Exhibit 99.1



ArrowMark Financial
Corp. Reports Third Quarter 2022 Results



DENVER, November 9, 2022–
ArrowMark Financial Corp. (Nasdaq: BANX) (“ArrowMark Financial” or the “Company”), an investment company
registered with the Securities and Exchange Commission (“SEC”), today announced results for the third fiscal quarter
ended September 30, 2022.



Third Quarter 2022 Investment
Highlights:



| | · | Invested
approximately $17.9 million in four investments
| | - | --------------------------------------------------------

| |  | 
| |  | 

| | · | Realized
proceeds of approximately $10.4 million from the sale of three investments
| | - | -----------------------------------------------------------------------------------

| |  | 
| |  | 

| | · | Realized
proceeds from partial paydowns of $4.5 million from seven investments
| | - | ------------------------------------------------------------------------------

| |  | 
| |  | 

A complete listing of investments as of the
end of the quarter can be found on the Company’s website at ir.arrowmarkfinancialcorp.com, under SEC filings.



The estimated annualized yield generated by
the invested portfolio as of September 30, 2022 (excluding cash and cash equivalents) was approximately 11.85%, up 174 basis points
from 10.11% in the prior quarter.



Third Quarter 2022 Financial
Results



Net investment income was $3.3 million or $0.46
per share, comprised of $5.3 million in gross income and $2.0 million of expenses. The Company also reported a net realized and
unrealized loss on investments of ($0.27) per share. Net Assets at quarter end were $147.3 million. The Company’s Net Asset
Value was $20.74 per share, down ($0.20) from the prior quarter.



In the third quarter, the
Company paid a regular cash distribution of $0.39 per share which was paid on September 29, 2022, to shareholders of record at
the close of business on September 22, 2022.



The Company had $62.3 million
outstanding on its $70.0 million credit facility at the quarter end, which represents approximately 29% of total assets. According
to regulated investment company rules, the Company may borrow only up to 33.3% of its total assets.



Portfolio and Investment
Summary



During the quarter, the
Company invested a total of $17.9 million in four bank-related regulatory relief capital investments. The Company received total
proceeds of approximately $14.9 million, including $10.4 million from the sale of three investments, and $4.5 million from partial
paydowns from seven investments.



Quarterly Conference
Call



ArrowMark Financial will
host a webcast and conference call on November 9, 2022, at 5:00 pm Eastern time. The call will include a presentation hosted by
Chairman & CEO, Sanjai Bhonsle, President, Dana Staggs, and Chief Financial Officer, Patrick J. Farrell. There will be no open
Q&A session. All questions can be immediately addressed by calling ArrowMark Financial’s Investor Relations at 212-468-5441
or emailing investorrelations@arrowmarkfinancialcorp.com to schedule a meeting with the management.



The conference call can
be accessed by dialing 1-844-826-3035 for domestic callers or 1-412-317-5195 for international callers. Participants may also access
the call via live webcast by visiting ArrowMark Financial’s investor relations website at ir.arrowmarkfinancialcorp.com. To listen
to a live broadcast, go to the website at least 15 minutes prior to the scheduled start time to register, download and install
any necessary audio software.  A replay will be available shortly after the call and be available through midnight (Eastern
Time) on November 23, 2022. The replay can be accessed by dialing 1-844-512-2921 for domestic callers or 1-412-317-







6671 for international
callers. The passcode for the replay is 10171795. The archive of the webcast will be available on the Company’s website for a limited
time.



About ArrowMark Financial Corp.



ArrowMark Financial is
an SEC registered non-diversified, closed-end management investment company listed on the NASDAQ Global Select Market under the
symbol “BANX.” Its investment objective is to provide stockholders with current income. ArrowMark Financial is managed
by ArrowMark Asset Management, LLC. The Company’s website can be found at ir.arrowmarkfinancialcorp.com.



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 Company with the SEC are accessible on the SEC’s website at www.sec.gov and on the Company’s website at ir.arrowmarkfinancialcorp.com.



CONTACT: Investor Contact:



Julie Muraco



212-468-5441







ARROWMARK FINANCIAL CORP.

