X0306 4 2018-07-24 0 0001209028 Arlington Asset Investment Corp. AI 0001218301 BILLINGS ERIC F C/O ARLINGTON ASSET INVESTMENT CORP. 1001 NINETEENTH STREET NORTH, SUITE 1900 ARLINGTON VA 22209 1 1 0 0 Executive Chairman Class A Common Stock 2018-07-24 4 A 0 27994 10.09 A 232759 D Represents 27,994 restricted shares of Class A common stock granted on July 24, 2018 ("Restricted Stock"), upon the vesting of a portion of the Performance Share Units ("PSUs") awarded on July 24, 2017 pursuant to the Arlington Asset Investment Corp. 2014 Long-Term Incentive Plan. PSUs represent the right to receive shares of the Company's Class A common stock subject to the achievement of certain performance goals at the end of the applicable performance period. A portion of the PSUs awarded on July 24, 2017 were eligible for vesting at the end of the applicable performance period, at which time, any PSUs earned were to be settled by the grant of Restricted Stock on a one-for-one basis. The last reported sale price of the Company's Class A common stock on the New York Stock Exchange on the grant date. /s/ D. Scott Parish, Attorney-in-Fact 2018-07-26