NHI (NHI) director Candice W. Todd exercises 10,000 options, trims stake

Rhea-AI Filing Summary

National Health Investors director Candice W. Todd reported an option exercise and related share transactions. On 02/05/2026, she exercised 10,000 shares under a 2025 stock option at $73.34 per share, receiving 10,000 common shares. On the same date, 8,705 common shares were disposed of at $84.26 per share, leaving 1,295 common shares held directly.

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
Estimated average burden
hours per response:			0.5

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

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Todd Candice W

(Last) (First) (Middle)

222 ROBERT ROSE DR

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
02/05/2026

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	02/05/2026		M		10,000	A	$73.34	10,000	D
Common Stock	02/05/2026		F		8,705	D	$84.26	1,295	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 Option (Right to Buy) 2025	$73.34	02/05/2026		M			10,000	03/03/2025	03/03/2030	Common Stock	10,000	$0	0	D

Explanation of Responses:

	/s/ Kimberly V. Ouimet, by limited power of attorney	02/06/2026
	** 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 insider transaction did NHI director Candice W. Todd report?

Candice W. Todd reported exercising stock options and related share movements. On 02/05/2026, she exercised 10,000 options into common stock and also reported a disposition of 8,705 common shares, ending with 1,295 shares held directly.

How many National Health Investors (NHI) stock options were exercised?

She exercised 10,000 stock options. The transaction involved a 2025 stock option with an exercise price of $73.34 per share, converting 10,000 options into 10,000 shares of NHI common stock on 02/05/2026.

At what prices did the NHI insider transactions occur?

The option exercise price was $73.34 and the share disposition price was $84.26. The 10,000 options were exercised at $73.34 per share, and 8,705 common shares were recorded as disposed of at $84.26 per share.

How many NHI shares does Candice W. Todd hold after the reported transactions?

She reported directly owning 1,295 NHI common shares after the transactions. This figure reflects the net holding reported on the Form 4 following the 10,000-share option exercise and the 8,705-share disposition on 02/05/2026.

What happened to the NHI stock options reported in the Form 4?

The reported stock option position was fully exercised. A 2025 stock option covering 10,000 shares with a $73.34 exercise price was exercised on 02/05/2026, leaving zero derivative securities beneficially owned after the transaction.

Is the NHI insider transaction direct or through an entity?

The reported ownership is direct. The Form 4 lists the transactions and resulting holdings for Candice W. Todd as "D" for direct ownership, with no separate nature of indirect beneficial ownership disclosed in the provided data.