Morgan Stanley reports 7.1% stake in National Healthcare (NHC)

Rhea-AI Filing Summary

National Healthcare Corp Schedule 13G/A amendment reports Morgan Stanley entities as passive holders of Common Stock (CUSIP 635906100). The filing lists 1,102,537 shares beneficially owned by Morgan Stanley reporting units, representing 7.1% of the class, and 1,038,787 shares beneficially owned by Morgan Stanley Institutional Investment Advisors LLC, representing 6.7%.

The filing provides corporate addresses for the filers, cites Release No. 34-39538 for reporting-unit aggregation, and is signed by authorized signatories with dates of 03/12/2026. Exhibit references include a joint filing agreement and Item 7 subsidiary information.

Insights

Institutional Ownership Analyst

Morgan Stanley entities hold single-digit stakes in National Healthcare, shown as aggregated reporting-unit ownership.

The filing lists 1,102,537 shares (7.1%) for Morgan Stanley reporting units and 1,038,787 shares (6.7%) for Morgan Stanley Institutional Investment Advisors LLC. These figures are presented as beneficial ownership under the aggregation rules cited from Release No. 34-39538.

Cash‑flow treatment or plans to sell are not provided; subsequent Form 4 or amendment filings would disclose any transaction activity by related operating units.

Corporate Governance Specialist

The filing clarifies voting and dispositive powers are shared across MS reporting units rather than sole-held.

Cover‑page entries show shared voting power and shared dispositive power amounts for each filer, indicating indirect or pooled control under the MS Reporting Units aggregation. The filing cites Exhibit 99.2 for Item 7 subsidiary details.

Material governance implications depend on whether holdings are passive; the filing classifies this under Schedule 13G/A rules, implying passive intent at the amendment date 03/12/2026.

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Accepted by SEC EDGAR 03/12/2026 - 05:09 PM Learn about SEC filing dates

FAQ

What stake does Morgan Stanley report in National Healthcare (NHC)?

Morgan Stanley reporting units list 1,102,537 shares, representing 7.1% of common stock. The figure appears on the cover page as beneficial ownership under the aggregated MS Reporting Units.

How much does Morgan Stanley Institutional Investment Advisors LLC own in NHC?

Morgan Stanley Institutional Investment Advisors LLC reports beneficial ownership of 1,038,787 shares, representing 6.7% of the class. The filing shows shared voting and dispositive power for that position.

Does the Schedule 13G/A show Morgan Stanley has sole voting control?

No. The cover entries indicate 0 sole voting power and list shared voting and shared dispositive powers for the reporting units, reflecting aggregated or indirect control per the cited Release.

When was this Schedule 13G/A amendment signed?

The amendment is signed by authorized signatories on 03/12/2026. Signatures appear for Morgan Stanley and Morgan Stanley Institutional Investment Advisors LLC on the cover page.

Does the filing indicate any planned sale or purchase of NHC stock?

The Schedule 13G/A classifies ownership and aggregation details and does not state any planned sales or purchases. No transaction intentions are disclosed in the provided excerpt.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

NATIONAL HEALTHCARE CORP

(Name of Issuer)

Common Stock

(Title of Class of Securities)

12/31/2025

(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 Number(s):

1

Names of Reporting Persons

Morgan Stanley

2

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

(a)
(b)

3

Sec Use Only

4

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 1,099,514.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,102,537.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,102,537.00

10

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

11

Percent of class represented by amount in row (9)

7.1 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP Number(s):

1

Names of Reporting Persons

Morgan Stanley Institutional Investment Advisors LLC

2

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

(a)
(b)

3

Sec Use Only

4

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 1,038,787.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,038,787.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,038,787.00

10

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

11

Percent of class represented by amount in row (9)

6.7 %

12

Type of Reporting Person (See Instructions)

IA, CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: NATIONAL HEALTHCARE CORP
(b)	Address of issuer's principal executive offices: 100 E. VINE ST, MURFREESBORO, TN, 37130
Item 2.
(a)	Name of person filing: 1: Morgan Stanley 2: Morgan Stanley Institutional Investment Advisors LLC
(b)	Address or principal business office or, if none, residence: 1: 1585 Broadway, New York, NY 10036 ;2: 5299 DTC Boulevard, Suite 1000, Greenwood Village, CO 80111
(c)	Citizenship: 1: Delaware 2: Delaware
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 635906100
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: 7.1 %
(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.
	Not Applicable
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:	Claire Gordon
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	03/12/2026

Morgan Stanley Institutional Investment Advisors LLC

Signature:	Scott McIntosh
Name/Title:	Authorized Signatory, Morgan Stanley Institutional Investment Advisors LLC
Date:	03/12/2026

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).