Friedman, Billings, Ramsey
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| Type | Public (NYSE: FBR) |
|---|---|
| Founded | 1989 |
| Headquarters |  Arlington, Virginia |
| Key people | Eric Billings, Chairman & CEO |
| Industry | Investment Services |
| Products | Real Estate Investment Trust |
| Revenue | ▲US $1.01 Billion (2006) |
| Net income | ▼US $-0.67 Billion (2006) |
| Employees | 8 (2009) |
| Website | www.arlingtonasset.com |
Arlington Asset Investment Corp formerly known as Friedman, Billings, Ramsey Group Inc., (NYSE: FBR), is a real estate investment trust headquartered in Arlington, Virginia that sponsors the FBR Open PGA golf tournament held in Scottsdale, Arizona. It was founded in 1989 and had over $1 billion in revenues in 2006.
FBR is unique in that its common stock is structured as a REIT (Real Estate Investment Trust).
The company recently announced severe losses related to its under-performing mortgage platform and widespread problems in subprime mortgage lending which lead to a sale of ownership in FBR's subprime subsidiary First NLC Financial Services, Inc in the summer of 2007.
FBR spun off its Capital Markets division through an IPO named FBR Capital Markets Corp. (Ticker: FBCM) which was priced at $17 per share at the time of the offering. Common stock of FBR has collapsed with FBR trading as a penny stock as low as 40 cents/share and FBCM trading as low as $3.09/share. When the company initially went public as a single entity in December of 1997, the stock was priced at $20/share. Two of the three founders, W. Russell Ramsey and Emmanuel J. Friedman, have left the company.
[edit] FBR Capital Markets
FBR Capital Markets Corporation, (NASDAQ: FBCM) was created through an equity spin-off from FBR Group in the spring of 2007.
[edit] Team Leaders
Arlington Asset's (FBR’s) senior officers are: Eric F. Billings, who serves as Chairman and Chief Executive Officer of Arlington Asset (FBR Group); J. Rock Tonkel, Jr., who is President and Chief Operating Officer; and Kurt R. Harrington, Executive Vice President and Chief Financial Officer.[1]
