[Form 4] NATIONAL HEALTH INVESTORS INC Insider Trading Activity

Rhea-AI Filing Summary

National Health Investors (NHI) insider filings show option exercises and open-market transactions by Travis David L. The filing reports two acquisitions of 11,666 and 11,334 shares of common stock on 09/23/2025 at a reported price of $69.20 each, and a disposition of 20,765 shares on 09/23/2025 at $80.06 per share. Following the reported non-derivative transactions, the filing lists beneficial ownership totals of 33,221, 44,555, and 23,790 shares in the respective reported lines. The Form 4 also discloses detailed option holdings and exercisable schedules, including multiple tranches with exercise prices ranging from $53.41 to $73.34 and expiration dates through 2030, and shows that several option exercises on 09/23/2025 resulted in zero remaining derivative securities for those specific grants. The report is signed by the reporting person on 09/24/2025.

Positive

• Transparent disclosure of option exercises and share transactions with specific prices and dates
• Detailed option schedule showing exercise prices and expiration dates through 2030, supporting transparency on equity compensation

Negative

• Reported disposition of 20,765 shares at $80.06, indicating insider sale activity
• No company-wide share count or context provided in the filing to assess materiality of these transactions

Insights

Financial Analyst

TL;DR: Routine insider option exercises and a partial sale; modest net share change, not clearly material to valuation.

The filing documents option exercises that generated acquisitions of 11,666 and 11,334 common shares at $69.20 on 09/23/2025 and a separate disposition of 20,765 shares at $80.06 on the same date. Net share movement from these specific non-derivative transactions is small relative to typical company float sizes; without outstanding company share count or market-impact context in the filing, this appears to be routine executive liquidity and option monetization rather than a material corporate event. The disclosure of extensive option grants across multiple years indicates ongoing equity compensation, with exercise prices from $53.41 to $73.34 and expirations through 2030.

Corporate Governance Expert

TL;DR: Properly formatted Section 16 report showing exercises and sale; filing timing and signatures are in order.

The Form 4 lists the reporting person as SVP/Chief Accounting Officer and includes a manual signature dated 09/24/2025. Transactions include coded option exercises (M) and a sale (F) on 09/23/2025 with prices disclosed. The mix of acquisitions via exercise and a contemporaneous sale is consistent with routine compliance reporting for compensatory equity and subsequent disposition. The filing contains standard schedules of exercisable option tranches; there are no governance red flags or corrective amendment indicators present within the submitted content.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Travis David L

(Last) (First) (Middle)

222 ROBERT ROSE DRIVE

(Street)

MURFREESBORO TN 37129

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NATIONAL HEALTH INVESTORS INC [ NHI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP/Chief Accounting Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/24/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/23/2025		M		11,666	A	$69.2	33,221	D
Common Stock	09/23/2025		M		11,334	A	$69.2	44,555	D
Common Stock	09/23/2025		F		20,765	D	$80.06	23,790	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options (Right to Buy) 2-25-2021	$69.2	09/23/2025		M			11,666	02/25/2021	02/25/2026	Common Stock	11,666	$0	0	D
Stock Options (Right to Buy) 2-25-2021	$69.2	09/23/2025		M			11,334	02/25/2022	02/25/2026	Common Stock	11,334	$0	0	D
Stock Option (Right to buy) 2022	$53.41							02/25/2023	02/25/2027	Common Stock	2,404		2,404	D
Stock Option (Right to buy) 2022	$53.41							02/25/2024	02/25/2027	Common Stock	9,796		9,796	D
Stock Option (Right to Buy) 2023	$54.73							02/24/2023	02/24/2028	Common Stock	8,333		8,333	D
Stock Option (Right to Buy) 2023	$54.73							02/24/2024	02/24/2028	Common Stock	8,333		8,333	D
Stock Option (Right to Buy) 2023	$54.73							02/24/2025	02/28/2028	Common Stock	8,334		8,334	D
Stock Option (Right to Buy) 2024	$57.76							02/23/2024	02/23/2029	Common Stock	8,333		8,333	D
Stock Option (Right to Buy) 2024	$57.76							02/23/2025	02/23/2029	Common Stock	8,333		8,333	D
Stock Option (Right to Buy) 2024	$57.76							02/23/2026	02/23/2029	Common Stock	8,334		8,334	D
Stock Option (Right to Buy) 2025	$73.34							03/03/2025	03/03/2030	Common Stock	10,000		10,000	D
Stock Option (Right to Buy) 2025	$73.34							03/03/2026	03/03/2030	Common Stock	10,000		10,000	D
Stock Option (Right to Buy) 2025	$73.34							03/03/2027	03/03/2030	Common Stock	10,000		10,000	D

Explanation of Responses:

	/s/ David L. Travis	09/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did Travis David L report on the Form 4 for NHI?

The filing reports acquisitions of 11,666 and 11,334 common shares at $69.20 on 09/23/2025 and a disposition of 20,765 shares at $80.06 on 09/23/2025.

Were option exercises disclosed in the NHI Form 4 and what were the exercise prices?

Yes. The report shows option-related transactions with exercise prices including $69.20, $53.41, $54.73, $57.76, and $73.34 across multiple grants.

What beneficial ownership totals are shown after the reported NHI transactions?

The filing lists beneficial ownership amounts after the reported transactions of 33,221, 44,555, and 23,790 shares in the respective reported lines.

Who is the reporting person and what is their role at NHI?

The reporting person is Travis David L, listed as SVP/Chief Accounting Officer and an officer reporting under Section 16.

When was the Form 4 signed and filed?

The Form 4 is signed by the reporting person on 09/24/2025 as shown in the document.