U.S. Physical TherapyUSPH
13F holders, Q3 2025 (September 30)246holders +6
36new positions
29sold out
6famous investors
$84.93avg. 13F price*
At the end of Q3 2025, 246 institutions reported holding U.S. Physical Therapy Inc. (USPH) in their 13F filings, up 6 from Q2 2025. 36 opened new positions and 29 sold out. The largest holders were BlackRock, Inc. ($185.0M), Kayne Anderson Rudnick Investment Management LLC ($115.0M) and Morgan Stanley ($96.2M). 6 famous investors held it, including Steve Cohen (0.0% of Point72 Asset Management's portfolio), Jim Simons / Peter Brown (0.0% of Renaissance Technologies's portfolio) and David E. Shaw (0.0% of D. E. Shaw & Co.'s portfolio).
- Company
- U.S. Physical Therapy Inc.
- CUSIP
- 90337L108
- Latest filing quarter
- Q2 2026
History
Number of 13F holders
Total Exit/New Position Q2 2025 → Q3 2025
| Institutions | Total Value | |
|---|---|---|
| New Positions | 36 | $81.6M |
| Exits | 29 | $20.8M |
All 13F filers, Q2 2025 → Q3 2025: 1,752,793 shares bought and 1,313,566 shares sold, net +439,227 shares. Counts holders who added, trimmed, opened or closed a position; split-adjusted.
Ownership 246 holders
| BlackRock, Inc. | 0.00% | Reduce -2.3% | 2,177,623 | $185.0M |
| Kayne Anderson Rudnick Investment Management LLC | 0.28% | Reduce -9.0% | 1,353,357 | $115.0M |
| Morgan Stanley | 0.01% | Add +8.1% | 1,132,817 | $96.2M |
| Vanguard Group Inc. | 0.00% | Reduce -0.4% | 1,069,624 | $90.9M |
| Copeland Capital Management, LLC | 1.49% | Reduce -5.0% | 843,981 | $71.7M |
| State Street Corp. | 0.00% | Add +0.6% | 654,535 | $55.6M |
| Southernsun Asset Management, LLC | 5.56% | Reduce -0.5% | 505,222 | $42.9M |
| Boston Trust Walden Corp | 0.31% | Reduce -1.6% | 490,068 | $41.6M |
| Bahl & Gaynor LLC | 0.20% | Add +47.6% | 474,688 | $40.3M |
| Dimensional Fund Advisors LP | 0.01% | Add +6.2% | 474,244 | $40.3M |
| Geode Capital Management, LLC | 0.00% | Add +0.3% | 354,140 | $30.1M |
| GW&K Investment Management, LLC | 0.26% | Reduce -16.5% | 350,881 | $29.8M |
| William Blair Investment Management, LLC | 0.08% | New | 345,859 | $29.4M |
| Rockefeller Capital Management L.P. | 0.06% | Add +0.7% | 340,812 | $29.0M |
| Envestnet Asset Management Inc. | 0.01% | Reduce -2.6% | 337,208 | $28.6M |
| Bank of America Corp. | 0.00% | Add +77.2% | 317,200 | $26.9M |
| American Century Companies Inc. | 0.01% | New | 258,265 | $21.9M |
| Schroder Investment Management Group | 0.02% | Reduce -35.2% | 249,635 | $20.8M |
| Northern Trust Corp. | 0.00% | Reduce -2.3% | 229,743 | $19.5M |
| Wells Fargo & Company | 0.00% | Reduce -6.4% | 164,389 | $14.0M |
| FMR LLC | 0.00% | Reduce -7.3% | 153,674 | $13.1M |
| Crawford Investment Counsel Inc. | 0.21% | Add +7.4% | 146,752 | $12.5M |
| Charles Schwab Investment Management Inc. | 0.00% | Add +2.6% | 142,681 | $12.1M |
| Bank of New York Mellon Corp | 0.00% | Reduce -4.8% | 125,214 | $10.6M |
| Point72 Asset Management | 0.02% | Reduce -55.4% | 123,026 | $10.5M |
