X0303 4 2008-08-20 0 0001371446 FBR CAPITAL MARKETS CORP FBCM 0001218303 GINIVAN WILLIAM J 1001 NINETEENTH ST NORTH ARLINGTON VA 22209 0 1 1 0 Ex VP & Chief Legal Officer Common Stock 2008-08-20 4 D 0 125000 0 D 24063 D Common Stock 2008-08-20 4 A 0 33333 0 A 57396 D Common Stock 2008-08-20 4 A 0 33333 0 A 90729 D Employee Stock options (right to buy) 5.61 2008-08-20 4 A 0 66667 0 A 2011-08-20 2015-08-19 Common Stock 66667 66667 D The two reported transactions involved an amendment to an outstanding award of restricted stock units ("RSUs") to remove certain performance-based restrictions. This amendment resulted in the deemed cancellation of an aggregate of 125,000 "old" RSUs and the deemed regrant of an aggregate of 33,333 "new" RSUs. As a result of this amendment, the "new" RSUs will vest in equal one-third increments beginning on the third, fourth and fifth anniversaries of the original February 20, 2008 grant date subject to continued employment. 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 owned of 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. Represents performance-based RSUs awarded to the reporting person in accordance with the 2006 FBR Capital Markets Long-Term Incentive Plan. These performance based RSUs are subject to forfeiture restrictions if a certain 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, subject to continued employment. These options will become exercisable in equal one-third increments in August 2011, August 2012 and August 2013, subject to continued employment. Ann Marie Pulsch, Attorney-in-fact 2008-08-21