Forbright (FRBT) Registration filing summary

Company overview and business model

• Operates a modern financial services platform focused on nationwide middle-market lending, digital consumer banking, strategic advisory, and asset management services.

• Growth and modernization began in 2020, with a $369 million capital infusion and rebranding in 2022.

• Business model integrates digital deposit gathering, sector-specialized lending, and high-margin fee businesses, targeting the $10 trillion U.S. middle market.

• Digital deposit platform launched in May 2024, reaching $3.9 billion in deposits by March 2026, representing 55% of total deposits.

• Lending strategies include healthcare finance, lender finance, real estate finance, fund finance, and corporate finance, with no single strategy exceeding 31% of the loan portfolio.

Financial performance and metrics

• Consolidated assets grew from $1.9 billion at year-end 2020 to $8.2 billion as of March 31, 2026.

• Net income increased from $12.2 million in 2020 to $87.9 million in 2025; Q1 2026 net income was $11.6 million.

• Net interest income for 2025 was $263.0 million, up 14.6% from 2024; Q1 2026 net interest income was $59.6 million.

• Return on average total assets was 1.22% for 2025 and 0.59% for Q1 2026.

• Non-interest income represented 21.2% of total revenue in 2025, up from 9.1% in 2024.

• Efficiency ratio improved to 62.5% in 2025 from 79.2% in 2024; Q1 2026 efficiency ratio was 77.8%.

• Allowance for credit losses on loans was $52.8 million (0.98% of loans) as of March 31, 2026.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used for general corporate purposes, with management retaining broad discretion over allocation.

• No specific projects or uses identified; unused proceeds may be invested in short-term, liquid, investment-grade instruments.