NHI (NYSE: NHI) CFO Spaid exercises options, disposes 27,742 shares

Rhea-AI Filing Summary

National Health Investors, Inc. (NHI) CFO and EVP Finance John L. Spaid reported multiple equity transactions dated January 16, 2026. He exercised three stock option grants for common stock: 8,500 shares at $54.73, 8,500 shares at $57.76, and 15,000 shares at $73.34, all coded "M" for option exercises. Corresponding non-derivative entries show the same share amounts of common stock acquired at those prices. The filing also reports a disposition of 27,742 common shares at $80.43, coded "F" and treated as a sale-type transaction. After these moves, Spaid directly beneficially owns 48,681.6372 shares of NHI common stock.

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^*

Spaid John 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)
	CFO/EVP Finance

3. Date of Earliest Transaction (Month/Day/Year)
01/16/2026

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	01/16/2026		M		8,500	A	$54.73	52,923.6372	D
Common Stock	01/16/2026		M		8,500	A	$57.76	61,423.6372	D
Common Stock	01/16/2026		M		15,000	A	$73.34	76,423.6372	D
Common Stock	01/16/2026		F		27,742	D	$80.43	48,681.6372	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) 2023	$54.73	01/16/2026		M			8,500	02/24/2025	02/24/2028	Common Stock	8,500	$0	0	D
Stock Option (Right to Buy) 2024	$57.76	01/16/2026		M			8,500	02/23/2025	02/23/2029	Common Stock	8,500	$0	0	D
Stock Option (Right to Buy) 2025	$73.34	01/16/2026		M			15,000	03/03/2025	03/03/2030	Common Stock	15,000	$0	0	D

Explanation of Responses:

	/s/ Kimberly V. Ouimet, by limited power of attorney	01/20/2026
	** 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 activity did NHI CFO John L. Spaid report on this Form 4?

The Form 4 reports that John L. Spaid, CFO and EVP Finance of National Health Investors, Inc. (NHI), exercised three stock option grants for common stock and reported a related disposition of common shares on January 16, 2026.

How many NHI stock options did the CFO exercise in this filing?

John L. Spaid exercised options labeled Stock Option (Right to Buy) 2023, 2024, and 2025 for 8,500, 8,500, and 15,000 underlying common shares, respectively, all dated January 16, 2026 and coded "M".

At what prices were the NHI options exercised and shares acquired?

The corresponding common stock acquisitions show exercise prices of $54.73, $57.76, and $73.34 per share for the three option grants, each recorded on January 16, 2026.

Did the NHI CFO sell or dispose of any common shares in this Form 4?

Yes. The filing lists a disposition of 27,742 NHI common shares at $80.43 per share, coded "F" in Table I, on January 16, 2026, and classified as a direct holding transaction.

How many NHI shares does the CFO own after these transactions?

Following the reported transactions, the Form 4 shows that John L. Spaid beneficially owns 48,681.6372 shares of NHI common stock, held directly.

Are the NHI CFO’s reported holdings direct or indirect?

All transactions and the 48,681.6372 shares beneficially owned after the transactions are reported with an ownership form of Direct (D), and no nature of indirect beneficial ownership is indicated.