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Filing Details

Accession Number:: 0000895421-25-000249
Form Type:: 13G Filing
Publication Date:: 2025-02-04 19:00:00

Filed By:: Morgan Stanley
Company:: U S Physical Therapy Inc (NYSE:USPH)
Filing Date:: 2025-02-05
SEC Url:: 13G Filing

Ownership Summary

Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.

Name	Beneficially Owned Number of Aggregate Shares	Percent of Class
Morgan Stanley	889,644	5.9%
Calvert Research and Management	635,280	4.2%
Calvert Impact Fund, Inc. - Calvert Small-Cap Fund	590,428	3.9%

Filing

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

U S PHYSICAL THERAPY INC /NV

(Name of Issuer)

Common Stock

(Title of Class of Securities)

90337L108

(CUSIP Number)

12/31/2024

(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

Names of Reporting Persons

Morgan Stanley

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

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 804,468.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 888,178.00

Aggregate Amount Beneficially Owned by Each Reporting Person

889,644.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

5.9 %

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP No.

90337L108

Names of Reporting Persons

Calvert Research and Management

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

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 591,894.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 633,814.00

Aggregate Amount Beneficially Owned by Each Reporting Person

635,280.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

4.2 %

Type of Reporting Person (See Instructions)

Comment for Type of Reporting Person: As of the date hereof, Calvert Research and Management has ceased to be the beneficial owner of more than five percent of the class of securities.

SCHEDULE 13G

CUSIP No.

90337L108

Names of Reporting Persons

Calvert Impact Fund, Inc. - Calvert Small-Cap Fund

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

MARYLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 590,428.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 590,428.00

Aggregate Amount Beneficially Owned by Each Reporting Person

590,428.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

3.9 %

Type of Reporting Person (See Instructions)

Comment for Type of Reporting Person: As of the date hereof, Calvert Impact Fund, Inc. - Calvert Small-Cap Fund has ceased to be the beneficial owner of more than five percent of the class of securities.

SCHEDULE 13G

Item 1.

(a)

Name of issuer:

U S PHYSICAL THERAPY INC /NV

(b)

Address of issuer's principal executive offices:

1300 WEST SAM HOUSTON PARKWAY, SUITE 300, HOUSTON TX 77043, UNITED STATES OF AMERICA

Item 2.

(a)

Name of person filing:

1: Morgan Stanley 2: Calvert Research and Management 3: Calvert Impact Fund, Inc. - Calvert Small-Cap Fund

(b)

Address or principal business office or, if none, residence:

1: 1585 Broadway, New York, NY 10036 ;2: One Post Office Square, Boston, MA 02109 ;3: 2050 M Street NW, Washington, DC, 20036

(c)

Citizenship:

1: Delaware 2: Massachusetts 3: Maryland

(d)

Title of class of securities:

Common Stock

(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:

See the response(s) to Item 9 on the attached cover page(s).

(b)

Percent of class:

5.9 %

(c)

Number of shares as to which the person has:

(i) Sole power to vote or to direct the vote:

See the response(s) to Item 5 on the attached cover page(s).

(ii) Shared power to vote or to direct the vote:

See the response(s) to Item 6 on the attached cover page(s).

(iii) Sole power to dispose or to direct the disposition of:

See the response(s) to Item 7 on the attached cover page(s).

(iv) Shared power to dispose or to direct the disposition of:

See the response(s) to Item 8 on the attached cover page(s).

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.

If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.

See Exhibit 99.2

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. * In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS"). This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release.

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.

Morgan Stanley

Signature:	Christopher O'Hara
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	02/05/2025

Calvert Research and Management

Signature:	Hope Brown
Name/Title:	Authorized Signatory, Calvert Research and Management
Date:	02/05/2025

Calvert Impact Fund, Inc. - Calvert Small-Cap Fund

Signature:	Deidre E. Walsh
Name/Title:	Authorized Signatory, Calvert Impact Fund, Inc. - Calvert Small-Cap Fund
Date:	02/05/2025

Exhibit Information

EXHIBIT NO. EXHIBITS ------------------ ------------------------------------ 99.1 Joint Filing Agreement 99.2 Item 7 Information * Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001).