ARROW FINANCIAL CORP

Filed: 2/5/2026ACC: 0000717538-26-000011

📋 What this filing means

ARROW FINANCIAL CORP filed this quarterly 13F‑HR report disclosing 159 equity positions with a total reported market value of $1.00B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

159

Positions

$1.00B

Total AUM (reported)

14.66M

Total Shares

Allocation by class

EQUITIES$996.53M99.3%

MUTUAL FUNDS$6.55M0.7%

Portfolio Concentration

Top 3$268.08M26.7%

4–10$262.31M26.2%

11–25$217.11M21.6%

Rest$255.57M25.5%

Top 3 weight

26.7%

Top 10 weight

52.9%

Voting Authority Distribution

Total shares with voting rights: 14.66M

Sole

Full voting authority

14.28M

% of voting shares97.4%

Shared

Joint voting authority

374.08K

% of voting shares2.6%

None

No voting authority

0.00

% of voting shares0.0%

Investment Discretion (by position count)

Sole0

Shared0

Other159

Dominant voting typeSole · 97.4% of voting shares

Institutional Holdings159

Rows:

VANGUARD S&P 500 ETF

DFND

Equities

Shares197.22K

TypeSH

Market value$123.68M

12.33%

Sole

195.39K

Shared

1.83K

None

0.00

INVESCO QQQ TRUST SERIES 1

DFND

Equities

Shares139.39K

TypeSH

Market value$85.63M

8.54%

Sole

138.91K

Shared

477.00

None

0.00

ARROW FINANCIAL CORPORATION

DFND

Equities

Shares1.87M

TypeSH

Market value$58.77M

5.86%

Sole

1.87M

Shared

5.33K

None

0.00

ISHARES CORE S&P MID-CAP ETF

DFND

Equities

Shares830.32K

TypeSH

Market value$54.80M

5.46%

Sole

825.63K

Shared

4.69K

None

0.00

ISHARES CORE MSCI DEV MKTS ETF

DFND

Equities

Shares546.27K

TypeSH

Market value$45.06M

4.49%

Sole

536.28K

Shared

9.99K

None

0.00

SPDR PORTFOLIO S&P 500 VALUE ETF

DFND

Equities

Shares783.20K

TypeSH

Market value$44.49M

4.44%

Sole

781.60K

Shared

1.60K

None

0.00

ISHARES CORE S&P SMALL-CAP ETF

DFND

Equities

Shares356.01K

TypeSH

Market value$42.79M

4.27%

Sole

349.11K

Shared

6.90K

None

0.00

ISHARES IBONDS 2026 TERM HIGH YIELD AND INC

DFND

Equities

Shares1.22M

TypeSH

Market value$28.06M

2.80%

Sole

1.19M

Shared

30.01K

None

0.00

VANGUARD MID-CAP ETF

DFND

Equities

Shares95.51K

TypeSH

Market value$27.72M

2.76%

Sole

88.79K

Shared

6.71K

None

0.00

APPLE INC

DFND

Equities

Shares71.34K

TypeSH

Market value$19.39M

1.93%

Sole

65.87K

Shared

5.47K

None

0.00

NVIDIA CORP

DFND

Equities

Shares102.28K

TypeSH

Market value$19.08M

1.90%

Sole

95.94K

Shared

6.34K

None

0.00

ALPHABET INC CL A

DFND

Equities

Shares54.97K

TypeSH

Market value$17.21M

1.72%

Sole

50.49K

Shared

4.48K

None

0.00

MICROSOFT CORP

DFND

Equities

Shares34.33K

TypeSH

Market value$16.60M

1.65%

Sole

30.40K

Shared

3.92K

None

0.00

ISHARES IBONDS DEC 2032 TC ETF

DFND

Equities

Shares599.15K

TypeSH

Market value$15.30M

1.52%

Sole

584.99K

Shared

14.16K

None

0.00

ISHARES IBONDS DEC 2031 TERM CORP

DFND

Equities

Shares703.78K

TypeSH

Market value$14.88M

1.48%

Sole

686.82K

Shared

16.96K

None

0.00

ISHARES TR IBONDS DEC 2035

DFND

Equities

Shares568.57K

TypeSH

Market value$14.75M

1.47%

Sole

556.65K

Shared

11.92K

None

0.00

ISHARES IBONDS DEC 2030 TERM CORP

DFND

Equities

Shares667.19K

TypeSH

Market value$14.72M

1.47%

Sole

653.23K

Shared

