FBR & Co. operates as an investment banking and institutional brokerage firm primarily in the United States. The company operates through two segments, Capital Markets and Principal Investing. The Capital Markets segment offers capital raising services, including underwriting and placement of public and private equity, as well as equity-linked and debt securities; and financial advisory services comprising merger and acquisition advisory, liability management and financial restructuring, and strategic partnerships. This segment also provides research, securities lending, and institutional sales and trading services to institutional investors, such as mutual funds, insurance companies, hedge funds, banks and broker-dealers, family offices, money managers, and pension and profit-sharing plans. This segment serves consumer, diversified industrials, energy and natural resources, financial institutions, healthcare, insurance, real estate, and technology, media, and telecommunications sectors. The Principal Investing segment engages primarily in investing in investment funds that are managed by third parties, merchant banking, other equity investments, and corporate debt investments. The company was formerly known as FBR Capital Markets Corporation and changed its name to FBR & Co. in June 2011. FBR & Co. is headquartered in Arlington, Virginia.