| 4D Advisors, LLC | 4.97% | New | 110,000 | $9.3M |
| JPMorgan Chase & Co. | 0.00% | Add +106.9% | 109,837 | $9.3M |
| Ameriprise Financial Inc. | 0.00% | Reduce -1.6% | 107,230 | $9.1M |
| Renaissance Technologies | 0.01% | Add +30.4% | 104,845 | $8.9M |
| Sei Investments Co. | 0.01% | Add +0.2% | 104,475 | $8.9M |
| Royal Bank of Canada | 0.00% | Add +15.7% | 96,886 | $8.2M |
| Alpine Peaks Capital, LP | 7.04% | Add +9.4% | 95,134 | $8.1M |
| Goldman Sachs Group Inc. | 0.00% | Add +114.9% | 88,201 | $7.5M |
| Wellington Management Group LLP | 0.00% | New | 87,904 | $7.5M |
| Kennedy Capital Management LLC | 0.16% | Add +4.1% | 85,249 | $7.2M |
| Principal Financial Group Inc. | 0.00% | Add +2.6% | 84,035 | $7.1M |
| RBF Capital, LLC | 0.27% | No change | 69,999 | $5.9M |
| Stifel Financial Corp. | 0.01% | Reduce -4.7% | 65,722 | $5.6M |
| Two Sigma Investments, LP | 0.01% | Add +718.9% | 60,267 | $5.1M |
| Public Sector Pension Investment Board | 0.02% | Add +14.5% | 59,355 | $5.0M |
| Invesco Ltd. | 0.00% | Add +3.2% | 53,575 | $4.6M |
| Rhumbline Advisers | 0.00% | Reduce -6.8% | 51,157 | $4.3M |
| Russell Investments Group, Ltd. | 0.00% | Add +13.1% | 50,434 | $4.3M |
| Sovereign's Capital Management, LLC | 2.31% | Add +14.8% | 50,185 | $4.3M |
| Bridge City Capital, LLC | 1.12% | Reduce -1.6% | 49,200 | $4.2M |
| Bard Associates Inc. | 1.04% | Reduce -4.5% | 46,069 | $3.9M |
| Marshall Wace, LLP | 0.00% | Add +58.1% | 44,816 | $3.8M |
| D. E. Shaw & Co. | 0.00% | Reduce -36.7% | 44,586 | $3.8M |
| Legal & General Group Plc | 0.00% | Reduce -2.4% | 40,448 | $3.4M |
| Jane Street Group, LLC | 0.00% | New | 35,134 | $3.0M |
| Susquehanna Portfolio Strategies, LLC | 0.05% | Add +58.9% | 33,761 | $2.9M |
| Victory Capital Management Inc. | 0.00% | Add +200.5% | 33,286 | $2.8M |
| Adage Capital Partners Gp, L.L.C. | 0.00% | New | 32,000 | $2.7M |
| Raymond James Financial Inc. | 0.00% | Add +14.0% | 31,943 | $2.7M |
| Nuveen, LLC | 0.00% | Reduce -71.7% | 31,279 | $2.7M |
| Qube Research & Technologies Ltd | 0.00% | Reduce -56.7% | 29,906 | $2.5M |
| Penn Davis McFarland Inc. | 0.26% | Reduce -1.0% | 29,789 | $2.5M |
| Swiss National Bank | 0.00% | Add +1.4% | 29,400 | $2.5M |
| Johnson Investment Counsel Inc. | 0.02% | Add +35.1% | 28,794 | $2.4M |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 0.00% | Reduce -40.1% | 27,780 | $2.4M |
| State of New Jersey Common Pension Fund D | 0.01% | Add +0.8% | 25,181 | $2.1M |
| Natixis Advisors, LLC | 0.00% | Add +4.8% | 23,323 | $2.0M |
| MML Investors Services, LLC | 0.01% | Add +1.1% | 22,509 | $1.9M |
| Daiwa Securities Group Inc. | 0.01% | Reduce -7.7% | 22,363 | $1.9M |
| Rice Hall James & Associates, LLC | 0.10% | Reduce -31.8% | 21,884 | $1.9M |
| Cambiar Investors LLC | 0.08% | Add +5.5% | 21,621 | $1.8M |
| Barclays PLC | 0.00% | Reduce -31.1% | 21,338 | $1.8M |
| UBS Group AG | 0.00% | Reduce -64.2% | 21,249 | $1.8M |
| Oppenheimer Asset Management Inc. | 0.02% | Reduce -5.5% | 21,104 | $1.8M |
