UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G/A
Amendment No. 5
Under the Securities Exchange Act of 1934
FBR Asset Investment Corporation
(Name of Issuer)
Common Stock
(Title of Class of Securities)
30241E303
(CUSIP Number)
June 30, 2002
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[ X ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP No. 000551812308
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Friedman, Billings, Ramsey Group, Inc.
54-1837743
2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) [ ]
(b) [ X ]
3. SEC Use Only
4. Citizenship or Place of Organization
Virginia
Number of
Shares
Beneficially
Owned by
Each Reporting
Person With
5. Sole Voting Power
3,422,471
6. Shared Voting Power
0
7. Sole Dispositive Power
3,422,471
8. Shared Dispositive Power
0
9. Aggregate Amount Beneficially Owned by Each Reporting Person
3,422,471
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
11. Percent of Class Represented by Amount in Row (9)
17.98%
12. Type of Reporting Person (See Instructions)
HC
CUSIP No. 30241E303
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Orkney Holdings, Inc., a wholly owned subsidiary of Friedman,
Billings, Ramsey Group, Inc. 54-1837743
2. Check the Appropriate Box if a Member of a Group(See Instructions)
(a) [ ]
(b) [ ]
3. SEC Use Only
4. Citizenship or Place of Organization
Virginia
Number of
Shares
Beneficially
Owned by
Each Reporting
Person With
5. Sole Voting Power
1,684,195
6. Shared Voting Power
1,738,276
7. Sole Dispositive Power
1,684,195
8. Shared Dispositive Power
1,738,276
9. Aggregate Amount Beneficially Owned by Each Reporting Person
3,422,471
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
11. Percent of Class Represented by Amount in Row (9)
17.98%
12. Type of Reporting Person (See Instructions)
CO
CUSIP No. 30241E303
1.
Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities
only).
Eric F. Billings
2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) [ ]
(b) [ X ]
3. SEC Use Only
4. Citizenship or Place of Organization
United States
Number of Shares
Beneficially
Owned by
Each Reporting
Person With
5. Sole Voting Power
11,900
6. Shared Voting Power
3,422,471
7. Sole Dispositive Power
11,900
8. Shared Dispositive Power
3,422,471
9. Aggregate Amount Beneficially Owned by Each Reporting Person
3,434,371
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
11. Percent of Class Represented by Amount in Row (9)
18.04%
12. Type of Reporting Person (See Instructions)
IN
CUSIP No. 30241E303
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities
only).
Emanuel J. Friedman
2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) [ ]
(b) [ X ]
3. SEC Use Only
4. Citizenship or Place of Organization
United States
Number of
Shares
Beneficially
Owned by
Each Reporting
Person With
5. Sole Voting Power
5,000
6. Shared Voting Power
3,422,471
7. Sole Dispositive Power
5,000
8. Shared Dispositive Power
3,422,471
9. Aggregate Amount Beneficially Owned by Each Reporting Person
3,427,471
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
11. Percent of Class Represented by Amount in Row (9)
18.01%
12. Type of Reporting Person (See Instructions)
IN
Item 1.
(a) Name of Issuer
FBR Asset Investment Corporation
Address of Issuer's Principal Executive Offices
(b) 1001 19th Street North
Arlington, VA 22209
Item 2.
(a) Name of Person Filing: Friedman, Billings, Ramsey
Group, Inc.
Address of Principal Business Office or, if none,
Residence
(b) 1001 19th Street North
Arlington, VA 22209
(c) Citizenship: Virginia
(d) Title of Class of Securities: Common Stock
(e) CUSIP Number: 358433100
Item 3. If this statement is filed pursuant toss.ss.240.13d-1(b) or
240.13d-2(b) or (c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under section 15 of the
Act (15 U.S.C. 78o).
(b) [ ] Bank as defined in section 3(a)(6) of the Act (15
U.S.C. 78c).
(c) [ ] Insurance company as defined in section 3(a)(19) of
the Act (15 U.S.C. 78c).
