Ventas, Inc. — Director's Dealing 2025

Nov 4, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Ventas, Inc. (VTR)
CIK: 0000740260
Period of Report: 2025-10-30

Reporting Person: CAFARO DEBRA A (Director, Chairman and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-10-30	Common Stock	M	20644	$65.45	Acquired	1166339	Direct
2025-10-30	Common Stock	S	20644	$74.3422	Disposed	1145695	Direct
2025-10-30	Common Stock	M	30966	$73.71	Acquired	1176661	Direct
2025-10-30	Common Stock	S	30966	$74.3176	Disposed	1145695	Direct
2025-10-30	Common Stock	M	41288	$63.24	Acquired	1186983	Direct
2025-10-30	Common Stock	S	41288	$73.6375	Disposed	1145695	Direct
2025-10-30	Common Stock	M	224360	$62.22	Acquired	1370055	Direct
2025-10-30	Common Stock	S	224360	$74.3376	Disposed	1145695	Direct
2025-11-03	Common Stock	M	10322	$73.71	Acquired	1156017	Direct
2025-11-03	Common Stock	S	10322	$73.9774	Disposed	1145695	Direct
2025-11-03	Common Stock	M	10322	$63.24	Acquired	1156017	Direct
2025-11-03	Common Stock	S	10322	$73.7353	Disposed	1145695	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-10-30	Stock Option (Right to Buy)	$65.45	M	20644	Disposed	2026-05-04	Common Stock (20644)	Direct
2025-10-30	Stock Option (Right to Buy)	$73.71	M	30966	Disposed	2026-08-03	Common Stock (30966)	Direct
2025-10-30	Stock Option (Right to Buy)	$63.24	M	41288	Disposed	2026-11-02	Common Stock (41288)	Direct
2025-10-30	Stock Option (Right to Buy)	$62.22	M	224360	Disposed	2027-01-18	Common Stock (224360)	Direct
2025-11-03	Stock Option (Right to Buy)	$73.71	M	10322	Disposed	2026-08-03	Common Stock (10322)	Direct
2025-11-03	Stock Option (Right to Buy)	$63.24	M	10322	Disposed	2026-11-02	Common Stock (10322)	Direct

Footnotes

F1: The transaction involved the exercise of fully vested options scheduled to expire in the next 7 months and the sale of the underlying shares net of the exercise price and taxes, all pursuant to a Rule 10b5-1 trading plan entered into by the Reporting Person on March 28, 2024.

F2: The price reported is a weighted average price. These shares were sold by the Reporting Person in multiple transactions at prices ranging from $74.00 to $74.66, inclusive. The Reporting Person undertakes to provide Issuer, any security holder of Issuer or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F3: The transaction involved the exercise of fully vested options scheduled to expire in the next 10 months and the sale of the underlying shares net of the exercise price and taxes, all pursuant to a Rule 10b5-1 trading plan entered into by the Reporting Person on March 28, 2024.

F4: The price reported is a weighted average price. These shares were sold by the Reporting Person in multiple transactions at prices ranging from $73.87 to $74.68, inclusive. The Reporting Person undertakes to provide Issuer, any security holder of Issuer or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F5: The transaction involved the exercise of fully vested options scheduled to expire in the next 13 months and the sale of the underlying shares net of the exercise price and taxes, all pursuant to a Rule 10b5-1 trading plan entered into by the Reporting Person on March 28, 2024.

F6: The price reported is a weighted average price. These shares were sold by the Reporting Person in multiple transactions at prices ranging from $72.05 to $74.71, inclusive. The Reporting Person undertakes to provide Issuer, any security holder of Issuer or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F7: The transaction involved the exercise of fully vested options scheduled to expire in the next 15 months and the sale of the underlying shares net of the exercise price and taxes, all pursuant to a Rule 10b5-1 trading plan entered into by the Reporting Person on March 28, 2024.

F8: The price reported is a weighted average price. These shares were sold by the Reporting Person in multiple transactions at prices ranging from $74.00 to $74.68, inclusive. The Reporting Person undertakes to provide Issuer, any security holder of Issuer or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F9: The price reported is a weighted average price. These shares were sold by the Reporting Person in multiple transactions at prices ranging from $73.86 to $74.1829, inclusive. The Reporting Person undertakes to provide Issuer, any security holder of Issuer or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F10: The price reported is a weighted average price. These shares were sold by the Reporting Person in multiple transactions at prices ranging from $72.86 to $74.17, inclusive. The Reporting Person undertakes to provide Issuer, any security holder of Issuer or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

F11: Fully vested.

F12: Represents total number of unexercised options to purchase shares of Issuer's Common Stock held by the Reporting Person.