Initial Statement of Beneficial Ownership (Form 3)

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * Flanagan Sarah Louise 2. Date of Event Requiring Statement (Month/Day/Year) 12/11/2025 3. Issuer Name and Ticker or Trading Symbol AAR CORP [AIR] (Last) (First) (Middle) 1100 N. WOOD DALE RD. 4. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Interim CFO VP Fin Ops 5. If Amendment, Date Original Filed (Month/Day/Year) (Street) WOOD DALE, IL 60191 6. Individual or Joint/Group Filing (Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Beneficially Owned

1.Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5) Common Stock 29,133 D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option	07/31/2019	07/09/2028	Common Stock	9,150	$48.09	D
Stock Option	07/31/2020	07/08/2029	Common Stock	10,750	$37.66	D
Stock Option	07/31/2022	07/12/2031	Common Stock	9,515	$37.74	D
Stock Option	03/25/2023	03/25/2032	Common Stock	28	$50.93	D
Stock Option	07/31/2023	07/18/2032	Common Stock	9,940	$41.88	D
Stock Option	07/31/2024(1)	07/24/2033	Common Stock	6,915	$58.27	D
Stock Option	07/31/2025(2)	07/22/2034	Common Stock	6,860	$67.02	D
Stock Option	07/31/2026(3)	07/23/2035	Common Stock	6,090	$79.45	D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Flanagan Sarah Louise 1100 N. WOOD DALE RD. WOOD DALE, IL 60191			Interim CFO VP Fin Ops

Signatures

/s/ Katherine Kwiat, power of attorney		12/19/2025
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(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).
(1)	The option became exercisable as to 2,305 shares on July 31, 2024 and 2,305 shares on July 31, 2025 and becomes exercisable as to the remaining 2,305 shares on July 31, 2026.
(2)	The option became exercisable as to 2,286 shares on July 31, 2025 and becomes exercisable as to 2,286 of the remaining shares on July 31, 2026 and 2,288 of the remaining shares on July 31, 2027.
(3)	The awarded stock option vests and becomes exercisable in 1/3 annual installments beginning on July 31, 2026 and shall vest as follows: 33 1/3% on each of July 31, 2026, July 31, 2027 and July 31, 2028.

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