# EDGAR Filing Document

**Accession Number:** 0001578987
**File Stem:** 0000940400-25-010758
**Filing Date:** 2025-11
**Character Count:** 62418
**Document Hash:** 5996dec156027543f4cdd3f4a3f5570d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010758.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000940400-25-010758

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ArrowMark Financial Corp.
- **CENTRAL INDEX KEY:** 0001578987

**ORGANIZATION NAME:**
- **EIN:** 900934878
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22853
- **FILM NUMBER:** 251527019

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FILLMORE STREET, SUITE 325
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206
- **BUSINESS PHONE:** (303) 398-2929

**MAIL ADDRESS:**
- **STREET 1:** 100 FILLMORE STREET, SUITE 325
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** StoneCastle Financial Corp.
- **DATE OF NAME CHANGE:** 20130611

## Nport-Ex

![](img3ae705a01.gif)

## ArrowMark Financial Corp.
Consolidated Schedule of Investments (unaudited)

------

As of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Company<sup>(1)</sup>** | **Investment** | **# of<br> Shares/Par<br> Amount<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair Value<sup>(3)</sup>** |
| **Term Loans – 4.8%** | **Term Loans – 4.8%** |  |  |
| **Banking – 4.8%** | **Banking – 4.8%** |  |  |
| EverBank Financial Corp. | Subordinated Term Loan, 7.50%, 9/01/2035, 144A<sup>(4)(5)</sup> | &nbsp;&nbsp;$2000000 | &nbsp;&nbsp;&nbsp;$2060000 |
| F.N.B.C. of La Grange, Inc. | Subordinated Term Loan, 6.38%, 1/01/2030<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$700000 | &nbsp;&nbsp;&nbsp;&nbsp; **612500** |
| TransPecos Financial Corp. | Senior Term Loan, 9.00%, 10/01/2028<sup>(5)</sup> | &nbsp;&nbsp;$4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **3500000** |
| Tulsa Valley Bancshares | Subordinated Term Loan, 6.38%, 12/31/2028<sup>(6)</sup> | &nbsp;&nbsp;$1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1530000** |
|  | **Total Term Loans<br> (Cost $8,400,000)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **7702500** |
| **Structured Debt Security – 7.3%** | **Structured Debt Security – 7.3%** |  |  |
| **Banking – 7.3%** | **Banking – 7.3%** |  |  |
| Community Funding 2018, LLC. | Preferred Shares (Estimated effective yield 10.87%), 144A<sup>(4)(7)</sup> | $14860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **11568510** |
|  | **Total Structured Debt Securities<br> (Cost $14,748,427)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **11568510** |
| **Regulatory Capital Relief Securities – 105.9%** | **Regulatory Capital Relief Securities – 105.9%** |  |  |
| **Banking – 105.9%** | **Banking – 105.9%** |  |  |
| Absolute | Credit Linked Note, 16.84%, 10/10/2027<sup>(8)</sup>\*\* | &nbsp;&nbsp;$1308971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1310742** |
| Algonquin | Credit Linked Note, 13.85%, 11/01/2027<sup>(9)</sup><sup>+</sup> | &nbsp;&nbsp;$2788758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2628537** |
| Algonquin | Credit Linked Note, 14.60%, 11/01/2028<sup>(9)</sup><sup>+</sup> | &nbsp;&nbsp;$1965343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1896072** |
| Algonquin | Guarantee Linked Note, 0.00%, 05/01/2027<sup>(5)</sup><sup>+</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$526153 | &nbsp;&nbsp;&nbsp;&nbsp; **473538** |
| AMF Ireland Finance 1 - Series 1 | Profit Participating Note, 17.88%, 06/30/2031<sup>(5)(9)</sup> | &nbsp;&nbsp;$6998551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **7412166** |
| AMF Ireland Finance 1 - Series 2 | Profit Participating Note, 11.59%, 12/15/2029<sup>(5)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$836044 | &nbsp;&nbsp;&nbsp;&nbsp; **837717** |
| AMF Ireland Finance 1 - Series 2 | Profit Participating Note, 11.80%, 05/31/2033<sup>(5)(9)</sup> | &nbsp;&nbsp;$3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **3000000** |
| AMF Ireland Finance 2 - Series 2 | Profit Participating Note, 15.09%, 04/19/2032<sup>(5)(9)</sup> | &nbsp;&nbsp;$3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **3068700** |
| AMF Ireland Finance 2 - Series 3 | Profit Participating Note, 9.62%, 05/09/2033<sup>(5)</sup><sup>(10)</sup> | &nbsp;&nbsp;€5,000,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **5849704** |
| AMF Ireland Finance 3 - Series 1 | Profit Participating Note, 10.84%, 06/30/2030<sup>(5)</sup><sup>(8)</sup>\*\* | &nbsp;&nbsp;$2284866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2285713** |
| AMF Ireland Finance 3 - Series 2 | Profit Participating Note, 10.22%, 12/31/2034<sup>(5)</sup><sup>(10)</sup>\*\* | &nbsp;&nbsp;€2,880,333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **3398594** |
| AMF Ireland Finance 3 - Series 3 | Profit Participating Note, 14.03% 07/08/2032<sup>(5)(9)</sup> | &nbsp;&nbsp;$2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1963800** |
| AMF Ireland Finance 3 - Series 4 | Profit Participating Note, 7.97%, 09/30/2039<sup>(5)(10)</sup> | &nbsp;&nbsp;€4,700,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **5539004** |
| AMF Ireland Finance 4 - Series 1 | Profit Participating Note, 12.87%, 10/10/2030<sup>(5)</sup><sup>(9)</sup>\*\* | &nbsp;&nbsp;$2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2532000** |
| AMF Ireland Finance 4 - Series 2 | Profit Participating Note, 8.94%, 12/12/2033<sup>(5)(10)</sup> | &nbsp;&nbsp;€1,331,912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1571550** |
| AMF Ireland Finance 4 - Series 3 | Profit Participating Note, 11.17%, 06/30/2033<sup>(5)(11)</sup> | &nbsp;&nbsp;£2,500,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **3380522** |
| AMF Ireland Finance 4 - Series 4 | Profit Participating Note, 8.52%, 11/28/2039<sup>(5)</sup><sup>(10)</sup>\*\* | &nbsp;&nbsp;€1,594,851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1879727** |
| AMF Ireland Finance 4 - Series 5 | Profit Participating Note, 10.85%, 02/15/2030<sup>(5)(9)</sup> | &nbsp;&nbsp;$3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **3004200** |

