-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IQGik7S97AfgVDJownKtJMaGlMjA0iZjoNgn9ws9q9zW0GmnfXNASNXohHxTJf5v bTkQvfL7rAetkTvsuGULYw== 0001048750-02-000011.txt : 20020414 0001048750-02-000011.hdr.sgml : 20020414 ACCESSION NUMBER: 0001048750-02-000011 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20020131 ITEM INFORMATION: Other events FILED AS OF DATE: 20020131 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRIEDMAN BILLINGS RAMSEY GROUP INC CENTRAL INDEX KEY: 0001048750 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] IRS NUMBER: 541870350 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13731 FILM NUMBER: 02524099 BUSINESS ADDRESS: STREET 1: 1001 19TH STREET N CITY: ARLINGTON STATE: VA ZIP: 22209 BUSINESS PHONE: 7033129500 MAIL ADDRESS: STREET 1: 1001 NINETEENTH ST N CITY: ARLINGTON STATE: VA ZIP: 22209 8-K 1 fbr8kq4.txt FOURTH QUARTER EARNINGS PRESS RELEASE. - -------------------------------------------------------------------------------- FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (date of earliest event reported): January 31, 2002 FRIEDMAN, BILLINGS, RAMSEY GROUP, INC. (Exact name of Registrant as specified in its charter) Virginia 54-1837743 001-13731 (State or other (I.R.S. Employer incorporation or (Commission File Number) jurisdiction of organization) Identification No.) 1001 Nineteenth Street North Arlington, VA 22209 (Address of principal executive offices) (Zip code) (703) 312-9500 (Registrant's telephone number including area code) Item 5. Other Events 1. On January 31, 2002, Friedman, Billings, Ramsey Group, Inc. issued a press release announcing its earnings for the 4th quarter 2001 and for the full year 2001. The entire text of that press release is being filed herewith and attached as Exhibit 99.1. 2. Friedman, Billings, Ramsey Group, Inc. attaches herewith, as Exhibit 99.2, Friedman, Billings, Ramsey Group, Inc. Long-Term Investment Matrix as of December 31, 2001. 99.1 Press Release dated January 31, 2002. 99.2 Long-Term Investment Matrix as of December 31, 2001. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized. FRIEDMAN, BILLINGS, RAMSEY GROUP, INC. Date: January 31, 2002 By: /s/ Emanuel J. Friedman -------------------------------- Emanuel J. Friedman Chairman & Co-Chief Executive Officer EX-99.1 3 release.txt PRESS RELEASE For Immediate Release Investor Contact: Kurt Harrington 703.312.9647 or kharrington@fbr.com Media Contact: Lisa Staubs 703.312.9713 or lstaubs@fbr.com Friedman, Billings, Ramsey Group Reports Fourth Quarter 2001 Earnings Per Share of $0.21 Fourth Quarter 2001 Earnings Per Share $0.24 after Extraordinary Gain ARLINGTON, Va., January 31, 2002 - Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR) today reported net income of $9.6 million, or $0.21 (diluted) per share, for the quarter ended December 31, 2001, compared with net income of $1.4 million, or $0.03 (diluted) per share in the fourth quarter of 2000. Net income for the quarter after an extraordinary gain was $10.7 million, or $0.24 (diluted) per share. Revenue in the fourth quarter of 2001 was $61.4 million, compared with $26.4 million in the fourth quarter of 2000. For the full year 2001, FBR reported a net loss of $(13.9) million or $(0.29) (diluted) per share on revenues of $160.8 million, after technology investment losses of $(18.1) million and severance, facility reduction and software impairment charges of $(5.2) million, compared with net income of $18.1 million, or $0.36 (diluted) per share for the full year 2000. Net loss for the year after an extraordinary gain was $(12.7) million, or $(0.27) (diluted) per share. "Our results in the fourth quarter confirm the success of the production build-out which we began in 2000, coupled with the reduction of fixed costs announced in the fourth quarter," Chairman and Co-Chief Executive Officer Emanuel J. Friedman said. "Our fourth quarter results were driven by six lead-managed underwritings and FBR again placed as a top ten lead-manager. For the full year, we ranked #2 for aftermarket performance." (Rankings are for lead-managers of five or more public equity underwritings in the United States, according to CommScan.) During the fourth quarter, FBR lead-managed the initial public offering of MCG Capital Corporation (Nasdaq: MCGC) and lead-managed five other public underwritings, co-managed four, sole-managed one PIPE, and advised on two M&A transactions, in the financial services, real estate, energy, technology and diversified industries sectors. "Institutional brokerage revenues for the quarter were our best ever at an annualized run rate of more than $70 million," said Vice Chairman and Co-Chief Executive Officer Eric F. Billings. "In addition, investment banking revenues for the quarter and for the full year were our best since the market break in August 1998." In investment banking, FBR reported revenues of $29.4 million for the