Tetragon Financial Group (TFG) H2 2024 earnings summary

Executive summary

• NAV per share total return for 2024 was 15.4%, with a fully diluted NAV per share of $35.43 at year-end, and an RoE of 14.6% for the year, both within long-term targets.

• NAV reached $3.2 billion as of 31 December 2024, up from $31.13 per share the previous year.

• Since IPO, annualized NAV per share total return is 10.8%, and average RoE is 11.4%.

• Over 40% of public shares are owned by principals and employees, demonstrating strong alignment of interests.

• Adjusted Net Income for 2024 was $411.9 million, with Adjusted EPS of $4.83.

Financial highlights

• Dividend declared for 2024 was $0.44 per share, yielding 3.1% on year-end share price, with a five-year CAGR of 10.8%.

• $25 million returned to shareholders via a tender offer; inception-to-date capital returned totals $1.75 billion.

• NAV increased by $347.6 million year-over-year, driven by $575.2 million in gains, partially offset by $557.5 million in disposals/receipts.

• Principal and employee ownership stood at 40.3% as of year-end.

• Since IPO, NAV per share total return is 511%, outperforming major indices.

Segment performance

• TFG Asset Management generated a $300 million gain, led by Equitix ($280 million), BGO ($36 million), and offset by LCM's $35 million loss.

• Private equity and venture capital delivered $285 million in gains, driven by Ripple Labs ($153 million) and Hawke's Point ($126 million).

• Hedge fund strategies gained $33 million, with Westbourne River and Acosta Partners as key contributors.

• Bank loans (CLOs) lost $16 million, mainly due to defaults and lower recoveries; bank loans decreased to $165.8 million.

• Real estate investments lost $18 million, primarily from U.S.-focused funds; real estate assets declined to $130.0 million.