friedman billings - günstig bewertet - 500 Beiträge pro Seite

[mr.lukoil]

ich stelle hier einen Wert vor, der eine gewaltige Talfahrt hinter sich hat.

vielleicht erkennt ja der eine oder andere hier auch die möglichkeit eines vielversprechenden antizyklischen Investments.



nachfolgend dann noch ein Bericht des vorstands zu den Zahlen:

Contacts
Investor Contact: Kurt R. Harrington 703-312-9647 or [e-mail]
Media Contact: Lauren M. Burk 703-469-1004 [e-mail]
FBR Announces Financial Results
For Third Quarter of 2005
After-Tax Net Earnings of $23.0 Million, Diluted Earnings per Share of $0.14
Arlington, Va., Oct. 25, 2005 – Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR) today
announced net income after tax for the quarter ended September 30, 2005 of $23.0 million, or
$0.14 per share (diluted), compared to $92.1 million, or $0.55 per share (diluted), for the third
quarter of 2004. Net revenue for the quarter was $178.6 million, down 27% from net revenue of
$243.7 million in the third quarter of 2004.
On September 13, 2005, FBR declared a quarterly regular dividend of $0.34 per share for the
third quarter of 2005, which will be paid on October 31, 2005 to shareholders of record on
September 30, 2005. As discussed further below, the company expects to later declare a reduced
quarterly dividend of $0.20 per share for the fourth quarter of 2005 to be paid in early 2006.
The company’s net after-tax earnings for the first nine months of 2005 were $100.7 million, or
$0.59 per share (diluted), compared to $263.0 million, or $1.56 per share (diluted), for the first
three quarters of 2004. Net revenue for the first three quarters of 2005 was $548.8 million,
compared to $642.8 million for the first nine months of 2004. Book value per share as of
September 30, 2005 was $8.21, and book value per share net of Accumulated Other
Comprehensive Income (AOCI) was $9.44.1
“The third quarter results reflect continued pressure on our spread-based business not only from
the current interest rate environment but also from accelerated mortgage prepayment speeds.
These factors resulted in lower returns from our portfolio of REIT qualified mortgage-related
investments. In contrast, both our investment banking and institutional brokerage groups turned
in solid performances, although not at the record setting levels we achieved in the third quarter of
2004,” said Eric F. Billings, Chairman and Chief Executive Officer of FBR.
Equity Capital Markets
• Investment banking revenue for the quarter was $89.1 million, down from the record $141.6
million generated in the third quarter of last year. Revenue for the first nine months of 2005
was $278.2 compared to $294.7 million in the first three quarters of 2004.
2
• Revenue from institutional brokerage during the quarter was up on a year-to-year basis,
increasing from $22.7 million in the third quarter of 2004 to $33.7 million in the third quarter
of 2005, primarily due to revenues associated with mortgage trading. September represented
our best institutional trading month since February of this year.
• For the first nine months of 2005, brokerage revenue totaled $84.8 million, up slightly from
the $84.4 million generated in the first nine months of 2004.
• For the first nine months of the year, FBR was ranked as the:
o number one (#1) book-running manager of common stock offerings for U.S.
companies with a market capitalization of $2 billion or less.2
o number nine (#9) book-running manager for all common stock offerings for U.S.
companies.2
o number two (#2) book-running manager for domestic oil and gas common stock
offerings.3
• In the third quarter, FBR completed 27 managed underwritings and corporate finance
transactions with an aggregate value of $13.5 billion, including:
o Five initial public offerings with a combined value of $804.1 million
o Six secondary offerings with an aggregate value of $3.9 billion
o Four private equity placements with a value of $767.8 million
o Nine asset-backed securities (ABS) transactions with a total value of $7.6 billion
• Average common equity transaction size for the third quarter 2005 rose 46% from $249.7
million in the third quarter of 2004 to $365.4 million.
• In the third quarter of 2005, FBR’s ABS banking group’s aggregate transaction value was
nearly equal to that of the combined volume for the first two quarters of the year. Year to
date, the group, which continues to gain momentum, has completed 20 transactions with an
aggregate value of $15.5 billion.
“Our investment banking franchise has continued to gain market share in equity underwriting
throughout 2005 and is expanding its presence in each of our industry groups,” said J. Rock