quarter and $83.1 million for the full year. During 2001, FBR participated in 37 transactions with a total deal value of $2.7 billion, including $2.2 billion in 29 capital raising transactions. In asset management, the largest single revenue driver in 2001 was FBR Asset Investment Corporation (AMEX:FB), a publicly-traded REIT managed by FBR. In 2001, FBR generated $9.5 million in revenues from management fees, incentive fees, earnings and dividends on its own investment, and an extraordinary gain from the previously announced exercise of 400,000 options, from FBR Asset. "FBR Asset provides FBR Group with a comparatively predictable base of earnings, both from fees and from the spread income in which we participate as an owner," said Mr. Billings. Also in asset management, FBR's hedge funds and mutual funds performed well for the Company and for their investors. Among the hedge funds, FBR Ashton, L.P., now entering its 11th year, generated a gross return of more than 23 percent in 2001. Two of FBR's four equity mutual funds have five star ratings from Morningstar, and all now have five-year track records. * FBR had 45.6 million common shares outstanding, shareholders' equity of $185.3 million, and basic book value per share of $4.06 as of December 31, 2001. Total assets as of December 31, 2001 were $292.3 million, including cash and liquid assets of $84.5 million, net of short-term debt of $20.0 million. A live webcast of FBR's conference call will be available at 9a.m.(Eastern Time) via: http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=FBR&script=1020&item _id=w,596644,0&layout=6. Replays of the webcast will be available afterward. - -------------------------------------------------------------------------------- Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR) is a financial holding company for businesses that provide investment banking, institutional brokerage, specialized asset management, and banking products and services. FBR provides capital and financial expertise throughout a company's lifecycle and affords investors access to a range of proprietary financial products and services. Headquartered in the Washington metropolitan area, FBR has offices in Arlington, Va., and Bethesda, Md., and in Atlanta, Boston, Charlotte, Cleveland, Dallas, Denver, Irvine, Ca., New York City, Portland, Seattle, London, and Vienna. Bank products and services are offered by FBR National Bank & Trust, member FDIC and an Equal Housing Lender. For more information, see www.fbr.com. * For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating(TM) metric each month by subtracting the return on a 90-day U.S. Treasury Bill from the fund's load-adjusted return for the same period, and then adjusting this excess return for risk. The top 10% of funds in each broad asset class receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar metrics. Both the FBR Small Cap Value and Small Cap Financial Funds received 5 stars for the 3- and 5-year periods and were rated among 4811 and 3160 domestic equity funds. The FBR Financial Services Fund received 4 stars for the 3- and 5-year periods and was rated among 4811 and 3160 domestic equity funds. The American Gas Index Fund received 4 stars for the 3- and 5- year periods and 3 stars for the prior 10 years and was rated among 4811, 3160 and 895 domestic equity funds respectively. Morningstar is a registered trademark of Morningstar, Inc. and is not affiliated with Friedman, Billings, Ramsey Group, Inc. # # # Statements concerning future performance, developments, events, market forecasts, revenues, expenses, earnings, run rates and any other guidance on present or future periods, constitute forward-looking statements that are subject to a number of factors, risks and uncertainties that might cause actual results to differ materially from stated expectations or current circumstances. These factors include, but are not limited to, the effect of demand for public offerings, activity in the secondary securities markets, the high degree of risk associated with technology and other venture capital investments, available technologies, competition for business and personnel, and general economic, political and market conditions. Note to Editors: Please note that "Friedman, Billings, Ramsey Group, Inc." and "FBR Asset Investment Corporation" are two different companies. Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR) is a publicly-held company, which has historically never paid a dividend. FBR Asset Investment Corporation (AMEX: FB) is a REIT, which is required as a result of its tax status, to pay a dividend. FBR Asset is externally managed by Friedman, Billings, Ramsey Investment Management, Inc., a subsidiary of Friedman, Billings, Ramsey Group, Inc. Friedman, Billings, Ramsey Group, Inc. is a minority owner of FBR Asset. Thank you. Note to Editors: 4 pages of financial information follow this page.
