Ernest S. Rady trust buys 10,000 American Assets Trust (AAT) shares at $23.40

Rhea-AI Filing Summary

American Assets Trust, Inc. insider reporting shows an indirect open-market purchase of the company’s common stock tied to Executive Chairman and 10% owner Ernest S. Rady. A trust for which he serves as trustee, Ernest Rady Trust U/D/T March 10, 1983, bought 10,000 shares at $23.40 per share.

Following this transaction, that trust held 8,388,525 shares of common stock. The filing also lists additional direct and indirect holdings across entities Rady controls or is associated with, including American Assets, Inc., Insurance Company of the West, Rady Foundation, Explorer Insurance Company, and Evelyn Shirley Rady Trust, with Rady disclaiming beneficial ownership except for his pecuniary interest.

Insights

Insider transactions analyst

Executive chairman-linked trust adds 10,000 AAT shares via open-market buy.

The filing shows an open-market purchase of 10,000 American Assets Trust common shares at $23.40 per share. The buyer is Ernest Rady Trust U/D/T March 10, 1983, a trust for which Executive Chairman Ernest S. Rady serves as trustee.

This is a net-buy transaction, with no reported sales in the same filing. After the trade, the trust holds 8,388,525 shares, while other entities controlled or associated with Rady, such as American Assets, Inc. and Insurance Company of the West, also report sizable existing positions.

Rady disclaims beneficial ownership of the trust and controlled-entity shares except for his pecuniary interest. The transaction appears as one additional purchase within a large, established ownership structure, and there are no derivative positions or Rule 10b5-1 plan references disclosed in this data excerpt.

Insider Trade Summary

Net Buyer: 10,000 shares ($234,000)

Net Buy 7 txns

Insider RADY ERNEST S

Role Executive Chairman

Bought 10,000 shs ($234K)

Type	Security	Shares	Price	Value
Purchase	Common Stock, par value $0.01	10,000	$23.40	$234K
holding	Common Stock, par value $0.01	--	--	--
holding	Common Stock, par value $0.01	--	--	--
holding	Common Stock, par value $0.01	--	--	--
holding	Common Stock, par value $0.01	--	--	--
holding	Common Stock, par value $0.01	--	--	--
holding	Common Stock, par value $0.01	--	--	--

Holdings After Transaction: Common Stock, par value $0.01 — 8,388,525 shares (Indirect, By ERT); Common Stock, par value $0.01 — 66,680 shares (Direct, null)

Footnotes (1)

1. Represents shares held by Ernest Rady Trust U/D/T March 10, 1983 ("ERT"), for which the Reporting Person is the trustee. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein. Represents shares held by American Assets, Inc. ("AAI"), which is directly controlled by the Reporting Person. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein. Represents shares held by Insurance Company of the West ("ICW"), which is directly controlled by the Reporting Person. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein. Represents shares held by Rady Foundation ("RF"), which is directly controlled by the Reporting Person. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein. Represents shares held by Explorer Insurance Company ("EIC"), which is directly controlled by the Reporting Person. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein. Represents shares held by Evelyn Shirley Rady Trust U/D/T March 10, 1983 ("ESRT"), for which the Reporting Person is the trustee. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein. Represents shares held by Ernest Rady IRA.

Key Figures

Open-market purchase size: 10,000 shares Purchase price: $23.40 per share ERT holdings after buy: 8,388,525 shares +4 more

7 metrics

Open-market purchase size 10,000 shares Common stock bought by Ernest Rady Trust U/D/T March 10, 1983

Purchase price $23.40 per share Price for 10,000-share open-market buy

ERT holdings after buy 8,388,525 shares Total common shares held by Ernest Rady Trust after transaction

Direct holdings 66,680 shares Common stock directly owned by Ernest S. Rady

AAI indirect holdings 2,267,022 shares Shares held by American Assets, Inc., directly controlled by Rady

ICW indirect holdings 1,275,336 shares Shares held by Insurance Company of the West, directly controlled by Rady

Rady Foundation holdings 1,209,021 shares Shares held by Rady Foundation, directly controlled by Rady

Key Terms

open-market purchase, beneficial ownership, pecuniary interest, indirect ownership, +1 more

5 terms

open-market purchase financial

"bought 10,000 shares at $23.40 per share in an open-market transaction"

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

beneficial ownership financial

"The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein"

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.

pecuniary interest financial

"disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein"

indirect ownership financial

"nature_of_ownership: By ERT, By AAI, By ICW, By RF, By EIC, By ESRT"

Form 4 regulatory

"INSIDER FILING DATA (Form 4)"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

RADY ERNEST S

(Last) (First) (Middle)

C/O AMERICAN ASSETS TRUST, INC.

