7.1% Air Industries Group (AIRI) stake reported by Star Equity and Eberwein

Rhea-AI Filing Summary

Star Equity affiliates and Jeffrey E. Eberwein filed Amendment No. 1 to a Schedule 13D reporting their ownership in Air Industries Group (AIRI). The filing shows Mr. Eberwein may be deemed to beneficially own 345,000 common shares, or approximately 7.11% of the company, based on 4,850,658 shares outstanding as of May 12, 2026. Star Equity Fund beneficially owns 85,000 shares, or about 1.75% of the outstanding stock, with an aggregate purchase price of roughly $278,523. Mr. Eberwein’s 260,000 directly held shares have an aggregate purchase price of about $810,209. The Star Equity entities and Mr. Eberwein report sole voting and dispositive power over their respective positions and note they may be deemed a group under Section 13(d)(3), while each disclaims beneficial ownership of shares not directly owned.

Key Figures

Mr. Eberwein total beneficial shares: 345,000 shares Mr. Eberwein ownership percentage: 7.11% Star Equity Fund shares: 85,000 shares +5 more

8 metrics

Mr. Eberwein total beneficial shares 345,000 shares May 28, 2026; aggregate beneficial ownership in Air Industries Group

Mr. Eberwein ownership percentage 7.11% Based on 4,850,658 shares outstanding as of May 12, 2026

Star Equity Fund shares 85,000 shares Beneficially owned by Star Equity Fund; approximately 1.75% of class

Star Equity Fund purchase price $278,523 Aggregate purchase price for 85,000 shares, excluding commissions

Eberwein direct shares 260,000 shares Directly beneficially owned by Mr. Eberwein

Eberwein direct purchase price $810,209 Aggregate purchase price for 260,000 shares, excluding commissions

Shares outstanding 4,850,658 shares Air Industries Group shares outstanding as of May 12, 2026

Star Equity Fund stake 1.75% Approximate percentage of Air Industries Group common stock

Key Terms

beneficial owner, working capital, margin loans, sole voting power, +2 more

6 terms

beneficial owner financial

"may be deemed the beneficial owner of the 85,000 Shares owned by Star Equity Fund"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

working capital financial

"The Shares purchased by Star Equity Fund were purchased with working capital"

Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.

margin loans financial

"which may, at any given time, include margin loans made by brokerage firms"

Margin loans are loans from a brokerage that let an investor borrow money using their existing stocks, bonds or cash as collateral to buy more securities. They matter because borrowing magnifies both gains and losses—like using a lever to move a heavier load—so small market moves can have outsized effects on your returns; investors also pay interest and risk a margin call, where the broker may force sales if collateral falls below required levels.

sole voting power financial

"Sole power to vote or direct vote: 85,000"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

Schedule 13D regulatory

"constitutes Amendment No. 1 ("Amendment No.1") to the filed by the undersigned"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

Section 13(d)(3) regulatory

"may be deemed to be a member of a "group" with the other Reporting Persons for the purposes of Section 13(d)(3) of the Exchange Act"

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

AIR INDUSTRIES GROUP

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

00912N205

(CUSIP Number)

STAR EQUITY FUND, LP
53 Forest Ave Suite 101,
Old Greenwich, CT, 06870
203-489-9500

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

05/26/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 00912N205

1

Name of reporting person

STAR EQUITY HOLDINGS, INC.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 85,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 85,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

85,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.8 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s): 00912N205

1

Name of reporting person

STAR OPERATING COMPANIES, INC.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 85,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 85,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

85,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.8 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP Number(s): 00912N205

1

Name of reporting person

STAR EQUITY FUND, LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 85,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 85,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

85,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.8 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 00912N205

1

Name of reporting person

STAR EQUITY FUND GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 85,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 85,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

85,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.8 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 00912N205

1

Name of reporting person

STAR INVESTMENT MANAGEMENT, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CONNECTICUT

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 85,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 85,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

85,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.8 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 00912N205

1

Name of reporting person

STAR VALUE INVESTMENTS, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 85,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 85,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

85,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.8 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 00912N205

1

Name of reporting person

JEFFREY E. EBERWEIN

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF, PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 345,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 345,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

345,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.1 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

