FBR Capital Markets, a 21-year-old investment bank hobbled during the financial crisis by a bloated cost structure and ties to a mortgage REIT, seems to be making all of the right moves. But it is still waiting for them to pay off.

The Arlington, Va., firm is now completely separated from its former parent, which invested in mortgage debt, and it has slashed costs even while expanding into M&A, corporate restructurings and debt capital markets.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.