---

See Notes to Schedule of Investments

#### \| ArrowMark Financial Corp. 1

------

---

| | | | |
|:---|:---|:---|:---|
| **Company<sup>(1)</sup>** | **Investment** | **# of<br> Shares/Par<br> Amount<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair Value<sup>(3)</sup>** |
| **Regulatory Capital Relief Securities (continued)** | **Regulatory Capital Relief Securities (continued)** |  |  |
| **Banking (continued)** | **Banking (continued)** |  |  |
| AMF Ireland Finance 5 - Series 1 | Profit Participating Note, 11.84%, 10/21/2034<sup>(5)(9)</sup> | $10000000 | &nbsp;&nbsp;&nbsp;$10118604 |
| Auto ABS Synthetic French Loans | Credit Linked Note, 14.40%, 12/27/2030<sup>(12)</sup>\*\* | &nbsp;&nbsp;€1,146,030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1350880** |
| Boa Vista | Credit Linked Note, 11.03%, 05/02/2043<sup>(10)</sup>\*\* | &nbsp;&nbsp;€1,191,941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1404996** |
| Castelo | Credit Linked Note, 10.97%, 05/05/2025<sup>(10)</sup>\*\* | &nbsp;&nbsp;€1,096,212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1288617** |
| Cedar | Credit Linked Note, 12.52%, 12/15/2027<sup>(10)</sup>\*\* | &nbsp;&nbsp;€2,079,484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2498557** |
| Cedar | Credit Linked Note, 13.02%, 03/30/2030<sup>(5)</sup><sup>(10)</sup>\*\* | &nbsp;&nbsp;€2,612,639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **3193646** |
| CHAKRA | Credit Linked Note, 13.76%, 11/21/2027<sup>(9)</sup><sup>+</sup> | &nbsp;&nbsp;$4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **3980600** |
| Colonnade | Credit Linked Note, 16.48%, 04/30/2028<sup>(5)(9)</sup> | &nbsp;&nbsp;$5083376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **5318934** |
| Colonnade | Credit Linked Note, 16.20%, 11/30/2029<sup>(5)(9)</sup> | &nbsp;&nbsp;$7009854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **7543304** |
| Colonnade | Credit Linked Note, 17.00%, 12/15/2029<sup>(5)(9)</sup> | &nbsp;&nbsp;$4590913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4865037** |
| Colonnade | Credit Linked Note, 16.34%, 04/30/2030<sup>(5)(9)</sup> | &nbsp;&nbsp;$9288487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **9592517** |
| CRAFT | Credit Linked Note, 16.11%, 11/28/2030, 144A<sup>(4)(9)</sup> | &nbsp;&nbsp;$4962156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **5158658** |
| CRAFT | Credit Linked Note, 13.60%, 11/21/2031, 144A<sup>(4)(5)(9)</sup> | $10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **10300000** |
| CRAFT | Credit Linked Note, 0.00%, 04/30/2028, 144A<sup>(4)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$270544 | &nbsp;&nbsp;&nbsp;&nbsp; **243489** |
| CRAFT | Credit Linked Note, 12.96%, 02/21/2031, 144A<sup>(4)(5)(13)</sup> | &nbsp;&nbsp;$2478103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2849818** |
| Elvetia | Credit Linked Note, 9.37%, 10/20/2030<sup>(5)</sup><sup>(14)</sup><sup>+</sup> | CHF2,615,080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2920316** |
| FCT Colisee | Credit Linked Note, 9.97%, 07/07/2033<sup>(10)</sup><sup>+</sup> | &nbsp;&nbsp;€1,035,018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1210876** |
| Future Ready Chakra | Credit Linked Note, 12.37%, 12/15/2029<sup>(9)</sup><sup>+</sup> | &nbsp;&nbsp;$4583333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4616104** |
| LOFT | Credit Linked Note, 11.86%, 02/28/2030, 144A<sup>(4)(5)(9)</sup> | &nbsp;&nbsp;$2726486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2843104** |
| LOFT | Credit Linked Note, 23.36%, 02/28/2030, 144A<sup>(4)(5)(9)</sup> | &nbsp;&nbsp;$6068815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **6839434** |
| Mespil | Credit Linked Note, 14.34%, 12/08/2031<sup>(5)</sup><sup>(9)</sup>\*\* | &nbsp;&nbsp;$2583115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1909955** |
| Muskoka | Credit Linked Note, 0.00%, 11/01/2027<sup>(5)</sup><sup>+</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15438 | &nbsp;&nbsp;&nbsp;&nbsp; **13894** |
| Nansa | Credit Linked Note, 0.00%, 04/05/2026<sup>(5)</sup>\*\* | &nbsp;&nbsp;&nbsp;&nbsp;€307,685 | &nbsp;&nbsp;&nbsp;&nbsp; **344693** |
| Nightingale LF | Credit Linked Note, 14.97%, 04/01/2028<sup>(5)</sup><sup>(11)</sup>\*\* | &nbsp;&nbsp;£2,000,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2689800** |
| Premium Green PLC | 5 Year Secured Amortizing Floating Rate Note, 11.52%, 11/10/2026<sup>(15)</sup><sup>+</sup> | &nbsp;&nbsp;€1,695,005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1992996** |
| Pymes Magdalena | Credit Linked Note, 8.00%, 03/20/2050<sup>(10)</sup>\*\* | &nbsp;&nbsp;€2,007,799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2299268** |
| Resonance | Credit Linked Note, 9.94%, 11/07/2025<sup>(5)</sup><sup>(10)</sup>\*\* | &nbsp;&nbsp;&nbsp;&nbsp;€287,443 | &nbsp;&nbsp;&nbsp;&nbsp; **337472** |
| Salisbury | Credit Linked Note, 14.47%, 06/16/2027<sup>(11)</sup><sup>+</sup> | &nbsp;&nbsp;£5,060,325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **6603373** |
| Salisbury | Credit Linked Note, 13.72%, 03/20/2028<sup>(5)</sup><sup>(11)</sup><sup>+</sup> | &nbsp;&nbsp;&nbsp;&nbsp;£606,899 | &nbsp;&nbsp;&nbsp;&nbsp; **828747** |
| Salisbury | Credit Linked Note, 14.22%, 04/17/2028<sup>(11)</sup><sup>+</sup> | &nbsp;&nbsp;£3,658,262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **5050829** |
| Salisbury | Credit Linked Note, 0.00%, 04/17/2028<sup>(5)</sup><sup>+</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;£40,925 | &nbsp;&nbsp;&nbsp;&nbsp; **48160** |
| Terra | Credit Linked Note, 12.26%, 09/25/2029<sup>(9)</sup>\*\* | &nbsp;&nbsp;$4119955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4082670** |
| Waterloo | Credit Linked Note, 14.10%, 05/25/2031<sup>(5)(9)</sup>\*\* | &nbsp;&nbsp;$2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2767500** |
|  | **Total Regulatory Capital Relief Securities<br> (Cost $162,938,696)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**169139134** |

