A high-temperature pressurized-air solar receiver, designed for driving a Brayton cycle, consists of a cylindrical SiC cavity and a concentric annular reticulated porous ceramic (RPC) foam enclosed by a steel pressure vessel. Concentrated solar energy is absorbed by the cavity and transferred to the pressurized air flowing across the RPC by combined conduction, convection, and radiation. The governing mass, momentum, and energy conservation equations are numerically solved by coupled Monte Carlo (MC) and finite volume (FV) techniques. Model validation was accomplished with experimental data obtained with a 50 kWth modular solar receiver prototype. The model is applied to elucidate the major heat loss mechanisms and to study the impact on the solar receiver performance caused by changes in process conditions, material properties, and geometry. For an outlet air temperature range 700–1000 °C and pressure range 4–15 bar, the thermal efficiency—defined as the ratio of the enthalpy change of the air flow divided by the solar radiative power input through the aperture—exceeds 63% and can be further improved via geometry optimization. Reradiation is the dominant heat loss.