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Burford Capital Reports Third Quarter 2024 Results

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Burford Capital reported strong Q3 2024 results with record-breaking performance. The company achieved $556 million in Burford-only cash receipts YTD24 and $310 million in Q3 alone. Core portfolio net realized gains reached $184 million YTD24, up 49% from YTD23, with a return on invested capital of 94%. Q3 net income attributable to shareholders was $136 million, with tangible book value exceeding $10 per share for the first time. New commitments increased substantially in Q3 2024 compared to Q3 2023, while total portfolio value grew 4% to $7.48 billion.

Burford Capital ha riportato risultati solidi per il Q3 2024 con una performance record. L'azienda ha raggiunto 556 milioni di dollari in incassi di cassa solo per Burford fino ad ora nel 2024 e 310 milioni di dollari solo nel Q3. I guadagni netti realizzati dal portafoglio principale hanno raggiunto 184 milioni di dollari fino ad ora nel 2024, in aumento del 49% rispetto all'anno precedente, con un ritorno sul capitale investito del 94%. Il reddito netto del Q3 attribuibile agli azionisti è stato di 136 milioni di dollari, con un valore contabile tangibile che ha superato i 10 dollari per azione per la prima volta. I nuovi impegni sono aumentati notevolmente nel Q3 2024 rispetto al Q3 2023, mentre il valore totale del portafoglio è cresciuto del 4% fino a 7,48 miliardi di dollari.

Burford Capital reportó resultados sólidos para el Q3 2024 con un desempeño récord. La compañía alcanzó 556 millones de dólares en ingresos en efectivo solo de Burford hasta ahora en 2024 y 310 millones de dólares solo en el Q3. Las ganancias netas realizadas del portafolio principal alcanzaron 184 millones de dólares hasta ahora en 2024, un aumento del 49% respecto al año anterior, con un retorno sobre el capital invertido del 94%. El ingreso neto del Q3 atribuible a los accionistas fue de 136 millones de dólares, con un valor contable tangible superando los 10 dólares por acción por primera vez. Los nuevos compromisos aumentaron sustancialmente en el Q3 2024 en comparación con el Q3 2023, mientras que el valor total del portafolio creció un 4% hasta 7.48 mil millones de dólares.

버포드 캐피탈은 2024년 3분기 강력한 실적을 발표하며 기록적인 성과를 거두었습니다. 이 회사는 2024년 현재까지 버포드 전용 현금 수익 5억 5천 5백 60만 달러를 달성했으며, 3분기 동안 3억 1천만 달러를 기록했습니다. 핵심 포트폴리오의 순실현 이익은 2024년 현재까지 1억 8천 4백만 달러에 도달했으며, 이는 전년 대비 49% 증가한 수치로, 투자 자본 수익률은 94%에 달합니다. 3분기 동안 주주에게 귀속된 순이익은 1억 3천 6백만 달러였으며, 유체 자산 가치가 주당 10달러를 초과한 것은 이번이 처음입니다. 2024년 3분기에는 2023년 3분기와 비교해 새로운 약정이 크게 증가했으며, 총 포트폴리오 가치는 74억 8천만 달러로 4% 성장했습니다.

Burford Capital a annoncé des résultats solides pour le T3 2024 avec des performances record. L'entreprise a atteint 556 millions de dollars en recettes de trésorerie uniquement pour Burford jusqu'à présent en 2024 et 310 millions de dollars rien qu'au T3. Les gains nets réalisés du portefeuille principal ont atteint 184 millions de dollars jusqu'à présent en 2024, soit une augmentation de 49 % par rapport à l'année précédente, avec un retour sur le capital investi de 94 %. Le revenu net du T3 attribuable aux actionnaires s'élevait à 136 millions de dollars, avec une valeur comptable tangible dépassant pour la première fois 10 dollars par action. Les nouveaux engagements ont considérablement augmenté au T3 2024 par rapport au T3 2023, tandis que la valeur totale du portefeuille a crû de 4 % pour atteindre 7,48 milliards de dollars.