(d) [ ] Investment company registered under section 8 of the
Investment Company Act of 1940 (15 U.S.C 80a-8).
(e) [ ] An investment adviser in accordance with
ss.240.13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in
accordance withss.240.13d-1(b)(1)(ii)(F);
(g) [ X ] A parent holding company or control person in
accordance withss.240.13d-1(b)(1)(ii)(G);
(h) [ ] A savings associations as defined in Section 3(b) of
the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i) [ ] A church plan that is excluded from the definition
of an investment company under section 3(c)(14) of
the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j) [ ] Group, in accordance withss.240.13d-1(b)(1)(ii)(J).
Item 4. Ownership.
Provide the following information regarding the aggregate number and percentage
of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned: 3,422,471.
(b) Percent of class: 17.98%.
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote
3,422,471.
(ii) Shared power to vote or to direct the vote
0.
(iii) Sole power to dispose or to direct the disposition of
3,422,471.
(iv) Shared power to dispose or to direct the disposition of
0.
Item 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as of the date hereof
the reporting person has ceased to be the beneficial owner of more than five
percent of the class of securities, check the following [ ].
Instruction: Dissolution of a group requires a response to this item.
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct
the receipt of dividends from, or the proceeds from the sale of, such
securities, a statement to that effect should be included in response to this
item and, if such interest relates to more than five percent of the class, such
person should be identified. A listing of the shareholders of an investment
company registered under the Investment Company Act of 1940 or the beneficiaries
of employee benefit plan, pension fund or endowment fund is not required.
Orkney Holdings, Inc.
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By
the Parent Holding Company or Control Person.
If a parent holding company or Control person has filed this schedule, pursuant
to Rule 13d-1(b)(1)(ii)(G), so indicate under Item 3(g) and attach an exhibit
stating the identity and the Item 3 classification of the relevant subsidiary.
If a parent holding company or control person has filed this schedule pursuant
to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification
of the relevant subsidiary.
Friedman, Billings, Ramsey & Co., Inc. 3(a)
Friedman, Billings, Ramsey Investment, Inc. 3(e)
Orkney Holdings, Inc.
Item 8. Identification and Classification of Members of the Group
If a group has filed this schedule pursuant to ss.240.13d-1(b)(1)(ii)(J), so
indicate under Item 3(j) and attach an exhibit stating the identity and Item 3
classification of each member of the group. If a group has filed this schedule
pursuant to ss.240.13d-1(c) or ss.240.13d-1(d), attach an exhibit stating the
identity of each member of the group.
Item 9. Notice of Dissolution of Group
Notice of dissolution of a group may be furnished as an exhibit stating the date
of the dissolution and that all further filings with respect to transactions in
the security reported on will be filed, if required, by members of the group, in
their individual capacity. See Item 5.
Item 10. Certification
By signing below I certify that, to
the best of my knowledge and belief,
the securities referred to above were
not acquired and are not held for the
purpose of or with the effect of
changing or influencing the control of
the issuer of the securities and were
not acquired and are not held in
connection with or as a participant in
any transaction having that purpose or
effect.
In accordance with Rule 13d-4 of the
Securities Exchange Act of 1934, each
of the persons filing this statement
expressly disclaims the beneficial
ownership of the securities covered by
this statement and the filing of this
report shall not be construed as an
admission by such persons that they
are the beneficial owners of such
securities.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.
Date: July 10, 2002 By: /s/ EMANUEL J. FRIEDMAN
-------------------------------
Name: Emanuel J. Friedman
Title: Chairman
ORKNEY HOLDINGS, INC.
Date: July 10, 2002 By: /s/ KURT R. HARRINGTON
-------------------------------
Name: Kurt R. Harrington
Title: President
Date: July 10, 2002 /s/ ERIC F. BILLINGS
-----------------------------------
Name: Eric F. Billings
Date: July 10, 2002 /s/ EMANUEL J. Friedman
-----------------------------------
Name: Emanuel J. Friedman