As of November 30, 2025, Tetragon Financial Group reported a Net Asset Value (NAV) of $3,877 million, reflecting a fully diluted NAV per share of $41.85. This figure incorporates the impact of share-based compensation and convertible securities, ensuring investors have a clear view of the company’s economic stake. The NAV calculation continues to be driven by the mark-to-market valuation of Tetragon’s diversified credit strategies, real estate investments and long-duration equity stakes, with limited leverage maintained at 22% of total assets to preserve balance sheet flexibility.

During November, NAV per share delivered a total return of –0.6%, driven primarily by modest markdowns in liquid credit positions and a flat performance from longer-duration holdings. The negative return translated into a decline of approximately $0.25 per share in NAV over the month. Since inception, Tetragon has generated an annualized NAV accretion of 6.8%, underscoring its track record in navigating volatile markets. For investors, the November NAV contraction highlights the sensitivity of closed-ended vehicles to short-term interest rate shifts, while the ongoing NAV growth trend reinforces the potential for medium-term capital preservation and income generation.