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 *

Klein Adam J 		2. Issuer Name and Ticker or Trading Symbol

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

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

C/O CRESTVIEW ADVISORS, 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)

_ 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. 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
Filer does not beneficially own securities of the issuer.   (1) (2)                0   I   See footnote (1)(2).  

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
Filer does not beneficially own securities of the issuer.   (1) (2) $5.30   (1) (2)                  9/19/2009   3/19/2013   Filer does not beneficially own securities of the issuer.   (1) (2) 0     0   I   See footnotes.   (1) (2)
Filer does not beneficially own securities of the issuer.   (1) (2) $4.10   (1) (2)                  6/3/2011   6/3/2014   Filer does not beneficially own securities of the issuer.   (1) (2) 0     0   I   See footnotes.   (1) (2)
Filer does not beneficially own securities of the issuer.   (1) (2) $3.63   (1) (2)                  6/1/2012   6/1/2015   Filer does not beneficially own securities of the issuer.   (1) (2) 0     0   I   See footnotes.   (1) (2)

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 (i) on September 19, 2008 acquired 502,268 options to buy common shares of the issuer at an exercise price of $5.30 per share, (ii) on June 3, 2010 acquired 153,846 options to buy common shares of the issuer at an exercise price of $4.10 per share 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. Crestview Advisors, L.L.C. provides investment advisory and management services to investment funds affiliated with Crestview Partners GP, L.P., which is the indirect owner, through limited partnerships, of 8,591,641 common shares and of 2,600,000 options to buy common shares of the issuer.
( 2)  The reporting person disclaims beneficial ownership of such securities except and to the extent of his pecuniary interest therein.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Klein Adam J
C/O CRESTVIEW ADVISORS
667 MADISON AVENUE, 10TH FLOOR
NEW YORK, NY 10065 		X



Signatures
/s/ Adam J. Klein 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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