ARLINGTON, Va., Oct. 23 /PRNewswire-FirstCall/ -- Friedman, Billings,
Ramsey Group, Inc. (FBR Group) (NYSE: FBR) today reported a net after-tax loss
of $169.0 million for the quarter ended September 30, 2008, or $1.12 per share
(diluted), compared to net after-tax loss of $210.6 million, or $1.25 per
share (diluted), for the third quarter of 2007. FBR Group's net after-tax loss
for the first nine months of 2008 was $149.0 million, or $0.99 per share
(diluted), compared to a net after-tax loss of $388.2 million, or $2.27 per
share (diluted) in the first nine months of 2007.
FBR Group also announced that it has retained financial advisors to
evaluate strategic alternatives for the purpose of maximizing the value of its
assets and liabilities including all of its trust preferred debt. Potential
strategic alternatives include the sale of the company or its assets or
distribution of its assets to shareholders.
Excluding its ownership interest in FBR Capital Markets, as of September
30, 2008, FBR Group had assets of $2.3 billion including MBS of $1.7 billion
and cash of $82 million, and repurchase agreements of $1.7 billion. Total
tangible capital was $349 million including trust preferred debt but excluding
its ownership interest in FBR Capital Markets. FBR Group's interest in FBR
Capital Markets' tangible capital was $223 million at September 30, 2008. FBR
Group's consolidated tangible capital on September 30, 2008 was $572 million
and consolidated shareholders' equity was $268 million.
Book value net of Accumulated Other Comprehensive Income (AOCI) (1) as of
September 30, 2008 was $1.81 per share compared to book value net of AOCI of
$2.89 per share as of June 30, 2008.
As of September 30, 2008, approximately $188 million of tangible capital,
or $1.24 per share, was invested in cash and readily marketable agency
securities. During the third quarter, $19 million of liquidations and pay-
downs of capital invested in non-agency MBS securities and other investments
was recovered. Remaining non-prime securities totaled $10 million at the end
of the third quarter.
During the quarter and subsequent to the quarter end, FBR Group
implemented a program to downsize its MBS portfolio in order to reduce
exposure to deteriorating market conditions while at the same time generating
additional cash to fund the extinguishment of its trust preferred debt at a
significant discount to face value.
In the third quarter, the Company extinguished $6.8 million of trust
preferred debt and realized a $4.1 million gain versus face value on the debt.
Subsequent to quarter end, the Company extinguished an additional $38 million
of trust preferred debt for a gain of $23 million leaving $273 million of
trust preferred debt outstanding. Also subsequent to quarter end, the Company
further reduced its MBS portfolio by $1.1 billion resulting in a net loss of
$42 million after deducting the $23 million gain from the extinguishment of
trust preferred debt.
After giving effect to these post-third quarter transactions, FBR Group
has agency MBS of $503 million, super senior AAA MBS of $195 million, and
total repurchase agreements of $568 million.
Third Quarter Highlights
The third quarter 2008 results reflect cash and non-cash items.
Operating and realized Investment Losses of $36.0 million include:
-- $1.5 million of operating cash loss at FBR Group
-- $4.1 million gain on the extinguishment of $6.8 million of trust
preferred debt.
-- $23.9 million of realized investment loss related to sales of agency
MBS and a hedge instrument during the quarter, of which $2.8 million
was recorded in AOCI as of June 30, 2008.
-- $14.7 million of losses, net of minority interest, relating to FBR
Capital Markets.
Non-Cash and Impairment Charges of $133.0 million include:
-- $129.2 million of impairment related investment losses including:
-- $119.0 million of other than temporary impairment on MBS and related
hedges, of which $85.5 million was recorded in AOCI as of June 30,
2008.
-- $7.1 million of other than temporary impairment on merchant banking
Investments.
-- $3.1 million related to investment partnerships and sub-prime NIMs.
-- $3.8 million of non-cash compensation charges.
Merchant Banking
Excluding FBR Capital Markets, the total value of the merchant banking
investments held by FBR Group at the end of the third quarter was $27.3
million. During the quarter, the Company recorded $7.1 million in other than
temporary impairments related to merchant banking investments. No additional
investments were made in the portfolio during the quarter.
