NHI Announces First Quarter 2026 Results
Rhea-AI Summary
National Health Investors (NYSE: NHI) reported first quarter 2026 results for the period ended March 31, 2026, with NAREIT FFO per diluted share of $1.23 and Normalized FAD of $62.5 million. Q1 SHOP invested capital was $742.5 million (106% YoY). The company updated 2026 guidance, reducing NAREIT and Normalized FFO per share to a range of $4.74–$4.79 and FAD to $240.6–$243.7 million. The company announced a pending sale of the NHC leased portfolio for $560.0 million, expected to close July 1, 2026.
AI-generated analysis. Not financial advice.
Positive
- NAREIT FFO per share increased 7.9% to $1.23
- Normalized FAD rose 11.6% to $62.5 million
- Q1 SHOP invested capital of $742.5 million (106% YoY)
- Acquired seven-property Colorado portfolio for $106.9 million
- Pending NHC portfolio sale for $560.0 million expected July 1, 2026
Negative
- 2026 guidance lowered: NAREIT/Normalized FFO to $4.74–$4.79
- Same-store SHOP resident fees net declined 2.4%
- Depreciation and amortization rose 23.7% (impacting earnings)
News Market Reaction – NHI
On the day this news was published, NHI declined 3.46%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
NHI slipped 0.26% while key healthcare REIT peers were mixed: SBRA (-1.64%), AHR (-1.02%), HR (-0.23%), CTRE (-0.76%) and MPW (+0.40%). The mostly negative peer moves point to broader pressure in parts of the group, but scanner data flags this as stock-specific rather than a clear sector-wide move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 26 | Q4 2025 earnings | Positive | -4.1% | Full-year 2025 growth, higher FFO and FAD, initial 2026 guidance. |
| Nov 06 | Q3 2025 earnings | Positive | +2.0% | SHOP NOI growth, portfolio expansion and raised 2025 guidance. |
| Aug 06 | Q2 2025 earnings | Positive | +2.5% | Beat expectations, raised 2025 guidance and added memory care assets. |
| May 05 | Q1 2025 earnings | Positive | +0.4% | Higher net income, increased FFO guidance, significant new investments. |
| Feb 25 | Q4 2024 earnings | Positive | -0.2% | Strong YoY earnings, SHOP NOI growth and 2025 guidance launch. |
Earnings releases have generally been positive on fundamentals, with three of the last five prompting modest gains and two seeing mild pullbacks, indicating mixed but often constructive reactions.
Recent earnings updates for NHI have emphasized expanding SHOP investments, rising FFO metrics, and balance sheet strength. Q1, Q2, and Q3 2025 results highlighted higher normalized FFO per share, increased SHOP NOI, and multiple acquisition campaigns. Q4 2024 and Q4 2025 results reinforced this growth trajectory and guided to higher FFO and FAD for 2025 and 2026. Today’s Q1 2026 release, with higher per‑share earnings metrics and updated 2026 guidance, continues that narrative of portfolio rotation toward senior housing and SHOP while refining full‑year expectations.
Historical Comparison
Over the last five earnings releases, NHI’s average next‑day move was about 0.12%, with mostly modest reactions to otherwise positive operating updates and guidance changes.
Earnings reports show steady growth in SHOP exposure, rising FFO and FAD, and progressively higher guidance ranges into 2025 and 2026.
Market Pulse Summary
This announcement details a Q1 2026 performance with higher EPS of $0.82, stronger NAREIT and Normalized FFO per share of $1.23, and Normalized FAD of $62.5 million. Management also updated 2026 guidance, now targeting FFO of $4.74–$4.79, and outlined major asset sales, including the $560.0 million NHC portfolio, alongside new SHOP acquisitions. Investors may focus on execution of the $180 million of unidentified investments, the $665 million disposition plan, balance sheet metrics like 4.0x net debt to EBITDA, and future earnings updates.
Key Terms
nareit ffo financial
normalized ffo financial
section 1031 of the internal revenue code regulatory
atm equity program financial
forward equity sales agreements financial
real estate investment trust financial
AI-generated analysis. Not financial advice.
