-----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, UwU1ZTR6pum4nSbHxmp/1cI6c20NA8hxLDUsdyXo0lR7uIAiRMRWB007oaeECDkO Wm3+gHMbtHUuJazUx0sxUQ== 0001048750-02-000086.txt : 20020801 0001048750-02-000086.hdr.sgml : 20020801 20020801164923 ACCESSION NUMBER: 0001048750-02-000086 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20020630 ITEM INFORMATION: FILED AS OF DATE: 20020801 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: 02717546 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 fbr8kq202.txt SECOND QUARTER 2002 EARNINGS 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): August 1, 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 9. Regulation FD Disclosure 1. On August 1, 2002, Friedman, Billings, Ramsey Group, Inc. issued a press release announcing its earnings for the 2nd quarter 2002. The entire text of that press release is being filed herewith and attached as Exhibit 99.1. 2. Attached as Exhibit 99.2 is a table of Assets Under Management for the Second Quarter of 2002 and prior periods that shows "Gross Assets Under Management", "Net Assets Under Management" and "Productive Capital Assets Under Management". In the Press Release filed as Exhibit 99.1, Assets Under Management represent, the greater of net assets under management or committed capital. 3. Attached as Exhibit 99.3 is Friedman, Billings, Ramsey Group, Inc.'s Long-Term Investment Matrix as of June 30, 2002. Exhibit 99.1 Friedman, Billings, Ramsey Group Press Release dated August 1, 2002. Exhibit 99.2 Friedman, Billings, Ramsey Group, Inc. "Assets Under Management for the Second Quarter of 2002" table. Exhibit 99.3 Friedman, Billings, Ramsey Group, Inc. "Long-Term Investment Matrix as of June 30, 2002". 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: August 1, 2002 By: /s/ Emanuel J. Friedman -------------------------------- Emanuel J. Friedman Chairman & Co-Chief Executive Officer EX-99.1 3 fbr2qtr02release.txt PRESS RELEASE FOR 2ND QTR 2002 EARNINGS EXHIBIT 99.1 For Immediate Release Investor Contact: Kurt Harrington 703.312.9647 or kharrington@fbr.com Media Contacts: Bob Leahy 703.312.9745 or bleahy@fbr.com; Bill Dixon 703.469.1092 or bdixon@fbr.com --------------- Friedman, Billings, Ramsey Group Reports Second Quarter 2002 Results Net Income of $17.8 million, or $0.39 per share (basic) ARLINGTON, Va., August 1, 2002 - Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR) today reported net income of $17.8 million, or $0.39 (basic), and $0.36 (diluted) per share, for the quarter ended June 30, 2002, compared with net income of $5.1 million, or $0.10 (basic), and $0.10 (diluted) per share in the second quarter of 2001. Revenue in the second quarter of 2002 was $73.3 million, compared with $55.2 million in the second quarter of 2001. For the first six months of the year, FBR reported net income of $28.1 million (including an extraordinary gain of $1.4 million), or $0.61 (basic), and $0.59 (diluted) per share on revenue of $127.6 million, versus a net loss of $(0.02) (basic), $(0.02) (diluted) per share on revenue of $77.6 million for the first six months of 2001. "Our second quarter revenues were the best since the company went public. Our results were driven by continued revenue growth and earnings improvement both on a year over year and sequential basis in our capital markets businesses - institutional brokerage and investment banking - as well as asset management," said Manny Friedman, Chairman and Co-CEO. By business unit, the company reported institutional brokerage revenues for the quarter of $18.3 million, a 62% increase over the same quarter a year ago. Investment banking revenue in Q2 was $36.7 million, a 12% increase over the second quarter 2001. Asset management revenue for the quarter was $19.1 million, a 78% increase over the second quarter the previous year. Additionally, the company recorded a technology sector net investment and incentive loss of $2.4 million. "We are pleased with the improvement achieved during the first six months of the year in the level of activity across our business, particularly in view of the current state of the capital markets," said Vice Chairman and Co-Chief Executive Officer Eric F. Billings. "FBR is strongly positioned to address changing conditions in the U.S. capital markets, for instance, utilizing 144A institutional offerings for equity as well as debt, and providing advisory services even if public investment banking opportunities become more limited near term. Our institutional brokerage and asset management businesses continue to grow, adding stability to our revenue stream. The