Form 13F
Form 13F Cover Page
Report for the Calendar Year or Quarter Ended: March 31, 1999
Check here if Amendment ( X ) ; Amendment Number:
This Amendment (Check only one.) : ( ) is a restatement.
( ) adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Friedman, Billings, Ramsey Investment Management Inc.
Address: 1001 19th Street North
Potomac Tower
Arlington, VA 22209
13F File Number : 28-5254
The Institutional investment manager filing this report and the person by whom
it is Signed hereby represent that the person signing the report is
authorized to submit it, That all the information contained herein is true,
correct and complete, and that it is understood that all required items,
statements, schedules, lists, and tables, are considered integral parts of
this form.
Person signing this Report on Behalf of Reporting Manager:
Name: Nicholas J. Nichols
Title: EVP and Chief Compliance Officer
Phone: 703-312-9500
Signature, Place, and Date of Signing:
Nicholas J. Nichols Arlington, VA May 13, 1999
Report Type (Check only one.):
( X ) 13F HOLDINGS REPORT
( ) 13F NOTICE .
( ) 13F COMBINATION REPORT
List of Other Managers Reporting for this Manager:
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934.
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 3
Form 13F Information Table Entry Total: 245
Form 13F Information Table Value Total: $543,486
List of Other Included Managers:
No. 13F File Number Name
01 FRIEDMAN, BILLINGS, RAMSEY & CO.
02 FRIEDMAN, BILLINGS, RAMSEY INVESTMENT MANAGEMENT INC.
03 FBR FUND ADVISERS, INC.
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Form 13F Information Table
Title Value SH/ Put/ InvestmeOther
Name of Issuer Class Cussip (x$1000) PRN AMT PRN Call DSCRETN Managers Sole ShareNone
Abbott Laboratories COM 2824100 562 12000 SH SOLE 12000 0 0
Acadia Realty Trust/akr COM 4239109 61 11700 SH SOLE 11700 0 0
Adirondack Fin'l Services COM 6887103 333 17300 SH SOLE 17300 0 0
AES Inc. COM 00130H105 373 10000 SH SOLE 10000 0 0
AirTouch Communications COM 00949T100 1304 13500 SH SOLE 13500 0 0
Alliance Gaming/ally COM 01859P609 118 26285 SH SOLE 26285 0 0
Altiva Financial PFD 21497300 1162 387348 SH SOLE 387348 0 0
AMB Financial COM 1984103 158 12000 SH SOLE 12000 0 0
America Online COM 02364J104 4403 29950 SH SOLE 29950 0 0
American Banker COM 24456105 520 10000 SH SOLE 10000 0 0
American Busin Fin'l COM 02476B106 698 57000 SH SOLE 57000 0 0
American Management Sys. COM 27352103 4055 118830 SH SOLE 118830 0 0
American Stores Inc. COM 30096101 1056 32008 SH SOLE 32008 0 0
American Tower A COM 29912201 6080 248171 SH SOLE 248171 0 0
Andover Bancorp/andb COM 34258103 298 11000 SH SOLE 11000 0 0
Annaly Mortgage COM 35710409 2014 201380 SH SOLE 201380 0 0
Annapolis Nat'l Banc COM 35848100 196 29047 SH SOLE 29047 0 0
Anthracite Capital, Inc. COM 370231080 11864 1581846 SH SOLE 1581846 0 0
