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Arlington Asset Investment Corp. (AI) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

SEC Filings

Arlington Asset Investment Corp.

CIK: 1209028 Ticker: AI

Exhibit 99.1

 

 

Contacts:

Media: 703.373.0200 or ir@arlingtonasset.com 

Investors: Rich Konzmann at 703.373.0200 or ir@arlingtonasset.com

Arlington Asset Investment Corp. Reports Fourth Quarter and Full Year 2019 Financial Results

McLean, VA, February 18, 2020

– Arlington Asset Investment Corp. (NYSE: AI) (the “Company” or “Arlington”) today reported net income available to common shareholders of $26.6 million, or $0.72 per diluted common share, and non-GAAP core operating income of $6.5 million, or $0.18 per diluted common share, for the quarter ended December 31, 2019.  A reconciliation of non-GAAP core operating income to GAAP net income (loss) appears at the end of this press release.

Fourth Quarter 2019 Financial Highlights

 

$0.72 per diluted common share of GAAP net income

 

$0.18 per diluted common share of non-GAAP core operating income

 

$7.86 per common share of book value

 

$0.225 per common share dividend

 

10.0% total economic return

 

Measured as the change in book value per common share plus declared dividends per common share

 

Full Year 2019 Financial Highlights

 

$0.31 per diluted common share of GAAP net income

 

$0.89 per diluted common share of non-GAAP core operating income

 

$1.05 per common share dividend

 

2.3% total economic return

 

“During the fourth quarter, a strong outperformance of agency mortgage-backed securities (“MBS”) relative to interest rate hedges helped the Company deliver a 10% total economic return for the quarter and a positive return for the year.  The Company’s net spread earnings during the fourth quarter were relatively unchanged from the prior quarter as the improved funding backdrop from Federal Reserve rate cuts were generally offset by lower asset yields,” said J. Rock Tonkel, Jr., the Company's President and Chief Executive Officer.  “Although the Company believes that current investment opportunities in agency MBS are attractive, the Company actively began to expand its investment strategy during the fourth quarter to incorporate tailored mortgage credit investments, including through co-investing with select sourcing partners, with the objective of enhancing investment returns, diversifying risks, reducing overall leverage and, over time, improving the Company’s cost of capital.  As of year-end, the Company’s capital allocation to specialty mortgage credit investments totaled 14% of investable capital, and the Company will continue to evaluate new mortgage credit investment opportunities that it believes will deliver higher risk-adjusted returns to its shareholders over time.”

Other Fourth Quarter Highlights

As of December 31, 2019, the Company’s mortgage investment portfolio totaled $3,847 million in fair value, consisting of $3,768 million of agency MBS and $79 million of mortgage credit investments.  Based on investable capital, the Company has allocated 86% and 14% of its capital to its agency MBS and mortgage credit investment strategies, respectively, as of December 31, 2019.  

The Company’s agency MBS consist of residential mortgage pass-through certificates for which the principal and interest payments are guaranteed by either a U.S. government sponsored enterprise (“GSE”), such as the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”), or by a U.S. government agency, such as the Government


The following information was filed by Arlington Asset Investment Corp. (AI) on Tuesday, February 18, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Arlington Asset Investment Corp.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Comprehensive Income
Basis Of Presentation
Borrowings
Borrowings (Tables)
Borrowings - Additional Information (Details)
Borrowings - Information Regarding Outstanding Repurchase Agreement Borrowings During The Period (Details)
Borrowings - Long-Term Unsecured Debt Instruments (Details)
Borrowings - Outstanding Repurchase Agreement Borrowings (Details)
Borrowings - Outstanding Repurchase Agreement Borrowings (Parenthetical) (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Summary Of Contractual Obligations By Fiscal Year (Details)
Derivative Instruments
Derivative Instruments (Tables)
Derivative Instruments - Additional Information (Details)
Derivative Instruments - Cash Collateral Posted And Received In Respect Of Derivative And Other Financial Instruments (Details)
Derivative Instruments - Derivative Gains And Losses Recognized Within The Periods (Details)
Derivative Instruments - Fair Value Of Derivative Instruments (Details)
Derivative Instruments - Interest Rate Swap Agreements (Details)
Derivative Instruments - Tba Commitments (Details)
Derivative Instruments - Volume Of Activity, In Terms Of Notional Amount, Related To Derivative Instruments (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Details)
Fair Value Measurements - Change In Fair Value Of Level 3 Investments That Are Measured At Fair Value On Recurring Basis (Details)
Fair Value Measurements - Financial Instruments Measured At Fair Value On A Recurring Basis (Details)
Financial Instruments With Off-Balance-Sheet Risk And Credit Risk
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Provision For Income Taxes (Details)
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Details)
Investments In Agency Mbs
Investments In Agency Mbs (Tables)
Investments In Agency Mbs - Additional Information (Details)
Investments In Agency Mbs - Additional Information About Gains And Losses Recognized With Respect To Investments In Agency Mbs (Details)
Investments In Mortgage Loans
Investments In Mortgage Loans - Additional Information (Details)
Investments In Non-Agency Mbs
Investments In Non-Agency Mbs (Tables)
Investments In Non-Agency Mbs - Additional Information (Details)
Investments In Non-Agency Mbs - Additional Information About Gains And Losses Recognized With Respect To Investments In Non-Agency Mbs (Details)
Long-Term Incentive Plan
Long-Term Incentive Plan (Tables)
Long-Term Incentive Plan - Additional Information (Details)
Long-Term Incentive Plan - Schedule Of Unvested Restricted Stock Units Roll Forward (Details)
Long-Term Incentive Plan - Share Based Compensation Award Valuation Assumptions (Details)
Long-Term Incentive Plan - Share Based Compensation Award Valuation Assumptions (Parenthetical) (Details)
Long-Term Incentive Plan - Share Based Compensation Performance Shares Grants Activity (Details)
Long-Term Incentive Plan - Share Based Compensation Restricted Stock Units Grants Activity (Details)
Offsetting Of Financial Assets And Liabilities
Offsetting Of Financial Assets And Liabilities (Tables)
Offsetting Of Financial Assets And Liabilities - Derivative Instruments And Short-Term Borrowing Arrangements, Including Those Subject To Master Netting Or Similar Arrangements (Details)
Organization And Nature Of Operations
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) (Tables)
Quarterly Data (Unaudited) - Schedule Of Quarterly Financial Information (Details)
Shareholders' Equity
Shareholders' Equity (Tables)
Shareholders' Equity - Additional Information (Details)
Shareholders' Equity - Dividends Declared And Paid (Details)
Shareholders' Equity - Issuances Of Stock Under Equity Distribution Agreements (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Details)
Summary Of Significant Accounting Policies - Computations Of Basic And Diluted Earnings (Loss) Per Share (Details)
Ticker: AI
CIK: 1209028
Form Type: 10-K Annual Report
Accession Number: 0001564590-20-006040
Submitted to the SEC: Mon Feb 24 2020 4:20:14 PM EST
Accepted by the SEC: Mon Feb 24 2020
Period: Tuesday, December 31, 2019
Industry: Investors

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