Forbright, Inc. (FRBT) reported third-quarter net income attributable to the Company of $20.6 million, or $0.41 in diluted earnings per share. Net interest income was $72.0 million, up 13.9% from Q2, and loans reached $6.6 billion, up 9.5% quarter over quarter. Net interest margin was 3.18%, down 1 basis point; the core net charge-off rate was 3 basis points, versus 8 basis points in Q2. For the first nine months, net income attributable to the Company was $36.4 million, compared with $58.3 million a year earlier.
At September 30, total assets were $9.6 billion and deposits were $7.6 billion; the deposit figure excludes $744 million classified as held-for-sale. Cash and investments were $1.9 billion, excluding $721 million of cash held-for-sale. Forbright Bank agreed to sell its Washington, D.C.-area legacy branches and related deposits to Trustar Bank, including deposits valued at $744 million at September 30. Forbright expects regulatory approval in Q4 2026 and closing in Q1 2027. Digital deposits increased by $1 billion during the quarter, driven by promotions.
Forbright, Inc. notified holders on October 21, 2026, that it will redeem all outstanding 5.75% Fixed-to-Floating Rate Subordinated Notes on December 1, 2026. The aggregate principal amount outstanding is $25,000,000.
The redemption price will equal 100% of principal for the Notes redeemed, plus accrued and unpaid interest to, but excluding, December 1, 2026. The Notes are due December 1, 2029.
Forbright, Inc. (FRBT) director Lewis A. Sachs reported an indirect conversion by GPC Partners Investments (Elevate) LP of 148,256 shares of Class B Common Stock into an equal number of Class A Common Stock shares on October 19, 2026. The anti-dilution conversion rights were triggered by certain dilutive Class A issuances during the third quarter of 2026. After the conversion, GPC Elevate held 7,596,495 Class B shares and 3,326,507 Class A shares. Sachs and Matthew Botein, Co-Founders and Managing Partners of the ultimate parent of Gallatin Point Holdings LP, may be deemed to have voting and investment power over GPC Elevate's securities; Sachs disclaims beneficial ownership except to the extent of any pecuniary interest.
Forbright, Inc. director Jason M. Fish received 1,006 fully vested deferred restricted stock units on October 15, 2026, in lieu of his quarterly cash retainer. Reported at $17.39 per share, each unit represents a contingent right to one Class A common share, settling in shares following termination of his board service. His direct holdings after the award were 7,382 shares. FBF Partners, L.P. held 1,324,561 shares and Sebastes Capital, LP held 212,436; Fish has sole voting and disposition power over both positions but disclaims beneficial ownership except to the extent of his pecuniary interest.
Forbright, Inc. director Steven M. Shafran acquired 1,150 fully vested deferred restricted stock units (DRSUs) on October 15, 2026, in lieu of his quarterly cash retainer fee, at a reported price of $17.39 per share. Each DRSU represents a contingent right to receive one share of Class A common stock, with settlement in shares following termination of his board service. His reported direct holdings after the acquisition were 7,591 shares.
Forbright, Inc. director Cynthia Flanders acquired 1,078 fully vested deferred restricted stock units (DRSUs) on October 15, 2026, in lieu of her quarterly cash retainer fee. Each DRSU represents a contingent right to receive one share of Class A common stock and will settle in shares following termination of her board service. Her reported total following the transaction was 21,319 shares.
Forbright, Inc. has a significant shareholder group led by Bayview-related entities and David Ertel reporting ownership of Class A common stock. As of August 14, 2026, these reporting persons collectively beneficially owned 2,802,640 shares of Class A Common Stock, representing 8.7% of the 32,103,172 shares outstanding. This aggregate consists of 1,281,207 shares held by Bayview Opportunity Master Fund VI, L.P., 680,641 shares held by Bayview Opportunity Master Fund VIa, L.P., 420,396 shares held by Mayim Capital, LLC, and 420,396 shares held by David and Beth L. Ertel as tenants by the entireties. The group previously held 1,835,713 shares, or 6.3% of the class, as of June 30, 2026, indicating a sizable increase in their position following the issuer’s initial public offering. The reporting persons state that the ownership information does not constitute an admission of beneficial ownership or of membership in a group for purposes of Section 13(d) or 13(g).
Forbright, Inc. director Lewis A. Sachs reported an indirect restructuring of holdings through GPC Partners Investments (Elevate) LP. On 2026-08-14, GPC Elevate converted 1,095,351 shares of Class B common stock into an equal number of Class A common shares under anti-dilution conversion rights. Following the conversion, GPC Elevate held 7,744,751 Class B and 3,178,251 Class A shares indirectly. The company’s charter limits conversions so GPC Elevate does not exceed 9.9% beneficial ownership of outstanding Class A stock. Sachs disclaims beneficial ownership except for any pecuniary interest.
Forbright, Inc. investor John Delaney reports beneficial ownership of 4,962,235 shares of the company’s Class A common stock on a Schedule 13G. This stake represents 13.7% of the Class A common stock, calculated using 33,173,832 shares outstanding as of August 14, 2026 plus shares underlying options.
The position includes 2,965,000 shares issuable upon exercise of vested options, as well as shares held directly, as restricted stock, and through several related entities. Delaney has sole voting and dispositive power over 4,837,235 shares and shared voting and dispositive power over 125,000 shares, including securities held through entities associated with him and his spouse.
CB Elevate Aggregator L.P. and affiliated Centerbridge entities report a significant stake in Forbright, Inc. Class A common stock. As of August 14, 2026, CB Elevate directly owns 3,178,251 Class A shares, representing approximately 9.9% of the outstanding Class A common stock, based on 32,103,172 shares outstanding disclosed to them.
This position reflects the acquisition of 1,095,351 Class A shares after June 30, 2026 through the exercise of anti-dilution conversion rights under Forbright’s Amended and Restated Certificate of Incorporation, converting an equal number of Class B shares into Class A. CB Elevate continues to hold 7,214,751 Class B shares that remain convertible into Class A, but further conversions are limited so that CB Elevate cannot beneficially own more than 9.9% of the outstanding Class A stock. As of June 30, 2026, before this conversion, the reporting group beneficially owned 2,082,900 Class A shares, or about 7.2%.