It seems to me there is a subtle difference in the way they are now describing the "Strategic Direction" as compared to the way they have described it previously. They now want to primarily grow the non-Agency mortgage securities portfolio. There is certainly more risk in this segment as well as management expertise required.

http://finance.yahoo.com/news/Arlington-...

"Strategic Direction
With the closing of this offering, the Company is positioned to focus all of its capital and resources on its core principal investing strategy. The $84 million in cash proceeds from the offering substantially increases the Company's flexibility, and positions the Company to expand investments which generate attractive current cash returns and the potential for capital appreciation, including primarily the growth of its existing non-agency mortgage securities portfolio. The deployment of capital into investments that offer current income as well as capital appreciation potential, positions the Company to utilize its net operating loss carry-forwards ("NOLs") and net capital loss carry-forwards ("NCLs"), which are currently in excess of $800 million, and will contribute to maximizing shareholder value. The Company may also consider opportunities for financial service operating businesses, potentially including obtaining a bank charter, and will seek to continue strengthening its balance sheet."