FBR Capital Markets Corporation
Friedman Billings Ramsey Group, Inc. results have no effect or impact on
the financial strength, performance, or ongoing operations of FBR Group's
majority owned subsidiary, FBR Capital Markets Corporation (Nasdaq: FBCM),
which is a separately traded and managed public company. FBR Group does,
however, consolidate FBR Capital Markets' financial results on a proportionate
basis.
FBR Capital Markets reported a net after-tax loss of $28.6 million, or
$0.44 per share (diluted), for the quarter ended September 30, 2008, compared
to net after-tax earnings of $0.3 million in the third quarter of 2007. For
the nine months ending September 30, 2008, FBR Capital Markets reported a net
loss of $64.0 million after tax, or $0.99 per share (diluted), compared to net
after-tax earnings of $33.0 million, or $0.51 per share (diluted), for the
first nine months of 2007. At quarter's end, book value per share was $6.96.
FBR Capital Markets also reported a balance sheet reflecting $452 million
in capital -- all equity -- and approximately $294 million of cash and net
cash invested in floating rate securities. In line with its strategic plan
and market conditions, FBR Capital Markets announced it is taking additional
aggressive steps to lower break even levels. The Company plans to take
maximum advantage of the adverse economic environment and dislocation in the
industry and fully expects to participate in a substantial number capital
raising opportunities such as the recapitalizations of financial institutions.
Looking Ahead
'These are undoubtedly the most challenging times that we have ever seen
in the financial markets,' said Eric Billings, Chairman and Chief Executive
Officer of FBR Group. 'We believe we have taken and are continuing to take all
necessary steps to position the Company to be able to patiently realize the
maximum value of all of our assets and liabilities.'
Complete third quarter 2008 financial results and tables for FBR Capital
Markets can be found at www.fbrcapitalmarkets.com.
Investors wishing to listen to the FBR Group earnings conference call at
9:00 A.M. U.S. EDT, October 23, 2008, may do so via the Web at:
http://phx.corporate-ir.net/phoenix.zhtml?c=71352&p=irol-irhome.
Replays of the webcast will be available after the call.
Friedman, Billings, Ramsey Group, Inc. (FBR) invests in mortgage-related
assets, merchant banking opportunities and is the majority owner of FBR
Capital Market Corporation, a separate publicly traded company. FBR is
headquartered in the Washington, D.C. metropolitan area. For more information,
please visit www.fbr.com.
(1) Accumulated Other Comprehensive Income (AOCI) includes changes in the
value of available-for-sale securities and cash flow hedges. FBR believes that
such changes represent temporary market fluctuations, are not reflective of
our market strategy, and, therefore, the exclusion of AOCI provides a
reasonable basis for calculating returns.
Statements concerning future performance, developments, events, market
forecasts, revenues, expenses, earnings, run rates and any other guidance on
present or future periods, constitute forward-looking statements that are
subject to a number of factors, risks and uncertainties that might cause
actual results to differ materially from stated expectations or current
circumstances. These factors include, but are not limited to, changes in
interest rates, increased costs of borrowing, decreased interest spreads,
changes in mortgage pre-payment speeds, risks associated with merchant banking
investments, the realization of gains and losses on principal investments,
available technologies, competition for business and personnel, and general
economic, political and market conditions. These and other risks are described
in the Company's Annual Report and Form 10-K and quarterly reports on Form 10-
Q that are available from the Company and from the SEC.
Financial data follow.
FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited) Quarter Ended
September 30,
2008 % 2007 %
------- ----- ------- -------
REVENUES:
Investment banking:
Capital raising $6,763 -6.5% $49,692 -108.8%
Advisory 5,999 -5.8% 16,480 -36.1%
Institutional brokerage:
Principal transactions 2,610 -2.5% 968 -2.1%
Agency commissions 33,813 -32.6% 26,257 -57.5%
Asset management:
Base management fees 3,710 -3.6% 6,119 -13.4%
Incentive allocations and fees - 0.0% 82 -0.2%
Principal investment:
Interest 31,057 -29.9% 115,007 -251.7%
Net investment loss (164,153) 158.2% (131,960) 288.8%
Dividends 307 -0.3% 526 -1.2%
Mortgage banking:
Interest - 0.0% 7,194 -15.7%
Net investment loss - 0.0% (27,968) 61.2%
Other 1,548 -1.5% 3,990 -8.6%
------- ----- ------- -------
Total revenues (78,346) 75.5% 66,387 -145.3%
Interest expense 25,387 -24.5% 112,072 -245.3%
------- ----- ------- -------
Revenues, net of interest
expense (103,733) 100.0% (45,685) 100.0%
------- ----- ------- -------
NON-INTEREST EXPENSES:
Compensation and benefits 61,111 -58.9% 80,955 -177.2%
Professional services 10,442 -10.1% 12,281 -26.9%
Business development 5,262 -5.1% 7,713 -16.9%
Clearing and brokerage fees 3,834 -3.7% 3,953 -8.7%
Occupancy and equipment 8,282 -8.0% 12,695 -27.8%
Communications 5,773 -5.6% 7,148 -15.6%
Other operating expenses 6,668 -6.4% 16,140 -35.3%
Restructuring charges - 0.0% 6,172 -13.5%
------- ----- ------- -------
Total non-interest expenses 101,372 -97.8% 147,057 -321.9%
------- ----- ------- -------
Operating loss (205,105) 197.8% (192,742) 421.9%
------- ----- ------- -------
OTHER INCOME (LOSS):
Gain on reduction in long-term debt 4,078 -4.0% - 0.0%
Loss on subsidiary share
transactions and other losses (4) 0.0% (2,450) 5.4%
------- ----- ------- -------
Loss before income taxes and
minority interest (201,031) 193.8% (195,192) 427.3%
Income tax (benefit) provision (18,123) 17.5% 15,288 -33.4%
Minority interest in (losses)
earnings of consolidated subsidiary (13,886) 13.4% 165 -0.4%
------- ----- ------- -------
Net loss $(169,022) 162.9% $(210,645) 461.1%
======= ====== ======== =======
Basic loss per share $(1.12) $(1.25)
======= ========
Diluted loss per share $(1.12) $(1.25)
======= ========
Weighted average shares - basic 151,301 167,874
======= ========
Weighted average shares - diluted 151,301 167,874
======= ========
FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)
Nine Months Ended
September 30,
2008 % 2007 * %
------- ------- -------- -------
REVENUES:
Investment banking:
Capital raising $75,635 198.9% $256,971 182.6%
Advisory 15,267 40.2% 29,090 20.7%
Institutional brokerage:
Principal transactions 13,455 35.4% 7,156 5.1%
Agency commissions 89,581 235.6% 78,639 55.9%
Asset management:
Base management fees 12,507 32.9% 18,007 12.8%
Incentive allocations and fees - 0.0% 302 0.2%
Principal investment:
Interest 83,798 220.4% 446,258 317.1%
Net investment loss (188,637) -496.2% (194,102) -137.9%
Dividends 994 2.6% 2,368 1.7%
Mortgage banking:
Interest 36 0.1% 47,186 33.5%
Net investment income (loss) 463 1.2% (138,858) -98.7%
Other 5,815 15.3% 12,566 8.9%
------- ------- -------- -------
Total revenues 108,914 286.4% 565,583 401.9%
Interest expense 70,895 186.4% 424,854 301.9%
------- ------- -------- -------
Revenues, net of interest 38,019 100.0% 140,729 100.0%
------- ------- -------- -------
NON-INTEREST EXPENSES:
Compensation and benefits 192,035 505.1% 291,822 207.4%
Professional services 33,401 87.9% 40,143 28.5%
Business development 24,368 64.1% 32,640 23.2%
Clearing and brokerage fees 10,857 28.6% 9,717 6.9%
Occupancy and equipment 26,051 68.5% 38,511 27.4%
Communications 18,046 47.5% 21,791 15.5%
Other operating expenses 19,107 50.3% 66,540 47.3%
Goodwill impairment - 0.0% 54,752 38.9%
Restructuring charges - 0.0% 25,519 18.1%
------- ------- -------- -------
Total non-interest expenses 323,865 852.0% 581,435 413.2%
------- ------- -------- -------
Operating loss (285,846) -752.0% (440,706) -313.2%
OTHER INCOME:
(Loss) gain on subsidiary share
transactions (189) -0.5% 104,058 74.0%
Gain on reduction in long-term
debt 4,078 10.8% - 0.0%
Gain on disposition of subsidiary
and other income 73,030 192.1% - 0.0%
------- ------- -------- -------
Loss before income taxes and
minority interest (208,927) -549.5% (336,648) -239.2%
Income tax (benefit) provision (28,903) -76.0% 38,749 27.5%
Minority interest in (losses)
earnings of consolidated
subsidiary (31,053) -81.7% 12,782 9.1%
------- ------- -------- -------
Net loss $(148,971) -391.8% $(388,179) -275.8%
======= ======= ======== =======
Basic loss per share $(0.99) $(2.27)
======= ========
Diluted loss per share $(0.99) $(2.27)
======= ========
Weighted average shares - basic 151,134 171,308
======= ========
Weighted average shares -
diluted 151,134 171,308
======= ========
FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.
