Arlington Asset Investment Corp is a principal investment firm that acquires and holds a levered portfolio residential mortgage-backed securities ("MBS"), consisting of agency MBS and private-label MBS. Agency MBS include residential mortgage pass-through certificates for which the principal and interest payments are guaranteed by a U.S. government agency or government sponsored enterprise ("GSE") such as Fannie Mae and Freddie Mac. Private-label MBS, or non-agency MBS, include residential MBS that are not guaranteed by a GSE or the U.S. government. The company was formerly known as Friedman, Billings, Ramsey Group Inc. (FBR Group). The company is headquartered in Arlington, Virginia. It was founded in 1989 and had assets of over $4.2 billion as of December 31, 2017. Arlington Asset Investment is an internally managed company. Commencing with its tax year ended December 31, 2019, Arlington Asset Investment has elected to be taxed as a real estate investment trust (REIT) for U.S. Federal tax purposes. Previously, the company was taxed as a C Corporation for U.S. Federal tax purposes.