| Engineers Gate Manager LP | 0.02% | New | 20,594 | $1.7M |
| Captrust Financial Advisors | 0.00% | Add +0.1% | 19,480 | $1.7M |
| Chatham Capital Group, Inc. | 0.24% | Reduce -1.0% | 19,464 | $1.7M |
| Dark Forest Capital Management LP | 0.06% | Reduce -26.8% | 19,346 | $1.6M |
| Two Sigma Advisers, LP | 0.00% | Add +179.7% | 19,300 | $1.6M |
| Neuberger Berman Group LLC | 0.00% | Reduce -33.1% | 19,260 | $1.6M |
| Truist Financial Corp. | 0.00% | Add +4.9% | 18,919 | $1.6M |
| Alliancebernstein L.P. | 0.00% | No change | 17,787 | $1.5M |
| New York State Common Retirement Fund | 0.00% | No change | 16,823 | $1.4M |
| Wilmington Savings Fund Society, FSB | 0.03% | Reduce -3.6% | 16,713 | $1.4M |
| Teacher Retirement System of Texas | 0.01% | Reduce -71.8% | 16,376 | $1.4M |
| LPL Financial LLC | 0.00% | Add +28.3% | 16,130 | $1.4M |
| South Dakota Investment Council | 0.03% | Reduce -7.0% | 15,913 | $1.4M |
| Level Four Advisory Services, LLC | 0.04% | Reduce -1.3% | 15,356 | $1.3M |
| Prudential Financial Inc. | 0.00% | Reduce -4.0% | 14,939 | $1.3M |
| Conestoga Capital Advisors, LLC | 0.02% | Reduce -0.4% | 14,910 | $1.3M |
| QSV Equity Investors LLC | 1.28% | No change | 14,785 | $1.3M |
| HRT Financial LP | 0.00% | Add +348.6% | 14,615 | $1.2M |
| Integrated Quantitative Investments LLC | 0.34% | Reduce -0.1% | 14,239 | $1.2M |
| Cetera Investment Advisers | 0.00% | Add +91.3% | 14,005 | $1.2M |
| California State Teachers Retirement System | 0.00% | Add +0.0% | 13,937 | $1.2M |
| SG Americas Securities, LLC | 0.00% | Add +477.7% | 13,593 | $1.2M |
| Citadel Advisors | 0.00% | Add +62.9% | 13,380 | $1.1M |
| AQR Capital Management | 0.00% | Add +42.0% | 13,234 | $1.1M |
| Martin Capital Advisors, LLP | 0.66% | Add +0.4% | 12,909 | $1.1M |
| CANADA LIFE ASSURANCE Co | 0.00% | No change | 12,580 | $1.0M |
| T. Rowe Price Associates Inc. | 0.00% | Add +6.2% | 11,932 | $1.0M |
| Legato Capital Management LLC | 0.11% | No change | 11,810 | $1.0M |
| Deutsche Bank AG | 0.00% | Add +13.4% | 11,167 | $949K |
| Thrivent Financial for Lutherans | 0.00% | Reduce -1.8% | 10,969 | $932K |
| True North Advisors, LLC | 0.15% | Reduce -5.8% | 10,943 | $930K |
| M&T Bank Corp | 0.00% | Reduce -15.6% | 10,517 | $894K |
| Osaic Holdings, Inc. | 0.00% | Reduce -0.7% | 10,373 | $880K |
| Lanark Financial, Inc. | 0.07% | Add +18.0% | 10,328 | $877K |
| Balyasny Asset Management L.P. | 0.00% | New | 10,076 | $856K |
| Allspring Global Investments Holdings, LLC | 0.00% | New | 9,951 | $845K |
| Brown Brothers Harriman & Co. | 0.01% | Add +0.6% | 9,950 | $845K |
| First Trust Advisors LP | 0.00% | Reduce -7.9% | 9,875 | $839K |
| MetLife Investment Management, LLC | 0.00% | No change | 9,050 | $769K |
| Legacy Wealth Asset Management, LLC | 0.19% | Reduce -2.3% | 9,029 | $767K |
| Intech Investment Management LLC | 0.01% | Reduce -9.1% | 8,878 | $754K |
| State of Alaska, Department of Revenue | 0.01% | Reduce -6.6% | 8,445 | $716K |
| US Bancorp \de | 0.00% | Add +6.2% | 8,293 | $705K |