Tonkel, President and Head of Investment Banking. “As our reputation grows, we are adding
clients across industries and winning larger and more varied assignments from an increasingly
broad client base. In recent years, our strategy has been to patiently invest in industries whose
business cycles complement those in which we already have a well-established, leading market
presence.
“Our strategy is succeeding. Revenue from our energy practice – now ranked as the #2 bookrunning
underwriter for domestic oil and gas equity offerings – has grown more than 600% in
2005 as capital raising activity in financial services and real estate has declined. We are seeing
increased activity in other industry groups, and our robust pipeline in energy, industrials and
growth companies makes us optimistic about transaction activity in coming quarters.”
Principal Investment and Mortgage Banking
FBR`s principal investing and mortgage banking revenue, net of related interest expense and the
provision for loan losses, was $52.8 million during the third quarter of 2005, compared to $68.7
3
million during the third quarter of 2004 and $70.6 million for the second quarter of 2005. As of
September 30, 2005, FBR’s mortgage portfolio totaled $17.8 billion.
“The third quarter portfolio performance was characterized by a continuation of the spread
compression we have experienced for the last seven quarters. The impact of rising short-term
rates was only part of the story as prepayment speeds accelerated during the quarter, and the
resulting increased premium amortization caused yields to fall at the same time that funding
costs were rising for the mortgage-backed securities (MBS) portfolio. This compression was
significantly offset by the continuation of our non-conforming portfolio build-out,” commented
Richard J. Hendrix, President and Chief Operating Officer.
“It is important to understand the nature of the assets in the mortgage portfolio as we consider
this continued compression of spreads in the third quarter,” Mr. Hendrix continued.
“Approximately $6.5 billion of our MBS portfolio will prepay or re-price in the next 18 months.
For every dollar reinvested, today’s expected yield for a 3/1 agency ARM is approximately
1.75% higher than the yield on the current portfolio. This rapid re-pricing will provide the
company with attractive reinvestment opportunities in the coming quarters. This refinancing, or
re-pricing, should also meaningfully reduce the negative mark (or AOCI) in the MBS portfolio
over the next six quarters as we receive our full principal and amortize the associated premium.
Additionally, at the end of the quarter, the company had approximately $7.5 billion of its total
funding hedged primarily in the form of interest rate caps ranging from 4.25% - 4.5%.”
• During the third quarter of 2005, FBR’s mortgage portfolio had a weighted average annual
yield of 4.49%, and the weighted average financing rate was 3.76% (including the benefit of
hedging), resulting in a net interest spread of 73 basis points for the quarter. This compares
to a net interest spread of 91 basis points for the portfolio in the second quarter.
• Amortization of mortgage premiums during the third quarter of 2005 was $24.9 million,
compared to $18.5 million for the second quarter of 2005. One month constant prepayment
rates (CPRs) in the mortgage portfolio moved higher in the third quarter, averaging 27.61,
compared to 25.15 in the second quarter.
• On September 30, 2005, the mortgage portfolio continued to maintain a low effective
duration (a measure of interest rate sensitivity) of 1.29, compared to 1.12 as of June 30, 2005.
The total value of FBR`s merchant banking portfolio and other long-term investments was
$361.1 million as of September 30, 2005. Of this total, $295.7 million was held in the merchant
banking equity portfolio, $49.0 million was held in alternative asset funds, and $16.4 million was
held in other long-term investments.
• During the third quarter of 2005, FBR recorded $8.8 million of dividend income.
• FBR realized $4.6 million in merchant banking and other long-term investment gains during
the quarter, primarily due to the sale of securities in this portfolio.
• The merchant banking equities portfolio had net unrealized losses of $52.0 million as of
September 30, 2005 that are included in accumulated other comprehensive income,
compared to a net unrealized gain of $11.1 million as of June 30, 2005.
In the third quarter, First NLC, whose financial results are now fully consolidated into FBR’s
operational performance, continued its record-setting performance, originating $1.6 billion in
