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   Strategies & Market TrendsFBR Asset Investment Corp (FB)


To: leigh aulper who wrote ()9/29/1999 12:19:00 PM
From: leigh aulper
   of 5
 
Friedman, Billings, Ramsey Group, Inc. (NYSE:FBR - news) currently has a 19 percent equity ownership interest in FBR Asset and with warrants could potentially own up to 26.55 percent of the company. The majority of FBR Asset's outstanding shares are owned by individual and institutional investors.

On September 16, 1999, FBR Asset declared a third quarter cash dividend of $0.40 per share.

FBR Asset is externally managed by Friedman, Billings, Ramsey Investment Management, Inc., (FBRIM), a subsidiary of Friedman, Billings, Ramsey Group, Inc.

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To: leigh aulper who wrote ()10/22/1999 4:23:00 PM
From: leigh aulper
   of 5
 


Friday October 22, 2:25 pm Eastern Time
Company Press Release
FBR Asset Investment Corp. Reports Income of $0.38 Per Share for the Third Quarter of 1999
ARLINGTON, Va.--(BUSINESS WIRE)--Oct. 22, 1999--FBR Asset Investment Corp. (AMEX:FB - news), a Real Estate Investment Trust (REIT), today reported net income for the quarter ended Sept. 30, 1999 of $2.7 million or $0.38 per share.

On Sept. 16, 1999, FBR Asset declared a third quarter cash dividend of $0.40 per share.

At Sept. 30, 1999, FBR Asset had $247 million in total assets, 6.9 million shares outstanding, and a Book Value of $17.69 per share. At June 30, 1999, FBR Asset had $254 million in total assets, 7.1 million shares outstanding, and a Book Value of $17.85 per share.

FBR Asset Investment Corp. (''FBR Asset'') invests in mortgages, mortgage-backed securities and other real estate-related assets. FBR Asset is externally managed by Friedman, Billings, Ramsey Investment Management, Inc., (FBRIM), a subsidiary of Friedman, Billings, Ramsey Group, Inc. Friedman, Billings, Ramsey Group, Inc. is an investment bank and asset manager and the parent company of fbr.com, an online investment bank and electronic brokerage.

Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR - news) currently has a 19-percent equity ownership interest in FBR Asset and has warrants to potentially own up to 27.10 percent of the company. The majority of FBR Asset's outstanding shares are owned by individual and institutional investors.

FBR Asset listed on the American Stock Exchange on Sept. 29, 1999.

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To: leigh aulper who wrote ()1/31/2000 6:47:00 PM
From: leigh aulper
   of 5
 
FBR Asset Investment Corporation Reports 4Q and Full-Year 1999 Results; Company Declares Special Dividend of $0.25 for Year
ARLINGTON, Va., Jan. 31 /PRNewswire/ -- FBR Asset Investment Corporation (Amex: FB - news) today reported that revenue for the full year ended December 31, 1999 was $23.5 million, compared with $17.9 million in 1998, a 31 percent increase.

FBR Asset Investment Corporation (``FBR Asset') reported net income of $5.1 million or $0.68 per share for the full year 1999, compared with net income of $1.6 million or $0.16 per share, in 1998. In the fourth quarter ended December 31, 1999, FBR Asset reported a net loss of $4.1 million or $0.61 per share, compared to a net loss of $6.4 million or $0.64 per share, in the fourth quarter of 1998.

The Company noted that the reported results for 1999 include $10.9 million in unrealized investment depreciation that had previously reduced FBR Assets' shareholders' equity. Before this depreciation, which was recognized in the fourth quarter, the Company generated net income of $16.0 million or $2.13 per share for the full year, and $6.8 million or $1.00 per share for the fourth quarter.

On December 16, 1999, FBR Asset announced that it would declare a special dividend in January 2000 if per share 1999 taxable income was higher than anticipated due to additional income or share repurchases by the Company. FBR Asset today said that its Board of Directors has approved a special cash dividend of $0.25 per share. The dividend will be paid on February 25, 2000 to holders of record as of February 11, 2000.

William Swanson, Chief Operating Officer of FBR Asset, said, ``We are very pleased with our earnings for the year. The markdown of our securities gives us a book value that is very attractive compared to the underlying asset values of the securities we hold. In 2000, we anticipate outstanding opportunities as liquidity in the real estate sector remains scarce.'

FBR Asset is a Real Estate Investment Trust (REIT) formed in December, 1997, which invests in mortgages, mortgage-backed securities and other real estate-related assets. As of December 31, 1999, the Company had approximately $330 million in total assets, shareholders' equity of $105 million, a book value of $18.00 per share and 5.8 million shares outstanding.

Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR - news) currently has a 25- percent equity ownership interest in FBR Asset and has warrants to potentially own up to 40 percent of the company. The majority of FBR Asset's outstanding shares are owned by individual and institutional investors.

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To: leigh aulper who started this subject8/16/2000 8:39:27 PM
From: leigh aulper
   of 5
 
FBR Asset Investment Corporation Reports Second Quarter Results
ARLINGTON, Va., Aug. 16 /PRNewswire/ -- FBR Asset Investment Corporation (Amex: FB - news) today reported second quarter 2000 operating earnings of $2.7 million, or $0.59 per share; compared with operating earnings of $3.8 million, or $0.49 per share for the second quarter a year ago. Revenue for the second quarter was $5.9 million, compared with $5.4 million for the second quarter of 1999.

For the first six months, FBR Asset had operating earnings of $6.2 million, or $1.24 per share; compared with operating earnings of $6.5 million, or $0.81 per share, for the first half of 1999. Revenue for the first six months was $12.2 million, compared to $10.6 million for the first six months of 1999.

During the first six months, FBR Asset recorded a charge of $5.6 million, most of which had already been recorded as a reduction of shareholders equity in previous quarters -- yielding year to date net income of $0.6 million, or $0.12 per share. The FBR Asset first half 2000 operating earnings of $6.2 million were before recognized losses on available-for-sale equity securities.

FBR Asset paid a second quarter dividend of $0.60 per share on July 14, 2000 to shareholders of record as of June 30, 2000. The Company also paid a $0.55 per share dividend on April 14, 2000.

FBR Asset is a Real Estate Investment Trust (REIT) formed in December 1997. It invests in mortgages, mortgage-backed securities, and other real estate-related assets. As of June 30, 2000, the Company had approximately $266 million in total assets, shareholders' equity of $87 million, a book value of $20.48 per share, and 4.3 million shares outstanding.

Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR - news) has a 32 percent equity ownership interest in FBR Asset, and has warrants to potentially own up to 43 percent of FBR Asset. The majority of FBR Asset's outstanding shares are owned by individual and institutional investors.

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To: leigh aulper who started this subject11/6/2000 4:55:34 PM
From: leigh aulper
   of 5
 
FBR Asset Investment Corporation (Amex:
FB - news) today reported third quarter 2000 operating earnings of $2.4 million,
or $0.58 per share; compared with operating earnings of $2.7 million, or $0.38
per share for the third quarter of 1999. Revenue for the third quarter of 2000
was $5.6 million, compared with $4.6 million for the third quarter of 1999.

For the first nine months of 2000, FBR Asset had operating earnings of
$8.6 million, or $1.82 per share; compared with operating earnings of $9.3
million, or $1.19 per share, for the first nine months of 1999. Revenue for the
first nine months of 2000 was $17.8 million, compared to $15.2 million for the
first nine months of 1999.

During the first nine months, FBR Asset recorded a charge of $5.6
million related to the impairment of certain available for sale equity
securities, most of which had already been recorded as a reduction of
shareholders equity in previous quarters -- yielding year to date net income of
$3.0 million, or $0.63 per share. FBR Asset's operating earnings for the first
nine months of 2000 of $8.6 million were before recognized losses on these
available-for-sale equity securities.

FBR Asset paid a third quarter dividend of $0.60 per share on October
16, 2000 to shareholders of record as of September 29, 2000. The Company also
paid a $0.60 per share dividend on July 14, 2000.

FBR Asset is a Real Estate Investment Trust (REIT) formed in December
1997. It invests in mortgages, mortgage-backed securities, and other real
estate-related assets. As of September 30, 2000, the Company had approximately
$232 million in total assets, shareholders' equity of $87 million, a book value
of $21.63 per share, and 4.0 million shares outstanding.

Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR - news) has a 33
percent equity ownership interest in FBR Asset, and has warrants to potentially
own up to 44 percent of FBR Asset. The majority of FBR Asset's outstanding
shares are owned by individual and institutional investors.

FBR Asset listed on the American Stock Exchange on September 29, 1999.

NOTE TO EDITORS: Please note that "FBR Asset Investment Corporation"
and "Friedman, Billings, Ramsey Group, Inc." are two different companies. FBR
Asset is a REIT, which is required as a result of its tax status, to pay a
dividend. FBR Asset (Amex: FB - news) is externally managed by Friedman,
Billings, Ramsey Investment Management, Inc., a subsidiary of Friedman,
Billings, Ramsey Group, Inc. Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR -
news) is a publicly held company, which has historically never paid a dividend.
Friedman, Billings, Ramsey Group, Inc. is a minority owner of FBR Asset. Thank
you.

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