[SCHEDULE 13D/A] FLAGSTAR FINANCIAL, INC. SEC Filing

Rhea-AI Filing Summary

Liberty 77 Capital and affiliates filed Amendment No. 5 to Schedule 13D reporting beneficial ownership of 113,520,361 shares of Flagstar Bank, N.A. common stock, representing 24.9% of the class.

The filing reflects the October 17, 2025 merger in which Flagstar Bank, N.A. became successor issuer to Flagstar Financial, Inc. Holdings comprise 74,999,994 shares held directly by Liberty Strategic Capital (CEN) Holdings, LLC, up to 38,506,725 shares issuable upon exercise of New Warrants, plus 100 shares and 13,542 service-based RSUs held by Steven T. Mnuchin. As of October 20, 2025, approximately 115,520 New Warrants are eligible to be exercised for common stock, subject to a condition that none of the reporting persons would be deemed to own 25% or more. Each reporting person has sole voting and dispositive power; no transactions occurred in the last sixty days.

The parties amended the Registration Rights Agreement to substitute the bank as issuer and note OCC-related securities sale rules.

Insights

Securities law analyst

Administrative 13D update shows a 24.9% stake with capped warrant exercisability.

The group reports 113,520,361 shares beneficially owned, or 24.9%, following the issuer's merger on October 17, 2025. The composition includes directly held shares and up to 38,506,725 shares issuable from New Warrants, with additional small holdings and RSUs attributed to Steven T. Mnuchin.

The filing highlights a practical cap: New Warrants may be exercised for common stock only so long as no reporting person would be deemed to own 25% or more. As of October 20, 2025, about 115,520 New Warrants are eligible for common stock; the remainder point to Series D NVCE Stock.

An amended Registration Rights Agreement recognizes the bank as issuer and references OCC rules. Actual impact depends on future warrant exercise within the ownership threshold.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

FLAGSTAR BANK, N.A.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

649445400

(CUSIP Number)

William Barratt
Liberty 77 Capital L.P., 2099 Pennsylvania Ave NW
Washington, DC, 20006
202-984-7070

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

10/17/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 649445400

1

Name of reporting person

Liberty 77 Capital L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 113,520,361.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 113,520,361.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

113,520,361.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

24.9 %

14

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13D

CUSIP No. 649445400

1

Name of reporting person

Liberty Strategic Capital (CEN) Holdings, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 113,520,361.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 113,520,361.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

113,520,361.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

24.9 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 649445400

1

Name of reporting person

Liberty 77 Capital Partners L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 113,520,361.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 113,520,361.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

113,520,361.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

24.9 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 649445400

1

Name of reporting person

Liberty Capital L.L.C.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 113,520,361.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 113,520,361.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

113,520,361.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

24.9 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 649445400

1

Name of reporting person

STM Partners LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 113,520,361.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 113,520,361.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

113,520,361.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

24.9 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 649445400

1

Name of reporting person

Steven T. Mnuchin

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 113,520,361.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 113,520,361.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

