Arlington Asset Investment Corp. Reports Second Quarter 2021 Financial Results
Arlington Asset Investment Corp. (AAIC) reported a net loss of $7.8 million, or $0.24 per diluted share, for Q2 2021. Despite this, they achieved a non-GAAP core operating income of $2.2 million, or $0.07 per diluted share. As of June 30, 2021, their investment portfolio was valued at $954 million, with 25% allocated to mortgage servicing rights, contributing to profitability. The company repurchased 0.9 million shares, increasing total repurchases to 3.7%. No dividend was declared for common stock due to ongoing evaluations. Earnings call scheduled for Aug 4, 2021.
- Non-GAAP core operating income increased to $2.2 million, or $0.07 per diluted share.
- Achieved $954 million total investment portfolio as of June 30, 2021.
- Expanded capital allocation to mortgage servicing rights to 25%, enhancing profitability.
- Repurchased 0.9 million shares at $4.06 per share, totaling 3.7% of outstanding stock.
- GAAP net loss of $7.8 million for the second quarter.
- Did not declare a dividend on common stock for Q2 2021.
MCLEAN, Va., Aug. 3, 2021 /PRNewswire/ -- Arlington Asset Investment Corp. (NYSE: AAIC) (the "Company" or "Arlington") today reported a net loss attributable to common shareholders of
Second Quarter 2021 Financial Highlights
$0.24 per diluted common share of GAAP net loss$0.07 per diluted common share of non-GAAP core operating income$5.94 per common share of book value- 2.2 to 1 "at risk" leverage ratio
- 0.9 million shares of common stock repurchased, or
2.6% of outstanding common stock at an average price of$4.06 per share - Subsequent to June 30, 2021, repurchased an additional 0.4 million shares of common stock, or
1.1% of outstanding common stock at an average price of$3.96 per share
"The Company successfully expanded its capital allocation to investments in mortgage servicing rights ("MSR") to
Other Second Quarter Highlights
As of June 30, 2021, the Company's investment portfolio totaled
The Company's agency MBS consist of residential mortgage pass-through certificates for which the principal and interest payments are guaranteed by a U.S. government sponsored enterprise ("GSE"), such as the Federal National Mortgage Association ("Fannie Mae") or the Federal Home Loan Mortgage Corporation ("Freddie Mac"). The Company's mortgage credit investments generally include mortgage loans secured by residential or commercial real property or MBS collateralized by residential or commercial mortgage loans ("non-agency MBS").
As of June 30, 2021, the Company's agency MBS investment portfolio, totaling
$473 million of2.0% coupon 30-year agency MBS$253 million of2.5% coupon 30-year agency MBS
As of June 30, 2021, the Company's
During the second quarter of 2021, the Company purchased agency MBS totaling
As of June 30, 2021, the Company's
$75 million of commercial mortgage loans$25 million of non-agency MBS collateralized by residential mortgage loans$23 million of non-agency MBS collateralized by business purpose residential mortgage loans- Includes a
$12 million net investment in a consolidated VIE $4 million of non-agency MBS collateralized by small balance commercial mortgage loans$3 million of asset backed securities collateralized by loans secured by residential solar panels
During the second quarter of 2021, the Company purchased mortgage credit investments totaling
As of June 30, 2021, the Company had
As of June 30, 2021, the Company had a total of
The Company's "at risk" leverage ratio was 2.2 to 1 as of June 30, 2021 compared to 1.4 to 1 as of March 31, 2021. The Company's "at risk" leverage ratio is calculated as the sum of the Company's repurchase agreement financing, net payable or receivable for unsettled securities and net contractual price of TBA commitments less cash and cash equivalents compared to the Company's investable capital measured as the sum of the Company's shareholders' equity and long-term unsecured debt.