ASB Fin'l Corp COM 00205P107 218 20000 SH SOLE 20000 0 0
Ascend Communications, In COM 43491109 2176 26000 SH SOLE 26000 0 0
Astoria Fin'l/asfc COM 46265104 1525 30500 SH SOLE 30500 0 0
AT&T COM 1957109 770 9532 SH SOLE 9532 0 0
AT&T-Liberty Media COM 1957208 526 10000 SH SOLE 10000 0 0
Atlantic Gulf/aglf COM 48556104 26 15500 SH SOLE 15500 0 0
BA Merchant Services, Inc COM 55239107 408 20000 SH SOLE 20000 0 0
Bank of America/bac COM 06605F102 20940 296500 SH SOLE 296500 0 0
Bank of Commerce COM 61589107 930 46200 SH SOLE 46200 0 0
Bank of New York COM 64057102 4027 112065 SH SOLE 112065 0 0
Bank One Corp COM 06423A103 13543 246000 SH SOLE 246000 0 0
Bank Plus Corp COM 64446107 665 158750 SH SOLE 158750 0 0
Bank Plus Corp. 12% Sr. NS Sr. N 064446AA 206 250000 SH SOLE 250000 0 0
BankAtlantic Bancorp COM 65908501 71 10000 SH SOLE 10000 0 0
BankBoston Corp COM 06605R106 19361 447000 SH SOLE 447000 0 0
Bankers Trust Corp. COM 66365107 1280 14500 SH SOLE 14500 0 0
Banyan Hotel Inv/vhti COM 06682N101 35 65500 SH SOLE 65500 0 0
Barbers Hairstylers COM 67160101 160 13485 SH SOLE 13485 0 0
BCSB Bankcorp, Inc COM 54948104 97 11076 SH SOLE 11076 0 0
Berkshire Hathaway A COM 84670108 15994 224 SH SOLE 224 0 0
Berkshire Hathaway B COM 84670207 2170 923 SH SOLE 923 0 0
BostonFed Bcorp/bfd COM 101178101 1294 71900 SH SOLE 71900 0 0
Bristol Myers Squibb COM 110122108 680 10600 SH SOLE 10600 0 0
Broad National Bancorpora COM 111239109 304 12500 SH SOLE 12500 0 0
Brookline Bcorp/brkl COM 113739106 832 73100 SH SOLE 73100 0 0
Building One Services COM 120114103 9057 527000 SH SOLE 527000 0 0
Burke & Herbert Bank COM 121331102 914 1618 SH SOLE 1618 0 0
Cade Industries, Inc. COM 127382109 49 22300 SH SOLE 22300 0 0
Calumet Bancorp, Inc. COM 131386104 408 14500 SH SOLE 14500 0 0
Camco Financial COM 132618109 249 17820 SH SOLE 17820 0 0
Cameron Fin'l COM 133425108 641 45761 SH SOLE 45761 0 0
Capital Automotive COM 139733109 23844 1917115 SH SOLE 1917115 0 0
Carr Gottstein Foods Co. COM 1.44E+11 576 46800 SH SOLE 46800 0 0
Catellus Dev. Corp/cdx COM 149111106 52 3900 SH SOLE 3900 0 0
Catskill Fin'l/catb COM 149348104 835 55000 SH SOLE 55000 0 0
CBES Bancorp COM 124794108 985 66761 SH SOLE 66761 0 0
CFS Bancorp COM 12525D102 725 69000 SH SOLE 69000 0 0
Charter One Fin'l/cofi COM 160903100 1371 47500 SH SOLE 47500 0 0
Chase Manhattan Cp COM 16161A108 26447 325000 SH SOLE 325000 0 0
Chastain Capital Corp. COM 161697107 3763 700000 SH SOLE 700000 0 0
Cisco Systems, Inc. COM 17275R102 1096 10000 SH SOLE 10000 0 0
Citigroup/c COM 172967101 24256 379737 SH SOLE 379737 0 0
CMAC Inv Corp/cmt COM 125662106 429 11000 SH SOLE 11000 0 0
CNY Financial Corp. COM 12613U107 638 52050 SH SOLE 52050 0 0
Coastal Bancorp COM 19041P105 3864 232437 SH SOLE 232437 0 0
Coca-Cola Co. COM 191216100 491 7992 SH SOLE 7992 0 0
