The fund has shifted toward a highly defensive capital structure, reducing its debt-to-equity ratio from 0.73 in 2021Q2 to 0.15 by 2025Q4.
ArrowMark Financial Corp. (BANX) balance sheet — 12-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Cash & Short Term Investments | 26.08M | 3.22M | 2.66M | 807.31K | 3.84M | 83.78K | 2.28M | 35.33K | 2.83M | 30.14K | 3.77M | 4.01M | 10.71M |
| Cash & Due from Banks | 2.28M | 3.22M | 8.88M | 443.41K | 3.84M | 5.77M | 2.28M | 35.33K | 2.83M | 30.14K | 3.77M | 4.01M | 10.71M |
| Short Term Investments | 0 | 0 | 0 | 363.89K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 241.75M | 195.39M | 201.66M | 196.91M | 203.64M | 215.44M | 178.5M | 162.26M | 189.07M | 166.91M | 197.48M | 184.75M | 170.25M |
| Investments Growth % | 16.35% | -3.11% | 2.42% | -3.3% | -5.48% | 20.7% | 10% | -14.18% | 13.28% | -15.48% | 6.89% | 8.52% | - |
| Long-Term Investments | 840.72M | 195.39M | 201.66M | 196.54M | 203.61M | 215.43M | 178.5M | 162.26M | 189.07M | 166.91M | 197.48M | 184.75M | 170.25M |
| Accounts Receivables | 3.91M | 4.28M | 3.54M | 5.56M | 3.25M | 2.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 893.81K | 868.39K | 0 | -203.33M | 25.76K | 10.89K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 6.19M | 7.49M | 2.66M | 6M | 3.62M | 2.57M | 9.86M | 1.82M | 203.36M | 173.95M | 8.46M | 7.78M | 12.78M |
| Total Non-Current Assets | 242.65M | 196.26M | 201.66M | 196.91M | 203.64M | 215.44M | 178.5M | 162.26M | 189.07M | 166.91M | 197.48M | 184.75M | 170.25M |
| Total Assets | 248.84M | 203.75M | 208.21M | 203.7M | 208.5M | 218.74M | 188.36M | 164.7M | 196.21M | 170.43M | 205.94M | 192.53M | 183.03M |
| Asset Growth % | 15.9% | -2.14% | 2.22% | -2.3% | -4.68% | 16.13% | 14.36% | -16.06% | 15.13% | -17.24% | 6.96% | 5.19% | - |
| Return on Assets (ROA) | 14.92% | 8.68% | 8.13% | 9.82% | 2.51% | 6.21% | 4.41% | 6.99% | 5.47% | 6.39% | 3.52% | 4.41% | 2.48% |
| Accounts Payable | 0 | 3.51M | 4.7M | 4.7M | 3.53M | 3.4M | 3.04M | 2.53M | 3.48M | 2.54M | 4.74M | 25.5M | 17.23M |
| Total Debt | 40.8M | 25.2M | 46.8M | 45M | 55.6M | 60M | 43M | 17.7M | 51M | 25.75M | 0 | 0 | 0 |
| Net Debt | 38.52M | 21.98M | 37.92M | 44.56M | 51.76M | 54.23M | -2.28M | -35.33K | -2.83M | -30.14K | -3.77M | -4.01M | -10.71M |
| Long-Term Debt | 40.8M | 25.2M | 46.8M | 45M | 55.6M | 60M | 43M | 17.7M | 51M | 25.75M | 0 | 0 | 0 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 4.54M | 7.01M | 1.61M | 1.57M | 1.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 0 | 4.7M | 4.7M | 3.53M | 4.36M | 0 | 3.28M | 4.37M | 3.29M | 0 | 0 | 0 |
| Total Non-Current Liabilities | 45.34M | 32.21M | 48.41M | 46.57M | 57.31M | 60M | 43M | 17.7M | 51M | 25.75M | 0 | 26.35M | 22.5M |
| Total Liabilities | 45.34M | 32.21M | 53.11M | 51.26M | 60.84M | 65.24M | 47.57M | 21.5M | 55.83M | 29.38M | 67.38M | 51.76M | 40.89M |
| Total Equity | 203.49M | 171.54M | 155.1M | 152.44M | 147.66M | 153.5M | 140.79M | 143.2M | 140.38M | 141.05M | 138.56M | 140.77M | 142.13M |
| Equity Growth % | 43.93% | 10.6% | 1.75% | 3.23% | -3.81% | 9.03% | -1.68% | 2.01% | -0.47% | 1.8% | -1.57% | -0.96% | - |
| Equity / Assets (Capital Ratio) | 81.78% | 84.19% | 74.49% | 74.83% | 70.82% | 70.18% | 74.74% | 86.94% | 71.54% | 82.76% | 67.28% | 73.11% | 77.66% |
| Return on Equity (ROE) | 19.18% | 10.95% | 10.89% | 13.49% | 3.56% | 8.59% | 5.48% | 8.89% | 7.13% | 8.6% | 5.02% | 5.86% | 3.19% |
| Book Value per Share | 21.00 | 21.96 | 21.77 | 21.38 | 20.64 | 22.84 | 21.35 | 21.81 | 21.41 | 21.57 | 20.94 | 21.57 | 24.77 |
| Tangible BV per Share | 21.00 | 21.96 | 21.77 | 21.38 | 20.64 | 22.84 | 21.35 | 21.81 | 21.41 | 21.57 | 20.94 | 21.57 | 24.77 |
