Executive chairman-linked entities buy American Assets Trust (AAT) shares

Rhea-AI Filing Summary

Entities associated with American Assets Trust, Inc. Executive Chairman Ernest S. Rady reported open-market purchases of 82,386 shares of common stock at prices between $19.28 and $19.50. These buys were made indirectly through Ernest Rady Trust U/D/T March 10, 1983, where he serves as trustee and disclaims beneficial ownership except for any pecuniary interest.

The filing also updates indirect holdings in entities he directly controls or is affiliated with, including American Assets, Inc., Insurance Company of the West, Rady Foundation, Explorer Insurance Company, and an IRA and family trust structures. These entries reflect updated ownership totals rather than new reported purchases.

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

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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 CA 92121

(City) (State) (Zip)

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

3. Date of Earliest Transaction (Month/Day/Year)
02/20/2026

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

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

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

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	02/20/2026		P		3,528	A	$19.37	8,027,959	I	By ERT(1)
Common Stock, par value $0.01	02/23/2026		P		50,000	A	$19.5	8,077,959	I	By ERT(1)
Common Stock, par value $0.01	02/24/2026		P		28,858	A	$19.28	8,106,817	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								1,009,021	I	By RF(4)
Common Stock, par value $0.01								200,000	I	By EIC(5)
Common Stock, par value $0.01								100,459	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/ Adam Wyll, Attorney-in-fact	02/24/2026
	** 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.

FAQ

What insider transactions did AAT report for Ernest S. Rady on this Form 4?

Entities linked to Ernest S. Rady reported buying 82,386 AAT shares. The purchases were open-market transactions at prices between $19.28 and $19.50 per share, executed indirectly through trust and related entities rather than directly in his personal name.

At what prices were American Assets Trust (AAT) shares purchased on this Form 4?

AAT shares were purchased between $19.28 and $19.50. Indirect entities associated with Executive Chairman Ernest S. Rady acquired 82,386 common shares in several open-market trades at per-share prices of $19.28, $19.37, and $19.50, according to the Form 4 filing.

Were the AAT insider purchases made directly by Ernest S. Rady or through entities?

The AAT insider purchases were reported through entities, not directly by Rady. Most buying occurred via the Ernest Rady Trust, where he is trustee. He also disclaims beneficial ownership in several controlled entities, except to the extent of any pecuniary interest.

How many American Assets Trust (AAT) shares did the Ernest Rady Trust hold after these trades?

The Ernest Rady Trust reported holding 8,106,817 AAT shares after the latest trade. This total follows the open-market purchases disclosed in the filing and reflects indirect ownership where Ernest S. Rady serves as trustee with a limited pecuniary interest disclosure.

Which other entities associated with Ernest S. Rady hold AAT shares according to this Form 4?

Several controlled entities report AAT holdings alongside the Ernest Rady Trust. These include American Assets, Inc., Insurance Company of the West, Rady Foundation, Explorer Insurance Company, an IRA, and the Evelyn Shirley Rady Trust, each with separately disclosed indirect ownership positions.

Does this AAT Form 4 indicate any insider selling by Ernest S. Rady or related entities?

No insider selling is reported; only net buying is shown. The transaction summary lists three open-market purchases totaling 82,386 shares and no sales, with additional lines simply updating indirect ownership balances across related entities.