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Arlington Asset book value slides 11% in Q1

  • Q1 core operating income of $34.5M or $1.50 per share vs. $32.6M and $1.40 in Q4. Dividend is $0.88.
  • Book value per share of $24.83 falls from $27.95 at the start of the year. Today's close was $23.39. Management notes reduced expectations for rate hikes decreased the value of its hedges, without an equal increase in the value of its MBS portfolio. Long-term hedges are cut to 27% of total hedge portfolio from 35% at the start of the year.
  • Conference call tomorrow at 9 ET
  • Previously: Arlington Asset Investment beats by $0.30, misses on revenue (April 27)
  • AI flat after hours, down 12% YTD.

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AAIC--
Arlington Asset Investment Corp.