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Arlington Asset prices 3M-share stock offering

ARLINGTON, Va. (AP) -- Arlington Asset Investment Corp. says it priced an offering of 3 million shares at $24.80 per share.

The firm, which mainly invests in mortgage securities, saw its stock fall 60 cents, or 2.4 percent, to $24.76 in morning trading on Friday.

It is typical for a company's stock to fall when an offering is made, as it can dilute the value of current shares.

Arlington Asset is giving the underwriters a 30-day option to buy up to an additional 450,000 shares to cover any excess demand.

The offering is expected to close on Wednesday.