EXHIBIT 99.2
[LOGO] FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.
FBR Financial & Statistical Supplement -Operating Results (unaudited)
(Dollars in thousands, except per share data)
YTD 2001 Q-2 01 Q-1 01 YTD 2000
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Revenues
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Investment banking:
Underwriting $ 17,068 $ 9,414 $ 7,654 $ 21,086
Corporate finance 20,301 18,057 2,244 31,404
Investment gains 5,340 5,340 - 1,453
Institutional brokerage:
Principal transactions 11,355 5,383 5,972 32,319
Agency commissions 12,527 5,962 6,565 21,084
Asset management:
Base management fees 8,098 5,191 2,907 9,719
Incentive income (2,743) 301 (3,044) 44,456
Net investment income (loss) 1,413 3,498 (2,085) 9,674
Interest, dividends and other 4,246 2,006 2,240 9,695
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Total revenues 77,605 55,152 22,453 180,890
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Expenses
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Compensation and benefits 49,007 32,756 16,251 109,768
Business development & professional services 13,531 8,205 5,326 19,229
Clearing and brokerage fees 3,320 1,588 1,732 6,207
Occupancy & equipment 5,383 2,883 2,500 9,544
Communications 2,665 1,498 1,167 5,085
Interest expense 415 334 81 1,665
Other operating expenses 4,313 2,778 1,535 7,147
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Total expenses 78,634 50,042 28,592 158,645
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Net income (loss) before taxes (1,029) 5,110 (6,139) 22,245
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Provision for income taxes - - - 4,163
Net income (loss) $ (1,029) $ 5,110 $ (6,139) $ 18,082
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Net income (loss) before taxes
as a percentage of revenue -1.3% 9.3% -27.3% 12.3%
ROE (annualized) 9.9% 9.9% -11.5% 9.0%
Total shareholders' equity $ 200,314 $ 200,314 $ 211,001 $ 214,556
Basic earnings (loss) per share $ (0.02) $ 0.10 $ (0.12) $ 0.37
Diluted earnings (loss) per share $ (0.02) $ 0.10 $ (0.12) $ 0.36
Ending shares outstanding (in thousands) 46,100 46,100 49,391 49,380
Book value per share $ 4.35 $ 4.35 $ 4.27 $ 4.34
Assets under management (in millions)
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Managed accounts $ 142.4 $ 142.4 $ 126.1 $ 133.6
Hedge & offshore funds 186.6 186.6 164.7 149.7
Mutual funds 1,153.1 1,153.1 148.5 119.0
Private equity & venture capital 341.2 341.2 336.2 457.2
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Total $ 1,823.3 $ 1,823.3 $ 775.5 $ 859.5
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Employee count 488 488 400 386
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Q-4 00 Q-3 00 Q-2 00 Q-1 00
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Revenues
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Investment banking:
Underwriting $ 4,447 $ 4,928 $ 1,205 $ 10,506
Corporate finance 9,209 7,264 8,741 6,190
Investment gains - 1,453 - -
Institutional brokerage:
Principal transactions 6,511 7,019 12,788 6,001
Agency commissions 5,792 4,989 4,627 5,676
Asset management:
Base management fees 2,835 2,504 2,206 2,174
Incentive income (7,747) 7,751 7,849 36,603
Net investment income (loss) 3,026 5,780 3,768 (2,900)
Interest, dividends and other 2,336 3,014 2,352 1,993
EXHIBIT 99.2
(Page 2)
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Total revenues 26,409 44,702 43,536 66,243
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EXHIBIT 99.2
(Page 3)
Expenses
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Compensation and benefits 13,527 24,809 25,209 46,223
Business development & professional services 4,247 5,974 4,391 4,617
Clearing and brokerage fees 1,618 1,483 1,539 1,567
Occupancy & equipment 2,191 2,657 2,373 2,323
Communications 1,337 1,300 1,267 1,181
Interest expense 700 424 319 222
Other operating expenses 1,358 1,862 2,373 1,554
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Total expenses 24,978 38,509 37,471 57,687
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Net income (loss) before taxes 1,431 6,193 6,065 8,556
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Provision for income taxes - 1,239 785 2,139
Net income (loss) $ 1,431 $ 4,954 $ 5,280 $ 6,417
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Net income (loss) before taxes
as a percentage of revenue 5.4% 13.9% 13.9% 12.9%
ROE (annualized) 2.7% 9.5% 10.5% 13.3%
Total shareholders' equity $ 214,556 $ 211,796 $ 203,637 $ 198,063
Basic earnings (loss) per share $ 0.03 $ 0.10 $ 0.11 $ 0.13
Diluted earnings (loss) per share $ 0.03 $ 0.10 $ 0.11 $ 0.12
Ending shares outstanding (in thousands) 49,380 49,282 49,204 49,096
Book value per share $ 4.34 $ 4.30 $ 4.14 $ 4.03
Assets under management (in millions)
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Managed accounts $ 133.6 $ 136.9 $ 131.9 $ 114.6
Hedge & offshore funds 149.7 135.1 114.3 98.8
Mutual funds 119.0 93.1 56.4 54.7
Private equity & venture capital 457.2 757.5 697.4 661.7
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Total $ 859.5 $ 1,122.6 $ 1,000.0 $ 929.8
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Employee count 386 367 392 390
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