AAR Corp. bonds AIR
Who owns AAR Corp.'s debt and what their own filings say it is worth. Bond prices and yields are fund-reported marks (SEC Form N-PORT) as of Jul 2026; they lag the market by about two months. AIR stock page.
Every bond funds hold
Each bond's latest fund-reported mark. Price per 100 of face value; yield to maturity from price, coupon and maturity; spread over the matched-maturity Treasury for US-dollar bonds.
| Bond | Coupon | Maturity | Ccy | Price | Yield | Spread | Funds | Held | As of |
|---|---|---|---|---|---|---|---|---|---|
| 00253PAA6 | 6.75% fixed | 2029-03-15 | USD | 102.20 | 5.83% | 159 bp | 49 | $91.2M | Jul 2026 |
Spread history
Median spread of the US-dollar bonds over Treasuries, month-ends with complete filings. Fund-reported.
Price history
Median fund-marked price across the bonds, per 100 of face value.
By month
Funds file on staggered quarter-ends, so each month-end is marked by the funds that reported for it; the amount held moves with which funds filed, not only with buying and selling.
| Month-end | Bonds | Held | Median price | USD yield | USD spread | Most funds on one bond |
|---|---|---|---|---|---|---|
| Aug 2026 partial: filings still arriving | 1 | $23.3M | 102.20 | 5.80% | 155 bp | 1 |
| Jul 2026 | 1 | $91.2M | 102.20 | 5.83% | 159 bp | 49 |
| Jun 2026 | 1 | $104.1M | 102.22 | 5.85% | 171 bp | 61 |
| May 2026 | 1 | $31.0M | 102.74 | 5.67% | 164 bp | 14 |
| Apr 2026 | 1 | $92.2M | 102.98 | 5.61% | 179 bp | 54 |
| Mar 2026 | 1 | $104.5M | 101.84 | 6.06% | 233 bp | 65 |
| Feb 2026 | 1 | $30.8M | 103.11 | 5.62% | 210 bp | 15 |
| Jan 2026 | 1 | $95.6M | 103.52 | 5.50% | 188 bp | 56 |
| Dec 2025 | 1 | $94.4M | 103.52 | 5.53% | 197 bp | 68 |
| Nov 2025 | 1 | $42.7M | 103.72 | 5.50% | 192 bp | 16 |
| Oct 2025 | 1 | $92.2M | 103.27 | 5.67% | 212 bp | 54 |
| Sep 2025 | 1 | $98.5M | 103.02 | 5.77% | 220 bp | 73 |
| Aug 2025 | 1 | $46.4M | 102.95 | 5.82% | 211 bp | 16 |
Who holds the debt
Fund series in their latest quarterly N-PORT report, largest first, with the change in face value against each fund's own previous report. Names as reported in the filings. 12 added, 12 cut, 4 new holders and 13 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| American Beacon SiM High Yield Opportunities Fund AMERICAN BEACON FUNDS | 2026-05-31 | $22.8M | $23.4M | $0 |
| BlackRock High Yield Portfolio BlackRock Funds V | 2026-06-30 | $17.2M | $17.6M | $0 |
| Income Fund of America | 2026-07-31 | $15.5M | $15.9M | $0 |
| iShares Broad USD High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $12.9M | $13.2M | -$37K |
| NYLIM MacKay High Yield Corporate Bond Fund NYLIM FUNDS | 2026-07-31 | $11.5M | $11.7M | $0 |
| State Street(R) SPDR(R) Portfolio High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $11.0M | $11.3M | $1.1M |
| Shenkman Capital Short Duration High Income Fund Advisors Series Trust | 2026-06-30 | $8.9M | $9.1M | $6.0M |
| State Street(R) SPDR(R) Bloomberg High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $7.4M | $7.6M | $501K |
| NYLIM MacKay Short Duration High Income Fund NYLIM FUNDS TRUST | 2026-07-31 | $7.0M | $7.2M | $0 |
| iShares 0-5 Year High Yield Corporate Bond ETF iShares Trust | 2026-07-31 | $6.2M | $6.3M | $70K |
| American High Income Trust | 2026-06-30 | $5.7M | $5.9M | $0 |
| High Yield Fixed Income Fund Northern Funds | 2026-06-30 | $5.3M | $5.4M | new |
| BrandywineGLOBAL - CORPORATE CREDIT FUND Legg Mason Partners Investment Trust | 2026-06-30 | $5.1M | $5.3M | -$2.4M |
| State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF SPDR SERIES TRUST | 2026-06-30 | $4.9M | $5.0M | -$1.6M |
| American Funds Multi-Sector Income Fund | 2026-06-30 | $4.4M | $4.5M | $0 |
| Voya Short Duration High Income Fund Voya Funds Trust | 2026-06-30 | $3.5M | $3.6M | $0 |
| BrandywineGLOBAL - HIGH YIELD FUND Legg Mason Partners Investment Trust | 2026-06-30 | $3.4M | $3.4M | -$8.9M |
| NYLIM VP MacKay High Yield Corporate Bond Portfolio NYLIM VP FUNDS TRUST | 2026-06-30 | $3.2M | $3.3M | $500K |
| Voya High Yield Portfolio Voya Investors Trust | 2026-06-30 | $3.0M | $3.0M | $0 |
| Payden Limited Maturity Fund PAYDEN & RYGEL INVESTMENT GROUP | 2026-07-31 | $2.7M | $2.8M | $0 |
| Credit Suisse Strategic Income Fund CREDIT SUISSE OPPORTUNITY FUNDS | 2026-07-31 | $2.4M | $2.4M | $0 |
| BNY Mellon High Yield Fund BNY Mellon Investment Funds III | 2026-06-30 | $2.1M | $2.2M | $0 |
| Voya High Yield Bond Fund Voya Funds Trust | 2026-06-30 | $2.0M | $2.1M | $0 |
| Payden High Income Fund PAYDEN & RYGEL INVESTMENT GROUP | 2026-07-31 | $2.0M | $2.1M | $0 |
| Western Asset Short Duration High Income Fund Legg Mason Partners Income Trust | 2026-07-31 | $1.9M | $2.0M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): THRIVENT HIGH YIELD FUND ($616K), Harbor Ares Systematic High Yield ETF ($490K), BlackRock Multi-Sector Income Trust ($442K), BlackRock Core Bond Trust ($253K), Greenspring Income Opportunities Fund ($250K), Western Asset Income Fund ($210K), BlackRock Low Duration Bond Portfolio ($137K), iShares Short Duration Bond Active ETF ($77K), RiverNorth/DoubleLine Strategic Income Fund ($70K), Neuberger Flexible Credit Income ETF ($65K).
