Schedule 13G: State Street Discloses 1,917,821 Shares of AAR (AIR)

Rhea-AI Filing Summary

AAR Corp's Schedule 13G shows State Street Corporation beneficially owns 1,917,821 shares of AAR common stock, equal to 5.3% of the class as of the 06/30/2025 reporting date. The filing discloses shared voting power of 1,796,147 shares and shared dispositive power of 1,917,821, and lists several State Street advisory subsidiaries that hold or manage the securities.

The statement affirms the position was acquired and is held in the ordinary course of business and not for the purpose of changing or influencing control. The filing provides issuer and filer addresses and is signed by Elizabeth Schaefer, Senior Vice President and Chief Accounting Officer, on 08/08/2025.

Positive

• Disclosure of a material institutional holding: State Street reports ownership of 1,917,821 shares (5.3%), improving market transparency

Negative

• None.

Insights

Securities Analyst

TL;DR: State Street reports a passive 5.3% stake in AAR, a routine institutional disclosure with limited immediate market impact.

The Schedule 13G reports 1,917,821 shares (5.3%) beneficially owned, with shared voting power of 1,796,147 and shared dispositive power of 1,917,821. The filing lists multiple State Street advisory subsidiaries consistent with asset-management custody structures. Item 10 explicitly states the holdings are in the ordinary course of business and not intended to influence control, which aligns with a passive investor classification. For investors, this is informational about ownership concentration rather than a strategic change at the issuer.

Corporate Governance Expert

TL;DR: Disclosure shows material institutional ownership but affirms no intent to control; governance implications appear limited.

The filing identifies State Street and several advisory affiliates as the reporting entities, indicating discretionary or custodial roles across funds or accounts. The reported shared voting and dispositive powers suggest influence via pooled accounts, but the certifying language states the stake is not held to change control. Absent additional filings or coordinated actions, this Schedule 13G does not signal an active governance campaign.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

AAR CORP

(Name of Issuer)

COMMON STOCK

(Title of Class of Securities)

000361105

(CUSIP Number)

06/30/2025

(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)

SCHEDULE 13G

CUSIP No. 000361105

1

Names of Reporting Persons

STATE STREET CORPORATION

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

MASSACHUSETTS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,796,147.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,917,821.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,917,821.00

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)

5.3 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: AAR CORP
(b)	Address of issuer's principal executive offices: 1100 NORTH WOOD DALE ROAD , WOOD DALE, ILLINOIS, 60191
Item 2.
(a)	Name of person filing: STATE STREET CORPORATION;
(b)	Address or principal business office or, if none, residence: ONE CONGRESS STREET, SUITE 1, BOSTON MA 02114, UNITED STATES
(c)	Citizenship: MA
(d)	Title of class of securities: COMMON STOCK
(e)	CUSIP No.: 000361105
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: 1917821.00
(b)	Percent of class: 5.3 %
(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: 1,796,147
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 1,917,821
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. 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.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. SSGA FUNDS MANAGEMENT, INC. (IA);STATE STREET GLOBAL ADVISORS EUROPE LIMITED (IA);STATE STREET GLOBAL ADVISORS LIMITED (IA);STATE STREET GLOBAL ADVISORS TRUST COMPANY (IA);STATE STREET GLOBAL ADVISORS, AUSTRALIA, LIMITED (IA);STATE STREET GLOBAL ADVISORS, LTD. (IA);
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. NOT APPLICABLE
Item 9.	Notice of Dissolution of Group.
	Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5. 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 acquired and are held in the ordinary course of business and 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.

STATE STREET CORPORATION

Signature:	ELIZABETH SCHAEFER
Name/Title:	SENIOR VICE PRESIDENT, CHIEF ACCOUNTING OFFICER
Date:	08/08/2025

FAQ

What stake does State Street hold in AAR Corp (AIR)?

State Street beneficially owns 1,917,821 shares, representing 5.3% of AAR's common stock as of 06/30/2025.

How much voting power does State Street report for AAR (AIR) shares?

The filing reports no sole voting power and shared voting power of 1,796,147 shares.

Is this a Schedule 13G or 13D filing for AAR (AIR)?

This document is a Schedule 13G filed under the Securities Exchange Act.

Who signed the Schedule 13G for State Street and when?

Elizabeth Schaefer, Senior Vice President and Chief Accounting Officer, signed the filing on 08/08/2025.

Are the reported holdings intended to influence control of AAR (AIR)?

The filing certifies the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.

Which State Street subsidiaries are identified in the filing?

The filing lists advisory affiliates including SSGA Funds Management, Inc. and several State Street Global Advisors entities as relevant subsidiaries.