The FBR Group is a subsidiary of Friedman Billings Ramsey, a top 10 investment bank with a national franchise with one of the strongest equities distribution capabilities in the securities industry. FBR is a real estate investment trust with taxable subsidiaries that conduct investment banking, institutional brokerage and asset management businesses. FBR invests in portfolios of mortgage-based assets valued at approximately $15 billion, as well as in a portfolio of merchant banking and other long-term assets with a value of nearly $335 million. With a team of more than 215 brokers, traders and sales traders covering nearly 700 institutional accounts, the company is a trader in more than 640 securities. FBR focuses its banking, trading and research efforts in eight industry sectors that include consumer, diversified industrials, energy and natural resources, financial institutions, health care, insurance, real estate, and technology, media and telecommunications. The FBR Group is headquartered in New York.