Forbright (FRBT) Director Sachs Lewis Converts 1,095,351 Shares

What Happened

• Director Sachs Lewis (reported via GPC Partners Investments (Elevate) LP, “GPC Elevate”) reported a simultaneous disposition and acquisition on 2026-08-14: 1,095,351 shares of Class B common stock were converted (disposition) into 1,095,351 shares of Class A common stock (acquisition). No cash price or proceeds were reported — this was a conversion between share classes, not an open‑market sale.

Key Details

• Transaction date: 2026-08-14. Reported codes: D (disposition) and A (acquisition).
• Shares involved: 1,095,351 Class B → 1,095,351 Class A. No per‑share price or total dollar value reported (N/A).
• Ownership after transaction: not specified in the provided filing.
• Footnote: Conversion reflects exercise of anti‑dilution conversion rights triggered by the company’s IPO and other dilutive issuances in Q2 2026. Conversions are limited so GPC Elevate cannot exceed beneficial ownership of 9.9% of outstanding Class A shares.
• Reporting structure: Shares are held by GPC Elevate. Gallatin Point Capital LLC manages funds invested in GPC Elevate; various related entities and the Reporting Person (and Matthew Botein) may be deemed to have voting/investment power. The Reporting Person disclaims beneficial ownership except to the extent of any pecuniary interest.
• Filing timeliness: No late‑filing indication in the provided details.

Context

• This was a corporate share‑class conversion (anti‑dilution conversion), not a cash sale or open‑market purchase — it does not by itself signal a buy or sell decision by the insider.
• The 9.9% cap is typical for investors structured to avoid exceeding certain ownership thresholds; institutional/affiliate reporting and disclaimers mean these shares are held through investment vehicles rather than direct executive holdings.