National Healthcare Properties (NHP): Rush Island entities disclose 5.82% ownership stake

Rhea-AI Filing Summary

Rush Island-affiliated investment entities and managers reported a significant position in National Healthcare Properties, Inc. Class A common stock. The group of reporting persons, including Rush Island Master, LP, Rush Island Management, L.P., Rush Island Management GP LLC, Raleigh W. Nuckols, and Stephen Lewis Millham, reported beneficial ownership of 2,578,241 shares, representing 5.82% of the Class A common stock.

The reporting persons disclosed sole voting and dispositive power over 1,988,855 shares and shared voting and dispositive power over 589,386 shares. They state that Rush Island advisory clients are the direct owners of the securities and include customary disclaimers that the filing does not constitute an admission of beneficial ownership or of group status under Section 13(d) or 13(g).

Key Figures

Shares beneficially owned: 2,578,241 shares Percent of class: 5.82% Sole voting power: 1,988,855 shares +5 more

8 metrics

Shares beneficially owned 2,578,241 shares Total Class A common stock beneficially owned by reporting persons

Percent of class 5.82% Ownership percentage of National Healthcare Properties Class A common stock

Sole voting power 1,988,855 shares Shares over which reporting persons have sole power to vote or direct the vote

Shared voting power 589,386 shares Shares over which reporting persons have shared power to vote or direct the vote

Sole dispositive power 1,988,855 shares Shares over which reporting persons have sole power to dispose or direct disposition

Shared dispositive power 589,386 shares Shares over which reporting persons have shared power to dispose or direct disposition

CUSIP 42226B501 CUSIP for National Healthcare Properties Class A common stock

Schedule 13G date 06/30/2026 Date reference associated with the ownership information

Key Terms

beneficial ownership, Schedule 13G, Sole Voting Power, Shared Dispositive Power, +2 more

6 terms

beneficial ownership financial

"may be deemed to have indirect beneficial ownership of securities owned"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Schedule 13G regulatory

"for the purposes of Section 13(d) or 13(g) of the Act"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

Sole Voting Power financial

"5 | Sole Voting Power 1,988,855.00 6 | Shared Voting Power"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

Shared Dispositive Power financial

"8 | Shared Dispositive Power 589,386.00 9 2,578,241.00"

dispositive power financial

"sole power to dispose or to direct the disposition of"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

CUSIP Number financial

"(e) | CUSIP Number(s): 42226B501"

A CUSIP number is a nine-character code that uniquely identifies a specific U.S. or Canadian stock, bond, or other security, similar to a barcode or a social-security number for a financial instrument. It matters to investors because it removes confusion between similar securities, ensures trades and settlements are applied to the correct issue, and helps locate official documents and transaction records quickly.

FAQ

What percentage of National Healthcare Properties (NHP) shares do the Rush Island entities report owning?

The Rush Island reporting group reports beneficial ownership of 2,578,241 shares of National Healthcare Properties, Inc. Class A common stock, representing 5.82% of the class as disclosed in their Schedule 13G filing.

How many National Healthcare Properties (NHP) shares do the Rush Island entities control with sole voting power?

The reporting persons disclose sole voting power over 1,988,855 shares of National Healthcare Properties, Inc. They also report shared voting power over 589,386 shares, matching their reported sole and shared dispositive power figures.

Who are the reporting persons in the National Healthcare Properties (NHP) Schedule 13G?

The Schedule 13G is jointly filed by Rush Island Master, LP, Rush Island Management, L.P., Rush Island Management GP LLC, Raleigh W. Nuckols, and Stephen Lewis Millham, collectively referred to as the reporting persons for this ownership disclosure.

What class of National Healthcare Properties (NHP) securities is covered by this Schedule 13G?

The filing covers Class A common stock, $0.01 par value per share, of National Healthcare Properties, Inc., identified by CUSIP 42226B501, as specified in the ownership and security description section.

Do the Rush Island reporting persons admit group status or beneficial ownership of NHP shares?

The reporting persons explicitly state that the filing should not be construed as an admission of beneficial ownership or that they are acting as a group under Section 13(d) or 13(g), despite potential deemed indirect ownership relationships.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/14/2026 - 04:01 PM Accepted by SEC EDGAR 08/14/2026 - 04:00 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

National Healthcare Properties, Inc.

