EXHIBIT 99.2



Friedman, Billings, Ramsey Group, Inc.
ASSETS UNDER MANAGEMENT FOR THE 2ND QUARTER 2002

                                                               06/30/2002      03/31/2002      12/31/2001
                                                              --------------  --------------  --------------
                                                                                           

Gross assets under management (1) (in millions)
- -------------------------------------------
Managed accounts                                                   $4,152.3        $2,757.7        $1,371.4
Hedge & offshore funds                                                216.0           209.2           260.6
Mutual funds                                                        1,313.4         1,270.4         1,005.8
Private equity funds                                                   46.1            46.4            48.3
Technology sector funds                                                56.6            60.4            71.0
                                                              --------------  --------------  --------------
     Total                                                         $5,784.4        $4,344.1        $2,757.1
                                                              ==============  ==============  ==============

Net assets under management (2) (in millions)
- -----------------------------------------
Managed accounts                                                    $ 748.5         $ 394.5         $ 250.2
Hedge & offshore funds                                                188.5           157.7           153.4
Mutual funds                                                        1,297.7         1,214.1         1,001.7
Private equity funds                                                   45.5            45.5            47.6
Technology sector funds                                                52.3            55.8            64.9
                                                              --------------  --------------  --------------
     Total                                                         $2,332.5        $1,867.6        $1,517.8
                                                              ==============  ==============  ==============

Productive assets under management (3) (in millions)
- ------------------------------------------------
Managed accounts                                                   $4,152.3        $2,757.7        $1,371.4
Hedge & offshore funds                                                188.5           157.7           153.5
Mutual funds                                                        1,297.7         1,214.1         1,001.7
Private equity funds                                                   94.8            95.3            93.3
Technology sector funds                                               248.1           249.3           248.2
                                                              --------------  --------------  --------------
     Total                                                         $5,981.4        $4,474.1        $2,868.1
                                                              ==============  ==============  ==============



(1)  Gross assets under management  represents the amount of actual gross assets
     of  FBR-Asset  and  other  managed  accounts,  and  proprietary  investment
     partnerships and mutual funds.

(2)  Net assets under management  represents gross assets under management,  net
     of any repo debt,  margin  loans,  securities  sold but not yet  purchased,
     lines of credit, and any other liabilities.

(3)  Productive capital assets under management  represents the amount of actual
     or committed  capital that determines the respective  investment  vehicles'
     base  management  fees.  The  productive  capital  base for each vehicle is
     determined  by the terms of its  specific  agreement  (which is generally a
     partnership,   operating  or  management   agreement.)  For  FBR-Asset  the
     productive capital includes both equity and debt, and for technology sector
     funds and certain  private equity funds the productive  capital  represents
     primarily committed capital.