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Tetragon Financial Group (TFG) investor relations material

Tetragon Financial Group H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary30 Jul, 2025

Executive summary

  • NAV per share total return was 10% for H1 2025, with a fully diluted NAV per share of $38.74 as of June 30, 2025.

  • ROE for H1 2025 was 12.2%, exceeding the six-month target and within the long-term range of 10–15%.

  • Dividend declared for Q2 was $0.11, totaling $0.22 YTD, with a trailing yield of 2.7%.

  • NAV per share total return since IPO is 11% annualized, with a 572% cumulative return.

  • Net asset value increased to $3.55B at June 30, 2025.

Financial highlights

  • Adjusted net income for H1 2025 was $388M; GAAP net income was $377.6M.

  • Adjusted EPS was $4.48, based on a time-weighted average of 83.3M shares.

  • Gross profit for H1 2025 was $540M, mainly from Equitix ($409M), Ripple Labs ($118M), and Hawke's Point ($63M).

  • Private equity and venture capital generated $189M in gains; legal assets $3M; other equities and credit $8M.

  • Bank loans (CLOs) posted a $24M loss; real estate a loss of $8.5M.

Outlook and guidance

  • Continued funding commitments expected for asset management, private equity, legal assets, and new asset classes.

  • Private equity allocations and Bain & Square Partners exposure expected to grow.

  • Real estate investments to remain stable, with capital distributions from existing holdings.

  • Expects to realize further value from TFG Asset Management through strategic transactions.

  • Sees significant runway for innovation and growth in infrastructure and alternative assets.

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Frequently asked questions

Tetragon Financial Group Limited (TFG) is a Guernsey-based closed-ended investment company founded in 2005, focusing on generating distributable income and capital appreciation for investors. Its investment portfolio spans a diverse range of alternative assets, including public and private equities and credit, distressed securities, structured credit, convertible bonds, real estate, venture capital, infrastructure, bank loans, legal assets, and it oversees TFG Asset Management, a diversified alternative asset management business. The company is headquartered in London, United Kingdom, and its shares are listed on the Euronext Amsterdam and the London Stock Exchange.

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