Burford Capital meldete für das dritte Quartal 2024 starke Ergebnisse mit einer rekordverdächtigen Leistung. Das Unternehmen erzielte bis heute 556 Millionen Dollar an Bareinnahmen nur von Burford und 310 Millionen Dollar allein im dritten Quartal. Die realisierten Nettogewinne des Kernportfolios erreichten bis heute 184 Millionen Dollar, was einem Anstieg von 49 % im Vergleich zum Vorjahr entspricht, bei einer Rendite auf das investierte Kapital von 94 %. Der Nettogewinn im dritten Quartal, der den Aktionären zuzurechnen ist, betrug 136 Millionen Dollar, wobei der materielle Buchwert zum ersten Mal mehr als 10 Dollar pro Aktie überstieg. Neue Verpflichtungen stiegen im dritten Quartal 2024 im Vergleich zum dritten Quartal 2023 erheblich, während der Gesamtwert des Portfolios um 4 % auf 7,48 Milliarden Dollar anstieg.

Positive
  • Record cash receipts of $556 million YTD24, with $310 million in Q3 alone
  • Core portfolio net realized gains up 49% to $184 million YTD24
  • Strong ROIC of 94% on realizations
  • Net income of $136 million in Q3 2024
  • Liquidity position strengthened to $629 million
  • New commitments up 472% in Q3 2024 vs Q3 2023
Negative
  • Total revenues declined 43% YTD to $453 million
  • Net income down 69% YTD to $159.4 million
  • Capital provision income decreased 54% YTD to $469.5 million
  • Deployments decreased 14% YTD to $263.1 million

Insights

The Q3 results showcase remarkable financial performance with several notable achievements. Core portfolio net realized gains reached $184 million YTD, up 49% year-over-year, with an impressive ROIC of 94%. Cash receipts hit a record $556 million YTD, with $310 million in Q3 alone.

The company's tangible book value per share exceeded $10 for the first time, reaching $10.47. New commitments showed strong growth at $443 million YTD, while maintaining a healthy liquidity position of $629 million. The portfolio continues to demonstrate robust performance with total assets growing to $6.27 billion, up 7% from year-end 2023.

The portfolio's performance indicates successful resolution of pandemic-related case backlogs, with approximately half of capital provision assets generating realizations coming from 2020 and prior vintages. The diversification across 40 assets demonstrates strong risk management, with 10 assets each generating over $10 million in realizations.

The increase in undrawn commitments to $727 million suggests a robust pipeline of future legal finance opportunities. The continued high ROIC indicates effective case selection and management, maintaining the company's strong track record in litigation finance outcomes.

NEW YORK, Nov. 7, 2024 /PRNewswire/ -- Burford Capital Limited ("Burford"), the leading global finance and asset management firm focused on law, today announces its unaudited financial results at and for the three and nine months ended September 30, 2024.

In addition, Burford has made available an accompanying three and nine months ended September 30, 2024 results presentation on its website at http://investors.burfordcapital.com.

Christopher Bogart, Chief Executive Officer of Burford Capital, commented:

"We are having a great year as we enjoy the long-awaited momentum in the portfolio. We have generated $556 million in Burford-only cash receipts YTD24 and $310 million just in 3Q24, setting new records. Our core portfolio net realized gains are already in line with the previous annual peak, with $184 million in YTD24 up 49% from YTD23, and $56 million in 3Q24, around twice the level of the 2023 and 2022 third quarters. Net realized gains in YTD24 reflect a ROIC of 94% on realizations which remains above our historical track record. We reported Burford-only net income attributable to shareholders of $136 million in 3Q24 and grew tangible book value to more than $10 per share for the first time. And despite the team being focused on the very active portfolio, new commitments are up substantially in 3Q24 over 3Q23."

 

Consolidated financial results










Summary statements of operations


Nine months ended

September 30,


Three months ended

September 30,

Consolidated (US GAAP)

($ in thousands, except per share data)

2024

2023

% change


2024

2023

% change

Capital provision income

469,494

1,016,113

-54 %


270,988

504,513

-46 %

Asset management income

6,654

5,767

15 %


3,147

1,876

68 %

Total revenues

453,062

794,329

-43 %


249,114

368,873

-32 %

Total operating expenses

115,182

150,999

-24 %


46,893

53,068

-12 %

Net income/(loss) attributable to Burford Capital Limited shareholders

159,452

510,427

-69 %


135,643

272,542

-50 %


Per diluted ordinary share

0.71

2.29

-69 %


0.61

1.22

-50 %




















Summary statements of financial position

Consolidated (US GAAP)

($ in thousands, except per share data)