CEO Comments
"NHI reported a solid start to 2026, with NAREIT FFO, Normalized FFO and FAD exceeding our internal expectations," said Eric Mendelsohn, NHI's President and CEO.
"During the quarter, we continued to expand our Senior Housing Operating Portfolio ("SHOP"), with first quarter invested capital of
"Year-to-date, we have announced
Financial Results and Recent Events
- Net income attributable to common stockholders per diluted share for the quarter ended March 31, 2026 increased by
10.8% to$0.82 $0.74 $2.6 million $0.3 million $1.2 million - National Association of Real Estate Investment Trusts ("NAREIT") FFO per diluted share for the quarter ended March 31, 2026 increased by
7.9% to$1.23 $1.14 $0.3 million $1.2 million - Normalized FFO per diluted share for the quarter ended March 31, 2026 increased by
7.0% to$1.23 $1.15 $1.2 million - Normalized FAD for the quarter ended March 31, 2026 increased by
11.6% to$62.5 million $56.0 million
NHI is updating its 2026 full year guidance range as follows:
- NAREIT FFO per diluted share from a range of
$4.94 $4.99 $4.74 $4.79 - Normalized FFO per diluted share from a range of
$4.94 $4.99 $4.74 $4.79 - Normalized FAD from a range of
$248.9 million $251.4 million $240.6 million $243.7 million
A detailed schedule of the Company's updated 2026 full year guidance range and the updated related assumptions used has been included in this press release.
Results for the quarter ended March 31, 2026 compared to the same period in the prior year were impacted by the following:
- Rental income increased
$4.3 million 6.2% , primarily due to$4.0 million $2.1 million - Resident fees and services, less senior housing operating expenses, increased
$5.8 million $2.9 million $3.0 million - On a same store ("Same Store") basis, resident fees and services, less senior housing operating expenses, declined
2.4% primarily due to a decline in occupancy that was partially offset by increases in resident rental rates.
- On a same store ("Same Store") basis, resident fees and services, less senior housing operating expenses, declined
- Interest income from mortgage and other notes receivable decreased
$1.5 million 23.8% , primarily due to a net reduction in the principal amounts of mortgage and other notes receivable outstanding in the current period compared to the prior year period. - Depreciation and amortization increased
$4.5 million 23.7% , which primarily related to a$4.0 million - Interest expense increased
$0.7 million 4.9% , primarily due to interest expense associated with the Company's 2033 Senior Notes which were issued in September 2025, partially offset by a decrease in the amounts outstanding under the Company's revolving credit facility and bank term loan in the current period compared to the prior year period. - Legal expense decreased
$1.1 million 78.6% . Legal expense for the quarter ended March 31, 2025 included$1.2 million - General and administrative expenses increased
$1.0 million 15.0% , primarily due to higher compensation costs. - Gains on dispositions of real estate properties, net, of
$2.6 million Michigan . This property was part of the Real Estate Investments segment.
National HealthCare Corporation ("NHC") Leased Portfolio Disposition
As previously announced on April 21, 2026, the Company executed a purchase and sale agreement, dated April 21, 2026, with NHC/Op, L.P., a wholly owned subsidiary of NHC, and certain of its affiliates (collectively, the "NHC Purchaser") related to the sale of the entire portfolio of real estate properties leased to NHC, which includes 32 skilled nursing facilities and three independent living facilities, for
Pursuant to the terms of the purchase and sale agreement, contemporaneously with the closing of the transaction, the Company will execute a partial master lease termination and partial assignment and assumption of the master lease agreement which will result in the termination of its master lease agreement with NHC with respect to all properties, except for the four properties located in
Portfolio Activity
In January 2026, the Company sold a 42-unit senior living campus located in
In February 2026, the Company acquired a portfolio of nine assisted living facilities located in
In April 2026, the combined rental income related to the four master lease agreements comprising the Bickford Senior Living ("Bickford") portfolio of 38 properties was reset to fair market value, or
In April 2026, the Company completed the sale of a property located in
In April 2026, the Company completed the sale of a property located in
In May 2026, the Company completed the sale of a property located in
In May 2026, the Company acquired a portfolio of seven senior housing properties located in
Recent Pipeline Developments
- The Company currently has approximately
$20.3 million 7.5% and primarily structured as SHOP investments. - In addition to the signed LOIs, the Company is currently evaluating a pipeline of approximately
$560.0 million
Balance Sheet and Liquidity
As of March 31, 2026, the Company had
The Company continues to maintain a strong financial profile with a consolidated net debt to adjusted EBITDA ratio of 4.0x, which is currently well within the Company's target range of 3.5x to 4.5x. The Company is in compliance with all debt covenants and has investment grade credit ratings from Moody's, S&P Global and Fitch Ratings.
