Board of Directors

Arlington Asset's Board of Directors are:

  • Eric F. Billings

    Eric F. Billings is our Executive Chairman. He co-founded the company in 1989, and established the company’s principal investing unit as FBR Asset Investment Corp. in 1997.

    Mr. Billings served as Chairman of FBR & Co. (currently known as B. Riley FBR, Inc.), a publicly-traded investment banking, institutional brokerage and asset management firm, a position he held since its formation in 2006 until his retirement in 2012. From 2006 to 2008, Mr. Billings also served as the Chief Executive Officer of FBR & Co. In addition, he concurrently holds the position of Senior Managing Partner and Co-Portfolio Manager of Billings Capital Management, LLC, an investment management company he runs with his sons.

    Mr. Billings began his 30 year investment career at Legg Mason, Inc. as an investment analyst and salesperson in the Institutional Brokerage division. In 1983 he joined Johnston Lemon Corp. where he built and managed their Washington, DC institutional brokerage group until 1989. He was born in Boston, MA and is a graduate of the University of Maryland with a B.A. in Economics and Finance.

    Mr. Billings serves on the Board of Visitors and the Center for Financial Policy Advisory Board at the University of Maryland’s Robert H Smith School of Business. He also sits on the Leadership Council of the Board of Boys & Girls Clubs of Greater Washington.

  • J. Rock Tonkel, Jr.

    J. Rock Tonkel, Jr. is our President and Chief Executive Officer.  He has also served as a member of the board of directors since 2007.

    Prior to his current position, he was our President and Chief Operation Officer, a position he held since 2007.  Prior to 2007, he was President and Head of Investment Banking at FBR & Co. (currently known as B. Riley FBR, Inc.) ("FBR"). Mr. Tonkel joined FBR in 1994 as Head of Investment Banking’s Financial Institutions Group.

    Prior to joining FBR, Mr. Tonkel served as Special Assistant to the Director of the Office of Thrift Supervision, the regulatory agency for the savings and loan industry. At the Office of Thrift Supervision, Mr. Tonkel oversaw the restructuring of many of the nation’s largest troubled thrifts and savings banks.

    Mr. Tonkel received his Bachelor of Arts degree in economics from Amherst College.

  • Daniel E. Berce

    Daniel E. Berce is our Lead Independent Director and has served as a director of our company since January 2011.

    Mr. Berce is Chief Executive Officer and President of General Motors Financial Company, Inc. (formerly AmeriCredit Corp.), a position he has held since General Motors Co. acquired AmeriCredit Corp. on October 1, 2010. Mr. Berce had been a director of AmeriCredit Corp. since 1990, and was Chief Executive Officer and President from 2005 through 2010, President from 2003 through 2005 and Chief Financial Officer from 1990 through 2003.  Mr. Berce is also a director of FirstCash, Inc., a publicly-traded consumer finance company, and AZZ, Inc., a publicly-traded global provider of galvanizing services, welding services, specialty electrical equipment and highly engineered services. 

  • David W. Faeder

    David W. Faeder has served as a director of our company since June 2013.

    Mr. Faeder is a Managing Partner of Fountain Square Properties, a diversified real estate company, a position he has held since 2003.  He served as the Vice Chairman (from 2000 to 2003), President (from 1997 to 2000) and Executive Vice President and Chief Financial Officer (from 1993 to 1997) of Sunrise Senior Living, Inc., a provider of senior living services in the United States, United Kingdom and Canada. From 1991 to 1993 he served as Vice President of Credit Suisse First Boston (formerly First Boston Corporation), directing the real estate advisory business for the RTC in the Washington, DC area.  Mr. Faeder is currently a director of Federal Realty Investment Trust, a publicly-traded REIT.

  • Melinda H. McClure

    Melinda H. McClure has as served as a director of our company since January 2019.  

    Ms. McClure is the Chairman and Chief Executive Officer of VisionBank (in Organization), Washington, D.C.’s first new community bank in ten years. Ms. McClure has over 25 years of experience in the financial services, real estate and capital markets sectors, including particular expertise in mortgage and property REITs, asset managers, specialty lenders and regulated financial institutions. She has significant corporate finance experience having managed over $15 billion in capital markets and advisory assignments. 

    Prior to VisionBank, Ms. McClure served from 2006 to 2018 as the principal shareholder of Democracy Funding LLC, a registered broker-dealer.  Ms. McClure served on the board of directors of the Bank of Georgetown, a privately held community bank headquartered in Washington, D.C., from its inception in 2005 to its sale to United Bank in 2016.  She also held several positions at B. Riley FBR, Inc. from 1991 to 2006, including senior managing director of investment banking focusing on middle market financial services and real estate companies.  Ms. McClure currently serves on the board of Independence Realty Trust, Inc., a publicly traded REIT that owns and manages multi-family communities. 

  • Ralph S. Michael, III

    Ralph S. Michael, III has served as a director of our company since June 2006.

    Mr. Michael is the Chairman of Fifth Third Bank, Greater Cincinnati, having served as Executive Vice President and Group Regional President of Fifth Third Bank from July 2015 until March 2018. Prior to that he served as Chief Executive Officer of Fifth Third Bank, Greater Cincinnati since December 2010. From 2005 through 2007, Mr. Michael was President and Chief Operating Officer of The Ohio Casualty Insurance Company. From 2003 through 2005, he was Executive Vice President and Manager of Private Asset Management and held other positions with U.S. Bank. From 1979 through 2002, he held various executive and management positions with PNC Financial Services Group. Mr. Michael is a director of AK Steel Corporation, FBR & Co., Key Energy Services, Inc., and Cincinnati Bengals, Inc. He is also a trustee of Xavier University (Ohio). 

  • Anthony P. Nader, III

    Anthony P. Nader, III has served as a director of our company since March 2015.

    Mr. Nader is a Managing Director of SWaN & Legend Venture Partners, a principal investment firm that Mr. Nader co-founded in 2006, with investments in growth oriented companies as well as domestic and international real estate holdings.  Mr. Nader also serves as Vice Chairman of Asurion, a privately held company with over 16,000 employees that provides technology protection to approximately 300 million customers worldwide.  In 2008, Mr. Nader successfully merged his prior company, National Electronics Warranty (“NEW”) with Asurion.  Mr. Nader joined NEW in 1990 as Chief Operating Officer, was named President in 1999 and Chief Executive Officer in 2006, a position he held until 2013.  Under his leadership, NEW grew to be the largest global provider of extended service plans for the consumer electronics and appliance industry.  Mr. Nader is the Chairman of the Inova Health System Board of Trustees. He is the past chairman of the Inova Health System Foundation Board. He is a director of The Cranemere Group Limited, Optoro, Inc., BigTeams, DuraTap and is an active advisor for KIND Healthy Snacks.


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Recent News
Sep 17, 2019

Arlington Asset Investment Corp. (NYSE: AI) (the "Company") today announced that its Board of Directors authorized a quarterly dividend of $0.225 per share of common stock for the third quarter of...