September 30, 2024

December 31, 2023

% change

Capital provision assets

5,356,300

5,045,388

6 %

Total Burford Capital Limited equity

2,432,109

2,290,858

6 %


Book value per ordinary share

11.08

10.46

6 %

Non-controlling interests

865,242

916,922

-6 %

Total shareholders' equity

3,297,351

3,207,780

3 %

Total liabilities and shareholders' equity

6,274,902

5,837,394

7 %






 

In this announcement, references to "3Q24" and "YTD24" are to Burford's financial results for the three and nine months ended September 30, 2024, respectively, and references to "3Q23" and "YTD23" are to Burford's financial results for the three and nine months ended September 30, 2023, respectively. All figures in this announcement are presented on an unaudited consolidated basis in accordance with the generally accepted accounting principles in the United States ("US GAAP"), unless otherwise stated. Figures at and for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2024.

In addition, in this announcement, the term "core portfolio" refers to Burford-only capital provision direct.

Definitions, reconciliations and information additional to those set forth in this announcement are available on Burford's website at http://investors.burfordcapital.com.

 

Burford-only operational and financial review (non-GAAP)

Selected metrics1


Nine months ended September 30,


Three months ended September 30,

Burford-only (non-GAAP)

($ in thousands)

2024

2023

% change


2024

2023

% change

Net realized gains/(losses)

184,164

123,539

49 %


56,257

29,145

93 %

Realizations

380,442

274,101

39 %


164,704

79,158

108 %

Cash receipts2

555,548

379,732

46 %


310,491

132,794

134 %

Deployments

263,103

304,432

-14 %


72,277

55,986

29 %

New commitments

443,451

448,682

-1 %


100,861

17,648

472 %

1 Represents Burford-only capital provision-direct, unless noted otherwise.

2 Represents Burford-only proceeds from capital provision-direct, capital provision-indirect and asset management and other services.


Group-wide (non-GAAP)

($ in thousands)

September 30, 2024

December 31, 2023

% change

Total portfolio

7,478,292

7,170,308

4 %






 

  • Realizations are on a record annual pace in 2024
    • Core portfolio realizations of $380 million in YTD24 up 39% compared to YTD23 and diversified across 40 assets
    • We continue to see progress in clearing the pandemic-driven backlog with about half of the capital provision assets generating realizations in YTD24 being from 2020 and prior vintages
    • During YTD24, 10 assets have each generated more than $10 million in realizations, with five of those assets each delivering $20 million or more
  • Net realized gains through 3Q24 are already near record annual levels
    • Core portfolio net realized gains of $184 million in YTD24 up 49% compared to YTD23, already in line with the previous annual peak of $186 million achieved in the full year 2023
    • YTD24 net realized gains reflect a ROIC of 94% on YTD24 realizations which remains above our historical track record
  • Record cash generation underscores portfolio progress and healthy liquidity
    • Cash receipts of $310 million in 3Q24 and $556 million in YTD24 driven by realizations, collection of receivables and asset management income
  • New business remains solid
    • Core portfolio new commitments of $443 million and deployments of $263 million in YTD24 remain on a consistent pace even as substantial portfolio activity places demands on team resources
    • Definitive undrawn commitments of $727 million at September 30, 2024 up 25% in YTD24 and support deployment activity looking forward

 

Selected financial metrics


Nine months ended

September 30,


Three months ended

September 30,

Burford-only (non-GAAP)

($ in thousands, except per share data)

2024

2023

% change


2024

2023

% change

Total revenues

394,688

725,927

-46 %


226,033

344,013

-34 %

Total operating expenses

112,977

150,377

-25 %


46,011

52,801

-13 %

Operating income/(loss)

281,711

575,550

-51 %


180,022

291,212

-38 %

Net income/(loss)

159,452

510,427

-69 %


135,643

272,542

-50 %









Burford-only (non-GAAP)

($ in thousands, except per share data)

September 30, 2024

December 31, 2023

$ change

% change

Tangible book value attributable to Burford Capital Limited

2,298,094

2,156,893

141,201

7 %


Tangible book value attributable to Burford Capital Limited per ordinary share

10.47

9.85

0.62

6 %







 

