X0202 4 2008-02-20 0 0001371446 FBR CAPITAL MARKETS CORP FBCM 0001218306 HENDRIX RICHARD J 1001 NINETEENTH ST NORTH ARLINGTON VA 22209 1 1 1 0 President & COO Common Stock 2008-02-20 4 A 0 600000 6.89 A 638431 D These shares of common stock, awarded pursuant to the FBR Capital Markets Corp. Long Term Incentive Plan ("RSUs") are part of a retention program for aproximately 40 key employees, is subject to forfeiture restrictions is a certain performance-based market price target for the Issuer's common stock is not achieved before the third anniversary of the grant. If not forfeited, the shares will vest in three equal installments on each of the third, fourth and fifth anniversaries of the grant, if the filer's employment continues until those dates. Because the reporting person serves as an executive officer of Friedman, Billings, Ramsey Group, Inc., the sole shareholder of FBR TRS Holdings, Inc., the reporting person could be deemed to have beneficial ownership of certain shares of common stock ownedof record by FBR TRS Holdings, Inc. The reporting person disclaims beneficial ownership of such shares in which the individual does not have a pecuniary interest. William J. Ginivan, Attorney-in-Fact 2008-02-22