ArrowMark Financial Corp. Announces an Increase in the Third Quarter 2023 Cash Distribution to $0.45 Per Share
DENVER, Colo., Sept. 11, 2023 (GLOBE NEWSWIRE) -- ArrowMark Financial Corp., (NASDAQ: BANX) ("ArrowMark Financial" or the “Fund”), today announced that its Board of Directors increased the quarterly cash distribution to $0.45 per share from $0.39 per share, an increase of $0.06 from the previous recurring quarterly rate.
Earnings have benefited from the Fund’s meaningful exposure to floating rate assets, at approximately 86%, and a higher asset base. While the rising rate environment has buoyed earnings, the Fund had entered its third year of consistently exceeding the previous declared distributions. This has allowed the Fund to deliver on its objective to provide shareholders with current income.
“We are very pleased to announce net income for Q2 2023 was $0.62 per share, well in excess of the previous quarterly distribution rate of $0.39 per share. We believe this distribution increase reflects the Fund’s ability to consistently over-earn its declared quarterly distribution rate. ArrowMark Financial is committed to providing consistent risk-adjusted returns while maintaining focus on capital preservation and income generation for our shareholders,” said Chairman & CEO Sanjai Bhonsle.
The distribution will be payable on September 29, 2023, to shareholders of record on September 22, 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. 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.