  • Net income in 3Q24 accelerated relative to the first half of the year
    • 3Q24 net income attributable to Burford Capital Limited shareholders of $136 million, or $0.61 per diluted share
  • 3Q23 and YTD23 results benefited from substantial positive impact of YPF-related capital provision income, which impacts 3Q24 and YTD24 comparisons
  • Within total revenues, 3Q24 was a strong quarter for capital provision income, which is up significantly from prior year, excluding YPF-related assets impact
    • 3Q24 Burford-only capital provision income of $205 million was driven, among other things, by positive impact across the major valuation inputs of discount rates, case milestones and duration
    • Excluding YPF-related assets, which heavily impacted 2023 results, Burford-only total net realized and unrealized gains were up 200% in 3Q24 and 17% in YTD24 compared to 3Q23 and YTD23, respectively

 

Selected portfolio metrics

Burford-only (non-GAAP)

($ in thousands)

September 30, 2024

December 31, 2023

$ change

% change

Deployed cost

1,645,667

1,573,531

72,136

5 %

Plus: Fair value adjustments

1,967,677

1,814,070

153,607

8 %

Fair value

3,613,344

3,387,601

225,743

7 %

Undrawn commitments

1,562,125

1,396,061

166,064

12 %

Total capital provision-direct portfolio

5,175,469

4,783,662

391,807

8 %

Total capital provision portfolio1

5,215,932

4,840,117

375,815

8 %

1 Represents capital provision-direct and capital provision-indirect.


 

  • Strong returns on realizations in YTD24 drove an increase in the cumulative ROIC since inception from Burford-only capital provision-direct assets from 82% at December 31, 2023 to 84%, while cumulative IRR declined by 40 basis points to 26% reflecting extended duration of certain assets (December 31, 2023: 27%)

 

Liquidity and capital






Burford-only (non-GAAP)

($ in thousands)

September 30, 2024

December 31, 2023

$ change

% change

Liquidity






Cash and cash equivalents

553,158

195,915

357,243

182 %


Marketable securities

75,801

107,561

(31,760)

-30 %


Total liquidity

628,959

303,476

325,483

107 %

Due from settlement of capital provision assets

64,489

185,267

(120,778)

-65 %






 

  • Burford-only cash and cash equivalents and marketable securities of $629 million at September 30, 2024 (December 31, 2023: $303 million)
    • Strong liquidity position at September 30, 2024 augmented by $556 million of Burford-only cash receipts in YTD24 and $275 million add-on offering to 2031 senior notes in January 2024
  • Burford-only due from settlement of capital provision assets of $64 million at September 30, 2024 (December 31, 2023: $185 million), with 95% of December 31, 2023 balance collected in YTD24
  • Total debt outstanding of $1.8 billion at September 30, 2024 (December 31, 2023: $1.6 billion)
    • Leverage remains well below covenant ceiling levels

Investor and analyst conference call

Burford will hold a conference call for investors and analysts at 10.00am EST / 3.00pm GMT on Thursday, November 7, 2024. The dial-in numbers for the conference call are +1 (646) 307-1963 (USA) or +1 (800) 715-9871 (USA & Canada toll free) / +44 (0)20 3481 4247 (UK) or +44 800 260 6466 (UK toll free) and the access code is 1730316. To minimize the risk of delayed access, participants are urged to dial into the conference call by 9.40am EST / 2.40pm GMT.

A live webcast of the call will also be available at https://events.q4inc.com/attendee/431913320, and pre-registration at that link is encouraged.

An accompanying 3Q24 results presentation for investors and analysts will also be made available on Burford's website prior to the conference call at http://investors.burfordcapital.com.

Following the conference call, a replay facility for this event will be accessible through the webcast at https://events.q4inc.com/attendee/431913320.

For further information, please contact:

Burford Capital Limited


For investor and analyst inquiries:


Americas: Josh Wood, Head of Investor Relations - email

+1 212 516 5824

EMEA & Asia: Rob Bailhache, Head of EMEA & Asia Investor Relations - email

+44 (0)20 3530 2023

For press inquiries:


David Helfenbein, Vice President, Public Relations - email

+1 (212) 516 5824



Deutsche Numis - NOMAD and Joint Broker

+44 (0)20 7260 1000

Giles Rolls


Charlie Farquhar




Jefferies International Limited - Joint Broker

+44 (0)20 7029 8000

Graham Davidson


James Umbers




Berenberg – Joint Broker

+44 (0)20 3207 7800

Toby Flaux


James Thompson


Yasmina Benchekroun


About Burford Capital
Burford Capital is the leading global finance and asset management firm focused on law. Its businesses include litigation finance and risk management, asset recovery and a wide range of legal finance and advisory activities. Burford is publicly traded on the New York Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE: BUR), and it works with companies and law firms around the world from its offices in New York, London, Chicago, Washington, DC, Singapore, Dubai and Hong Kong.

