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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1209028	Arlington Asset Investment Corp.	AI	Investors, Nec (6799)	541873198

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1218301	F Eric Billings	C/O Arlington Asset Investment Corp. 1001 Nineteenth Street North, Suite 1900 Arlington VA 22209	Executive Chairman	Yes	Yes	No	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership
Class A Common Stock	Acquisiton	2014-12-11	194,743	$0.00	308,895	No	4	C	Direct
Class A Common Stock	Disposition	2014-12-11	75,000	$27.58	233,895	No	4	S	Direct
Class A Common Stock	Disposition	2014-12-12	67,443	$27.10	166,452	No	4	S	Direct
Class A Common Stock	Disposition	2014-12-15	52,300	$26.97	114,152	No	4	S	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership
No	4	C	Direct
No	4	S	Direct
No	4	S	Direct
No	4	S	Direct

Reported Derivative Transactions

Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Class A Common Stock	Class B Common Stock	Disposition	2014-12-11	194,743	$0.00	194,743	$0.00

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
203,914			No	4	C	Direct

Footnotes

The reporting person converted 194,743 shares of Class B Common Stock on December 11, 2014. Each share of Class B Common Stock was convertible into one share of Class A Common Stock on a one-for-one basis without the payment of any consideration. As a result, Mr. Billings acquired 194,743 shares of Class A Common Stock.
The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $27.45 to $27.69, inclusive. The reporting person undertakes to provide to Arlington Asset Investment Corp., any security holder of Arlington Asset Investment Corp., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (2), (3) and (4) to this Form 4.
The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $27.00 to $27.35, inclusive.
The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $26.85 to $27.20, inclusive.
Mr. Billings could convert the Class B Common Stock at any time into shares of Class A Common Stock, subject to the approval of Arlington Asset Investment Corp. The Class B Common Stock had no expiration date.