GAAP net interest income was
Under the terms of the Company's interest rate swap agreements, the Company pays semiannual interest payments based on a fixed rate and receives variable interest payments based upon either the prevailing three-month London Interbank Offered Rate ("LIBOR") or Secured Overnight Financing Rate ("SOFR"). As of June 30, 2021, the Company had
Core operating income was
The Company had net investment losses of
During the second quarter of 2021, the Company repurchased 0.9 million shares of its common stock at an average price of
Distributions to Shareholders
The Company's Board of Directors approved distributions to its Series B and Series C preferred shareholders of
The Company is organized and operated in a manner that will allow it to qualify as a REIT for U.S. federal income tax purposes and currently intends to continue to be organized and operated in such a manner. As a REIT, distributions to shareholders will generally be taxable as ordinary income that are not eligible to be taxed as qualified dividends. However, a portion of such distributions may be designated as long-term capital gain dividends to the extent that such portion is attributable to the Company's sale of capital assets held for more than one year. Non-corporate taxpayers may deduct up to
Conference Call
The Company will hold a conference call for investors at 9:00 A.M. Eastern Time on Wednesday, August 4, 2021 to discuss the Company's second quarter 2021 results.
Investors may listen to the earnings call 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 Updates & Events tab of the Company's website.
About the Company
Arlington Asset Investment Corp. (NYSE: AAIC) currently invests primarily in mortgage-related and other assets and has elected to be taxed as a REIT. 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, utilization of loss carryforwards, any change in long-term tax structures (including any REIT election), use of equity raise proceeds 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, the uncertainty and economic impact of the ongoing coronavirus (COVID-19) pandemic and the measures taken by the government to address it, including the impact on our business, financial condition, liquidity and results of operations due to a significant decrease in economic activity and disruptions in our financing operations, among other factors, changes in interest rates, increased costs of borrowing, decreased interest spreads, credit risks underlying the Company's assets, especially related to the Company's mortgage credit investments, changes in political and monetary policies, changes in default rates, changes in prepayment rates and other assumptions underlying our estimates related to our projections of future core earnings, changes in the Company's returns, changes in the use of the Company's tax benefits, the Company's ability to qualify and maintain qualification as a REIT, changes in the agency MBS asset yield, changes in the Company's monetization of net operating loss carryforwards, changes in the Company's investment strategy, changes in the Company's ability to generate cash earnings and dividends, preservation and utilization of the Company's net operating loss and net capital loss carryforwards, 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, and general economic, political, regulatory and market conditions. These and other material risks are described in the Company's most recent Annual Report on Form 10-K 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. All forward-looking statements speak only as of the date on which they are made. New risks and uncertainties arise over time, and it is not possible to predict those events or how they may affect the Company. Except as required by law, the Company is not obligated to, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Financial data to follow
ARLINGTON ASSET INVESTMENT CORP. CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share amounts) (Unaudited) | ||||||||
June 30, 2021 | March 31, 2021 | |||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 2,349 | $ | 48,198 | ||||
Restricted cash of consolidated VIE | 4,456 | 12,557 | ||||||
Interest receivable of consolidated VIE | 179 | 309 | ||||||
Sold securities receivable | 34,456 | 109,068 | ||||||
Agency mortgage-backed securities, at fair value | 725,709 | 515,674 | ||||||
Mortgage credit investments, at fair value | 117,902 | 61,319 | ||||||
Mortgage loans of consolidated VIE, at fair value | 35,778 | 57,467 | ||||||
MSR financing receivables, at fair value | 74,652 | 36,005 | ||||||
Derivative assets, at fair value | 881 | 2,280 | ||||||
Deposits | 16,554 | 25,421 | ||||||
Other assets | 17,181 | 15,046 | ||||||
Total assets | $ | 1,030,097 | $ | 883,344 | ||||