The following constitutes Amendment No. 1 ("Amendment No.1") to the Schedule 13D filed by the undersigned on January 27, 2026 (as previously amended, the "Schedule 13D"). This Amendment No. 1 amends the Schedule 13D as specifically set forth herein.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.001 per share
(b)	Name of Issuer: AIR INDUSTRIES GROUP
(c)	Address of Issuer's Principal Executive Offices: 1460 FIFTH AVENUE, BAY SHORE, NEW YORK , 11706.
Item 3.	Source and Amount of Funds or Other Consideration
	The Shares purchased by Star Equity Fund were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases, except as otherwise noted, as set forth in Schedule A, which is incorporated by reference herein. The aggregate purchase price of the 85,000 Shares beneficially owned by Star Equity Fund is approximately $278,523, excluding brokerage commissions.The aggregate purchase price of the 260,000 Shares beneficially owned by Mr. Eberwein is approximately $810,209, excluding brokerage commissions.
Item 5.	Interest in Securities of the Issuer
(a)	The aggregate percentage of the Shares reported owned by each person named herein is based upon 4,850,658 Shares outstanding as of May 12, 2026 ("Shares Outstanding"), which is the total number of Shares reported outstanding in the Issuer's Annual Report on Form 10-Q, filed with the Securities and Exchange Commission on May 13, 2026. A. Star Equity Star Equity, as the parent of Star Operating Companies, may be deemed the beneficial owner of the 85,000 Shares owned by Star Equity Fund. Percentage: Approximately 1.75% B. Star Operating Companies Star Operating Companies, as the parent of Star Value Investments, sole member of Star Management, and limited partner of Star Equity Fund may be deemed the beneficial owner of the 85,000 Shares beneficially owned by Star Equity Fund. Percentage: Approximately 1.75% C. Star Equity Fund As of the close of business on May 28, 2026, Star Equity Fund beneficially owned 85,000 Shares. Percentage: Approximately 1.75% D. Star Equity GP Star Equity GP, as the general partner of Star Equity Fund, may be deemed the beneficial owner of the 85,000 Shares owned by Star Equity Fund. Percentage: Approximately 1.75% E. Star Investment Management Star Investment Management, as the investment manager of Star Equity Fund, may be deemed the beneficial owner of the 85,000 Shares owned by Star Equity Fund. Percentage: Approximately 1.75% F. Star Value Investments Star Value Investments, as the sole member of Star Equity GP and wholly owned subsidiary of Star Equity may be deemed the beneficial owner of the 85,000 Shares owned by Star Equity Fund. Percentage: Approximately 1.75% G. Mr. Eberwein Mr. Eberwein, as of the close of business on May 28, 2026, holds 260,000 Shares, and as the manager of Star Equity GP and Star Equity Management, Mr. Eberwein may be deemed the beneficial owner of the 85,000 Shares held by Star Equity Fund. In total Mr. Eberwein may be deemed the beneficial owner of an aggregate 345,000 Shares. Percentage: Approximately 7.11%
(b)	A. Star Equity 1. Sole power to vote or direct vote: 85,000 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 85,000 4. Shared power to dispose or direct the disposition: 0 B. Star Operating Companies 1. Sole power to vote or direct vote: 85,000 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 85,000 4. Shared power to dispose or direct the disposition: 0 C. Star Equity Fund 1. Sole power to vote or direct vote: 85,000 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 85,000 4. Shared power to dispose or direct the disposition: 0 D. Star Equity GP 1. Sole power to vote or direct vote: 85,000 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 85,000 4. Shared power to dispose or direct the disposition: 0 E. Star Investment Management 1. Sole power to vote or direct vote: 85,000 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 85,000 4. Shared power to dispose or direct the disposition: 0 F. Star Value Investments 1. Sole power to vote or direct vote: 85,000 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 85,000 4. Shared power to dispose or direct the disposition: 0 G. Mr. Eberwein 1. Sole power to vote or direct vote: 345,000 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 345,000 4. Shared power to dispose or direct the disposition: 0
(c)	A. Star Equity Star Equity has not entered into any transactions in the Shares during the past 60 days. The transactions in the Shares on behalf of Star Equity Fund during the past 60 days are set forth in Schedule A and are incorporated herein by reference. B. Star Operating Companies Star Operating Companies has not entered into any transactions in the Shares in the last 60 days. The transactions in the Shares on behalf of Star Equity Fund during the past 60 days are set forth in Schedule A and are incorporated herein by reference. C. Star Equity Fund Star Equity Fund has not entered into any transactions in the Shares during the past 60 days. D. Star Equity GP Star Equity GP has not entered into any transactions in the Shares in the last 60 days. The transactions in the Shares on behalf of Star Equity Fund during the past 60 days are set forth in Schedule A and are incorporated herein by reference. E. Star Investment Management Star Equity has not entered into any transactions in the Shares during the past 60 days. The transactions in the Shares on behalf of Star Equity Fund during the past 60 days are set forth in Schedule A and are incorporated herein by reference. F. Star Value Investments Star Value has not entered into any transactions in the Shares during the past 60 days. The transactions in the Shares on behalf of Star Equity Fund during the past 60 days are set forth in Schedule A and are incorporated herein by reference. G. Mr. Eberwein The transactions in the Shares by Mr. Eberwein and Star Equity Fund during the past 60 days are set forth in Schedule A and are incorporated herein by reference. Each Reporting Person, may be deemed to be a member of a "group" with the other Reporting Persons for the purposes of Section 13(d)(3) of the Exchange Act, and such group may be deemed to beneficially own the Shares beneficially owned in aggregate by all of the Reporting Persons. Each Reporting Person disclaims beneficial ownership of the Shares that he, she, or it does not directly own.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 99.1 - Schedule A.

