BANX - ArrowMark Financial Corp. Announces an Increase in the Third Quarter 2023 Cash Distribution to $0.45 Per Share | Benzinga
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 ...