Cohoes Bancorp, Inc. COM 192513109 487 46692 SH SOLE 46692 0 0
Colonial Bkgrp/cnb COM 195493309 588 49000 SH SOLE 49000 0 0
Comerica Inc/cma COM 200340107 1093 17500 SH SOLE 17500 0 0
Commercial Federal Corp. COM 201647104 3710 160000 SH SOLE 160000 0 0
Compass Banc/cbss COM 20449H109 449 13000 SH SOLE 13000 0 0
Country Wide Credit/ccr COM 222372104 488 13000 SH SOLE 13000 0 0
CSX Corporation COM 126408103 371 9518 SH SOLE 9518 0 0
Damen Financial Corp COM 235906104 505 30100 SH SOLE 30100 0 0
Delaware First Financial COM 246064109 662 47000 SH SOLE 47000 0 0
Delta and Pine Land Co. COM 247357106 489 15900 SH SOLE 15900 0 0
Dime Bancorp Inc COM 25429Q102 4035 174000 SH SOLE 174000 0 0
Dover Downs Ent/dvd COM 260086103 7368 475340 SH SOLE 475340 0 0
Downey Fin'l Corp COM 261018105 1373 75000 SH SOLE 75000 0 0
East-West Bank COM 27579R104 4648 520000 SH SOLE 520000 0 0
EMC Corp COM 268648102 511 4000 SH SOLE 4000 0 0
Engel General Dev. COM M40515104 1158 579200 SH SOLE 579200 0 0
Envoy Corp. COM 293982104 1740 39000 SH SOLE 39000 0 0
EQK Realty Invest/eqkr COM 268820107 34 68300 SH SOLE 68300 0 0
Excite, Inc. COM 300904109 1429 10218 SH SOLE 10218 0 0
Fair Isaac & Co/fic COM 303250104 667 18000 SH SOLE 18000 0 0
Fairfax Fin'l Hldg COM 303901102 292 1000 SH SOLE 1000 0 0
Fannie Mae/fnm COM 313586109 1212 17500 SH SOLE 17500 0 0
FBR Asset Investment Corp PP 1664 100300 SH SOLE 100300 0 0
FBR Group Inc. COM 358433100 315 47115 SH SOLE 47115 0 0
Fed. Home Loan Mtg. COM 313400301 6651 116050 SH SOLE 116050 0 0
FFD Financial Corp. COM 30243C107 139 10000 SH SOLE 10000 0 0
Fidelity Financial-OH COM 31614P107 434 35450 SH SOLE 35450 0 0
First Bell Bcp/fbbc COM 319301107 1673 98400 SH SOLE 98400 0 0
First Bergen Bancorp COM 318915105 759 32300 SH SOLE 32300 0 0
First Fed Fin'l Banc/OH COM 319988101 285 26500 SH SOLE 26500 0 0
First Fed-East Hartford COM 319944104 2595 107000 SH SOLE 107000 0 0
First Keystone/fkfs COM 320655103 914 65000 SH SOLE 65000 0 0
First Place Fin'l/fpfc COM 33610T109 714 70500 SH SOLE 70500 0 0
First Security Fed Fin'l COM 336392105 318 26100 SH SOLE 26100 0 0
First Sentinel Bancorp COM 33646K106 988 123500 SH SOLE 123500 0 0
First Sierra Fin'l COM 335944104 510 56700 SH SOLE 56700 0 0
First Union Corp/ftu COM 337358105 14392 269324 SH SOLE 269324 0 0
First Union Real Est/fur COM 337400105 50 11500 SH SOLE 11500 0 0
FirstFed Fin'l Corp/fed COM 337907109 2917 181600 SH SOLE 181600 0 0
Fleet Financial Group COM 338915101 2860 76000 SH SOLE 76000 0 0
Franchise Morgage COM 35181D108 214 29500 SH SOLE 29500 0 0
Fred Meyer, Inc. COM 592907109 883 15000 SH SOLE 15000 0 0
Ft Bend Hldg Corp COM 346824105 341 19779 SH SOLE 19779 0 0
Gemstar Int'l Gr. COM G3788V106 452 6000 SH SOLE 6000 0 0
Geocities COM 37247V106 657 6000 SH SOLE 6000 0 0
Getchell Gold Corp COM 974265106 261 10000 SH SOLE 10000 0 0