combination of over $218 million in equity and only $6 million of long-term debt as well as a lean and talented workforce, allows us to pursue opportunities even in difficult markets. For example, we are currently contemplating opening a San Francisco office." In institutional brokerage, FBR's institutional research group expanded coverage within two established verticals. In healthcare, large cap pharmaceuticals were added and energy sector coverage now includes integrated oils. A key hire was also made to further develop FBR's diversified industries research team. FBR continued to hire across all of its business units during the quarter, adding senior producers in sales, trading and investment banking, as well as research. (more) In investment banking, FBR continued to be a leading underwriter for mid-market issuers. During the first half of 2002, FBR maintained its position as a top 10 lead-manager of equity underwritings by number of deals, dollar volume raised and aftermarket performance. According to CommScan Equidesk, FBR ranks among the top five lead managers of IPOs and secondaries across all industries for companies with a market capitalization of less than $1 billion (15 deals, $1.1 billion raised) and first for companies with less than $500 million (12 deals, $725 million raised). Additionally, FBR has ranked first for the18 month period through June 30 in weighted aftermarket performance among lead-managing underwriters (ten or more public equity transactions) across all industries (32 deals), according to CommScan Equidesk. During the second quarter of 2002, FBR completed 16 equity and debt raises - lead-managing 8 public underwritings and 2 private placements and co-managing 6 public underwritings; and completed 5 M&A transactions as well as 4 other restructuring and advisory assignments. In asset management, at June 30, 2002, FBR had approximately $5.8 billion in gross assets under management and net assets of $2.3 billion. Of these net assets, FBR has the potential to earn incentive fees on more than $700 million. FBR manages ten equity, fixed income and money market mutual funds, five hedge funds, and four private equity and venture capital funds, in addition to FBR Asset Investment Corporation (NYSE:FB) and other separate accounts. FBR continued to benefit from the growth and performance of FBR Asset. FBR Asset has grown from equity of $91.3 million and total assets of $317.6 million as of June 30, 2001 to equity of $690 million and total assets of $4.1 billion as of June 30, 2002. During the quarter, FBR Asset completed two follow-on offerings lead-managed by FBR, each accretive to book value, raising $311.5 million primarily for investing in mortgage backed securities. In its asset management business, FBR generates revenue as manager of FBR Asset in the form of base and incentive management fees, and also generates revenues as a minority shareholder of FBR Asset. During the second quarter, FBR Group received asset management fee revenue of $4.8 million, and return on investment of $8.8 million (including the accretive effect of the offerings), from FBR Asset. FBR Asset is a separate public company that invests in mortgage-backed securities, mezzanine and senior loans and equity securities. FBR had 46.3 million common shares outstanding, shareholders' equity of $218.4 million, and basic book value per share of $4.71 as of June 30, 2002, compared with 45.6 million common shares outstanding, shareholders' equity of $185.3 million and book value per share of $4.06 as of December 31, 2001. Shareholders' equity and basic book value calculations as of June 30, 2002 and December 31, 2001 exclude $23.4 million and $22.7 million, respectively and 4 million shares relating to the Employee Stock Purchase and Loan Program that was implemented during 2001. Assuming repayment of these loans as of June 30, 2002, shareholders' equity would be $241.8 million, book value per share would be $4.80 and total shares outstanding would be 50.3 million. Total assets as of June 30, 2002 were $362.2 million, including cash and liquid assets of $91.4 million, net of short-term debt of $37.1 million. Friedman, Billings, Ramsey Group, Inc., headquartered in Arlington, Va., is a financial holding company for businesses that provide investment banking, institutional brokerage, specialized asset management, and banking products and services. FBR focuses capital and financial expertise on six industry sectors: financial services, real estate, technology, energy, healthcare, and diversified industries. FBR also has offices in Atlanta, Bethesda, Boston, Charlotte, Chicago, Cleveland, Dallas, (more) Denver, Irvine, London, New York, Portland, Seattle, and Vienna. Bank products and services are offered by FBR National Bank & Trust, member FDIC and an Equal Housing Lender. For more information, see http://www.fbr.com. A live webcast of FBR's conference call will be available at 9 a.m. (Eastern Time) via http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=FBR. Replays of the webcast will be available afterward. # # # 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, interest rates, 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. 