ArrowMark Financial Corp. Announces Q2 2024 Results and Cash Distribution of $0.45 per Share for the Third Quarter 2024
ArrowMark Financial Corp. (NASDAQ: BANX) has announced its Q2 2024 results and declared a cash distribution of $0.45 per share for the third quarter of 2024. The distribution will be payable on September 30, 2024, to shareholders of record on September 26, 2024. The company reported net income of $0.70 per share for Q2 2024, significantly exceeding the quarterly distribution amount. CEO Sanjai Bhonsle highlighted that the collateral underlying the Fund's holdings has outperformed aggregate expectations through June 30th. The Fund reaffirms its commitment to delivering consistent returns and maintaining its strong track record of quarterly distributions for shareholders.
ArrowMark Financial Corp. (NASDAQ: BANX) ha annunciato i risultati del secondo trimestre 2024 e ha dichiarato una distribuzione in contante di 0,45 $ per azione per il terzo trimestre del 2024. La distribuzione sarà pagabile il 30 settembre 2024, agli azionisti registrati il 26 settembre 2024. L'azienda ha riportato un utile netto di 0,70 $ per azione per il secondo trimestre 2024, superando significativamente l'ammontare della distribuzione trimestrale. Il CEO Sanjai Bhonsle ha sottolineato che il collaterale sottostante alle partecipazioni del Fondo ha superato le aspettative aggregate fino al 30 giugno. Il Fondo riafferma il suo impegno a fornire rendimenti costanti e a mantenere il suo solido storico di distribuzioni trimestrali per gli azionisti.
ArrowMark Financial Corp. (NASDAQ: BANX) ha anunciado sus resultados del segundo trimestre de 2024 y ha declarado una distribución en efectivo de $0.45 por acción para el tercer trimestre de 2024. La distribución se pagará el 30 de septiembre de 2024, a los accionistas registrados el 26 de septiembre de 2024. La compañía reportó un ingreso neto de $0.70 por acción para el segundo trimestre de 2024, superando significativamente el monto de la distribución trimestral. El CEO Sanjai Bhonsle destacó que el colateral subyacente a las tenencias del Fondo ha superado las expectativas agregadas hasta el 30 de junio. El Fondo reafirma su compromiso de ofrecer rendimientos consistentes y de mantener su sólido historial de distribuciones trimestrales para los accionistas.
ArrowMark Financial Corp. (NASDAQ: BANX)는 2024년 2분기 실적을 발표하고 2024년 3분기 주당 $0.45의 현금 배당을 선언했습니다. 이 배당금은 2024년 9월 30일에 지급되며, 2024년 9월 26일 기준 주주에게 지급됩니다. 회사는 2024년 2분기 주당 $0.70의 순이익을 보고했으며, 이는 분기 배당금 액수를 상당히 초과하는 수치입니다. CEO Sanjai Bhonsle는 기금의 자산에 근거한 담보가 6월 30일까지 집계된 기대치를 초과했다고 강조했습니다. 기금은 일관된 수익을 제공하고 주주를 위한 분기 배당금의 강력한 이력을 유지하겠다는 의지를 재확인합니다.
ArrowMark Financial Corp. (NASDAQ: BANX) a annoncé ses résultats du deuxième trimestre 2024 et déclaré une distribution en espèces de 0,45 $ par action pour le troisième trimestre 2024. La distribution sera payable le 30 septembre 2024, aux actionnaires enregistrés le 26 septembre 2024. La société a rapporté un revenu net de 0,70 $ par action pour le deuxième trimestre 2024, dépassant ainsi de manière significative le montant de la distribution trimestrielle. Le PDG Sanjai Bhonsle a souligné que les actifs garantissant les participations du Fonds ont dépassé les attentes globales jusqu'au 30 juin. Le Fonds réaffirme son engagement à offrir des rendements constants et à maintenir son solide bilan en matière de distributions trimestrielles pour les actionnaires.