LIABILITIES AND EQUITY | ||||||||
Liabilities: | ||||||||
Repurchase agreements | $ | 694,586 | $ | 505,550 | ||||
Secured debt of consolidated VIE, at fair value | 28,465 | 58,654 | ||||||
Interest payable of consolidated VIE | 99 | 201 | ||||||
Derivative liabilities, at fair value | 2,327 | 4,267 | ||||||
Other liabilities | 2,739 | 2,111 | ||||||
Long-term unsecured debt | 73,129 | 73,074 | ||||||
Total liabilities | 801,345 | 643,857 | ||||||
Equity: | ||||||||
Preferred stock (liquidation preference of | 35,289 | 35,289 | ||||||
Common stock | 327 | 335 | ||||||
Additional paid-in capital | 2,037,953 | 2,040,898 | ||||||
Accumulated deficit | (1,844,817) | (1,837,035) | ||||||
Total equity | 228,752 | 239,487 | ||||||
Total liabilities and equity | $ | 1,030,097 | $ | 883,344 | ||||
Book value per common share (1) | $ | 5.94 | $ | 6.12 | ||||
Common shares outstanding (in thousands) (2) | 32,411 | 33,169 | ||||||
(1) Book value per common share is calculated as total equity less the preferred stock liquidation preference divided by common shares outstanding. | ||||||||
(2) Represents common shares outstanding plus vested restricted stock units convertible into common stock less unvested restricted common stock. | ||||||||
June 30, 2021 | March 31, 2021 | |||||||
Assets and liabilities of consolidated VIE: | ||||||||
Restricted cash | $ | 4,456 | $ | 12,557 | ||||
Mortgage loans, at fair value | 35,778 | 57,467 | ||||||
Interest receivable | 179 | 309 | ||||||
Secured debt, at fair value | (28,465) | (58,654) | ||||||
Interest payable | (99) | (201) | ||||||
Net investment in consolidated VIE | $ | 11,849 | $ | 11,478 | ||||
ARLINGTON ASSET INVESTMENT CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share data) (Unaudited) | ||||||||||||||||
Three Months Ended | ||||||||||||||||
June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | |||||||||||||
Interest income | ||||||||||||||||
Agency mortgage-backed securities | $ | 2,984 | $ | 2,784 | $ | 3,015 | $ | 2,808 | ||||||||
Mortgage credit investments | 1,770 | 1,269 | 1,863 | 2,217 | ||||||||||||
Mortgage loans of consolidated VIE | 776 | 1,687 | 4,305 | — | ||||||||||||
MSR financing receivables | 1,390 | 358 | — | — | ||||||||||||
Interest and other income | 125 | 161 | 314 | 385 | ||||||||||||
Total interest income | 7,045 | 6,259 | 9,497 | 5,410 | ||||||||||||
Interest expense | ||||||||||||||||
Short-term secured debt | 403 | 488 | 526 | 470 | ||||||||||||
Long-term unsecured debt | 1,150 | 1,151 | 1,154 | 1,162 | ||||||||||||
Secured debt of consolidated VIE | 405 | 862 | 1,403 | — | ||||||||||||
Total interest expense | 1,958 | 2,501 | 3,083 | 1,632 | ||||||||||||
Net interest income | 5,087 | 3,758 | 6,414 | 3,778 | ||||||||||||
Investment (loss) gain, net | ||||||||||||||||
Gain (loss) on mortgage investments, net | 5,334 | (21,665) | 2,161 | 2,696 | ||||||||||||
(Loss) gain from derivative instruments, net | (14,983) | 14,545 | 1,223 | 487 | ||||||||||||
Other, net | 617 | 357 | 4,736 | 769 | ||||||||||||
Total investment (loss) gain, net | (9,032) | (6,763) | 8,120 | 3,952 | ||||||||||||
General and administrative expenses | ||||||||||||||||
Compensation and benefits | 1,841 | 1,395 | 1,712 | 1,774 | ||||||||||||
Other general and administrative expenses | 1,349 | 1,242 | 1,361 | 1,197 | ||||||||||||
Total general and administrative expenses | 3,190 | 2,637 | 3,073 | 2,971 | ||||||||||||
(Loss) income before income taxes | (7,135) | (5,642) | 11,461 | 4,759 | ||||||||||||
Income tax (benefit) provision | (76) | 398 | — | — | ||||||||||||
Net (loss) income | (7,059) | (6,040) | 11,461 | 4,759 | ||||||||||||
Dividend on preferred stock | (723) | (723) | (733) | (726) | ||||||||||||
Net (loss) income (attributable) available to common stock | $ | (7,782) | $ | (6,763) | $ | 10,728 | $ | 4,033 | ||||||||
Basic (loss) earnings per common share | $ | (0.24) | $ | (0.20) | $ | 0.32 | $ | 0.12 | ||||||||
Diluted (loss) earnings per common share | $ | (0.24) | $ | (0.20) | $ | 0.32 | $ | 0.12 | ||||||||
Weighted average common shares outstanding (in thousands) | ||||||||||||||||
Basic | 33,066 | 33,181 | 33,415 | 34,655 | ||||||||||||
Diluted | 33,066 | 33,181 | 33,554 | 34,697 | ||||||||||||
Non-GAAP Core Operating Income
In addition to the Company's results of operations determined in accordance with generally accepted accounting principles as consistently applied in the United States ("GAAP"), the Company also reports "non-GAAP core operating income." The Company defines core operating income as "economic net interest income" less "core general and administrative expenses," preferred stock dividends and an "income tax provision for taxable REIT subsidiary ("TRS") core operating income".
