Sec Form 4 Filing - BILLINGS ERIC F @ Arlington Asset Investment Corp. - 2012-08-09

Insider filing report for Changes in Beneficial Ownership
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FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
BILLINGS ERIC F
2. Issuer Name and Ticker or Trading Symbol
Arlington Asset Investment Corp. [ AI]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X __ Director _____ 10% Owner
X __ Officer (give title below) _____ Other (specify below)
Chairman and CEO
(Last) (First) (Middle)
1001 19TH STREET NORTH
3. Date of Earliest Transaction (MM/DD/YY)
08/09/2012
(Street)
ARLINGTON, VA22209
4. If Amendment, Date Original Filed (MM/DD/YY)
6. Individual or Joint/Group Filing (Check Applicable Line)
__ X __ Form filed by One Reporting Person
_____ Form filed by More than One Reporting Person
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Class A Common Stock 08/09/2012 S 8,981 ( 1 ) D $ 23 2,678 I By BCM Weston, LP ( 2 )
Class A Common Stock 08/10/2012 S 2,678 ( 1 ) D $ 23 0 I By BCM Weston, LP ( 2 )
Class A Common Stock 08/10/2012 S 17,063 ( 3 ) D $ 23 149,932 D
Class A Common Stock 08/10/2012 S 129 ( 3 ) D $ 23.01 149,803 D
Class A Common Stock 08/13/2012 S 840 ( 3 ) D $ 23 148,963 D
Class A Common Stock 10,999 I By EFB Capital Corporation ( 4 )
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Con version or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(MM/DD/YY)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
BILLINGS ERIC F
1001 19TH STREET NORTH
ARLINGTON, VA22209
X Chairman and CEO
Signatures
/s/ D. Scott Parish, Attorney-in-Fact 08/13/2012
Signature of Reporting Person Date
Explanation of Responses:
( 1 )Represents shares sold by BCM Weston, LP ("BCM Weston"), a private fund managed by Billings Capital Management, LLC, an investment firm controlled by the reporting person and his sons. BCM Weston's sales were effected pursuant to a Rule 10b5-1 trading plan established on May 24, 2012 in connection with an asset reallocation within the fund.
( 2 )The reporting person disclaims beneficial ownership of the shares of the issuer's Class A common stock owned by BCM Weston except to the extent of his pecuniary interest in such shares.
( 3 )Represents shares sold by Eric F. Billings pursuant to a Rule 10b5-1 trading plan established on May 24, 2012.
( 4 )EFB Capital Corporation is owned and controlled by the reporting person's wife. The reporting person disclaims beneficial ownership of the shares of the issuer's Class A common stock owned by EFB Capital Corporation except to the extent of his pecuniary interest in such shares.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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