What smart money is saying about Flagstar Bank
6 funds in our archive have pitched Flagstar Bank, most recently Black Bear Value Partners in December 2025.
Flagstar Financial, Inc. operates as the bank holding company for Flagstar Bank, N.A. that provides banking products and services in the United States. The company's deposit products include interest-bearing checking and money market, savings, non-interest-bearing, and retirement accounts, as well as certificates of deposit. Its loan products comprise multi-family loans; commercial real estate loans; acquisition, development, and construction loans; commercial and industrial loans; one-to-four family loans; specialty finance loans and leases; warehouse loans; and other loans, such as home equity lines of credit, boat and recreational vehicle indirect lending, point of sale consumer loans, and other consumer loans, including overdraft loans. The company offers cash management products; non-deposit investment and insurance products; and online banking, mobile banking, and bank-by-phone services. It primarily serves individuals, small and mid-size businesses, and professional associations. The company was formerly known as New York Community Bancorp, Inc. and changed its name to Flagstar Financial, Inc. in October 2024. Flagstar Financial, Inc. was founded in 1859 and is headquartered in Hicksville, New York.
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Position history
Between Q4 2024 and Q3 2026, 5 fund letters reported a position in Flagstar Bank, with 2 buys (opened or added).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 1 | 0 | 0 | 0 |
| Q2 2026 | 1 | 0 | 0 | 0 |
| Q1 2026 | 1 | 1 | 0 | 0 |
| Q4 2025 | 1 | 1 | 0 | 2 |
| Q3 2025 | 1 | 0 | 0 | 1 |
| Q2 2025 | 0 | 0 | 0 | 1 |
| Q1 2025 | 0 | 0 | 0 | 1 |
| Q4 2024 | 0 | 0 | 0 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 5 positions · 2 moves
- September 2026
“The portfolio remains focused on several long-term opportunities: • Housing: A building-products supplier and a large California landowner provide exposure to the need for additional homes. Affordability has slowed demand, but the underlying shortage continues to support the investment case. • Metallurgical coal: Limited investment in new supply created a favorable backdrop for competitive producers serving long-term steel demand, particularly in India and Southeast Asia. • Energy, royalties and natural resources: Holdings in natural gas, oil, thermal coal, mineral royalties and offshore support vessels offer participation in essential resources and infrastructure where replacement supply requires substantial time and capital. • Regional bank turnaround: Flagstar’s experienced management team and Board are addressing its challenges and rebuilding the business. Our bank shorts target institutions where troubled assets”
Flagstar Bank - June 2026
“• Regional bank turnaround – Flagstar has an exceptional management/board that are ahead of the game in turning their businesses around.”
Flagstar Bank - New positionThird Avenue Small-Cap Value FundMarch 2026
“Fears of regulatory changes that may result from the 2025 New York City mayoral election led to acute pessimism for banks with loan books exposed to rent-regulated properties, creating the opportunity to initiate a position in Flagstar and for existing holding OceanFirst to grow materially through the acquisition of Flushing Financial.”
Flagstar Bank - New positionThird Avenue Management Small-Cap Value FundDecember 2025
“The Fund initiated a new position in Flagstar Bank, NA and added to several existing positions, including Alamo Group, Octave Specialty Group (recently renamed from Ambac Financial), and ICF International.”
Flagstar Bank - HoldsBlack Bear VPSeptember 2025
“Flagstar Financial (FLG) Flagstar Financial is the former New York Community Bank (a mashup of Flagstar Bank, New York Community Bank and assets from Signature Bank).”
Flagstar Bank
Fund coverage · 6 theses
- Black Bear Value PartnersDecember 2025
Flagstar Financial is a turnaround bank with new capital and proven leadership trading well below conservatively marked book value.
Read the full thesis - Third Avenue Management Small-Cap Value FundDecember 2025
Flagstar Bank, National Association is a regional bank in transformation with reduced risk exposures, recapitalization, aligned management, and a discounted valuation relative to tangible book value.
Read the full thesis - Black Bear VPSeptember 2025
Flagstar Financial is a well-capitalized regional bank under a strong new management team, addressing past balance sheet issues and poised for significant growth while trading at a conservative valuation.
Read the full thesis - Black BearJune 2025
Flagstar Financial is a restructured regional bank with a strong focus on conservative lending and operational efficiency, poised for significant growth and profitability by 2026.
Read the full thesis - Black BearMarch 2025
With a rock-solid new team, conservative accounting, and deep discount to book, Flagstar offers asymmetric upside—potentially +50–150% as it recovers from crisis and rerates over 1–3 years.
Read the full thesis - Black Bear value partnersDecember 2024
Flagstar Financial is a well-capitalized regional bank undergoing a successful turnaround under CEO Joseph Otting, with compelling valuation potential and minimal downside risk.
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