FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Crestview Partners GP, L.P. 		2. Issuer Name and Ticker or Trading Symbol

FBR & Co. [ FBCM ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      __ X __ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

667 MADISON AVENUE, 10TH FLOOR,  		3. Date of Earliest Transaction (MM/DD/YYYY)

6/1/2011
(Street)

NEW YORK, NY 10065
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

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

___ Form filed by One Reporting Person
_ X _ 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. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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)
Code V Amount (A) or (D) Price
Common Stock, par value $0.001 per share ("Common Stock")                  8591641   I   (1) (2) (3) Through limited partnerships   (1) (2) (3)

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 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 of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Option (Right to Buy) ("Option")   $3.63                    7/20/2006   6/1/2015   Option   2768067     2768067   I   (1) (2) (3) Through limited partnerships   (1) (2) (3)

Explanation of Responses:
( 1)  This Form 4 is being filed by more than one reporting person. Crestview Partners GP, L.P. is the general partner of Crestview Partners, L.P., Crestview Partners (Cayman), L.P., Crestview Offshore Holdings (Cayman), L.P. (the "Cayman Fund"), Crestview Partners (PF), L.P., Crestview Partners (TE), L.P., Crestview Holdings (TE), L.P. (the "TE Fund") and Crestview Partners (ERISA), L.P. Crestview Partners (TE), L.P. is a limited partner of the TE Fund. Crestview Partners GP, L.P. is the sole member of Crestview Partners (Cayman), Ltd., which is the administrative general partner of the Cayman Fund and Crestview Partners (Cayman), L.P., which is a limited partner of the Cayman Fund.
( 2)  Crestview Partners, L.P., the Cayman Fund, Crestview Partners (PF), L.P. and the TE Fund are 67.4, 16.2, 11.7 and 4.7% members, respectively, in Forest Holdings LLC, which is the record owner of 8,147,755 shares of Common Stock and 2,465,671 Options. Crestview Partners (ERISA), L.P. is the sole member of Forest Holdings (ERISA) LLC, which is the record owner of 443,886 shares of Common Stock and 134,329 Options. Each reporting person disclaims beneficial ownership of the reported securities except and to the extent of its pecuniary interest therein.
( 3)  Crestview Advisors, L.L.C., which provides investment advisory and management services to certain of the reporting persons, acquired (i) on September 19, 2008, 502,268 options to buy common shares of the issuer at an exercise price of $5.30 per share, (ii) on June 3, 2010, 153,846 options to buy common shares of the issuer at an exercise price of $4.10 and (iii) on June 1, 2011, 168,067 options to buy common shares of the Issuer at an exercise price of $3.63 per share. The reporting persons disclaim beneficial ownership of such securities.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Crestview Partners GP, L.P.
667 MADISON AVENUE, 10TH FLOOR
NEW YORK, NY 10065
X

CRESTVIEW PARTNERS, L.P.
C/O CRESTVIEW PARTNERS, GP, L.P.
667 MADISON AVENUE
NEW YORK, NY 10065
X

CRESTVIEW OFFSHORE HOLDINGS (CAYMAN), L.P.
C/O CRESTVIEW PARTNERS, GP, L.P.
667 MADISON AVENUE
NEW YORK, NY 10065


See footnotes (1)(2)(3)
CRESTVIEW PARTNERS (PF), L.P.
C/O CRESTVIEW PARTNERS, GP, L.P.
667 MADISON AVENUE
NEW YORK, NY 10065


See footnotes (1)(2)(3)
CRESTVIEW HOLDINGS (TE), L.P.
C/O CRESTVIEW PARTNERS, GP, L.P.
667 MADISON AVENUE
NEW YORK, NY 10065


See footnotes (1)(2)(3)
CRESTVIEW PARTNERS (ERISA), L.P.
C/O CRESTVIEW PARTNERS, GP, L.P.
667 MADISON AVENUE
NEW YORK, NY 10065


See footnotes (1)(2)(3)
Forest Holdings LLC
C/O CRESTVIEW PARTNERS, GP, L.P.
667 MADISON AVENUE
NEW YORK, NY 10065


See footnotes (1)(2)(3)
Forest Holdings (ERISA) LLC
C/O CRESTVIEW PARTNERS, GP, L.P.
667 MADISON AVENUE
NEW YORK, NY 10065


See footnotes (1)(2)(3)

Signatures
Crestview Partners GP, L.P., By: Crestview, L.L.C., its General Partner, By: Evelyn C. Pellicone, Chief Financial Officer, /s/ Evelyn C. Pellicone 6/3/2011
** Signature of Reporting Person Date

Crestview Partners, L.P., By: Crestview Partners GP, L.P., its General Partner, By: Crestview, L.L.C., its General Partner, By: Evelyn C. Pellicone, Chief Financial Officer, /s/ Evelyn C. Pellicone 6/3/2011
** Signature of Reporting Person Date

Crestview Offshore Holdings (Cayman), L.P., By: Crestview Partners GP, L.P., its General Partner, By: Crestview, L.L.C., its General Partner, By: Evelyn C. Pellicone, Chief Financial Officer, /s/ Evelyn C. Pellicone 6/3/2011
** Signature of Reporting Person Date

Crestview Partners (PF), L.P., By: Crestview Partners GP, L.P., its General Partner, By: Crestview, L.L.C., its General Partner, By: Evelyn C. Pellicone, Chief Financial Officer, /s/ Evelyn C. Pellicone 6/3/2011
** Signature of Reporting Person Date

Crestview Holdings (TE), L.P., By: Crestview Partners GP, L.P., its General Partner, By: Crestview, L.L.C., its General Partner, By: Evelyn C. Pellicone, Chief Financial Officer, /s/ Evelyn C. Pellicone 6/3/2011
** Signature of Reporting Person Date

Forest Holdings LLC, By: Crestview Partners, L.P., its Member, By: Crestview Partners GP, L.P., its General Partner, By: Crestview, L.L.C., its General Partner, By: Evelyn C. Pellicone, Chief Financial Officer, /s/ Evelyn C. Pellicone 6/3/2011
** Signature of Reporting Person Date

Crestview Partners (ERISA), L.P., By: Crestview Partners GP, L.P., its General Partner, By: Crestview, L.L.C., its General Partner, By: Evelyn C. Pellicone, Chief Financial Officer, /s/ Evelyn C. Pellicone 6/3/2011
** Signature of Reporting Person Date

Forest Holdings (ERISA) LLC, Crestview Partners (ERISA), L.P., its sole Member, By: Crestview Partners GP, L.P., its General Partner, By: Crestview, L.L.C., its General Partner, By: Evelyn C. Pellicone, Chief Financial Officer, /s/ Evelyn C. Pellicone 6/3/2011
** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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