Shelf Registration Statement
In March 2026, the Company renewed its automatic shelf registration statement, on file with the SEC, which allows the Company to offer and sell to the public an unspecified amount of common stock, preferred stock, debt securities, warrants and/or units at prices and on terms to be announced when and if such securities are offered. The details of any future offerings, along with the use of proceeds from any securities offered, will be described in a prospectus supplement, or other offering materials, at the time of the offering.
ATM Equity Program
Concurrently with the renewal of its shelf registration statement, the Company entered into a new equity distribution agreement whereby the Company can sell up to
2026 Updated Full Year Guidance
The Company updated its 2026 full year guidance range, including information on the underlying assumptions and timing of certain transactions, as set forth below (in millions, except per share amounts):
2026 Guidance Range | |||
Low | High | ||
Net income attributable to common stockholders | $ 703.0 | $ 705.2 | |
Adjustments to NAREIT FFO: | |||
Depreciation, net1 | 94.4 | 95.0 | |
Gains on dispositions, net, and impairments of real estate properties | (565.9) | (566.3) | |
Participating securities | 0.8 | 1.0 | |
NAREIT FFO attributable to common stockholders | 232.3 | 234.9 | |
Normalized FFO attributable to common stockholders | 232.3 | 234.9 | |
Adjustments to FAD attributable to common stockholders: | |||
Straight-line rent revenue and lease incentives amortization, net1 | (0.1) | (0.3) | |
Equity method investment adjustments | (1.7) | (1.5) | |
Equity method investment non-refundable fees received | 1.6 | 1.8 | |
Non-cash share-based compensation expense | 7.5 | 7.2 | |
SHOP1 and equity method investment recurring capital expenditures | (4.0) | (3.8) | |
Other1,2 | 5.0 | 5.4 | |
FAD attributable to common stockholders | $ 240.6 | $ 243.7 | |
Weighted average common shares outstanding - diluted | 49.0 | 49.0 | |
NAREIT FFO per diluted share | $ 4.74 | $ 4.79 | |
Normalized FFO per diluted share | $ 4.74 | $ 4.79 | |
1 | Net of amounts attributable to noncontrolling interests. | |
2 | Includes credit loss expense, non-real estate depreciation, net, amortizations associated with debt facilities and participating securities. |
The Company's updated 2026 full year guidance includes the following assumptions:
$180 million 7.8% , and consisting of approximately60% in new SHOP investments;- Approximately
$665 million $565.9 million $566.3 million - Continued fulfillment of existing commitments;
- Same Store SHOP NOI on 15 properties ranging between
1% -3% year over year; - Total SHOP NOI on 42 properties, before the assumption for unidentified new SHOP investments, ranging between
$44.1 million $45.1 million - Settlement of all existing forward equity sales agreements in 2026.
In addition to the assumptions listed above, the Company's guidance range is based on several other assumptions, many of which are outside the Company's control and all of which are subject to change. The guidance range may change if actual results vary from these assumptions.
Investor Conference Call and Webcast
The Company will host a conference call on Tuesday, May 5, 2026, at 10:00 a.m. ET, to discuss its first quarter 2026 results. The number to call for this interactive teleconference is (888) 506-0062, with the confirmation number 419400. The live broadcast of the Company's first quarter conference call will be available online at www.nhireit.com. The online replay will follow shortly after the call and remain available for one year.
About National Health Investors, Inc.
