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Interesting bank...they are technically a REIT, but I believe they are/have already spun off their capital markets business after recording a pretty substantial loss last year. They do have a strong real estate group though, and have a reputation of having a great work life balance. I've heard their Arlington, VA, office (HQ) is the place to be, as all their deals are sourced through there. Working in D.C. over NYC definitely has some advantages as well.
A few years ago, FBR was considered a great MM shop, but hardtimes and scandal (Friedman got probed by the SEC and had to leave the firm, and Ramsey left) have hurt their reputation a little. Hope this helps.
They do a ton of FIG research.
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