Statement of Assets and Liabilities
(unaudited)



|                                                                                           |  | September 30, 2022 |             | June 30, 2022
|------------------------------------------------------------------------------------------ |  | ------------------ | ----------- | -------------
|Assets                                                                                     |  |                    |             |              
|Investments in securities, at fair value cost: $209,448,494 and $207,554,612 respectively) |  | $                  | 193,181,830 |              
|Interest and dividends receivable                                                          |  |                    | 12,225,520  |              
|Foreign cash (cost: $21,298 and $23,338 respectively)                                      |  |                    | 21,418      |              
|Cash                                                                                       |  |                    | 5,297,472   |              
|Unrealized appreciation on forward currency exchange contracts                             |  |                    | 35,701      |              
|Prepaid assets                                                                             |  |                    | 1,494,260   |              
|Total assets                                                                               |  |                    | 212,256,201 |              
|                                                                                           |  |                    |             |              
|Liabilities                                                                                |  |                    |             |              
|Loan payable                                                                               |  |                    | 62,300,000  |              
|Investment advisory fee payable                                                            |  |                    | 930,951     |              
|Loan interest payable                                                                      |  |                    | 296,986     |              
|Unrealized depreciation on forward currency exchange contracts                             |  |                    | 1,202,041   |              
|Accrued expenses payable                                                                   |  |                    | 199,614     |              
|Total liabilities                                                                          |  |                    | 64,929,592  |              
|Net Assets                                                                                 |  | $                  | 147,326,609 |              
|                                                                                           |  |                    |             |              
|Net Assets consist of:                                                                     |  |                    |             |              
|Common stock at par ($0.001 per share)                                                     |  | $                  | 7,103       |              
|Paid-in-Capital                                                                            |  |                    | 156,724,166 |              
|Total distributable earnings / (loss)                                                      |  |                    | (9,404,660  | )            
|Net Assets                                                                                 |  | $                  | 147,326,609 |              
|                                                                                           |  |                    |             |              
|Net Asset Value Per Share:                                                                 |  |                    |             |              
|Common Stock Shares Outstanding                                                            |  |                    | 7,102,626   |              
|Net asset value per common share                                                           |  | $                  | 20.74       |              
|Market price per share                                                                     |  | $                  | 17.26       |              
|Market price premium/(discount) to net asset value per share                               |  |                    | -16.78      | %            







ARROWMARK FINANCIAL CORP.

Statement of Operations (unaudited)



|                                                                                                                             |  | For The Three Months Ended
September 30, 2022 |            |   | For The Three Months Ended June 30, 2022 |  
|---------------------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------- | ---------- | - | ---------------------------------------- | -
|Investment Income                                                                                                            |  |                                               |            |   |                                          |  
|Interest                                                                                                                     |  | $                                             | 5,130,810  |   |                                          | $
|Dividends                                                                                                                    |  |                                               | 146,258    |   |                                          |  
|Origination fee income                                                                                                       |  |                                               | 32,278     |   |                                          |  
|Other income (service fees and due diligence fees)                                                                           |  |                                               | 38,768     |   |                                          |  
|Total Investment Income                                                                                                      |  |                                               | 5,348,114  |   |                                          |  
|                                                                                                                             |  |                                               |            |   |                                          |  
|Expenses                                                                                                                     |  |                                               |            |   |                                          |  
|Investment advisory fees                                                                                                     |  |                                               | 930,951    |   |                                          |  
|Interest expense                                                                                                             |  |                                               | 652,189    |   |                                          |  
|Directors’ fees                                                                                                              |  |                                               | 104,052    |   |                                          |  
|Transfer agent, custodian fees and administrator fees                                                                        |  |                                               | 73,159     |   |                                          |  
|Bank administration fees                                                                                                     |  |                                               | 76,504     |   |                                          |  
|Professional fees                                                                                                            |  |                                               | 79,313     |   |                                          |  
|Investor relations fees                                                                                                      |  |                                               | 31,205     |   |                                          |  
|Insurance expense                                                                                                            |  |                                               | 18,148     |   |                                          |  
|Valuation fees                                                                                                               |  |                                               | 15,152     |   |                                          |  
|Miscellaneous fees (proxy, rating agency, etc.)                                                                              |  |                                               | 92,165     |   |                                          |  
|Total expenses                                                                                                               |  |                                               | 2,072,838  |   |                                          |  
|Net Investment Income                                                                                                        |  |                                               | 3,275,276  |   |                                          |  
|                                                                                                                             |  |                                               |            |   |                                          |  
|Realized and Unrealized Gain / (Loss) on Investments and Foreign Currency Transactions                                       |  |                                               |            |   |                                          |  
|Net realized gain / (loss) on investments                                                                                    |  |                                               | (110,240   | ) |                                          |  
|Net realized gain from forward foreign currency contracts                                                                    |  |                                               | 4,983,569  |   |                                          |  
|Net realized gain / (loss) from foreign currency translations                                                                |  |                                               | (184,231   | ) |                                          |  
|Net change in net unrealized appreciation / (depreciation)  on investments                                                   |  |                                               | (5,767,859 | ) |                                          |  
|Net change in unrealized appreciation / (depreciation) on forward currency contracts                                         |  |                                               | (766,531   | ) |                                          |  
|Net change in unrealized appreciation / (depreciation)  on foreign currency translations                                     |  |                                               | (22,674    | ) |                                          |  
|Net realized and unrealized gain/(loss) on investments, forward foreign currency contracts and foreign currency translations |  |                                               | (1,867,966 | ) |                                          |  
|                                                                                                                             |  |                                               |            |   |                                          |  
|Net Increase/(Decrease) in Net Assets Resulting From Operations                                                              |  | $                                             | 1,407,310  |   |                                          | $







