FBR Asset Management

Frank Brettschneider serves as President and Chief Investment Officer and directs all investment decisions. The firm operates without an external investment committee, giving Brettschneider full discretion over origination, acquisition, and portfolio management. This founder-led governance structure has remained in place since the firm's 2005 launch.

FBR invests in residential real estate through two channels: direct mortgage origination and the acquisition of distressed loan pools and REO properties. The firm originates loans secured by single-family homes, primarily in California, and buys non-performing note portfolios from banks, government entities, and private sellers. FBR also manages a portfolio of single-family rental properties converted from acquired distressed assets.

FBR's historical activity concentrates exclusively on residential real estate debt and equity. The firm has deployed capital in whole loans, non-performing notes, single-family rentals, and construction bridge lending. There is no public record of FBR pursuing commercial real estate, corporate private equity, venture capital, or other asset classes.

FBR acquires loan portfolios from a range of motivated sellers, including the FDIC, HUD, large money-center banks, and private financial institutions. The firm particularly targeted portfolios during the post-2008 housing dislocation and has maintained a pattern of counter-cyclical purchasing during periods of residential market stress.

FBR does not publicly disclose a current AUM figure. Based on its aggregate deployment history and the scale of its loan origination and acquisition activity, Altss estimates the firm's capital base falls under $250 million. The firm has not reported assets under management through any public filing or press release.