Arlington Asset Investment/FBR Group's Losses
Arlington Asset Investment Corp., formerly Friedman, Billings, Ramsey Group, said it lost $268.5 million ($1.77) in the fourth quarter of 2008, compared with a loss of $270.4 million ($1.77) in the last quarter of 2007. For the year ended Dec. 31, it posted a loss of $417.5 million ($2.76), compared with a loss of $658.6 million ($3.94) the previous year.
The Arlington firm said that it continued downsizing its portfolio of mortgage-backed securities and that it intended to revoke its status as a real estate investment trust as of Jan. 1, 2009.
The company also filed its 10-K with the Securities and Exchange Commission - under the name Friedman, Billings, Ramsey Group Inc. It said it will issue a press release when it starts trading under "AI" instead of "FBR."
In the year ended Dec. 31, the firm said, it extinguished about $65.8 million of long-term debt and disposed of about $1.6 billion in mortgage-backed securities. This year, though March 13, it extinguished $201.7 million more in long-term debt and disposed of $56.1 million more of MBS.
FBR/Arlington Asset Investment Corp. also said that as of Dec. 31, it had $254.7 million in cash and cash equivalents, down from $692.4 million the previous year. Of that amount, $207.8 million was held by affiliate FBR Capital Markets and its subsidiaries, so FBR can't use the money without the approval of a majority of FBR Capital Markets' disinterested directors.
The company also said that of its 579 employees as of Dec. 31, 468 were employed by FBR Capital Markets and its subsidiaries.
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