Blake Rice
About Blake Rice
Blake Rice is Secretary of ArrowMark Financial Corp. (BANX), serving since September 2021. He is also General Counsel at ArrowMark Partners, where he leads legal and compliance; previously he spent 13 years at Neuberger Berman as Managing Director and Associate General Counsel for the alternatives business. He holds a B.A. from Trinity University and a J.D. from the University of Chicago. Age: 47 (as disclosed in 2025 proxy) . Officers of BANX (including the Secretary) receive no compensation from the Company; the 2025, 2024 and 2023 proxies disclose no Company-paid officer compensation .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| ArrowMark Partners | General Counsel | Current (year not specified) | Leads and manages legal and compliance; positions firm for growth while managing risk |
| Neuberger Berman | Managing Director & Associate General Counsel (Alternatives) | c. 13 years (prior to ArrowMark) | Managed legal matters for alternatives (private credit, private equity, real estate, infrastructure, other strategies) |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| ArrowMark Partners (Adviser to BANX) | General Counsel | Current | External to BANX; primary employer context for compensation |
Fixed Compensation
BANX is an externally managed closed-end fund; proxies disclose that no officers receive compensation from the Company. Any salary/bonus for Rice would be paid by the adviser, not BANX; BANX does not disclose those amounts.
| Component | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
| Base salary (BANX-paid) | Not paid by BANX; no officer compensation disclosed | Not paid by BANX; no officer compensation disclosed | Not paid by BANX; no officer compensation disclosed |
| Target/actual bonus (BANX-paid) | Not paid by BANX; not disclosed | Not paid by BANX; not disclosed | Not paid by BANX; not disclosed |
| Director comp context (for reference) | Independent director fees disclosed; not applicable to officers | Independent director fees disclosed; not applicable to officers | Independent director fees disclosed; not applicable to officers |
Performance Compensation
No BANX-based equity or cash incentive disclosures exist for executive officers (including the Secretary). BANX proxies show no officer compensation from the Company; thus no Company-level metric weightings, targets, or vesting schedules are reported .
| Metric | Weighting | Target | Actual/Result | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed for officers (BANX does not pay officers) | — | — | — | — | — |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | Dollar range: None (no holdings reported) as of record date April 22, 2025 |
| Shares outstanding (reference) | 7,126,812 shares outstanding on April 22, 2025 |
| Ownership as % of outstanding | 0% (None reported translates to zero beneficial holdings relative to 7,126,812 shares) |
| Vested vs. unvested | Not applicable; no equity holdings disclosed |
| Options (exercisable/unexercisable) | None disclosed |
| Shares pledged as collateral | None disclosed |
| Stock ownership guidelines (officers) | Not disclosed in proxies reviewed |
| Section 16 compliance note | Company reports all required filings complied with in FY2024 except one late Form 4 for a director; no delinquency cited for Rice |
Employment Terms
| Term | Detail |
|---|---|
| Title | Secretary |
| Start date in role | Since September 2021 |
| Election/term | Elected by, and serves at the pleasure of, the Board |
| Contract term/expiration | Not disclosed |
| Severance provisions | Not disclosed |
| Change-of-control (single/double trigger) | Not disclosed |
| Accelerated vesting on CoC | Not disclosed |
| Non-compete / Non-solicit | Not disclosed |
| Garden leave / Post-termination consulting | Not disclosed |
Compensation Committee Analysis
- BANX has a Nominating and Governance Committee composed of Independent Directors; responsibilities include director nominations, governance oversight, related-party transaction review, contract review (including the investment advisory agreement), and periodic review of Independent Director compensation. No separate management compensation committee is disclosed, consistent with no Company-paid officer compensation .
- The Audit Committee consists of Independent Directors; it met four times in FY2024 and oversees financial reporting and auditor independence. The Company received a temporary Nasdaq cure period after the March 2025 passing of an independent director; the Board is seeking a replacement to restore full audit committee composition .
Investment Implications
- Alignment: Rice holds no BANX equity (“None” dollar range), implying 0% ownership; this reduces direct stock-based alignment and eliminates near-term vesting-related selling pressure for this officer .
- Pay-for-performance at Company level: BANX discloses no Company-paid officer compensation, so there are no BANX-linked incentive metrics (revenue, EPS, TSR) that could influence officer behavior; incentives, if any, sit at the adviser (not disclosed by BANX) .
- Retention/Change-of-control: No employment agreement economics (severance, CoC triggers) are disclosed, which suggests limited direct Company-level retention costs and minimal CoC overhang related to the Secretary role, though adviser-level terms are unknown .
- Trading signals: No disclosed holdings or equity awards for Rice mean limited insider-trading signal value tied to his activity; Company’s Section 16(a) note cites one late filing for a director, not Rice . Overall, as Secretary/GC at the adviser, Rice’s role is important for governance and compliance but is unlikely to be a material driver of BANX’s financial performance or a source of equity overhang.
Note: Where proxies are silent (e.g., adviser compensation, hedging/pledging policies specific to officers), conclusions are limited to BANX disclosures cited above.