U.S. Physical Therapy, Inc.
US ˙ NYSE ˙ US90337L1089

SecurityUSPH / U.S. Physical Therapy, Inc.
InstitutionMorgan Stanley
Latest Disclosed Ownership889,644 shares
Ownership 5.90%
Morgan Stanley ownership in USPH / U.S. Physical Therapy, Inc.

2025-02-05 - Morgan Stanley has filed an SCHEDULE 13G/A form with the Securities and Exchange Commission (SEC) disclosing ownership of 889,644 shares of U.S. Physical Therapy, Inc. (US:USPH). This represents 5.9 percent ownership of the company. In their previous filing dated 2024-02-13 , Morgan Stanley had reported owning 1,039,417 shares, indicating a decrease of -14.41 percent.

Institutional Ownership: 13D/G Filings

This table shows a history of the 13D/G filings made by the investor and/or investor group. Note that the share values in this table are not directly comparable to any numbers shown in the 13F table (if any).

File
Date		Effective
Date		Form Prev
Shares		 Latest
Shares		 ΔShares
(Percent)		 Ownership
(Percent)		 ΔOwnership
(Percent)
2025-02-05 2025-02-05 13G/A 1,039,417 889,644 -14.41 5.90 -14.49
2024-02-13 2024-02-13 13G/A 656,785 1,039,417 58.26 6.90 35.29
2023-02-10 2023-02-10 13G 656,785 5.10

