Item 5.03Amendments to Articles of Incorporation or Bylaws; Changes in Fiscal Year.

On December 13, 2019, the Board of Directors (the "Board") of Arlington Asset Investment Corp. (the "Company") amended (the "Amendment") Section 2.2 of the Amended and Restated Bylaws (as amended and restated, the "Bylaws"), effective January 1, 2020. The Amendment fixed the number of directors of the Company at six, effective January 1, 2020. The Bylaws previously fixed the number of directors of the Company at seven.

The preceding summary is qualified in its entirety by reference to the Amendment to the Bylaws, which is attached hereto as Exhibit 3.1 and incorporated herein by reference.




Item 8.01.Other Events.



As previously announced on June 6, 2019, Eric F. Billings has informed the Board that he will retire as Executive Chairman of the Company on December 31, 2019. In connection with the retirement of Mr. Billings, the Board has appointed Daniel E. Berce to serve as Chairman of the Board effective January 1, 2020. Mr. Berce has served as a member of the Board since 2011.

Item 9.01.Financial Statements and Exhibits.

(d)Exhibits. The following exhibits are being filed herewith:





 Exhibit No.                               Description
3.1                 Fourth Amendment to the Amended and Restated Bylaws of the
                  Company, as amended on December 13, 2019.



                                       3

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