Vanguard Portfolio Management (PDM) reports 10.1% passive stake in Piedmont Realty Trust

Rhea-AI Filing Summary

Vanguard Portfolio Management LLC has filed a Schedule 13G reporting a passive ownership stake in Piedmont Realty Trust Inc. (PDM) common stock. It reports beneficial ownership of 12,582,948 shares, representing 10.1% of the outstanding common stock.

Vanguard Portfolio Management has no sole voting or dispositive power, but reports shared voting power over 48,627 shares and shared dispositive power over 12,582,948 shares. The filing explains that, following an internal realignment at The Vanguard Group, Inc., portfolio management and proxy voting responsibilities are now carried out by Vanguard Portfolio Management LLC and certain affiliates, which are reporting beneficial ownership on a disaggregated basis.

The securities are held in the ordinary course of business, including through Vanguard funds and other managed accounts, and are not held for the purpose of changing or influencing control of Piedmont Realty Trust.

Insights

Institutional ownership & governance analyst

Large passive 10.1% stake disclosed, with limited voting power.

Vanguard Portfolio Management LLC reports beneficial ownership of 12,582,948 Piedmont Realty Trust common shares, or 10.1% of the class. It has shared voting power over only 48,627 shares and shared dispositive power over the full amount, with no sole authority.

The filing states the position is held in the ordinary course of business and not to change or influence control, consistent with a Schedule 13G passive institutional holding. An internal realignment at The Vanguard Group, Inc. means Vanguard Portfolio Management and certain affiliates now report ownership separately while pursuing the same investment strategies as before.

Future ownership levels will depend on trading across Vanguard funds and managed accounts. Any material change in percentage ownership or a shift from passive to active intent would typically be reflected in subsequent beneficial ownership reports.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Piedmont Realty Trust Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

720190206

(CUSIP Number)

01/30/2026

(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. 720190206

1

Names of Reporting Persons

Vanguard Portfolio Management

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

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 48,627.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 12,582,948.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

12,582,948.00

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)

10.10 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: On January 12, 2026, The Vanguard Group, Inc., the parent entity of Vanguard Portfolio Management LLC, went through an internal realignment. As of that date, The Vanguard Group, Inc. no longer performs portfolio management services or administers proxy voting. Such services are performed by Vanguard Portfolio Management LLC. In accordance with SEC Release No. 34-39538 (January 12, 1998), Vanguard Portfolio Management LLC anticipates that it and certain other subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that currently have, or are deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership on a disaggregated basis from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment. This Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard Portfolio Management LLC and the following affiliates of Vanguard Portfolio Management LLC or business divisions of such affiliates: Vanguard Fiduciary Trust Company. This Schedule 13G includes securities held by Vanguard funds, or sleeves thereof, over which Vanguard Portfolio Management LLC exercises dispositive power, in addition to securities held by clients over which the affiliates or business divisions of such affiliates indicated in the previous paragraph exercise dispositive and/or voting power. This Schedule 13G does not include securities, if any, beneficially owned by other affiliates of Vanguard Portfolio Management LLC or business divisions of such affiliates.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Piedmont Realty Trust Inc
(b)	Address of issuer's principal executive offices: 5565 Glenridge Connector, Suite 450, Atlanta, GA, 30342
Item 2.
(a)	Name of person filing: Vanguard Portfolio Management
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd,, Malvern, PA, 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 720190206
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: 12582948
(b)	Percent of class: 10.1 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 48627
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 12582948
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. Vanguard Portfolio Management, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.No one other person's interest in the securities reported herein is more than 5%.
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 acquired and are held in the ordinary course of business and 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.

Vanguard Portfolio Management

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	02/05/2026

FAQ

What percentage of Piedmont Realty Trust (PDM) does Vanguard Portfolio Management own?

Vanguard Portfolio Management LLC reports beneficial ownership of 10.1% of Piedmont Realty Trust’s common stock. This corresponds to 12,582,948 shares, held across Vanguard funds and other managed accounts, with the position reported on a passive Schedule 13G basis.

How many PDM shares does Vanguard Portfolio Management report as beneficially owned?

Vanguard Portfolio Management LLC reports beneficial ownership of 12,582,948 shares of Piedmont Realty Trust common stock. These shares are held through Vanguard funds and other managed accounts for which it and certain affiliates exercise dispositive power in the ordinary course of business.

What voting and dispositive power does Vanguard Portfolio Management have over PDM shares?

Vanguard Portfolio Management LLC reports no sole voting or dispositive power over PDM shares. It has shared voting power over 48,627 shares and shared dispositive power over 12,582,948 shares, reflecting decision-making spread across Vanguard-managed funds and accounts.

Is Vanguard Portfolio Management’s stake in PDM considered passive or active?

The stake is reported on a Schedule 13G, indicating a passive investment. The filing certifies the securities were acquired and are held in the ordinary course of business, not for changing or influencing control of Piedmont Realty Trust or participating in control-related transactions.

Why is Vanguard Portfolio Management filing separately from The Vanguard Group for PDM?

The filing cites an internal realignment at The Vanguard Group, Inc., after which portfolio management and proxy voting are handled by Vanguard Portfolio Management LLC. As a result, it and certain affiliates now report beneficial ownership on a disaggregated basis from The Vanguard Group.

Who ultimately benefits from Vanguard Portfolio Management’s PDM holdings?

The economic benefits from PDM holdings accrue to Vanguard funds and other managed accounts and their investors. Vanguard Portfolio Management and specified affiliates have the right to receive, or direct the receipt of, dividends and sale proceeds, but no single other person has an interest over 5% of the class.