FBR Asset, a REIT formed in December 1997, invests in mortgages, mortgage-backed securities, and other real estate assets. At the end of last year, the company had $225.8 million in total assets, shareholders' equity of $86.8 million, a book value of $22.36 per share, and 3.9 million shares outstanding.
Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR) currently has a 35%equity ownership interest in FBR Asset and has warrants to potentially own up to 46% of the company. Both individual and institutional investors own most of FBR Asset's outstanding shares.
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