113,520,361.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

24.9 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.01 per share
(b)	Name of Issuer: FLAGSTAR BANK, N.A.
(c)	Address of Issuer's Principal Executive Offices: 102 Duffy Avenue, Hicksville, NEW YORK , 11801.
Item 1 Comment: This Amendment No. 5 amends and supplements the Schedule 13D, originally filed on March 14, 2024, as amended through the date hereof (as so amended, the "Schedule 13D") and is being filed with the Securities and Exchange Commission (the "SEC") by the "Reporting Persons" identified herein relating to the Common Stock, par value U.S. $0.01 per share (the "Common Stock"), of Flagstar Bank, National Association, a national bank (the "Issuer"). References to the "Issuer" in the original Schedule 13D and prior amendments are to Flagstar Financial, Inc. (the "Predecessor"), which was formerly known as New York Community Bancorp, Inc. As a result of the merger between the Issuer and the Predecessor, effective October 17, 2025, the Issuer is the successor issuer to the Predecessor with respect to the Common Stock under Rule 12g-3(a).
Item 2.	Identity and Background
(a)	This Schedule 13D is being filed by each of: (i) Liberty 77 Capital L.P. (the "Liberty Manager"), a Delaware limited partnership which is the investment manager of the Liberty Funds (defined in Item 5(d) below) and manager of the Liberty Purchaser; (ii) Liberty Strategic Capital (CEN) Holdings, LLC (the "Liberty Purchaser"), a Delaware limited liability company; (iii) Liberty 77 Capital Partners L.P. (the "Liberty Manager GP"), a Delaware limited partnership and the general partner of the Liberty Manager; (iv) Liberty Capital L.L.C., a Delaware limited liability company and the general partner of the Liberty Manager GP; (v) STM Partners LLC, a Delaware limited liability company which indirectly controls the Liberty Manager and the Liberty Purchaser; (vi) Steven T. Mnuchin ("Secretary Mnuchin"), an individual and citizen of the United States and president of STM Partners LLC, each person or entity listed in clauses (i) - (vi), a "Reporting Person" and, collectively, the "Reporting Persons." The Reporting Persons are making this single, joint filing, pursuant to a joint filing agreement in accordance with Rule 13d-1(k) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which is filed as Exhibit 1 hereto.
(b)	The address of the principal place of business and principal office of the Reporting Persons is c/o Liberty 77 Capital L.P., 2099 Pennsylvania Avenue NW, Washington, D.C. 20006.
(c)	See Item 2(a).
(d)	None of the Reporting Persons has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	None of the Reporting Persons has, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding were or are subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	See Item 2(a).
Item 4.	Purpose of Transaction
	Item 4 is hereby amended to add the following: On October 17, 2025, the Issuer completed a merger (the "BHC Merger") with its bank holding company parent, Flagstar Financial, Inc. (the "Predecessor"), which was referred to as the "Issuer" in the Reporting Persons' previous Schedule 13D filings. The Issuer is the surviving entity of the BHC Merger. As a national bank, the Issuer is required to file its reports under the Exchange Act with the Office of the Comptroller of the Currency (the "OCC"), whereas the Predecessor made its Exchange Act filings with the SEC. The Issuer has announced its intention to voluntarily make Exchange Act filings with the SEC; therefore, the Reporting Persons intend to amend this Schedule 13D by filing with the SEC in satisfaction of any obligation they might have to file with the OCC. As part of the BHC Merger, the Predecessor common stock and restricted stock units beneficially owned by the Reporting Persons were exchanged for substantially equivalent securities of the Issuer. Pursuant to the BHC Merger, the 135,000 Issued Warrants owned by the Liberty Purchaser were exchanged for 135,000 new warrants (the "New Warrants") which are substantially equivalent to the Issued Warrants, except that they may be exercised for Common Stock to the extent that none of the Reporting Persons would be deemed to own 25% or more of the Common Stock, among other requirements. Based upon the information available to the Reporting Persons as of October 20, 2025, approximately 115,520 New Warrants are eligible to be exercised for 38,506,725 shares of Common Stock, and the remaining New Warrants may only be exercised for Series D NVCE Stock. The number of New Warrants which may be exercised for Common Stock is expected to change from time to time based upon, among other things, the number of issued and outstanding shares of Common Stock, the number of shares of Common Stock beneficially owned by the Reporting Persons, and the issuance, vesting, or expiration of restricted stock units owned by Steven T. Mnuchin.
Item 5.	Interest in Securities of the Issuer
(a)	See Item 4 and the cover page for each Reporting Person, which are incorporated by reference herein. As of the date of this Schedule 13D, the Reporting Persons are deemed to beneficially own 113,520,361 shares of Common Stock (representing approximately 24.9% of the Common Stock outstanding), of which 74,999,994 shares of Common Stock are held directly by the Liberty Purchaser, 38,506,725 shares of Common Stock may be issued to the Liberty Purchaser upon exercise of the New Warrants it holds, 100 shares are held directly by Steven T. Mnuchin, and 13,542 service-based restricted stock units were granted to Steven T. Mnuchin on January 29, 2025, and which amounts may all be deemed to be indirectly beneficially owned by the other Reporting Persons. References to percentage ownership of the Common Stock in this Schedule 13D are based on 415,561,180 shares of Common Stock outstanding, based on the information reported by the Predecessor in its definitive proxy statement on Schedule 14A filed with the SEC on August 22, 2025. The Reporting Persons may be deemed to constitute a "person" or "group" within the meaning of Section 13(d)(3) of the Exchange Act. Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of its or his pecuniary interest therein, and the filing of this Schedule 13D shall not be construed as an admission of such beneficial ownership or that the Reporting Persons constitute a person or group.
(b)	Each of the Reporting Persons has the sole power to vote or direct the vote and the sole power to dispose or to direct the disposition of the Common Shares indicated on such Reporting Person's cover page included herein.
(c)	There have been no transactions in the Common Stock effected by the Reporting Persons during the past sixty days.
(d)	Liberty 77 Fund L.P. and Liberty 77 Fund International L.P. (the "Liberty Funds") are the members of the Liberty Purchaser and, as such, have the right to receive dividends from, or the proceeds from the sale of, the securities that are reported in this Schedule 13D. Liberty 77 Capital GenPar L.P. is the general partner of each of the Liberty Funds. Liberty 77 Capital UGP L.L.C. is the general partner of Liberty 77 Capital GenPar L.P. STM Partners LLC is the managing member of Liberty 77 Capital UGP L.L.C.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 is hereby amended to add the following: On October 17, 2025, the Reporting Persons, the Predecessor, and the Issuer entered into an amendment to the Registration Rights Agreement, pursuant to which the Issuer succeeded to and was substituted for the Predecessor in the Registration Rights Agreement. The amendment also updated the Registration Rights Agreement to reflect that the Issuer's securities are exempted securities under the Securities Act, but offers and sales of the Issuer's securities are subject to the OCC's rules relating to the offer and sale of securities of a national bank.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 1: Joint Filing Agreement and Power of Attorney (previously filed). Exhibit 5: Amendment to Registration Rights Agreement, dated as of October 17, 2025, by and between Flagstar Bank, National Association; Flagstar Financial, Inc.; and Liberty Strategic Capital (CEN) Holdings, LLC (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by Flagstar Bank, National Association on October 20, 2025).

