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Friedman, Billings, Ramsey Closes $36.3 Million Financing for RAIT Investment Trust; 1.75 Million Common Shares Placed in Follow-On Offering.

Friedman, Billings, Ramsey Group, Inc. today announced that its subsidiary, Friedman, Billings, Ramsey & Co., Inc., has closed a $36.3 million financing for RAIT Investment Trust -- a real estate investment trust (REIT) and specialty finance company focused on the mid-size commercial real estate industry.

The transaction included the placement of 1.75 million RAIT Investment Trust common shares priced at $20.75 per share. Up to 262,500 additional common shares have been made available to the issuer to cover over-allotments, if any, at then current market price. FBR served as the sole underwriter for this offering.

"This placement clearly shows that the capital markets continue to remain open for strong companies," said Emanuel Friedman, Chairman and Co-CEO at FBR. "Since 1998, we have handled the Company's IPO and six follow-on offerings raising over $282 million. We are pleased to have assisted RAIT in this matter."

In 2002, FBR remained a leader in the real estate sector with approximately $1.4 billion in capital raises. According to CommScan, FBR ranked first in the number of lead managed public equity offerings for real estate companies (all market caps), second in terms of dollars raised and second in after market performance.

RAIT Investment Trust, headquartered in Philadelphia, PA, provides structured financing to private and corporate owners of real estate, including senior and mezzanine lending and preferred equity investments. RAIT also acquires real properties or interests for its own account. For more information, see http://www.raitinvestmenttrust.com/home.asp .

Friedman, Billings, Ramsey Group, Inc., headquartered in Arlington, Va., is a financial holding company for businesses that provide investment banking, institutional brokerage, specialized asset management, and private client services. FBR focuses capital and financial expertise on six industry sectors: financial services, real estate, technology, energy, healthcare, and diversified industries. FBR also has offices in Atlanta, Bethesda, Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Irvine, London, New York, Portland, San Francisco, Seattle, and Vienna. Bank products and services are offered by FBR National Bank & Trust, member FDIC and an Equal Housing Lender. For more information, see http://www.fbr.com/ .

A registration statement relating to these securities was filed with and has been declared effective by the U.S. Securities and Exchange Commission. The offering is made by means of a prospectus only, which may be obtained by contacting the underwriters. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

CONTACT: Investors: Kurt Harrington, +1-703-312-9647, kharrington@fbr.com, or Media: Bob Leahy, +1-703-312-9745, bleahy@fbr.com, both of Friedman, Billings, Ramsey Group, Inc.

Web site: http://www.fbr.com/ http://www.raitinvestmenttrust.com/home.asp
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Publication:PR Newswire
Geographic Code:1USA
Date:Feb 10, 2003
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