| Common Stock | 9.69K | 7.81K | 7.12K | 7.11K | 7.1K | 7.08K | 6.57K | 6.56K | 6.55K | 6.54K | 6.53K | 6.51K | 6.5K |
| Additional Paid-in Capital | 206M | 170.96M | 155.94M | 156.28M | 156.48M | 156.15M | 144.99M | 144.88M | 143.68M | 144.86M | 144.59M | 144.3M | 145.57M |
| Retained Earnings | -2.52M | 575.09K | -847.21K | -3.86M | -8.83M | -2.65M | -4.21M | -1.68M | -3.31M | -1.08M | -1.63M | -2.28M | -3.25M |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying BANX stock.
As of 2025, ArrowMark Financial Corp. (BANX) had total assets of $203.7M including $7.5M in current assets.
ArrowMark Financial Corp. (BANX) carries total debt of $25.2M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
ArrowMark Financial Corp. (BANX) has total shareholders' equity (book value) of $171.5M ($21.96 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Key Metrics
Top Statement Risk
Level 3 Valuation Sensitivity
Metrics are mathematically derived from official filings.
Asset Base Contraction Signals Caution
According to recent balance sheet data, total assets have declined from $250.1 million in 2021Q2 to $203.7 million by 2025Q4, suggesting a persistent reduction in the fund's scale that warrants careful monitoring of its long-term ability to maintain a diversified community bank investment portfolio.
The consistent downward trend in total assets indicates that the fund is struggling to replace maturing or divested positions with new, high-quality capital deployments. This contraction may limit the fund's ability to generate sufficient interest income to cover its distribution obligations, potentially forcing a strategic pivot or further asset liquidation.
Defensive Leverage Preserves Capital Integrity
As reported in financial statements, BANX has maintained a conservative debt-to-equity ratio of 0.15% as of 2025Q4, a significant reduction from the 0.73% leverage observed in 2021Q2, which highlights a strategic shift toward minimizing balance sheet risk in an uncertain interest rate environment.
The deliberate deleveraging suggests that management is prioritizing capital preservation over yield enhancement, likely in response to the volatility inherent in the Tier 2 capital niche. While this posture protects the fund from forced liquidations, it also limits the potential for NAV growth through the use of low-cost borrowed capital.
Cash Position Remains Highly Volatile
Based on the provided quarterly figures, cash reserves have fluctuated significantly, dropping from $17.9 million in 2025Q2 to $3.2 million by 2025Q4, which indicates that the fund's liquidity buffer is subject to rapid depletion depending on the timing of investment activities and distribution requirements.
The lack of a stable cash cushion suggests that the fund may be operating with minimal excess liquidity, leaving little room for error if portfolio assets require unexpected support. Investors should monitor whether this volatility in cash levels reflects a structural inability to maintain a consistent working capital buffer.
Retained Earnings Reflect Persistent Challenges
Data from recent filings shows that retained earnings have remained in negative territory for most of the last decade, with a balance of $575.1K in 2025Q4, suggesting that the fund has struggled to generate consistent organic growth in its equity base over the long term.
The historical reliance on negative retained earnings highlights the difficulty in achieving sustained profitability within the current investment structure. This trend suggests that the fund's equity value is highly sensitive to market-based valuation adjustments rather than the accumulation of earnings from its underlying community bank holdings.