Hudson Bay discloses 0.68% Plymouth Industrial REIT (PLYM) stake

Rhea-AI Filing Summary

Hudson Bay Capital Management LP and Sander Gerber report owning 302,468 shares, or 0.68%, of Plymouth Industrial REIT common stock. This percentage is based on 44,551,164 shares outstanding as of November 6, 2025. The stake is held in the ordinary course of business on a passive basis.

The securities are held in the name of Hudson Bay Master Fund Ltd., for which Hudson Bay Capital Management LP acts as investment manager. Gerber, as managing member of the Investment Manager’s general partner, disclaims beneficial ownership. The filing confirms ownership of 5 percent or less of the class.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Plymouth Industrial REIT, Inc.

(Name of Issuer)

Common Stock, $0.01 par value

(Title of Class of Securities)

729640102

(CUSIP Number)

12/31/2025

(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. 729640102

1

Names of Reporting Persons

Hudson Bay Capital Management LP

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 302,468.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 302,468.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

302,468.00

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)

0.68 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. 729640102

1

Names of Reporting Persons

Sander Gerber

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 302,468.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 302,468.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

302,468.00

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)

0.68 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Plymouth Industrial REIT, Inc.
(b)	Address of issuer's principal executive offices: 20 Custom House Street, 11th Floor, Boston, Massachusetts 02110
Item 2.
(a)	Name of person filing: This statement is filed by Hudson Bay Capital Management LP (the "Investment Manager") and Mr. Sander Gerber ("Mr. Gerber"), who are collectively referred to herein as "Reporting Persons."
(b)	Address or principal business office or, if none, residence: The address of the business office of each of the Reporting Persons is 290 Harbor Dr., Stamford, CT 06902.
(c)	Citizenship: The Investment Manager is a Delaware limited partnership. Mr. Gerber is a United States citizen.
(d)	Title of class of securities: Common Stock, $0.01 par value
(e)	CUSIP No.: 729640102
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 44,551,164 shares of common stock, $0.01 par value (the "Common Stock") of Plymouth Industrial REIT, Inc. (the "Company") outstanding as of November 6, 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 November 10, 2025. The Investment Manager serves as the investment manager to Hudson Bay Master Fund Ltd., in whose name the securities reported herein are held. As such, the Investment Manager may be deemed to be the beneficial owner of all shares of Common Stock held by Hudson Bay Master Fund Ltd. Mr. Gerber serves as the managing member of Hudson Bay Capital GP LLC, which is the general partner of the Investment Manager. Mr. Gerber disclaims beneficial ownership of these securities.
(b)	Percent of class: 0.68%
(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.
	Ownership of 5 percent or less of a class
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. See Item 4(a).
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.

Hudson Bay Capital Management LP

Signature:	/s/ Sander Gerber
Name/Title:	Sander Gerber, Authorized Signatory
Date:	02/09/2026

Sander Gerber

Signature:	/s/ Sander Gerber
Name/Title:	Sander Gerber, Individually
Date:	02/09/2026

FAQ

How many Plymouth Industrial REIT (PLYM) shares does Hudson Bay report owning?

Hudson Bay Capital Management LP and Sander Gerber report beneficial ownership of 302,468 shares of Plymouth Industrial REIT common stock. These shares are held in the name of Hudson Bay Master Fund Ltd., with Hudson Bay acting as the investment manager for that fund.

What percentage of Plymouth Industrial REIT (PLYM) does Hudson Bay’s position represent?

The reporting persons state that their 302,468 shares represent 0.68% of Plymouth Industrial REIT’s common stock. This percentage is calculated using 44,551,164 shares outstanding as of November 6, 2025, as disclosed in the company’s Form 10-Q for the quarter ended September 30, 2025.

Who are the reporting persons in this Plymouth Industrial REIT (PLYM) Schedule 13G/A?

The filing identifies Hudson Bay Capital Management LP and Sander Gerber as the reporting persons. Hudson Bay is the investment manager to Hudson Bay Master Fund Ltd., while Gerber is the managing member of Hudson Bay Capital GP LLC, the general partner of the Investment Manager.

Is Hudson Bay’s Plymouth Industrial REIT (PLYM) stake intended to influence control of the company?

The certification states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Plymouth Industrial REIT. They are also not held in connection with any transaction having that control-related purpose or effect.

On what date does this Plymouth Industrial REIT (PLYM) ownership report relate?

The Schedule 13G/A lists December 31, 2025 as the date of the event requiring the filing. The percentage ownership is computed using shares outstanding as of November 6, 2025, referenced from Plymouth Industrial REIT’s Form 10-Q filed on November 10, 2025.

What voting and dispositive powers do the reporting persons have over Plymouth Industrial REIT (PLYM) shares?

Each reporting person reports 0 shares with sole voting or dispositive power and 302,468 shares with shared voting and shared dispositive power. This means decisions to vote or sell these shares are made on a shared basis, rather than individually by either reporting person.