Arrowmark Financial Corp
NASDAQ:BANX
Arrowmark Financial Corp
Arrowmark Financial Corp is a US-based company operating in Capital Markets industry. The company is headquartered in Denver, Colorado. The company went IPO on 2013-11-07. Arrowmark Financial Corp., formerly StoneCastle Financial Corp., is a non-diversified, closed-end management investment company. The firm's primary investment objective is to provide stockholders with current income, and to a lesser extent capital appreciation. The firm generally invests in the preferred equity, subordinated debt, convertible securities and, to a lesser extent, common equity primarily in the United States community bank sector. The firm also invest in United States domiciled banks and companies that provide goods and services to banking companies. The firm's investment portfolio includes term loans, structured debt securities, regulatory capital securities, trust preferred and preferred securities, exchange traded funds and short- term or cash and cash equivalent investments. ArrowMark Asset Management, LLC is its investment advisor.
Arrowmark Financial Corp is a US-based company operating in Capital Markets industry. The company is headquartered in Denver, Colorado. The company went IPO on 2013-11-07. Arrowmark Financial Corp., formerly StoneCastle Financial Corp., is a non-diversified, closed-end management investment company. The firm's primary investment objective is to provide stockholders with current income, and to a lesser extent capital appreciation. The firm generally invests in the preferred equity, subordinated debt, convertible securities and, to a lesser extent, common equity primarily in the United States community bank sector. The firm also invest in United States domiciled banks and companies that provide goods and services to banking companies. The firm's investment portfolio includes term loans, structured debt securities, regulatory capital securities, trust preferred and preferred securities, exchange traded funds and short- term or cash and cash equivalent investments. ArrowMark Asset Management, LLC is its investment advisor.
Earnings Growth: Net investment income for Q3 was $3.3 million or $0.46 per share, up 7% from the prior quarter and up 17% for the first nine months of 2022 compared to the same period in 2021.
Dividend Coverage: The company over-earned its Q3 dividend of $0.39 per share by $0.07, and has consistently over-earned its dividend all year.
NAV Stability: Net asset value at quarter-end was $20.74 per share, down less than 1% from the prior quarter, showing relative stability compared to broader market declines.
Portfolio Yield: The estimated annualized portfolio yield reached 11.85%, the highest in company history, up 174 basis points from last quarter.
Rising Rates Benefit: Management highlighted that the portfolio is positively impacted by rising interest rates, with 83% of assets in floating rate securities.
Prudent Strategy: The company is taking a conservative and opportunistic approach to deploying cash, focusing on risk mitigation and credit quality.
