In This Article:
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Fully Diluted NAV per Share: $35.43 at December 31, 2024.
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NAV per Share Total Return: 15.4% for 2024.
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Annualized NAV Share Total Return Since IPO: 10.8%.
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Return on Equity (ROE): 14.6% for 2024.
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Dividend Declared: $0.11 for Q4 2024, totaling $0.44 for the full year.
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Dividend Yield: Approximately 3.1% based on year-end share price of $14.
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Shareholder Returns via Tender Offer: Approximately $25 million returned in April 2024.
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Investment Income Contribution to NAV: Increased NAV per share by $6.45.
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Operating Expenses and Fees Impact on NAV: Reduced NAV per share by $1.54.
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Interest Expense Impact on NAV: Reduced NAV per share by $0.28.
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Gross Dividends Impact on NAV: Reduced NAV per share by $0.44.
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Net Dilution Impact on NAV: Reduced NAV per share by $0.46.
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Share Repurchases Impact on NAV: Increased NAV per share by $0.57.
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Private Equity and Venture Capital Allocation: Increased to 22% from 16% in 2023.
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Bank Loans Allocation: Decreased to 5% from 8% in 2023.
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Private Equity and Asset Management Companies Allocation: Increased to 45% from 44% in 2023.
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Aggregate Investment Performance: Gross profit of $575 million for 2024.
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Top Investment Gains: $280 million from Equitic, $153 million from Ripple Labs, $126 million from an Australian gold mining company.
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TFG Asset Management Gain: $300 million for 2024.
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Hedge Fund Strategies Gain: $33 million for 2024.
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Bank Loans Loss: $16 million for 2024.
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Real Estate Loss: $18 million for 2024.
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Private Equity and Venture Capital Gain: $285 million for 2024.
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Legal Assets Gain: $4 million for 2024.
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Other Equities and Credit Loss: $12 million for 2024.
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Cash Bank Balance: $30.5 million at year-end 2024.
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Net Cash Balance: Negative $339 million at year-end 2024.
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Credit Facility: $400 million with $300 million drawn as of year-end 2024.
Release Date: March 05, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Tetragon Financial Group Ltd (LSE:TFG) achieved a NAV per share total return of 15.4% for 2024, with a fully diluted NAV per share of $35.43.
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The company declared a dividend of $0.44 for the full year, representing a yield of approximately 3.1% based on the year-end share price.
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Tetragon's investment in Equitic generated a significant gain of $280 million, driven by higher valuations and increased ownership.
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The private equity and venture capital segment saw a substantial gain of $285 million, with notable contributions from Ripple Labs and an Australian gold mining company.
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TFG Asset Management recorded an investment gain of $300 million, with strong performance from its asset management businesses.