[SCHEDULE 13G/A] RBB Bancorp SEC Filing

Rhea-AI Filing Summary

FJ Capital Management LLC and affiliated entities disclosed held stakes in RBB Bancorp common stock totaling 1,766,083 shares, representing 9.96% of the class. The reported position aggregates holdings across Financial Opportunity Fund LLC (1,511,408 shares, 8.52%), Financial Opportunity Long/Short Fund LLC (54,130 shares, 0.31%), and managed accounts (200,545 shares), with shared voting and dispositive power only and no sole voting or dispositive power reported.

The filing states the securities were not acquired to change or influence control of the issuer and includes an explicit certification to that effect. This Schedule 13G/A provides a transparent, material disclosure of ownership above the 5% threshold that investors can use to assess shareholder concentration and potential influence by the reporting group.

Positive

• Material ownership disclosure: Aggregate position of 1,766,083 shares (9.96%) is clearly reported.
• Detailed breakdown: Ownership is itemized by entity including 1,511,408 and 54,130 share holdings and managed accounts totaling 200,545 shares.
• Certification included: Statement that shares were not acquired to change or influence control provides clarity on intent.

Negative

• No sole voting or dispositive power: All reported shares are held with shared voting and dispositive power, indicating no single-entity control.
• Disclaimed beneficial ownership language: Reporting notes that the filing persons may be deemed beneficial owners but disclaim actual beneficial ownership for some reported shares.

Insights

Financial Analyst

TL;DR: A material 9.96% aggregated stake is disclosed across funds and managed accounts, showing concentrated investor interest.

The filing reports an aggregate beneficial ownership of 1,766,083 shares (9.96%) by FJ Capital Management and related entities. That level is above the 5% reporting threshold and therefore material to shareholders and analysts assessing ownership structure. The stake is held with shared voting and dispositive power rather than sole control, which limits unilateral influence but still represents significant collective influence. The filing’s certification that shares were not acquired to change control reduces the likelihood of an immediate activist objective, but the concentration is notable for governance and potential engagement scenarios.

Corporate Governance Expert

TL;DR: Disclosure clarifies voting rights and beneficial ownership across entities, enabling governance oversight.

The Schedule 13G/A identifies reporting persons and breaks down ownership by entity: Financial Opportunity Fund LLC: 1,511,408 shares (8.52%), Financial Opportunity Long/Short Fund LLC: 54,130 shares (0.31%), plus 200,545 shares in managed accounts. All reported holdings show shared voting and dispositive power with zero sole power. The form includes the standard certification that the holdings were not obtained to change control, which is relevant for classifying the intent under SEC rules. For boards and compliance teams, this provides a clear, auditable record of a sizable shareholder grouping.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 7)

RBB Bancorp (RBB)

(Name of Issuer)

Common Stock

(Title of Class of Securities)

74930B105

(CUSIP Number)

06/30/2025

(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)

SCHEDULE 13G

CUSIP No. 74930B105

1

Names of Reporting Persons

FJ Capital Management LLC

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,766,083.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,766,083.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,766,083.00

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)

9.96 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: Relating to items 6, 8 and 9 of this page: Consists of 1,511,408 shares of common stock of the Issuer held by Financial Opportunity Fund LLC and 54,130 shares of common stock of the Issuer held by Financial Opportunity Long/Short Fund LLC, of which FJ Capital Management LLC is the managing member, and 200,545 shares of common stock of the Issuer held by managed accounts that FJ Capital Management manages; as such, the Reporting Person may be deemed to be a beneficial owner of reported shares but as to which the Reporting Person disclaims beneficial ownership.

SCHEDULE 13G

CUSIP No. 74930B105

1

Names of Reporting Persons

Financial Opportunity Fund LLC

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,511,408.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,511,408.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,511,408.00

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)

8.52 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Relating to items 6, 8 and 9 of this page: Consists of 1,511,408 shares of common stock of the Issuer held by Financial Opportunity Fund LLC.

SCHEDULE 13G

CUSIP No. 74930B105

1

Names of Reporting Persons

Financial Opportunity Long/Short Fund LLC

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 54,130.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 54,130.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

54,130.00

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)

0.31 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Relating to items 6, 8 and 9 of this page: Consists of 54,130 shares of common stock of the Issuer held by Financial Opportunity Long/Short Fund LLC.