4
mortgages, an increase of 78% over the third quarter of 2004. At the end of the third quarter,
FNLC had increased its annualized run rate for mortgage originations to approximately $7
billion, more than double the annual run rate at the beginning of the year. At the same time,
FNLC has continued to steadily reduce its net loan origination costs. During the third quarter,
FNLC’s contribution to revenue, including gain-on-sale of mortgage loans and net interest
income on loans held for sale, was $28.1 million. Total expenses related to FNLC were $26
million during the quarter and are the primary reason total expenses for the quarter were up year
over year.
Asset Management
During the quarter, FBR formed the FBR Asset Management Group, which combines all of the
company’s asset management activities, including the mutual fund and alternative asset
management businesses. Pursuant to this consolidation, Dave Ellison, President and Chief
Investment Officer, FBR Funds, assumed management responsibility for two of our proprietary
partnerships.
“We are all very pleased to have Dave take a broader role in managing FBR investment
products. He has a track record over a twenty-year plus career which demonstrates that he is one
of the truly gifted portfolio managers active in U.S. equities today,” Mr. Billings said.
• Base and incentive fees were $8.7 million for the quarter and $25.4 million for the first nine
months of 2005. The quarterly results were essentially flat year to year, and the fees for the
first nine months increased about 11%.
• Total funds under management were $2.8 billion as of September 30, 2005, compared to $3.2
billion on June 30, 2005.
• Mutual fund assets totaled $2.1 billion at the end of the third quarter compared to $2.2 billion
at the close of the second quarter of 2005. Year to year, assets increased 5% over the $2.0
billion held at the close of the third quarter of 2004.
A Change in Dividend Expectations
“Based on the company’s performance year to date and our expectations for the next several
quarters, we have determined that the appropriate dividend action is to reduce our quarterly
payout from $0.34 a share to $0.20 a share. This decision should allow the company to return to
the business model of growing core book value by retaining the earnings of our taxable
businesses. Additionally, at this dividend level, we believe that we can continue to maintain
steady quarterly dividends despite fluctuations in quarterly earnings,” said Mr. Billings. “FBR
has an exceptionally profitable and valuable group of taxable businesses, most notably, our
investment banking and institutional brokerage businesses. This business mix and business
model provides, we believe, a powerful growth dynamic through the generation of capital and
earnings in most environments, but also provides the ability to maintain a more sustainable
dividend in challenging markets than the portfolio alone might provide.”
5
The firm will host an earnings conference call tomorrow morning, Wednesday, October 26,
2005, at 9:00 a.m. U.S. EDT. Investors wishing to listen to the conference call may do so via the
web at: http://phx.corporate-ir.net/phoenix.zhtml?c=71352&p=irol-irh…
Replays of the webcast will be available after the call.
Friedman, Billings, Ramsey Group, Inc. provides investment banking4, institutional brokerage4,
asset management, and private client services through its operating subsidiaries and invests in
mortgage-related assets and merchant banking opportunities. FBR focuses capital and financial
expertise on eight industry sectors: consumer, diversified industrials, energy and natural
resources, financial institutions, healthcare, insurance, real estate, and technology, media and
telecommunications. FBR, headquartered in the Washington, D.C. metropolitan area, with
offices in Arlington, Va. and Bethesda, Md., also has offices in Boston, Cleveland, Dallas,
Denver, Houston, Irvine, London, New York, Phoenix, San Francisco, Seattle, and Vienna.
FNLC is headquartered in Deerfield Beach, FL. For more information, visit http://www.fbr.com.
1
Accumulated Other Comprehensive Income (AOCI) includes changes in value of available-for-sale securities and
cash flow hedges. We believe that such changes represent temporary market fluctuations, are not reflective of our
market strategy, and therefore, exclusion of AOCI provides a reasonable basis for calculating returns.
2Source: Dealogic. Relates to total dollar amount, with over-allotment, of all U.S. IPOs, secondary offerings and
private placements for U.S. issuers valued at $2 billion or less and all U.S. issuers, respectively; priced between
