SCHEDULE: Sixth Street Entities Exit Plymouth Industrial REIT Ownership

TSSP SUB-FUND HOLDCO, LLC and Alan Waxman have ceased beneficial ownership of Plymouth Industrial REIT, Inc. common stock following a merger.

Summary

• This Amendment No. 2 to Schedule 13D reports that TSSP SUB-FUND HOLDCO, LLC and Alan Waxman (the "Reporting Persons") no longer beneficially own shares of Plymouth Industrial REIT, Inc. common stock.
• The change in ownership occurred on January 27, 2026, following a Partnership Merger.
• In the merger, Plymouth Industrial OP, LP merged with and into OP Merger Sub, a wholly owned subsidiary of PIR Industrial REIT LLC.
• As a result of the merger, each Warrant held by Isosceles outstanding and unexercised was canceled for no consideration.
• Each Series C Preferred Unit held by Isosceles was automatically redeemed at a price of $1,312.27 per unit.
• As of January 27, 2026, the Reporting Persons ceased to beneficially own more than five percent of the outstanding shares of Common Stock and now hold 0.00 shares, representing 0.0% of the class.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral, primarily a factual report of a completed transaction and a change in beneficial ownership, without inherently positive or negative implications for the issuer's ongoing operations or future prospects based solely on this document.

Positives

• Series C Preferred Units held by Isosceles were redeemed at a price of $1,312.27 per unit, providing a clear exit value for those holders.

Negatives

• Warrants held by Isosceles were canceled for no consideration, resulting in a loss of potential value for warrant holders.

Future Outlook

No forward-looking statements or guidance are provided in this filing.

Industry Context

StockSavvy.ai notes that the exit of a significant beneficial owner, such as TSSP SUB-FUND HOLDCO, LLC and Alan Waxman, from a REIT can signal a shift in investment strategy for the exiting party or a completion of their investment thesis. For Plymouth Industrial REIT, it represents a consolidation of ownership structure following the merger, potentially simplifying its capital table.

Stakeholder Impact

• Reporting Persons (TSSP SUB-FUND HOLDCO, LLC and Alan Waxman): Ceased beneficial ownership, exiting their investment in Plymouth Industrial REIT.
• Isosceles (Warrant Holders): Warrants canceled for no consideration, resulting in a loss of potential value.
• Isosceles (Series C Preferred Unit Holders): Units redeemed at $1,312.27 per unit, providing a liquidity event.
• Plymouth Industrial REIT Shareholders: A significant beneficial owner has exited, which could impact market perception or trading liquidity, though the underlying merger structure is the primary driver.

Key Dates

Keywords

Plymouth Industrial REIT, Schedule 13D, beneficial ownership, merger, REIT, TSSP SUB-FUND HOLDCO, Alan Waxman, common stock, preferred units, warrants