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.

Liberty 77 Capital L.P.

Signature:	/s/ Jesse M. Burwell
Name/Title:	Jesse M. Burwell, Chief Financial Officer
Date:	10/21/2025

Liberty Strategic Capital (CEN) Holdings, LLC

Signature:	/s/ Jesse M. Burwell
Name/Title:	Jesse M. Burwell, Chief Financial Officer
Date:	10/21/2025

Liberty 77 Capital Partners L.P.

Signature:	/s/ Jesse M. Burwell
Name/Title:	Jesse M. Burwell, Chief Financial Officer
Date:	10/21/2025

Liberty Capital L.L.C.

Signature:	/s/ Jesse M. Burwell
Name/Title:	Jesse M. Burwell, Chief Financial Officer
Date:	10/21/2025

STM Partners LLC

Signature:	/s/ Jesse M. Burwell
Name/Title:	Jesse M. Burwell as attorney-in-fact for Steven T. Mnuchin
Date:	10/21/2025

Steven T. Mnuchin

Signature:	/s/ Jesse M. Burwell
Name/Title:	Jesse M. Burwell as attorney-in-fact for Steven T. Mnuchin
Date:	10/21/2025

FAQ

What stake in FLG does Liberty 77 Capital report?

They report beneficial ownership of 113,520,361 shares, representing 24.9% of Flagstar Bank, N.A. common stock.

How are the reported Flagstar holdings structured?

74,999,994 shares are held directly by Liberty Strategic Capital (CEN) Holdings, LLC; up to 38,506,725 shares are issuable upon New Warrant exercise, plus 100 shares and 13,542 RSUs held by Steven T. Mnuchin.

What changed after the merger on October 17, 2025?

Flagstar Bank, N.A. became the successor issuer to Flagstar Financial, Inc., and the parties amended the Registration Rights Agreement to substitute the bank as issuer.

Are there limits on exercising the New Warrants?

Yes. They may be exercised for common stock only to the extent no reporting person would be deemed to own 25% or more.

How many New Warrants are currently eligible for common stock?

As of October 20, 2025, approximately 115,520 New Warrants are eligible for exercise into 38,506,725 common shares.

Were there any recent trades by the reporting persons?

No. The filing states there were no transactions in the common stock during the past sixty days.

What baseline share count was used for the ownership percentage?

Percentages reference 415,561,180 shares outstanding as reported in a August 22, 2025 proxy statement.