1/1/05 and 9/30/05, with apportioned credit to all book-runners. Excludes closed-end funds and best efforts.
3Source: Dealogic. Relates to total dollar amount, with over-allotment, of all IPOs, secondary offerings and private
placements for U.S. issuers in the oil and gas general industry group; priced between 1/1/05 and 9/30/05, with
apportioned credit to all book-runners. Excludes closed-end funds and best efforts.
4Friedman, Billings, Ramsey & Co., Inc.
Financial data follows.
FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)
Quarter ended
2005 % 2004 %
REVENUES:
Investment banking:
Capital raising $ 86,035 48.2% $ 1 30,019 53.4%
Advisory 3,026 1.7% 1 1,602 4.8%
Institutional brokerage:
4,348 2.4% 4 ,241 1.8%
20,445 11.4% 1 8,505 7.6%
11,304 6.3% - 0.0%
(2,401) -1.3% - 0.0%
Asset management:
7,914 4.4% 7 ,044 2.9%
Incentive allocations and fees 832 0.5% 1 ,737 0.7%
Principal investment:
Interest 144,401 80.8% 8 8,035 36.1%
Net investment income 4,866 2.7% 1 9,090 7.8%
Dividends 8,772 4.9% 5 ,820 2.4%
Mortgage Banking:
Interest 29,383 16.4% - 0.0%
Gain on sale of loans, net 17,600 9.9% - 0.0%
Other 3,376 1.9% 1 ,827 0.7%
Total revenues 339,901 190.2% 287,920 118.2%
Interest expense 156,373 87.5% 44,265 18.2%
Provision for loan losses 4,890 2.7% - 0.0%
Revenues, net of interest expense
and provision for loan losses 178,638 100.0% 243,655 100.0%
NON-INTEREST EXPENSES:
Compensation and benefits 88,348 49.5% 9 5,824 39.3%
Professional services 16,158 9.0% 1 3,421 5.5%
Business development 8,815 4.9% 8 ,284 3.4%
2,363 1.3% 1 ,556 0.6%
9,397 5.4% 3 ,898 1.6%
5,561 3.1% 3 ,348 1.4%
16,861 9.4% 4 ,846 2.1%
Total non-interest expenses 147,503 82.6% 1 31,177 53.9%
31,135 17.4% 112,478 46.1%
Income tax provision 8,090 4.5% 2 0,329 8.3%
Net income $ 23,045 12.9% $ 9 2,149 37.8%
Basic earnings per share $ 0.14 $ 0 .55
Diluted earnings per share $ 0.14 $ 0 .55
Weighted average shares - basic 169,745 167,593
Weighted average shares - diluted 170,490 168,800
Net income before income taxes
Principal transactions
Agency commissions
Base management fees
Clearing and brokerage fees
Occupancy and equipment
Communications
Other operating expenses
Mortgage trading interest
Mortgage trading net investment loss
September 30,
FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)
2005 % 2004 %
REVENUES:
Investment banking:
Capital raising $ 2 67,887 48.8% $ 2 72,695 42.4%
Advisory 10,344 1.9% 22,027 3.4%
Institutional brokerage:
14,162 2.5% 15,686 2.4%
61,772 11.3% 68,702 10.7%
11,304 2.0% - 0.0%
(2,401) -0.4% - 0.0%
Asset management:
24,195 4.4% 19,963 3.1%
Incentive allocations and fees 1,187 0.2% 2,958 0.5%
Principal investment:
Interest 360,021 65.6% 264,141 41.1%
Net investment income 18,746 3.4% 74,531 11.6%
Dividends 20,583 3.8% 8,475 1.3%
Mortgage Banking:
Interest 56,993 10.4% - 0.0%
Gain on sale of loans, net 35,640 6.5% - 0.0%
Other 9,327 1.7% 4 ,824 0.8%
Total revenues 889,760 162.1% 754,002 117.3%
Interest expense 334,920 61.0% 111,188 17.3%
Provision for loan losses 6,028 1.1% - 0.0%
Revenues, net of interest expense
and provision for loan losses 548,812 100.0% 642,814 100.0%
NON-INTEREST EXPENSES:
Compensation and benefits 244,162 44.5% 228,411 35.5%
Professional services 49,994 9.1% 38,635 6.0%
Business development 36,215 6.6% 33,707 5.2%
Clearing and brokerage fees 6,435 1.2% 6,937 1.1%
Occupancy and equipment 23,893 4.4% 10,128 1.6%
Communications 14,893 2.7% 9,732 1.5%
Other operating expenses 45,695 8.3% 16,168 2.5%
Total non-interest expenses 421,287 76.8% 343,718 53.4%
127,525 23.2% 299,096 46.6%
Income tax provision 26,825 4.9% 36,129 5.6%
Net income $ 1 00,700 18.3% $ 2 62,967 41.0%
Basic earnings per share $ 0 .60 $ 1 .57
Diluted earnings per share $ 0 .59 $ 1 .56
Weighted average shares - basic 169,166 166,975
Weighted average shares - diluted 170,122 168,500
Nine Months Ended
September 30,
Net income before income taxes
Principal transactions
Agency commissions
Base management fees
Mortgage trading interest
Mortgage trading net investment loss
FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.
Financial & Statistical Supplement - Operating Results
(Dollars in thousands, except per share data)
(Unaudited)
YTD 2005 Q-3 05 Q-2 05 Q-1 05
Revenues
Investment banking:
Capital raising $ 267,887 $ 86,035 $ 95,039 $ 86,813
Advisory 10,344 3,026 6,180 1,138
Institutional brokerage:
Principal transactions 14,162 4,348 4,187 5,627
Agency commissions 61,772 20,445 19,170 22,157
Mortgage trading interest 11,304 11,304 - -
Mortgage trading net investment loss (2,401) (2,401) - -
Asset management:
Base management fees 24,195 7,914 7,813 8,468
