Stifel Financial Corp reports 4.42% increase in ownership of USPH / U.S. Physical Therapy, Inc.

U.S. Physical Therapy, Inc.

US ˙ NYSE ˙ US90337L1089

Security	USPH / U.S. Physical Therapy, Inc.
Institution	Stifel Financial Corp
Latest Disclosed Ownership	56,570 shares
Latest Disclosed Value	$ 4,240,483

On May 12, 2026 - Stifel Financial Corp filed a 13F-HR form disclosing ownership of 56,570 shares of U.S. Physical Therapy, Inc. (US:USPH) valued at $4,240,487 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 13, 2026 disclosing 54,174 shares of U.S. Physical Therapy, Inc.. This represents a change in shares of 4.42% during the quarter. The current value of the position is $3,501,117 USD.

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	Reported Shares	ΔShares	ΔShares (%)	Reported Value (x1000)	ΔValue (%)	Alloc (%)
2026-05-12	2026-03-31	13F	U S PHYSICAL THERAPY	COM	90337L108	56,570	2,396	4.42	4,240	0.24	0.0009
2026-02-13	2025-12-31	13F	U S PHYSICAL THERAPY	COM	90337L108	54,174	-11,548	-17.57	4,230	-24.23	0.0038
2025-11-12	2025-09-30	13F	U S PHYSICAL THERAPY	COM	90337L108	65,722	-3,230	-4.68	5,583	3.54	0.0051
2025-08-14	2025-06-30	13F	U S PHYSICAL THERAPY	COM	90337L108	68,952	7,972	13.07	5,392	22.21	0.0052
2025-05-14	2025-03-31	13F	U S PHYSICAL THERAPY	COM	90337L108	60,980	-1,050	-1.69	4,413	-19.81	0.0047
2025-02-13	2024-12-31	13F	U S PHYSICAL THERAPY	COM	90337L108	62,030	4,864	8.51	5,503	13.75	0.0057
2024-11-14	2024-09-30	13F	U S PHYSICAL THERAPY	COM	90337L108	57,166	6,154	12.06	4,838	2.61	0.0051
2024-08-13	2024-06-30	13F	U S PHYSICAL THERAPY	COM	90337L108	51,012	-931	-1.79	4,715	-19.58	0.0053
2024-05-14	2024-03-31	13F	U S PHYSICAL THERAPY	COM	90337L108	51,943	3,969	8.27	5,863	31.20	0.0067
2024-02-12	2023-12-31	13F	U S PHYSICAL THERAPY	COM	90337L108	47,974	-283	-0.59	4,468	0.95	0.0056
2023-11-13	2023-09-30	13F	U S PHYSICAL THERAPY	COM	90337L108	48,257	-3,845	-7.38	4,427	-30.01	0.0062
2023-08-14	2023-06-30	13F	U S PHYSICAL THERAPY	COM	90337L108	52,102	2,527	5.10	6,325	30.31	0.0087
2023-05-12	2023-03-31	13F	U S PHYSICAL THERAPY	COM	90337L108	49,575	6,704	15.64	4,854	39.74	0.0070
2023-02-13	2022-12-31	13F	U S PHYSICAL THERAPY	COM	90337L108	42,871	-1,011	-2.30	3,474	4.11	0.0052
2022-11-14	2022-09-30	13F	U S PHYSICAL THERAPY	COM	90337L108	43,882	17,049	63.54	3,336	13.86	0.0055
2022-08-15	2022-06-30	13F	U S PHYSICAL THERAPY	COM	90337L108	26,833	3,655	15.77	2,930	27.11	0.0046
2022-05-13	2022-03-31	13F	U S PHYSICAL THERAPY	COM	90337L108	23,178	536	2.37	2,305	6.56	0.0031
2022-02-14	2021-12-31	13F	U S PHYSICAL THERAPY	COM	90337L108	22,642	3,776	20.01	2,163	3.64	0.0029
2021-11-15	2021-09-30	13F	U S PHYSICAL THERAPY	COM	90337L108	18,866	1,641	9.53	2,087	4.56	0.0031
2021-08-13	2021-06-30	13F	U S PHYSICAL THERAPY	COM	90337L108	17,225	3,807	28.37	1,996	42.88	0.0030
2021-05-14	2021-03-31	13F	U S PHYSICAL THERAPY	COM	90337L108	13,418	3,909	41.11	1,397	22.22	0.0023
2021-02-12	2020-12-31	13F	U S PHYSICAL THERAPY	COM	90337L108	9,509	262	2.83	1,143	42.34	0.0020
2020-11-16	2020-09-30	13F	U S PHYSICAL THERAPY	COM	90337L108	9,247	-1,418	-13.30	803	-7.06	0.0017
2020-08-14	2020-06-30	13F	U S PHYSICAL THERAPY	COM	90337L108	10,665	2,094	24.43	864	44.72	0.0020
2020-05-14	2020-03-31	13F	U S PHYSICAL THERAPY	COM	90337L108	8,571	1,933	29.12	597	-19.87	0.0016
2020-02-13	2019-12-31	13F	U S PHYSICAL THERAPY	COM	90337L108	6,638	1,007	17.88	745	2.34	0.0016
2019-11-19	2019-09-30	13F/A-1	U S PHYSICAL THERAPY	COM	90337L108	5,631	224	4.14	728	12.87	0.0019
2019-11-13	2019-09-30	13F	U S PHYSICAL THERAPY	COM	90337L108	5,631	224		728		408.0805
2019-08-14	2019-06-30	13F	U S PHYSICAL THERAPY	COM	90337L108	5,407	-154	-2.77	645	12.76	0.0017
2019-05-14	2019-03-31	13F	U S PHYSICAL THERAPY	COM	90337L108	5,561	175	3.25	572	5.73	0.0016
2019-02-13	2018-12-31	13F	U S PHYSICAL THERAPY	COM	90337L108	5,386	1,168	27.69	541	11.78	0.0017
2018-11-13	2018-09-30	13F	U S PHYSICAL THERAPY	COM	90337L108	4,218	1,189	39.25	484	68.64	0.0014
2018-08-14	2018-06-30	13F	U S PHYSICAL THERAPY	COM	90337L108	3,029	3,029		287		0.0009

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.