---

2 ArrowMark Financial Corp.**\|**

See Notes to Schedule of Investments

------

---

| | | | |
|:---|:---|:---|:---|
| **Company<sup>(1)</sup>** | **Investment** | **# of<br> Shares/Par<br> Amount<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair Value<sup>(3)</sup>** |
| **Trust Preferred and Preferred Securities – 1.1%** | **Trust Preferred and Preferred Securities – 1.1%** |  |  |
| **Banking – 1.1%** | **Banking – 1.1%** |  |  |
| Fidelity Federal Bancorp | Fixed Rate Cumulative Perpetual Preferred Stock, Series A - 9%<sup>(5)(16)(17)</sup> | &nbsp;&nbsp;$2789000 | &nbsp;&nbsp;&nbsp;$1673400 |
| Fidelity Federal Bancorp | Fixed Rate Cumulative Perpetual Preferred Stock, Series B - 9%<sup>(5)(17)(18)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$200000 | &nbsp;&nbsp;&nbsp;&nbsp; **120000** |
|  | **Total Trust Preferred and Preferred Securities<br> (Cost $3,004,203)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **1793400** |
| **Common Stocks – 3.3%** | **Common Stocks – 3.3%** |  |  |
| **Banking – 3.3%** | **Banking – 3.3%** |  |  |
| U.S. Bancorp. | Common Stock | **110100** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **5321133** |
|  | **Total Common Stocks<br> (Cost $5,075,370)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **5321133** |
|  | **Total Long-Term Investments<br> (Cost $194,166,696)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**195524677** |
| **Money Market Fund – 1.3%** | **Money Market Fund – 1.3%** |  |  |
| Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio | Institutional Share Class - Money Market Mutual Fund (MISXX) 3.99% | **2113610** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2113610** |
|  | **Total Money Market Fund<br> (Cost $2,113,610)** |  | &nbsp;&nbsp;&nbsp;&nbsp; **2113610** |
|  | **Total Investments<br> (Cost $196,280,306)<sup>(19)(20)</sup> — 123.7%** |  | &nbsp;&nbsp;&nbsp;&nbsp;**197638287** |
|  | **Other assets and liabilities, net — (23.7)%<sup>(21)</sup>** | **Other assets and liabilities, net — (23.7)%<sup>(21)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(37878541)** |
|  | **Total Net Assets — 100.0%** |  | &nbsp;&nbsp;&nbsp;**$159759746** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Company<sup>(1)</sup>** | **Investment** | **# of<br> Contracts<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Fair Value<sup>(3)</sup>** |
| **Call Options Written – (0.9%)** | **Call Options Written – (0.9%)** |  |  |
| **Banking – (0.9%)** | **Banking – (0.9%)** |  |  |
| U.S. Bancorp. | U.S. Bancorp., Notional amount $4,128,750, Exchange; NASDAQ, Expires 1/15/2027, Strike Price $37.50 | **1101** | &nbsp;&nbsp;&nbsp;$(1381755) |
|  | **Total Call Options Written<br> (Premiums received $1,154,991)** |  | &nbsp;&nbsp;&nbsp; **$(1381755)** |

---

------

<sup>(1)</sup> Except with respect to Community Funding 2018, LLC ("CF 2018"), we do not "control" and are not an "affiliate" of any of our investments, as such terms are defined under the Investment Company Act of 1940 (the "1940 Act"). We may be deemed to control and be an affiliate of CF 2018 because we are the sole member of such entity.

<sup>(2)</sup> Par Value in USD, GBP, EUR or CHF.

<sup>(3)</sup> Fair Value is determined in good faith in accordance with the Company's valuation policy and is reviewed and accepted by the Company's Board of Directors.

<sup>(4)</sup> Securities are exempt from registration under Rule 144A of the Securities Act of 1933.

<sup>(5)</sup> Investments determined using significant unobservable inputs (Level 3). The value of such securities is $129,118,759 or 80.82% of net assets.

<sup>(6)</sup> The estimated effective yield including structuring fees paid annually through maturity of 2030 and 2028, respectively, is 9.60%.