| Creative Planning | 0.00% | Reduce -19.6% | 8,218 | $698K |
| Illinois Municipal Retirement Fund | 0.01% | Add +4.3% | 8,101 | $688K |
| Comerica Bank | 0.00% | Reduce -9.0% | 7,919 | $673K |
| Benjamin Edwards Inc. | 0.01% | Add +15.9% | 7,608 | $647K |
| XTX Topco Ltd | 0.03% | New | 7,436 | $632K |
| Park Avenue Securities LLC | 0.00% | Add +17.4% | 7,227 | $614K |
| Personal Cfo Solutions, LLC | 0.10% | Add +4.8% | 7,025 | $597K |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 0.00% | Reduce -15.2% | 7,007 | $595K |
| Louisiana State Employees Retirement System | 0.01% | Reduce -1.4% | 7,000 | $595K |
| Manufacturers Life Insurance Company, The | 0.00% | Reduce -5.6% | 6,927 | $588K |
| Atria Investments, Inc | 0.01% | Reduce -12.9% | 6,850 | $582K |
| &partners | 0.00% | Add +1.5% | 6,741 | $572K |
| Pathstone Holdings, LLC | 0.00% | Add +5.4% | 6,441 | $547K |
| Baird Financial Group, Inc. | 0.00% | Add +5.3% | 6,436 | $547K |
| Harbor Capital Advisors, Inc. | 0.04% | Reduce -71.0% | 6,401 | $544K |
| CenterBook Partners LP | 0.03% | Reduce -87.1% | 6,047 | $514K |
| Morningstar Investment Management LLC | 0.02% | New | 5,919 | $503K |
| Janus Henderson Group PLC | 0.00% | No change | 5,888 | $501K |
| State of Tennessee, Department of Treasury | 0.00% | Reduce -16.0% | 5,861 | $498K |
| Snowden Capital Advisors LLC | 0.01% | Add +2.2% | 5,723 | $486K |
| Corient Private Wealth LP | 0.00% | Add +11.5% | 5,519 | $469K |
| Bessemer Group Inc. | 0.00% | Add +0.0% | 5,190 | $441K |
| Norden Group LLC | 0.04% | Reduce -23.5% | 5,094 | $433K |
| Commerce Bank | 0.00% | Reduce -3.4% | 5,033 | $428K |
| Wealth Enhancement Advisory Services, LLC | 0.00% | Add +11.0% | 4,611 | $414K |
| Howe & Rusling Inc. | 0.03% | No change | 4,864 | $413K |
| Yousif Capital Management, LLC | 0.00% | Reduce -16.1% | 4,776 | $406K |
| CWC Advisors, LLC. | 0.20% | Add +46.9% | 4,712 | $400K |
| HighTower Advisors, LLC | 0.00% | Reduce -20.8% | 4,705 | $400K |
| Principal Securities, Inc. | 0.01% | Add +7.1% | 4,644 | $395K |
| AlphaQuest LLC | 0.03% | New | 4,572 | $388K |
| Arizona State Retirement System | 0.00% | Add +1.4% | 4,495 | $382K |
| Amalgamated Bank | 0.00% | Add +3.8% | 4,461 | $379K |
| Citigroup Inc. | 0.00% | Reduce -66.7% | 4,447 | $378K |
| Fiduciary Trust Co | 0.00% | Add +2.6% | 4,437 | $377K |
| New York State Teachers Retirement System | 0.00% | No change | 4,386 | $373K |
| Police & Firemen's Retirement System of New Jersey | 0.00% | Add +28.2% | 4,164 | $354K |
| Summit Wealth Group LLC / Co. | 0.04% | New | 3,770 | $346K |
| Teachers Retirement System of the State of Kentucky | 0.00% | No change | 3,960 | $337K |
| Portside Wealth Group, LLC | 0.05% | Reduce -37.5% | 3,946 | $335K |
| Commonwealth of Pennsylvania Public School Empls Retrmt SYS | 0.00% | Reduce -0.7% | 3,872 | $329K |
| Oregon Public Employees Retirement Fund | 0.00% | No change | 3,456 | $294K |
| Jump Financial, LLC | 0.00% | New | 3,371 | $286K |