Incentive allocations and fees 1,187 832 730 (375)
Principal investment:
Interest 360,021 144,401 116,724 98,896
Net investment income 18,746 4,866 17,738 (3,858)
Dividends 20,583 8,772 8,371 3,440
Mortgage Banking:
Interest 56,993 29,383 18,118 9,492
Gain on sale of loans, net 35,640 17,600 14,559 3,481
Other 9,327 3,376 3,455 2,496
Total revenues 889,760 339,901 312,084 237,775
Interest expense 334,920 156,373 103,725 74,822
Provision for loan losses 6,028 4,890 1,138 -
Revenues, net of interest expense and
provision for loan losses 548,812 178,638 207,221 162,953
Non-interest expenses
Compensation and benefits 244,162 88,348 80,015 75,799
Professional services 49,994 16,158 20,186 13,650
Business development 36,215 8,815 11,962 15,438
Clearing and brokerage fees 6,435 2,363 2,040 2,032
Occupancy and equipment 23,893 9,397 8,772 5,724
Communications 14,893 5,561 5,300 4,032
Other operating expenses 45,695 16,861 12,540 16,294
Total expenses 421,287 147,503 140,815 132,969
Net income before income taxes 127,525 31,135 66,406 29,984
Income tax provision 26,825 8,090 13,163 5,572
Net income $ 100,700 $ 23,045 $ 53,243 $ 24,412
Net income before income taxes
as a percentage of net revenue 23.2% 17.4% 32.0% 18.4%
ROE (annualized) 9.0% 6.3% 14.3% 6.4%
ROE (annualized-excluding AOCI) 8.3% 5.9% 13.8% 6.0%
Total shareholders` equity $ 1,394,137 $ 1,394,137 $ 1,519,021 $ 1,458,861
Total shareholders` equity, net of AOCI (1) $ 1,603,305 $ 1,603,305 $ 1,631,955 $ 1,636,371
Basic earnings per share $ 0.60 $ 0.14 $ 0.31 $ 0.15
Diluted earnings per share $ 0.59 $ 0.14 $ 0.31 $ 0.14
Ending shares outstanding (in thousands) 169,891 169,891 169,617 169,214
Book value per share $ 8.21 $ 8.21 $ 8.96 $ 8.62
Book value per share, net of AOCI (1) $ 9.44 $ 9.44 $ 9.62 $ 9.67
Gross assets under management (in millions)
Managed accounts $ 437.2 $ 437.2 $ 510.4 $ 242.4
Hedge & offshore funds 239.0 239.0 463.1 601.1
Mutual funds 2,078.1 2,078.1 2,185.0 2,213.9
Private equity and venture capital funds 42.7 42.7 41.3 69.5
Total $ 2,797.0 $ 2 ,797.0 $ 3 ,199.8 $ 3,126.9
Net assets under management (in millions)
Managed accounts $ 255.5 $ 255.5 $ 257.3 $ 223.0
Hedge & offshore funds 227.8 227.8 401.1 490.3
Mutual funds 2,069.9 2,069.9 2,176.6 2,204.2
Private equity and venture capital funds 39.9 39.9 37.8 66.3
Total $ 2,593.1 $ 2 ,593.1 $ 2 ,872.8 $ 2,983.8
Productive assets under management (in millions)
Managed accounts $ 255.5 $ 255.5 $ 257.3 $ 223.0
Hedge & offshore funds 183.3 183.3 332.8 425.3
Mutual funds 2,069.9 2,069.9 2,176.6 2,204.2
Private equity and venture capital funds 51.4 51.4 51.2 79.9
Total $ 2,560.1 $ 2 ,560.1 $ 2 ,817.9 $ 2,932.4
Employee count 2,455 2,455 2,226 2,123
FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.
Financial & Statistical Supplement - Operating Results
(Dollars in thousands, except per share data)
(Unaudited)
As of and for
the year ending
December 31, 2004 Q-4 04 Q-3 04 Q-2 04 Q-1 04
Revenues
Investment banking:
Capital raising $ 398,183 $ 125,488 $ 1 30,019 $ 5 2,883 $ 8 9,793
Advisory 30,115 8,088 1 1,602 9 ,107 1 ,318
Institutional brokerage:
Principal transactions 20,444 4,758 4 ,241 5 ,426 6 ,019
Agency commissions 89,650 20,948 1 8,505 2 1,060 2 9,137
Mortgage trading interest - - - - -
Mortgage trading net investment loss - - - - -
Asset management:
Base management fees 28,307 8,344 7 ,044 6 ,384 6 ,535
Incentive allocations and fees 10,940 7,982 1 ,737 (1,444) 2 ,665
Principal investment:
Interest 350,691 86,550 8 8,035 8 7,111 8 8,995
Net investment income 101,973 27,442 1 9,090 2 8,832 2 6,609
Dividends 14,644 6,169 5 ,820 1 ,683 9 72
Mortgage Banking:
Interest - - - - -
Gain on sale of loans, net - - - - -
Other 7,155 2,329 1 ,827 1 ,683 1 ,316
Total revenues 1,052,102 298,098 2 87,920 2 12,725 2 53,359
Interest expense 164,156 52,968 4 4,265 3 4,276 3 2,647
Provision for loan losses - - - - -
Revenues, net of interest expense and
provision for loan losses 887,946 245,130 2 43,655 1 78,449 2 20,712
Non-interest expenses
Compensation and benefits 323,524 95,113 9 5,824 5 7,698 7 4,889
Professional services 50,467 11,832 1 3,421 1 5,050 1 0,164
Business development 44,955 11,248 8 ,284 8 ,885 1 6,538
Clearing and brokerage fees 9,123 2,186 1 ,556 2 ,608 2 ,773
Occupancy and equipment 14,458 4,330 3 ,898 3 ,326 2 ,904
Communications 13,959 4,227 3 ,348 3 ,442 2 ,942
Other operating expenses 22,740 6,570 4 ,846 5 ,351 5 ,973
Total expenses 479,226 135,506 1 31,177 9 6,360 1 16,183
Net income before income taxes 408,720 109,624 1 12,478 8 2,089 1 04,529
Income tax provision 59,161 23,032 2 0,329 9 10 1 4,890
Net income $ 349,559 $ 86,592 $ 9 2,149 $ 8 1,179 $ 8 9,639