Financial & Statistical Supplement - Operating Results
(Dollars in thousands, except per share data)
(Unaudited)
Nine Months Ended
September
30, 2008 Q-3 08 Q-2 08 Q-1 08
---------------------------------------------
Revenues
Investment banking:
Capital raising $75,635 $6,763 $3,962 $64,910
Advisory 15,267 5,999 4,192 5,076
Institutional brokerage:
Principal transactions 13,455 2,610 4,888 5,957
Agency commissions 89,581 33,813 29,918 25,850
Asset management:
Base management fees 12,507 3,710 4,153 4,644
Principal investment:
Interest 83,798 31,057 26,827 25,914
Net investment loss (188,637) (164,153) (4,797) (19,687)
Dividends 994 307 258 429
Mortgage banking:
Interest 36 - - 36
Net investment income (loss) 463 - (5) 468
Other 5,815 1,548 1,932 2,335
---------------------------------------------
Total revenues 108,914 (78,346) 71,328 115,932
Interest expense 70,895 25,387 21,858 23,650
---------------------------------------------
Revenues, net of interest
expense 38,019 (103,733) 49,470 92,282
---------------------------------------------
Non-interest expenses
Compensation and benefits 192,035 61,111 53,970 76,954
Professional services 33,401 10,442 10,492 12,467
Business development 24,368 5,262 6,812 12,294
Clearing and brokerage fees 10,857 3,834 3,393 3,630
Occupancy and equipment 26,051 8,282 8,580 9,189
Communications 18,046 5,773 6,255 6,018
Other operating expenses 19,107 6,668 7,055 5,384
---------------------------------------------
Total non-interest
expenses 323,865 101,372 96,557 125,936
---------------------------------------------
Operating loss (285,846) (205,105) (47,087) (33,654)
Other income (loss) 76,919 4,074 (192) 73,037
---------------------------------------------
(Loss) income before income
taxes and minority interest (208,927) (201,031) (47,279) 39,383
Income tax benefit (28,903) (18,123) (9,974) (806)
Minority interest in losses of
consolidated subsidiary (31,053) (13,886) (12,254) (4,913)
---------------------------------------------
Net (loss) income $(148,971) $(169,022) $(25,051) $45,102
=============================================
ROE (annualized) -60.0% -204.3% -27.2% 48.9%
ROE (annualized-excluding
AOCI)(1) -58.3% -198.5% -23.8% 41.8%
Total shareholders' equity $268,097 $268,097 $343,686 $344,408
Total shareholders' equity, net
of AOCI(1) $274,547 $274,547 $436,093 $455,761
Basic (loss) earnings per share $(0.99) $(1.12) $(0.17) $0.30
Diluted (loss) earnings per share $(0.99) $(1.12) $(0.17) $0.30
Ending shares outstanding (in
thousands) 151,352 151,352 150,989 150,915
Book value per share $1.77 $1.77 $2.28 $2.28
Book value per share, net of
AOCI (1) $1.81 $1.81 $2.89 $3.02
Gross assets under management
(in millions)
Managed accounts $276.8 $276.8 $275.7 $333.9
Hedge & offshore funds 29.6 29.6 35.5 45.1
Mutual funds 1,433.2 1,433.2 1,553.4 1,702.9
Private equity and venture
capital funds 17.2 17.2 21.1 21.4
---------------------------------------------
Total $1,756.8 $1,756.8 $1,885.7 $2,103.3
=============================================
Net assets under management (in
millions)
Managed accounts $276.8 $276.8 $275.7 $333.9
Hedge & offshore funds 27.5 27.5 33.4 40.4
Mutual funds 1,427.1 1,427.1 1,533.8 1,698.0
Private equity and venture
capital funds 16.2 16.2 20.2 20.2
---------------------------------------------
Total $1,747.6 $1,747.6 $1,863.1 $2,092.5
=============================================
Employee count 666 666 719 726
=============================================
(1) Accumulated Other Comprehensive Income (AOCI) includes changes in
value of available-for-sale securities and cash flow hedges. We
believe that such changes represent temporary market fluctuations,
are not reflective of our market strategy, and therefore,
exclusion of AOCI provides a reasonable basis for calculating returns.
FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.
Financial & Statistical Supplement - Operating Results
(Dollars in thousands, except per share data)
(Unaudited)
Year Ended
Dec. 31,
2007 Q-4 07 Q-3 07 Q-2 07 Q-1 07
-----------------------------------------------------
Revenues
Investment banking:
Capital raising $282,619 $25,648 $49,692 $110,032 $97,247
Advisory 34,063 4,973 16,480 6,152 6,458
Institutional
brokerage:
Principal
transactions 10,152 2,996 968 4,152 2,036
Agency commissions 104,792 26,153 26,257 28,564 23,818
Asset management:
Base management
fees 23,549 5,542 6,119 6,360 5,528
Incentive allocations
and fees 401 99 82 116 104
Principal investment:
Interest 497,256 50,998 115,007 152,368 178,883
Net investment loss (216,429) (22,327) (131,960) (3,377) (58,765)
Dividends 3,173 805 526 883 959
Mortgage banking:
Interest 51,245 4,059 7,194 13,462 26,530
Net investment
loss (222,032) (83,174) (27,968) (4,031) (106,859)
Other 15,808 3,242 3,990 4,482 4,094
-----------------------------------------------------
Total revenues 584,597 19,014 66,387 319,163 180,033
Interest expense 477,437 52,583 112,072 143,231 169,551
-----------------------------------------------------
Revenues, net of
interest expense 107,160 (33,569) (45,685) 175,932 10,482
-----------------------------------------------------
Non-interest expenses
Compensation and
benefits 361,355 69,533 80,955 106,885 103,982
Professional services 55,741 15,598 12,281 14,008 13,854
Business development 43,518 10,878 7,713 11,158 13,769
Clearing and
brokerage fees 12,514 2,797 3,953 3,063 2,701
Occupancy and
equipment 52,302 13,791 12,695 12,699 13,117
Communications 28,690 6,899 7,148 7,592 7,051
Other operating
expenses 82,246 15,706 16,140 18,684 31,716
Impairment of
goodwill 162,765 108,013 - 28,900 25,852
Restructuring
charges 46,985 21,466 6,172 3,862 15,485
-----------------------------------------------------
Total non-interest
expenses 846,116 264,681 147,057 206,851 227,527
-----------------------------------------------------
Operating loss (738,956) (298,250) (192,742) (30,919) (217,045)
Other income (loss) 104,062 4 (2,450) 105,677 831
-----------------------------------------------------
(Loss) income before
income taxes and
minority interest (634,894) (298,246) (195,192) 74,758 (216,214)
Income tax provision
(benefit) 22,932 (15,817) 15,288 55,011 (31,550)
Minority interest
in earnings (losses)
of consolidated
subsidiary 774 (12,008) 165 9,538 3,079
-----------------------------------------------------
Net (loss) income $(658,600) $(270,421) $(210,645) $10,209 $(187,743)
=====================================================
ROE (annualized) -84.2% -138.3% -90.2% 3.7% -69.5%
ROE (annualized-
excluding AOCI)(1) -82.7% -135.8% -88.7% 3.7% -69.0%
Total shareholders'
equity $393,691 $393,691 $698,214 $1,012,635 $989,213
Total shareholders'
equity, net of
AOCI (1) $406,762 $406,762 $714,566 $996,283 $990,460
Basic (loss)
earnings per
share $(3.94) $(1.77) $(1.25) $0.06 $(1.09)
Diluted (loss)
earnings per
share $(3.94) $(1.77) $(1.25) $0.06 $(1.09)
Ending shares
outstanding
(in thousands) 150,674 150,674 158,671 173,756 172,846
Book value per
share $2.61 $2.61 $4.40 $5.83 $5.72
Book value per
share, net of
AOCI (1) $2.70 $2.70 $4.50 $5.73 $5.73
Gross assets under
management
(in millions)
Managed accounts $347.1 $347.1 $345.6 $291.3 $258.8
