Arlington Asset Investment Corp. Reports Fourth Quarter and Full Year 2015 Financial Results

ARLINGTON, Va., Feb. 2, 2016 /PRNewswire/ -- Arlington Asset Investment Corp. (NYSE: AI) (the "Company" or "Arlington") today reported non-GAAP core operating income of $30.3 million for the quarter ended December 31, 2015, or $1.31 per diluted share.  Excluding realized gains and losses on private-label mortgage-backed securities ("MBS"), the Company reported non-GAAP core operating income of $31.1 million, or $1.35 per diluted share.  A reconciliation of non-GAAP core operating income measures to GAAP net income (loss) appears at the end of this press release. 

Fourth Quarter 2015 Financial Highlights

  • $1.31 per diluted share of non-GAAP core operating income
  • $1.35 per diluted share of non-GAAP core operating income excluding gain (loss) on private-label MBS
  • $0.82 per diluted share of net income
  • $0.86 per diluted share of total comprehensive income
  • $21.05 per share of book value
  • $0.625 per share dividend declared
  • Repurchased 48,695 shares of common stock for $0.6 million
  • Subsequent to year-end, fully repaid outstanding Federal Home Loan Bank ("FHLB") advances

Full Year 2015 Financial Highlights

  • $5.91 per diluted share of non-GAAP core operating income
  • $5.30 per diluted share of non-GAAP core operating income excluding gain (loss) on private-label MBS
  • $(3.02) per diluted share of net loss
  • $(4.04) per diluted share of total comprehensive loss
  • $3.00 per share dividend declared

"Less volatile market conditions and lower prepayment speeds in Arlington's agency MBS portfolio during the fourth quarter contributed to an improvement in the Company's book value per share at year-end.  Arlington's private-label MBS portfolio continued its steady credit improvement trend and exhibited flat price performance during the quarter," said J. Rock Tonkel, Jr., the Company's President and Chief Executive Officer.  "Renewed volatility subsequent to year-end accompanied by declines in global growth expectations, risk assets and forward interest rates have produced additional spread widening between the Company's interest rate hedges and its agency MBS to date this year.  Looking forward from today, Arlington should benefit from enhanced agency MBS spreads, its flexible allocation to private-label MBS and tax-advantaged structure, although we remain cautious given global uncertainty and market conditions.  In addition, our sizeable stock repurchase authorization remains available to enhance shareholder returns going forward."

Other Fourth Quarter Highlights

As of December 31, 2015, the Company's agency investment portfolio totaled $4,254.6 million consisting of $3,865.3 million of agency MBS and $389.3 million of net long to-be-announced ("TBA") agency securities.  As of December 31, 2015, the Company's $3,865.3 million of fixed-rate agency MBS were comprised of the following:

  • $714.9 million of 3.5% 30-year MBS
  • $3,016.5 million of 4.0% 30-year MBS
  • $133.9 million of 4.5% 30-year MBS

As of December 31, 2015, the Company's agency MBS had a weighted average original cost of $105.85 and a weighted average market price of $105.84.  The Company's fixed-rate agency MBS were specifically selected for their prepayment protections with approximately 48% of the Company's agency MBS portfolio in specified pools of low loan balance loans, approximately 20% in specified pools of loans issued under the Home Affordable Refinance Program ("HARP"), while the remainder includes specified pools of loans originated in certain geographic areas, loans with low FICO scores or loans with other characteristics selected for the prepayment protection.  Weighted average pay-up premiums on the Company's agency MBS portfolio, which represent the estimated price premium of agency MBS backed by specified pools over a generic TBA agency security, decreased modestly to approximately 1/2 of a point as of December 31, 2015 compared to approximately 3/5 of a point as of September 30, 2015.  The three-month constant prepayment rate ("CPR") for the Company's agency MBS decreased to 7.15% as of December 31, 2015, compared to 8.16% as of September 30, 2015. 