Net income before income taxes
as a percentage of net revenue 46.0% 44.7% 46.2% 46.0% 47.4%
ROE (annualized) 22.3% 22.2% 24.8% 20.8% 22.1%
ROE (annualized-excluding AOCI) 45.0% 11.1% 12.0% 10.7% 11.8%
Total shareholders` equity $ 1,578,524 $ 1,578,524 $ 1 ,543,361 $ 1 ,431,345 $ 1 ,685,673
Total shareholders` equity, net of AOCI (1) $ 1,616,686 $ 1,616,686 $ 1 ,588,310 $ 1 ,549,918 $ 1 ,540,739
Basic earnings per share $ 2.09 $ 0.52 $ 0 .55 $ 0 .49 $ 0 .54
Diluted earnings per share $ 2.07 $ 0.51 $ 0 .55 $ 0 .48 $ 0 .54
Ending shares outstanding (in thousands) 166,932 166,932 1 66,753 1 66,632 1 65,623
Book value per share $ 9.46 $ 9.46 $ 9 .26 $ 8 .59 $ 1 0.18
Book value per share, net of AOCI (1) $ 9.68 $ 9.68 $ 9 .52 $ 9 .30 $ 9 .30
Gross assets under management (in millions)
Managed accounts $ 196.1 $ 196.1 $ 1 68.7 $ 1 60.3 $ 7 8.8
Hedge & offshore funds 631.6 631.6 5 19.3 4 30.0 4 35.4
Mutual funds 2,320.4 2,320.4 1 ,963.7 1 ,612.2 1 ,897.4
Private equity and venture capital funds 52.5 52.5 4 9.7 5 0.7 7 6.5
Total $ 3,200.6 $ 3 ,200.6 $ 2,701.4 $ 2 ,253.2 $ 2,488.1
Net assets under management (in millions)
Managed accounts $ 196.1 $ 196.1 $ 1 68.7 $ 1 60.3 $ 7 8.8
Hedge & offshore funds 589.6 589.6 4 82.8 4 09.0 3 50.5
Mutual funds 2,305.5 2,305.5 1 ,951.7 1 ,606.9 1 ,874.0
Private equity and venture capital funds 49.7 49.7 4 6.4 4 6.5 7 0.4
Total $ 3,140.9 $ 3 ,140.9 $ 2,649.6 $ 2 ,222.7 $ 2,373.7
Productive assets under management (in millions)
Managed accounts $ 196.1 $ 196.1 $ 1 68.7 $ 1 60.3 $ 7 8.8
Hedge & offshore funds 488.7 488.7 3 93.8 3 29.9 2 63.8
Mutual funds 2,305.5 2,305.5 1 ,951.7 1 ,606.9 1 ,874.0
Private equity and venture capital funds 70.9 70.9 7 0.9 1 11.6 1 31.2
Total $ 3,061.2 $ 3 ,061.2 $ 2,585.1 $ 2 ,208.7 $ 2,347.8
Employee count 698 698 6 65 6 26 5 49
FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share amounts)
(Unaudited)
ASSETS 30-Sep-05 31-Dec-04
Cash and cash equivalents $ 1 81,534 $ 231,527
Restricted cash 2 1,576 -
Receivables 2 87,188 74,880
Investments:
Mortgage-backed securities, at fair value 9 ,268,662 11,726,689
Loans held for investment, net 6 ,999,409 -
Loans held for sale, net 1 ,541,283 -
Long-term investments 3 61,131 441,499
Reverse repurchase agreements 4 88,113 183,375
Trading securities, at fair value 1 ,429,547 7,744
Due from clearing broker 1 62,759 95,247
Goodwill 1 60,525 108,013
Intangible assets, net 2 7,880 14,404
Furniture, equipment and leasehold improvements, net 4 0,602 18,733
Prepaid expenses and other assets 7 0,617 26,177
Total assets $ 21,040,826 $ 12,928,288
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Trading account securities sold short, at fair value $ 1 56,428 $ 17,176
Commercial paper 8 ,214,835 7,294,949
Repurchase agreements 6 ,853,306 3,467,569
Securitization financing for loans held for investment 3 ,809,901 -
Securities purchased - 144,430
Dividends payable 5 8,616 65,870
Interest payable 1 9,943 5,894
Accrued compensation and benefits 5 6,374 131,218
Accounts payable, accrued expenses and other liabilities 9 3,358 94,288
Temporary subordinated loan payable 1 00,000 -
Long-term debt 2 83,928 128,370
Total liabilities 1 9,646,689 11,349,764
Shareholders` equity:
Common stock, 172,530 and 168,897 shares 1 ,725 1,689
Additional paid-in capital 1 ,544,661 1,483,640
Employee stock loan receivable including accrued interest
(591 and 711 shares) ( 4,242) (4,890)
Deferred compensation ( 20,295) (16,863)
Accumulated other comprehensive loss, net ( 209,168) (38,162)
Retained earnings 8 1,456 153,110
Total shareholders` equity 1 ,394,137 1,578,524
Total liabilities and shareholders` equity $ 21,040,826 $ 12,928,288
Book Value per Share $8.21 $9.46
Core Book Value per Share (1) $9.44 $9.68
Shares Outstanding 169,891 166,932
Statements concerning future performance, developments, events, market forecasts, revenue,
expenses, earnings, run rates and any other guidance on present or future periods constitute
forward-looking statements that are subject to a number of factors, risks and uncertainties that
might cause actual results 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, interest rates, costs of borrowing, interest spreads, mortgage
pre-payment speeds, risks associated with merchant banking investments, the realization of gains
and losses on principal investments, available technologies, competition for business and
personnel, and general economic, political and market conditions. These and other risks are
described in the company`s Annual Report and Form 10-K and quarterly reports on Form 10-Q
that are available from the company and from the S.E.C.
# # #

