RADY ERNEST S 4

What Happened
Ernest S. Rady, a reported 10% owner of American Assets Trust (AAT), made multiple open-market purchases of AAT common stock between May 19 and May 21, 2026. He acquired 17,319 shares on 2026-05-19 at $21.15 ($366,297), 4,880 shares on 2026-05-20 at $21.32 ($104,042), and 56,656 shares on 2026-05-21 at $21.70 ($1,229,435), for a total of 78,855 shares purchased at an aggregate cost of approximately $1,699,774. These were purchases (code P) — purchases are often viewed as more informative than sales but do not prove intent.

Key Details

• Transaction dates and prices:
  • 2026-05-19: 17,319 shares @ $21.15 = $366,297
  • 2026-05-20: 4,880 shares @ $21.32 = $104,042
  • 2026-05-21: 56,656 shares @ $21.70 = $1,229,435
• Total: 78,855 shares for ~$1,699,774.
• Shares owned after transaction: not specified in this Form 4 (filing lists holdings by various trusts/entities but does not state a total beneficial ownership post-purchase).
• Footnotes: Shares are held across entities and trusts associated with Rady (Ernest Rady Trust U/D/T March 10, 1983; American Assets, Inc.; Insurance Company of the West; Rady Foundation; Evelyn Shirley Rady Trust; Explorer Insurance Company; and an Ernest Rady IRA). The reporting person disclaims beneficial ownership of those shares except to the extent of his pecuniary interest.
• Filing timeliness: Form filed 2026-05-21 covering trades through 2026-05-21; no late filing flag indicated.

Context
These were straightforward open-market purchases by a 10% owner (institutional/majority holder status), not option exercises, gifts, or awards. For retail investors, purchases by large shareholders can signal confidence but should be weighed with other company and market information; the footnotes indicate many shares are held via trusts and controlled entities, which is common for large holders and may reflect estate or institutional ownership rather than direct personal trading.