EX-99.2 4 longterm4thqtr02.txt LONG-TERM INVESTMENT MATRIX Exhibit 99.2
Friedman, Billings, Ramsey Group, Inc. Long-Term Investment Matrix (1) As of December 31, 2002 (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, 2002 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 $ 6,692 $ - $ 6,692 4.5% FBR Private Equity Fund, LP 450 995 1,445 1.0% FBR Future Financial Fund, LP - 1,040 1,040 0.7% FBR Financial Services Partners, LP 55 580 635 0.4% Direct investment 2,141 750 2,891 1.9% ---------------- ----------------- ----------------- ------------ 9,338 3,365 12,703 8.5% Real Estate/Mortgage FBR Asset Investment Corporation 70,194 4,582 74,776 49.8% Direct investment 3,179 4,473 7,652 5.1% ---------------- ----------------- ----------------- ------------ 73,373 9,055 82,428 54.9% ---------------- ----------------- ----------------- ------------ Subtotal 82,711 12,420 95,131 63.4% ---------------- ----------------- ----------------- ------------ Technology and Biotechnology FBR Technology Venture Partners, LP (2) - 654 654 0.4% FBR Technology Venture Partners II - 2,128 2,128 1.4% FBR CoMotion Venture Capital I, LP (3) - 1,886 1,886 1.3% FBR Family of Mutual Funds 752 - 752 0.5% DDL and related direct investments 1,176 5,497 6,673 4.4% Direct investment 372 - 372 0.3% Third-party partnerships - 2,901 2,901 1.9% Other 91 797 888 0.6% ---------------- ----------------- ----------------- ------------ 2,391 13,863 16,254 10.8% Capital Crossover Partners 12,736 - 12,736 8.5% (third party partnership) ---------------- ----------------- ----------------- ------------ Subtotal 15,127 13,863 28,990 19.3% ---------------- ----------------- ----------------- ------------ Debt ---------------- ----------------- ----------------- ------------ Direct investment (4) - 7,500 7,500 5.0% ---------------- ----------------- ----------------- ------------ Other FBR Arbitrage, LLC 11,259 - 11,259 7.5% FBR Weston, Limited Partnership 2,890 - 2,890 1.9% FBR Pegasus Fund, LLC (5) 2,685 - 2,685 1.8% Third-party partnership 750 - 750 0.5% Other 64 772 836 0.6% ---------------- ----------------- ----------------- ------------ 17,648 772 18,420 12.3% ---------------- ----------------- ----------------- ------------ ---------------- ----------------- ----------------- ------------ TOTALS $ 115,486 $ 34,555 $ 150,041 100.0% ================ ================= ================= ============
(1) Excludes trading securities inventory. (2) Amount includes accrued Fund Manager Compensation expense ("FMC") of $88. Asset value net of FMC as of December 31, 2002 was $566. (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.