CORRECTED - CORRECTED-UPDATE 1-FBR mulls options, including sale

(Corrects company description in paragraph 1. Also corrects company name in paragraph 5 to FBR Capital Markets Corp, from FBR Capital Markets Group)

* Exploring strategic options, including sale

* Q3 loss $1.12/shr

* $119 mln in MBS-related charges

* FBR Capital Markets Q3 loss $0.44/shr

Oct 23 (Reuters) - Real-estate investment trust Friedman, Billings, Ramsey Group (FBR.N), which has been hammered by mortgage-related losses, is exploring strategic alternatives that includes a possible sale of the company, in a bid to survive amid a disrupted financial market.

The company, which continued to downsize its ailing portfolio of mortgage-backed securities (MBS) in a frigid market, reported a net loss of $169 million for the third quarter, compared with a loss of $210.6 million a year earlier.

On a per share basis, the company reported a loss of $1.12 versus $1.25 in the same period last year. Impairments on MBSs and related hedges were $119 mln and the company said results reflected $36 million of operating and realized investment losses.

The company's investment and institutional brokerage firm FBR Capital Markets Corp FBCM.O reported a net loss of $28.6 million versus a profit of $0.3 million, a year ago. Analysts on average expected a loss of 26 cents a share, before items, according to Reuters Estimates.

FBR Capital Markets, which posted its third consecutive wider-than-expected loss as the credit crunch worsened, said it expects to participate in capital raising opportunities. (Reporting by Vikram Subhedar in Bangalore; Editing by Himani Sarkar)