Golden State Bancorp COM 381197102 5204 233900 SH SOLE 233900 0 0
Golden State Bancorp - Lit.WWTS 381197136 147 30600 SH SOLE 30600 0 0
Golden West Fin'l/gdw COM 381317106 1385 14500 SH SOLE 14500 0 0
Grand Central Financial COM 38527S102 210 20000 SH SOLE 20000 0 0
Greenpoint Financial Corp COM 395384100 5624 164770 SH SOLE 164770 0 0
Hallmark Capital/hall COM 406241109 457 43000 SH SOLE 43000 0 0
Harbor FL Bancshares, Inc COM 411901101 255 20000 SH SOLE 20000 0 0
Harris Savings Bk COM 414541102 201 16700 SH SOLE 16700 0 0
Haven Bancorp COM 419352109 941 71700 SH SOLE 71700 0 0
HCB Bancshares Inc COM 40413N106 1267 137000 SH SOLE 137000 0 0
Hearst-Argyle COM 422317107 2035 82643 SH SOLE 82643 0 0
HF Bancorp, Inc. COM 403910102 878 50000 SH SOLE 50000 0 0
Hibernia Corp COM 428656102 659 50000 SH SOLE 50000 0 0
Hibernia Corporation A COM 428656102 1312 100000 SH SOLE 100000 0 0
Hingham Inst Svgs/hifs COM 433323102 1630 101900 SH SOLE 101900 0 0
HUBCO Inc/hubc COM 404382103 873 26000 SH SOLE 26000 0 0
II VI Inc./iivi COM 902104108 527 68000 SH SOLE 68000 0 0
Imperial Credit Commercia COM 45272T102 11005 1143400 SH SOLE 1143400 0 0
Independence/icbc COM 453414104 721 56000 SH SOLE 56000 0 0
Intl. Speedway A COM 460335201 2749 52115 SH SOLE 52115 0 0
Intl. Speedway B COM 460335102 22863 433420 SH SOLE 433420 0 0
Irvine Apartment Communit COM 463606103 1400 42600 SH SOLE 42600 0 0
ITLA Capital Corp COM 450565106 6962 480170 SH SOLE 480170 0 0
Jacksonville Bancorp COM 469248108 1364 88000 SH SOLE 88000 0 0
Johnstown America Industr COM 479477101 149 10000 SH SOLE 10000 0 0
Keycorp/key COM 493267108 2698 89000 SH SOLE 89000 0 0
Klamath First Bancorp COM 49842P103 1174 71668 SH SOLE 71668 0 0
KS Bancorp, Inc. COM 48266R108 326 19200 SH SOLE 19200 0 0
KSB Bcorp/ksbk COM 482667102 512 39400 SH SOLE 39400 0 0
Level one COM 527295109 973 20000 SH SOLE 20000 0 0
Local Fincial Corp. COM 539553107 90 325200 SH SOLE 325200 0 0
Logansport Fin'l/logn COM 541209102 1259 104900 SH SOLE 104900 0 0
Long Beach Financial COM 542446109 1056 109700 SH SOLE 109700 0 0
Lucent Technologies COM 549463107 219 2027 SH SOLE 2027 0 0
Markel Corporation COM 570535104 16353 90723 SH SOLE 90723 0 0
MBNA Corp/krb COM 55262L100 430 18000 SH SOLE 18000 0 0
Medford Bcorp/mdbk COM 584131106 806 50400 SH SOLE 50400 0 0
MEGO Financial Corp COM 585162100 982 1256640 SH SOLE 1256640 0 0
Mercantile Bancshares COM 587405101 214 5782 SH SOLE 5782 0 0
Meridian Point/mptbs COM 589949106 41 81742 SH SOLE 81742 0 0
Meritage Corporation COM 59001A102 1020 84128 SH SOLE 84128 0 0
MFB Corp COM 55272D106 330 15000 SH SOLE 15000 0 0
MGIC Investment/mtg COM 552848103 631 18000 SH SOLE 18000 0 0
Miami Computer Supply Cor COM 593261100 3493 175219 SH SOLE 175219 0 0
Micros Systems/mcrs COM 594901100 990 30000 SH SOLE 30000 0 0
