SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


                                    Form 8-K


                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934



        Date of Report (Date of earliest event reported): August 12, 2004


                     FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.
             (Exact name of registrant as specified in its charter)


           VIRGINIA                0-50230                54-1873198
(State or other jurisdiction    (Commission              (IRS Employer
  of incorporation)              File Number)             Identification No.)


                          1001 NINETEENTH STREET NORTH
                               ARLINGTON, VA 22209
          (Address of Principal Executive Offices, including Zip Code)

                                 (703) 312-9500
              (Registrant's telephone number,including area code)






ITEM 5. OTHER EVENTS

1.   Friedman, Billings, Ramsey Group, Inc. today announced that its subsidiary,
     Friedman,  Billings, Ramsey & Co., Inc., has closed a $780 million offering
     for KKR Financial Corp., a newly-formed real estate investment trust (REIT)
     to be  managed  by an  affiliate  of  Kohlberg  Kravis  Roberts  & Co.  The
     transaction involved the private sale of 78 million common shares priced at
     $10.00 per share pursuant to exemptions from the registration  requirements
     of the Securities Act of 1933, primarily Rule 144A.





                                   Signatures

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.


                                  FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.


Date: August 12, 2004      By: /s/ Emanuel J. Friedman
                                  -----------------------
                                   Emanuel J. Friedman
                                   Co-Chairman and Co-CEO