Arlington Asset Investment Corp. is a mortgage real estate investment trust headquartered in McLean, Virginia. It is an investment firm that focuses primarily on investing in mortgage related assets and residential real estate.
On December 14, 2023, the firm completed its merger with NYSE-listed Ellington Financial.[2]
History
The company was founded as Friedman, Billings, Ramsey Group Inc. in 1989 by Emmanuel Friedman, Eric Billings, and Russ Ramsey. In 1997, it became a public company via an initial public offering, raising $206 million.[3] Ramsey left the company in 2001.
Following the early 2000s recession, FBR Group invested heavily in subprime mortgages. During the subprime mortgage crisis, the company incurred severe losses related to its underperforming mortgage origination platform and widespread problems in subprime mortgage lending, which led to a sale of ownership in FBR's subprime subsidiary, First NLC Financial Services, in the summer of 2007.
Friedman left FBR Group in 2005.