Economic Net Interest Income
Economic net interest income, a non-GAAP financial measure, represents the interest income earned net of interest expense incurred from all of our interest-bearing financial instruments as well as the agency MBS which underlie, and are implicitly financed through, our TBA dollar roll transactions. Economic net interest income is comprised of the following:
- net interest income determined in accordance with GAAP;
- TBA agency MBS dollar roll income, which is calculated as the price discount of a forward-settling purchase of a TBA agency MBS relative to the "spot" sale of the same security, earned ratably over the period beginning on the settlement date of the sale and ending on the settlement date of the forward-settling purchase; and
- net interest income earned or expense incurred from interest rate swap agreements.
In the Company's consolidated statements of comprehensive income prepared in accordance with GAAP, TBA agency MBS dollar roll income and the net interest income earned or expense incurred from interest rate swap agreements are reported as a component of the overall periodic change in the fair value of derivative instruments within the line item "gain (loss) from derivative instruments, net" of the "investment gain (loss), net" section. We believe that economic net interest income assists investors in understanding and evaluating the financial performance of the Company's long-term-focused, net interest spread-based investment strategy, prior to the deduction of core general and administrative expenses.
Core General and Administrative Expenses
Core general and administrative expenses are non-interest expenses reported within the line item "total general and administrative expenses" of the consolidated statements of comprehensive income less stock-based compensation expense.
Income Tax Provision for TRS Core Operating Income
Our TRSs are subject to U.S. federal and state corporate income taxes. Our computation of core operating income includes a provision for income taxes on the core operating income of our TRSs. The core operating income of our TRSs is comprised of net interest income generated by our TRSs net of our TRSs' general and administrative expenses. In our consolidated statements of comprehensive income prepared in accordance with GAAP, the "income tax provision (benefit)" includes (i) the income tax provision for TRS core operating income and (ii) an income tax provision for (or benefit from) periodic increases (or decreases) in the fair value of the investments of our TRSs, which are recognized in net income as a component of "investment gain (loss) net."
