Victory Capital discloses 4.21% National Bank Holdings (NYSE: NBHC) stake

Rhea-AI Filing Summary

Victory Capital Management, Inc. filed an amended Schedule 13G reporting its ownership in National Bank Holdings Corp common stock as of 12/31/2025. The firm beneficially owned 1,593,529 shares, representing 4.21% of the outstanding common stock.

Victory Capital reported sole voting power over 1,583,529 shares and sole dispositive power over 1,593,529 shares, with no shared voting or dispositive power. It certified that the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the company.

02/11/2026 - 01:29 PM

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

National Bank Holdings Corp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

633707104

(CUSIP Number)

12/31/2025

(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)

SCHEDULE 13G

CUSIP No. 633707104

1

Names of Reporting Persons

Victory Capital Management, Inc.

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

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,583,529.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,593,529.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,593,529.00

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)

4.21 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: National Bank Holdings Corp
(b)	Address of issuer's principal executive offices: 7800 East Orchard Road Suite 300 Greenwood Village, Co 80111
Item 2.
(a)	Name of person filing: Victory Capital Management, Inc.
(b)	Address or principal business office or, if none, residence: 15935 La Cantera Pkwy San Antonio, TX 78256
(c)	Citizenship: New York
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 633707104
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: 1,593,529
(b)	Percent of class: 4.21 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,583,529
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1,593,529
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
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 acquired and are held in the ordinary course of business and 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.

Victory Capital Management, Inc.

Signature:	Sean Fox
Name/Title:	Chief Compliance Officer
Date:	02/11/2026

FAQ

What does Victory Capital’s Schedule 13G/A filing disclose about NBHC?

The filing shows that Victory Capital Management, Inc. beneficially owned 1,593,529 shares of National Bank Holdings Corp common stock, representing 4.21% of the class as of 12/31/2025. It reports sole voting and dispositive power over these shares and no shared power.

How many National Bank Holdings (NBHC) shares does Victory Capital own?

Victory Capital beneficially owned 1,593,529 shares of National Bank Holdings Corp common stock. It reported sole voting power over 1,583,529 shares and sole dispositive power over 1,593,529, with no shared voting or dispositive authority over any shares in this filing.

What percentage of NBHC’s common stock is held by Victory Capital?

Victory Capital reported beneficial ownership of 4.21% of National Bank Holdings Corp’s common stock. This percentage is based on its 1,593,529 shares as of 12/31/2025 and is characterized in the filing as ownership of 5 percent or less of the class.

Does Victory Capital seek to influence control of National Bank Holdings?

Victory Capital certified the NBHC shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control. It also stated they are not held in connection with any transaction intended to have that control-influencing purpose or effect.

What type of SEC filing did Victory Capital submit for NBHC ownership?

Victory Capital submitted an Amendment No. 2 to Schedule 13G regarding its holdings in National Bank Holdings Corp common stock. Schedule 13G is a beneficial ownership report used by certain institutional investors when they hold shares without seeking to influence corporate control.

What voting and dispositive powers does Victory Capital report over NBHC shares?

Victory Capital reported sole voting power over 1,583,529 NBHC shares and sole dispositive power over 1,593,529 shares. It reported zero shared voting power and zero shared dispositive power, indicating full decision authority over voting and disposition for the reported holdings.