Arrowmark Financial Corp. Announces Q3 2023 Results and Releases Month End Estimated Net Asset Value as of November 2023

Rhea-AI Summary

ArrowMark Financial Corp. (BANX) reported an estimated unaudited Net Asset Value (NAV) of $21.76 as of November 30, 2023, with a net income of $0.72 per share for Q3 2023. The quarterly distribution rate was increased to $0.45 per share from $0.39 per share, showing consistent over-earning for four years, providing shareholders with consistent income.

Positive

• Consistent over-earning of quarterly distribution rate for four years
• Increase in quarterly distribution rate from $0.39 to $0.45 per share
• Net income of $0.72 per share for Q3 2023

Negative

• None.

DENVER, Colo., Dec. 15, 2023 (GLOBE NEWSWIRE) -- ArrowMark Financial Corp., (NASDAQ: BANX) ("ArrowMark Financial"), today announced that BANX’s estimated and unaudited Net Asset Value (“NAV”) as of November 30, 2023, was $21.76.

“We are very pleased to share the net income for Q3 2023 was $0.72 per share, well in excess of the new quarterly distribution amount of $0.45 per share that commenced in September. The quarterly distribution rate was increased to $0.45 per share from $0.39 per share, an increase of $0.06 from the previous recurring quarterly rate. Over the past four years, the Fund has consistently over-earned its quarterly distribution rate. This has allowed the Fund to deliver on its objective to provide shareholders with consistent income,” said Chairman & CEO Sanjai Bhonsle.

This estimated NAV is not a comprehensive statement of our financial condition or results for the month ended November 30, 2023.

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. BANX pursues its objective by investing primarily in regulatory capital securities of financial institutions. BANX is managed by ArrowMark Asset Management, LLC. To learn more, visit ir.arrowmarkfinancialcorp.com, or contact Destra at 877.855.3434 or by email at BANX@destracapital.com. 

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 Company with the SEC are accessible on the SEC's website at www.sec.gov and on the BANX’s website at ir.arrowmarkfinancialcorp.com.

Contact:
BANX@destracapital.com | investorrelations@arrowmarkfinancialcorp.com

FAQ

What is the estimated unaudited Net Asset Value (NAV) of ArrowMark Financial Corp. (BANX) as of November 30, 2023?

The estimated unaudited Net Asset Value (NAV) of ArrowMark Financial Corp. (BANX) as of November 30, 2023, was $21.76.

What was the net income per share for ArrowMark Financial Corp. (BANX) in Q3 2023?

The net income for ArrowMark Financial Corp. (BANX) in Q3 2023 was $0.72 per share.

How much was the increase in the quarterly distribution rate for ArrowMark Financial Corp. (BANX)?

The quarterly distribution rate for ArrowMark Financial Corp. (BANX) was increased to $0.45 per share from $0.39 per share.

Has ArrowMark Financial Corp. (BANX) consistently over-earned its quarterly distribution rate?

Yes, ArrowMark Financial Corp. (BANX) has consistently over-earned its quarterly distribution rate for the past four years.

What is the objective of ArrowMark Financial Corp. (BANX) regarding shareholder income?

The objective of ArrowMark Financial Corp. (BANX) is to provide shareholders with consistent income, which has been achieved through over-earning the quarterly distribution rate.