National Health Investors, Inc. (NYSE: NHI), established in 1991 as a
Reconciliation of FFO, Normalized FFO and Normalized FAD | |||
Three Months Ended | |||
March 31, | |||
2026 | 2025 | ||
Net income attributable to common stockholders | $ 40,024 | $ 34,113 | |
Elimination of certain non-cash items in net income: | |||
Real estate depreciation and amortization | 22,832 | 18,764 | |
Real estate depreciation related to noncontrolling interests | (402) | (413) | |
Gains on dispositions of real estate properties, net | (2,612) | (114) | |
Allocations to participating securities | (20) | — | |
NAREIT FFO attributable to common stockholders | 59,822 | 52,350 | |
Proxy contest and related expenses | — | 264 | |
Normalized FFO attributable to common stockholders | 59,822 | 52,614 | |
Non-cash rent revenue adjustments, net | (148) | (824) | |
Non-real estate depreciation, net | 785 | 338 | |
Amortization of debt issuance costs and discounts | 854 | 974 | |
Adjustments related to equity method investment, net | (399) | (680) | |
Recurring capital expenditures, net | (756) | (439) | |
Equity method investment non-refundable fees received | 127 | 310 | |
Credit loss (benefit) expense | (50) | (14) | |
Non-cash share-based compensation expense | 2,240 | 2,558 | |
Transaction costs | — | 1,164 | |
Allocations to participating securities | (4) | — | |
Normalized FAD attributable to common stockholders | $ 62,471 | $ 56,001 | |
Basic: | |||
Weighted average common shares outstanding | 48,323,945 | 45,720,496 | |
NAREIT FFO attributable to common stockholders per share | $ 1.24 | $ 1.15 | |
Normalized FFO attributable to common stockholders per share | $ 1.24 | $ 1.15 | |
Diluted: | |||
Weighted average common shares outstanding | 48,547,893 | 45,878,528 | |
NAREIT FFO attributable to common stockholders per share | $ 1.23 | $ 1.14 | |
Normalized FFO attributable to common stockholders per share | $ 1.23 | $ 1.15 | |
See the accompanying notes to the reconciliations of FFO, Normalized FFO, Normalized FAD and NOI. |
The following table reconciles net income, the most directly comparable generally accepted accounting principles ("GAAP") financial | |||
Three Months Ended | |||
March 31, | |||
2026 | 2025 | ||
Net income | $ 39,752 | $ 33,817 | |
Depreciation and amortization | 23,691 | 19,157 | |
Interest expense | 15,040 | 14,337 | |
Legal expense | 305 | 1,426 | |
Franchise, excise and other taxes | 215 | 269 | |
General and administrative expenses | 7,851 | 6,829 | |
Proxy contest and related expenses | — | 264 | |
Loan and realty gains, net | (50) | (14) | |
Gains on dispositions of real estate properties, net | (2,612) | (114) | |
Gains from equity method investment | — | (415) | |
Other non-operating income | (35) | — | |
NOI | $ 84,157 | $ 75,556 | |
The following table provides a summary of the Company's NOI by segment (unaudited and $ in thousands): | |||
Three Months Ended | |||
March 31, | |||
2026 | 2025 | ||
Real Estate Investments segment | $ 75,266 | $ 72,470 | |
SHOP segment | 8,891 | 3,086 | |
Total NOI | $ 84,157 | $ 75,556 | |
The following table provides a summary of the Company's SHOP NOI by component (unaudited and $ in thousands): | |||
Three Months Ended | |||
March 31, | |||
2026 | 2025 | ||
Same Store properties | $ 3,012 | $ 3,086 | |
Acquisitions | 2,977 | — | |
Transitioned properties | 2,902 | — | |
Total SHOP NOI | $ 8,891 | $ 3,086 | |
See the accompanying notes to the reconciliations of FFO, Normalized FFO, Normalized FAD and NOI. | |||
Notes to the Reconciliations of FFO, Normalized FFO, Normalized FAD and NOI
The supplemental performance measures described below may not be comparable to similarly titled measures used by other REITs. Consequently, funds from operations ("FFO"), Normalized FFO, Normalized Funds Available for Distribution ("FAD") and NOI, as presented herein, may not provide a meaningful measure of the Company's performance as compared to that of other REITs. Since other REITs may not use a similar definition of these performance measures, caution should be exercised when comparing FFO, Normalized FFO, Normalized FAD and NOI, as presented herein, to that of other REITs. These performance measures do not represent cash generated from operating activities in accordance with GAAP as they exclude the changes in operating assets and liabilities, and therefore should not be considered an alternative to net income as an indication of performance or as an alternative to net cash flows from operating activities, as determined in accordance with GAAP as a measure of liquidity, and are not necessarily indicative of cash available to fund cash needs.
