<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0407</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2023-03-22</periodOfReport>

    <issuer>
        <issuerCik>0001815849</issuerCik>
        <issuerName>ATI Physical Therapy, Inc.</issuerName>
        <issuerTradingSymbol>ATIP</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001867889</rptOwnerCik>
            <rptOwnerName>Oakes Augustus</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O ATI PHYSICAL THERAPY</rptOwnerStreet1>
            <rptOwnerStreet2>790 REMINGTON BLVD.</rptOwnerStreet2>
            <rptOwnerCity>BOLINGBROOK</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>60440-4909</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isOfficer>true</isOfficer>
            <officerTitle>Chief Information Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>false</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2023-03-22</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>735294</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>911600</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Award of restricted stock units subject to stockholder approval of an amendment to the ATI Physical Therapy Inc.'s 2021 Equity Incentive Plan, under which the restricted stock units were granted. The stockholder approval vote is expected to occur at the Company's 2023 Annual Meeting.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/John Lines as Attorney-in-Fact for Reporting Person</signatureName>
        <signatureDate>2023-03-24</signatureDate>
    </ownerSignature>
</ownershipDocument>
