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

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2023-09-01</periodOfReport>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001944782</rptOwnerCik>
            <rptOwnerName>Tansey Eimile</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O ATI PHYSICAL THERAPY, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>790 REMINGTON BLVD.</rptOwnerStreet2>
            <rptOwnerCity>BOLINGBROOK</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>60440</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isOfficer>true</isOfficer>
            <officerTitle>Chief People Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>false</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2023-09-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>F</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>174</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>9.17</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>31911</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">As previously reported on September 2, 2022 the reporting person was granted 1,773 Shares of Restricted Stock (post-reverse stock split) vesting in three equal annual installments beginning on the first anniversary of the grant date.</footnote>
        <footnote id="F2">Shares withheld by the Issuer to satisfy tax withholding obligations upon vesting.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/John Lines as Attorney-in-Fact for Reporting Person</signatureName>
        <signatureDate>2023-09-06</signatureDate>
    </ownerSignature>
</ownershipDocument>
