FBR & Co. is an investment banking and institutional brokerage firm. The Company focuses its business on providing: capital raising services, including underwriting and placement of public and private equity, equity-linked and debt securities; financial advisory services, including merger and acquisition (M&A) advisory, restructuring, liability management, recapitalization and strategic alternative analysis; institutional sales and trading services focused on equities, equity-linked securities, listed options, high-yield bonds, senior debt and bank loans, securities lending activities, and differentiated securities research. It operates in two segments: capital markets and principal investing. The capital markets business is conducted by its investment banking, institutional brokerage and research professionals. The principal investing activity consists of investments in non-registered investment funds, merchant banking and equity investments, and corporate debt investments.