These excerpts taken from the FBR 10-K filed Mar 16, 2009.
Note 19. Subsequent Events:
Subsequent to December 31, 2008, the Company extinguished an additional $201,689 of long-term debt at a gain of $131,540 and further reduced its MBS portfolio by $56,072 at a loss of $1,126. In addition, FBR Capital Markets also liquidated its remaining MBS portfolio of $454,339 and related interest rate caps and repurchase agreements, recognizing an aggregate net investment loss of $1,043. The Company also liquidated $550,000 of its U.S. Treasury bond holdings and related repurchase agreements recognizing no gain or loss from the transaction.
The Company has elected to revoke the Companys status as a REIT effective as of January 1, 2009, in part to use the net operating losses carry-forwards and net capital losses carry-forward incurred at the parent level to offset anticipated taxable income of the Companys former taxable REIT subsidiaries. As a result of revoking the REIT status, the Company will be subject to corporate income tax on the taxable income and gains that are not offset by net operating loss and net capital loss carry-forwards. The Company will file a consolidated federal income tax return with its former taxable REIT subsidiaries (other than FBR Capital Markets and its subsidiaries). The Company is prohibited from electing the REIT status again until 2014.
On February 23, 2009, the Company announced its intent to change its corporate name to Arlington Asset Investment Corporation. The Company will seek approval from shareholders to amend the Companys charter to reflect the name change at its next annual shareholders meeting in June 2009. The Company has notified the New York Stock Exchange (NYSE) of the name change and received the approval from the NYSE to change the ticker symbol to AI from FBR on February 24, 2009. The Company will issue a press release when the symbol change becomes effective. The Company will continue to be led by its existing management team.