3 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) Three months ended June 30, 2002 % 2001 % --------------- --------------- -------------- -------------- REVENUES: Investment banking $ 36,670 50.1% $ 32,811 59.5% Institutional brokerage 18,326 25.0% 11,345 20.6% Asset management Base fees 7,633 10.4% 5,191 9.4% Incentive and investment income 11,419 15.6% 5,483 10.0% Technology sector investment and incentive loss (2,432) -3.3% (1,684) -3.1% Interest, dividends and other 1,638 2.2% 2,006 3.6% --------------- --------------- -------------- -------------- Total revenues 73,254 100.0% 55,152 100.0% --------------- --------------- -------------- -------------- EXPENSES: Compensation and benefits 38,411 52.4% 32,756 59.4% Business development and professional services 7,982 10.9% 8,205 14.9% Interest 430 0.6% 334 0.6% Other 8,652 11.8% 8,747 15.8% --------------- --------------- -------------- -------------- Total expenses 55,475 75.7% 50,042 90.7% --------------- --------------- -------------- -------------- Net income before income taxes 17,779 24.3% 5,110 9.3% Provision for income taxes - 0.0% - 0.0% --------------- --------------- -------------- -------------- Net income $ 17,779 24.3% $ 5,110 9.3% =============== ============== ============== ============== Basic earnings per share $ 0.39 $ 0.10 =============== ============== Diluted earnings per share $ 0.36 $ 0.10 =============== ============== Weighted average shares - basic 45,944 49,209 =============== ============== Weighted average shares - diluted 48,772 49,230 =============== ==============
FRIEDMAN, BILLINGS, RAMSEY GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share amounts) (Unaudited) Six months ended June 30, 2002 % 2001 % -------------- ------------- -------------- ------------- REVENUES: Investment banking $ 60,645 47.5% $ 42,709 55.0% Institutional brokerage 34,129 26.7% 23,882 30.8% Asset management Base fees 13,629 10.7% 8,098 10.4% Incentive and investment income 19,224 15.1% 7,456 9.6% Technology sector investment and incentive loss (3,531) -2.8% (8,786) -11.3% Interest, dividends and other 3,528 2.8% 4,246 5.5% -------------- ------------- -------------- ------------- Total revenues 127,624 100.0% 77,605 100.0% -------------- ------------- -------------- ------------- EXPENSES: Compensation and benefits 69,730 54.6% 49,007 63.2% Business development and professional services 14,394 11.3% 13,531 17.4% Interest 800 0.6% 415 0.5% Other 16,032 12.6% 15,681 20.2% -------------- ------------- -------------- ------------- Total expenses 100,956 79.1% 78,634 101.3% -------------- -------------- ------------- ------------- Net income (loss) before income taxes and 26,668 20.9% (1,029) -1.3% extraordinary gain Income tax provision - 0.0% - 0.0% -------------- ------------- -------------- ------------- Net income (loss) before extraordinary gain 26,668 20.9% (1,029) -1.3% Extraordinary gain 1,413 1.1% - 0.0% Net income (loss) $ 28,081 22.0% $ (1,029) -1.3% ============== ============= ============== ============= Basic earnings (loss) per share before extraordinary gain $ 0.58 $ (0.02) ============== ============== Diluted earnings (loss) per share before extraordinary gain $ 0.56 $ (0.02) ============== ============== Basic earnings (loss) per share $ 0.61 $ (0.02) ============== ============== Diluted earnings (loss) per share $ 0.59 $ (0.02) ============== ============== Weighted average shares - basic 45,804 49,298 ============== ============== Weighted average shares - diluted 47,500 49,298 ============== ==============