FRIEDMAN, BILLINGS, RAMSEY GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share amounts) (Unaudited) Quarter ended December 31, 2001 % 2000 % -------------- -------------- -------------- -------------- REVENUES: Investment banking $ 29,356 47.8% $ 13,656 51.7% Institutional brokerage 19,440 31.7% 12,303 46.6% Asset management Base fees 5,810 9.5% 2,835 10.7% Incentive and investment income 7,509 12.2% 6,953 26.3% Technology incentive and investment loss (2,722) -4.4% (11,674) -44.2% Interest, dividends and other 2,008 3.3% 2,336 8.8% -------------- -------------- --------------- -------------- Total revenues 61,401 100.0% 26,409 100.0% -------------- -------------- -------------- -------------- EXPENSES: Compensation and benefits 34,829 56.7% 13,527 51.2% Business development and professional services 7,709 12.6% 4,247 16.1% Interest 346 0.6% 700 2.7% Other 8,310 13.5% 6,504 24.6% Restructuring charge 2,410 3.9% - 0.0% -------------- -------------- -------------- -------------- Total expenses 53,604 87.3% 24,978 94.6% -------------- -------------- -------------- -------------- Net income before income taxes and 7,797 12.7% 1,431 5.4% and extraordinary gain Income tax benefit (1,760) -2.9% - 0.0% -------------- -------------- -------------- -------------- Net income before extraordinary gain 9,557 15.6% 1,431 5.4% Extraordinary gain 1,148 1.9% - 0.0% Net income $ 10,705 17.4% $ 1,431 5.4% ============== ============== ============== ============== Basic earnings per share before extraordinary gain $ 0.21 $ 0.03 ============== ============== Diluted earnings per share before extraordinary gain $ 0.21 $ 0.03 ============== ============== Basic earnings per share $ 0.24 $ 0.03 ============== ============== Diluted earnings per share $ 0.24 $ 0.03 ============== ============== Weighted average shares - basic 45,517 49,289 ============== ============== Weighted average shares - diluted 45,531 50,082 ============== ==============
FRIEDMAN, BILLINGS, RAMSEY GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share amounts) (Unaudited) Year ended December 31, 2001 % 2000 % ------------- ------------- -------------- ------------- REVENUES: Investment banking $ 83,149 51.7% $ 53,943 29.8% Institutional brokerage 53,414 33.2% 53,403 29.5% Asset management Base fees 19,744 12.3% 9,719 5.4% Incentive and investment income 13,160 8.2% 12,516 6.9% Technology incentive and investment income (loss) (18,100) -11.3% 41,614 23.0% Interest, dividends and other 9,422 5.9% 9,695 5.4% ------------- ------------- -------------- ------------- Total revenues 160,789 100.0% 180,890 100.0% ------------- ------------- -------------- ------------- EXPENSES: Compensation and benefits 108,112 67.2% 109,768 60.7% Business development and professional services 28,879 18.0% 19,229 10.6% Interest 1,083 0.7% 1,665 0.9% Other 33,186 20.6% 27,983 15.5% Restructuring and software impairment charges 5,151 3.2% - 0.0% ------------- ------------- -------------- ------------- Total expenses 176,411 109.7% 158,645 87.7% ------------- ------------- -------------- ------------- Net income (loss) before income (15,622) -9.7% 22,245 12.3% taxes and extraordinary gain Income tax provision (benefit) (1,760) -1.1% 4,163 2.3% ------------- ------------- -------------- ------------- Net income (loss) before extraordinary