3420 CARMEL MOUNTAIN ROAD, SUITE 100

(Street)

SAN DIEGO CALIFORNIA 92121

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
American Assets Trust, Inc. [ AAT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Chairman

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.01	06/01/2026		P		10,000	A	$23.4	8,388,525	I	By ERT(1)
Common Stock, par value $0.01								2,267,022	I	By AAI(2)
Common Stock, par value $0.01								1,275,336	I	By ICW(3)
Common Stock, par value $0.01								1,209,021	I	By RF(4)
Common Stock, par value $0.01								200,000	I	By EIC(5)
Common Stock, par value $0.01								102,859	I	By ESRT(6)
Common Stock, par value $0.01								66,680	D(7)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares held by Ernest Rady Trust U/D/T March 10, 1983 ("ERT"), for which the Reporting Person is the trustee. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

2. Represents shares held by American Assets, Inc. ("AAI"), which is directly controlled by the Reporting Person. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

3. Represents shares held by Insurance Company of the West ("ICW"), which is directly controlled by the Reporting Person. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

4. Represents shares held by Rady Foundation ("RF"), which is directly controlled by the Reporting Person. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

5. Represents shares held by Explorer Insurance Company ("EIC"), which is directly controlled by the Reporting Person. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

6. Represents shares held by Evelyn Shirley Rady Trust U/D/T March 10, 1983 ("ESRT"), for which the Reporting Person is the trustee. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

7. Represents shares held by Ernest Rady IRA.

Remarks:

	/s/ Meleana Leaverton, Attorney-in-fact	06/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did American Assets Trust (AAT) report for Ernest S. Rady?

American Assets Trust reported that a trust associated with Executive Chairman Ernest S. Rady purchased 10,000 shares of common stock. The Ernest Rady Trust U/D/T March 10, 1983 bought these shares in an open-market transaction at $23.40 per share, increasing its reported holdings.

At what price were the new American Assets Trust (AAT) shares purchased?

The newly acquired American Assets Trust shares were purchased at $23.40 per share. This price applies to a 10,000-share open-market transaction by the Ernest Rady Trust U/D/T March 10, 1983, as reported in the Form 4 insider trading disclosure for Executive Chairman Ernest S. Rady.

How many American Assets Trust (AAT) shares does the Ernest Rady Trust hold after this transaction?

Following the reported transaction, the Ernest Rady Trust U/D/T March 10, 1983 holds 8,388,525 shares of American Assets Trust common stock. This total reflects the addition of 10,000 shares purchased in the open market at $23.40 per share, as disclosed in the Form 4 filing.

What other indirect American Assets Trust (AAT) holdings are associated with Ernest S. Rady?

The filing lists indirect holdings through several entities: American Assets, Inc., Insurance Company of the West, Rady Foundation, Explorer Insurance Company, and Evelyn Shirley Rady Trust. Ernest S. Rady is reported as directly controlling some entities and serving as trustee for certain trusts, while disclaiming beneficial ownership except for pecuniary interests.

Does Ernest S. Rady directly own American Assets Trust (AAT) shares?

Yes. The Form 4 shows Ernest S. Rady with direct ownership of 66,680 American Assets Trust common shares. In addition, there are large indirect holdings through various trusts and controlled entities, for which he generally disclaims beneficial ownership beyond his pecuniary interest, according to the filing footnotes.

Were any American Assets Trust (AAT) shares sold in this Form 4 filing?

No sales are reported in this Form 4. The transaction summary shows one open-market purchase of 10,000 shares and no sales, exercises, gifts, or tax-related dispositions. Other line items in the table simply restate existing direct and indirect holdings associated with Ernest S. Rady and related entities.