D. E. Shaw & Co., Inc. reports 50.97% decrease in ownership of NBHC / National Bank Holdings Corporation

National Bank Holdings Corporation

US ˙ NYSE ˙ US6337071046

Security	NBHC / National Bank Holdings Corporation
Institution	D. E. Shaw & Co., Inc.
Manager	DE Shaw
Latest Disclosed Ownership	73,047 shares
Latest Disclosed Value	$ 2,860,521

On May 15, 2026 - D. E. Shaw & Co., Inc. filed a 13F-HR form disclosing ownership of 73,047 shares of National Bank Holdings Corporation (US:NBHC) valued at $2,860,521 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 17, 2026 disclosing 148,975 shares of National Bank Holdings Corporation. This represents a change in shares of -50.97% during the quarter. The current value of the position is $2,992,005 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)

File Date	Effective Date	Form	Security	Class	ID	Reported Shares	ΔShares	ΔShares (%)	Reported Value (x1000)	ΔValue (%)	Alloc (%)
2026-05-15	2026-03-31	13F	NATIONAL BK HLDGS	CL A	633707104	73,047	-75,928	-50.97	2,861	-49.49	0.0017
2026-02-17	2025-12-31	13F	NATIONAL BK HLDGS	CL A	633707104	148,975	-10,314	-6.48	5,663	-7.99	0.0031
2025-11-14	2025-09-30	13F	NATIONAL BK HLDGS	CL A	633707104	159,289	109,722	221.36	6,155	230.15	0.0035
2025-08-14	2025-06-30	13F	NATIONAL BK HLDGS	CL A	633707104	49,567	29,187	143.21	1,864	139.28	0.0013
2025-05-15	2025-03-31	13F	NATIONAL BK HLDGS	CL A	633707104	20,380	20,380		780		0.0007
2023-02-14	2022-12-31	13F	NATIONAL BK HLDGS	CL A	633707104	0	-20,573	-100.00	0	-100.00
2022-11-14	2022-09-30	13F	NATIONAL BK HLDGS	CL A	633707104	20,573	13,731	200.69	761	190.46	0.0009
2022-08-15	2022-06-30	13F	NATIONAL BK HLDGS	CL A	633707104	6,842	-33,804	-83.17	262	-84.00	0.0003
2022-05-16	2022-03-31	13F	NATIONAL BK HLDGS	CL A	633707104	40,646	32,560	402.67	1,637	361.13	0.0015
2022-02-14	2021-12-31	13F	NATIONAL BK HLDGS	CL A	633707104	8,086	8,086		355		0.0003
2021-11-15	2021-09-30	13F	NATIONAL BK HLDGS	CL A	633707104	0	-30,168	-100.00	0	-100.00
2021-08-16	2021-06-30	13F	NATIONAL BK HLDGS	CL A	633707104	30,168	10,899	56.56	1,139	48.89	0.0010
2021-05-17	2021-03-31	13F	NATIONAL BK HLDGS	CL A	633707104	19,269	4,939	34.47	765	63.11	0.0007
2021-02-16	2020-12-31	13F	NATIONAL BK HLDGS	CL A	633707104	14,330	14,330		469		0.0004
2020-11-16	2020-09-30	13F	NATIONAL BK HLDGS	CL A	633707104	0	-12,495	-100.00	0	-100.00
2020-08-14	2020-06-30	13F	NATIONAL BK HLDGS	CL A	633707104	12,495	-4,814	-27.81	337	-18.60	0.0004
2020-05-15	2020-03-31	13F	NATIONAL BK HLDGS	CL A	633707104	17,309	-11,245	-39.38	414	-58.85	0.0006
2020-02-14	2019-12-31	13F	NATIONAL BK HLDGS	CL A	633707104	28,554	3,367	13.37	1,006	16.84	0.0012
2019-11-14	2019-09-30	13F	NATIONAL BK HLDGS	CL A	633707104	25,187	5,469	27.74	861	20.25	0.0011
2019-08-14	2019-06-30	13F	NATIONAL BK HLDGS	CL A	633707104	19,718	398	2.06	716	11.35	0.0009
2019-05-15	2019-03-31	13F	NATIONAL BK HLDGS	CL A	633707104	19,320	-21,036	-52.13	643	-48.39	0.0008