[MalerWilhelmBartsch]

Guten Abend,

die in den USA viel beachtete "The Motley Fool" hat sich am 15.09.2005 überaus zurückhaltend, fast schon lakonisch bei der Betrachtung von Dividendenwerten zu der Aktie wie folgt geäußert: "... So how can you find great dividend stocks yourself? I`ll tell you that it`s not based on yield alone. If that were the case, we`d all be holding dogs like Friedman Billings Ramsey (NYSE: FBR) and Delta Galil. A high yield is not always a good yield. Indeed, some of the highest-yielding stocks -- like the two mentioned -- exist only because their prices have fallen through the floor. ..."

Wohl eher die Aktie für enttäuschte Hoffnungen.

Gruß von Wilhelm Bartsch, Kunstmaler

[mr.lukoil]

das mag ja durchaus sein, die dividendenrendite ist natürlich hoch, weil der wert gefallen ist, doch muss man das in die zukunft fortschreiben?
Immerhin ist der wert knapp über buchwert zu haben. irgendwann fällt eine Aktie halt nicht mehr weiter.
stop loss ist wohl dennoch empfehlenswert.
gruss
lukoil

[mr.lukoil]

anzumerken ist natürlich auch, dass die aktie damals noch 30 % höher stand... das würde mir fürs erste schon genügen...

[mr.lukoil]

[posting]18.829.670 von MalerWilhelmBartsch am 15.11.05 20:12:52[/posting]und anzumerken ist auch, dass am 28.juli ein enttäuschter autor geschrieben hat, er sei im Herbst zuvor reingefallen, als er fbr gekauft habe. interessant der nachsatz des artikelsn den ich unten anhänge, in dem geschrieben wird er hätte aktien von fbr. vielleicht hat er einfach zu früh gekauft...? jedenfalls könnte auf diesem niveau ein bodenbildung erfolgen....

With so many charlatans and hucksters out there, it`s amazing to me how willing many of us are to invest in companies run by people we know nothing about. I know because I`m guilty of this myself. I`m embarrassed to admit that last fall, lured by its high dividend yield, I bought shares in Friedman Billings Ramsey (NYSE: FBR) and only later learned of its management "problems." Did I drop the ball on due diligence? Yup, and I paid dearly for it.

If you agree that all of us should spend more time analyzing the people who run the companies we invest in, try a 30-day free trial to Rule Breakers. Take a look at some of our past recommendations and special features and see if we can assist you in identifying the visionaries of tomorrow. If you don`t like the service, you`ll get a complete refund. Honest.

For related Foolishness:

Rick Munarriz reveals sign No. 1 in Be First, Be Great.
Charly Travers examines sign No. 2 in Thwarting the Big Bad Wolf.
Tim Beyers checks out sign No. 3 in Invest in Bottle Rockets.
John Reeves owns shares in Netflix and Friedman Billings Ramsey. Costco, Amazon.com, and Netflix are Motley Fool Stock Advisor recommendations. Intuit is a Motley Fool Inside Value recommendation. The Motley Fool has a disclosure policy.