Important Note: One of the primary uses of the 13D/G filings is to evaluate the ability of a firm to control a company (ie, the "beneficial ownership"). To that end, firms are required to report not just direct holdings in companies, but indirect holdings that they control. For investment firms, these indirect holdings can include shares in funds they manage, advisory accounts, and in the case of activist campaigns, pledged votes. Therefore, share counts listed in 13D/G filings can differ significantly than share counts listed in 13F filings.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-15 2026-03-31 13F U S PHYSICAL THERAPY COM 90337L108 1,002,468 -865 -0.09 75,145 -4.09 0.0045
2026-05-27 2025-12-31 13F/A-1 U S PHYSICAL THERAPY COM 90337L108 1,003,333 -129,484 -11.43 78,350 -18.58 0.0047
2026-02-13 2025-12-31 13F U S PHYSICAL THERAPY COM 90337L108 1,003,333 -129,484 78,350 0.0047
2026-05-27 2025-09-30 13F/A-1 U S PHYSICAL THERAPY COM 90337L108 1,132,817 84,912 8.10 96,233 17.43 0.0058
2025-11-14 2025-09-30 13F U S PHYSICAL THERAPY COM 90337L108 1,132,817 84,912 96,233 0.0058
2025-08-15 2025-06-30 13F U S PHYSICAL THERAPY COM 90337L108 1,047,905 52,449 5.27 81,946 13.76 0.0053
2025-05-15 2025-03-31 13F U S PHYSICAL THERAPY COM 90337L108 995,456 -41,728 -4.02 72,031 -21.71 0.0052
2025-05-15 2024-12-31 13F/A-1 U S PHYSICAL THERAPY COM 90337L108 1,037,184 -167,614 -13.91 92,009 -9.76 0.0064
2025-02-14 2024-12-31 13F U S PHYSICAL THERAPY COM 90337L108 1,037,184 -167,614 92,009 0.0064
2025-05-14 2024-09-30 13F/A-2 U S PHYSICAL THERAPY COM 90337L108 1,204,798 5,277 0.44 101,962 -8.03 0.0074
2025-02-14 2024-09-30 13F/A-1 U S PHYSICAL THERAPY COM 90337L108 1,204,798 5,277 101,962 0.0074
2024-11-14 2024-09-30 13F U S PHYSICAL THERAPY COM 90337L108 1,204,798 5,277 101,962 0.0074
2025-05-14 2024-06-30 13F/A-2 U S PHYSICAL THERAPY COM 90337L108 1,199,521 59,553 5.22 110,860 -13.84 0.0086
2024-10-17 2024-06-30 13F/A-1 U S PHYSICAL THERAPY COM 90337L108 1,199,521 59,553 110,860 0.0086
2024-08-14 2024-06-30 13F U S PHYSICAL THERAPY COM 90337L108 1,199,521 59,553 110,860 0.0086
2024-10-17 2024-03-31 13F/A-2 U S PHYSICAL THERAPY COM 90337L108 1,139,968 23,223 2.08 128,668 23.70 0.0103
2024-08-16 2024-03-31 13F/A-1 U S PHYSICAL THERAPY COM 90337L108 1,139,968 23,223 128,668 0.0103
2024-05-15 2024-03-31 13F U S PHYSICAL THERAPY COM 90337L108 1,139,968 23,223 128,668 0.0103
2024-08-16 2023-12-31 13F/A-1 U S PHYSICAL THERAPY COM 90337L108 1,116,745 137,169 14.00 104,014 15.76 0.0092
2024-02-13 2023-12-31 13F U S PHYSICAL THERAPY COM 90337L108 1,116,745 137,169 104,014 0.0092
2023-11-15 2023-09-30 13F U S PHYSICAL THERAPY COM 90337L108 979,576 36,680 3.89 89,857 -21.49 0.0091
2023-08-14 2023-06-30 13F U S PHYSICAL THERAPY COM 90337L108 942,896 152,918 19.36 114,458 47.98 0.0113
2023-05-15 2023-03-31 13F U S PHYSICAL THERAPY COM 90337L108 789,978 87,808 12.51 77,347 35.94 0.0083
2023-02-14 2022-12-31 13F U S PHYSICAL THERAPY COM 90337L108 702,170 571,710 438.23 56,897 473.66 0.0065
2022-11-14 2022-09-30 13F U S PHYSICAL THERAPY COM 90337L108 130,460 -36,516 -21.87 9,918 -45.60 0.0014
2022-10-27 2022-06-30 13F/A-1 U S PHYSICAL THERAPY COM 90337L108 166,976 39,045 30.52 18,233 43.31 0.0024
2022-08-15 2022-06-30 13F U S PHYSICAL THERAPY COM 90337L108 166,976 39,045 18,233 0.0005
2022-10-27 2022-03-31 13F/A-1 U S PHYSICAL THERAPY COM 90337L108 127,931 -52,472 -29.09 12,723 -26.19 0.0017
2022-05-13 2022-03-31 13F U S PHYSICAL THERAPY COM 90337L108 127,931 -52,472 12,723 0.0017
2022-02-14 2021-12-31 13F U S PHYSICAL THERAPY COM 90337L108 180,403 63,372 54.15 17,237 33.18 0.0021
2021-11-15 2021-09-30 13F U S PHYSICAL THERAPY COM 90337L108 117,031 17,404 17.47 12,943 12.12 0.0017
2021-08-23 2021-06-30 13F/A-1 U S PHYSICAL THERAPY COM 90337L108 99,627 11,266 12.75 11,544 25.51 0.0015
2021-08-16 2021-06-30 13F U S PHYSICAL THERAPY COM 90337L108 99,627 11,266 11,544 0.0003
