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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission File Number: 001-34374

 

ARLINGTON ASSET INVESTMENT CORP.

(Exact name of Registrant as specified in its charter)

 

 

Virginia

 

54-1873198

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

 

6862 Elm Street, Suite 320

McLean, VA

 

22101

(Address of Principal Executive Offices)

 

(Zip Code)

 

(703) 373-0200

(Registrant’s Telephone Number, Including Area Code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Sec. 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

  

Small reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):Yes  No 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Class A Common Stock

 

AI

 

NYSE

7.00% Series B Cumulative Perpetual Redeemable Preferred Stock

 

AI PrB

 

NYSE

8.250% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock

 

AI PrC

 

NYSE

6.625% Senior Notes due 2023

 

AIW

 

NYSE

6.75% Senior Notes due 2025

 

AIC

 

NYSE

 

Number of shares outstanding of each of the registrant’s classes of common stock, as of July 16, 2020:

 

Title

 

Outstanding

Class A Common Stock

 

35,016,392 shares

 

 


 

ARLINGTON ASSET INVESTMENT CORP.

FORM 10-Q

FOR THE QUARTER ENDED JUNE 30, 2020

INDEX

 

 

 

 

 

 

 

Page

PART I — FINANCIAL INFORMATION

 

 

 

 

Item 1.

 

Consolidated Financial Statements and Notes — (unaudited)

 

1

 

 

 

 

Consolidated Balance Sheets

 

1

 

 

 

 

Consolidated Statements of Comprehensive Income

 

2

 

 

 

 

Consolidated Statements of Changes in Equity

 

3

 

 

 

 

Consolidated Statements of Cash Flows

 

4

 

 

 

 

Notes to Consolidated Financial Statements

 

5

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

25

 

 

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

44

 

 

Item 4.

 

Controls and Procedures

 

49

PART II — OTHER INFORMATION

 

 

 

 

Item 1.

 

Legal Proceedings

 

50

 

 

Item 1A.

 

Risk Factors

 

50

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

51

 

 

Item 3.

 

Defaults Upon Senior Securities

 

52

 

 

Item 4.

 

Mine Safety Disclosures

 

52

 

 

Item 5.

 

Other Information

 

52

 

 

Item 6.

 

Exhibits

 

52

 

 

 

 

Signatures

 

55

 

 

 

i


 

PART I

FINANCIAL INFORMATION

Item 1. Financial Statements

ARLINGTON ASSET INVESTMENT CORP.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

(Unaudited)

 

 

 

June 30, 2020

 

 

December 31, 2019

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

14,096

 

 

$

19,636

 

Interest receivable

 

 

1,605

 

 

 

10,663

 

Sold securities receivable

 

 

91,426

 

 

 

71,199

 

Agency mortgage-backed securities, at fair value

 

 

501,582

 

 

 

3,768,496

 

Mortgage credit securities, at fair value

 

 

79,871

 

 

 

33,501

 

Loans, at fair value

 

 

69,575

 

 

 

45,000

 

Derivative assets, at fair value

 

 

489

 

 

 

1,417

 

Deposits

 

 

2,473

 

 

 

37,123

 

Other assets

 

 

24,683

 

 

 

13,079

 

Total assets

 

$

785,800

 

 

$

4,000,114

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Repurchase agreements

 

$

426,877

 

 

$

3,581,237

 

Interest payable

 

 

611

 

 

 

4,666

 

Accrued compensation and benefits

 

 

1,469

 

 

 

3,626

 

Dividend payable

 

 

58

 

 

 

8,494

 

Derivative liabilities, at fair value

 

 

207

 

 

 

8

 

Purchased securities payable

 

 

42,662

 

 

 

 

Other liabilities

 

 

909

 

 

 

507

 

Long-term unsecured debt

 

 

74,022

 

 

 

74,328

 

Total liabilities

 

 

546,815

 

 

 

3,672,866

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders’ Equity:

 

 

 

 

 

 

 

 

Series B Preferred stock, $0.01 par value, 343,839 and 354,039, shares issued

   and outstanding, respectively (liquidation preference of $8,596 and $8,851,

   respectively)

 

 

8,078

 

 

 

8,270

 

Series C Preferred stock, $0.01 par value, 1,166,900 and 1,200,000 shares issued

   and outstanding, respectively (liquidation preference of $29,172 and $30,000,

   respectively)

 

 

28,307

 

 

 

28,944

 

Class A common stock, $0.01 par value, 450,000,000 shares authorized, 35,746,421

   and 36,755,387 shares issued and outstanding, respectively

 

 

357

 

 

 

368

 

Additional paid-in capital

 

 

2,047,286

 

 

 

2,049,292

 

Accumulated deficit

 

 

(1,845,043

)

 

 

(1,759,626

)

Total stockholders’ equity

 

 

238,985

 

 

 

327,248

 

Total liabilities and stockholders’ equity

 

$

785,800

 

 

$

4,000,114

 

 

See notes to consolidated financial statements.