gain (13,862) -8.6% 18,082 10.0% Extraordinary gain 1,148 0.7% - 0.0% Net income (loss) $ (12,714) -7.9% $ 18,082 10.0% ============= ============= ============== ============= Basic earnings (loss) per share before extraordinary gain $ (0.29) $ 0.37 ============= ============== Diluted earnings (loss) per share before extraordinary gain $ (0.29) $ 0.36 ============= ============== Basic earnings (loss) per share $ (0.27) $ 0.37 ============= ============== Diluted earnings (loss) per share $ (0.27) $ 0.36 ============= ============== Weighted average shares - basic 47,466 49,162 ============= ============== Weighted average shares - diluted 47,466 50,683 ============= ==============
FRIEDMAN, BILLINGS, RAMSEY GROUP, INC. Financial & Statistical Supplement -Operating Results (unaudited) (Dollars in thousands, except per share data) YTD 2001 Q-4 01 Q-3 01 Q-2 01 Q-1 01 ---------- ---------- ---------- ---------- --------- Revenues Investment banking: Underwriting $ 47,853 $ 20,928 $ 9,857 $ 9,414 $ 7,654 Corporate finance 28,534 7,080 1,153 18,057 2,244 Investment gains 6,762 1,348 74 5,340 - Institutional brokerage: Principal transactions 26,330 10,817 4,158 5,383 5,972 Agency commissions 27,084 8,623 5,934 5,962 6,565 Asset management: Base management fees 19,744 5,810 5,836 5,191 2,907 Incentive income 3,628 1,811 975 474 368 Net investment income (loss) 9,532 5,698 (2,780) 5,009 1,605 Technology net investment and incentive income (18,100) (2,722) (6,592) (1,684) (7,102) Interest, dividends and other 9,422 2,008 3,168 2,006 2,240 ------------ --------- ---------- ---------- --------- Total revenues 160,789 61,401 21,783 55,152 22,453 ------------ --------- ---------- ---------- --------- Expenses Compensation and benefits 108,112 34,829 24,276 32,756 16,251 Business development & professional services 28,879 7,709 7,639 8,205 5,326 Clearing and brokerage fees 7,087 1,981 1,786 1,588 1,732 Occupancy & equipment 10,852 2,468 3,001 2,883 2,500 Communications 5,832 1,612 1,555 1,498 1,167 Interest expense 1,083 346 322 334 81 Other operating expenses 9,415 2,249 2,853 2,778 1,535 Restructuring and software impairment charges 5,151 2,410 2,741 - - ---------- ---------- ---------- ---------- --------- Total expenses 176,411 53,604 44,173 50,042 28,592 ---------- ---------- ---------- ---------- --------- Net income (loss) before taxes and extraordinary (15,622) 7,797 (22,390) 5,110 (6,139) ---------- ---------- ---------- ---------- --------- Income tax provision (benefit) (1,760) (1,760) - - - Net income (loss) before extraordinary gain $ (13,862) $ 9,557 $ (22,390) $ 5,110 $ (6,139) ============ ========= ========== ========== ========== Extraordinary gain 1,148 1,148 - - - Net income (loss) $ (12,714) $ 10,705 $ (22,390) $ 5,110 $ (6,139) ============ ========= ========== ========== ========== Net income (loss) before taxes and extraordinary gain as a percentage of revenue -9.7% 12.7% -102.8% 9.3% -27.3% ROE (annualized) -6.4% 23.9% -47.9% 9.9% -11.5% Total shareholders' equity $ 185,310 $ 185,310 $ 173,668 $ 200,314 $ 211,001 Basic earnings (loss) per share $ (0.27) $ 0.24 $ (0.49) $ 0.10 $ (0.12) Diluted earnings (loss) per share $ (0.27) $ 0.24 $ (0.49) $ 0.10 $ (0.12) Ending shares outstanding (in thousands) 45,605 45,605 45,514 46,100 49,391 Book value per share $ 4.06 $ 