Institutional Stakes in USPH: Virtus 6.9% and Virtus KAR Fund 6.4%

Rhea-AI Filing Summary

Three institutional filers disclosed beneficial ownership of US Physical Therapy ordinary shares. Kayne Anderson Rudnick Investment Management, LLC reports beneficial ownership of 1,486,334 shares, representing 9.8% of the class. Virtus Investment Advisers, LLC reports 1,042,658 shares (6.9%) and Virtus Equity Trust on behalf of Virtus KAR Small-Cap Growth Fund reports 975,582 shares (6.4%).

The filing details voting and dispositive power: Kayne Anderson reports 417,216 shares with sole voting power and 443,348 shares with sole dispositive power, with larger amounts held in shared voting/dispositive arrangements. The filing also certifies the shares are held in the ordinary course of business and not to influence control, and notes that amounts reported for the Virtus entities are included in the amounts reported by Kayne Anderson Rudnick on this Schedule 13G.

Positive

• Kayne Anderson Rudnick reports beneficial ownership of 1,486,334 shares (9.8% of the class)
• Virtus Investment Advisers reports beneficial ownership of 1,042,658 shares (6.9% of the class)
• Virtus KAR Small-Cap Growth Fund reports 975,582 shares (6.4% of the class)
• Filing includes explicit breakdowns of sole and shared voting and dispositive power for reported holdings
• Filers certify holdings are held in the ordinary course of business and not to change or influence control

Negative

• None.

Insights

Securities Analyst

Three institutional holders disclosed >6% stakes; Kayne Anderson reports a near-10% position, all stated as ordinary-course holdings.

The Schedule 13G shows material passive stakes: Kayne Anderson Rudnick reports 1,486,334 shares (9.8%), while Virtus Investment Advisers and the Virtus KAR fund report 1,042,658 (6.9%) and 975,582 (6.4%), respectively. The filing specifies detailed sole and shared voting/dispositive breakdowns for Kayne Anderson, and includes certification that the positions are not held to change or influence control. The document also records that the Virtus-reported amounts are included in Kayne Anderson Rudnick's totals on this filing, which is important for correctly aggregating institutional concentration.

Corporate Governance Expert

Institutional concentration is disclosed, with explicit certification that holdings are not for control—useful for governance and proxy planning.

The filing provides transparent ownership percentages and voting/dispositive allocations, highlighting a significant shareholder at 9.8% and two other >5% holders. The certification language states the securities are held in the ordinary course and not to influence control, which reduces immediate governance-change implications. The note that Virtus amounts are included in Kayne Anderson Rudnick's reported totals is a material disclosure for understanding overlapping institutional reporting and potential voting coordination on record.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 10)

US Physical Therapy Inc

(Name of Issuer)

US Physical Therapy Ord Shs

(Title of Class of Securities)

90337L108

(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. 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 417,216.00
6	Shared Voting Power 1,042,986.00
7	Sole Dispositive Power 443,348.00
8	Shared Dispositive Power 1,042,986.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,486,334.00

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)

9.8 %

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 1,042,658.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,042,658.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,042,658.00

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)

6.9 %

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 975,582.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 975,582.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

975,582.00

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)

6.4 %

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: 1,486,334 (2) Virtus Investment Advisers, LLC: 1,042,658 (3) Virtus Equity Trust on behalf of Virtus KAR Small-Cap Growth Fund: 975,582
(b)	Percent of class: (1) Kayne Anderson Rudnick Investment Management, LLC: 9.8 (2) Virtus Investment Advisers, LLC: 6.9 (3) Virtus Equity Trust on behalf of Virtus KAR Small-Cap Growth Fund: 6.4
(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: 417,216 (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: 1,042,986 (2) Virtus Investment Advisers, LLC: 1,042,658 (3) Virtus Equity Trust on behalf of Virtus KAR Small-Cap Growth Fund: 975,582
	(iii) Sole power to dispose or to direct the disposition of: (1) Kayne Anderson Rudnick Investment Management, LLC: 443,348 (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: 1,042,986 (2) Virtus Investment Advisers, LLC: 1,042,658 (3) Virtus Equity Trust on behalf of Virtus KAR Small-Cap Growth Fund: 975,582
Item 5.	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:	08/13/2025

Virtus Investment Advisers, LLC

Signature:	/s/Chetram Persaud
Name/Title:	Chief Compliance Officer
Date:	08/13/2025

Virtus Equity Trust on behalf of Virtus KAR Small-Cap Growth Fund

Signature:	/s/Daphne Chisolm
Name/Title:	Vice President, Counsel and Assistant Secretary
Date:	08/13/2025

FAQ

How many USPH shares does Kayne Anderson Rudnick report owning?

The filing reports Kayne Anderson Rudnick beneficially owns 1,486,334 shares, equal to 9.8% of the class.

Do any filers hold more than 5% of USPH common stock?

Yes. The filing reports three >5% holders: Kayne Anderson Rudnick 9.8%, Virtus Investment Advisers 6.9%, and Virtus KAR Small-Cap Growth Fund 6.4%.

Does the filing indicate the shares are held to influence control of USPH?

No. The filers certify the securities were acquired and are held in the ordinary course of business and were not acquired to change or influence control of the issuer.

What voting and dispositive powers does Kayne Anderson report?

Kayne Anderson reports 417,216 shares with sole voting power, 1,042,986 shares with shared voting power, 443,348 shares with sole dispositive power, and 1,042,986 shares with shared dispositive power.

Are the Virtus-related amounts separate or included in other filings?

The filing states the amounts reported by Virtus Investment Advisers are included in the amounts reported by Kayne Anderson Rudnick on this Schedule 13G, and the Virtus KAR fund amounts are included in Virtus Investment Advisers' totals on this filing.