Advisor Group Holdings, Inc. reports 13.92% decrease in ownership of USPH / U.S. Physical Therapy, Inc.

U.S. Physical Therapy, Inc.

US ˙ NYSE ˙ US90337L1089

Security	USPH / U.S. Physical Therapy, Inc.
Institution	Advisor Group Holdings, Inc.
Latest Disclosed Ownership	5,678 shares
Latest Disclosed Value	$ 425,620

On May 15, 2026 - Advisor Group Holdings, Inc. filed a 13F-HR form disclosing ownership of 5,678 shares of U.S. Physical Therapy, Inc. (US:USPH) valued at $425,623 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 17, 2026 disclosing 6,596 shares of U.S. Physical Therapy, Inc.. This represents a change in shares of -13.92% during the quarter. The current value of the position is $351,298 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)

File Date	Effective Date	Form	Security	Class	ID	Reported Shares	ΔShares	ΔShares (%)	Reported Value (x1000)	ΔValue (%)	Alloc (%)
2026-05-15	2026-03-31	13F	U S PHYSICAL THERAPY	COM	90337L108	5,678	-918	-13.92	426	-17.48	0.0004
2026-02-17	2025-12-31	13F	U S PHYSICAL THERAPY	COM	90337L108	6,596	-3,777	-36.41	515	-41.48	0.0008
2025-11-14	2025-09-30	13F	U S PHYSICAL THERAPY	COM	90337L108	10,373	-74	-0.71	880	7.84	0.0012
2025-09-04	2025-06-30	13F/A-1	S PHYSICAL THERAPY	COM	90337L108	10,447	166	1.61	817	9.83	0.0015
2025-08-13	2025-06-30	13F	S PHYSICAL THERAPY	COM	90337L108	10,420	139		820		0.0009
2025-05-12	2025-03-31	13F	U S PHYSICAL THERAPY	COM	90337L108	10,281	-1,904	-15.63	744	-31.20	0.0017
2025-06-06	2024-12-31	13F/A-1	U S PHYSICAL THERAPY	COM	90337L108	12,185	5,324	77.60	1,081	86.21	0.0024
2025-02-07	2024-12-31	13F	U S PHYSICAL THERAPY	COM	90337L108	11,735	4,874		1,041		0.0027
2024-11-13	2024-09-30	13F	U S PHYSICAL THERAPY	COM	90337L108	6,861	5,775	531.77	581	480.00	0.0013
2024-08-13	2024-06-30	13F	U S PHYSICAL THERAPY	COM	90337L108	1,086	685	170.82	100	122.22	0.0002
2024-05-10	2024-03-31	13F	U S PHYSICAL THERAPY	COM	90337L108	401	-11,491	-96.63	45	-95.94	0.0001
2024-02-12	2023-12-31	13F	U S PHYSICAL THERAPY	COM	90337L108	11,892	-4,590	-27.85	1,109	-26.70	0.0019
2023-11-13	2023-09-30	13F	U S PHYSICAL THERAPY	COM	90337L108	16,482	3,835	30.32	1,514	-1.56	0.0022
2023-08-21	2023-06-30	13F/A-1	U S PHYSICAL THERAPY	COM	90337L108	12,647	-691	-5.18	1,537	17.60	0.0028
2023-08-10	2023-06-30	13F	U S PHYSICAL THERAPY	COM	90337L108	12,647	-691		1,537		0.0004
2023-05-12	2023-03-31	13F	U S PHYSICAL THERAPY	COM	90337L108	13,338	903	7.26	1,307	29.66	0.0025
2023-02-10	2022-12-31	13F	U S PHYSICAL THERAPY	COM	90337L108	12,435	163	1.33	1,008	8.04	0.0020
2022-11-14	2022-09-30	13F	U S PHYSICAL THERAPY	COM	90337L108	12,272	-463	-3.64	933	-32.93	0.0021
2022-08-10	2022-06-30	13F	U S PHYSICAL THERAPY	COM	90337L108	12,735	3,010	30.95	1,391	43.70	0.0031
2022-05-04	2022-03-31	13F	U S PHYSICAL THERAPY	COM	90337L108	9,725	734	8.16	968	12.43	0.0019
2022-02-03	2021-12-31	13F	U S PHYSICAL THERAPY	COM	90337L108	8,991	1,059	13.35	861	-2.05	0.0016
2021-11-05	2021-09-30	13F	U S PHYSICAL THERAPY	COM	90337L108	7,932	1,331	20.16	879	14.75	0.0018
2021-08-02	2021-06-30	13F	U S PHYSICAL THERAPY	COM	90337L108	6,601	3,581	118.58	766	147.90	0.0017
2021-05-13	2021-03-31	13F	U S PHYSICAL THERAPY	COM	90337L108	3,020	420	16.15	309	-1.28	0.0007
2021-02-10	2020-12-31	13F	U S PHYSICAL THERAPY	COM	90337L108	2,600	-645	-19.88	313	10.99	0.0008
2020-11-12	2020-09-30	13F	U S PHYSICAL THERAPY	COM	90337L108	3,245	-1,759	-35.15	282	-30.20	0.0008
2020-08-14	2020-06-30	13F	U S PHYSICAL THERAPY	COM	90337L108	5,004	237	4.97	404	22.80	0.0014
2020-05-18	2020-03-31	13F	U S PHYSICAL THERAPY	COM	90337L108	4,767	4,767		329		0.0013

Legend

Shares: The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value: The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price: The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class: This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred

Allocation (%): The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation: The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%): The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis: The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss: This is the market value of the position as of the effective date minus the cost basis.