SCHEDULE: Victory Capital Discloses 4.21% Stake in National Bank Holdings

Victory Capital Management, Inc. has filed an amended Schedule 13G, reporting a 4.21% beneficial ownership stake in National Bank Holdings Corp.

Summary

• Victory Capital Management, Inc., an investment adviser, has filed an Amendment No. 2 to its Schedule 13G regarding its beneficial ownership in National Bank Holdings Corp.
• As of December 31, 2025, Victory Capital Management, Inc. beneficially owns an aggregate of 1,593,529 shares of Common Stock of National Bank Holdings Corp.
• This ownership represents 4.21% of the class of securities.
• Victory Capital Management, Inc. holds sole voting power over 1,583,529 shares and sole dispositive power over 1,593,529 shares.
• The filing certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral disclosure. It is a routine regulatory filing by an institutional investor reporting a passive ownership stake, providing no new operational or financial performance information about the issuer.

Positives

• A significant stake by an institutional investment adviser like Victory Capital Management can signal confidence in the issuer's long-term prospects.
• The filing indicates that the shares are held in the ordinary course of business, suggesting a passive investment strategy rather than an activist one, which can provide stability.

Negatives

• The reported ownership of 4.21% is below the 5% threshold, which means Victory Capital Management, Inc. is not required to disclose further changes until their ownership crosses 5% or falls below 0% (or if they become an activist investor).

Risks

• The filing itself does not detail specific risks related to National Bank Holdings Corp. or its operations.
• As a passive investment, Victory Capital Management, Inc. does not intend to influence control, meaning their presence does not inherently mitigate existing corporate risks.

Future Outlook

NA

Management Comments

• Sean Fox, Chief Compliance Officer of Victory Capital Management, Inc., certified that the securities were acquired and are held in the ordinary course of business and were not acquired or held for the purpose of or with the effect of changing or influencing the control of National Bank Holdings Corp.

Industry Context

StockSavvy.ai notes that the banking sector, particularly regional banks like National Bank Holdings Corp, often attracts institutional investment for their stable cash flows and dividend potential. An investment adviser like Victory Capital Management taking a significant, albeit passive, stake suggests a belief in the long-term value proposition of the company within the current economic environment.

Stakeholder Impact

• Shareholders: The presence of a large institutional investor like Victory Capital Management can provide a degree of stability and potentially attract further institutional interest.
• Management: Awareness of a significant, passive institutional holder may influence strategic decisions, though Victory Capital Management has stated no intent to influence control.

Key Dates

Recommendation

This Schedule 13G filing is a routine disclosure of a passive ownership stake by an investment adviser. It does not contain new financial performance data, strategic shifts, or material events that would warrant a change in investment recommendation. The 4.21% stake is significant but below the 5% threshold for more active reporting, and the certification explicitly states no intent to influence control. Therefore, a 'hold' recommendation is appropriate as the filing itself does not present new information to alter an existing investment thesis.

Keywords

National Bank Holdings Corp, Victory Capital Management, Schedule 13G, Beneficial Ownership, Common Stock, Investment Adviser, Financial Services, Banking, Institutional Investor