Schedule 13G/A: Victory Capital owns 5.14% of NBHC

Rhea-AI Filing Summary

Victory Capital Management, Inc. filed an amended Schedule 13G reporting its beneficial ownership of National Bank Holdings Corp. (NBHC) common stock. As of 09/30/2025, Victory Capital beneficially owned 1,944,538 shares, representing 5.14% of the class.

The filer reported sole voting power over 1,933,663 shares and sole dispositive power over 1,944,538 shares. The filing identifies the reporting person type as an investment adviser (IA) and includes a certification that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

National Bank Holdings Corp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

633707104

(CUSIP Number)

09/30/2025

(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 1,933,663.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,944,538.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,944,538.00

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)

5.14 %

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: 1,944,538
(b)	Percent of class: 5.14 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,933,663
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1,944,538
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	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:	10/30/2025

FAQ

How many NBHC shares does Victory Capital Management report owning?

Victory Capital reports 1,944,538 NBHC common shares as beneficially owned.

What percentage of NBHC does Victory Capital Management own?

The filing shows ownership of 5.14% of NBHC’s common stock.

What voting and dispositive powers are disclosed for NBHC shares?

Victory Capital reports sole voting power over 1,933,663 shares and sole dispositive power over 1,944,538 shares.

What is the date of the reported ownership information for NBHC (NBHC)?

The event date stated is 09/30/2025.

What type of filer is Victory Capital Management in this Schedule 13G/A?

The filer is identified as an Investment Adviser (IA).

Did the filer state any intent to influence control of NBHC?

The certification states the securities were acquired and are held in the ordinary course and not to change or influence control.