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                            September 2, 2022

       Richard Konzmann
       Executive Vice President, Chief Financial Officer and Treasurer
       Arlington Asset Investment Corp.
       6862 Elm Street, Suite 320
       McLean, VA 22101

                                                        Re: Arlington Asset
Investment Corp.
                                                            Form 10-K for the
year ended December 31, 2021
                                                            Filed March 10,
2022
                                                            Form 10-Q for the
quarterly period ended June 30, 2022
                                                            Filed August 15,
2022
                                                            File No. 001-34374

       Dear Richard Konzmann:

               We have reviewed your August 23, 2022 response to our comment
letter and have the
       following comment. In our comment, we may ask you to provide us with
information so we may
       better understand your disclosure.

              Please respond to this comment within ten business days by
providing the requested
       information or advise us as soon as possible when you will respond. If
you do not believe our
       comment applies to your facts and circumstances, please tell us why in
your response.

             After reviewing your response to this comment, we may have
additional
       comments. Unless we note otherwise, our references to prior comments are
to comments in our
       August 9, 2022 letter.

       Form 10-Q for the quarterly period ended June 30, 2022 filed August 15,
2022

       Net Operating Income from Investments in Financial Assets, page 45

   1.                                                   We note your response
to our comment 2 from our letter dated June 21, 2022 and your
                                                        conclusion to no longer
include the measure "economic net interest income from financial
                                                        assets    in future
filings. We note that you continue to include a presentation of
                                                        components of net
operating income from your investments in financial assets on pages 45
                                                        and 46. Certain
components of this presentation appear to also exclude interest expense
                                                        for long-term unsecured
debt; specifically, it appears that the subtotal of repurchase
                                                        agreements and secured
debt of consolidated VIEs, net interest income/spread, and
                                                        levered net interest
return exclude the impact from such interest expense. Please tell us
 Richard Konzmann
Arlington Asset Investment Corp.
September 2, 2022
Page 2
         how you determined it was appropriate to exclude long-term unsecured
debt interest
         expense from these components. Reference is made to Item 10(e) of
Regulation S-K.
         Your response should address that given you are in the business of
investing in interest
         earning assets and financing such assets with debt, please tell us how
you considered
         Question 100.01 of our Compliance & Disclosure Interpretations for
Non-GAAP
         Financial Measures in your determination that it is appropriate to
eliminate interest
         expense from long-term unsecured debt. In this regard, tell us how you
considered if this
         interest expense is a normal, recurring, cash operating expense
necessary to operate your
         business.
       You may contact Eric McPhee at 202-551-3693 or Jennifer Monick at
202-551-3295 with
any questions.



FirstName LastNameRichard Konzmann                            Sincerely,
Comapany NameArlington Asset Investment Corp.
                                                              Division of
Corporation Finance
September 2, 2022 Page 2                                      Office of Real
Estate & Construction
FirstName LastName