Arrow Financial Corp reports 2.39% increase in ownership of MA / Mastercard Incorporated

Mastercard Incorporated

US ˙ NYSE ˙ US57636Q1040

Security	MA / Mastercard Incorporated
Institution	Arrow Financial Corp
Latest Disclosed Ownership	3,520 shares
Latest Disclosed Value	$ 1,758,804

On May 11, 2026 - Arrow Financial Corp filed a 13F-HR form disclosing ownership of 3,520 shares of Mastercard Incorporated (US:MA) valued at $1,758,803 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 5, 2026 disclosing 3,438 shares of Mastercard Incorporated. This represents a change in shares of 2.39% during the quarter. The current value of the position is $1,659,856 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)

File Date	Effective Date	Form	Security	Class	ID	Reported Shares	ΔShares	ΔShares (%)	Reported Value (x1000)	ΔValue (%)	Alloc (%)
2026-05-11	2026-03-31	13F	MASTERCARD INC CL A	Equities	57636Q104	3,520	82	2.39	1,759	-10.40	0.1769
2026-02-05	2025-12-31	13F	MASTERCARD INC CL A	Equities	57636Q104	3,438	-57	-1.63	1,963	-1.26	0.1957
2025-10-21	2025-09-30	13F	MASTERCARD INC CL A	Equities	57636Q104	3,495	-187	-5.08	1,988	-3.96	0.2033
2025-08-11	2025-06-30	13F	MASTERCARD INC CL A	Equities	57636Q104	3,682	-90	-2.39	2,069	0.10	0.2179
2025-05-05	2025-03-31	13F	MASTERCARD INC CL A	Equities	57636Q104	3,772	-55	-1.44	2,068	2.58	0.2311
2025-02-14	2024-12-31	13F	MASTERCARD INC CL A	Equities	57636Q104	3,827	-23	-0.60	2,015	6.00	0.1913
2024-11-04	2024-09-30	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	3,850	98	2.61	1,901	14.86	0.1758
2024-07-30	2024-06-30	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	3,752	32	0.86	1,655	-7.59	0.1615
2024-05-21	2024-03-31	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	3,720	-319	-7.90	1,791	4.01	0.1778
2024-02-12	2023-12-31	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	4,039	-106	-2.56	1,723	4.94	0.1787
2023-11-13	2023-09-30	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	4,145	-114	-2.68	1,641	-2.03	0.1924
2023-08-09	2023-06-30	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	4,259	-2,923	-40.70	1,675	-35.82	0.2021
2023-05-03	2023-03-31	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	7,182	-462	-6.04	2,610	130,400.00	0.3402
2023-02-02	2022-12-31	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	7,644	-135	-1.74	3	-99.91	0.3604
2022-11-07	2022-09-30	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	7,779	-116	-1.47	2,212	-11.20	0.3226
2022-07-25	2022-06-30	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	7,895	-157	-1.95	2,491	-13.42	0.3397
2022-04-26	2022-03-31	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	8,052	182	2.31	2,877	1.77	0.3443
2022-01-28	2021-12-31	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	7,870	1,675	27.04	2,827	31.24	0.3346
2021-10-21	2021-09-30	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	6,195	-26	-0.42	2,154	-5.11	0.2779
2021-07-21	2021-06-30	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	6,221	-77	-1.22	2,270	1.20	0.2880
2021-04-30	2021-03-31	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	6,298	214	3.52	2,243	3.27	0.2976
2021-02-08	2020-12-31	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	6,084	36	0.60	2,172	6.21	0.4223
2020-11-06	2020-09-30	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	6,048	56	0.93	2,045	15.34	0.4324
2020-07-27	2020-06-30	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	5,992	-105	-1.72	1,773	20.37	0.3866
2020-04-21	2020-03-31	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	6,097	584	10.59	1,473	-10.51	0.3491
2020-02-10	2019-12-31	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	5,513	341	6.59	1,646	17.24	0.3208
2019-10-28	2019-09-30	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	5,172	73	1.43	1,404	4.08	0.2914
2019-07-26	2019-06-30	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	5,099	127	2.55	1,349	15.30	0.2899
2019-04-26	2019-03-31	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	4,972	-10	-0.20	1,170	24.47	0.2712
2019-02-04	2018-12-31	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	4,982	265	5.62	940	-10.56	0.2404
2018-10-10	2018-09-30	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	4,717	181	3.99	1,051	17.96	0.2207
2018-07-30	2018-06-30	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	4,536	1,565	52.68	891	71.35	0.2001
2018-04-25	2018-03-31	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	2,971	263	9.71	520	26.83	0.1205
2018-02-02	2017-12-31	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	2,708	72	2.73	410	10.22	0.0948
2017-10-18	2017-09-30	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	2,636	354	15.51	372	34.30	0.0883
2017-08-01	2017-06-30	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	2,282	1,582	226.00	277	255.13	0.0663
2017-04-28	2017-03-31	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	700	0	0.00	78	8.33	0.0190
2017-02-14	2016-12-31	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	700	225	47.37	72	50.00	0.0179
2016-10-28	2016-09-30	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	475	-25	-5.00	48	9.09	0.0122
2016-08-01	2016-06-30	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	500	-100	-16.67	44	-21.43	0.0115
2016-05-04	2016-03-31	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	600	-140	-18.92	56	-22.22	0.0149
2016-02-09	2015-12-31	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	740	210	39.62	72	50.00	0.0192
2015-11-06	2015-09-30	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	530	0	0.00	48	-4.00	0.0136
2015-07-28	2015-06-30	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	530	-133	-20.06	50	-12.28	0.0135
2015-04-30	2015-03-31	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	663	163	32.60	57	32.56	0.0153
2015-01-22	2014-12-31	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	500	-57	-10.23	43	4.88	0.0117
2014-10-31	2014-09-30	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	557	57	11.40	41	10.81	0.0114
2014-07-30	2014-06-30	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	500	-60	-10.71	37	-11.90	0.0100
2014-04-30	2014-03-31	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	560	520	1,300.00	42	27.27	0.0119
2014-01-31	2013-12-31	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	40	0	0.00	33	22.22	0.0095
2013-10-29	2013-09-30	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	40	0	0.00	27	17.39	0.0083
2013-08-08	2013-06-30	13F	MASTERCARD INC CL A	COMMON STOCK	57636Q104	40	40		23		0.0074

Legend

Shares: The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value: The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price: The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class: This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred

Allocation (%): The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation: The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%): The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis: The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss: This is the market value of the position as of the effective date minus the cost basis.