Arlington Asset Investment report Q2 losses

by Richard Kilner

Story link: Arlington Asset Investment report Q2 losses

Arlington Asset Investment Corp. (NYSE: AI), previously known as Friedman, Billings, Ramsey Group, Inc., has revealed it made a post-tax loss of $32.2m in the second quarter.

The loss, equivalent to $0.21 per diluted share, is down on the firm’s Q2 2008 net loss of $25.1m ($0.17 per diluted share).

The quarter also saw the firm incur a loss of $13.8m on the sale of 18.2m shares in FBR Capital Markets Corporation.

Because of this Arlington no longer has majority control of FBR Capital Markets and will no longer include FBR’s performance in its financial results.

However for the first six months of the year Arlington has reported a net income almost threefold that of the first half of 2008, with net income standing at $69.4m thanks to the substantial profit made in the first quarter ($101.6m).