2021-05-17 2021-03-31 13F U S PHYSICAL THERAPY COM 90337L108 88,361 42,469 92.54 9,198 66.66 0.0014
2021-02-16 2020-12-31 13F U S PHYSICAL THERAPY COM 90337L108 45,892 9,565 26.33 5,519 74.93 0.0009
2020-11-13 2020-09-30 13F U S PHYSICAL THERAPY COM 90337L108 36,327 -58,381 -61.64 3,155 -58.88 0.0006
2020-08-14 2020-06-30 13F U S PHYSICAL THERAPY COM 90337L108 94,708 -53,610 -36.15 7,673 -25.02 0.0017
2020-05-26 2020-03-31 13F/A-1 U S PHYSICAL THERAPY COM 90337L108 148,318 66,390 81.03 10,234 9.26 0.0028
2020-05-15 2020-03-31 13F U S PHYSICAL THERAPY COM 90337L108 148,318 66,390 10,234 786.1845
2020-02-14 2019-12-31 13F U S PHYSICAL THERAPY COM 90337L108 81,928 -105,232 -56.23 9,367 -61.67 0.0022
2019-11-14 2019-09-30 13F U S PHYSICAL THERAPY COM 90337L108 187,160 124,175 197.15 24,435 216.52 0.0065
2019-08-14 2019-06-30 13F U S PHYSICAL THERAPY COM 90337L108 62,985 12,283 24.23 7,720 44.95 0.0021
2019-05-15 2019-03-31 13F U S PHYSICAL THERAPY COM 90337L108 50,702 -4,102 -7.48 5,326 -5.06 0.0015
2019-02-14 2018-12-31 13F U S PHYSICAL THERAPY COM 90337L108 54,804 -41,847 -43.30 5,610 -51.06 0.0017
2019-04-23 2018-09-30 13F/A-2 U S PHYSICAL THERAPY COM 90337L108 96,651 43,074 80.40 11,463 122.89 0.0029
2018-11-20 2018-09-30 13F/A-1 U S PHYSICAL THERAPY COM 90337L108 96,651 0 11,463 0.0029
2018-11-14 2018-09-30 13F U S PHYSICAL THERAPY COM 90337L108 96,651 43,074 11,463
2019-04-23 2018-06-30 13F/A-1 U S PHYSICAL THERAPY COM 90337L108 53,577 -20,289 -27.47 5,143 -14.37 0.0014
2018-08-14 2018-06-30 13F U S PHYSICAL THERAPY COM 90337L108 53,577 -20,289 5,143
2019-04-23 2018-03-31 13F/A-1 U S PHYSICAL THERAPY COM 90337L108 73,866 6,221 9.20 6,006 23.00 0.0017
2018-05-14 2018-03-31 13F U S PHYSICAL THERAPY COM 90337L108 73,866 6,221 6,006
2019-04-23 2017-12-31 13F/A-1 U S PHYSICAL THERAPY COM 90337L108 67,645 -17,306 -20.37 4,883 -6.44 0.0013
2018-02-14 2017-12-31 13F U S PHYSICAL THERAPY COM 90337L108 67,645 -17,306 4,883
2017-11-14 2017-09-30 13F U S PHYSICAL THERAPY COM 90337L108 84,951 5,340 6.71 5,219 8.53 0.0016
2017-08-11 2017-06-30 13F U S PHYSICAL THERAPY COM 90337L108 79,611 20,991 35.81 4,809 25.63 0.0015
2017-05-22 2017-03-31 13F/A-1 U S PHYSICAL THERAPY COM 90337L108 58,620 -5,908 -9.16 3,828 -15.50 0.0012
2017-05-12 2017-03-31 13F U S PHYSICAL THERAPY COM 90337L108 58,620 3,828
2017-02-22 2016-12-31 13F/A-1 U S PHYSICAL THERAPY COM 90337L108 64,528 -28,738 -30.81 4,530 -22.54 0.0015
2017-02-13 2016-12-31 13F U S PHYSICAL THERAPY COM 90337L108 64,528 4,530
2016-11-10 2016-09-30 13F U S PHYSICAL THERAPY COM 90337L108 93,266 50,968 120.50 5,848 129.60 0.0020
2016-08-12 2016-06-30 13F U S PHYSICAL THERAPY COM 90337L108 42,298 921 2.23 2,547 23.76 0.0009
2016-05-12 2016-03-31 13F U S PHYSICAL THERAPY COM 90337L108 41,377 31,003 298.85 2,058 269.48 0.0008
2016-02-09 2015-12-31 13F U S PHYSICAL THERAPY COM 90337L108 10,374 -2,620 -20.16 557 -4.46 0.0002
2016-02-08 2015-09-30 13F/A-1 U S PHYSICAL THERAPY COM 90337L108 12,994 -13,668 -51.26 583 -60.07 0.0002
2015-11-09 2015-09-30 13F U S PHYSICAL THERAPY COM 90337L108 12,994 583
2015-08-12 2015-06-30 13F U S PHYSICAL THERAPY COM 90337L108 26,662 10,321 63.16 1,460 87.90 0.0005
2015-05-14 2015-03-31 13F U S PHYSICAL THERAPY COM 90337L108 16,341 -23,144 -58.61 777 -53.11 0.0003
2015-02-13 2014-12-31 13F U S PHYSICAL THERAPY COM 90337L108 39,485 -408 -1.02 1,657 17.35 0.0006
2014-12-16 2014-09-30 13F/A-1 U S PHYSICAL THERAPY COM 90337L108 39,893 32,619 448.43 1,412 460.32 0.0005
2014-11-14 2014-09-30 13F U S PHYSICAL THERAPY COM 90337L108 39,893 1,412
2014-05-13 2014-03-31 13F U S PHYSICAL THERAPY COM 90337L108 7,274 -17,265 -70.36 252 -70.87 0.0001
2014-02-13 2013-12-31 13F U S PHYSICAL THERAPY COM 90337L108 24,539 5,858 31.36 865 48.88 0.0004
2013-11-13 2013-09-30 13F US PHYSICAL THERAPY INC COM COM 90337L108 18,681 -10,670 -36.35 581 -28.45 0.0003
2013-08-08 2013-06-30 13F US PHYSICAL THERAPY INC COM COM 90337L108 29,351 29,351 812 0.0004
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.