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.

STAR EQUITY HOLDINGS, INC.

Signature:	/s/ Jeffrey E. Eberwein
Name/Title:	Jeffrey E. Eberwein, Chief Executive Officer
Date:	05/28/2026

STAR OPERATING COMPANIES, INC.

Signature:	/s/ Richard K. Coleman, Jr.
Name/Title:	Richard K. Coleman, Jr., Chief Executive Officer
Date:	05/28/2026

STAR EQUITY FUND, LP

Signature:	/s/ Jeffrey E. Eberwein
Name/Title:	Jeffrey E. Eberwein, Manager of Star Equity Fund GP, LLC, the general partner of Star Equity Fund LP
Date:	05/28/2026

STAR EQUITY FUND GP, LLC

Signature:	/s/ Jeffrey E. Eberwein
Name/Title:	Jeffrey E. Eberwein, Manager
Date:	05/28/2026

STAR INVESTMENT MANAGEMENT, LLC

Signature:	/s/ Jeffrey E. Eberwein
Name/Title:	Jeffrey E. Eberwein, Manager
Date:	05/28/2026

STAR VALUE INVESTMENTS, LLC

Signature:	/s/ Richard K. Coleman, Jr.
Name/Title:	Richard K. Coleman, Jr., CEO of Star Operating Companies, Inc., the sole member of Star Value Investments, LLC
Date:	05/28/2026

JEFFREY E. EBERWEIN

Signature:	/s/ Jeffrey E. Eberwein
Name/Title:	Jeffrey E. Eberwein
Date:	05/28/2026

FAQ

What stake does Star Equity report in Air Industries Group (AIRI)?

Star Equity-related entities report beneficial ownership of 85,000 Air Industries Group shares, or about 1.75% of the company. These shares are held through Star Equity Fund and related entities with sole voting and dispositive power reported.

How many Air Industries Group shares does Jeffrey E. Eberwein own?

Jeffrey E. Eberwein directly holds 260,000 Air Industries Group shares and may be deemed to beneficially own an additional 85,000 shares held by Star Equity Fund, for a total of 345,000 shares, representing approximately 7.11% of the company.

What is the total percentage of Air Industries Group owned by the Star Equity group?

The filing states that Mr. Eberwein may be deemed to beneficially own an aggregate 345,000 Air Industries Group shares, or about 7.11%, based on 4,850,658 shares outstanding as of May 12, 2026, potentially together with the Star Equity entities as a group.

How much did Star Equity Fund pay for its Air Industries Group stake?

Star Equity Fund’s aggregate purchase price for its 85,000 Air Industries Group shares is approximately $278,523, excluding brokerage commissions. The filing notes these shares were acquired with working capital, including possible margin loans, primarily in open-market transactions.

What did Jeffrey E. Eberwein pay for his directly held AIRI shares?

The filing reports that the aggregate purchase price of the 260,000 Air Industries Group shares directly beneficially owned by Jeffrey E. Eberwein is approximately $810,209, excluding brokerage commissions. These amounts reflect historical purchase costs, not current market value.

On what share count is the reported Air Industries Group ownership based?

Ownership percentages in the filing are based on 4,850,658 Air Industries Group shares outstanding as of May 12, 2026. This outstanding share figure comes from the company’s Form 10-Q filed with the SEC on May 13, 2026.