4.06 $ 3.82 $ 4.35 $ 4.27 Assets under management (in millions) Managed accounts $ 250.2 $ 250.2 $ 237.5 $ 142.4 $ 126.1 Hedge & offshore funds 164.6 164.6 176.1 186.6 164.7 Mutual funds 1,004.0 1,004.0 1,008.3 1,153.1 148.5 Private equity & venture capital 295.5 295.5 305.6 341.2 336.2 --------- ----------- ---------- ---------- ---------- Total $ 1,714.3 $ 1,714.3 $ 1,727.5 $ 1,823.3 $ 775.5 ========== =========== ========== ========== ========== Employee count 433 433 502 488 400 ========== =========== ========== ========== ==========
FRIEDMAN, BILLINGS, RAMSEY GROUP, INC. Financial & Statistical Supplement -Operating Results (unaudited) (Dollars in thousands, except per share data) YTD 2000 Q-4 00 Q-3 00 Q-2 00 Q-1 00 ---------- ---------- ---------- ---------- ---------- Revenues Investment banking: Underwriting $ 21,086 $ 4,447 $ 4,928 $ 1,205 $ 10,506 Corporate finance 31,404 9,209 7,264 8,741 6,190 Investment gains 1,453 - 1,453 - - Institutional brokerage: Principal transactions 32,319 6,511 7,019 12,788 6,001 Agency commissions 21,084 5,792 4,989 4,627 5,676 Asset management: Base management fees 9,719 2,835 2,504 2,206 2,174 Incentive income 1,673 1,606 66 59 (58) Net investment income (loss) 10,843 5,347 4,711 2,532 (1,747) Technology net investment and incentive income 41,614 (11,674) 8,754 9,026 35,508 Interest, dividends and other 9,695 2,336 3,014 2,352 1,993 ---------- ---------- ---------- ---------- ---------- Total revenues 180,890 26,409 44,702 43,536 66,243 ---------- ---------- ---------- ---------- ---------- Expenses Compensation and benefits 109,768 13,527 24,809 25,209 46,223 Business development & professional services 19,229 4,247 5,974 4,391 4,617 Clearing and brokerage fees 6,207 1,618 1,483 1,539 1,567 Occupancy & equipment 9,544 2,191 2,657 2,373 2,323 Communications 5,085 1,337 1,300 1,267 1,181 Interest expense 1,665 700 424 319 222 Other operating expenses 7,147 1,358 1,862 2,373 1,554 Restructuring and software impairment charges - - - - - ---------- ---------- ---------- ---------- ---------- Total expenses 158,645 24,978 38,509 37,471 57,687 ---------- ---------- ---------- ---------- ---------- Net income (loss) before taxes and extraordinary gain 22,245 1,431 6,193 6,065 8,556 ---------- ---------- ---------- ---------- ---------- Income tax provision (benefit) 4,163 - 1,239 785 2,139 Net income (loss) before extraordinary gain $ 18,082 $ 1,431 $ 4,954 $ 5,280 $ 6,417 ========== ========== ========== ========== ========== Extraordinary gain - - - - - Net income (loss) $ 18,082 $ 1,431 $ 4,954 $ 5,280 $ 6,417 ========== ========== ========== ========== ========== Net income (loss) before taxes and extraordinary gain as a percentage of revenue 12.3% 5.4% 13.9% 13.9% 12.9% ROE (annualized) 9.0% 2.7% 9.5% 10.5% 13.3% Total shareholders' equity $ 214,556 $ 214,556 $ 211,796 $ 203,637 $ 198,063 Basic earnings (loss) per share $ 0.37 $ 0.03 $ 0.10 $ 0.11 $ 0.13 Diluted earnings (loss) per share $ 0.36 $ 0.03 $ 0.10 $ 0.11 $ 0.12 Ending shares outstanding (in thousands) 49,380 49,380 49,282 49,204 49,096 Book value per share $ 4.34 $ 4.34 $ 4.30 $ 4.14 $ 4.03 Assets under management (in millions) Managed accounts $ 133.6 $ 133.6 $ 136.9 $ 131.9 $ 114.6 Hedge & offshore funds 149.7 149.7 135.1 114.3 98.8 Mutual funds 119.0 119.0 93.1 56.4 54.7 Private equity & venture capital 457.2 457.2 757.5 697.4 661.7 ---------- ---------- ---------- ---------- ---------- Total $ 859.5 $ 859.5 $ 1,122.6 $ 1,000.0 $ 929.8 ========== ========== ========== ========== ========== Employee count 386 386 367 392 390 ========== ========== ========== ========== ==========
