Transition-metal arene complexes are important species in catalysis and arene functionalization. Certain electron-rich metal fragments are capable of binding arenes across two adjacent carbon atoms, inducing significant dearomatization through strong back-bonding interactions. Such complexes generally adopt low-spin, closed-shell configurations with electronic and coordinative saturation. Herein, we report an asymmetric tris(pyrazolyl)hydroborate (Tp) ligand and its Fe(I) fragment, which forms η 2 complexes with a range of arenes and heteroarenes, including benzene, trifluoromethylbenzene, naphthalene, anthracene, and furan. X-band EPR and solution magnetometry definitively establish these complexes as high spin (S = 3/2), owing to the relatively weak ligand field provided by Tp. These compounds expand a small but growing family of complexes that feature strongly backbonding metal fragments in high-spin configurations.