<sup>(7)</sup> The preferred shares are considered an equity position. Equity investments are entitled to recurring distributions which are generally equal to the remaining cash flow of the payments made by the underlying company's securities less contractual payments to debt holders and company expenses. The estimated effective yield indicated is based upon a current projection of the amount and timing of these recurring distributions and the estimated amount of repayment of principal upon termination. Such projections are periodically reviewed and adjusted as needed. The estimated effective yield may ultimately not be realized.

<sup>(8)</sup> Floating rate note: 30 Day Average SOFR + minimum of 6.50%

<sup>(9)</sup> Floating rate note: 90 Day Average SOFR + minimum of 6.50%

See Notes to Schedule of Investments

#### \| ArrowMark Financial Corp. 3

------

---

| | |
|:---|:---|
| <sup>(10)</sup> | Floating rate note: 3M EURIBOR (Floored at 0%) + minimum of 6.00% |
| <sup>(11)</sup> | Floating rate note: SONIA + minimum of 7.20% |
| <sup>(12)</sup> | Floating rate note: 1M EURIBOR + minimum of 12.50% |
| <sup>(13)</sup> | Floating rate note: 3M SOFR + minimum of 8.76% |
| <sup>(14)</sup> | Floating rate note: 3M CHF SARO + minimum of 9.25% |
| <sup>(15)</sup> | Floating rate note: 3M EURIBOR + minimum of 9.50% |
| <sup>(16)</sup> | As of September 30, 2025, this investment has deferred, undeclared and compounding dividends of $569,414 that will be recognized by ArrowMark Financial Corp. once they are declared by Fidelity Federal Bancorp. |
| <sup>(17)</sup> | Non-income producing securities |
| <sup>(18)</sup> | As of September 30, 2025, this investment has deferred, undeclared and compounding dividends of $40,833 that will be recognized by ArrowMark Financial Corp. once they are declared by Fidelity Federal Bancorp. |
| <sup>(19)</sup> | As of September 30, 2025, the tax cost basis of investment securities was $196,280,306. The gross unrealized appreciation over tax cost was $7,808,088 and gross unrealized depreciation under tax cost was $6,450,107. Net unrealized depreciation of tax cost under value was $1,357,981. |
| <sup>(20)</sup> | Cost values reflect accretion of original issue discount or market discount, and amortization of premium. |
| <sup>(21)</sup> | Includes $40,500,000 in bank loans from Texas Capital Bank. |
| \*\* | Held in Marshall Holdings Limited II. |
| <sup>+</sup> | Held in Marshall Holdings Limited III. |

---

---

| | |
|:---|:---|
| ABS | Asset-Backed Security |
| CHF | Swiss Franc |
| EUR | Euro |
| EURIBOR | Euro London Interbank Offered Rate |
| GBP | British Pound |
| PLC | Public Limited Company |
| SARO | Swiss Average Rate Overnight |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Interbank Average Rate |
| USD | United States Dollar |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Affiliated Investments** |  |  |  |  |  |
| **Investments in and advances to Affiliates (as per 210.12-14) for Period Ended 09/30/2025** | **Shares/Principal<br> Amount\*** | **Net<br> Realized<br> Gain/Loss<br> for Period** | **Net Increase<br> (Decrease) in<br> Unrealized<br> Appreciation** | **Interest<br> Received** | **09/30/2025<br> Value** |
| **Security Name** |  |  |  |  |  |
| Community Funding 2018, LLC.,<br> Preferred shares, 10.87%\* | $14860000 | $– | $305039 | $944264 | $11568510 |

---

------

\*The balance at the beginning of the period was $14,860,000. During the period the Fund made no additions or sales of the position and received no paydowns.

#### Additional Information
The following is a listing of the underlying unsecured loans that were made by Community Funding 2018, LLC.

---

| | | |
|:---|:---|:---|
| **Bank Name** | **Principal<br> Amount** | **State** |
| Big Poppy Holdings, Inc. | &nbsp;&nbsp;&nbsp;$9000000 | California |
| Delmar Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;4500000 | Maryland |
| Fidelity Federal Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;8000000 | Indiana |
| First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;10000000 | Mississippi |
| Halbur Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | Iowa |
| Vintage Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;1650000 | Kansas |
| **Total** | **$36150000** |  |

---

4 ArrowMark Financial Corp.**\|**

See Notes to Schedule of Investments

------

![](img3ae705a01.gif)

Notes to Consolidated Schedule of Investments (unaudited)

### Investment Valuation – The most significant estimates made in the preparation of the financial statements of ArrowMark Financial Corp ("AMFC" or the "Company"). are the valuation of equity and debt investments and the effective yield calculation with respect to certain debt securities, as well as the related amounts of unrealized appreciation and depreciation of investments recorded. The Company believes that there is no single definitive method for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments that AMFC makes. The Company is required to specifically fair value each individual investment on a quarterly basis.
The Company complies with ASC 820-10, Fair Value Measurements and Disclosure, which establishes a three-level valuation hierarchy for disclosure of fair value measurements. ASC 820-10 clarified the definition of fair value and requires companies to expand their disclosure about the use of fair value to measure assets and liabilities in interim and annual periods subsequent to initial recognition. ASC 820-10 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e. the "exit price") in an orderly transaction between market participants at the measurement date. ASC 820-10 also establishes the following three-tier fair value hierarchy:

• Level 1— Quoted prices in active markets for identical securities;

• Level 2 — Other significant observable inputs. These inputs may include quoted prices for the identical instrument on an active market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data; and

• Level 3 — Significant unobservable inputs, including the Company's own determinations about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

To the extent securities owned by the Company are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Securities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 of the fair value hierarchy.

The availability of valuation techniques and observable inputs can vary from security to security and is affected by a wide variety of factors including the type of security, whether the security is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgement. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the securities existed. Accordingly, the degree of judgment exercised by AMFC in determining fair value is greatest for securities categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls, is determined based on the lowest level input that is significant to the fair value measurement. The valuation levels are not necessarily an indication of the risk associated with investing in those securities.

