Tetragon Financial Group LTD

Latest Results (10.12.2025):

Tetragon Financial Group Limited — Q4 2024 (year ended 31 December 2024): the company reported strong full‑year 2024 results with net assets rising to $3,173.0m and NAV per share increasing to $38.69. The Fund recorded a profit/total comprehensive income of $352.2m (FY 2023: $141.1m) driven by large fair‑value gains on investments, offset partially by higher operating expenses including a materially higher incentive fee.

Net assets and NAV

Net assets at 31 Dec 2024 were $3,173.0m (31 Dec 2023: $2,825.4m). NAV per share was $38.69 versus $34.79 a year earlier.

Profit and income drivers

Profit (total comprehensive income) for the year was $352.2m (2023: $141.1m). Total income was $521.0m, led by net gains on non‑derivative financial assets at FVTPL of $504.3m (2023: $270.6m) and net derivative gains of $15.5m (2023: loss $32.5m).

Expenses and fees

Operating expenses rose to $143.4m (2023: $75.6m). Management fees were $43.3m and incentive fees jumped to $87.3m (2023: $16.3m), the main contributor to the increase in total operating expenses.

Earnings per share and shares

Basic EPS was $4.13 (2023: $1.62); diluted EPS $3.94 (2023: $1.53). Weighted average basic shares: 85.3m (2023: 87.3m); diluted: 89.4m (2023: 92.2m). Shares outstanding at year‑end were 82.0m (81.2m at 31 Dec 2023).

Cash flow and liquidity

Cash and cash equivalents at year‑end were $30.5m (2023: $23.1m). Operating cash flow improved: net cash generated from operating activities $47.1m (2023: used $26.0m). Net increase in cash for the year was $7.4m.

Debt and finance costs

Loans and borrowings were $300.0m (2023: $250.0m). Finance costs were $25.4m (2023: $24.0m).

Investments and valuation composition

Total non‑derivative FVTPL investments were $3,504.3m. Level‑3 (unobservable input) investments increased to $2,522.6m (2023: $2,179.8m), notably $1,572.8m in TFG Asset Management and $609.9m in investment funds/vehicles. Level‑3 net unrealised gains materially contributed to reported profits.

Valuation sensitivity (CLOs)

The report discloses valuation methodology for CLO equity tranches and a sensitivity: a ±1% change in the discount rate would change net assets/profit by approximately +$2.0m / -$2.3m (31 Dec 2024) for the CLO equity tranche exposure.

Capital actions and share compensation

Dividends paid were $21.7m (2023: $23.3m). The Fund repurchased treasury shares ($42.6m in 2024, $60.3m in 2023). Share‑based compensation reserve rose to $97.9m; share‑based compensation expense recognised was $5.5m in the year.

Audit and reporting

The independent auditor issued an unmodified opinion on the consolidated financial statements for the year ended 31 Dec 2024, prepared under IFRS as adopted by the EU (with a note regarding differences from US GAAP per Note 20).