Important Legal Information

Important Legal Information

The term “FBR” as used throughout this document means FBR Capital Markets & Co. (FBRC) and its affiliates.

Investment banking, sales, trading, and research services1 are provided by FBRC & MLV & Co. (MLV).  FBRC & MLV are broker-dealers registered with the SEC and are members of FINRA, the Nasdaq Stock Market and the Securities Investor Protection Corporation.

Agreement Concerning Access to this Web SiteBy accessing this web site you agree to read all of the following information contained in this “Important Information” section. You also agree that the information on this web site is provided solely for your personal use (subject to the limitations described on this web site), and that the information may not be copied, reproduced, republished, transmitted or distributed in any way, without the express written permission of FBR. Modification or use of the information for any purpose other than your personal use is a violation of the copyrights and other proprietary rights of FBR.

FBRC and MLV are affiliates of B. Riley Financial and its other related companies, including B. Riley & Co.  For information about B. Riley Financial and its other related companies please visit their website at:

No Offer of Securities or Investment Services

This web site has been published for informational purposes only and is not a solicitation or offer of any security or of any investment service. Certain services described at this web site are not available in all countries or in all states of the United States. In particular, services are not generally available for citizens of the United Kingdom. FBR does not intend the information at this web site to be investment advice and the information presented at this web site should be used as a resource, but should not be relied upon as the sole basis for making an investment decision.

No Obligation to Update Information and Disclaimer of Warranty

FBR intends the information provided at this web site to be useful and accurate; however, FBR does not guarantee that the information at this web site is accurate, current or suitable for any particular purpose. FBR does not assume any obligation to update information at this web site.

All information available at or through this web site is provided “as is” without warranty of any kind, either express or implied. FBR makes no representations concerning this web site and disclaims all express, implied and statutory warranties of any kind, including warranties of merchantability or fitness for a particular purpose, to the fullest extent allowed by applicable law. In no event shall FBR be liable for any damages of any kind arising from information at this web site or the use of this web site. The terms of this disclaimer shall be construed in accordance with the laws of the Commonwealth of Virginia, without regard to its conflict of laws provisions.

Ownership and Limitation of Use

Unless otherwise noted, the information, trademarks, logos and service marks posted at this web site are the property of FBR and the posting of such material at this web site shall not limit FBR’s ownership interests in such material. Users of this web site may not sell or republish any portion of this web site without the prior written consent of FBR, provided that users may make single copies of information for their own personal use. “FBR,” “Friedman Billings Ramsey”, “”, “IPODesktop”, “Research Desktop” and the Monument logo are service marks of FBR.

Copyright Notice

The Web site and its contents are the property of FBR. Copyright © 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, & 2017.

About Research Reports

Research is provided by FBRC.

Research May Not be Current

FBRC intends that its research be useful and believes that, as of the date of its first publication, it is accurate. However, there is no representation that the information is accurate, complete or current, or that it reflects the current opinion or all information known to FBRC or its affiliates. In some instances, FBRC or its affiliates may be prohibited by the securities laws from providing updates regarding individual company research reports posted on the site, due to relationships with certain issuers of the subject securities, or for a variety of other reasons.

Research Reports Are Not Recommendations or Solicitations

These reports do not represent a recommendation to undertake transactions in the subject securities. The reports do not represent an offer to buy or sell a security or a solicitation to do so. FBRC and its affiliates may effect transactions, maintain proprietary positions, make markets, and conduct investment banking services, or seek to provide investment banking services, with respect to the securities/issuers which are the subject of these reports.

No Warranty

FBRC and its affiliates disclaim any warranty of any kind, whether express or implied, as to any matter whatsoever relating to these research reports. You understand that these research reports are provided on an “as is” basis for use at your own risk, and that neither FBRC nor its affiliates are liable for any damages or injury resulting from use of this information. Performance data is provided by sources which we believe to be reliable, but there is no assurance that such information or calculations prepared using such information, are accurate or complete.

Securities Discussed in Research Reports May Not Be Suitable Investments

Some or all of the securities discussed in these research reports may be speculative or high risk, and unsuitable for many investors. Neither FBRC nor any of its affiliates makes any representation as to the suitability of these securities for individual investors. Investors must make their own determination as to the suitability of such investments, based on factors including their investment objectives, financial position, liquidity needs, tax status, and level of risk tolerance.

You Must Make Your Own Investment Decision

It is assumed that individuals accessing these research reports possess sufficient investment knowledge and expertise, either alone or with the assistance of their investment advisors, to make their own evaluation of the reports and investment decisions.

Disclosure of Order Execution and Routing Practices

SEC Rules 605 and 606. Click here for description of rules.

Links to Other Sites

This FBR Website provides hyperlinks to websites that are not affiliated with FBR. These websites are not maintained or controlled by FBR and FBR is not responsible for and cannot guarantee the accuracy or completeness of the information provided at these websites. The provision of a hyperlink to these sites is not a recommendation or endorsement by FBR of these websites or of the products or services that may be associated with those websites.

1) Research is provided by FBRC Research department, which is independent from the Investment Banking departments of FBRC, MLV & B.Riley & Co., and has the sole authority to determine which companies receive research coverage and the recommendation contained in the coverage. In the normal course of its business, FBRC, MLV & B. Riley & Co. seek to perform investment banking and other fee generating services for companies that are the subject of FBRC research reports. Research analysts are eligible to receive bonus compensation that is based on FBR’s overall operating revenues, including revenues generated by FBRC’s, MLV’s, and B. Riley’s investment banking departments. Specific information is contained in each research report concerning FBRC.’s relationship with the company that is the subject of the report.

This page was last updated 6/5/2017