Mid Iowa Fin'l Corp COM 59540A100 258 18000 SH SOLE 18000 0 0
Midwest/Bolingbk COM 598388106 142 11500 SH SOLE 11500 0 0
Mobil Corp. COM 607059102 1320 15000 SH SOLE 15000 0 0
Morgan Stanley Dean Witte COM 617446448 250 2500 SH SOLE 2500 0 0
Morton International, Inc COM 619335102 441 12000 SH SOLE 12000 0 0
NAB Asset Corp COM 628712200 62 55000 SH SOLE 55000 0 0
National Information Grou COM 63648P100 249 25889 SH SOLE 25889 0 0
NE Penn Fin'l/nep COM 663905107 328 30000 SH SOLE 30000 0 0
Network Solution COM 64121Q102 635 6000 SH SOLE 6000 0 0
North Central Bksh/fffd COM 658418108 1255 74900 SH SOLE 74900 0 0
North Fork Bancorp. COM 659424105 2178 103100 SH SOLE 103100 0 0
Northeast Pennsy Fin'l COM 663905107 191 17500 SH SOLE 17500 0 0
NS&L Bancorp COM 62937R108 288 17700 SH SOLE 17700 0 0
Nutmeg Federal COM 670608108 119 14166 SH SOLE 14166 0 0
Ocean Fin'l Corp/ocfc COM 674904107 1591 110700 SH SOLE 110700 0 0
One Valley Bcorp/ov COM 682419106 425 12200 SH SOLE 12200 0 0
Oregon Trail Fin'l/otfc COM 685932105 888 69000 SH SOLE 69000 0 0
Ovation Inc. COM 690148101 519 49463 SH SOLE 49463 0 0
Pacific Cent Fin'l/boh COM 694058108 605 29000 SH SOLE 29000 0 0
Pacific Crest/pcci COM 694166109 1768 128570 SH SOLE 128570 0 0
Parkvale Fin'l/pvsa COM 701492100 1294 61250 SH SOLE 61250 0 0
Patriot Ameri Hosp/pah COM 703352203 62 12000 SH SOLE 12000 0 0
PBOC Holdings/pboc COM 69316G108 644 71500 SH SOLE 71500 0 0
Penn National Gaming COM 707569109 8267 1191620 SH SOLE 1191620 0 0
Pennfed Fin'l/pfsb COM 708167101 1728 108000 SH SOLE 108000 0 0
Peoples Bk/Bridgept COM 710198102 4474 150375 SH SOLE 150375 0 0
Peoples Heritage/phbk COM 711147108 1368 76000 SH SOLE 76000 0 0
PFF Bancorp/pffb COM 69331W104 2266 129500 SH SOLE 129500 0 0
Philip Morris Co., Inc. COM 718154107 317 9000 SH SOLE 9000 0 0
PNC Bank Corp/pnc COM 693475105 1334 24000 SH SOLE 24000 0 0
Pocahontas Bancorp COM 730234101 2471 346839 SH SOLE 346839 0 0
Powerhouse Tech/pwrh COM 739323103 2044 118900 SH SOLE 118900 0 0
Precision Auto Care/paci COM 74018R105 311 130800 SH SOLE 130800 0 0
Prime Retail COM 741570105 2302 263060 SH SOLE 263060 0 0
Provident Fin'l COM 743868101 623 37500 SH SOLE 37500 0 0
PSB Bancorp, Inc COM 693604100 187 28700 SH SOLE 28700 0 0
Pulitzer Inc/ptz COM 745769109 2040 50445 SH SOLE 50445 0 0
PVF Capital Corp COM 693654105 189 15000 SH SOLE 15000 0 0
Quaker City Bcp/qcbc COM 74731K106 1723 114862 SH SOLE 114862 0 0
R&G Financial Corp COM 749136107 1467 75710 SH SOLE 75710 0 0
Realty Info Gp/rigx COM 75612B107 1120 38300 SH SOLE 38300 0 0
Redwood Financial COM 757903109 175 14000 SH SOLE 14000 0 0
Regions Fin'l/rgbk COM 758940100 329 9500 SH SOLE 9500 0 0
Resource America COM 761195205 7261 841900 SH SOLE 841900 0 0
Resource Asset Investment COM 761196104 4049 344575 SH SOLE 344575 0 0
Richmond Cnty Fin'l COM 764556106 1945 131649 SH SOLE 131649 0 0