As of December 31, 2015, the Company's net long TBA securities had a net notional amount of $375.0 million, purchase price of $389.8 million and market value of $389.3 million resulting in a net GAAP carrying fair value of $(0.6) million.  The Company accounts for its TBA mortgage portfolio as derivative instruments and recognizes income from TBA dollar rolls as a component of net investment gains and losses in the Company's financial statements.  As of December 31, 2015, the Company's $389.3 million of net long TBA securities were comprised of the following:

  • $283.5 million of 3.5% 30-year MBS
  • $105.8 million of 4.0% 30-year MBS

During the fourth quarter of 2015, the Company modified the types of instruments it uses to hedge its agency MBS investment portfolio.  The Company closed its Eurodollar and interest rate swap future contracts and generally replaced them with centrally cleared interest rate swap agreements and U.S. Treasury note futures.  As of December 31, 2015, the total notional amount of the Company's interest rate hedges on its agency investment portfolio was $2,835 million comprised of interest rate swap agreements and U.S. Treasury note futures.  The total hedge notional amount as a percentage of the Company's outstanding repurchase agreement and FHLB advance financing on its agency MBS and net long TBA position was 71% as of December 31, 2015 compared to 79% as of September 30, 2015.  As of December 31, 2015, the Company had $750 million in notional amount of two-year interest rate swap agreements with a weighted average pay fixed rate of 1.04% and a remaining weighted average maturity of 1.9 years and $750 million in notional amount of 10-year interest rate swap agreements with a weighted average pay fixed rate of 2.12% and a remaining weighted average maturity of 9.9 years.  As of December 31, 2015, the Company also had $1,335 million in notional 10-year U.S. Treasury note futures that were purchased during the fourth quarter when the 10-year U.S. Treasury note rate was 2.22% on a weighted average basis and had a market rate of 2.27% as of December 31, 2015.

Interest income less interest expense on short-term financing on the Company's agency MBS portfolio for the fourth quarter of 2015 was $31.5 million.  The amortization of net premiums on the Company's agency MBS is reflected in the Company's GAAP net income and changes in book value through net investment gains and losses rather than through net interest income and core operating income.  For the quarter ended December 31, 2015, the estimated amortization of the Company's net premium on its agency MBS, if amortized in proportion to the principal payments received during the period as a percentage of face value at the time of purchase, would have been approximately $5.9 million, or $0.25 per diluted share.  Beginning in 2016, the Company intends to change its accounting policy for recognizing interest income on its agency MBS by amortizing purchase premiums as an adjustment to net interest income.  During the fourth quarter of 2015, the Company recorded net investment losses on its agency investment portfolio of $44.9 million and net investment gains on its related derivative hedging instruments of $39.8 million for a net investment loss on its hedged agency MBS portfolio of $5.1 million.  In recent quarters, the Company's increased allocation of capital to agency MBS has resulted in growth in the Company's net interest income and core operating income.  With this growth in the agency MBS portfolio, the economic costs of the Company's hedge instruments have grown proportionately.  The economic costs of the Company's hedge instruments are reflected in GAAP net income and changes in book value through net investment gains and losses rather than through net interest income and core operating income, with the exception of the net periodic interest costs of the Company's interest rate swap agreements, which are reflected in core operating income.

As of December 31, 2015, the Company's private-label MBS portfolio consisted of $169.8 million in face value with an amortized cost basis of $114.7 million and a fair value of $130.4 million.  During the fourth quarter of 2015, the Company sold private-label MBS for sale proceeds of $5.5 million, realizing a GAAP gain of $0.3 million.  Net sale proceeds from these private-label MBS after deducting associated repurchase financing was $2.4 million.  Interest income less interest expense on short-term financing on the Company's private-label MBS portfolio for the fourth quarter of 2015 was $2.7 million, including non-cash accretion of $1.6 million required under GAAP. 

As of December 31, 2015, the Company had $2,797.6 million of repurchase agreements outstanding with a weighted average rate of  61 basis points and $786.9 million of FHLB advances outstanding with a weighted average rate of 36 basis points secured by an aggregate of $3,751.8 million of agency MBS at fair value.  As of December 31, 2015, the Company also had $37.2 million of repurchase agreements outstanding with a weighted average rate of 242 basis points secured by $70.5 million of private-label MBS at fair value. 

FHLB Membership and Advances

In September 2015, the Company's wholly-owned captive insurance subsidiary was granted membership to the FHLB of Cincinnati.  On January 12, 2016, the regulator of the FHLB system, the Federal Housing Finance Agency ("FHFA"), released a final rule that amends regulations governing FHLB membership, including preventing captive insurance companies from being eligible for FHLB membership.  Under the terms of the final rule, the Company's captive insurance company is required to terminate its membership and repay its existing advances within one year following the effective date of the final rule.  In addition, the Company's captive insurance company is prohibited from taking new advances or renewing existing maturing advances during the one-year transition period. The final rule becomes effective on February 19, 2016.  The Company has repaid all of its outstanding FHLB advances, funded primarily through repurchase agreement financing. 