For more information, please visit www.burfordcapital.com.

Summary financial statements and reconciliations

The tables below set forth summaries of the condensed consolidated and Burford-only statements of operations for the three and nine months ended September 30, 2024 and 2023, the condensed consolidated and Burford-only statements of financial position at September 30, 2024 and December 31, 2023 and corresponding reconciliations from consolidated to Burford-only financial results. Furthermore, the tables below set forth certain additional reconciliations for financial information contained in this announcement.

Summary condensed consolidated statements of operations












Three months ended

September 30,


Nine months ended

September 30,

($ in thousands)


2024


2023


2024


2023

Revenues









Capital provision income/(loss)


270,988


504,513


469,494


1,016,113

(Less)/Plus: Third-party interests in capital

provision assets


(35,152)


(140,412)


(46,640)


(235,944)

Asset management income/(loss)


3,147


1,876


6,654


5,767

Services and other income/(loss)


10,131


2,896


23,554


8,393

   Total revenues


249,114


368,873


453,062


794,329










Total operating expenses


46,893


53,068


115,182


150,999










Operating income/(loss)


202,221


315,805


337,880


643,330










Finance costs and loss on debt extinguishment


34,399


29,013


101,432


70,690

Foreign currency transactions (gains)/losses


(1,510)


(9,811)


(951)


(21,149)










Income/(loss) before income taxes


169,332


296,603


237,399


593,789










Benefit from/(provision for) income taxes


(11,468)


531


(21,761)


(15,550)

Net income/(loss)


157,864


297,134


215,638


578,239










Net income/(loss) attributable to Burford Capital Limited shareholders


135,643


272,542


159,452


510,427










Net income/(loss) attributable to Burford Capital Limited shareholders per ordinary share









Basic


$0.62


$1.24


$0.73


$2.33

Diluted


$0.61


$1.22


$0.71


$2.29

 

Summary Burford-only statement of operations



Three months ended

September 30,

Nine months ended

September 30,

($ in thousands)


2024


2023


2024


2023

Revenues









Capital provision income


204,961


324,995


342,224


676,402

Asset management income


11,110


16,141


29,270


41,182

Services and other income


9,962


2,877


23,194


8,343

   Total revenues


226,033


344,013


394,688


725,927










Operating expenses


46,011


52,801


112,977


150,377










Operating income


180,022


291,212


281,711


575,550










Net income


135,643


272,542


159,452


510,427










Net income per share:









Basic


$0.62


$1.24


$0.73


$2.33

Diluted


$0.61


$1.22


$0.71


$2.29

 

Reconciliation of summary condensed consolidated statement of operations to summary Burford-only statement of operations










Three months ended September 30, 2024


(GAAP)

(Non-GAAP)



Elimination of third-party interests


($ in thousands)

Consolidated


BOF-C

Colorado

Advantage
Fund

Other

Burford-
only

Capital provision income

270,988


(18,742)

(34,546)

(10,257)

(2,482)

204,961

(Less): Third-party interests in capital provision assets

(35,152)


-

34,518

-

634

-

Asset management income

3,147


7,963

-

-

-

11,110

Services and other income

10,131


(165)

-

-

(4)

9,962

   Total revenues

249,114


(10,944)

(28)

(10,257)

(1,852)

226,033









Operating expenses

46,893


62

(28)

(96)

(820)

46,011









Operating income

202,221


(11,006)

-

(10,161)

(1,032)

180,022









Net income/(loss)

157,864


(11,006)

-

(10,161)

(1,054)

135,643

 










Three months ended September 30, 2023


(GAAP)

(Non-GAAP)



Elimination of third-party interests


($ in thousands)

Consolidated

Strategic
Value Fund

BOF-C

Colorado

Advantage
Fund

Other

Burford-
only

Capital provision income

540,513

(845)

(36,193)

(140,690)

(8,368)

