<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2006-07-20</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001371446</issuerCik>
        <issuerName>FBR CAPITAL MARKETS CORP</issuerName>
        <issuerTradingSymbol>FBCM</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001402174</rptOwnerCik>
            <rptOwnerName>Crestview Partners GP, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>667 MADISON AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>10TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10021</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock, par value $0.001 per share (&quot;Common Stock&quot;)</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5172813</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Through limited partnerships</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Option (Right to Buy) (&quot;Option&quot;)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>17.14</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2006-07-20</value>
            </exerciseDate>
            <expirationDate>
                <value>2012-07-20</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2600000</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Through limited partnerships</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Crestview Partners GP, L.P. is the general partner of Crestview Partners, L.P., Crestview Partners
(Cayman), L.P., Crestview Offshore Holdings (Cayman), L.P. (the &quot;Cayman Fund&quot;), Crestview Partners (PF), L.P.,
 Crestview Partners (TE), L.P., Crestview Holdings (TE), L.P. (the &quot;TE Fund&quot;) and Crestview Partners (ERISA), L.P.
 Crestview Partners (TE), L.P. is a limited partner of the TE Fund.  Crestview Partners GP, L.P. is the sole member of
 Crestview Partners (Cayman), Ltd., which is the administrative general partner of the Cayman Fund and Crestview Partners
(Cayman), L.P., which is a limited partner of the Cayman Fund.</footnote>
        <footnote id="F2">Crestview Partners, L.P., the Cayman Fund, Crestview Partners (PF), L.P. and the TE Fund are 67.4, 16.2, 11.7 and 4.7%
 members, respectively, in Forest Holdings LLC, which is the record owner of 4,905,560 shares of Common Stock and 2,465,671
 Options.  Crestview Partners (ERISA), L.P. is the sole member of Forest Holdings (ERISA) LLC, which is the record owner of
 267,253 shares of Common Stock and 134,329 Options. Each reporting person disclaims beneficial ownership of the reported
 securities except and to the extent of its pecuniary interest therein.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Crestview Partners GP, L.P., By: Crestview, L.L.C., its General Partner, /s/: Wing S. Keith</signatureName>
        <signatureDate>2007-06-07</signatureDate>
    </ownerSignature>
</ownershipDocument>