FRIEDMAN, BILLINGS, RAMSEY GROUP, INC. Financial & Statistical Supplement -Operating Results (unaudited) (Dollars in thousands, except per share data) YTD 2002 Q-2 02 Q-1 02 YTD 2001 Q-4 01 Q-3 01 Q-2 01 Q-1 01 ------------------------------------------------------------------------------ Revenues Investment banking: Underwriting $ 37,558 $ 25,248 $ 12,310 $47,853 $ 20,928 $ 9,857 $ 9,414 $ 7,654 Corporate finance 21,301 9,827 11,474 28,534 7,080 1,153 18,057 2,244 Investment gains 1,786 1,595 191 6,762 1,348 74 5,340 - Institutional brokerage: Principal transactions 15,430 8,372 7,058 26,330 10,817 4,158 5,383 5,972 Agency commissions 18,699 9,954 8,745 27,084 8,623 5,934 5,962 6,565 Asset management: Base management fees 13,629 7,633 5,996 19,744 5,810 5,836 5,191 2,907 Incentive income 4,685 2,902 1,783 3,628 1,811 975 474 368 Net investment income loss 14,539 8,517 6,022 9,532 5,698 (2,780) 5,009 1,605 Technology sector investment and incentive loss(3,531) (2,432) (1,099) (18,100) (2,722) (6,592) (1,684) (7,102) Interest, dividends and other 3,528 1,638 1,890 9,422 2,008 3,168 2,006 2,240 ------------------------------------------------------------------------------ Total revenues 127,624 73,254 54,370 160,789 61,401 21,783 55,152 22,453 ------------------------------------------------------------------------------ Expenses Compensation and benefits 69,730 38,411 31,319 108,112 34,829 24,276 32,756 16,251 Business development & professional services 14,394 7,982 6,412 28,879 7,709 7,639 8,205 5,326 Clearing and brokerage fees 2,443 1,817 626 7,087 1,981 1,786 1,588 1,732 Occupancy & equipment 4,255 2,046 2,209 10,852 2,468 3,001 2,883 2,500 Communications 4,266 2,187 2,079 5,832 1,612 1,555 1,498 1,167 Interest expense 800 430 370 1,083 346 322 334 81 Other operating expenses 5,068 2,602 2,466 9,415 2,249 2,853 2,778 1,535 Restructuring and software impairment charges - - - 5,151 2,410 2,741 - - ------------------------------------------------------------------------------ Total expenses 100,956 55,475 45,481 176,411 53,604 44,173 50,042 28,592 ------------------------------------------------------------------------------ Net income (loss) before taxes and 26,668 17,779 8,889 (15,622) 7,797 (22,390) 5,110 (6,139) extraordinary gain ------------------------------------------------------------------------------ Income tax provision (benefit) - - - (1,760) (1,760) - - - Net income (loss) before extraordinary gain $ 26,668 $ 17,779 $ 8,889 $ (13,862) $ 9,557 $(22,390) $ 5,110 $ (6,139) ============================================================================== Extraordinary gain 1,413 - 1,413 1,148 1,148 - - - Net income (loss) $ 28,081 $ 17,779 $ 10,302 $ (12,714)$ 10,705 $(22,390) $ 5,110 $ (6,139) ============================================================================== Net income (loss) before taxes and extraordinary gain as a percentage of revenue 20.9% 24.3% 16.3% -9.7% 12.7% -102.8% 9.3% -27.3% ROE (annualized) 34.4% 34.4% 18.7% -6.4% 23.9% -47.9% 9.9% -11.5% Total shareholders' equity $ 218,368 $218,368 $194,590 $ 185,311 $ 185,311$ 173,667 $ 200,313 $211,001 Basic earnings (loss) per share $ 0.61 $ 0.39 $ 0.23 $ (0.27) $ 0.24 $ (0.49) $ 0.10 $ (0.12) Diluted earnings (loss) per share $ 0.59 $ 0.36 $ 0.22 $ (0.27) $ 0.24 $ (0.49) $ 0.10 $ (0.12) Ending shares outstanding (in thousands) 46,339 46,339 45,751 45,605 45,605 45,514 46,100 49,391 Book value per share $ 4.71 $ 4.71 $ 4.25 $ 4.06 $ 4.06 $ 3.82 $ 4.35 $ 4.27 Assets under management (in millions) Managed accounts $ 748.5 $ 748.5 $ 394.5 $ 250.2 $ 250.2 $ 237.5 $ 142.4 $ 126.1 Hedge & offshore funds 189.5 189.5 158.7 164.6 164.6 176.1 186.6 164.7 Mutual funds 1,299.5 1,299.5 1,215.0 1,004.0 1,004.0 1,008.3 1,153.1 148.5 Private equity & venture capital 340.1 340.1 342.3 295.5 295.5 305.6 341.2 336.2 ------------------------------------------------------------------------------ Total $2,577.6 $ 2,577.6 $ 2,110.5 $ 1,714.3 $1,714.3 $1,727.5 $1,823.3 $ 775.5 ============================================================================== Employee count 445 445 441 433 433 502 488 400 ==============================================================================
EX-99.2 4 assetsundermgmt2qtr02.txt ASSETS UNDER MANAGEMENT 2ND QTR '02 EXHIBIT 99.2
Friedman, Billings, Ramsey Group, Inc. ASSETS UNDER MANAGEMENT FOR THE 2ND QUARTER 2002 06/30/2002 03/31/2002 12/31/2001 -------------- -------------- -------------- Gross assets under management (1) (in millions) - ------------------------------------------- Managed accounts $4,152.3 $2,757.7 $1,371.4 Hedge & offshore funds 216.0 209.2 260.6 Mutual funds 1,313.4 1,270.4 1,005.8 Private equity funds 46.1 46.4 48.3 Technology sector funds 56.6 60.4 71.0 -------------- -------------- -------------- Total $5,784.4 $4,344.1 $2,757.1 ============== ============== ============== Net assets under management (2) (in millions) - ----------------------------------------- Managed accounts $ 748.5 $ 394.5 $ 250.2 Hedge & offshore funds 188.5 157.7 153.4 Mutual funds 1,297.7 1,214.1 1,001.7 Private equity funds 45.5 45.5 47.6 Technology sector funds 52.3 55.8 64.9 -------------- -------------- -------------- Total $2,332.5 $1,867.6 $1,517.8 ============== ============== ============== Productive assets under management (3) (in millions) - ------------------------------------------------ Managed accounts $4,152.3 $2,757.7 $1,371.4 Hedge & offshore funds 188.5 157.7 153.5 Mutual funds 1,297.7 1,214.1 1,001.7 Private equity funds 94.8 95.3 93.3 Technology sector funds 248.1 249.3 248.2 -------------- -------------- -------------- Total $5,981.4 $4,474.1 $2,868.1 ============== ============== ==============