6,578

324,995

(Less): Third-party interests in capital provision assets

(140,412)

-

-

140,699

-

(287)

-

Asset management income

1,876

16

14,249

-

-

-

16,141

Services and other income

2,896

(1)

(3)

-

-

(15)

2,877

   Total revenues

368,873

(830)

(21,947)

9

(8,368)

6,276

344,013









Operating expenses

53,068

(637)

73

9

(76)

364

52,801









Operating income

315,805

(193)

(22,020)

-

(8,292)

5,912

291,212









Net income/(loss)

297,134

(193)

(22,020)

-

(8,292)

5,913

272,542

 


Nine months ended September 30, 2024


(GAAP)

(Non-GAAP)



Elimination of third-party interests


($ in thousands)

Consolidated


BOF-C

Colorado

Advantage
Fund

Other

Burford-
only

Capital provision income

469,494


(51,760)

(47,372)

(23,302)

(4,836)

342,224

(Less): Third-party interests in capital provision assets

(46,640)


-

47,272

-

(632)

-

Asset management income

6,654


22,616

-

-

-

29,270

Services and other income

23,554


(350)

-

-

(10)

23,194

   Total revenues

453,062


(29,494)

(100)

(23,302)

(5,478)

394,688









Operating expenses

115,182


152

(100)

(370)

(1,887)

112,977









Operating income

337,880


(29,646)

-

(22,932)

(3,591)

281,711









Net income/(loss)

215,638


(29,646)

-

(22,932)

(3,608)

159,452

 










Nine months ended September 30, 2023


(GAAP)

(Non-GAAP)



Elimination of third-party interests


($ in thousands)

Consolidated

Strategic
Value Fund

BOF-C

Colorado

Advantage
Fund

Other

Burford-
only

Capital provision income

1,016,113

(1,052)

(84,429)

(235,731)

(20,373)

(1,874)

676,402

(Less): Third-party interests in capital provision assets

(235,944)

-

-

235,710

-

234

-

Asset management income

5,767

108

35,307

-

-

-

41,182

Services and other income

8,393

(1)

(5)

-

-

(44)

8,343

   Total revenues

794,329

(945)

(49,127)

(21)

(20,373)

(2,064)

725,927









Operating expenses

150,999

(933)

290

(21)

(279)

(321)

150,377









Operating income

643,330

(12)

(49,417)

-

(20,094)

(1,743)

575,550









Net income/(loss)

578,239

(12)

(49,417)

-

(20,094)

(1,711)

510,427

 

Summary condensed consolidated statement of financial position











($ in thousands)


 September 30,

2024


 December 31,
2023






Total assets


6,274,902


5,837,394






Total liabilities


2,977,551


2,629,614






Total Burford Capital Limited equity


2,432,109


2,290,858






Non-controlling interests


865,242


916,922






Total shareholders' equity


3,297,351


3,207,780






Basic ordinary shares outstanding


219,421,376


218,962,441






Total shareholders' equity attributable to Burford Capital Limited per basic ordinary share


11.08


10.46

Total shareholders' equity per basic ordinary share


15.03


14.65

 

Reconciliation of summary consolidated statement of financial position to summary Burford-only statement of financial position










September 30, 2024


(GAAP)

(Non-GAAP)



Elimination of third-party interests


($ in thousands)

Consolidated

BOF-C

Colorado

Advantage
Fund

Other

Burford-
only








Total assets

6,274,902

(602,059)

(733,574)

(199,160)

(81,977)

4,658,132








Total liabilities

2,977,551

-

(733,574)

(52)

(17,902)

2,226,023








Total shareholders' equity

3,297,351

(602,059)

-

(199,108)

(64,075)

2,432,109














 










December 31, 2023


(GAAP)

(Non-GAAP)



Elimination of third-party interests


($ in thousands)

Consolidated

BOF-C

Colorado

Advantage
Fund

Other

Burford-
only








Total assets

5,837,394

(634,239)

(686,304)

(222,413)

(78,574)

4,215,864








Total liabilities

2,629,614

-

(686,304)

(100)

(18,204)

1,925,006








Total shareholders' equity

3,207,780

(634,239)

-

(222,313)

(60,370)

2,290,858














 

Reconciliation of components of realizations from a consolidated basis to a Group-wide basis


Three months ended September 30, 2024


(GAAP)


