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Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
 12 Months Ended
Dec. 31, 2025
EBP 003  
EBP, Schedule of Asset Held for Investment [Line Items]  
Schedule H, Line 4i – Schedule of Assets (Held At End of Year)
ARROW FINANCIAL CORPORATION
PROFIT SHARING 401(K) PLAN
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
EIN\PN: 22-2448962\003
December 31, 2025
(a)(b)(c)(d)(e)
Parties
in
Interest		Identity of Issuer,
Borrower, Lessor,
or Similar Party		Description of InvestmentCostCurrent Value
Common Stock
*Arrow Financial CorporationEmployer Common Stock#$95,295 
Cash and Money Market Fund
BlackRock Liquidity FundsMoney Market Fund # 1,967,829 
Cash on hand # 85,705 
2,053,534 
Mutual Funds
ClearBridgeInternational Growth Fund - Class I # 108,526 
ClearBridgeMid-Cap Fund - Class I # 57,275 
Cohen & SteersPreferred Securities and Income Fund Inst. # 403,105 
Dodge & CoxStock Fund # 2,092,691 
FAM FundsSmall-Cap Fund - Institutional # 634,765 
Fidelity FundsBalanced Fund # 6,041,241 
Fidelity FundsBlue Chip Growth # 6,352,204 
Fidelity FundsInvestment Grade Bond Fund # 1,707,403 
Goldman SachsEmerging Markets Equity Insights Fund - Inst. # 204,992 
Goldman SachsLarge-Cap Value Insights Fund - Institutional # 620,871 
Goldman SachsInternational Equity Insights Fund - Inst. # 1,898,589 
Goldman SachsUS Equity Insights Fund - Institutional # 14,594 
Lord AbbettShort Duration Inc - R6 # 1,351,344 
MadisonMid Cap Fund - R6 # 1,808,718 
Nuveen FundsPreferred Securities & Income Fund - Class I # 68,783 
PIMCO FundsCommodity Real Return Strategy Fund - Inst. # 81,236 
Principal FundsSmall-Cap Fund - Institutional # 876,336 
T Rowe Price FundsNew Asia Fund - Class I # 11,811 
T Rowe Price FundsGrowth Stock Fund - Class I # 769,578 
North Country FundsLarge-Cap Equity Fund # 2,161,372 
VanEckInternational Investors Gold Fund - Y # 62,876 
Vanguard Funds500 Index Admiral # 7,615,870 
ARROW FINANCIAL CORPORATION
PROFIT SHARING 401(K) PLAN
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
EIN\PN: 22-2448962\003
December 31, 2025
(a)(b)(c)(d)(e)
Parties
in
Interest		Identity of Issuer,
Borrower, Lessor,
or Similar Party		Description of InvestmentCostCurrent Value
Vanguard FundsBalanced Index - Admiral # 13,148 
Vanguard FundsGrowth Index Fund - Admiral Shares # 429,450 
Vanguard FundsHigh-Yield Corporate Fund - Admiral Shares # 736,043 
Vanguard FundsMid-Cap Growth Index Fund - Admiral Shares # 339,769 
Vanguard FundsMid-Cap Value Index Fund - Admiral Shares # 98,712 
Vanguard FundsMid-Cap Index Fund - Admiral Shares # 1,638,248 
Vanguard FundsReal Estate Index Fund - Admiral Shares # 179,947 
Vanguard FundsShort-Term Bond Index Fund - Admiral Shares # 102,803 
Vanguard FundsSmall-Cap Growth Index Fund - Admiral Shares # 93,263 
Vanguard FundsSmall-Cap Index Fund - Admiral Shares # 428,369 
Vanguard FundsSmall-Cap Value Index - Admiral Shares # 31,607 
Vanguard FundsTarget Retire 2030 # 311 
Vanguard FundsTarget Retire 2035 # 77,960 
Vanguard FundsTarget Retire 2040 # 8,119 
Vanguard FundsTarget Retire 2045 # 73,074 
Vanguard FundsTarget Retire 2050 # 206,068 
Vanguard FundsTarget Retire 2055 # 287,674 
Vanguard FundsTarget Retire 2060 # 76,630 
Vanguard FundsTarget Retire 2065 # 47,632 
Vanguard FundsTotal Bond Market Index Fund - Admiral Shares # 2,244,125 
Vanguard FundsTotal International St Index - Admiral Shares # 90,101 
Vanguard FundsValue Index Fund - Admiral Shares # 77,559 
Western Asset ManagementAsset Core Bond Fund - Class IS # 274,132 
42,498,924 
Participant Loans
*Participants
Participant Loans (4.25% - 9.50%)
—570,540 
Total Assets Held for Investment Purposes$45,218,293 
*Indicates a party-in-interest as defined by the Employee Retirement Security Act of 1974.
#Investments are participant directed and therefore cost information is not presented.