ETFs holding these bonds
From each ETF's own latest N-PORT report: the issuer's bonds as a share of the ETF's net assets. A holdings list, not a recommendation.
| ETF | Report | Bonds | Face value | Value | % of net assets |
|---|---|---|---|---|---|
| USHY iShares Broad USD High Yield Corporate Bond ETF | 2026-07-31 | 1 | $12.9M | $13.2M | 0.05% |
| SPHY State Street(R) SPDR(R) Portfolio High Yield Bond ETF | 2026-06-30 | 1 | $11.0M | $11.3M | 0.10% |
| JNK State Street(R) SPDR(R) Bloomberg High Yield Bond ETF | 2026-06-30 | 1 | $7.4M | $7.6M | 0.10% |
| SHYG iShares 0-5 Year High Yield Corporate Bond ETF | 2026-07-31 | 1 | $6.2M | $6.3M | 0.08% |
| SJNK State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF | 2026-06-30 | 1 | $4.9M | $5.0M | 0.10% |
| SCYB Schwab High Yield Bond ETF | 2026-05-31 | 1 | $1.5M | $1.5M | 0.06% |
| IBHI iShares iBonds 2029 Term High Yield and Income ETF | 2026-07-31 | 1 | $1.3M | $1.3M | 0.27% |
| NBSD Neuberger Short Duration Income ETF | 2026-07-31 | 1 | $1.2M | $1.2M | 0.10% |
| BHYB Xtrackers USD High Yield BB-B ex Financials ETF | 2026-05-31 | 1 | $1.1M | $1.2M | 0.05% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 1 | $845K | $864K | 0.00% |
| XBB BondBloxx BB Rated USD High Yield Corporate Bond ETF | 2026-07-31 | 1 | $475K | $486K | 0.09% |
| HYGV FlexShares High Yield Value - Scored Bond Index Fund | 2026-07-31 | 1 | $450K | $460K | 0.04% |
| HYS PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund | 2026-06-30 | 1 | $413K | $422K | 0.03% |
| HYBB iShares BB Rated Corporate Bond ETF | 2026-07-31 | 1 | $360K | $368K | 0.09% |
| HYZD WisdomTree Interest Rate Hedged High Yield Bond Fund | 2026-05-31 | 1 | $336K | $345K | 0.15% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 5.65: safer than 55% of companies (55th percentile in Industrials). Market-implied, prices to 2026-10-16, balance sheet 2026-08-31.
| Equity value | $3.97B |
| Debt barrier (short-term + ½ long-term debt) | $439.8M |
| Equity volatility (1 year) | 44.3% |
| Asset value / asset volatility (solved) | $4.39B / 40.1% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 159 bp spread prices in about 2.6% a year of default odds (spread ÷ (1 − 40% recovery)). Fund-reported marks as of Jul 2026; the spread also pays for liquidity and risk premium, so this overstates actual defaults.
Accounts: Altman Z
Altman Z = 3.65 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in AIR's stock and options. Options are reported at the value of the underlying shares, not the premium paid; 13F lists long positions only, lags 45 days after quarter-end, and does not show whether puts hedge a stock position.
| Quarter-end | Stock holders | Stock value | Put managers | Puts (underlying value) | Call managers | Calls (underlying value) | Convertible holders |
|---|---|---|---|---|---|---|---|
| 2026-09-30 filings still arriving | 42 | $46.8M | 0 | — | 0 | — | 0 |
| 2026-06-30 | 398 | $5.72B | 6 | $5.7M | 7 | $14.5M | 1 |
| 2026-03-31 | 363 | $3.74B | 7 | $9.4M | 8 | $10.5M | 1 |
| 2025-12-31 | 311 | $3.06B | 3 | $1.4M | 5 | $3.9M | 1 |
| 2025-09-30 | 290 | $3.26B | 7 | $10.2M | 8 | $27.4M | 1 |
| 2025-06-30 | 255 | $2.32B | 3 | $1.4M | 5 | $1.7M | 1 |
Sources: fund holdings and fund-reported marks from SEC Form N-PORT (published about 60 days after each month-end); 13F filings; House and Senate periodic transaction reports and OGE Form 278-T; Treasury yields from FRED. Findings from filings, not advice. How each number is computed.