SCHEDULE 14A INFORMATION

                  Proxy Statement Pursuant to Section 14(a) of
                       the Securities Exchange Act of 1934

Filed by the Registrant |X|
Filed by a party other than the Registrant |_|

Check the appropriate box:
|_|    Preliminary Proxy Statement
|_|    Confidential, For Use of the Commission Only (as Permitted by Rule
       14a-6(e)(2))
|_|    Definitive Proxy Statement
|X|    Definitive Additional Materials
|_|    Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12

                        FBR ASSET INVESTMENT CORPORATION

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                (Name of Registrant as Specified In Its Charter)

- --------------------------------------------------------------------------------
                  (Name of Person(s) Filing Proxy Statement, if
                           other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

|X|    No fee required.

|_|    Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.

         (1)    Title of each class of securities to which transaction applies:
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         (2)    Aggregate number of securities to which transaction applies:
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         (3)    Per unit price or other underlying value of transaction computed
                pursuant to Exchange Act Rule 0-11 (set forth the amount on
                which the filing fee is calculated and state how it was
                determined):
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         (4)    Proposed maximum aggregate value of transaction:
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         (5)    Total fee paid:
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|_|    Fee paid previously with preliminary materials.

|_|    Check box if any part of the fee is offset as provided by Exchange Act
       Rule 0-11(a)(2) and identify the filing for which the offsetting fee was
       paid previously. Identify the previous filing by registration statement
       number, or the Form or Schedule and the date of its filing.

         (1)    Amount Previously Paid:
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         (2)    Form, Schedule or Registration Statement No.:
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         (3)    Filing Party:
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         (4)    Date Filed:
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                                [FBR ASSET LOGO]



                               IMPORTANT REMINDER

                   YOUR VOTE IS IMPORTANT - PLEASE VOTE TODAY!

                                                                 March 7, 2003

DEAR SHAREHOLDER:

         We have previously mailed to you proxy materials relating to the
Special Meeting of Shareholders of FBR Asset Investment Corporation to be held
on Friday, March 28, 2003.

         YOUR PARTICIPATION IN THE VOTE AT THE SPECIAL MEETING IS VERY IMPORTANT
REGARDLESS OF THE NUMBER OF SHARES YOU HOLD. Please vote today to avoid
unnecessary solicitation costs to the Company.

         You may use one of the following simple methods for promptly providing
your voting instructions:

1.       VOTE BY TELEPHONE.  CALL THE TOLL-FREE  NUMBER  LISTED FOR THIS PURPOSE
         -----------------
         ON YOUR VOTING INSTRUCTION FORM. HAVE YOUR 12-DIGIT CONTROL NUMBER
         LISTED ON THE FORM READY AND FOLLOW THE SIMPLE INSTRUCTIONS.

2.       VOTE BY  INTERNET.  GO TO THE WEBSITE  WWW.PROXYVOTE.COM  LISTED ON
         -----------------                      -----------------
         YOUR VOTING INSTRUCTION FORM. HAVE YOUR 12-DIGIT CONTROL NUMBER LISTED
         ON THE FORM READY AND FOLLOW THE SIMPLE INSTRUCTIONS.

3.       VOTE BY MAIL.  SIGN, DATE AND RETURN YOUR VOTING INSTRUCTION FORM IN
         ------------
         THE POSTAGE-PAID RETURN ENVELOPE PROVIDED.

         For the reasons set forth in the Joint Proxy Statement/Prospectus,
dated February 26, 2003, your Board of Directors recommends that you vote "FOR"
approval of the merger agreement and the transactions contemplated by the merger
agreement.

         Thank you for your cooperation and continued support.

                                   Sincerely,

                                   /s/ Eric Billings

                                   ERIC F. BILLINGS
                                   CHAIRMAN AND CHIEF EXECUTIVE OFFICER