Exhibit 12

FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

	Nine Months Ended September 30, 2004		Years Ended December 31,
			2003		2002		2001			2000		1999
Pre-tax income (loss) from continuing operations adjusted to exclude income or loss from equity investees	$	296,723	$	225,165	$	42,229	$	(18,457	)	$	1,000	$	(16,515	)
Distributed income of equity investees		2,141		553		14,089		10,747			12,036		2,590
Fixed charges:
Interest expense and amortization of debt discount and premium on all indebtedness		111,188		68,995		2,073		1,083			1,665		1,323
Rentals: Equipment and office rent expense— 33.33%		1,907		1,719		1,692		1,657			1,305		1,135
Total fixed charges	$	113,095	$	70,714	$	3,765	$	2,740		$	2,970	$	2,458
Pre-tax income (loss) from continuing operations before adjustments for income or loss from equity investees plus fixed charges and distributed income of equity investees	$	411,959	$	296,432	$	60,083	$	(4,970	)	$	16,006	$	(11,467	)
Ratio of earnings to fixed charges		3.6		4.2		16.0		(A	)		5.4		(A	)

^(A) Due to the company’s losses in 2001 and 1999, the ratio coverage in these years was less than 1:1. The company would have had to generate additional earnings of $7,710 and $13,925, respectively, to achieve coverage of 1:1 in these years.