PLYM: Madison International Discloses 2.22M Shares with Sole Voting Power

Rhea-AI Filing Summary

Madison International Realty Holdings, LLC reports beneficial ownership of 2,217,491 shares of Plymouth Industrial REIT, Inc. common stock, representing 4.86% of the class. The filer indicates it has sole voting and sole dispositive power over these shares and is classified as an IA (investment adviser).

The filing states the position is held in the ordinary course of business and was not acquired to change or influence control of the issuer. The percentage disclosed is calculated against a common share base of 45,550,898 shares outstanding as reported by the issuer.

Insights

Financial Analyst

TL;DR: A sub-5% institutional stake with sole control over shares; limited immediate market impact but confirms institutional ownership.

The report discloses a beneficial position of 2,217,491 shares equal to 4.86% of common stock, with sole voting and dispositive authority. The filer is identified as an investment adviser (IA) and certifies the holdings are in the ordinary course of business and not for influencing control. Given the position is below 5% and the filer disavows control intent, this disclosure mainly provides transparency on ownership rather than a material governance shift.

Corporate Governance Expert

TL;DR: Sole voting power on a sub-5% stake is notable for recordkeeping; the filer expressly denies intent to seek control.

The filing documents sole voting and dispositive power for 2,217,491 shares and includes an explicit certification that the securities are held in the ordinary course and not to change control. This indicates no declared activism or control strategy in the document itself. For governance analysis, the disclosure is relevant as part of the registry of institutional holders but does not, by itself, signal a governance event.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

Plymouth Industrial REIT, Inc.

(Name of Issuer)

Common Stock, $0.01 par value per share

(Title of Class of Securities)

729640102

(CUSIP Number)

06/30/2025

(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

Madison International Realty Holdings, LLC

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 2,217,491.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,217,491.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,217,491.00

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)

4.86 %

12

Type of Reporting Person (See Instructions)

IA

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, 20 CUSTOM HOUSE STREET - 11TH FLOOR, BOSTON, MASSACHUSETTS, 02110
Item 2.
(a)	Name of person filing: Madison International Realty Holdings, LLC
(b)	Address or principal business office or, if none, residence: 300 Park Avenue, 3rd Floor New York, New York 10022
(c)	Citizenship: Delaware, USA
(d)	Title of class of securities: Common Stock, $0.01 par value per share
(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: 2,217,491
(b)	Percent of class: 4.86%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2,217,491
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2,217,491
	(iv) Shared power to dispose or to direct the disposition of: 0
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.
	Not Applicable
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.

Madison International Realty Holdings, LLC

Signature:	/s/ Ronald M. Dickerman
Name/Title:	Ronald M. Dickerman | Managing Member
Date:	08/13/2025

Exhibit Information

Item 4: Beneficial ownership percentages disclosed herein are calculated based on 45,550,898 shares of Common Stock outstanding as of April 29, 2025, as reported on the issuer's Form 10-Q filed with the SEC on May 1, 2025.

FAQ

How many PLYM shares does Madison International own?

Madison International beneficially owns 2,217,491 shares of Plymouth Industrial REIT common stock.

What percentage of PLYM does Madison International's holding represent?

The position represents 4.86% of the outstanding common stock as reported in the filing.

Does Madison International have voting or dispositive power over the shares?

Yes; the filer reports sole voting power and sole dispositive power for the 2,217,491 shares.

What type of reporting person is Madison International?

The filing classifies Madison International Realty Holdings, LLC as an IA (investment adviser).

Is this position reported as 5% or more of PLYM?

No; the disclosed ownership is 4.86%, which is 5% or less of the class.

On what share base is the percentage calculated?

The percentage is calculated against a reported common share base of 45,550,898 shares outstanding.