DENVER, March 06, 2024 (GLOBE NEWSWIRE) -- ArrowMark Financial Corp. (NASDAQ:BANX) ("ArrowMark Financial" or the "Company"), an SEC registered closed-end management investment company, today announced that its Board of Directors has declared a cash distribution of $0.45 per share for the first quarter 2024. The total distribution of $0.45 per share will be payable on March 28, 2024 to shareholders of record on March 21, 2024. "We are very pleased to announce the net income for Q4 2023 was $0.67 per share, w ...

Olivier Le Moal In this monthly article, we try to identify five closed-end funds ("CEFs") that have a solid historical performance, pay high enough distributions, and offer reasonable valuations at the current time. We also present a more diversified list of the top 10 funds. Author's Note: This article is part of our monthly series that tries to discover the five best buys in the CEF arena at that point in time. Certain parts of the introduction, definitions, and sections describing selection criteria ...

pixeldigits Looking for a niche high-yield investment in the financial sector? ArrowMark Financial Corp. (NASDAQ:BANX) has been one of our core holdings since the inception of our portfolio, when it was known as StoneCastle Financial Corp. It's a closed-end fund covering two unique niches - US community banks and regulatory capital securities. Community banks have long been considered the safest sub-sector of the US banking system, but a niche which isn't readily available to retail investors, other than so ...

Core Viewpoint - Closed-end funds (CEFs) can provide attractive income opportunities, particularly through leverage and distributions that may exceed net investment income, with a focus on two specific funds: ArrowMark Financial Corp (BANX) and New America High Income Fund (HYB) [2][12] ArrowMark Financial Corp (BANX) - BANX has a 1-Year Z-score of 0.59 and is trading at a discount of -15.54% based on the estimated NAV of $21.76 as of November 30, 2023 [3][7] - The fund has a distribution yield of 9.70%, an expense ratio of 4.16%, and utilizes leverage of 24.40% with managed assets totaling $200.4 million [3] - The investment objective is to provide current income primarily through regulatory capital securities of financial institutions, with nearly 87% of the portfolio in these securities as of September 30, 2023 [4] - The fund reported a net income of $0.72 per share for Q3 2023, providing a distribution coverage of 160% against a regular distribution of $0.45 [5] - The net investment income (NII) for the latest semi-annual report was $1.95, significantly exceeding the previous year's NII of $1.84 [5] - The fund's NAV has remained stable, and despite a narrowing discount, it is still considered attractive historically [7] New America High Income Fund (HYB) - HYB has a 1-Year Z-score of 0.94 and is trading at a discount of -13.41% based on the NAV of $8.16 [8][10] - The fund has a distribution yield of 6.73%, an expense ratio of 1.40%, and utilizes leverage of 33.27% with managed assets of $268.66 million [8] - The investment objective is to provide high current income while preserving capital, primarily through high-yield fixed-income securities rated "BB" or lower [8] - The fund has a diversified portfolio with 452 holdings, where the largest holding constitutes only 1.31% of the portfolio [9] - The fund's NII for the last six months was $0.25, covering total distributions of $0.20, indicating that the latest distribution is fully covered based on earnings [10][11] - With rising borrowing costs impacting NII, the fund is expected to benefit from future rate cuts, easing pressure on its portfolio [11] Conclusion - Both BANX and HYB provide regular income supported by their underlying portfolios, with BANX benefiting from a higher rate environment while HYB faced challenges [12] - Future rate cuts are anticipated to positively impact HYB, while BANX has a significant cushion to maintain its distribution despite potential rate reductions [12] - Both funds are trading at attractive discounts, making them suitable candidates for income-focused investors [12]

DENVER, Jan. 16, 2024 (GLOBE NEWSWIRE) -- ArrowMark Financial Corp., (NASDAQ:BANX) ("ArrowMark Financial"), today announced that BANX's estimated and unaudited Net Asset Value ("NAV") as of December 31, 2023, was $21.43. This estimated NAV is not a comprehensive statement of our financial condition or results for the month ended December 31, 2023. We advise you that our audited NAV for December 31, 2023, will be released once we complete our annual report and may differ materially from this estimated NAV. A ...