ArrowMark Financial Corp. (NASDAQ: BANX) hat seine Ergebnisse für das zweite Quartal 2024 bekannt gegeben und eine Barverteilung von 0,45 $ pro Aktie für das dritte Quartal 2024 angekündigt. Die Verteilung wird am 30. September 2024 an die am 26. September 2024 eingetragenen Aktionäre ausgezahlt. Das Unternehmen berichtete von einem Nettoeinkommen von 0,70 $ pro Aktie für das zweite Quartal 2024, was die vierteljährliche Ausschüttung erheblich übersteigt. CEO Sanjai Bhonsle hob hervor, dass die Sicherheiten, die den Beständen des Fonds zugrunde liegen, die aggregierten Erwartungen bis zum 30. Juni übertroffen haben. Der Fonds bekräftigt sein Engagement für die Bereitstellung stabiler Renditen und die Aufrechterhaltung seiner starken Erfolgsbilanz bei den vierteljährlichen Ausschüttungen für die Aktionäre.
- Net income of $0.70 per share for Q2 2024, exceeding the distribution amount
- Collateral underlying Fund's holdings outperformed expectations
- Consistent quarterly cash distribution of $0.45 per share maintained
- None.
Insights
ArrowMark Financial's Q2 2024 results demonstrate robust financial performance, with net income of
The outperformance of collateral underlying the Fund's holdings suggests effective risk management and due diligence processes. This could potentially lead to lower default rates and improved returns on investments. Investors should view this positively as it reflects the Fund's ability to generate consistent returns in the competitive closed-end fund market.
While the maintained distribution level signals stability, investors should monitor the Fund's net asset value (NAV) growth to ensure distributions aren't eroding long-term capital. Overall, these results indicate a well-managed fund with a strong financial position.
ArrowMark Financial's consistent quarterly distributions and strong earnings reflect positively on its market positioning within the closed-end fund sector. The Fund's ability to maintain a
The outperformance of underlying collateral indicates superior asset selection, which could attract more investors and potentially lead to premium pricing of the Fund's shares relative to its NAV. This may create opportunities for both new investors and existing shareholders.
However, investors should remain vigilant about broader market conditions affecting financial services and regulatory changes that could impact closed-end funds. The Fund's continued success will depend on maintaining this performance edge in a dynamic market environment.
DENVER, Sept. 16, 2024 (GLOBE NEWSWIRE) -- ArrowMark Financial Corp., (NASDAQ: BANX) ("ArrowMark Financial" or the “Fund”), an SEC registered closed-end management investment company, today announced that its Board of Directors has declared a cash distribution of
“We are very pleased to announce net income for Q2 2024 was
About ArrowMark Financial Corp.
ArrowMark Financial Corp. is an SEC registered non-diversified, closed-end fund listed on the NASDAQ Global Select Market under the symbol “BANX.” Its investment objective is to provide shareholders with current income. The Fund pursues its objective by investing primarily in regulatory capital securities of financial institutions. ArrowMark Financial is managed by ArrowMark Asset Management, LLC. To learn more, visit ir.arrowmarkfinancialcorp.com or contact the Fund’s secondary market service agent at 877-855-3434.
Disclaimer and Risk Factors:
There is no assurance that ArrowMark Financial will achieve its investment objective. ArrowMark Financial is subject to numerous risks, including investment and market risks, management risk, income and interest rate risks, banking industry risks, preferred stock risk, convertible securities risk, debt securities risk, liquidity risk, valuation risk, leverage risk, non-diversification risk, credit and counterparty risks, market at a discount from net asset value risk and market disruption risk. Shares of closed-end investment companies may trade above (a premium) or below (a discount) their net asset value. Shares of ArrowMark Financial may not be appropriate for all investors. Investors should review and consider carefully ArrowMark Financial's investment objective, risks, charges and expenses. Past performance does not guarantee future results.
The Annual Report, Semi-Annual Report and other regulatory filings of the Fund with the SEC are accessible on the SEC's website at www.sec.gov and on the Fund’s website at ir.arrowmarkfinancialcorp.com.
Contact:
Destra Capital Advisors LLC (877) 855-3434
Destra Capital Advisors LLC provides secondary market services for the Fund by agreement.
FAQ
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