However, the offering was 56 cents below its Thursday close of $25.36.
Investors further punished the stock, which opened at $24.65 on Friday. During the day it regained some of that ground.
The three-month average daily trading volume in AAIC is roughly 94,000. On Friday 1.9 million shares changed hands.
Underwriters have an option to purchase an additional 450,000 shares. Proceeds will be used to purchase conforming and government MBS as well as residential securities issued by private organizations.
Barclays Capital Inc. served as the book-running manager. Ladenburg Thalmann & Co. Inc. was the lead manager and Compass Point Research & Trading LLC the co-manager.
Arlington Asset Investment started life as Friedman Billings Ramsey Group Inc. But the capital markets unit, which ended up keeping the FBR name, was spun out in 2008 and the two parties split apart in June 2009. Part of the catalyst for the split was the failed investment in subprime lender First NLC.