ArrowMark Financial Corp (NASDAQ:BANX) Q3 2022 Earnings Conference Call November 9, 2022 5:00 PM ET Company Participants Julie Muraco - Investor Relations Sanjai Bhonsle - Chairman & Chief Executive Officer Dana Staggs - President Patrick Farrell - Chief Financial Officer Conference Call Participants Operator Welcome to the ArrowMark Financial Corp. Q3 2022 Investor Conference Call. Now I would like to turn the call over to Julie Muraco, Investor Relations of ArrowMark Financial Corp. Julie Muraco Before we ...

ArrowMark Financial Corp (NASDAQ:BANX) Q2 2022 Earnings Conference Call August 4, 2022 5:00 PM ET Company Participants Julie Muraco – Investor Relations Sanjai Bhonsle – Chief Executive Officer Dana Staggs – President Pat Farrell – Chief Financial Officer Conference Call Participants Operator Welcome to the ArrowMark Financial Corp. Q2 2022 Investor Call. As a reminder, this call is being recorded. Now I would like to turn the call over to Julie Muraco, Investor Relations of ArrowMark Financial Corp. Julie ...

ArrowMark Financial Corp. (NASDAQ:BANX) Q1 2022 Earnings Conference Call May 12, 2022 5:00 PM ET Company Participants Julie Muraco - IR Sanjai Bhonsle - CEO & Chairman Patrick Farrell - CFO Conference Call Participants Operator Welcome to the ArrowMark Financial Corp. Q1 2022 Investor Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the call over to Julie Muraco, Investor Relations f ...

Financial Data and Key Metrics Changes - Net investment income for Q4 2021 was approximately $2.9 million or $0.41 per share, with a net realized and unrealized loss on investments of approximately $644,000 or $0.09 per share [8][14] - Net asset value (NAV) at the end of the quarter was $21.70, down $0.16 from the prior quarter, reflecting a stable asset quality [8][13] - Total assets of the portfolio were reported at $218.7 million, up 16% from the prior year, while the value of the invested portfolio was $215.4 million, up 21% from the prior year [11][19] Business Line Data and Key Metrics Changes - The company invested a total of $22.5 million in 5 regulatory capital transactions during Q4, with a weighted average coupon of 10% and a weighted average yield to maturity of approximately 10.2% [10] - The estimated annualized effective yield increased to 9.48% as of December 31, up from 9.2% or an increase of 28 basis points from the prior quarter [11] Market Data and Key Metrics Changes - The regulatory capital relief market for money center banks had a strong issuance of approximately $6.5 billion in Q4, with a total issuance of approximately $13 billion for the full year [8] - The anticipated increase in interest rates is expected to positively impact the banking sector's earnings and the company's portfolio, as approximately 70% of total investments are in floating rate assets [6][7] Company Strategy and Development Direction - The company transitioned its name from StoneCastle Financial Corp. to ArrowMark Financial Corp. effective February 24, 2022, while maintaining the same management and investment strategy [4] - The strategy continues to focus on the entire banking sector, with an emphasis on regulatory capital release securities that are more attractive on a risk-adjusted basis compared to community banks [7][10] Management's Comments on Operating Environment and Future Outlook - Management noted that geopolitical events, particularly the conflict between Russia and Ukraine, have negatively impacted global markets, but the investment portfolio remains well insulated from these risks [5] - The company expects loan growth trends to continue, which will be accretive to bank earnings and correlated to an increase in Tier 1 capital ratios [6] Other Important Information - The company declared a total dividend of $0.48 per share in Q4, which includes a regular cash dividend of $0.38 and a special cash dividend of $0.10, reflecting the company's ability to consistently over earn its quarterly dividend rate [9][16] - The company had $60 million drawn from its credit facility at the end of the quarter, representing 27% of total assets [19] Q&A Session Summary - No specific questions or answers were recorded in the provided content, indicating the conclusion of the conference call without a Q&A segment [21]

StoneCastle Financial Corp (NASDAQ:BANX) Q3 2021 Earnings Conference Call November 10, 2021 5:00 PM ET Company Participants Sanjai Bhonsle - CEO & Chairman Julie Muraco - IR Patrick Farrell - CFO Conference Call Participants Operator Welcome to the StoneCastle Financial Corp. Q3 2021 Investor Conference Call. [Operator Instructions]. Now I would like to turn the call over to Julie Muraco, Investor Relations of StoneCastle Financial. Please go ahead. Julie Muraco Before we begin this conference call, I'd lik ...