Corporate Tax Structure

The Company is subject to taxation as a corporation under Subchapter C of the Internal Revenue Code of 1986, as amended.  As of December 31, 2015, the Company had $107 million of net operating loss carry-forwards that begin to expire in 2027 and $241 million of net capital loss carry-forwards that begin to expire in 2019.   For GAAP accounting purposes, as of December 31, 2015 the Company had a deferred tax asset of $97.5 million, or $4.24 per share, which reflects a partial valuation allowance against its net capital loss-carryforwards.

Stock Repurchase Program

In October 2015, the Company's board of directors authorized an increase in the Company's share repurchase program pursuant to which the Company may repurchase up to 2.0 million shares of its Class A common stock.  During the fourth quarter, the Company repurchased 48,695 shares at an average price of $12.15 per share for a total purchase price of $0.6 million

Distributions to Shareholders

The Company has announced the tax characteristics of the distributions paid on its common stock in calendar year 2015. The Company has determined that all of its cash distributions paid to shareholders in calendar year 2015 were returns of capital.  Shareholders should receive a Form 1099-DIV containing this information from their brokers, transfer agents or other institutions.

The Company's board of directors previously approved a distribution to common shareholders of $0.625 per share for the fourth quarter of 2015 that was paid on January 29, 2016 to shareholders of record as of December 31, 2015.

The tax characterization of the Company's distributions to shareholders is determined annually and reported to shareholders on Form 1099-DIV after the end of the calendar year.  As a C-corporation, distributions to shareholders of current or accumulated earnings and profits are qualified dividends eligible for the 23.8% federal income tax rate whereas similar distributions to shareholders by a REIT of current or accumulated earnings and profits are nonqualified dividends subject to the higher 43.4% tax rate on ordinary income inclusive of the 3.8% Medicare tax.  Any distributions in excess of current or accumulated earnings and profits would be reported as returns of capital instead of qualified dividends.  Distributions that are classified as returns of capital are nontaxable to the extent they do not exceed a shareholder's adjusted tax basis in the Company's stock, or as a capital gain to the extent that the amount of the distribution exceeds a shareholder's adjusted tax basis in the Company's stock. 

Conference Call

The Company will hold a conference call for investors at 9:00 A.M. Eastern Time on Wednesday, February 3, 2016 to discuss the results.  Investors wishing to listen to the earnings call may do so via the Internet at:  http://www.arlingtonasset.com/index.php?s=19.

Replays of the earnings call will be available for 60 days via webcast at the Internet address provided above, beginning two hours after the call ends.

Additional Information

The Company will make available additional quarterly information for the benefit of its shareholders through a supplemental presentation that will be available at the Company's website, www.arlingtonasset.com.  The presentation will be available on the Webcasts and Presentations section located under the Events tab of the Company's website.

About the Company

Arlington Asset Investment Corp. (NYSE: AI) is a principal investment firm that currently invests primarily in mortgage-related and other assets.  The Company is headquartered in the Washington, D.C. metropolitan area.  For more information, please visit www.arlingtonasset.com.

Statements concerning interest rates, portfolio allocation, financing costs, portfolio hedging, prepayments, dividends, book value, FHLB advances, direct repo, and any other guidance on present or future periods constitute forward-looking statements that are subject to a number of factors, risks and uncertainties that might cause actual results to differ materially from stated expectations or current circumstances.  These factors include, but are not limited to, changes in interest rates, increased costs of borrowing, decreased interest spreads, changes in political and monetary policies, changes in default rates, changes in prepayment rates, changes in the Company's returns, changes in the use of the Company's tax benefits, changes in the agency MBS asset yield, changes in the Company's monetization of net operating loss carry-forwards, changes in the Company's ability to generate cash earnings and dividends, preservation and utilization of our net operating loss and net capital loss carry-forwards, impacts of changes to and changes by Fannie Mae and Freddie Mac, actions taken by the U.S. Federal Reserve, the Federal Housing Finance Agency and the U.S. Treasury, availability of opportunities that meet or exceed the Company's risk adjusted return expectations, ability and willingness to make future dividends, ability to generate sufficient cash through retained earnings to satisfy capital needs, ability to realize book value growth through reflation of private-label MBS, and general economic, political, regulatory and market conditions.  These and other material risks are described in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 and any other documents filed by the Company with the SEC from time to time, which are available from the Company and from the SEC, and you should read and understand these risks when evaluating any forward-looking statement.

