issuer in its Current Report on Form 8-K filed with the Securities and Exchange Commission on August 25, 2026.
SCHEDULE 13G
CUSIP Number(s):
55658T105
1
Names of Reporting Persons
Kelly Kevin Anthony
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
25,429,032.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
25,429,032.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
25,429,032.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.5 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: Row 6, 8 and 9. 20,423,025 shares of Class A Common Stock are directly owned by HRTG PV and 5,006,007 shares of Class A Common Stock are directly owned by HRTG CIF 2026. HRTG is the general partner of each of HRTG PV and HRTG CIF 2026. Keith Johnson and Kevin Kelly each serve as a Managing Member of HRTG. Each of HRTG, Mr. Johnson and Mr. Kelly disclaims beneficial ownership of the securities held directly by HRTG PV and HRTG CIF 2026, except to the extent of such person's pecuniary interest therein, if any.
Row 11. Based on a total of 267,450,883 shares of Class A Common Stock outstanding, consisting of (i) 177,342,753 shares of Class A Common Stock outstanding as of July 28, 2026, as reported by the Issuer in its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed with the Securities and Exchange Commission on July 30, 2026, and (ii) 90,108,130 shares of Class A Common Stock issued by the Issuer in a private placement, as reported by the Issuer in its Current Report on Form 8-K filed with the Securities and Exchange Commission on August 25, 2026.
SCHEDULE 13G
CUSIP Number(s):
55658T105
1
Names of Reporting Persons
Johnson Keith Bryon
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
25,429,032.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
25,429,032.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
25,429,032.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.5 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: Row 6, 8 and 9. 20,423,025 shares of Class A Common Stock are directly owned by HRTG PV and 5,006,007 shares of Class A Common Stock are directly owned by HRTG CIF 2026. HRTG is the general partner of each of HRTG PV and HRTG CIF 2026. Keith Johnson and Kevin Kelly each serve as a Managing Member of HRTG. Each of HRTG, Mr. Johnson and Mr. Kelly disclaims beneficial ownership of the securities held directly by HRTG PV and HRTG CIF 2026, except to the extent of such person's pecuniary interest therein, if any.
Row 11. Based on a total of 267,450,883 shares of Class A Common Stock outstanding, consisting of (i) 177,342,753 shares of Class A Common Stock outstanding as of July 28, 2026, as reported by the Issuer in its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed with the Securities and Exchange Commission on July 30, 2026, and (ii) 90,108,130 shares of Class A Common Stock issued by the Issuer in a private placement, as reported by the Issuer in its Current Report on Form 8-K filed with the Securities and Exchange Commission on August 25, 2026.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Madison Air Solutions Corp
(b)
Address of issuer's principal executive offices:
444 WEST LAKE STREET, SUITE 4460, CHICAGO, ILLINOIS, 60606.
Item 2.
(a)
Name of person filing:
HRTG PV, L.P.
HRTG CIF 2026, L.P.
HRTG GPE, LLC
Kevin Anthony Kelly
Keith Bryon Johnson
HRTG is the general partner of each of HRTG PV and HRTG CIF 2026. Keith Johnson and Kevin Kelly each serve as a Managing Member of HRTG. Each of HRTG, Mr. Johnson and Mr. Kelly disclaims beneficial ownership of the securities held directly by HRTG PV and HRTG CIF 2026 except to the extent of such person's pecuniary interest therein, if any.
(b)
Address or principal business office or, if none, residence:
5237 HHR RANCH RD, SUITE 2, WILSON, WY, 83014
(c)
Citizenship:
HRTG PV, L.P., HRTG CIF 2026, L.P., and HRTG GPE, LLC: Delaware; Kevin Anthony Kelly and Keith Bryon Johnson: USA
(d)
Title of class of securities:
Class A common stock, par value $0.0000001 per share
(e)
CUSIP Number(s):
55658T105
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
25,429,032. 20,423,025 shares of Class A Common Stock are directly owned by HRTG PV and 5,006,007 shares of Class A Common Stock are directly owned by HRTG CIF 2026. HRTG is the general partner of each of HRTG PV and HRTG CIF 2026. Keith Johnson and Kevin Kelly each serve as a Managing Member of HRTG. Each of HRTG, Mr. Johnson and Mr. Kelly disclaims beneficial ownership of the securities held directly by HRTG PV and HRTG CIF 2026, except to the extent of such person's pecuniary interest therein, if any.
(b)
Percent of class:
9.5%. The percentage is based on a total of 267,450,883 shares of Class A Common Stock outstanding, consisting of (i) 177,342,753 shares of Class A Common Stock outstanding as of July 28, 2026, as reported by the Issuer in its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed with the Securities and Exchange Commission on July 30, 2026, and (ii) 90,108,130 shares of Class A Common Stock issued by the Issuer in a private placement, as reported by the Issuer in its Current Report on Form 8-K filed with the Securities and Exchange Commission on August 25, 2026.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
HRTG PV, L.P.: 20,423,025
HRTG CIF 2026, L.P.: 5,006,007
HRTG GPE, LLC: 25,429,032
Kevin Anthony Kelly: 25,429,032
Keith Bryon Johnson: 25,429,032
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
HRTG PV, L.P.: 20,423,025
HRTG CIF 2026, L.P.: 5,006,007
HRTG GPE, LLC: 25,429,032
Kevin Anthony Kelly: 25,429,032
Keith Bryon Johnson: 25,429,032
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