EX-99.2 4 longterm.txt LONG-TERM MATRIX
Friedman, Billings, Ramsey Group, Inc. Long-Term Investment Matrix (1) As of December 31, 2001 (Dollars in thousands) The following chart shows the allocation of Friedman, Billings, Ramsey Group, Inc.'s long-term investments, as stated on the December 31, 2001 balance sheet, by sector and by managed fund and also shows the allocation of long-term investments in publicly traded and private securities. Managed funds are categorized by the value of the majority of their investments. In addition, from time to time, FBR Group implements risk management strategies, the value of which may not be included in the balance sheet line for long-term investments. Financial Public Private Total - --------- ------------- ------------ ------------- FBR Ashton, Limited Partnership $ 19,000 $ - $ 19,000 16.0% FBR Private Equity Fund, LP 91 1,787 1,878 1.6% FBR Future Financial Fund, LP - 867 867 0.7% FBR Financial Services Partners, LP 253 1,266 1,519 1.3% Direct investment 1,637 - 1,637 1.4% ------------- ------------ ------------- --------- 20,981 3,920 24,901 21.0% Real Estate/Mortgage FBR Asset Investment Corporation Direct investment 40,743 1,716 42,459 35.8% 3,198 243 3,441 2.9% ------------- ------------ ------------- --------- 43,941 1,959 45,900 38.7% ------------- ------------ ------------- --------- Subtotal 64,922 5,879 70,801 59.7% ------------- ------------ ------------- --------- Technology and Biotechnology FBR Technology Venture Partners, LP (2) 187 724 911 0.8% FBR Technology Venture Partners II 454 2,317 2,771 2.3% FBR CoMotion Venture Capital I, LP (3) - 1,780 1,780 1.5% DDL and related direct investments 76 5,567 5,643 4.8% Direct investment 73 - 73 0.1% Third-party partnerships 144 2,809 2,953 2.5% Other 86 - 86 0.1% ------------- ------------- -------------- --------- 1,020 13,197 14,217 12.1% Capital Crossover Partners 6,000 - 6,000 5.1% ------------- ------------ ------------- --------- Subtotal 7,020 13,197 20,217 17.2% ------------- ------------ ------------- --------- Debt ------------- ------------ ------------- --------- Direct investment (4) - 7,500 7,500 6.3% ------------- ------------ ------------- --------- Other Braddock Partners, LP 5,613 - 5,613 4.7% FBR Arbitrage, LLC 11,415 - 11,415 9.6% FBR Weston, Limited Partnership 2,138 189 2,327 2.0% Other 387 196 583 0.5% ------------- ------------ ------------- --------- 19,553 385 19,938 16.8% ------------- ------------ ------------- --------- ------------- ------------ ------------- --------- TOTALS $ 91,495 $ 26,961 $ 118,456 100.0% ============= ============ ============= =========
(1) Excludes trading securities inventory. (2) Amount is net of accrued Fund Manager Compensation expense ("FMC") of $157. Asset value before before FMC as of December 31, 2001 was $1,068. (3) Amount is net of loans of $1,369 made by FBR Group to FBR CoMotion Venture Capital I, LP. (4) Represents private debt of one issuer with a face amount of $7,500. -----END PRIVACY-ENHANCED MESSAGE-----