Exhibit 4.3


 





Form
of 6.750% Note due 2025


 


THIS GLOBAL SECURITY IS HELD BY OR ON BEHALF
OF THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE HOLDERS
OF BENEFICIAL INTERESTS HEREIN, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE
ANY SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO THE INDENTURE, (II) THIS GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE BUT
NOT IN PART PURSUANT TO SECTION 305 OF THE INDENTURE, (III) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION
PURSUANT TO THE INDENTURE AND (IV) THIS GLOBAL SECURITY MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT
OF THE COMPANY.


 


UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE
OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE
OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR TO ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY
OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF ANY ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY
(AND ANY PAYMENT IS MADE TO SUCH ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF HAS AN INTEREST
HEREIN. 


 


Arlington Asset Investment
Corp.


 


	
        

        No. 1
	
        

        $35,300,000

         

        CUSIP No. 041356502

         

        ISIN No. US0413565021



 


6.750% Senior Note due
2025


 


Arlington Asset Investment Corp., a
corporation duly organized and existing under the laws of the Commonwealth of Virginia (the “Company”, which term
includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
Cede & Co., or registered assigns, the principal sum of THIRTY-FIVE MILLION THREE HUNDRED THOUSAND U.S. DOLLARS
(U.S.$35,300,000) on March 15, 2025, and to pay interest thereon from March 18, 2015 or from the most recent Interest Payment
Date to which interest has been paid or duly provided for, quarterly on March 15, June 15, September 15 and December 15 in
each year, commencing June 15, 2015, at the rate of 6.750% per annum, until the principal hereof is paid or made available
for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as
provided in such Indenture, be paid to the Person in whose name this Security is registered at the close of business on the
Regular Record Date for such interest, which shall be the date that is 15 calendar days (whether or not a Business Day)
immediately preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will
forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name
this Security is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to
be fixed by the Trustee, notice whereof shall be mailed to Holders of Securities of this series not less than 10 days prior
to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in said Indenture. This Security may be issued as part of a series.


 






    	 



    	 



    

 


Payment of the principal of and any such
interest on this Security will be made at the Corporate Trust Office of the Trustee in New York in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts.


 


Reference is hereby made to the further
provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if set forth at this place.


 


Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled
to any benefit under the Indenture or be valid or obligatory for any purpose.


 


[Signature page follows]


 


 




    	 



    	 



    

 


 


IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed.


 


Dated:


 


 


	 	ARLINGTON ASSET INVESTMENT CORP.
	 	 	 
	 	By:  	 
	 	Name:	 
	 	Title:	 


 


 





	Attest:	 
	 	 	 
	By:  	 	 
	Name:  	 	 
	Title:	 	 





 





TRUSTEE’S CERTIFICATE
OF AUTHENTICATION


 


This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.


 


Dated:


 


	 	The Bank of New York Mellon, as Trustee
	 	 	 
	 	By:  	 
	 	Authorized Signatory





 




    	 



    	 



    

 


 


Arlington Asset Investment
Corp.


6.750% Senior Note due
2025


 


This Security is one of a duly authorized
issue of senior debt securities of the Company (the “Securities”), issued and to be issued in one or more series under
an Indenture, dated as of May 1, 2013, as amended by the First Supplemental Indenture, dated as of May 1, 2013 (as so amended,
the “Base Indenture”), between the Company and Wells Fargo Bank, National Association, as Trustee (the “Original
Trustee”, which term includes any successor to the Original Trustee under the Base Indenture), and as further amended by
the Second Supplemental Indenture relating to the Securities of this series, dated as of March 18, 2015, by and among the Company,
the Original Trustee and The Bank of New York Mellon, as Series Trustee (the “Trustee”, which term includes any successor
Trustee under the Indenture (as defined below)) (the “Second Supplemental Indenture”; the Second Supplemental Indenture
and the Base Indenture collectively are herein called the “Indenture”).and reference is hereby made to the Indenture
for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee ,
and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. In
the event of any conflict between the Base Indenture and the Second Supplemental Indenture, the Second Supplemental Indenture shall
govern and control.


 


This Security is one of the series designated
on the face hereof, initially limited in aggregate principal amount to $35,300,000. Under a Board Resolution or supplemental indenture
to the Base Indenture, the Company may, without the consent of the Holders of Securities, issue additional Securities of this series
(herein called in any such case “Additional Securities”) in an unlimited amount in one or more issuances from time
to time having the same ranking and the same interest rate, maturity and other terms and conditions as the Securities, except for
issue date and, if applicable, the issue price and the initial interest payment date and the initial interest accrued date applicable
thereto, either of which may differ from the respective terms of the previously issued Securities. Any Additional Securities and
the existing Securities of this series will constitute a single series under the Indenture and all references to the relevant Securities
herein shall include the Additional Securities unless the context otherwise requires. The aggregate amount of outstanding Securities
represented hereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions.


 


The Securities of this series are subject
to redemption in whole or in part at any time or from time to time, at the option of the Company, on or after March 15, 2018, at
a redemption price equal to 100% of the outstanding principal amount of the Securities of this series to be redeemed plus accrued
and unpaid interest to the date of redemption.


 


Notice of redemption shall be given in writing
and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery or transmitted, to each Holder of
the Securities of this series to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date,
at the Holder’s address appearing in the Security Register. All notices of redemption shall contain the information set forth
in Section 1104 of the Base Indenture.


 






    	 



    	 



    

 


Any exercise of the Company’s option
to redeem the Securities of this series will be done in compliance with the Indenture.


 


If the Company elects to redeem only a portion
of the Securities of this series, the Trustee will determine the method for selecting the particular Securities of this series
to be redeemed, in accordance with the Indenture. In the event of redemption of this Security in part only, a new Security or Securities
of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation
hereof.


 


Unless the Company defaults in payment of
the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities of this series called for
redemption.


 


Holders of Securities of this series do
not have the option to have such Securities repaid prior to March 15, 2025.


 


The Indenture contains provisions for defeasance
at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect to
this Security, in each case upon compliance with certain conditions set forth in the Indenture.


 


If an Event of Default with respect to Securities
of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in
the manner and with the effect provided in the Indenture.


 


The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of not less than a majority in principal amount of the Securities at the time Outstanding of each series
to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the
Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance
by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any
such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders
of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security.


 


As provided in and subject to the provisions
of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture
or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given
the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less
than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee
to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity against the
costs, expenses and liabilities to be incurred in compliance with such request, and the Trustee shall not have received from the
Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such
request, and shall have failed to institute any such proceeding, for sixty (60) days after receipt of such notice, request and
offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of
any payment of principal hereof or interest hereon on or after the respective due dates expressed or provided for herein.


 






    	 



    	 



    

 


No reference herein to the Indenture and
no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.


 


As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender
of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any
premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing,
and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.


 


The Securities of this series are issuable
only in registered form without coupons in denominations of $25.00 and any integral multiples of $25.00 in excess thereof. As provided
in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate
principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder
surrendering the same.


 


No service charge shall be made for any
such registration of transfer or exchange, but the Company or Trustee may require payment of a sum sufficient to cover any tax
or other governmental charge payable in connection therewith.


 


Prior to due presentment of this Security
for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose
name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary.


 


All terms used in this Security which are
defined in the Indenture shall have the meanings assigned to them in the Indenture.


 


The Indenture and this Security shall be
governed by and construed in accordance with the laws of the State of New York without regard to conflicts of laws principles thereof
(except for Sections 5-1401 and 5-1402 of the New York General Obligations Law).