SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* Crestview Partners GP, L.P. (Last) (First) (Middle) 667 MADISON AVENUE 10TH FLOOR (Street) NEW YORK NY 10065 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol FBR CAPITAL MARKETS CORP [ FBCM ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 03/06/2009
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.001 per share ("Common Stock")	03/06/2009		P		2,500	A	$2.19(4)	5,468,613	I(1)	Through limited partnerships(1)(2)(3)
Common Stock	03/09/2009		P		34,600	A	$2.39(5)	5,503,213	I(1)	Through limited partnerships(1)(2)(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Option (Right to Buy) ("Option")	$17.14							07/20/2006	07/20/2012	Option	2,600,000		2,600,000	I(1)(2)(3)	Through limited partnerships(1)(2)(3)

1. Name and Address of Reporting Person* Crestview Partners GP, L.P. (Last) (First) (Middle) 667 MADISON AVENUE 10TH FLOOR (Street) NEW YORK NY 10065 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* CRESTVIEW PARTNERS, L.P. (Last) (First) (Middle) C/O CRESTVIEW PARTNERS GP, L.P. 667 MADISON AVENUE 10TH FLOOR (Street) NEW YORK NY 10065 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* CRESTVIEW OFFSHORE HOLDINGS (CAYMAN), L.P. (Last) (First) (Middle) C/O CRESTVIEW PARTNERS GP, L.P. 667 MADISON AVENUE 10TH FLOOR (Street) NEW YORK NY 10065 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See footnotes (1)(2)(3)

1. Name and Address of Reporting Person* CRESTVIEW PARTNERS (PF), L.P. (Last) (First) (Middle) C/O CRESTVIEW PARTNERS GP, L.P. 667 MADISON AVE 10TH FLOOR (Street) NEW YORK NY 10065 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See footnotes (1)(2)(3)

1. Name and Address of Reporting Person* CRESTVIEW HOLDINGS (TE), L.P. (Last) (First) (Middle) C/O CRESTVIEW PARTNERS GP, L.P. 667 MADISON AVENUE 10TH FLOOR (Street) NEW YORK NY 10065 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See footnotes (1)(2)(3)

1. Name and Address of Reporting Person* CRESTVIEW PARTNERS (ERISA), L.P. (Last) (First) (Middle) C/O CRESTVIEW PARTNERS GP, L.P. 667 MADISON AVENUE 10TH FLOOR (Street) NEW YORK NY 10065 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See footnotes (1)(2)(3)

1. Name and Address of Reporting Person* Forest Holdings LLC (Last) (First) (Middle) C/O CRESTVIEW PARTNERS GP, L.P. 667 MADISON AVENUE 10TH FLOOR (Street) NEW YORK NY 10065 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See footnotes (1)(2)(3)

1. Name and Address of Reporting Person* Forest Holdings (ERISA) LLC (Last) (First) (Middle) C/O CRESTVIEW PARTNERS GP, L.P. 667 MADISON AVENUE 10TH FLOOR (Street) NEW YORK NY 10065 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See footnotes (1)(2)(3)

Explanation of Responses:

1. This Form 4 is being filed by more than one reporting person. Crestview Partners GP, L.P. is the general partner of Crestview Partners, L.P., Crestview Partners (Cayman), L.P., Crestview Offshore Holdings (Cayman), L.P. (the "Cayman Fund"), Crestview Partners (PF), L.P., Crestview Partners (TE), L.P., Crestview Holdings (TE), L.P. (the "TE Fund") and Crestview Partners (ERISA), L.P. Crestview Partners (TE), L.P. is a limited partner of the TE Fund. Crestview Partners GP, L.P. is the sole member of Crestview Partners (Cayman), Ltd., which is the administrative general partner of the Cayman Fund and Crestview Partners (Cayman), L.P., which is a limited partner of the Cayman Fund.

2. Crestview Partners, L.P., the Cayman Fund, Crestview Partners (PF), L.P. and the TE Fund are 67.4, 16.2, 11.7 and 4.7% members, respectively, in Forest Holdings LLC, which is the record owner of 5,218,890 shares of Common Stock and 2,465,671 Options. Crestview Partners (ERISA), L.P. is the sole member of Forest Holdings (ERISA) LLC, which is the record owner of 284,323 shares of Common Stock and 134,329 Options. Each reporting person disclaims beneficial ownership of the reported securities except and to the extent of its pecuniary interest therein.

3. Crestview Advisors, L.L.C., which provides investment advisory and management services to certain of the reporting persons, acquired on September 19, 2008 502,268 options to buy common shares of the issuer at a exercise price of $5.30 per share. The reporting persons disclaim beneficial ownership of such securities.

4. $2.19 is the weighted average purchase price for the purchases made on March 6, 2009. Actual purchase prices for March 6, 2009 ranged from $2.08 to $2.27. Upon request by the Securities and Exchange Commission staff, the reporting persons will provide full information regarding the number of shares purchased at each separate price.

5. $2.39 is the weighted average purchase price for the purchases made on March 9, 2009. Actual purchase prices for March 9, 2009 ranged from $2.32 to $2.40. Upon request by the Securities and Exchange Commission staff, the reporting persons will provide full information regarding the number of shares purchased at each separate price.

	Crestview Partners GP, L.P., By: Crestview, L.L.C., its General Partner, /s/ Thomas S. Murphy Jr.	03/10/2009
	Crestview Partners, L.P., By: Crestview Partners GP, L.P., its General Partner, By: Crestview, L.L.C., its General Partner, /s/ Thomas S. Murphy Jr.	03/10/2009
	Crestview Offshore Holdings (Cayman), L.P., By: Crestview Partners GP, L.P., its General Partner, By: Crestview, L.L.C., its General Partner, /s/ Thomas S. Murphy Jr.	03/10/2009
	Crestview Partners (PF), L.P., By: Crestview Partners GP, L.P., its General Partner, By: Crestview, L.L.C., its General Partner, /s/ Thomas S. Murphy Jr.	03/10/2009
	Crestview Holdings (TE), L.P. , By: Crestview Partners GP, L.P., its General Partner, By: Crestview, L.L.C., its General Partner, /s/ Thomas S. Murphy Jr.	03/10/2009
	Crestview Partners (ERISA), L.P., By: Crestview Partners GP, L.P., its General Partner, By: Crestview, L.L.C., its General Partner, /s/ Thomas S. Murphy Jr.	03/10/2009
	Forest Holdings LLC, By: Crestview Partners, L.P., By: Crestview Partners GP, L.P., its General Partner, By: Crestview, L.L.C., its General Partner, /s/ Thomas S. Murphy Jr.	03/10/2009
	Forest Holdings (ERISA) LLC, By: Crestview Partners (ERISA), L.P., By: Crestview Partners GP, L.P., its Sole Member, By: Crestview, L.L.C., its General Partner, /s/ Thomas S. Murphy Jr.	03/10/2009
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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