13.96K

None

0.00

ISHARES IBONDS DEC 2033 CORP

DFND

Equities

Shares555.89K

TypeSH

Market value$14.53M

1.45%

Sole

542.08K

Shared

13.82K

None

0.00

ISHARES IBONDS DEC 2028 TERM CORP

DFND

Equities

Shares563.08K

TypeSH

Market value$14.33M

1.43%

Sole

555.90K

Shared

7.18K

None

0.00

ISHARES IBONDS DEC 2029 TERM CORP

DFND

Equities

Shares603.39K

TypeSH

Market value$14.12M

1.41%

Sole

590.25K

Shared

13.14K

None

0.00

ISHARES IBONDS DEC 2026 TERM CORP

DFND

Equities

Shares577.98K

TypeSH

Market value$14.00M

1.40%

Sole

570.46K

Shared

7.53K

None

0.00

ISHARES IBONDS DEC 2027 TERM CORP

DFND

Equities

Shares576.59K

TypeSH

Market value$14.00M

1.40%

Sole

566.92K

Shared

9.67K

None

0.00

VANGUARD SMALL-CAP ETF

DFND

Equities

Shares45.25K

TypeSH

Market value$11.67M

1.16%

Sole

43.10K

Shared

2.15K

None

0.00

J P MORGAN EXCHANGE TRADED FD EQUITY PREMIUM

DFND

Equities

Shares195.29K

TypeSH

Market value$11.18M

1.11%

Sole

191.61K

Shared

3.67K

None

0.00

TEMA ELECTRIFICATION ETF

DFND

Equities

Shares370.95K

TypeSH

Market value$10.73M

1.07%

Sole

370.34K

Shared

605.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	Shared
VANGUARD S&P 500 ETFDFND	Equities	197.22K	SH	$123.68M 12.33%	195.39K	1.83K
INVESCO QQQ TRUST SERIES 1DFND	Equities	139.39K	SH	$85.63M 8.54%	138.91K	477.00
ARROW FINANCIAL CORPORATIONDFND	Equities	1.87M	SH	$58.77M 5.86%	1.87M	5.33K
ISHARES CORE S&P MID-CAP ETFDFND	Equities	830.32K	SH	$54.80M 5.46%	825.63K	4.69K
ISHARES CORE MSCI DEV MKTS ETFDFND	Equities	546.27K	SH	$45.06M 4.49%	536.28K	9.99K
SPDR PORTFOLIO S&P 500 VALUE ETFDFND	Equities	783.20K	SH	$44.49M 4.44%	781.60K	1.60K
ISHARES CORE S&P SMALL-CAP ETFDFND	Equities	356.01K	SH	$42.79M 4.27%	349.11K	6.90K
ISHARES IBONDS 2026 TERM HIGH YIELD AND INCDFND	Equities	1.22M	SH	$28.06M 2.80%	1.19M	30.01K
VANGUARD MID-CAP ETFDFND	Equities	95.51K	SH	$27.72M 2.76%	88.79K	6.71K
APPLE INCDFND	Equities	71.34K	SH	$19.39M 1.93%	65.87K	5.47K
NVIDIA CORPDFND	Equities	102.28K	SH	$19.08M 1.90%	95.94K	6.34K
ALPHABET INC CL ADFND	Equities	54.97K	SH	$17.21M 1.72%	50.49K	4.48K
MICROSOFT CORPDFND	Equities	34.33K	SH	$16.60M 1.65%	30.40K	3.92K
ISHARES IBONDS DEC 2032 TC ETFDFND	Equities	599.15K	SH	$15.30M 1.52%	584.99K	14.16K
ISHARES IBONDS DEC 2031 TERM CORPDFND	Equities	703.78K	SH	$14.88M 1.48%	686.82K	16.96K
ISHARES TR IBONDS DEC 2035DFND	Equities	568.57K	SH	$14.75M 1.47%	556.65K	11.92K
ISHARES IBONDS DEC 2030 TERM CORPDFND	Equities	667.19K	SH	$14.72M 1.47%	653.23K	13.96K
ISHARES IBONDS DEC 2033 CORPDFND	Equities	555.89K	SH	$14.53M 1.45%	542.08K	13.82K
ISHARES IBONDS DEC 2028 TERM CORPDFND	Equities	563.08K	SH	$14.33M 1.43%	555.90K	7.18K
ISHARES IBONDS DEC 2029 TERM CORPDFND	Equities	603.39K	SH	$14.12M 1.41%	590.25K	13.14K
ISHARES IBONDS DEC 2026 TERM CORPDFND	Equities	577.98K	SH	$14.00M 1.40%	570.46K	7.53K
ISHARES IBONDS DEC 2027 TERM CORPDFND	Equities	576.59K	SH	$14.00M 1.40%	566.92K	9.67K
VANGUARD SMALL-CAP ETFDFND	Equities	45.25K	SH	$11.67M 1.16%	43.10K	2.15K
J P MORGAN EXCHANGE TRADED FD EQUITY PREMIUMDFND	Equities	195.29K	SH	$11.18M 1.11%	191.61K	3.67K
TEMA ELECTRIFICATION ETFDFND	Equities	370.95K	SH	$10.73M 1.07%	370.34K	605.00

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