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Non-Tech : Friedman, Billings & Ramsey (FBR) -- Ignore unavailable to you. Want to Upgrade?

To: Paul Lee who wrote (70)	4/15/1999 11:35:00 AM
From: Timothy R. West	Respond to of 173

Here's MORE info on FBG - to help you understand their cash and investments ... from the 10-K as of Sep 30, 1998. As of September 30, 1998, the Company had liquid assets consisting primarily of cash and cash equivalents of $58.7 million. Cash equivalents consist primarily of money market mutual funds invested in debt obligations of the U.S. government. The Company also had $22.8 million in marketable securities in its trading accounts. FBRC has available borrowing capacity (borrowing against security positions) from its clearing broker of $4.1 million as of September 30, 1998. In connection with certain capital raising transactions, the Company has received and holds warrants for stock of the issuing corporation generally exercisable at the corporation's respective offering price. Due to the current restrictions on the warrants and the underlying securities, the Company carries the warrants at a nominal value in its financial statements, and will recognize any potential, future revenues and profits, if any, only when realized. The Company may use a portion of these warrants as incentive compensation for certain key employees of the Capital Markets Group. As of September 30, 1998, the Company had received warrants in client companies as set forth below: Closing Price Expiration Number of Exercise on September date of Warrants Price 30, 1998 Warrants ------------------------------------------------- American Capital Strategies, Ltd. .................. 442,751 $15.00 16.1875 08/29/02 Capital Automotive REIT............................. 1,277,794 15.00 11.6875 02/12/03 Building One Services Corporation................... 1,130,000 20.00 12.3750 11/25/01 East-West Bank...................................... 475,500 10.00 8.0000 06/12/03 Local Financial Corporation......................... 591,000 10.00 8.6250 09/08/02 Styling Technology Corporation...................... 101,500 12.00 18.5000 11/21/01 FBR Asset Investment Corporation.................... 970,805 20.00 13.0000 12/11/07 Xypoint Corporation................................. 270,107 2.10 *2.0000 07/10/03 Resource Asset Investment Trust..................... 141,667 15.00 14.25000 01/08/03 I haven't figured out the value of these warrants, but view them as free call options!