\| ArrowMark Financial Corp. 5

------

Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, AMFC's own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. AMFC uses prices and inputs that are current as of the measurement date, including periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many securities. This condition could cause a security to be reclassified to a lower level within the fair value hierarchy.

AMFC will determine fair value of its assets and liabilities in accordance with valuation procedures adopted by its Board of Directors. The Company may utilize the services of one or more regionally or nationally recognized independent valuation firms to help it determine the value of each investment for which a market price is not available. AMFC's Board of Directors will also review valuations of such investments provided by the Advisor. To the extent AMFC invests in securities for which market quotations are readily available, such market value will be used to value those securities. If a market value cannot be obtained or if the Advisor determines that the value of a security as so obtained does not represent a fair value as of the measurement date (due to a significant development subsequent to the time its price is determined or otherwise), fair value shall be determined pursuant to the methodologies established by the Board of Directors. In making these determinations, the Company may engage an independent valuation firm from time to time to assist in determining the fair value of our investments. The methods for valuing these investments may include fundamental analysis, discounts from market prices of similar securities, purchase price of securities, subsequent private transactions in the security or related securities, or discounts applied to the nature and duration of restrictions on the disposition of the securities, as well as a combination of these and other factors.

The Company's assets measured at fair value subject to the disclosure requirements of ASC 820-10-35 at September 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;TOTAL FAIR<br> VALUE AT 9-30-25 | &nbsp;&nbsp;LEVEL 1<br> QUOTED PRICE | &nbsp;&nbsp;LEVEL 2<br> SIGNIFICANT<br> OBSERVABLE INPUTS | &nbsp;&nbsp;LEVEL 3<br> SIGNIFICANT<br> UNOBSERVABLE<br> INPUTS |
| &nbsp;&nbsp;**Assets** |  |  |  |  |
| &nbsp;&nbsp;**Term Loans** | &nbsp;&nbsp;&nbsp;&nbsp;$**7702500** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$2142500 | &nbsp;&nbsp;&nbsp;&nbsp;$5560000 |
| &nbsp;&nbsp;**Structured Debt Security** | &nbsp;&nbsp;&nbsp;&nbsp;**11568510** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11568510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Regulatory Capital Relief Securities** | &nbsp;&nbsp;&nbsp;**169139134** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;47373775 | &nbsp;&nbsp;&nbsp;&nbsp;121765359 |
| &nbsp;&nbsp;**Trust Preferred and Preferred Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1793400** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793400 |
| &nbsp;&nbsp;**Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5321133** | &nbsp;&nbsp;&nbsp;&nbsp;5321133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Money Market Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2113610** | &nbsp;&nbsp;&nbsp;&nbsp;2113610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Total Assets** | **$197638287** | **$7434743** | **$61084785** | **$129118759** |

---

6 ArrowMark Financial Corp.**\|**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;TOTAL FAIR<br> VALUE AT 9-30-25 | &nbsp;&nbsp;LEVEL 1<br> QUOTED PRICE | &nbsp;&nbsp;LEVEL 2<br> SIGNIFICANT<br> OBSERVABLE INPUTS | &nbsp;&nbsp;LEVEL 3<br> SIGNIFICANT<br> UNOBSERVABLE<br> INPUTS |
| &nbsp;&nbsp;**Liabilities** |  |  |  |  |
| &nbsp;&nbsp;**Derivatives:** |  |  |  |  |
| &nbsp;&nbsp;**Equity Risk Contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Written Options** | &nbsp;&nbsp;&nbsp;$**(1381755)** | $(1381755) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;**Total Liabilities** | &nbsp;&nbsp;**$(1381755)** | **$(1381755)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** |

---

The Level 3 categorized assets listed above have been valued via the use of a) independent third party valuation firms, or, b) fair valued as determined in good faith by the Board of Directors, in accordance with procedures established by the Board of Directors.

For fair valuations using significant unobservable inputs, U.S. GAAP requires AMFC to present a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of a period. U.S. GAAP also requires AMFC to disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TERM LOANS | &nbsp;&nbsp;REGULATORY<br> CAPITAL<br> RELIEF<br> SECURITIES | &nbsp;&nbsp;TRUST PREFERRED<br> AND<br> PREFERRED<br> SECURITIES | &nbsp;&nbsp;TOTAL |
| &nbsp;&nbsp;**Balance at December 31, 2024** | **$8380000** | &nbsp;&nbsp;**$93281213** | &nbsp;&nbsp;**$1793400** | &nbsp;&nbsp;**$103454613** |
| &nbsp;&nbsp;Realized loss including earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3078588) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3078588) |
| &nbsp;&nbsp;Unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7704409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7884409 |
| &nbsp;&nbsp;Purchases | &nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33223103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35223103 |
| &nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;(5000000) | &nbsp;&nbsp;&nbsp;&nbsp;(29236215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(34236215) |
| &nbsp;&nbsp;Transfers in | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19868640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19868640 |
| &nbsp;&nbsp;Transfers out | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Amortization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2797 |
| &nbsp;&nbsp;**Balance at September 30, 2025** | **$5560000** | &nbsp;&nbsp;**$121765359** | &nbsp;&nbsp;**$1793400** | &nbsp;&nbsp;**$129118759** |

---

The change in unrealized depreciation on Level 3 securities held as of September 30, 2025 was $7,884,409.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | FAIR VALUE AT<br> 9-30-25 | &nbsp;&nbsp;VALUATION<br> TECHNIQUES | UNOBSERVABLE<br> INPUTS | ASSUMPTIONS | IMPACT TO<br> VALUATION FROM AN<br> INCREASE TO INPUT |
| &nbsp;&nbsp;Term Loans | &nbsp;&nbsp;&nbsp;$5560000 | &nbsp;&nbsp;Broker Quote |  |  |  |
| &nbsp;&nbsp;Regulatory Capital Securities | $111779990 | &nbsp;&nbsp;Broker Quote |  |  |  |
| &nbsp;&nbsp;Regulatory Capital Securities | &nbsp;&nbsp;&nbsp;$9985369 | &nbsp;&nbsp;Residual |  |  |  |
| &nbsp;&nbsp;Trust Preferred and Preferred Stock | &nbsp;&nbsp;&nbsp;$1793400 | &nbsp;&nbsp;Broker Quote |  |  |  |
|  | $129118759 |  |  |  |  |

---

For more information with regard to significant accounting policies, see the most recent Company's annual report filed with the Securities and Exchange Commissions.

