<SEC-DOCUMENT>0001393825-25-000022.txt : 20250514
<SEC-HEADER>0001393825-25-000022.hdr.sgml : 20250514
<ACCEPTANCE-DATETIME>20250514151514
ACCESSION NUMBER:		0001393825-25-000022
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250514
DATE AS OF CHANGE:		20250514

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FLAGSTAR FINANCIAL, INC.
		CENTRAL INDEX KEY:			0000910073
		STANDARD INDUSTRIAL CLASSIFICATION:	SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036]
		ORGANIZATION NAME:           	02 Finance
		EIN:				061377322
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-49965
		FILM NUMBER:		25944801

	BUSINESS ADDRESS:	
		STREET 1:		102 DUFFY AVENUE
		CITY:			HICKSVILLE
		STATE:			NY
		ZIP:			11801
		BUSINESS PHONE:		5166834100

	MAIL ADDRESS:	
		STREET 1:		102 DUFFY AVENUE
		CITY:			HICKSVILLE
		STATE:			NY
		ZIP:			11801

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NEW YORK COMMUNITY BANCORP, INC.
		DATE OF NAME CHANGE:	20240311

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NEW YORK COMMUNITY BANCORP INC
		DATE OF NAME CHANGE:	20001128

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	QUEENS COUNTY BANCORP INC
		DATE OF NAME CHANGE:	19930802

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Hudson Bay Capital Management LP
		CENTRAL INDEX KEY:			0001393825
		ORGANIZATION NAME:           	
		EIN:				371511173
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		290 HARBOR DR
		STREET 2:		3RD FLOOR
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06902
		BUSINESS PHONE:		212-571-1244

	MAIL ADDRESS:	
		STREET 1:		290 HARBOR DR
		STREET 2:		3RD FLOOR
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06902

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Hudson Bay Capital Management, L.P.
		DATE OF NAME CHANGE:	20070320
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Hudson Bay Capital Management LP -->
          <cik>0001393825</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>1</amendmentNo>
      <securitiesClassTitle>Common Stock, $0.01 par value</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>03/31/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0000910073</issuerCik>
        <issuerName>Flagstar Financial, Inc.</issuerName>
        <issuerCusip>649445400</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>102 Duffy Avenue</com:street1>
          <com:city>Hicksville</com:city>
          <com:stateOrCountry>NY</com:stateOrCountry>
          <com:zipCode>11801</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Hudson Bay Capital Management LP</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>34689439.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>34689439.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>34689439.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>8.36</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Sander Gerber</reportingPersonName>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>34689439.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>34689439.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>34689439.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>8.36</classPercent>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Flagstar Financial, Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>102 Duffy Avenue, Hicksville, New York 11801</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>This statement is filed by Hudson Bay Capital Management LP (the "Investment Manager") and Mr. Sander Gerber ("Mr. Gerber"), who are collectively referred to herein as "Reporting Persons."</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>The address of the business office of each of the Reporting Persons is 290 Harbor Dr., Stamford, CT 06902.</principalBusinessOfficeOrResidenceAddress>
        <citizenship>The Investment Manager is a Delaware limited partnership.  Mr. Gerber is a United States citizen.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>IA</typeOfPersonFiling>
        <typeOfPersonFiling>HC</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference.

The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 414,720,220 shares of common stock, par value $0.01 (the "Common Stock") of Flagstar Financial, Inc. (the "Company") outstanding as of February 28, 2025, as reported in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission on March 4, 2025.

The Investment Manager serves as the investment manager to Hudson Bay Master Fund Ltd. and HB Special Opportunities AIV I LP. Tech Opportunities LLC, in whose name certain of the securities reported herein are held, is controlled by Hudson Bay Master Fund Ltd. As such, the Investment Manager may be deemed to be the beneficial owner of all securities held by Tech Opportunities LLC and HB Special Opportunities AIV I LP. Mr. Gerber serves as the managing member of Hudson Bay Capital GP LLC, which is the general partner of the Investment Manager. Mr. Gerber disclaims beneficial ownership of these securities.</amountBeneficiallyOwned>
        <classPercent>8.36%</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>N</notApplicableFlag>
        <ownershipMoreThan5PercentOnBehalfOfAnotherPerson>See Item 4(a). Tech Opportunities LLC has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, more than 5% of the Common Stock.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and 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.</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>Hudson Bay Capital Management LP</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Sander Gerber</signature>
        <title>Sander Gerber, Authorized Signatory</title>
        <date>05/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Sander Gerber</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Sander Gerber</signature>
        <title>Sander Gerber, Individually</title>
        <date>05/14/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
