Picton Mahoney reports 5.05% stake in Flagstar preferred

Rhea-AI Filing Summary

Picton Mahoney Asset Management, a Canadian investment fund manager, reported beneficial ownership of Flagstar Bank, National Association’s Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock on a Schedule 13G. The position totals 1,040,009 shares, representing 5.05% of this preferred class.

Picton Mahoney has sole voting and sole dispositive power over all 1,040,009 shares, with no shared voting or dispositive power. The filing notes that the percentage is based on 416,815,122 outstanding shares as of April 30, 2026, as disclosed by the issuer. The certification is signed by Ahsan Ahmed, Chief Compliance Officer, on August 11, 2026.

Key Figures

Beneficial ownership: 1,040,009 shares Percent of class: 5.05% Sole voting power: 1,040,009 shares +3 more

6 metrics

Beneficial ownership 1,040,009 shares Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock held by Picton Mahoney

Percent of class 5.05% Ownership of Series A preferred stock reported by Picton Mahoney

Sole voting power 1,040,009 shares Shares over which Picton Mahoney may vote or direct the vote

Shared voting power 0 shares Shares subject to shared voting authority

Sole dispositive power 1,040,009 shares Shares over which Picton Mahoney may dispose or direct disposition

Outstanding shares baseline 416,815,122 shares Outstanding shares as of April 30, 2026, used for percentage calculation

Key Terms

Fixed-to-Floating Rate, Noncumulative Perpetual Preferred Stock, Beneficially owned, Sole dispositive power, +1 more

5 terms

Fixed-to-Floating Rate financial

"Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock"

A fixed-to-floating rate is a type of loan or investment that starts with a fixed interest rate for a certain period, meaning the payments stay the same, then switches to a variable rate that can change over time based on market conditions. This matters because it offers the stability of fixed payments initially, but also the flexibility to benefit if interest rates drop later.

Noncumulative Perpetual Preferred Stock financial

"Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock"

A noncumulative perpetual preferred stock is a type of equity that pays regular dividends indefinitely but has no maturity date, and if the issuer skips a dividend payment those missed payments are not owed later. It sits above common shares in priority for income and liquidation, so it can offer steady income like a bond while still carrying equity risk. Investors should note the permanent nature and the risk that skipped dividends are permanently lost, making yield and issuer stability key considerations.

Beneficially owned financial

"Ownership (a) | Amount beneficially owned: 1040009"

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 financial

"Sole power to dispose or to direct the disposition of: 1040009"

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.

Investment Fund Manager financial

"foreign regulatory scheme applicable to Investment Fund Manager"

An investment fund manager is a professional or firm responsible for making decisions about which assets a pooled collection of investor money will buy, sell, or hold to reach a stated goal. Investors care because the manager’s choices, skill, and fees determine how much return the fund may produce and how much risk it carries—similar to a driver choosing the route and speed that affect how fast and safely a group reaches a destination.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake in Flagstar Bank (FLG) did Picton Mahoney report on this Schedule 13G?

Picton Mahoney Asset Management reported beneficial ownership of 1,040,009 shares of Flagstar Bank’s Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock, representing 5.05% of that class.

What type of Flagstar Bank (FLG) security does this Schedule 13G cover?

The Schedule 13G covers Flagstar Bank’s Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock, identified by CUSIP 649445202, rather than the common stock.

How much voting and dispositive power does Picton Mahoney have over FLG shares?

Picton Mahoney has sole voting power and sole dispositive power over all 1,040,009 shares reported, with 0 shares subject to shared voting or shared dispositive power.

What percentage of Flagstar Bank (FLG) outstanding shares is used to calculate Picton Mahoney’s 5.05%?

The reported 5.05% ownership is based on 416,815,122 outstanding shares as of April 30, 2026, as disclosed in Flagstar Bank’s Form 10-Q filed on May 7, 2026.

Who signed the Schedule 13G filing for Picton Mahoney regarding FLG?

The Schedule 13G was signed by Ahsan Ahmed, Chief Compliance Officer of Picton Mahoney Asset Management, dated August 11, 2026, including a certification about comparable foreign regulatory oversight.

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

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Available on EDGAR 08/11/2026 - 10:26 AM Accepted by SEC EDGAR 08/11/2026 - 10:26 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

FLAGSTAR BANK, NATIONAL ASSOCIATION

(Name of Issuer)

Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock

(Title of Class of Securities)

649445202

(CUSIP Number)

06/30/2026

(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): 649445202

1

Names of Reporting Persons

PICTON MAHONEY ASSET MANAGEMENT

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

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,040,009.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,040,009.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,040,009.00

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)

5.1 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Based upon 416,815,122 Outstanding Shares as of April 30, 2026 as disclosed in the company's 10-Q filed May 7, 2026.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: FLAGSTAR BANK, NATIONAL ASSOCIATION
(b)	Address of issuer's principal executive offices: 102 DUFFY AVENUE, HICKSVILLE, NEW YORK, 11801
Item 2.
(a)	Name of person filing: Picton Mahoney Asset Management
(b)	Address or principal business office or, if none, residence: 33 Yonge Street #320
(c)	Citizenship: CANADA
(d)	Title of class of securities: Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock
(e)	CUSIP Number(s): 649445202
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).
	Investment Fund Manager
Item 4.	Ownership
(a)	Amount beneficially owned: 1040009
(b)	Percent of class: 5.05 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1040009
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1040009
	(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 foreign regulatory scheme applicable to Investment Fund Manager is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

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.

PICTON MAHONEY ASSET MANAGEMENT

Signature:	Ahsan Ahmed
Name/Title:	Chief Compliance Officer
Date:	08/11/2026