\| ArrowMark Financial Corp. 7

------

**Written Options — The Fund is subject to equity and other risk exposure in the normal course of pursuing its investment objectives and may enter into options written to hedge against changes in interest rates, foreign exchange rates and values of equities. Such options may relate to particular securities or domestic stock indices, and may or may not be listed on a domestic securities exchange or issued by the Options Clearing Corporation. An option contract is a commitment that gives the purchaser of the contract the right, but not the obligation, to buy or sell an underlying asset at a specific price on or before a specified future date. On the other hand, the writer of an option contract is obligated, upon the exercise of the option, to buy or sell an underlying asset at a specific price on or before a specified future date. The maximum risk of loss associated with writing put options is limited to the exercised fair value of the option contract. The maximum risk of loss associated with writing call options is potentially unlimited. The Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. The Fund also may write over-the-counter options where completing the obligation depends upon the credit standing of the other party. Option contracts also involve the risk that they may result in loss due to unanticipated developments in market conditions or other causes. Written options are initially recorded as liabilities to the extent of premiums received and subsequently marked to market to reflect the current value of the option written. Gains or losses are realized when the option transaction expires or closes. When an option is exercised, the proceeds on sales for a written call option or the purchase cost for a written put option is adjusted by the amount of the premium received. Listed option contracts present minimal counterparty credit risk since they are exchange traded and the exchange's clearinghouse, as counterparty to all exchange-traded options, guarantees the options against default. The Fund's maximum risk of loss from counterparty credit risk related to OTC option contracts is limited to the premium paid.**

For the nine months ended September 30, 2025, the Fund's quarterly average volume of derivatives is as follows:

---

| |
|:---|
| **Written<br> Options<br> (Proceeds)** |
| $(294754) |

---

8 ArrowMark Financial Corp.**\|**

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ArrowMark Financial Corp.

- **b. Investment Company Act file number:** 811-22853

- **c. CIK number of Registrant:** 0001578987

- **d. LEI of Registrant:** 549300IG3L8MH4JMIN52

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Fillmore Street

  - **City:** Denver

  - **State:** CO

  - **Foreign country:** US

  - **Zip / Postal Code:** 80206

  - **Telephone number:** (303) 398-2929

**Item A.2. Information about the Series.**

- **a. Name of Series:** ArrowMark Financial Corp.

- **c. LEI of Series:** 549300IG3L8MH4JMIN52

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $201843120.95

**Total Liabilities:** $42083375.37

**Net Assets:** $159759745.58

**Cash Not Reported:** $73335.94

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 8.57449000 | **1-Year:** 5972.50259000 | **5-Year:** 16000.78804000 | **10-Year:** 1366.98409000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | -1.86%               | 0.05%                | 8.89%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-185980.52              | $0.00                                      |
| Month 2  | $1022163.59              | $0.00                                      |
| Month 3  | $-840557.45              | $1248896.76                                |