ARROWMARK FINANCIAL CORP.

Financial Highlights (unaudited)



|                                                            |  | For The Three Months Ended September 30, 2022
|----------------------------------------------------------- |  | ---------------------------------------------
|Per Share Operating Performance                             |  |                                              
|Net Asset Value, beginning of period                        |  | $                                            
|Net investment income(1)                                    |  |                                              
|Net realized and unrealized gain (loss) on investments      |  |                                              
|Total from investment operations                            |  |                                              
|                                                            |  |                                              
|Less distributions to shareholders                          |  |                                              
|From net investment income                                  |  |                                              
|Total distributions                                         |  |                                              
|                                                            |  |                                              
|Net asset value, end of period                              |  | $                                            
|Per share market value, end of period                       |  | $                                            
|                                                            |  |                                              
|Total Investment Return (2)                                 |  |                                              
|Based on market value                                       |  |                                              
|Based on net asset value                                    |  |                                              
|                                                            |  |                                              
|Ratios and Supplemental Data                                |  |                                              
|Net assets, end of period (in millions)                     |  | $                                            
|Ratios (as a percentage to average net assets):             |  |                                              
|Expenses before waivers(3)(4)*                              |  |                                              
|Expenses after waivers(5)*                                  |  |                                              
|Net investment income(6)*                                   |  |                                              
|Portfolio turnover rate**                                   |  |                                              
|                                                            |  |                                              
|Revolving Credit Agreement                                  |  |                                              
|Total revolving credit agreement outstanding (000’s)        |  | $                                            
|Asset coverage per $1,000 for revolving credit agreement(7) |  |                                              




|(1) | Based on the average shares outstanding during
                                                                              quarter.                                                                                                                                                                                                                                                                                              
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(2) | Reflects reinvestment of distributions at
                                                                              the price obtained under the Dividend Reinvestment
                                                                              Plan. Total return does not include sales load and
                                                                              offering expenses and are not annualized.
|(3) | Excluding interest expense, the ratio would
                                                                              have been 3.80%.                                                                                                                                                                                                                                                                                         
|(4) | Ratio of expenses before waivers to average
                                                                              managed assets equals 4.05%.                                                                                                                                                                                                                                                                             
|(5) | Ratio of expenses after waivers to average
                                                                              managed assets equals 4.05%.                                                                                                                                                                                                                                                                              
|(6) | Ratio of net investment income to average
                                                                              managed assets equals 6.39%.                                                                                                                                                                                                                                                                               
|(7) | Calculated by subtracting the Company’s total
                                                                              liabilities (excluding the loan) from the Company’s
                                                                              total assets and dividing the amount by the loan
                                                                              outstanding in 000’s.                 
|*   | Annualized                                                                                                                                                                                                                                                                                                                                                                                                                         
|**  | Not-annualized