[MalerWilhelmBartsch]

Guten Morgen,

das grundsätzliche Hauptproblem von FRIEDMAN BILLINGS RAMSEY ist schlicht, dass es sich um einen Reit handelt. Die Auguren sind sich unisono einig, dass solche Aktien angesichts der aktuellen Grundstücksbewertungen weiter unter die Räder geraten werden.

Gruß von Wilhelm Bartsch, Kunstmaler

[mr.lukoil]

fbr ist nicht nur im real estate-bereich unterwegs, das zeigt auch ein blick auf die oben geposteten zahlen.

Im übrigen ist fbr inzwischen nach langem Sinkflug auf einem niveau angelangt, dass sie vor mehreren Jahren hatten.

Schliesslich könnte noch gelten, wie immer, dass dann wenn sich alle einig sind....vielleicht das gröbste schon ausgestanden ist!?

[mr.lukoil]

angebotene services:
Investment Banking
Institutional Brokerage
Research Principal Investing
Asset Management
FBR Hedge Funds
Private Wealth Management
FBR Mutual Funds
Online Brokerage

expertise

Consumer Diversified Industrials
Energy & Natural Resources
Financial Institutions
Healthcare Insurance
Real Estate Technology
Media & Telecommunications
Economic Analysis
Washington Policy Analysis

http://www.fbr.com/

[CutPall]

Hatte FBR auch mal auf der Watchlist, der Kursrückgang vor den enttäuschenden letzten Quartalszahlen war offensichtlich gerechtfertigt, man hatte den Einbruch der Zahlen wohl so erwartet. Denke auch das ein Rebound nun möglich ist, nach den Zahlen hat sich der Kurs immerhin stabilisiert. Allerdings dürfte das KGV für dieses Jahr durch den Umsatz und Gewinneinbruch doch zweistellig sein, die Dividendenkürzung aufgrund des schwierigeren REIT-Geschäfts dürfte auch nicht die letzte sein. Der Rückgang im Investment Banking Geschäft war ziemlich deftig, immerhin wurde im Geschäftsfeld Institutional Brokerage ein ordentliches Plus erreicht. Vor allem im Neuemissionsgeschäft scheint FBR doch recht gut dazustehen.
Ich denke, gerade diese beiden Geschäftsfelder sollten die Basis für eine Höherbewertung der Aktie liefern, das REIT-Geschäft dürfte in Zukunft weiterhin problematisch bleiben.
Die Strategieausrichtung vom FBR-Management sieht, glaube ich anders aus, hier wird immer noch verstärkt auf das REIT-Geschäft gesetzt.
Aber zugegeben, ich habe mich seit ein paar Monaten nicht mehr wirklich mit FBR auseinandergesetzt.

Gruss
CutPall

[mr.lukoil]

das timing war bisher sehr gut. Die Position liegt jetzt rund 20 % im plus. Innerhalb von weniger als 3 Wochen. Ich habe jetzt zwar einen Teil der Gewinne mitgenommen, kann mir aber durchaus vorstellen, dass es noch weiter nach oben geht. So wurde gerade in der wichtigen letzten Stunde des Handels in NY der Kurs noch einmal unter nicht geringen Umsätzen hochgekauft. Ich könnte mir durchaus vorstellen, dass es mittelfristig bis 15 usd weitergeht. Was dann kommt ist in meinem Fall wohl ein Verkauf der Restposition, da ich insgesamt mehr als hinreichend investiert bin.

[mr.lukoil]

habe diesen Ausflug beendet und umgeschichtet. bleibt ein gewinn von ca 16 % in weniger als 3 wochen. das soll mir fürs erste genügen.

[CutPall]

Gratuliere,
würdest du demnächst wieder einsteigen oder hast du den Wert nur als Rebound-Situation gesehen ?
Wohin hast du denn umgeschichtet, wenn ich fragen darf ?

Gruss
CutPall

[mr.lukoil]

habe mir ein paar loewe gekauft. aber nur mit einem kleinen Teil des Einsatzes.

würde evtl. wiederkaufen. bin mir aber zur Zeit nicht sicher genug und mehr als hinreichend investiert.

ich kann zwar sagen, dass die Aktie günstig bewertet ist, da sie dicht am Buchwert ist, allerdings kann ich die Werthaltigkeit der assets nicht so sicher beurteilen, dass ich lange dabeibleiben möchte. Den assets stehen erheblich Verbindlichkeiten entgegen. fbr Hat also eine kräftige Hebelwirkung in beide richtungen.

jetzt notiert das papier genau am langfristigen Abwärtstrend, dessen überwindung noch dauern kann.