Exhibit 12

FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

	Years Ended December 31,
	2004		2003		2002		2001			2000
Pre-tax income (loss) from continuing operations adjusted to exclude income or loss from equity investees	$	399,536	$	225,165	$	42,229	$	(18,457	)	$	1,000
Distributed income of equity investees		2,141		553		14,089		10,747			12,036
Fixed charges:
Interest expense and amortization of debt discount and premium on all indebtedness		164,156		68,995		2,073		1,083			1,665
Rentals: Equipment and office rent expense— 33.33%		2,798		1,719		1,692		1,657			1,305
Total fixed charges	$	166,954	$	70,714	$	3,765	$	2,740		$	2,970
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	$	568,631	$	296,432	$	60,083	$	(4,970	)	$	16,006
Ratio of earnings to fixed charges		3.4		4.2		16.0		(A	)		5.4

^(A) Due to the company’s losses in 2001, the ratio coverage in this year was less than 1:1. The company would have had to generate additional earnings of $7,710 to achieve coverage of 1:1 in this year.