FBR Asset Investment Corporation Declares Quarterly Dividend.

WASHINGTON--(BUSINESS WIRE)--June 25, 1998--FBR Asset Investment Corporation ("FBR Asset") announced today that the Board of Directors approved a cash dividend of $0.295 per share payable July 15, 1998 to shareholders of record as of June 30, 1998. The dividend covers the period from April 1, 1998 to June 30, 1998 and represents approximately 100% of the taxable income generated for the period. The Board of Directors also approved an additional cash dividend of $0.005 per share payable July 15, 1998 to shareholders of record as of December 30, 1997. The additional dividend covers the period from December 17, 1997 to December 31, 1997 and was declared in order for FBR Asset to comply with real estate investment trust ("REIT") requirements.

FBR Asset is a private REIT formed in December 1997 by Friedman, Billings, Ramsey Group, Inc. At June 15, 1998, FBR Asset Investment Corporation had approximately $373 million of assets under management.

Friedman Billings Ramsey Group, Inc. (NYSE: FBG) is a publicly traded, full-service investment banking firm. Investment banking, brokerage and research services provided by Friedman Billings Ramsey & Co., Inc., a member of NASD and SIPC. FBR makes a market in more than 375 securities and provides research coverage on more than 400 publicly traded companies, most of which are in the real estate, technology, banking, thrift, specialty finance and consolidation sectors. Asset management operations include hedge funds, venture capital, private equity partnerships and the FBR family of mutual funds. The company's website can be accessed at www.fbr.com.

CONTACT: Investor Contact:

Eric Generous, FBR [phone]

or

Media Contact:

Melanie Nelson, FBR [phone]