(1) Gross assets under management represents the amount of actual gross assets of FBR-Asset and other managed accounts, and proprietary investment partnerships and mutual funds. (2) Net assets under management represents gross assets under management, net of any repo debt, margin loans, securities sold but not yet purchased, lines of credit, and any other liabilities. (3) Productive capital assets under management represents the amount of actual or committed capital that determines the respective investment vehicles' base management fees. The productive capital base for each vehicle is determined by the terms of its specific agreement (which is generally a partnership, operating or management agreement.) For FBR-Asset the productive capital includes both equity and debt, and for technology sector funds and certain private equity funds the productive capital represents primarily committed capital. EX-99.3 5 fbr2qtr02longterm.txt LONG-TERM INVESTMENT MATRIX EXHIBIT 99.3
Friedman, Billings, Ramsey Group, Inc. Long-Term Investment Matrix (1) As of June 30, 2002 (Dollars in thousands) The following chart shows the allocation of Friedman, Billings, Ramsey Group, Inc.'s long-term investments, as stated on the June 30, 2002 balance sheet, by sector and by managed fund and also shows the allocation of long-term investments in publicly traded and private securities. Funds manages by FBR are categorized by the value of the majority of their investments. Funds managed by third parties are categorized on the basis of representations from the third party managers. 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 $ 15,578 $ - $ 15,578 10.7% FBR Private Equity Fund, LP 506 1,702 2,208 1.5% FBR Future Financial Fund, LP - 866 866 0.6% FBR Financial Services Partners, LP 99 1,196 1,295 0.9% Direct investment 1,351 - 1,351 0.9% ------------- ------------ ------------- --------- 17,534 3,764 21,298 14.6% Real Estate/Mortgage FBR Asset Investment Corporation 68,549 301 68,850 47.5% Direct investment 4,231 - 4,231 2.9% ------------- ------------ ------------- --------- 72,780 301 73,081 50.4% ------------- ------------ ------------- --------- Subtotal 90,314 4,065 94,379 65.0% ------------- ------------ ------------- --------- Technology and Biotechnology FBR Technology Venture Partners, LP (2) - 795 795 0.6% FBR Technology Venture Partners II 234 1,932 2,166 1.5% FBR CoMotion Venture Capital I, LP (3) - 2,037 2,037 1.4% FBR Family of Mutual Funds 774 - 774 0.5% DDL and related direct investments 253 5,573 5,826 4.0% Direct investment 534 - 534 0.4% Third-party partnerships 80 2,868 2,948 2.0% Other 79 - 79 0.1% ------------- ------------ ------------- --------- 1,954 13,205 15,159 10.5% Capital Crossover Partners (third party partnership) 9,640 - 9,640 6.6% ------------- ------------ ------------- --------- Subtotal 11,594 13,205 24,799 17.1% ------------- ------------ ------------- --------- Debt ------------- ------------ ------------- --------- Direct investment (4) - 7,500 7,500 5.2% ------------- ------------ ------------- --------- Other FBR Arbitrage, LLC 11,400 - 11,400 7.9% FBR Weston, Limited Partnership 2,699 - 2,699 1.9% FBR Pegasus Fund, LLC 3,302(5) - 3,302 2.3% Third-party partnership 750 - 750 0.5% Other 20 196 216 0.1% ------------- ------------ ------------- --------- 18,171 196 18,367 12.7% ------------- ------------ ------------- --------- ------------- ------------ ------------- --------- TOTALS $ 120,079 $ 24,966 $ 145,045 100.0% ============= ============ ============= =========
(1) Excludes trading securities inventory and bank investment securities. (2) Amount includes accrued Fund Manager Compensation expense ("FMC") of $120. Asset value net of FMC as of June 30, 2002 was $675. (3) Amount includes loans of $456 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. (5) Fund of private funds. Comprises public securities of component funds according to component fund managers. -----END PRIVACY-ENHANCED MESSAGE-----