SCHEDULE 13G

CUSIP No. 74930B105

1

Names of Reporting Persons

Martin Friedman

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,766,083.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,766,083.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,766,083.00

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)

9.96 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Relating to items 6, 8 and 9 of this page: Consists of 1,511,408 shares of common stock of the Issuer held by Financial Opportunity Fund LLC and 54,130 shares of common stock of the Issuer held by Financial Opportunity Long/Short Fund LLC, of which FJ Capital Management LLC is the managing member, and 200,545 shares of common stock of the Issuer held by managed accounts that FJ Capital Management manages. Martin Friedman is the Managing Member of FJ Capital Management LLC; as such, Mr. Friedman may be deemed to be a beneficial owner of reported shares but as to which Mr. Friedman disclaims beneficial ownership.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: RBB Bancorp (RBB)
(b)	Address of issuer's principal executive offices: 1055 Wilshire Blvd, 12th floor, suite 1200, Los Angeles, CA 90017
Item 2.
(a)	Name of person filing: This Schedule 13G is being filed on behalf of the following Reporting Persons: FJ Capital Management LLC Financial Opportunity Fund LLC Financial Opportunity Long/Short Fund LLC Martin Friedman
(b)	Address or principal business office or, if none, residence: FJ Capital Management, LLC 7901 Jones Branch Drive, Suite 210 McLean, VA 22102 Financial Opportunity Fund LLC 7901 Jones Branch Drive, Suite 210 McLean, VA 22102 Financial Opportunity Long/Short Fund LLC 7901 Jones Branch Drive, Suite 210 McLean, VA 22102 Martin Friedman 7901 Jones Branch Drive, Suite 210 McLean, VA 22102
(c)	Citizenship: Financial Opportunity Fund LLC, Financial Opportunity Long/Short Fund LLC, and FJ Capital Management LLC - Delaware limited liability companies Martin Friedman - United States citizen
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 74930B105
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).
Item 4.	Ownership
(a)	Amount beneficially owned: FJ Capital Management LLC - 1,766,083 shares Financial Opportunity Fund LLC - 1,511,408 shares Financial Opportunity Long/Short Fund LLC - 54,130 shares Martin Friedman - 1,766,083 shares
(b)	Percent of class: FJ Capital Management LLC - 9.96% Financial Opportunity Fund LLC - 8.52% Financial Opportunity Long/Short Fund LLC - 0.31% Martin Friedman - 9.96%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: FJ Capital Management LLC - 1,766,083 shares Financial Opportunity Fund LLC - 1,511,408 shares Financial Opportunity Long/Short Fund LLC - 54,130 shares Martin Friedman - 1,766,083 shares
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: FJ Capital Management LLC - 1,766,083 shares Financial Opportunity Fund LLC - 1,511,408 shares Financial Opportunity Long/Short Fund LLC - 54,130 shares Martin Friedman - 1,766,083 shares
Item 5.	Ownership of 5 Percent or Less of a Class.
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 securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

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.

FJ Capital Management LLC

Signature:	Martin Friedman
Name/Title:	Managing Member
Date:	07/16/2025

Financial Opportunity Fund LLC

Signature:	FJ Capital Management LLC
Name/Title:	its Managing Member
Date:	07/16/2025

Signature:	Martin Friedman
Name/Title:	Managing Member
Date:	07/16/2025

Financial Opportunity Long/Short Fund LLC

Signature:	FJ Capital Management LLC
Name/Title:	its Managing Member
Date:	07/16/2025

Signature:	Martin Friedman
Name/Title:	Managing Member
Date:	07/16/2025

Martin Friedman

Signature:	Martin Friedman
Name/Title:	Managing Member
Date:	07/16/2025

FAQ

How many RBB (RBB) shares did FJ Capital report owning?

The filing reports an aggregate of 1,766,083 shares beneficially owned by FJ Capital Management and affiliates, representing 9.96% of the class.

What is the breakdown of ownership among the reporting entities?

Ownership is detailed as Financial Opportunity Fund LLC: 1,511,408 shares (8.52%), Financial Opportunity Long/Short Fund LLC: 54,130 shares (0.31%), plus 200,545 shares held in managed accounts.

Does any reporting person have sole voting or dispositive power over the RBB shares?

No. The filing shows 0 sole voting power and 0 sole dispositive power; all powers reported are shared.

Did the filers state an intent to change control of RBB?

The certification in the filing states the securities were not acquired and are not held for the purpose of changing or influencing control of the issuer.

Who are the reporting persons named in the Schedule 13G/A for RBB?

The filing is on behalf of FJ Capital Management LLC, Financial Opportunity Fund LLC, Financial Opportunity Long/Short Fund LLC, and Martin Friedman.