2019-02-14	2018-12-31	13F	NATIONAL BK HLDGS	CL A	633707104	40,356	834	2.11	1,246	-16.26	0.0017
2018-11-14	2018-09-30	13F	NATIONAL BK HLDGS	CL A	633707104	39,522	16,490	71.60	1,488	67.38	0.0018
2018-08-14	2018-06-30	13F	NATIONAL BK HLDGS	CL A	633707104	23,032	-13,147	-36.34	889	-26.10	0.0012
2018-05-15	2018-03-31	13F	NATIONAL BK HLDGS	CL A	633707104	36,179	11,966	49.42	1,203	53.25	0.0016
2018-02-14	2017-12-31	13F	NATIONAL BK HLDGS	CL A	633707104	24,213	-347	-1.41	785	-10.49	0.0011
2017-11-14	2017-09-30	13F	NATIONAL BK HLDGS	CL A	633707104	24,560	-667	-2.64	877	5.03	0.0013
2017-08-14	2017-06-30	13F	NATIONAL BK HLDGS	CL A	633707104	25,227	-779	-3.00	835	-1.18	0.0014
2017-05-15	2017-03-31	13F	NATIONAL BK HLDGS	CL A	633707104	26,006	-6,403	-19.76	845	-18.28	0.0015
2017-02-14	2016-12-31	13F	NATIONAL BK HLDGS	CL A	633707104	32,409	-73,954	-69.53	1,034	-58.39	0.0018
2016-11-14	2016-09-30	13F	NATIONAL BK HLDGS	CL A	633707104	106,363	36,158	51.50	2,485	73.90	0.0044
2016-08-15	2016-06-30	13F	NATIONAL BK HLDGS	CL A	633707104	70,205	19,729	39.09	1,429	38.87	0.0026
2016-05-16	2016-03-31	13F	NATIONAL BK HLDGS	CL A	633707104	50,476	-29,255	-36.69	1,029	-39.61	0.0018
2016-02-16	2015-12-31	13F	NATIONAL BK HLDGS	CL A	633707104	79,731	-79,370	-49.89	1,704	-47.83	0.0025
2015-11-16	2015-09-30	13F	NATIONAL BK HLDGS	CL A	633707104	159,101	-20,219	-11.28	3,266	-12.56	0.0048
2015-08-14	2015-06-30	13F	NATIONAL BK HLDGS	CL A	633707104	179,320	-363,609	-66.97	3,735	-63.43	0.0056
2015-05-15	2015-03-31	13F	NATIONAL BK HLDGS	CL A	633707104	542,929	-98,674	-15.38	10,212	-18.00	0.0156
2015-02-17	2014-12-31	13F	NATIONAL BK HLDGS	CL A	633707104	641,603	48,789	8.23	12,454	9.87	0.0160
2014-11-14	2014-09-30	13F	NATIONAL BK HLDGS	CL A	633707104	592,814	-179,470	-23.24	11,335	-26.39	0.0147
2014-08-14	2014-06-30	13F	NATIONAL BK HLDGS	CL A	633707104	772,284	-61,256	-7.35	15,399	-7.95	0.0210
2014-05-15	2014-03-31	13F	NATIONAL BK HLDGS	CL A	633707104	833,540	1,904	0.23	16,729	-6.00	0.0239
2014-02-14	2013-12-31	13F	NATIONAL BK HLDGS	CL A	633707104	831,636	6,636	0.80	17,797	5.02	0.0243
2013-11-20	2013-09-30	13F/A-1	NATIONAL BK HLDGS	CL A	633707104	825,000	0	0.00	16,946	4.26	0.0270
2013-11-14	2013-09-30	13F	NATIONAL BK HLDGS	CL A	633707104	825,000			16,946
2013-08-14	2013-06-30	13F	NATIONAL BK HLDGS	CL A	633707104	825,000	825,000		16,253		0.0306

Legend

Shares: The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value: The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price: The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class: This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred

Allocation (%): The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation: The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%): The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis: The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss: This is the market value of the position as of the effective date minus the cost basis.