Financial data to follow

 

ARLINGTON ASSET INVESTMENT CORP.





CONSOLIDATED BALANCE SHEETS






(Dollars in thousands, except per share amounts)





(Unaudited)















 ASSETS 


December 31, 2015


September 30, 2015


December 31, 2014









 Cash and cash equivalents 


$                    36,987


$                     13,529


$                    33,832

 Interest receivable 


11,936


11,459


10,701

 Sold securities receivable 


-


28,035


-

 Mortgage-backed securities, at fair value 







   Private-label securities 


130,435


134,789


267,437

   Agency securities 


3,865,316


3,790,044


3,414,340

 Derivative assets, at fair value 


12,991


3,863


1,267

 Deferred tax assets, net 


97,530


103,319


125,607

 Deposits 


29,429


87,258


160,427

 Other assets 


20,182


9,938


4,120

   Total assets 


$               4,204,806


$                4,182,234


$               4,017,731

















 LIABILITIES AND EQUITY 















 Liabilities: 







 Repurchase agreements 


$               2,834,780


$                3,153,756


$               3,179,775

 Federal Home Loan Bank advances 


786,900


308,500


-

 Interest payable 


2,436


1,200


1,106

 Accrued compensation and benefits 


5,170


4,293


6,067

 Dividend payable 


14,504


14,553


20,195

 Derivative liabilities, at fair value 


553


53,514


124,308

 Purchased securities payable 


-


92,107


-

 Other liabilities 


1,132


1,003


1,006

 Long-term debt 


75,300


75,300


40,000

   Total liabilities 


3,720,775


3,704,226


3,372,457

















 Equity: 








 Common stock 


230


230


230

 Additional paid-in capital 


1,898,085


1,897,472


1,897,027

 Accumulated other comprehensive income, net of taxes 


12,371


11,334


35,872

 Accumulated deficit 


(1,426,655)


(1,431,028)


(1,287,855)

   Total equity    


484,031


478,008


645,274









   Total liabilities and equity 


$               4,204,806


$                4,182,234


$               4,017,731









 Book value per share 


$                      21.05


$                       20.75


$                      28.09









 Shares outstanding (in thousands) (1) 


22,994


23,042


22,973









(1) Represents shares of Class A common stock and Class B common stock outstanding plus vested restricted stock units

convertible into Class A common stock less unvested restricted Class A common stock.











 

 

ARLINGTON ASSET INVESTMENT CORP.







CONSOLIDATED STATEMENTS OF OPERATIONS







(Dollars in thousands, except per share data)

Three Months Ended


Fiscal Year Ended

(Unaudited)

December 31,


December 31,



2015


2014


2015


2014

INTEREST INCOME









Interest on agency securities

$           35,475


$           31,297


$        139,244


$        97,900


Interest on private-label securities

2,880


5,012


15,322


25,597


Other

9


7


27


50


  Total interest income

38,364


36,316


154,593


123,547










INTEREST EXPENSE









Interest on short-term debt

4,237


2,901


14,701


9,181


Interest on long-term debt

1,184


553


4,188


2,210


  Total interest expense

5,421


3,454


18,889


11,391











  Net interest income

32,943


32,862


135,704


112,156










INVESTMENT LOSS, NET









Realized gain on sale of available-for-sale investments, net

291


4,431


17,725


17,257


Other-than-temporary impairment charges

(2,417)


(298)


(2,417)


(449)


(Loss) gain on trading investments, net

(43,383)


39,723


(64,388)


84,152


Gain (loss) from derivative instruments, net

38,207


(77,844)


(105,349)


(140,353)


Other, net

1,628


291


2,050


706


  Total investment loss, net

(5,674)


(33,697)


(152,379)


(38,687)










OTHER EXPENSES









Compensation and benefits

2,567


3,326


9,719


13,467


Other operating expenses 

1,216


1,154


4,448


4,602


  Total other expenses

3,783


4,480


14,167


18,069










Income (loss) before income taxes

23,486


(5,315)