### Schedule of Portfolio Investments

| Name                             | Title                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Algonquin                        | Credit Linked Note                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1965343 | PA      | $1896072.43   | 1.19%             | 2028-11-01      | Floating      | 14.60%                | No            |                  2 | On Loan: No      |
| US BANCORP                       | Call Options Written                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5060325 | PA      | $6603372.75   | 4.13%             | 2026-01-16      | Floating      | 10.55%                | No            |                  2 | On Loan: No      |
| AMF Ireland Finance 4 - Series 2 | Profit Participating Note                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |   4700000 | PA      | $5539003.53   | 3.47%             | 2033-12-12      | Floating      | 7.97%                 | No            |                  3 | On Loan: No      |
| AMF Ireland Finance 4 - Series 5 | Profit Participating Note                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |   2500000 | PA      | $3380522.42   | 2.12%             | 2030-02-15      | Floating      | 11.17%                | No            |                  3 | On Loan: No      |
| US Bancorp                       | Common Shares                                             | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |    110100 | NS      | $5321133.00   | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| CRAFT                            | Profit Participating Note                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | DE        |  10000000 | PA      | $10300000.00  | 6.45%             | 2031-11-21      | Floating      | 13.60%                | No            |                  3 | On Loan: No      |
| AMF Ireland Finance 1 - Series 1 | Profit Participating Note                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |  10000000 | PA      | $10118603.89  | 6.33%             | 2031-06-30      | Floating      | 11.84%                | No            |                  3 | On Loan: No      |
| AMF Ireland Finance 3 - Series 4 | Profit Participating Note                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   2000000 | PA      | $1963800.00   | 1.23%             | 2039-09-30      | Floating      | 14.03%                | No            |                  3 | On Loan: No      |
| AMF Ireland Finance 4 - Series 1 | Profit Participating Note                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2532000.00   | 1.58%             | 2030-10-10      | None          | 12.87%                | No            |                  3 | On Loan: No      |
| Mespil                           | Credit Linked Note                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IE        |   2583115 | PA      | $1909955.24   | 1.20%             | 2031-12-08      | Floating      | 14.34%                | No            |                  2 | On Loan: No      |
| Terra                            | Credit Linked Note                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4119955 | PA      | $4082669.86   | 2.56%             | 2029-09-25      | Floating      | 12.26%                | No            |                  2 | On Loan: No      |
| AMF Ireland Finance 4 - Series 3 | Profit Participating Note                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |   1331912 | PA      | $1571550.43   | 0.98%             | 2033-06-30      | Floating      | 8.94%                 | No            |                  3 | On Loan: No      |
| AMF Ireland Finance 1 - Series 2 | Profit Participating Note                                 | CUSIP: 273345329<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    836044 | PA      | $837716.53    | 0.52%             | 2029-12-15      | None          | 11.59%                | No            |                  3 | On Loan: No      |
| Colonnade                        | Credit Linked Note                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4590913 | PA      | $4865036.60   | 3.05%             | 2029-01-15      | Floating      | 17.00%                | No            |                  3 | On Loan: No      |
| Muskoka                          | Guarantee Linked Note                                     | CUSIP: 254144088<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     15438 | PA      | $13894.10     | 0.01%             | 2027-11-10      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| AMF Ireland Finance 4 - Series 4 | Profit Participating Note                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   1594851 | PA      | $1879727.31   | 1.18%             | 2039-11-28      | None          | 8.52%                 | No            |                  3 | On Loan: No      |
| AMF Ireland Finance 5 - Series 1 | Profit Participating Note                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   3000000 | PA      | $3004200.00   | 1.88%             | 2034-10-21      | Floating      | 10.85%                | No            |                  3 | On Loan: No      |
| Cedar                            | Credit Linked Note                                        | CUSIP: 000000000<br>LEI: 1VUV7VQFKUOQSJ21A208 | Long             | DBT              | CORP              | FR        |   2079484 | PA      | $2498557.33   | 1.56%             | 2027-12-15      | Floating      | 12.52%                | No            |                  2 | On Loan: No      |
| F.N.B.C of La Grange, Inc.       | Subordinated Term Loan                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    700000 | PA      | $612500.00    | 0.38%             | 2030-01-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Future Ready Chakra              | Credit Linked Note                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4583333 | PA      | $4616104.17   | 2.89%             | 2029-12-15      | Floating      | 12.37%                | No            |                  2 | On Loan: No      |
| Salisbury                        | Credit Linked Note                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40925 | PA      | $48159.69     | 0.03%             | 2026-12-16      | Floating      | 12.07%                | No            |                  3 | On Loan: No      |
| Community Funding 2018, LLC      | Preferred Shares                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  14860000 | PA      | $11568510.00  | 7.24%             | 2028-07-15      | Floating      | 8.50%                 | No            |                  2 | On Loan: No      |
| Manitoulin                       | Credit Linked Note                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2788758 | PA      | $2628537.46   | 1.65%             | 2027-11-01      | None          | 13.85%                | No            |                  2 | On Loan: No      |
| Cedar                            | Credit Linked Note                                        | CUSIP: 000000000<br>LEI: 1VUV7VQFKUOQSJ21A208 | Long             | ABS-O            | CORP              | FR        |   2612639 | PA      | $3193646.30   | 2.00%             | 2030-03-30      | Floating      | 13.02%                | No            |                  3 | On Loan: No      |
| US BANCORP                       | Call Options Written                                      | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DE               | CORP              | US        |     -1101 | NC      | $-1381755.00  | -0.86%            |  |  |  | No            |                  1 | On Loan: No      |
| Pymes Magdalena                  | Credit Linked Note                                        | CUSIP: 000000000<br>LEI: 894500G461D1F4W8Z612 | Long             | SN               | CORP              | ES        |   2007799 | PA      | $2299268.28   | 1.44%             | 2050-03-20      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| Colonnade                        | Credit Linked Note                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7009854 | PA      | $7543303.89   | 4.72%             | 2029-11-30      | Floating      | 16.20%                | No            |                  3 | On Loan: No      |
| LOFT                             | Credit Linked Note                                        | CUSIP: 25155KAY1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | DE        |   6068815 | PA      | $6839433.55   | 4.28%             | 2030-02-28      | Floating      | 0.01%                 | No            |                  3 | On Loan: No      |
| Salisbury                        | Credit Linked Note                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | GB        |   3658262 | PA      | $5050828.49   | 3.16%             | 2028-04-17      | Floating      | 14.22%                | No            |                  2 | On Loan: No      |
| Colisee                          | Credit Linked Note                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |   1035018 | PA      | $1210875.57   | 0.76%             | 2033-07-07      | Floating      | 9.97%                 | No            |                  2 | On Loan: No      |
| Colonnade                        | Credit Linked Note                                        | CUSIP: 06739GDG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9288487 | PA      | $9592517.10   | 6.00%             | 2030-04-30      | Floating      | 16.34%                | No            |                  3 | On Loan: No      |
