ARROW FINANCIAL CORP

Filed: 5/11/2026ACC: 0000717538-26-000062

📋 What this filing means

ARROW FINANCIAL CORP filed this quarterly 13F‑HR report disclosing 157 equity positions with a total reported market value of $994.01M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

157

Positions

$994.01M

Total AUM (reported)

14.94M

Total Shares

Allocation by class

EQUITIES$987.61M99.4%

MUTUAL FUNDS$6.40M0.6%

Portfolio Concentration

Top 3$264.31M26.6%

4–10$271.87M27.4%

11–25$214.13M21.5%

Rest$243.70M24.5%

Top 3 weight

26.6%

Top 10 weight

53.9%

Voting Authority Distribution

Total shares with voting rights: 14.94M

Sole

Full voting authority

14.57M

% of voting shares97.5%

Shared

Joint voting authority

369.36K

% of voting shares2.5%

None

No voting authority

0.00

% of voting shares0.0%

Investment Discretion (by position count)

Sole0

Shared0

Other157

Dominant voting typeSole · 97.5% of voting shares

Institutional Holdings157

Rows:

VANGUARD S&P 500 ETF

DFND

Equities

Shares202.12K

TypeSH

Market value$120.78M

12.15%

Sole

200.18K

Shared

1.94K

None

0.00

INVESCO QQQ TRUST SERIES 1

DFND

Equities

Shares139.40K

TypeSH

Market value$80.46M

8.09%

Sole

138.93K

Shared

477.00

None

0.00

ARROW FINANCIAL CORPORATION

DFND

Equities

Shares1.88M

TypeSH

Market value$63.07M

6.35%

Sole

1.88M

Shared

0.00

None

0.00

ISHARES CORE S&P MID-CAP ETF

DFND

Equities

Shares924.49K

TypeSH

Market value$62.43M

6.28%

Sole

919.76K

Shared

4.73K

None

0.00

ISHARES CORE S&P SMALL-CAP ETF

DFND

Equities

Shares385.52K

TypeSH

Market value$47.92M

4.82%

Sole

378.70K

Shared

6.82K

None

0.00

ISHARES CORE MSCI DEV MKTS ETF

DFND

Equities

Shares558.24K

TypeSH

Market value$46.65M

4.69%

Sole

548.23K

Shared

10.01K

None

0.00

SPDR PORTFOLIO S&P 500 VALUE ETF

DFND

Equities

Shares781.33K

TypeSH

Market value$44.21M

4.45%

Sole

779.74K

Shared

1.59K

None

0.00

ISHARES IBONDS 2026 TERM HIGH YIELD AND INC

DFND

Equities

Shares1.35M

TypeSH

Market value$30.97M

3.12%

Sole

1.32M

Shared

30.50K

None

0.00

VANGUARD MID-CAP ETF

DFND

Equities

Shares77.06K

TypeSH

Market value$22.13M

2.23%

Sole

70.36K

Shared

6.71K

None

0.00

APPLE INC

DFND

Equities

Shares69.19K

TypeSH

Market value$17.56M

1.77%

Sole

63.71K

Shared

5.47K

None

0.00

NVIDIA CORP

DFND

Equities

Shares99.98K

TypeSH

Market value$17.44M

1.75%

Sole

93.63K

Shared

6.34K

None

0.00

TEMA ELECTRIFICATION ETF

DFND

Equities

Shares463.64K

TypeSH

Market value$15.88M

1.60%

Sole

462.83K

Shared

816.00

None

0.00

ISHARES IBONDS DEC 2032 TC ETF

DFND

Equities

Shares614.51K

TypeSH

Market value$15.53M

1.56%

Sole

600.33K

Shared

14.18K

None

0.00

ISHARES IBONDS DEC 2033 CORP

DFND

Equities

Shares589.79K

TypeSH

Market value$15.25M

1.53%

Sole

575.95K

Shared

13.84K

None

0.00

ALPHABET INC CL A

DFND

Equities

Shares52.94K

TypeSH

Market value$15.22M

1.53%

Sole

48.46K

Shared

4.48K

None

0.00

ISHARES IBONDS DEC 2031 TERM CORP

DFND

Equities

Shares722.76K

TypeSH

Market value$15.13M

1.52%

Sole

705.77K

Shared

16.99K

None

0.00

ISHARES TR IBONDS DEC 2035

DFND

Equities

Shares586.92K

TypeSH

Market value$15.05M

1.51%

Sole

574.98K

Shared