(30,842)


55,400










Income tax provision

4,675


25,651


38,561


47,647










Net income (loss)

$           18,811


$         (30,966)


$         (69,403)


$          7,753










Basic earnings (loss) per share

$               0.82


$             (1.35)


$             (3.02)


$            0.39










Diluted earnings (loss) per share

$               0.82


$             (1.35)


$             (3.02)


$            0.38










Weighted average shares outstanding - basic (in thousands)

23,034


22,973


23,002


20,043

Weighted average shares outstanding - diluted (in thousands)

23,066


22,973


23,002


20,397










OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES









Unrealized gains (losses) on available-for-sale securities (net of taxes
of $(164), $(1,084), $(4,281), and $633, respectively)

$            ( 258 )


$         ( 1,702 )


$         ( 7,033 )


$             995


Reclassification in investment (loss) gain, net, related to sales and other-than-temporary impairment charges on available-for-sale securities (net of tax of $824, $(1,458), $(4,155) and $(5,324), respectively)

1,295


( 3,116 )


( 16,468 )


( 11,392 )

Comprehensive income (loss)

$           19,848


$       ( 35,784 )


$       ( 92,904 )


$      ( 2,644 )

 

In addition to the financial results reported in accordance with generally accepted accounting principles as consistently applied in the United States ("GAAP"), the Company calculated non-GAAP core operating income for the three months and years ended December 31, 2015 and 2014.  In determining core operating income, the Company excludes certain legacy litigation expenses and adjusts net income determined in accordance with GAAP for the following non-cash and other items:

  • compensation costs associated with stock-based awards;
  • non-cash accretion of private-label MBS purchase discounts;
  • private-label MBS purchase discount accretion realized upon sale or repayment;
  • other-than-temporary impairment charges;
  • other-than-temporary impairment charges realized upon sale or repayment;
  • both realized and unrealized gains and losses on agency MBS;
  • unrealized gains and losses and early termination net settlement payments or receipts on interest rate swap agreements;
  • both realized and unrealized gains on losses on all other derivative instruments; and
  • non-cash income tax provisions.

In determining core operating income, the Company includes the periodic interest costs of its interest rate swap agreements, which the Company first began to enter into during the fourth quarter of 2015.

The Company's investment strategy for its agency MBS portfolio is to generate a net interest margin on the leveraged assets and hedge the market value of the assets, expecting that the fluctuations in the market value of the agency MBS and related hedges should largely offset each other over time. As a result, the Company excludes both the realized and unrealized fluctuations in the gains and losses in the assets and hedges, except for the periodic interest costs of interest rate swap agreements, on its hedged agency MBS portfolio when assessing the underlying core operating income of the Company. However, the Company's investment strategy for its private-label MBS portfolio is to generate a total cash return comprised of both interest income collected and the cash return realized when the private-label MBS are sold that equals the difference between the sale price and the discount to par paid at acquisition. Therefore, the Company excludes non-cash accretion of private-label MBS purchase discounts from non-GAAP core operating income, but includes realized cash gains or losses on its private-label MBS portfolio in core operating income to reflect the total cash return on those securities over their holding period.  Since the timing of realized cash gains or losses on private-label MBS may vary significantly between periods, the Company also reports core operating income excluding gains on private-label MBS.

These non-GAAP core operating income measurements are used by management to analyze and assess the Company's operating results on its portfolio and assist with the determination of the appropriate level of dividends.  The Company believes that these non-GAAP measurements assist investors in understanding the impact of these non-core items and non-cash expenses on our performance and provides additional clarity around our earnings capacity and trends. A limitation of utilizing this non-GAAP measure is that the GAAP accounting effects of these events do in fact reflect the underlying financial results of our business and these effects should not be ignored in evaluating and analyzing our financial results.  Additional limitations of core operating income are that it does not include economic financing costs on the Company's hedging instruments (with the exception of periodic net interest costs of interest rate swap agreements) or amortization of premiums or discounts on the Company's agency MBS whereas those amounts are both reflected in net income determined in accordance with GAAP and changes in book value.  Therefore, the Company believes net income on a GAAP basis and these core operating income measures on a non-GAAP basis should be considered together.