| Quantinno Capital Management LP | 0.00% | New | 3,307 | $281K |
| BNP Paribas Financial Markets | 0.00% | Reduce -7.4% | 3,163 | $269K |
| Janney Montgomery Scott LLC | 0.00% | New | 3,155 | $268K |
| PNC Financial Services Group, Inc. | 0.00% | Add +4.8% | 3,091 | $263K |
| Amundi | 0.00% | Add +15.0% | 2,859 | $256K |
| Handelsbanken Fonder AB | 0.00% | No change | 3,000 | $255K |
| Alliance Wealth Advisors, LLC | 0.06% | Reduce -20.6% | 2,975 | $253K |
| KLP Kapitalforvaltning As | 0.00% | No change | 2,900 | $246K |
| Millennium Management | 0.00% | New | 2,865 | $243K |
| ProShare Advisors LLC | 0.00% | Reduce -15.6% | 2,844 | $242K |
| Round Rock Advisors LLC | 0.04% | New | 2,510 | $229K |
| Voya Investment Management LLC | 0.00% | Reduce -34.5% | 2,697 | $229K |
| Sowell Financial Services LLC | 0.01% | Add +2.5% | 2,676 | $227K |
| Aigen Investment Management, LP | 0.03% | New | 2,641 | $224K |
| Zurcher Kantonalbank (Zurich Cantonalbank) | 0.00% | No change | 2,631 | $224K |
| Brevan Howard Capital Management LP | 0.00% | Reduce -31.3% | 2,543 | $216K |
| Kestra Advisory Services, LLC | 0.00% | New | 2,503 | $213K |
| Simplicity Wealth,LLC | 0.01% | New | 2,479 | $211K |
| Boothbay Fund Management, LLC | 0.01% | New | 2,443 | $208K |
| CIBC Private Wealth Group LLC | 0.00% | Add +0.4% | 2,289 | $194K |
| Vestcor Inc | 0.00% | New | 1,372 | $117K |
| Aquatic Capital Management LLC | 0.00% | Add +445.4% | 1,369 | $116K |
| Canada Pension Plan Investment Board | 0.00% | Reduce -87.4% | 1,300 | $110K |
| Cornerstone Planning Group LLC | 0.02% | Add +12533.3% | 1,137 | $110K |
| Ameritas Investment Partners, Inc. | 0.00% | Reduce -14.1% | 1,260 | $107K |
| Center for Financial Planning, Inc. | 0.01% | No change | 1,001 | $85K |
| Cwm, LLC | 0.00% | Add +17.1% | 968 | $82K |
| Huntington National Bank | 0.00% | Add +36.7% | 912 | $77K |
| Point72 Asia (Singapore) Pte. Ltd. | 0.01% | Reduce -61.7% | 903 | $77K |
| KBC Group NV | 0.00% | No change | 774 | $66K |
| Fifth Third Bancorp | 0.00% | Add +38.7% | 702 | $60K |
| Blue Trust, Inc. | 0.00% | Add +35.3% | 640 | $54K |
| Arax Advisory Partners | 0.00% | Reduce -45.4% | 638 | $54K |
| iSAM Funds (UK) Ltd | 0.01% | New | 609 | $52K |
| Assetmark, Inc. | 0.00% | No change | 570 | $48K |
| EverSource Wealth Advisors, LLC | 0.00% | Add +68.8% | 471 | $40K |
| Advisory Services Network, LLC | 0.00% | New | 460 | $39K |
| Parallel Advisors, LLC | 0.00% | Add +1.6% | 455 | $39K |
| Mitsubishi UFJ Asset Management Co., Ltd. | 0.00% | No change | 442 | $38K |
| Sterling Capital Management LLC | 0.00% | Add +136.3% | 430 | $37K |
| TOWER TRUST & INVESTMENT Co | 0.02% | No change | 400 | $34K |
| Quadrant Capital Group LLC | 0.00% | New | 392 | $33K |
| Tower Research Capital LLC (TRC) | 0.00% | Reduce -78.1% | 382 | $32K |
| CBIZ Investment Advisory Services, LLC | 0.00% | Reduce -0.8% | 361 | $31K |
| Nisa Investment Advisors, LLC | 0.00% | Add +10.2% | 260 | $22K |
| Binnacle Investments Inc | 0.01% | Add +26.3% | 250 | $21K |