Non-GAAP Core Operating Income Results
The following table presents the Company's computation of economic net interest income and core operating income for the last four fiscal quarters (unaudited, amounts in thousands, except per share amounts):
Three Months Ended | ||||||||||||||||
June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | |||||||||||||
GAAP net interest income | $ | 5,087 | $ | 3,758 | $ | 6,414 | $ | 3,778 | ||||||||
TBA dollar roll income | 1,778 | 836 | 1,156 | 319 | ||||||||||||
Interest rate swap net interest expense | (1,187) | (710) | (62) | (23) | ||||||||||||
Economic net interest income | 5,678 | 3,884 | 7,508 | 4,074 | ||||||||||||
Core general and administrative expenses | (2,653) | (2,134) | (2,668) | (2,375) | ||||||||||||
Preferred stock dividend | (723) | (723) | (733) | (726) | ||||||||||||
Income tax provision for TRS core operating income | (61) | (11) | — | — | ||||||||||||
Non-GAAP core operating income | $ | 2,241 | $ | 1,016 | $ | 4,107 | $ | 973 | ||||||||
Non-GAAP core operating income per diluted common share | $ | 0.07 | $ | 0.03 | $ | 0.12 | $ | 0.03 | ||||||||
Weighted average diluted common shares outstanding | 33,424 | 33,444 | 33,554 | 34,697 | ||||||||||||
The following table provides a reconciliation of GAAP net income (loss) to non-GAAP core operating income for the last four fiscal quarters (unaudited, amounts in thousands):
Three Months Ended | ||||||||||||||||
June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | |||||||||||||
GAAP net (loss) income | $ | (7,059) | $ | (6,040) | $ | 11,461 | $ | 4,759 | ||||||||
Add (less): | ||||||||||||||||
Total investment loss (gain), net | 9,032 | 6,763 | (8,120) | (3,952) | ||||||||||||
Stock-based compensation expense | 537 | 503 | 405 | 596 | ||||||||||||
Income tax (benefit) provision for TRS investment gain (loss) | (137) | 387 | — | — | ||||||||||||
Preferred stock dividend | (723) | (723) | (733) | (726) | ||||||||||||
Add back: | ||||||||||||||||
TBA dollar roll income | 1,778 | 836 | 1,156 | 319 | ||||||||||||
Interest rate swap net interest expense | (1,187) | (710) | (62) | (23) | ||||||||||||
Non-GAAP core operating income | $ | 2,241 | $ | 1,016 | $ | 4,107 | $ | 973 | ||||||||
Non-GAAP core operating income is used by management to evaluate the financial performance of the Company's long-term investment strategy and core business activities over periods of time as well as assist with the determination of the appropriate level of periodic dividends to common stockholders. The Company believes that non-GAAP core operating income assists investors in understanding and evaluating the financial performance of the Company's long-term investment strategy and core business activities over periods of time as well as its earnings capacity. A limitation of utilizing this non-GAAP financial measure is that the effect of accounting for "non-core" events or transactions in accordance with GAAP does, in fact, reflect the financial results of our business and these effects should not be ignored when evaluating and analyzing our financial results. For example, the economic cost or benefit of hedging instruments other than interest rate swap agreements, such as U.S. Treasury note futures or options on U.S. Treasury note futures, do not affect the computation of non-GAAP core operating income. In addition, the Company's calculation of non-GAAP core operating income may not be comparable to other similarly titled measures of other companies. Therefore, the Company believes that net income determined in accordance with GAAP should be considered in conjunction with non-GAAP core operating income. Furthermore, there may be differences between non-GAAP core operating income and taxable income determined in accordance with the Internal Revenue Code. As a REIT, the Company will be required to distribute at least
The following tables present information on the Company's investment and hedge portfolio as of June 30, 2021 (unaudited, dollars in thousands):
