Senvest Management, LLC and Richard Mashaal report a 5.1% passive stake in American Assets Trust, Inc. common stock. They report beneficial ownership of 3,088,587 shares of common stock, with shared voting and shared dispositive power over all of these shares and no sole voting or dispositive power.
The shares are held in the account of Senvest Master Fund, LP, for which Senvest Management, LLC serves as investment manager and Mr. Mashaal is managing member. The reported 5.1% ownership is based on 61,152,542 shares of common stock outstanding as of October 31, 2025, as disclosed in American Assets Trust, Inc.’s Form 10-Q. The filers certify the securities were not acquired and are not held for the purpose of changing or influencing control of the company.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
American Assets Trust, Inc.
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
024013104
(CUSIP Number)
01/22/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
024013104
1
Names of Reporting Persons
Senvest Management, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,088,587.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,088,587.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,088,587.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.1 %
12
Type of Reporting Person (See Instructions)
IA, OO
SCHEDULE 13G
CUSIP No.
024013104
1
Names of Reporting Persons
Richard Mashaal
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,088,587.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,088,587.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,088,587.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.1 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
American Assets Trust, Inc.
(b)
Address of issuer's principal executive offices:
3420 Carmel Mountain Road, Suite 100, San Diego, California 92121
Item 2.
(a)
Name of person filing:
This statement is filed by Senvest Management, LLC and Richard Mashaal, with respect to the common stock, par value $0.01 per share ("Common Stock"), of American Assets Trust, Inc., a Maryland corporation (the "Company").
The reported securities are held in the account of Senvest Master Fund, LP (the "Investment Vehicle").
Senvest Management, LLC may be deemed to beneficially own the securities held by the Investment Vehicle by virtue of Senvest Management, LLC's position as investment manager of the Investment Vehicle. Mr. Mashaal may be deemed to beneficially own the securities held by the Investment Vehicle by virtue of Mr. Mashaal's status as the managing member of Senvest Management, LLC. None of the foregoing should be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of the securities reported herein.
(b)
Address or principal business office or, if none, residence:
Senvest Management, LLC
540 Madison Avenue, 32nd Floor
New York, New York 10022
Richard Mashaal
c/o Senvest Management, LLC
540 Madison Avenue, 32nd Floor
New York, New York 10022
(c)
Citizenship:
Senvest Management, LLC - Delaware
Richard Mashaal - Canada
(d)
Title of class of securities:
Common Stock, par value $0.01 per share
(e)
CUSIP No.:
024013104
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 61,152,542 shares of Common Stock outstanding as of October 31, 2025, as reported in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, filed with the Securities and Exchange Commission on October 31, 2025.
(b)
Percent of class:
5.1%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(ii) Shared power to vote or to direct the vote:
The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(iii) Sole power to dispose or to direct the disposition of:
The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(iv) Shared power to dispose or to direct the disposition of:
The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
The Investment Vehicle has the right to receive and the power to direct the receipt of dividends from, and the proceeds from the sale of, more than 5% of the shares of Common Stock.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
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.
What ownership stake in American Assets Trust (AAT) is reported in this Schedule 13G?
The filing reports beneficial ownership of 3,088,587 shares of American Assets Trust, Inc. common stock, representing 5.1% of the outstanding class.
Who are the reporting persons in this American Assets Trust (AAT) Schedule 13G?
The Schedule 13G is filed by Senvest Management, LLC and Richard Mashaal, with the shares held in the account of Senvest Master Fund, LP.
How is voting and dispositive power over AAT shares allocated for the reporting persons?
Each reporting person reports 0 shares with sole voting or dispositive power and 3,088,587 shares with shared voting and shared dispositive power.
What percentage of American Assets Trust (AAT) does the 3,088,587-share position represent?
The 3,088,587 shares of common stock represent 5.1% of the class, based on 61,152,542 shares outstanding as of October 31, 2025, as reported in the company’s Form 10-Q.
Is the Senvest position in American Assets Trust (AAT) reported as passive or control-seeking?
The filers certify that the securities were not acquired and are not held for the purpose of changing or influencing control of American Assets Trust, Inc.
Who has the right to receive dividends and sale proceeds from the AAT shares?
The filing states that Senvest Master Fund, LP has the right to receive, and the power to direct the receipt of, dividends and proceeds from the sale of more than 5% of the AAT common stock.
What event date triggered this Schedule 13G filing for American Assets Trust (AAT)?
The date of the event requiring the filing of this Schedule 13G is listed as January 22, 2026.
