Friedman, Billings, Ramsey Group Inc.
1001 Nineteenth St. North
Arlington, Va. 22209
www.fbr.com Year founded: 1989 Industry: Financial services Revenue: $628.53 Million Net Income/Loss: $201.41 Million Earnings per share: $1.63 Dividend: $1.36 Stockholder equity: $1.55 Billion Auditor: PricewaterhouseCoopers LLP Stock: FBR Assets: $11.33 Billion Market capitalization: $3.68 Billion 52-week high: 28.7 3/5/2004 52-week low: 9.54 4/14/2003 Co-CEO: Emanuel J. Friedman Co-CEO: Eric F. Billings Employees: 496 Local employees: 371 Description: Friedman, Billings, Ramsey Group is the seventh-largest investment bank in the United States. It is also a stock broker, an asset-management firm and, since merging with its mortgage-investment unit last year, a real estate investment trust. Developments: The firm has had a strong financial performance. Treating the company's numbers as though it had been merged for all of 2003, earnings increased by two-thirds. And in a difficult year for initial public offerings of stock, the company placed third among IPO underwriters on the Bloomberg Business News' annual ranking, behind only Credit Suisse First Boston Corp. and Goldman Sachs. The firm was the lead underwriter for the year's biggest IPO, an $800 million deal for American Financial Realty Trust, a Pennsylvania real estate investment trust. If the IPO market bounces back this year, some predict the 15-year-old firm, an upstart by Wall Street standards, will find it tough to keep that lead. Still, last year confirms Friedman, Billings has established itself as a serious out-of-town competitor to Wall Street's traditional heavy hitters. Its name will certainly be in the news more—on the sports page. FBR signed a five-year, $30 million deal to become the main sponsor of what used to be known as the Phoenix Open, now the FBR Open, one of the big events early in the pro golf season. With more than half a million fans attending the January event in Scottsdale, Ariz., and millions more watching on television, FBR thinks it will reap enough new business to justify the investment. "We are in a business where most of our competitors are 50, 100 or 150 years old, and people are just not aware of us," said co-chief executive Eric Billings. "Because we have such little exposure, [the golf sponsorship] could help us do an enormous amount of business.'' Executive Compensation
Co-Chairman and Co-CEO: Eric F. Billings
Total Cash: $9,457,838.00
Total Compensation: $9,457,838.00 Co-Chairman and Co-CEO: Emanuel J. Friedman
Total Cash: $9,457,838.00
Total Compensation: $9,457,838.00 Executive Vice President: James R. Tonkel
Total Cash: $5,325,000.00
Total Compensation: $7,744,470.00 Chief Investment Officer: Richard J. Hendrix
Total Cash: $4,238,974.00
Total Compensation: $6,241,294.00 COO: Robert S. Smith
Total Cash: $2,716,946.00
Total Compensation: $3,218,472.00
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