Funds From Operations - FFO
FFO, as defined by NAREIT and applied by the Company, is net income attributable to common stockholders (computed in accordance with GAAP), excluding gains or losses on dispositions of real estate properties, impairments of real estate properties, and real estate depreciation and amortization after adjustments for unconsolidated partnerships and joint ventures, if any. The Company's computation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or have a different interpretation of the current NAREIT definition from that of the Company; and therefore, caution should be exercised when comparing the Company's FFO to that of other REITs. FFO per diluted share attributable to common stockholders assumes the exercise of stock options and other potentially dilutive securities. Normalized FFO excludes from FFO certain items which, due to their infrequent or unpredictable nature, may create some difficulty in comparing FFO for the current period to similar prior periods, and may include, but are not limited to including, impairments of non-real estate assets, gains or losses attributable to acquisitions and dispositions of non-real estate assets and liabilities, and recoveries of previous write-downs.
FFO and Normalized FFO are important supplemental measures of operating performance for a REIT. Because the historical cost accounting convention used for real estate assets requires depreciation (except on land), such accounting presentation implies that the realizable value of real estate assets diminishes predictably over time. Since real estate asset values instead have historically risen and fallen with market conditions, presentations of operating results for a REIT that uses historical cost accounting for depreciation could be less informative and should be supplemented with a measure such as FFO. The term FFO was designed by the REIT industry to address this issue.
Funds Available for Distribution - FAD
In addition to the adjustments made to net income attributable to common stockholders that are included in the calculation of Normalized FFO, Normalized FAD excludes the impact of straight-line rent revenue adjustments and amortization of debt issuance costs and discounts. The Company also adjusts Normalized FAD for the net change in its credit loss reserves, non-cash share-based compensation expense, SHOP capital expenditures, as well as certain non-cash items related to the Company's equity method investment, such as straight-line lease expense and amortization of purchase accounting adjustments. Normalized FAD for the quarter ended March 31, 2025 included an adjustment for transaction costs incurred related to a large SHOP transaction that did not materialize.
Normalized FAD is an important supplemental performance measure for a REIT and a useful measure of liquidity as an indicator of the Company's ability to distribute dividends to its stockholders. GAAP requires a lessor to recognize contractual lease payments as income on a straight-line basis over the expected term of the lease. This straight-line rent adjustment has the effect of reporting rental income that is significantly more or less than the contractual cash flows received pursuant to the terms of the lease agreements. GAAP also requires any discount or premium related to indebtedness and debt issuance costs to be amortized as non-cash adjustments to earnings.
Net Operating Income - NOI
NOI is a non-GAAP supplemental financial measure used to evaluate the operating performance of real estate assets. NOI is defined as total revenues, less tenant reimbursements and property operating expenses. The Company believes NOI provides investors relevant and useful information as it measures the operating performance of the Company's real estate assets at the property level on an unleveraged basis. The Company uses NOI to make decisions about resource allocations to its segments and to assess the property level performance of its investment portfolios.
Same Store
The Company defines Same Store as real estate properties owned, consolidated and operational for the full period in both comparative periods and that are not otherwise excluded; provided, however, that the Company may include selected properties that otherwise meet the Same Store criteria if they are included in substantially all of, but not a full, period for one or both of the comparative periods, and in management's judgment such inclusion provides a more meaningful presentation of the Company's segment performance.
Newly acquired properties, recently developed or redeveloped properties, and properties undergoing an operator transition will be included in Same Store after five full quarters from the date of acquisition, transition or being placed into service. SHOP properties and properties with triple-net leases that have undergone operator or business model transitions will be included in Same Store once operating under consistent operating structures for the full period in both periods presented.
