SVP at National Health Investors (NYSE: NHI) exercises options and sells 43,181 shares

Rhea-AI Filing Summary

National Health Investors senior vice president and Chief Transaction Officer Kristin Sallee Gaines reported several equity transactions in company stock. On February 1, 2026, she exercised three tranches of 2022 stock options for 18,333, 18,333, and 18,334 shares at an exercise price of $53.41 per share.

The option exercises delivered the same numbers of Common Stock shares, increasing her direct holdings up to 116,944 shares. On the same date, she disposed of 43,181 common shares at $82.12 per share, resulting in a remaining directly owned balance of 73,763 shares.

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

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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).

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^*

Gaines Kristin Sallee

(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 Transaction Officer

3. Date of Earliest Transaction (Month/Day/Year)
02/01/2026

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	02/01/2026		M		18,333	A	$53.41	80,277	D
Common Stock	02/01/2026		M		18,333	A	$53.41	98,610	D
Common Stock	02/01/2026		M		18,334	A	$53.41	116,944	D
Common Stock	02/01/2026		M		43,181	D	$82.12	73,763	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) 2022	$53.41	02/01/2026		M			18,333	02/25/2022	02/25/2027	Common Stock	18,333	$0	0	D
Stock Option (Right to buy) 2022	$53.41	02/01/2026		M			18,333	02/25/2023	02/25/2027	Common Stock	18,333	$0	0	D
Stock Option (Right to buy) 2022	$53.41	02/01/2026		M			18,334	02/25/2024	02/25/2027	Common Stock	18,334	$0	0	D

Explanation of Responses:

	/s/ Kristin S. Gaines	02/02/2026
	** 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 SVP Kristin Gaines report on February 1, 2026?

Kristin Sallee Gaines, SVP/Chief Transaction Officer of National Health Investors (NHI), reported exercising three tranches of 2022 stock options on February 1, 2026, converting them into common shares and then disposing of a portion of those shares the same day.

How many National Health Investors stock options did Kristin Gaines exercise?

Kristin Gaines exercised three sets of 2022 stock options for 18,333, 18,333, and 18,334 shares. Each option grant converted into the same number of Common Stock shares at an exercise price of $53.41 per share, according to the Form 4.

At what prices did Kristin Gaines exercise and dispose of NHI shares?

The 2022 stock options were exercised at an exercise price of $53.41 per share. Later that same day, Kristin Gaines disposed of 43,181 shares of National Health Investors Common Stock at a reported transaction price of $82.12 per share.

How many National Health Investors shares does Kristin Gaines own after these transactions?

Following the reported February 1, 2026 transactions, Kristin Gaines directly owns 73,763 shares of National Health Investors common stock. Her holdings rose after option exercises to 116,944 shares before declining to the 73,763-share balance after the share disposal.

What roles does Kristin Gaines hold at National Health Investors (NHI)?

Kristin Sallee Gaines is identified as an officer of National Health Investors, serving as SVP/Chief Transaction Officer. The Form 4 confirms she is not listed as a director or 10% beneficial owner in this filing.

Were the reported NHI transactions by Kristin Gaines direct or indirect holdings?

All reported holdings and transactions in this Form 4 are classified as Direct (D). The filing shows no indirect ownership entries and does not list any trusts, partnerships, or similar entities in the nature-of-ownership field for these transactions.