SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): February 16, 2001
FBR ASSET INVESTMENT CORPORATION
(Exact name of registrant as specified in its charter)
VIRGINIA 1-15049 54-1873198
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(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation) Identification No.)
Potomac Tower, 1001 Nineteenth Street North, Arlington, Virginia 22209
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (703) 469-1000
ITEM 5.
On February 16, 2001, FBR Asset Investment Corporation issued a press
release announcing that its Board of Directors has authorized the repurchase of
an additional 500,000 shares of the Company's common stock.
The following Exhibit is furnished as part of this report:
Exhibit 99.1 Press release dated February 16, 2001, FBR Asset
Investment Corporation Authorizes Share Repurchase.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FBR ASSET INVESTMENT CORPORATION
Date: February 16, 2001 By: /s/ Kurt R. Harrington
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Kurt R. Harrington
Chief Financial Officer
EX-99.1
PRESS RELEASE
For Immediate Release
Media Contact: Michael W. Robinson (703)-312-1830 or mrobinson@fbr.com
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Investor Contact: Kurt R. Harrington (703)- 312-9647 or kharrington@fbr.com
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FBR Asset Investment Corporation Authorizes Share Repurchase
ARLINGTON, Va., February 16, 2001 - FBR Asset Investment Corporation (AMEX: FB)
today announced that its Board of Directors has authorized the repurchase of
500,000 shares of FBR Asset's common stock. The repurchases may be made from
time to time at market prices or in privately negotiated transactions at the
discretion of management. No minimum number or value of shares to be repurchased
has been determined. Repurchased shares will be held as treasury stock and will
be available for future issuance and for general corporate purposes.
FBR Asset, a Real Estate Investment Trust (REIT) formed in December 1997,
invests in mortgages, mortgage-backed securities, and other real estate-related
assets. As of December 31, 2000, 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 percent
equity ownership interest in FBR Asset and has warrants to potentially own up to
46 percent of the company. The majority of FBR Asset's outstanding shares are
owned by individual and institutional investors.
FBR Asset listed on the American Stock Exchange on September 29, 1999.
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Statements concerning future performance, earnings, developments,
expenditures, negotiation or other events, concerning expectations,
plans, or objectives for future operations or for growth, concerning
market forecasts, or filed backlog, and any other guidance on present
and future periods, constitute forward-looking statements that are
subject to a number of factors, risks, and uncertainties that might
cause actual events, results, or developments to differ materially from
stated expectations or current circumstances. These factors include but
are not limited to the effect of demand for public offerings, activity
in the secondary securities markets, demand for asset management
services, available technologies, competition for business and
personnel, and general economic, political, and market conditions.
Note to Editors: Please note that "FBR Asset Investment Corporation"
and "Friedman, Billings, Ramsey Group, Inc."are two different
companies. FBR Asset is a REIT, which is required, as a result of
its tax status, to pay a dividend. FBR Asset (AMEX:FB) is externally
managed by Friedman, Billings, Ramsey Investment Management, Inc.,
a subsidiary of Friedman, Billings, Ramsey Group, Inc. Friedman,
Billings, Ramsey Group, Inc. (NYSE:FBR) is a publicly held company,
which has historically never paid a dividend. Friedman, Billings,
Ramsey Group, Inc. is a minority owner of FBR Asset. Thank you.