Properties are excluded from Same Store if they are: (i) sold, classified as assets held for sale or properties whose operations were classified as discontinued operations in accordance with GAAP; (ii) impacted by significant disruptive events such as flood or fire; (iii) those properties that are currently undergoing a significant disruptive redevelopment; or (iv) those properties that are scheduled to undergo operator or business model transitions, or have transitioned operators or business models after the start of the prior comparison period.
Consolidated Statements of Income | |||
Three Months Ended | |||
March 31, | |||
2026 | 2025 | ||
Revenues: | |||
Rental income | $ 73,150 | $ 68,866 | |
Resident fees and services | 37,060 | 13,939 | |
Interest and other income | 4,920 | 6,491 | |
Total revenues | 115,130 | 89,296 | |
Expenses: | |||
Depreciation and amortization | 23,691 | 19,157 | |
Interest expense | 15,040 | 14,337 | |
Senior housing operating expenses | 28,169 | 10,853 | |
Legal expense | 305 | 1,426 | |
Franchise, excise and other taxes | 215 | 269 | |
General and administrative expenses | 7,851 | 6,829 | |
Proxy contest and related expenses | — | 264 | |
Taxes and insurance on leased properties | 2,804 | 2,887 | |
Loan and realty gains, net | (50) | (14) | |
Total expenses | 78,025 | 56,008 | |
Gains on dispositions of real estate properties, net | 2,612 | 114 | |
Gains from equity method investment | — | 415 | |
Other non-operating income | 35 | — | |
Net income | 39,752 | 33,817 | |
Add: Net loss attributable to noncontrolling interests | 350 | 348 | |
Net income attributable to stockholders | 40,102 | 34,165 | |
Less: Net income allocated to participating securities | (78) | (52) | |
Net income attributable to common stockholders | $ 40,024 | $ 34,113 | |
Weighted average common shares outstanding: | |||
Basic | 48,323,945 | 45,720,496 | |
Diluted | 48,547,893 | 45,878,528 | |
Earnings per share: | |||
Basic | $ 0.83 | $ 0.75 | |
Diluted | $ 0.82 | $ 0.74 | |
Selected Condensed Consolidated Balance Sheet Data ($ in thousands) | |||
March 31, | December 31, | ||
2026 | 2025 | ||
(unaudited) | |||
Real estate properties, net | $ 2,555,288 | $ 2,473,758 | |
Mortgage and other notes receivable, net | 205,949 | 203,296 | |
Cash and cash equivalents | 24,948 | 19,624 | |
Straight-line rents receivable | 79,303 | 78,891 | |
Assets held for sale, net | 3,562 | 3,562 | |
Other assets, net | 20,815 | 17,756 | |
Debt, net | 1,269,668 | 1,163,814 | |
National Health Investors, Inc. stockholders' equity | 1,514,775 | 1,521,543 | |
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding the Company's expected future financial positions, results of operations, cash flows, funds from operations, dividend and dividend plans, financing opportunities and plans, capital market transactions, business strategy, budgets, projected costs, operating metrics, capital expenditures, competitive positions, acquisitions, investment opportunities, dispositions, acquisition integration, growth opportunities, expected rental income, continued qualification as a REIT, plans and objectives of management for future operations, continued performance improvements, ability to service and refinance debt obligations, ability to finance growth opportunities, and similar statements including, without limitation, those containing words such as "may", "will", "should", "believes", "anticipates", "expects", "intends", "estimates", "plans", "projects", "target", "likely" and other similar expressions are forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements. Such risks and uncertainties include those risks and uncertainties which are described under the heading "Risk Factors" in Item 1A in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. Many of these factors are beyond the control of the Company and its management. The Company assumes no obligation to update any forward-looking statements, except as required by law, and these statements speak only as of the date on which they are made. Investors are urged to carefully review and consider the various disclosures made by the Company in its periodic reports filed with the Securities and Exchange Commission ("SEC"), including the risk factors and other information in the above referenced Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Copies of these filings are available at no cost on the SEC's web site at https://www.sec.gov or on the Company's website at www.nhireit.com.
Contact: John L. Spaid, Chief Financial Officer
Phone: (615) 890-9100
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SOURCE National Health Investors, Inc.