EXHIBIT 99.3
Friedman, Billings, Ramsey Group, Inc.
Long-Term Investment Matrix (1)
As of June 30, 2002
(Dollars in thousands)
The following chart shows the allocation of Friedman, Billings, Ramsey Group,
Inc.'s long-term investments, as stated on the June 30, 2002 balance sheet, by
sector and by managed fund and also shows the allocation of long-term
investments in publicly traded and private securities. Funds manages by FBR are
categorized by the value of the majority of their investments. Funds managed by
third parties are categorized on the basis of representations from the third
party managers. In addition, from time to time, FBR Group implements risk
management strategies, the value of which may not be included in the balance
sheet line for long-term investments.
Financial Public Private Total
- ---------
------------- ------------ -------------
FBR Ashton, Limited Partnership $ 15,578 $ - $ 15,578 10.7%
FBR Private Equity Fund, LP 506 1,702 2,208 1.5%
FBR Future Financial Fund, LP - 866 866 0.6%
FBR Financial Services Partners, LP 99 1,196 1,295 0.9%
Direct investment 1,351 - 1,351 0.9%
------------- ------------ ------------- ---------
17,534 3,764 21,298 14.6%
Real Estate/Mortgage
FBR Asset Investment Corporation 68,549 301 68,850 47.5%
Direct investment 4,231 - 4,231 2.9%
------------- ------------ ------------- ---------
72,780 301 73,081 50.4%
------------- ------------ ------------- ---------
Subtotal 90,314 4,065 94,379 65.0%
------------- ------------ ------------- ---------
Technology and Biotechnology
FBR Technology Venture Partners, LP (2) - 795 795 0.6%
FBR Technology Venture Partners II 234 1,932 2,166 1.5%
FBR CoMotion Venture Capital I, LP (3) - 2,037 2,037 1.4%
FBR Family of Mutual Funds 774 - 774 0.5%
DDL and related direct investments 253 5,573 5,826 4.0%
Direct investment 534 - 534 0.4%
Third-party partnerships 80 2,868 2,948 2.0%
Other 79 - 79 0.1%
------------- ------------ ------------- ---------
1,954 13,205 15,159 10.5%
Capital Crossover Partners (third party partnership) 9,640 - 9,640 6.6%
------------- ------------ ------------- ---------
Subtotal 11,594 13,205 24,799 17.1%
------------- ------------ ------------- ---------
Debt
------------- ------------ ------------- ---------
Direct investment (4) - 7,500 7,500 5.2%
------------- ------------ ------------- ---------
Other
FBR Arbitrage, LLC 11,400 - 11,400 7.9%
FBR Weston, Limited Partnership 2,699 - 2,699 1.9%
FBR Pegasus Fund, LLC 3,302(5) - 3,302 2.3%
Third-party partnership 750 - 750 0.5%
Other 20 196 216 0.1%
------------- ------------ ------------- ---------
18,171 196 18,367 12.7%
------------- ------------ ------------- ---------
------------- ------------ ------------- ---------
TOTALS $ 120,079 $ 24,966 $ 145,045 100.0%
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(1) Excludes trading securities inventory and bank investment securities.
(2) Amount includes accrued Fund Manager Compensation expense ("FMC") of $120.
Asset value net of FMC as of June 30, 2002 was $675.
(3) Amount includes loans of $456 made by FBR Group to FBR CoMotion Venture
Capital I, LP.
(4) Represents private debt of one issuer with a face amount of $7,500.
(5) Fund of private funds. Comprises public securities of component funds
according to component fund managers.