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 in 2021 and rebranding in 2022.

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

• Digital deposit platform launched in May 2024, reaching $3.9 billion in digital deposits by March 31, 2026.

• Lending strategies include healthcare finance, lender finance, real estate finance, fund finance, and corporate finance, with a focus on national reach and sector expertise.

Financial performance and metrics

• Consolidated assets grew from $1.9 billion at year-end 2020 to $7.9 billion at year-end 2025, and $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% in 2025 and 0.59% in Q1 2026; return on average tangible common equity was 12.06% in 2025 and 5.95% in Q1 2026.

• Non-interest income rose to $70.8 million in 2025 (21.2% of total revenue), with core non-interest income at 16.9% of adjusted total revenue.

• 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 of approximately $138.2 million (or $159.4 million if underwriters exercise their option in full) expected, based on a $19.00 per share IPO price.

• Proceeds will be used for general corporate purposes, with management retaining broad discretion over allocation.