 

 

1


 

ARLINGTON ASSET INVESTMENT CORP.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency mortgage-backed securities

 

$

3,517

 

 

$

32,275

 

 

$

26,905

 

 

$

65,845

 

Mortgage credit securities

 

 

1,258

 

 

 

14

 

 

 

1,989

 

 

 

15

 

Loans

 

 

825

 

 

 

 

 

 

1,536

 

 

 

 

Interest and other income

 

 

534

 

 

 

428

 

 

 

677

 

 

 

689

 

Total interest income

 

 

6,134

 

 

 

32,717

 

 

 

31,107

 

 

 

66,549

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term secured debt

 

 

1,154

 

 

 

24,866

 

 

 

15,746

 

 

 

49,509

 

Long-term unsecured debt

 

 

1,215

 

 

 

1,269

 

 

 

2,455

 

 

 

2,541

 

Total interest expense

 

 

2,369

 

 

 

26,135

 

 

 

18,201

 

 

 

52,050

 

Net interest income

 

 

3,765

 

 

 

6,582

 

 

 

12,906

 

 

 

14,499

 

Investment advisory fee income

 

 

 

 

 

 

 

 

 

 

 

250

 

Investment gain (loss), net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on mortgage investments, net

 

 

7,625

 

 

 

42,239

 

 

 

10,719

 

 

 

111,407

 

Loss from derivative instruments, net

 

 

(397

)

 

 

(69,072

)

 

 

(102,997

)

 

 

(124,277

)

Other, net

 

 

2,569

 

 

 

150

 

 

 

2,007

 

 

 

(10

)

Total investment gain (loss), net

 

 

9,797

 

 

 

(26,683

)

 

 

(90,271

)

 

 

(12,880

)

General and administrative expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

1,897

 

 

 

2,233

 

 

 

3,755

 

 

 

5,349

 

Other general and administrative expenses

 

 

1,431

 

 

 

1,191

 

 

 

2,816

 

 

 

2,451

 

Total general and administrative expenses

 

 

3,328

 

 

 

3,424

 

 

 

6,571

 

 

 

7,800

 

Net income (loss)

 

 

10,234

 

 

 

(23,525

)

 

 

(83,936

)

 

 

(5,931

)

Dividend on preferred stock

 

 

(758

)

 

 

(774

)

 

 

(1,532

)

 

 

(1,052

)

Net income (loss) available (attributable) to

  common stock

 

$

9,476

 

 

$

(24,299

)

 

$

(85,468

)

 

$

(6,983

)

Basic earnings (loss) per common share

 

$

0.26

 

 

$

(0.67

)

 

$

(2.33

)

 

$

(0.20

)

Diluted earnings (loss) per common share

 

$

0.26

 

 

$

(0.67

)

 

$

(2.33

)

 

$

(0.20

)

Weighted-average common shares outstanding

  (in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

36,618

 

 

 

36,533

 

 

 

36,665

 

 

 

34,803

 

Diluted

 

 

36,666

 

 

 

36,533

 

 

 

36,665

 

 

 

34,803

 

 

See notes to consolidated financial statements.

2


 

ARLINGTON ASSET INVESTMENT CORP.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Dollars in thousands)

(Unaudited)

 

 

 

Series B

Preferred

Stock

(#)

 

 

Series B

Preferred

Amount

($)

 

 

Series C

Preferred

Stock

(#)

 

 

Series C

Preferred

Amount

($)

 

 

Class A

Common

Stock

(#)

 

 

Class A

Amount

($)

 

 

Additional

Paid-In

Capital

 

 

Accumulated

Deficit

 

 

Total

 

Balances, December 31, 2018

 

 

350,595

 

 

$

8,245

 

 

 

 

 

$

 

 

 

30,497,998

 

 

$

305

 

 

$

1,997,876

 

 

$

(1,731,982

)

 

$

274,444

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,594

 

 

 

17,594

 

Issuance of Class A common

  stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,000,000

 

 

 

60

 

 

 

48,750

 

 

 

 

 

 

48,810

 

Issuance of Class A common

  stock under stock-based

  compensation plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

74,619

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

Issuance of preferred stock

 

 

2,035

 

 

 

45

 

 

 

1,200,000

 

 

 

28,880

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28,925

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

773

 

 

 

 

 

 

773

 

Dividends declared

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14,135

)

 

 

(14,135

)

Balances, March 31, 2019

 

 

352,630

 

 

$

8,290

 

 

 

1,200,000

 

 

$

28,880

 

 

 

36,572,617

 

 

$

366

 

 

$

2,047,398

 

 

$

(1,728,523

)

 

$

356,411

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(23,525

)

 

 

(23,525

)

Issuance of Class A common

  stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

1

 

Issuance of preferred stock

 

 

1,409

 

 

 

6

 

 

 

 

 

 

64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

70

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

217

 

 

 

 

 

 

217

 

Dividends declared

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,885

)

 

 

(8,885

)

Balances, June 30, 2019

 

 

354,039

 

 

$

8,296

 

 

 

1,200,000

 

 

$

28,944

 

 

 

36,572,617

 

 

$

366

 

 

$

2,047,616

 

 

$

(1,760,933

)

 

$

324,289

 

 

Balances, December 31, 2019

 

 

354,039

 

 

$

8,270

 

 

 

1,200,000

 

 

$

28,944

 

 

 

36,755,387

 

 

$

368

 

 

$

2,049,292

 

 

$

(1,759,626

)

 

$

327,248

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(94,170

)

 

 

(94,170

)

Issuance of Class A common

  stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6

)

 

 

 

 

 

(6

)

Issuance of Class A common

  stock under stock-based

  compensation plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

60,374

 

 

 

 

 

 

62

 

 

 

 

 

 

62

 

Issuance of preferred stock

 

 

 

 

 

(6

)

 

 

 

 

 

(10

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

393

 

 

 

 

 

 

393

 

Dividends declared

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(702

)

 

 

(702

)

Balances, March 31, 2020

 

 

354,039

 

 

$

8,264

 

 

 

1,200,000

 

 

$

28,934

 

 

 

36,815,761

 

 

$

368

 

 

$

2,049,741