Riggs Financial COM 766570105 2109 125000 SH SOLE 125000 0 0
RLI Corp/rli COM 749607107 293 10000 SH SOLE 10000 0 0
Rocky Ford Fin'l COM 774549109 117 10000 SH SOLE 10000 0 0
Roslyn Bcorp/rsln COM 778162107 2687 159200 SH SOLE 159200 0 0
Sallie Mae Jan '00 @45 ALLS 729992057 210 50 SH SOLE 50 0 0
Seacoast Financial Servic COM 81170Q106 1954 197854 SH SOLE 197854 0 0
Security of PA Fin'l COM 814847109 135 15000 SH SOLE 15000 0 0
SLM Holdings Corp COM 863871505 2744 65735 SH SOLE 65735 0 0
South Jersey Financial COM 838493104 286 25000 SH SOLE 25000 0 0
Southern Banc Co COM 842233108 240 20000 SH SOLE 20000 0 0
Southtrust Corp/sotr COM 844730101 336 9000 SH SOLE 9000 0 0
Sovereign Bancorp/svrn COM 845905108 747 61000 SH SOLE 61000 0 0
St. Landry Fin'l Corp COM 790851109 164 12500 SH SOLE 12500 0 0
State Street/stt COM 857477103 247 3000 SH SOLE 3000 0 0
Staten Island Bcorp/sib COM 857550107 1238 72000 SH SOLE 72000 0 0
Statewide Fin'l/sfin COM 857914105 826 42100 SH SOLE 42100 0 0
Summit Bcorp/sub COM 866005101 1151 29500 SH SOLE 29500 0 0
Symmetricom Inc. COM 871543104 1678 265843 SH SOLE 265843 0 0
TCF Financial/tcb COM 872275102 1433 55000 SH SOLE 55000 0 0
Techne Corp/tech COM 878377100 289 10000 SH SOLE 10000 0 0
Texarkana First Fin'l/ftf COM 881801104 570 24000 SH SOLE 24000 0 0
TF Financial Group COM 872391107 185 11633 SH SOLE 11633 0 0
Thistle Group/thtl COM 8.84E+107 102 12000 SH SOLE 12000 0 0
Three Rivers Fin'l COM 88562H107 425 33000 SH SOLE 33000 0 0
TIS Mort Inv/tism COM 872527106 19 15000 SH SOLE 15000 0 0
Transamerica Corp. COM 893485102 1278 18000 SH SOLE 18000 0 0
UST Corp/ustb COM 902900109 1431 65500 SH SOLE 65500 0 0
US Bancorp COM 902973106 3236 95000 SH SOLE 95000 0 0
Union Camp Corp COM 905530101 398 5927 SH SOLE 5927 0 0
Union Community COM 906054101 321 27000 SH SOLE 27000 0 0
Union Planters Corp. COM 908068109 2372 54000 SH SOLE 54000 0 0
Union BanCal Corp COM 908906100 8822 259000 SH SOLE 259000 0 0
United Bankshares COM 909907107 915 40000 SH SOLE 40000 0 0
United Comm Fin'l/ucfc COM 909839102 241 20500 SH SOLE 20500 0 0
United Pay&Unit Prov COM 911319101 4099 177750 SH SOLE 177750 0 0
United States Filter COM 911843209 613 20000 SH SOLE 20000 0 0
Virginia Capital Bancshar COM 927758102 936 74100 SH SOLE 74100 0 0
Washington Fed/wfsl COM 938824109 1320 62850 SH SOLE 62850 0 0
Washington Mutual COM 939322103 7071 173000 SH SOLE 173000 0 0
Webster Financial Corp. COM 947890109 1343 46500 SH SOLE 46500 0 0
Wells Fargo/wfc COM 949746101 20119 506150 SH SOLE 506150 0 0
Wyman Park/wpbc COM 983086109 594 53100 SH SOLE 53100 0 0
Xylan Corportation COM 984151100 920 25000 SH SOLE 25000 0 0
Yonkers Fin'l/yfcb COM 986073104 764 50900 SH SOLE 50900 0 0
Zindart Ltd/zndt COM 989597109 121 21500 SH SOLE 21500 0 0
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