(Name of Issuer)

Class A common stock, $0.01 par value per share

(Title of Class of Securities)

42226B501

(CUSIP Number)

06/30/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 42226B501

1

Names of Reporting Persons

Rush Island Management LP

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 1,988,855.00
6	Shared Voting Power 589,386.00
7	Sole Dispositive Power 1,988,855.00
8	Shared Dispositive Power 589,386.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,578,241.00

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)

5.82 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: *See Item 4 of the Schedule 13G

SCHEDULE 13G

CUSIP Number(s): 42226B501

1

Names of Reporting Persons

Rush Island Master, LP

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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,988,855.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,988,855.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,988,855.00

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)

4.49 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: *See Item 4 of the Schedule 13G

SCHEDULE 13G

CUSIP Number(s): 42226B501

1

Names of Reporting Persons

Rush Island Management GP, 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 1,988,855.00
6	Shared Voting Power 589,386.00
7	Sole Dispositive Power 1,988,855.00
8	Shared Dispositive Power 589,386.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,578,241.00

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)

5.82 %

12

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person: *See Item 4 of the Schedule 13G

SCHEDULE 13G

CUSIP Number(s): 42226B501

1

Names of Reporting Persons

Raleigh W. Nuckols

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 1,988,855.00
6	Shared Voting Power 589,386.00
7	Sole Dispositive Power 1,988,855.00
8	Shared Dispositive Power 589,386.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,578,241.00

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)

5.82 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: *See Item 4 of the Schedule 13G

SCHEDULE 13G

CUSIP Number(s): 42226B501

1

Names of Reporting Persons

Stephen Lewis Millham

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 1,988,855.00
6	Shared Voting Power 589,386.00
7	Sole Dispositive Power 1,988,855.00
8	Shared Dispositive Power 589,386.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,578,241.00

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)

5.82 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: *See Item 4 of the Schedule 13G

SCHEDULE 13G

Item 1.
(a)	Name of issuer: National Healthcare Properties, Inc.
(b)	Address of issuer's principal executive offices: 540 Madison Ave., 27th Floor, New York, New York, 10022
Item 2.
(a)	Name of person filing: This statement is jointly filed by and on behalf of Rush Island Master, LP, a Cayman Islands limited partnership (the "Master Fund"), Rush Island Management, L.P., a Delaware limited partnership (the "Investment Manager"), Rush Island Management GP LLC, a Delaware limited liability company (the "IM GP"), Raleigh W. Nuckols and Stephan Lewis Millham (collectively referred herein as "Reporting Persons"). The Investment Manager is the investment manager of advisory clients, including the Master Fund, and may be deemed to have indirect beneficial ownership of securities owned by its advisory clients. The IM GP is the general partner of the Investment Manager and may be deemed to indirectly beneficially own securities owned by the Investment Manager. Mr. Nuckols and Mr. Millham are the managing members of IM GP and may be deemed to beneficially own securities beneficially owned by it. Rush Island's advisory clients are the record and direct beneficial owners of the securities covered by this statement. Each Reporting Person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, the beneficial owner of any securities covered by this statement. Each Reporting Person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purpose of Section 13(d) or 13(g) of the Act. Each of the Reporting Persons declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purpose of Section 13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any group with respect to the issuer or any securities of the issuer.
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each of the Reporting Persons is c/o Rush Island Management LP, 34 East 51st Street, 14th Floor, New York, NY 10022
(c)	Citizenship: Delaware
(d)	Title of class of securities: Class A common stock, $0.01 par value per share
(e)	CUSIP Number(s): 42226B501
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: 2,578,241
(b)	Percent of class: 5.82%**
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,988,855
	(ii) Shared power to vote or to direct the vote: 589,386*
	(iii) Sole power to dispose or to direct the disposition of: 1,988,855
	(iv) Shared power to dispose or to direct the disposition of: 589,386* *Note: As of the close of business on June 30, 2026, Rush Island Management LP and its controlling persons beneficially owned 2,578,241 Shares, including 589,386 Shares held in Rush Island's Managed Accounts. **Note: As of June 30, 2026, Rush Island Management LP and its controlling persons were the beneficial owners of approximately 5.82% of the outstanding Shares, based on 44,275,000 shares of Class A common Stock of the Issuer outstanding as of March 31, 2026, as reported in the Issuer's Form 10-Q filed on May 14, 2026, including 1.33% of the outstanding Shares held in Rush Island's Managed Accounts.
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.
	Not Applicable
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 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.

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.

Rush Island Management LP

Signature:	/s/ Chad Goldstein
Name/Title:	CCO, CFO, and COO
Date:	08/14/2026

Rush Island Master, LP

Signature:	/s/ Chad Goldstein
Name/Title:	CCO, CFO, COO
Date:	08/14/2026

Rush Island Management GP, LLC

Signature:	/s/ Raleigh W. Nuckols
Name/Title:	Managing Member
Date:	08/14/2026

Raleigh W. Nuckols

Signature:	/s/ Raleigh W. Nuckols
Name/Title:	Managing Member
Date:	08/14/2026

Stephen Lewis Millham

Signature:	/s/ Stephen Lewis Millham
Name/Title:	Managing Member
Date:	08/14/2026

Exhibit Information

Exhibit 99.1- Joint Filing Agreement