William Blair LLC holds 5.7% of National Bank Holdings Corp (NBHC)

Rhea-AI Filing Summary

National Bank Holdings Corp reports a Schedule 13G filing showing William Blair Investment Management, LLC beneficially owned 2,558,216 shares of Common Stock, equal to 5.7% of the class as of 03/31/2026. The filer discloses sole voting power for 1,845,958 shares and sole dispositive power for 2,558,216 shares. The filing lists Blair Investment Management's Delaware organization and is signed by its Chief Compliance Officer on 05/08/2026.

Insights

Institutional Ownership Analyst

William Blair holds a visible passive stake of 5.7% in NBHC as of 03/31/2026.

Schedule 13G indicates a passive institutional disclosure rather than an active solicitation filing. The position shows sole dispositive control of 2,558,216 shares and sole voting over 1,845,958 shares, both explicitly stated.

Because this is a 13G disclosure, immediate governance changes are not implied; subsequent filings may show increases or conversions to 13D if the holder takes a more active role.

Key Figures

Beneficial ownership: 2,558,216 shares Percent of class: 5.7% Sole voting power: 1,845,958 shares +1 more

4 metrics

Beneficial ownership 2,558,216 shares as of 03/31/2026

Percent of class 5.7% ownership percentage as stated

Sole voting power 1,845,958 shares number of shares with sole vote control

Sole dispositive power 2,558,216 shares number of shares with sole disposition control

Key Terms

Schedule 13G, Beneficially owned, Sole dispositive power

3 terms

Schedule 13G regulatory

"Item 1. (a) Name of issuer: National Bank Holdings Corp"

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.

Beneficially owned financial

"Item 4. (a) Amount beneficially owned: 2,558,216"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Sole dispositive power regulatory

"Item 4. (c)(iii) Sole power to dispose or to direct the disposition of: 2,558,216"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

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

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Accepted by SEC EDGAR 05/08/2026 - 12:32 PM Learn about SEC filing dates

FAQ

What stake does William Blair Investment Management report in NBHC?

William Blair Investment Management reports beneficial ownership of 2,558,216 shares, representing 5.7% of National Bank Holdings Corp's common stock as of 03/31/2026. The filing shows sole dispositive power over these shares.

Who filed the Schedule 13G for NBHC and when was it signed?

The Schedule 13G was filed by William Blair Investment Management, LLC and the filing was signed by Chief Compliance Officer Telmo Martins on 05/08/2026, with the ownership date shown as 03/31/2026.

How much voting power does William Blair report for NBHC shares?

William Blair reports sole voting power for 1,845,958 shares and no shared voting power. The filing explicitly lists the voting and dispositive powers for the reported holdings.

Does this Schedule 13G indicate an active acquisition or control intent?

A Schedule 13G typically indicates a passive institutional investor disclosure. The filing lists ownership and voting figures but does not state active acquisition intent; no 13D-level control assertions are included in the provided excerpt.

Where is William Blair Investment Management located per the filing?

The filing lists William Blair Investment Management's principal business office at 150 North Riverside Plaza, Chicago, IL 60606 and states the filer is organized in Delaware, as shown in the Schedule 13G text.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

National Bank Holdings Corp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

633707104

(CUSIP Number)

03/31/2026

(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): 633707104

1

Names of Reporting Persons

WILLIAM BLAIR INVESTMENT MANAGEMENT, 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 1,845,958.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,558,216.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,558,216.00

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)

5.7 %

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, COLORADO, 80111
Item 2.
(a)	Name of person filing: William Blair Investment Management, LLC
(b)	Address or principal business office or, if none, residence: 150 North Riverside Plaza, Chicago, IL 60606
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock
(e)	CUSIP Number(s): 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: 2,558,216
(b)	Percent of class: 5.7%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,845,958
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2,558,216
	(iv) Shared power to dispose or to direct the disposition of: 0
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 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.

WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC

Signature:	Telmo Martins
Name/Title:	Chief Compliance Officer
Date:	05/08/2026