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Friedman, Billings, Ramsey Group, Inc. (FBR) is a real estate investment trust (REIT) that, through its REIT subsidiaries, operates investment banking, institutional brokerage institutional brokerage, asset management and merchant banking businesses. At the parent REIT level, the Company invests as a principal in residential mortgage-backed securities, including collateralized mortgage obligations, either issued by a United States Government agency, or guaranteed as to principal and interest by United States Government agencies or United States Government-sponsored entities. It also makes merchant banking investments with its own capital. In addition, FBR has also historically originated non-conforming, including non-prime, residential mortgage loans through First NLC Financial Service, LLC (First NLC), one of its taxable REIT subsidiaries. On January 18, 2008, First NLC filed a voluntary petition for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code.(Source: 10-K)