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): January 29, 2003

                        FBR ASSET INVESTMENT CORPORATION
                    (Exact name of registrant as specified in its charter)



             VIRGINIA                     1-15049              54-1873198
- --------------------------------------------------------------------------------
(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 9. Regulation FD Disclosure

     On  January  29,  2003,  FBR Asset  Investment  Corporation  issued a press
release  annnouncing fourth quarter 2002 results. A copy of the press release is
attached to this report as Exhibit 99.1.

     The following Exhibits are furnished as part of this report:

1.   Exhibit 99.1 Press  release dated  January 29, 2003, "FBR Asset  Investment
     Corporation Reports Earnings Per Share of $1.30 for the Fourth Quarter."


                                   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: January 29, 2003                         By:  /s/ Kurt R. Harrington
                                               ---------------------------------
                                                    Kurt R. Harrington
                                                    Chief Financial Officer