SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Klein Adam J

(Last)

(First)

(Middle)

C/O CRESTVIEW ADVISORS, L.L.C

667 MADISON AVENUE, 10TH FLOOR

(Street)

NEW YORK

10065

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
FBR & Co. [ FBRC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/09/2013

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, par value $0.001 per share ("Common Stock")	09/09/2013		M		38,461	A	$16.4	0	I	See footnotes⁽¹⁾⁽²⁾⁽³⁾
Common Stock, par value $0.001 per share ("Common Stock")	09/09/2013		M		15,908	A	$14.52	0	I	See footnotes⁽¹⁾⁽²⁾⁽³⁾
Common Stock, par value $0.001 per share ("Common Stock")	09/09/2013		D		54,369	D	$26.25	0	I	See footnotes⁽¹⁾⁽²⁾⁽³⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Option (Right to Buy) ("Option")	$16.4	09/09/2013		M			38,461	06/03/2011	06/03/2014	Common Stock	38,461	$0	0⁽¹⁾⁽²⁾⁽³⁾	I⁽¹⁾⁽²⁾⁽³⁾	See footnotes⁽¹⁾⁽²⁾⁽³⁾
Option (Right to Buy) ("Option")	$14.52	09/09/2013		M			15,908	06/01/2012	06/01/2015	Common Stock	15,908	$0	0⁽¹⁾⁽²⁾⁽³⁾	I⁽¹⁾⁽²⁾⁽³⁾	See footnotes⁽¹⁾⁽²⁾⁽³⁾

Explanation of Responses:

1. The reporting person is member of the board of directors of the issuer and is an employee of Crestview Advisors, L.L.C., which on September 9, 2013 (i) exercised 38,461 options to buy shares of common stock of the issuer at an exercise price of $16.40 per share and sold all shares underlying such options to the issuer at a price of $26.25 per share and (ii) exercised 15,908 of its 42,016 options to buy shares of common stock of the issuer with an exercise price of $14.52 per share and sold to the issuer the 15,908 shares underlying such exercised options at a price of $26.25 per share.

2. Crestview Advisors, L.L.C. provides investment advisory and management services to investment funds affiliated with Crestview Partners GP, L.P. (the "Crestview Funds"). On September 9, 2013, the Crestview Funds sold 670,631 shares of common stock of the issuer that were held indirectly and, following the reported transactions, the Crestview Funds are the indirect owners of 1,477,278 shares of common stock of the issuer.

3. The reporting person disclaims beneficial ownership of such securities except and to the extent of his pecuniary interest therein.

Remarks:

	/s/ Ross A. Oliver, Attorney-in-fact	09/11/2013
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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