US Physical Therapy Inc received an updated Schedule 13G/A showing institutional ownership as of 12/31/2025. Kayne Anderson Rudnick Investment Management, LLC reports beneficial ownership of 1,212,494 US Physical Therapy Ord Shs, representing 8.0% of the class, with both sole and shared voting and dispositive powers.
Virtus Investment Advisers, LLC reports beneficial ownership of 731,069 shares, or 4.8%, all with shared voting and dispositive power. Virtus Equity Trust, on behalf of Virtus KAR Small-Cap Growth Fund, reports 667,088 shares, or 4.4%, with shared voting and dispositive power. The filers certify the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of US Physical Therapy.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 11)
US Physical Therapy Inc
(Name of Issuer)
US Physical Therapy Ord Shs
(Title of Class of Securities)
90337L108
(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.
90337L108
1
Names of Reporting Persons
Kayne Anderson Rudnick Investment Management, 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
CALIFORNIA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
459,075.00
6
Shared Voting Power
731,481.00
7
Sole Dispositive Power
481,013.00
8
Shared Dispositive Power
731,481.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,212,494.00
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)
8.0 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP No.
90337L108
1
Names of Reporting Persons
Virtus Investment Advisers, 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
MASSACHUSETTS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
731,069.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
731,069.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
731,069.00
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)
4.8 %
12
Type of Reporting Person (See Instructions)
IA
Comment for Type of Reporting Person: The amounts reported on this page are also included in the amounts reported by Kayne Anderson Rudnick Investment Management, LLC on this Schedule 13G.
SCHEDULE 13G
CUSIP No.
90337L108
1
Names of Reporting Persons
Virtus Equity Trust on behalf of Virtus KAR Small-Cap Growth Fund
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
667,088.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
667,088.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
667,088.00
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)
4.4 %
12
Type of Reporting Person (See Instructions)
IV
Comment for Type of Reporting Person: The amounts reported on this page are also included in the amounts reported by Virtus Investment Advisers, LLC on this Schedule 13G.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
US Physical Therapy Inc
(b)
Address of issuer's principal executive offices:
1300 West Sam Houston Parkway South, Suite 300, Houston, US-TX, 77042, US
Item 2.
(a)
Name of person filing:
(1) Kayne Anderson Rudnick Investment Management, LLC (2) Virtus Investment Advisers, LLC (3) Virtus Equity Trust on behalf of Virtus KAR Small-Cap Growth Fund
(b)
Address or principal business office or, if none, residence:
(1) Kayne Anderson Rudnick Investment Management, LLC - 2000 Avenue of the Stars, Suite 1110, Los Angeles, 90067, CA, United States (2) Virtus Investment Advisers, LLC - One Financial Plaza, Hartford, 06103, CT, United States (3) Virtus Equity Trust on behalf of Virtus KAR Small-Cap Growth Fund - 101 Munson Street, Greenfield, 01301, MA, United States
(c)
Citizenship:
(1) Kayne Anderson Rudnick Investment Management, LLC - CALIFORNIA (2) Virtus Investment Advisers, LLC - MASSACHUSETTS (3) Virtus Equity Trust on behalf of Virtus KAR Small-Cap Growth Fund- DELAWARE
(d)
Title of class of securities:
US Physical Therapy Ord Shs
(e)
CUSIP No.:
90337L108
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:
(1)Kayne Anderson Rudnick Investment Management,LLC: 1212494 (2)Virtus Investment Advisers,LLC: 731069 (3)Virtus Equity Trust on behalf of Virtus KAR Small-Cap Growth Fund: 667088
(b)
Percent of class:
(1)Kayne Anderson Rudnick Investment Management,LLC: 8.0% (2)Virtus Investment Advisers,LLC: 4.8% (3)Virtus Equity Trust on behalf of Virtus KAR Small-Cap Growth Fund: 4.4%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
(1)Kayne Anderson Rudnick Investment Management,LLC: 459075 (2)Virtus Investment Advisers,LLC: 0 (3)Virtus Equity Trust on behalf of Virtus KAR Small-Cap Growth Fund: 0
(ii) Shared power to vote or to direct the vote:
(1)Kayne Anderson Rudnick Investment Management,LLC: 731481 (2)Virtus Investment Advisers,LLC: 731069 (3)Virtus Equity Trust on behalf of Virtus KAR Small-Cap Growth Fund: 667088
(iii) Sole power to dispose or to direct the disposition of:
(1)Kayne Anderson Rudnick Investment Management,LLC: 481013 (2)Virtus Investment Advisers,LLC: 0 (3)Virtus Equity Trust on behalf of Virtus KAR Small-Cap Growth Fund: 0
(iv) Shared power to dispose or to direct the disposition of:
(1)Kayne Anderson Rudnick Investment Management,LLC: 731481 (2)Virtus Investment Advisers,LLC: 731069 (3)Virtus Equity Trust on behalf of Virtus KAR Small-Cap Growth Fund: 667088
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.
With respect to securities owned by a registered investment company included in this filing, only the custodian for such investment company, has the right to receive dividends paid with respect to, and proceeds from the sale of, such securities. No other person is known to have such right, except that the shareholders of such investment company participate proportionately in any dividends and distributions so paid.
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.
Kayne Anderson Rudnick Investment Management, LLC
Signature:
/s/Michael Shoemaker
Name/Title:
Chief Compliance Officer
Date:
02/13/2026
Virtus Investment Advisers, LLC
Signature:
/s/Chetram Persaud
Name/Title:
Chief Compliance Officer
Date:
02/13/2026
Virtus Equity Trust on behalf of Virtus KAR Small-Cap Growth Fund
What ownership stake does Kayne Anderson Rudnick report in US Physical Therapy (USPH)?
Kayne Anderson Rudnick Investment Management, LLC reports beneficial ownership of 1,212,494 US Physical Therapy shares, representing 8.0% of the class. This stake includes both sole and shared voting and dispositive powers, making it a significant institutional holder in the company’s common stock.
How many US Physical Therapy shares does Virtus Investment Advisers, LLC hold?
Virtus Investment Advisers, LLC reports beneficial ownership of 731,069 US Physical Therapy shares, equal to 4.8% of the outstanding class. All of these shares are reported with shared voting and shared dispositive power, reflecting its role as an investment adviser for client accounts.
What is Virtus Equity Trust’s position in US Physical Therapy stock?
Virtus Equity Trust, on behalf of the Virtus KAR Small-Cap Growth Fund, reports beneficial ownership of 667,088 US Physical Therapy shares, or 4.4% of the class. These shares are held with shared voting and shared dispositive power as part of the fund’s investment portfolio.
Are the US Physical Therapy shares held to influence control of the company?
The reporting institutions certify the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of US Physical Therapy. They also state the holdings are not part of any transaction aimed at gaining control.
What date does this US Physical Therapy Schedule 13G/A ownership information reflect?
The ownership information in this Schedule 13G/A for US Physical Therapy Inc is reported as of 12/31/2025. The filing amends prior disclosures and provides year-end beneficial ownership percentages and share counts for the institutional reporting persons listed in the document.
Who signed the US Physical Therapy Schedule 13G/A on behalf of the reporting entities?
The filing is signed by Michael Shoemaker and Chetram Persaud, each as Chief Compliance Officer, and by Daphne Chisolm as Vice President, Counsel and Assistant Secretary. Their signatures certify the accuracy and completeness of the reported ownership information.
