Arlington Asset Investment

From Infogalactic: the planetary knowledge core
(Redirected from Friedman Billings Ramsey)
Jump to: navigation, search

<templatestyles src="Module:Hatnote/styles.css"></templatestyles>

This article is about the REIT formerly known as Friedman, Billings, Ramsey Group. For the investment banking firm formerly known as Friedman, Billings, Ramsey & Co., see FBR Capital Markets.
Arlington Asset Investment
Public
Traded as NYSE: AI
Industry Investment management
Founded 1989
Headquarters Arlington, Virginia, United States
Key people
 Eric Billings, Chairman & CEO
Products Real Estate Investment Trust
Revenue IncreaseUS $1.01 Billion (2006)
DecreaseUS $-0.67 Billion (2006)
Number of employees
 579 (2009)
Website www.arlingtonasset.com

Arlington Asset Investment Corp formerly known as Friedman, Billings, Ramsey Group Inc. (FBR), is a real estate investment trust headquartered in Arlington, Virginia. It was founded in 1989 and had over $1 billion in revenues in 2006.

History

Friedman, Billings, Ramsey Group Inc. was founded in 1989 by Emmanuel Friedman, Eric Billings, and Russ Ramsey. The firm held its initial public offering in 1997, raising $206 million.[1]

FBR was initially successful investing in the Internet boom of the 1990s-2000s. Ramsey left the company in 2001. Following the early 2000s recession, FBR invested heavily in subprime mortgages and housing until the subprime mortgage crisis.[2] The company announced severe losses related to its underperforming mortgage platform and widespread problems in subprime mortgage lending, which led to a sale of ownership in FBR's subprime subsidiary First NLC Financial Services, Inc in the summer of 2007.

In 2005, the SEC began investigating FBR for insider trading done in 2001. The firm was charged with short selling CompuDyne, a maker of security systems. In 2006 FBR paid $7.8 million to the SEC and $4.5 million to CompuDyne to settle the charges, but did not admit any wrongdoing. Friedman was personally fined $1.2 million, and barred for two years from supervising a brokerage firm. He left FBR in 2005, during the investigation.[3][4][5]

FBR Capital Markets was formed through an equity spin-off from FBR Group in the spring of 2007.[6] The IPO was priced at $72 per share but the stock had traded down considerably at a low of $8.40 as a result of the 2008 and 2009 financial crisis.

In 2009 FBR changed its name to Arlington Asset Investment and divested its ownership of FBR Capitol.[7]

Billings stepped down as CEO in 2014, but remains as executive chairman.[2]

Sponsorship

Arlington Asset Investment sponsored the Phoenix Open PGA golf tournament held in Scottsdale, Arizona from 2004 until 2009.[8]

References

  1. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  2. ↑ 2.0 2.1 Lua error in package.lua at line 80: module 'strict' not found.
  3. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  4. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  5. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  6. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  7. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  8. ↑ Lua error in package.lua at line 80: module 'strict' not found.

External links

Retrieved from "https://infogalactic.com/w/index.php?title=Arlington_Asset_Investment&oldid=967979"