11.94K

None

0.00

ISHARES IBONDS DEC 2030 TERM CORP

DFND

Equities

Shares684.98K

TypeSH

Market value$14.99M

1.51%

Sole

670.99K

Shared

13.98K

None

0.00

ISHARES IBONDS DEC 2029 TERM CORP

DFND

Equities

Shares641.62K

TypeSH

Market value$14.92M

1.50%

Sole

628.46K

Shared

13.16K

None

0.00

ISHARES IBONDS DEC 2028 TERM CORP

DFND

Equities

Shares577.60K

TypeSH

Market value$14.63M

1.47%

Sole

570.40K

Shared

7.20K

None

0.00

J P MORGAN EXCHANGE TRADED FD EQUITY PREMIUM

DFND

Equities

Shares256.06K

TypeSH

Market value$14.51M

1.46%

Sole

252.21K

Shared

3.84K

None

0.00

MICROSOFT CORP

DFND

Equities

Shares35.72K

TypeSH

Market value$13.22M

1.33%

Sole

31.80K

Shared

3.92K

None

0.00

ISHARES IBONDS DEC 2034 TM CORP

DFND

Equities

Shares441.31K

TypeSH

Market value$11.50M

1.16%

Sole

427.58K

Shared

13.73K

None

0.00

ISHARES IBONDS DEC 2027 TERM CORP

DFND

Equities

Shares434.77K

TypeSH

Market value$10.54M

1.06%

Sole

425.27K

Shared

9.50K

None

0.00

ISHARES IBONDS DEC 2026 TERM CORP

DFND

Equities

Shares425.55K

TypeSH

Market value$10.32M

1.04%

Sole

418.19K

Shared

7.36K

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	Shared
VANGUARD S&P 500 ETFDFND	Equities	202.12K	SH	$120.78M 12.15%	200.18K	1.94K
INVESCO QQQ TRUST SERIES 1DFND	Equities	139.40K	SH	$80.46M 8.09%	138.93K	477.00
ARROW FINANCIAL CORPORATIONDFND	Equities	1.88M	SH	$63.07M 6.35%	1.88M	0.00
ISHARES CORE S&P MID-CAP ETFDFND	Equities	924.49K	SH	$62.43M 6.28%	919.76K	4.73K
ISHARES CORE S&P SMALL-CAP ETFDFND	Equities	385.52K	SH	$47.92M 4.82%	378.70K	6.82K
ISHARES CORE MSCI DEV MKTS ETFDFND	Equities	558.24K	SH	$46.65M 4.69%	548.23K	10.01K
SPDR PORTFOLIO S&P 500 VALUE ETFDFND	Equities	781.33K	SH	$44.21M 4.45%	779.74K	1.59K
ISHARES IBONDS 2026 TERM HIGH YIELD AND INCDFND	Equities	1.35M	SH	$30.97M 3.12%	1.32M	30.50K
VANGUARD MID-CAP ETFDFND	Equities	77.06K	SH	$22.13M 2.23%	70.36K	6.71K
APPLE INCDFND	Equities	69.19K	SH	$17.56M 1.77%	63.71K	5.47K
NVIDIA CORPDFND	Equities	99.98K	SH	$17.44M 1.75%	93.63K	6.34K
TEMA ELECTRIFICATION ETFDFND	Equities	463.64K	SH	$15.88M 1.60%	462.83K	816.00
ISHARES IBONDS DEC 2032 TC ETFDFND	Equities	614.51K	SH	$15.53M 1.56%	600.33K	14.18K
ISHARES IBONDS DEC 2033 CORPDFND	Equities	589.79K	SH	$15.25M 1.53%	575.95K	13.84K
ALPHABET INC CL ADFND	Equities	52.94K	SH	$15.22M 1.53%	48.46K	4.48K
ISHARES IBONDS DEC 2031 TERM CORPDFND	Equities	722.76K	SH	$15.13M 1.52%	705.77K	16.99K
ISHARES TR IBONDS DEC 2035DFND	Equities	586.92K	SH	$15.05M 1.51%	574.98K	11.94K
ISHARES IBONDS DEC 2030 TERM CORPDFND	Equities	684.98K	SH	$14.99M 1.51%	670.99K	13.98K
ISHARES IBONDS DEC 2029 TERM CORPDFND	Equities	641.62K	SH	$14.92M 1.50%	628.46K	13.16K
ISHARES IBONDS DEC 2028 TERM CORPDFND	Equities	577.60K	SH	$14.63M 1.47%	570.40K	7.20K
J P MORGAN EXCHANGE TRADED FD EQUITY PREMIUMDFND	Equities	256.06K	SH	$14.51M 1.46%	252.21K	3.84K
MICROSOFT CORPDFND	Equities	35.72K	SH	$13.22M 1.33%	31.80K	3.92K
ISHARES IBONDS DEC 2034 TM CORPDFND	Equities	441.31K	SH	$11.50M 1.16%	427.58K	13.73K
ISHARES IBONDS DEC 2027 TERM CORPDFND	Equities	434.77K	SH	$10.54M 1.06%	425.27K	9.50K
ISHARES IBONDS DEC 2026 TERM CORPDFND	Equities	425.55K	SH	$10.32M 1.04%	418.19K	7.36K

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