The following is a reconciliation of GAAP net income to non-GAAP core operating income measures for the three months and years ended December 31, 2015 and 2014 (dollars in thousands):

 

ARLINGTON ASSET INVESTMENT CORP.







NON-GAAP CORE OPERATING INCOME







(Dollars in thousands, except per share data)

Three Months Ended


Fiscal Year Ended

(Unaudited)

December 31,


December 31,



2015


2014


2015


2014

GAAP net income (loss)

$           18,811


$         (30,966)


$         (69,403)


$          7,753

Adjustments:









Legacy litigation expenses

-


-


-


54


Non-cash income tax provision

5,480


25,254


37,515


46,354


Stock compensation

853


834


1,145


3,814


Net realized and unrealized loss on trading MBS and hedge instruments

3,879


38,022


168,339


55,830


Net realized gain on private-label MBS

(291)


(4,431)


(17,725)


(17,257)


Other-than-temporary impairment charges

2,417


298


2,417


449










Non-GAAP core operating income excluding gain on private-label MBS

31,149


29,011


122,288


96,997











Net realized gain on private-label MBS

291


4,431


17,725


17,257


Other-than-temporary impairment charges realized upon sale or repayment

-


( 1,154 )


( 7,303 )


( 5,180 )


Purchase discount accretion of private-label MBS realized upon sale or repayment

485


1,453


12,199


4,074


Non-cash interest income related to purchase discount accretion of private-label MBS

( 1,633 )


( 2,315 )


( 8,453 )


( 12,570 )










Non-GAAP core operating income

$           30,292


$           31,426


$        136,456


$      100,578










Non-GAAP core operating income excluding gain on private-label MBS per diluted share

$               1.35


$               1.24


$              5.30


$            4.76










Non-GAAP core operating income per diluted share

$               1.31


$               1.35


$              5.91


$            4.93










Weighted average diluted shares outstanding

23,066


23,316


23,088


20,397

 

The following tables present information on the Company's investment and hedge portfolio as of December 31, 2015 (unaudited, dollars in thousands):

 












Agency MBS:












Face Amount


Fair Value


Market Price


Coupon


Weighted
Average Life

30-year fixed rate:











3.5%

$            691,622


$            714,925


$            103.37


3.50%


7.0


4.0%

2,837,244


3,016,444


106.32


4.00%


5.5


4.5%

123,010


133,921


108.87


4.50%


4.6


5.5%

23


26


111.77


5.50%


5.0


Total/weighted average

$         3,651,899


$         3,865,316


105.84


3.92%


5.8


































Net TBA Securities:












Net Notional
Amount


Average Net
Contractual
Forward Price


Average Net
Market Price


Fair Value



30-year fixed rate:











3.5%

$            275,000


$            283,928


$          283,469


$            ( 459 )




4.0%

100,000


105,883


105,789


( 94 )




Total

$            375,000


$            389,811


$          389,258


$            ( 553 )

























Private-label MBS:





















Face value



$            169,757







Discount



$          ( 55,031 )







Amortized cost



$            114,726







Net unrealized gain



$              15,710







Fair market value



$            130,436







Fair market value (as a % of face value)


76.8%







Quarterly GAAP yield (annualized)


9.78%







Weighted average coupon



3.03%


















Private-Label MBS Loan Collateral Statistics:


















60+ days delinquent



11.9%







Credit enhancement



0.1%







Constant default rate (3-month)


4.7%







Loss severity (3-month)



32.1%







Voluntary prepayment rate (3-month)


6.1%







 

 



















 Interest Rate Swaps: 







 Years to Maturity 


 Notional Amount 


Average Fixed Pay
Rate


 Fair Value 


 Average Remaining
Maturity (Years) 










 Less than 2 years 


$                750,000


1.04%


$               1,166


1.9

 Greater than 9 years 


750,000


2.12%


4,987


9.9

   Total/weighted average 


$             1,500,000


1.58%


$               6,153


5.9



















 U.S. Treasury Note Futures: 











 Notional Amount 


Fair Value


 Contract Maturity 












 10-year U.S. Treasury note futures 


$             1,335,000


$                 6,813


 March 2016 



 

 

 

SOURCE Arlington Asset Investment Corp.

For further information: Media: 703.373.0200 or ir@arlingtonasset.com, or, Investors: Rich Konzmann at 703.373.0200 or ir@arlingtonasset.com