| Algonquin                        | Guarantee Linked Note                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    526153 | PA      | $473537.61    | 0.30%             | 2027-05-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| AMF Ireland Finance 3 - Series 1 | Profit Participating Note                                 | CUSIP: 283850285<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2284866 | PA      | $2285713.48   | 1.43%             | 2030-06-30      | None          | 10.84%                | No            |                  3 | On Loan: No      |
| CRAFT                            | Credit Linked Note                                        | CUSIP: 25155KAZ8<br>LEI: N/A                  | Long             | SN               | CORP              | DE        |   4962156 | PA      | $5158657.64   | 3.23%             | 2030-11-28      | Floating      | 16.11%                | No            |                  2 | On Loan: No      |
| AMF Ireland Finance 3 - Series 2 | Profit Participating Note                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   2880333 | PA      | $3398593.82   | 2.13%             | 2034-12-31      | Floating      | 10.22%                | No            |                  3 | On Loan: No      |
| CHAKRA                           | Credit Linked Note                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3980600.00   | 2.49%             | 2027-11-21      | None          | 13.76%                | No            |                  2 | On Loan: No      |
| Nightingale LF                   | Credit Linked Note                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   2000000 | PA      | $2689800.00   | 1.68%             | 2028-04-01      | Floating      | 14.97%                | No            |                  3 | On Loan: No      |
| AMF Ireland Finance 2 - Series 2 | Profit Participating Note                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   3000000 | PA      | $3000000.00   | 1.88%             | 2032-04-19      | Floating      | 11.80%                | No            |                  3 | On Loan: No      |
| LOFT                             | Credit Linked Note                                        | CUSIP: 25155KAX3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | DE        |   2726486 | PA      | $2843104.17   | 1.78%             | 2030-02-28      | Floating      | 0.01%                 | No            |                  3 | On Loan: No      |
| EVERBANK FINANCIAL CORP          | EverBank Financial Corp                                   | CUSIP: 29977GAE2<br>LEI: 549300ZSQX8IP0RAE826 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2060000.00   | 1.29%             | 2035-09-01      | Fixed         | 7.50%                 | No            |                  3 | On Loan: No      |
| Salisbury                        | Credit Linked Note                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6998551 | PA      | $7412165.46   | 4.64%             | 2027-06-16      | Floating      | 17.88%                | No            |                  3 | On Loan: No      |
| Salisbury                        | Credit Linked Note                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    606899 | PA      | $828747.15    | 0.52%             | 2028-03-20      | Floating      | 13.72%                | No            |                  3 | On Loan: No      |
| Resonance                        | Credit Linked Note                                        | CUSIP: 000000000<br>LEI: 9695002OBNIICMSV0B38 | Long             | ABS-O            | CORP              | FR        |    287443 | PA      | $337472.29    | 0.21%             | 2026-10-05      | Floating      | 9.94%                 | No            |                  3 | On Loan: No      |
| Nansa                            | Credit Linked Note                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | N/A       |    307685 | PA      | $344692.94    | 0.22%             | 2026-04-05      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Fidelity Federal Bancorp         | Fixed Rate Cumulative Perpetual Preferred Stock, Series B | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    200000 | NS      | $120000.00    | 0.08%             |  |  |  | No            |                  3 | On Loan: No      |
| Fidelity Federal Bancorp         | Fixed Rate Cumulative Perpetual Preferred Stock, Series A | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   2789000 | NS      | $1673400.00   | 1.05%             |  |  |  | No            |                  3 | On Loan: No      |
| AMF Ireland Finance 3 - Series 3 | Profit Participating Note                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |   5000000 | PA      | $5849704.13   | 3.66%             | 2032-07-08      | Floating      | 9.62%                 | No            |                  3 | On Loan: No      |
| Absolute                         | Credit Linked Note                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1308971 | PA      | $1310742.06   | 0.82%             | 2027-10-10      | Floating      | 16.84%                | No            |                  2 | On Loan: No      |
| Waterloo                         | Credit Linked Note                                        | CUSIP: 000000000<br>LEI: 254900Q1AXE1IXAJJM39 | Long             | ABS-O            | CORP              | CA        |   2700000 | PA      | $2767500.00   | 1.73%             | 2031-05-25      | Floating      | 14.10%                | No            |                  3 | On Loan: No      |
| Elvetia                          | Credit Linked Note                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | SN               | CORP              | JE        |   2615080 | PA      | $2920315.83   | 1.83%             | 2030-10-20      | Floating      | 9.37%                 | No            |                  3 | On Loan: No      |
| CRAFT                            | Credit Linked Note                                        | CUSIP: 251541AR9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    270544 | PA      | $243489.24    | 0.15%             | 2026-01-20      | Floating      | 14.59%                | No            |                  3 | On Loan: No      |
| TransPecos Finanical Corp.       | Senior Term Loan                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3500000.00   | 2.19%             | 2028-10-01      | Fixed         | 9.00%                 | No            |                  3 | On Loan: No      |
| CRAFT                            | Credit Linked Note                                        | CUSIP: 25155KAV7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | DE        |   2478103 | PA      | $2849818.32   | 1.78%             | 2029-02-21      | Floating      | 12.96%                | No            |                  3 | On Loan: No      |
| Premium Green PLC                | 5 Year Secured Amortizing Floating Rate Note              | CUSIP: 000000000<br>LEI: 5493000S7VTDPDFJCP28 | Long             | DBT              | CORP              | IE        |   1695005 | PA      | $1992996.00   | 1.25%             | 2026-11-10      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| AMF Ireland Finance 2 - Series 3 | Profit Participating Note                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   3000000 | PA      | $3068700.00   | 1.92%             | 2033-05-09      | Floating      | 15.09%                | No            |                  3 | On Loan: No      |
| AMFI Finance 1 DAC Note 2        | Profit Participating Note                                 | CUSIP: 61747C525<br>LEI: 549300OJY9IZ31SGS926 | Long             | STIV             | RF                | US        |   2113610 | NS      | $2113610.34   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Castelo                          | Credit Linked Note                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | ABS-O            | CORP              | PT        |   1096212 | PA      | $1288616.53   | 0.81%             | 2037-08-15      | Floating      | 10.99%                | No            |                  2 | On Loan: No      |
| Boa Vista                        | Credit Linked Note                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | PT        |   1191941 | PA      | $1404995.66   | 0.88%             | 2043-05-02      | None          | 11.03%                | No            |                  2 | On Loan: No      |
| Colonnade                        | Credit Linked Note                                        | CUSIP: 06739GDD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5083376 | PA      | $5318934.54   | 3.33%             | 2029-04-30      | Floating      | 16.48%                | No            |                  3 | On Loan: No      |
| Lorenz                           | Credit Linked Note                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |   1146030 | PA      | $1350879.53   | 0.85%             | 2030-12-27      | Floating      | 14.40%                | No            |                  2 | On Loan: No      |
| Tulsa Valley Bancshares          | Subordinated Term Loan                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1530000.00   | 0.96%             | 2028-12-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-26

**Name of Applicant:** ArrowMark Financial Corp.

**Signature:** Patrick J. Farrell

**Name of Signer:** Patrick J. Farrell

**Title:** Chief Financial Officer