| Hantz Financial Services, Inc. | 0.00% | Add +229.6% | 234 | $20K |
| Centerpoint Advisors, LLC | 0.01% | Reduce -0.4% | 224 | $19K |
| Signaturefd, LLC | 0.00% | Reduce -22.6% | 206 | $18K |
| Smartleaf Asset Management LLC | 0.00% | Add +2022.2% | 191 | $16K |
| Public Employees Retirement System of Ohio | 0.00% | Add +2.3% | 182 | $15K |
| Salomon & Ludwin, LLC | 0.00% | New | 161 | $14K |
| GAMMA Investing LLC | 0.00% | Add +86.7% | 168 | $14K |
| Shell Asset Management Co. | 0.00% | Reduce -72.1% | 169 | $14K |
| Rise Advisors, LLC | 0.01% | No change | 164 | $14K |
| Westside Investment Management, Inc. | 0.00% | New | 160 | $14K |
| Transamerica Financial Advisors, LLC | 0.00% | New | 161 | $14K |
| First Horizon Corp. | 0.00% | — | 147 | $12K |
| CVA Family Office, LLC | 0.00% | No change | 128 | $11K |
| CoreCap Advisors, LLC | 0.00% | Reduce -19.5% | 124 | $11K |
| UMB Bank, n.a. | 0.00% | Add +300.0% | 104 | $9K |
| Barrow Hanley Mewhinney & Strauss LLC | 0.00% | No change | 102 | $9K |
| Optiver Holding B.V. | 0.00% | New | 92 | $8K |
| Essential Partners LLC | 0.00% | Add +866.7% | 87 | $7K |
| Global Retirement Partners, LLC | 0.00% | No change | 73 | $6K |
| Wolff Wiese Magana LLC | 0.00% | No change | 71 | $6K |
| WPG Advisers, LLC | 0.00% | No change | 62 | $5K |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | 0.00% | No change | 62 | $5K |
| NewEdge Advisors, LLC | 0.00% | No change | 56 | $5K |
| Mather Group, Llc. | 0.00% | New | 55 | $5K |
| Caitong International Asset Management Co., Ltd | 0.00% | New | 54 | $5K |
| Atlantic Union Bankshares Corp | 0.00% | New | 47 | $4K |
| TD Private Client Wealth LLC | 0.00% | No change | 43 | $4K |
| IFP Advisors, Inc | 0.00% | Add +355.6% | 41 | $3K |
| Jones Financial Companies LLLP | 0.00% | No change | 33 | $3K |
| Steward Partners Investment Advisory, LLC | 0.00% | Reduce -31.4% | 24 | $2K |
| MassMutual Private Wealth & Trust, FSB | 0.00% | No change | 22 | $2K |
| Rothschild Investment LLC | 0.00% | Add +33.3% | 20 | $2K |
| Allworth Financial LP | 0.00% | Reduce -58.1% | 18 | $2K |
| Farther Finance Advisors, LLC | 0.00% | Add +54.5% | 17 | $1K |
| Ancora Advisors LLC | 0.00% | No change | 13 | $1K |
| Covestor Ltd | 0.00% | No change | 7 | $1K |
| Annis Gardner Whiting Capital Advisors, LLC | 0.00% | No change | 11 | $935 |
| Farmers & Merchants Investments Inc. | 0.00% | No change | 11 | $934 |
| Parkside Financial Bank & Trust | 0.00% | Reduce -95.5% | 10 | $850 |
| Quest 10 Wealth Builders, Inc. | 0.00% | New | 8 | $680 |
| Versant Capital Management, Inc | 0.00% | No change | 5 | $425 |
| Cullen/Frost Bankers, Inc. | 0.00% | Reduce -99.3% | 3 | $287 |
| Wealthspire Advisors, LLC | 0.00% | New | 3 | $255 |
| Retirement Wealth Solutions LLC | 0.00% | Reduce -99.5% | 1 | $113 |
| SBI Securities Co., Ltd. | 0.00% | New | 1 | $85 |
"% of holder's portfolio" is USPH's weight in each manager's 13F, not the share of U.S. Physical Therapy Inc. the manager owns.