Exhibit 12

FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

	Nine months Ended September 30, 2005		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	$	128,071	$	399,536	$	225,165	$	42,229	$	(18,457	)	$	1,000
Distributed income of equity investees		23,936		2,141		553		14,089		10,747			12,036
Fixed charges:
Interest expense and amortization of debt discount and premium on all indebtedness		334,920		164,156		68,995		2,073		1,083			1,665
Rentals: Equipment and office rent expense—33.33%		4,344		2,798		1,719		1,692		1,657			1,305
Total fixed charges	$	399,264	$	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	$	491,271	$	568,631	$	296,432	$	60,083	$	(4,970	)	$	16,006
Ratio of earnings to fixed charges		1.4		3.4		4.2		16.0		(A	)		5.4

^(A) Due to the company’s losses in 2001, the ratio coverage for that 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 2001.