Hedge & offshore
funds 52.1 52.1 61.7 61.7 67.1
Mutual funds 2,046.5 2,046.5 2,292.3 2,482.6 2,412.9
Private equity
and venture
capital funds 23.8 23.8 31.3 33.8 41.2
-----------------------------------------------------
Total $2,469.5 $2,469.5 $2,730.9 $2,869.4 $2,780.0
=====================================================
Net assets under
management
(in millions)
Managed accounts $347.1 $347.1 $345.6 $291.3 $258.8
Hedge & offshore
funds 50.7 50.7 58.1 58.1 62.5
Mutual funds 2,034.6 2,034.6 2,285.1 2,474.7 2,406.4
Private equity
and venture
capital funds 22.6 22.6 29.8 32.0 38.0
-----------------------------------------------------
Total $2,455.0 $2,455.0 $2,718.6 $2,856.1 $2,765.7
=====================================================
Employee count 1,025 1,025 1,290 2,151 2,592
=====================================================
(1) Accumulated Other Comprehensive Income (AOCI) includes changes in
value of available-for-sale securities and cash flow hedges. We
believe that such changes represent temporary market fluctuations, are
not reflective of our market strategy, and therefore, exclusion of
AOCI provides a reasonable basis for calculating returns.
(2) Effective January 1, 2008, the Company elected to change its method of
amortizing and accreting premiums, discounts and other deferred costs
on its mortgage-backed securities portfolio to the 'Contractual
Method', in accordance with SFAS 91. See the Company's quarterly
filing filed with the Securities and Exchange Commission for the
period ending March 31, 2008 for further discussion.
FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars and shares in thousands, except per share amounts)
(Unaudited)
ASSETS 30-Sep-08 31-Dec-07
--------- ---------
Cash and cash equivalents $227,162 $692,360
Restricted cash 172 14,166
Receivables 429,253 75,357
Investments:
Mortgage-backed securities, at fair value 2,592,379 1,791,480
Loans held for sale, net - 65,074
Long-term investments 106,795 169,274
Trading securities, at fair value 25,092 19,057
Due from clearing broker 17,168 -
Derivative assets, at fair value 6,767 3,514
Intangible assets, net 9,372 9,837
Furniture, equipment, software and
leasehold improvements, net 25,998 30,451
Prepaid expenses and other assets 65,790 74,385
--------- ---------
Total assets $3,505,948 $2,944,955
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Trading account securities sold but not
yet purchased, at fair value $4,601 $206
Repurchase agreements 2,374,715 1,744,377
Securities purchased 227,191 -
Derivative liabilities, at fair value 3,788 3,558
Interest payable 4,438 5,746
Accrued compensation and benefits 39,237 57,000
Due to clearing broker - 7,059
Accounts payable, accrued expenses and
other liabilities 50,616 105,456
Short-term loan financing - 63,981
Long-term debt 313,358 320,820
--------- ---------
Total liabilities 3,017,944 2,308,203
--------- ---------
Minority interest 219,907 243,061
Shareholders' equity:
Common stock, 159,360 and 151,883 shares 1,594 1,519
Additional paid-in capital 1,485,482 1,468,801
Accumulated other comprehensive loss, net
of taxes (6,450) (13,071)
Accumulated deficit (1,212,529) (1,063,558)
--------- ---------
Total shareholders' equity 268,097 393,691
--------- ---------
Total liabilities and shareholders'
equity $3,505,948 $2,944,955
========= =========
SOURCE Friedman, Billings, Ramsey Group, Inc.
