Wellington's 6.55% Stake in National Bank Holdings: 2.49M Shares

Rhea-AI Filing Summary

Wellington Management reports a collective beneficial ownership of 2,494,109 shares of National Bank Holdings Corporation Class A common stock, representing 6.55% of the class. The filing is made by multiple Wellington entities that report 0 sole voting or dispositive power and material shared voting and dispositive powers instead.

The securities are owned of record by clients of Wellington’s investment advisers and, per the filing, no client is known to own more than 5% of the class. The filing includes a certification that the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.

Positive

• Meaningful institutional stake: Wellington reports ownership of 2,494,109 shares (6.55%), indicating significant investor interest.
• Passive intent certified: Filing states shares are held in the ordinary course of business and not to change or influence control.

Negative

• No sole control: The reporting entities declare 0 sole voting and dispositive power, limiting direct governance influence.
• Disaggregated powers across entities: Shared voting and dispositive powers are split among multiple Wellington entities, which may complicate clarity on voting coordination.

Insights

Financial Analyst

TL;DR: Wellington reports a significant institutional stake (2.49M shares, 6.55%) but asserts a passive, non-control position.

The Schedule 13G/A discloses 2,494,109 shares (6.55%) beneficially owned across Wellington entities. The filing shows 0 sole voting/dispositive power and substantial shared powers, indicating investment exposure without direct unilateral control. For investors, this signals meaningful institutional interest and potential liquidity implications without a change-in-control intent; holdings are recorded as client assets of Wellington’s advisers.

Corporate Governance Expert

TL;DR: Passive filing signals investor influence through size but no stated intent to pursue governance control.

The report confirms the stake is held on behalf of clients and includes a certification that the position is in the ordinary course of business and not intended to influence control. While a >5% position can attract attention from management and other shareholders, the filing’s characterization as a Schedule 13G/A and the absence of sole voting or dispositive power underline a non-controlling, passive posture.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

National Bank Holdings Corporation

(Name of Issuer)

Class A Common Stock

(Title of Class of Securities)

633707104

(CUSIP Number)

06/30/2025

(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

Wellington Management Group LLP

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

MASSACHUSETTS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,558,074.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,494,109.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,494,109.00

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)

6.5 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 633707104

1

Names of Reporting Persons

Wellington Group Holdings LLP

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 0.00
6	Shared Voting Power 1,558,074.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,494,109.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,494,109.00

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)

6.5 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 633707104

1

Names of Reporting Persons

Wellington Investment Advisors Holdings LLP

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 0.00
6	Shared Voting Power 1,558,074.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,494,109.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,494,109.00

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)

6.5 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 633707104

1

Names of Reporting Persons

Wellington Management Company LLP

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 0.00
6	Shared Voting Power 1,544,025.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,144,538.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,494,109.00

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)

5.6 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: National Bank Holdings Corporation
(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: Wellington Management Group LLP Wellington Group Holdings LLP Wellington Investment Advisors Holdings LLP Wellington Management Company LLP
(b)	Address or principal business office or, if none, residence: c/o Wellington Management Company LLP, 280 Congress Street, Boston MA 02210
(c)	Citizenship: Wellington Management Group LLP - Massachusetts Wellington Group Holdings LLP - Delaware Wellington Investment Advisors Holdings LLP - Delaware Wellington Management Company LLP - Delaware
(d)	Title of class of securities: Class A 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: See the responses to Item 9 on the attached cover pages.
(b)	Percent of class: 6.55 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: See the responses to Item 6 on the attached cover pages.
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: See the responses to Item 8 on the attached cover pages.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The securities as to which this Schedule is filed are owned of record by clients of one or more investment advisers identified in Item 7 directly or indirectly owned by Wellington Management Group LLP. Those clients have the right to receive, or the power to direct the receipt of, dividends from, or the proceeds from the sale of, such securities. No such client is known to have such right or power with respect to more than five percent of this class of securities, except as follows: 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.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Pursuant to the instructions in Item 7 of Schedule 13G, the following lists the identity and Item 3 classification of each relevant entity that beneficially owns shares of the security class being reported on this Schedule 13G. Wellington Group Holdings LLP - HC Wellington Investment Advisors LLP - HC Wellington Management Global Holdings, Ltd. - HC One or more of the following investment advisers (the "Wellington Investment Advisers"): Wellington Management Company LLP - IA Wellington Management Canada LLC - IA Wellington Management Singapore Pte Ltd - IA Wellington Management Hong Kong Ltd - IA Wellington Management International Ltd - IA Wellington Management Japan Pte Ltd - IA Wellington Management Australia Pty Ltd - IA The securities as to which this Schedule is filed by Wellington Management Group LLP, as parent holding company of certain holding companies and the Wellington Investment Advisers, are owned of record by clients of the Wellington Investment Advisers. Wellington Investment Advisors Holdings LLP controls directly, or indirectly through Wellington Management Global Holdings, Ltd., the Wellington Investment Advisers. Wellington Investment Advisors Holdings LLP is owned by Wellington Group Holdings LLP. Wellington Group Holdings LLP is owned by Wellington Management Group LLP.
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.

Wellington Management Group LLP

Signature:	Taisia Lowe
Name/Title:	Regulatory Analyst
Date:	08/12/2025

Wellington Group Holdings LLP

Signature:	Taisia Lowe
Name/Title:	Regulatory Analyst
Date:	08/12/2025

Wellington Investment Advisors Holdings LLP

Signature:	Taisia Lowe
Name/Title:	Regulatory Analyst
Date:	08/12/2025

Wellington Management Company LLP

Signature:	Taisia Lowe
Name/Title:	Regulatory Analyst
Date:	08/12/2025

FAQ

How many NBHC shares does Wellington report owning?

The filing reports 2,494,109 shares beneficially owned by Wellington entities.

What percentage of NBHC does Wellington's stake represent?

The filing states the position represents 6.55% of the Class A common stock.

Does Wellington claim sole voting or dispositive power over these NBHC shares?

No. The filing reports 0 sole voting power and 0 sole dispositive power; voting and dispositive powers are reported as shared.

Are the NBHC shares held by Wellington for its clients?

Yes. The securities are owned of record by clients of Wellington’s investment advisers, per the filing.

Did Wellington state an intent to influence NBHC’s control or management?

No. The filing includes a certification that the shares were acquired and are held in the ordinary course of business and not to change or influence control.