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Friedman Billings Ramsey Sole-Manages 1.2 Million Share Spot Trade Offering For RAIT Investment Trust; Offering Raises $20.7 Million.

ARLINGTON, Va. -- Friedman, Billings, Ramsey & Co., Inc., a subsidiary of Friedman, Billings, Ramsey Group, Inc. , announced today that it was the sole manager of a 1.2 million share offering of Common Shares for RAIT Investment Trust . The shares were priced at $18.05 per share. RAIT Investment Trust granted FBR a 30-day option to purchase an additional 180,000 shares to cover any over- allotments. Net proceeds of the offering were $20.7 million.

RAIT Investment Trust is a specialty finance company focused on the commercial real estate industry. RAIT provides structured financing to private and corporate owners of real estate nationwide, including senior and junior mortgage debt and mezzanine lending, and acquires real estate for its own account.

"The completion of this offering in one business day demonstrates the quality and speed of execution FBR brings to capital market transactions. This is the second REIT offering this year that FBR successfully completed in one day," said Senior Managing Director and Head of Investment Banking J. Rock Tonkel, Jr.

So far in 2002, FBR has participated in 13 capital markets transactions, including six lead-managed public offerings for REITs with total proceeds of $343.6 million. In 2002 FBR ranks second as lead underwriter for REIT common public equity offerings by both total number of transactions and proceeds, according to CommScan EquiDesk.

Friedman, Billings, Ramsey Group, Inc. is a financial holding company for businesses that provide investment banking, institutional brokerage, specialized asset management, and banking products and services. FBR provides capital and financial expertise throughout a company's lifecycle and affords investors access to a range of proprietary financial products and services. Headquartered in the Washington metropolitan area, FBR has offices in Arlington, Va. and Bethesda, Md.; Atlanta; Boston; Charlotte; Cleveland; Dallas; Denver; Irvine, Ca.; New York City; Portland; Seattle; London; 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 .

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Contact: Investor Contact: Kurt Harrington, +1-703-312-9647 or kharrington@fbr.com; or Media Contact: Lisa Staubs, +1-703-312-9713 or lstaubs@fbr.com

Website: http://www.fbr.com/
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Publication:PR Newswire
Date:Mar 11, 2002
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