Mortgage Investments: | ||||||||||||||||
Assets | Capital Allocation (1) | Capital Allocation (%) | Leverage (2) | |||||||||||||
Agency MBS | $ | 725,709 | $ | 118,409 | 39 | % | 5.4 | |||||||||
Mortgage credit investments: | ||||||||||||||||
Commercial mortgage loans | 74,685 | 53,754 | 18 | % | 0.4 | |||||||||||
Residential MBS | 24,995 | 24,995 | 8 | % | — | |||||||||||
Business purpose loan residential MBS (3) | 22,731 | 22,731 | 8 | % | — | |||||||||||
Small balance commercial MBS | 3,915 | 3,915 | 1 | % | — | |||||||||||
Other | 3,425 | 3,425 | 1 | % | — | |||||||||||
Total mortgage credit investments | 129,751 | 108,820 | 36 | % | 0.2 | |||||||||||
MSR financing receivable | 74,652 | 74,652 | 25 | % | — | |||||||||||
Total | $ | 930,112 | $ | 301,881 | 100 | % | 2.2 | |||||||||
(1) | Our investable capital is calculated as the sum of our shareholders' equity capital and long-term unsecured debt. |
(2) | Our leverage is measured as the ratio of our repurchase agreement financing, net payable or receivable for unsettled securities, net contractual forward purchase price of our TBA commitments less our cash and cash equivalents compared to our investable capital. |
(3) | Includes our net investment of |
Specified Agency MBS: | ||||||||||||||||||||||||||||||||
Unpaid | Net | Amortized | Net | Fair Value | Market | Coupon | Weighted Average Expected Remaining Life | |||||||||||||||||||||||||
30-year fixed rate: | ||||||||||||||||||||||||||||||||
$ | 466,229 | $ | 12,645 | $ | 478,874 | $ | (6,111) | $ | 472,763 | $ | 101.40 | 2.00 | % | 7.9 | ||||||||||||||||||
242,469 | 13,282 | 255,751 | (2,818) | 252,933 | 104.32 | 2.50 | % | 6.4 | ||||||||||||||||||||||||
11 | — | 11 | 2 | 13 | 116.51 | 5.50 | % | 4.9 | ||||||||||||||||||||||||
Total/weighted-average | $ | 708,709 | $ | 25,927 | $ | 734,636 | $ | (8,927) | $ | 725,709 | $ | 102.40 | 2.17 | % | 7.4 | |||||||||||||||||
Mortgage Credit Investments: | ||||||||||||||||||||||||
Unpaid | Net | Amortized | Net | Fair Value (1) | Market | |||||||||||||||||||
Mortgage credit investments: | ||||||||||||||||||||||||
Commercial mortgage loans | $ | 74,685 | $ | — | $ | 74,685 | $ | — | $ | 74,685 | $ | 100.00 | ||||||||||||
Residential MBS | 27,481 | (2,534) | 24,947 | 48 | 24,995 | 90.59 | ||||||||||||||||||
Business purpose residential MBS (1) | 24,593 | 1,603 | 26,196 | (3,465) | 22,731 | 93.70 | ||||||||||||||||||
Commercial MBS | 6,000 | (787) | 5,213 | (1,298) | 3,915 | 64.73 | ||||||||||||||||||
Other | 5,061 | (1,635) | 3,426 | (1) | 3,425 | 67.67 | ||||||||||||||||||
Total/weighted-average | $ | 137,820 | $ | (3,353) | $ | 134,467 | $ | (4,716) | $ | 129,751 | $ | 94.28 | ||||||||||||
(1) | Includes our net investment in a VIE of |
Interest Rate Swap Agreements: | ||||||||||||||||||||
Weighted-average: | ||||||||||||||||||||
Notional Amount | Fixed | Variable | Net Receive | Remaining | ||||||||||||||||
Years to maturity: | ||||||||||||||||||||
Less than 3 years | $ | 200,000 | 0.10 | % | 0.04 | % | (0.06) | % | 2.4 | |||||||||||
3 to less than 7 years | 75,000 | 0.89 | % | 0.19 | % | (0.70) | % | 6.5 | ||||||||||||
7 to less than 10 years | 250,000 | 1.12 | % | 0.17 | % | (0.95) | % | 9.4 | ||||||||||||
Total / weighted-average | $ | 525,000 | 0.70 | % | 0.12 | % | (0.58) | % | 6.3 | |||||||||||
MSR Financing Receivable: | ||||||||||||||||||||||||||
Underlying MSR | ||||||||||||||||||||||||||
Holder of Loans | UPB | Weighted- | Weighted- | Weighted- | Price | Multiple (1) | Financing Receivable Fair | |||||||||||||||||||
Fannie Mae | $ | 6,838,328 | 2.94 | % | 0.26 | % | 9 months | 1.04 | % | 4.08 | $ | 74,652 | ||||||||||||||
(1) | Calculated as the underlying MSR price divided by the weighted-average servicing fee. |
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SOURCE Arlington Asset Investment Corp.
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