(Non-GAAP)

($ in thousands)

Consolidated


Eliminations
and
adjustments

 Burford-
only 

Other funds

 BOF-C 

Group-wide

Capital provision-direct

231,891


(67,187)

164,704

58,567

33,431

256,702

Capital provision-indirect

22,274


(18,562)

3,712

18,562

-

22,274

Post-settlement

-


-

-

34,940

-

34,940

Total realizations

254,165


(85,749)

168,416

112,069

33,431

313,916

 


Three months ended September 30, 2023


(GAAP)


(Non-GAAP)

($ in thousands)

Consolidated


Eliminations
and
adjustments

 Burford-
only 

Other funds

 BOF-C 

Group-wide

Capital provision-direct

89,162


(10,004)

79,158

16,539

12,243

107,940

Capital provision-indirect

19,575


(6,228)

13,347

6,228

-

19,575

Post-settlement

-


-

-

20,050

-

20,050

Total realizations

108,737


(16,232)

92,505

42,817

12,243

147,565

 


Nine months ended September 30, 2024


(GAAP)


(Non-GAAP)

($ in thousands)

Consolidated


Eliminations
and
adjustments

 Burford-
only 

Other funds

 BOF-C 

Group-wide

Capital provision-direct

515,475


(135,033)

380,442

124,912

88,152

593,506

Capital provision-indirect

43,544


(36,287)

7,257

36,287

-

43,544

Post-settlement

-


-

-

87,442

-

87,442

Total realizations

559,019


(171,320)

387,699

248,641

88,152

724,492

 


Nine months ended September 30, 2023


(GAAP)


(Non-GAAP)

($ in thousands)

Consolidated


Eliminations
and
adjustments

 Burford-
only 

Other funds

 BOF-C 

Group-wide

Capital provision-direct

335,414


(61,313)

274,101

89,915

64,944

429,010

Capital provision-indirect

59,219


(39,317)

19,902

39,002

-

58,904

Post-settlement

-


-

-

118,307

-

118,307

Total realizations

394,633


(100,630)

294,003

247,224

64,944

606,221

 

Reconciliation of components of deployments from a consolidated basis to a Group-wide basis


Three months ended September 30, 2024


(GAAP)


(Non-GAAP)

($ in thousands)

Consolidated


Eliminations
and
adjustments

 Burford-
only 

Other funds

 BOF-C 

Group-wide

Capital provision-direct

88,769


(16,492)

72,277

5,400

15,947

93,624

Capital provision-indirect

9,371


(7,818)

1,563

7,817

-

9,380

Post-settlement

-


-

-

10,308

-

10,308

Total deployments

98,150


(24,310)

73,840

23,525

15,947

113,312

 


Three months ended September 30, 2023


(GAAP)


(Non-GAAP)

($ in thousands)

Consolidated


Eliminations
and
adjustments

 Burford-
only 

Other funds

 BOF-C 

Group-wide

Capital provision-direct

69,690


(13,704)

55,986

4,379

21,819

82,184

Capital provision-indirect

32,257


(26,881)

5,376

26,881

-

32,257

Post-settlement

-


-

-

7,466

-

7,466

Total deployments

101,947


(40,585)

61,362

38,726

21,819

121,907

 


Nine months ended September 30, 2024


(GAAP)


(Non-GAAP)

($ in thousands)

Consolidated


Eliminations
and
adjustments

 Burford-
only 

Other funds

 BOF-C 

Group-wide

Capital provision-direct

332,788


(69,685)

263,103

12,763

73,498

349,364

Capital provision-indirect

68,106


(56,755)

11,351

56,755

-

68,106

Post-settlement

-


-

-

39,836

-

39,836

Total deployments

400,894


(126,440)

274,454

109,354

73,498

457,306

 


Nine months ended September 30, 2023


(GAAP)


(Non-GAAP)

($ in thousands)

Consolidated


Eliminations
and
adjustments

 Burford-
only 

Other funds

 BOF-C 

Group-wide

Capital provision-direct

401,215


(96,783)

304,432

17,362

97,775

419,569

Capital provision-indirect

145,051


(120,876)

24,175

120,876

-

145,051

Post-settlement

-


-

-

43,272

-

43,272

Total deployments

546,266


(217,659)

328,607

181,510

97,775

607,892

 

Reconciliation of consolidated proceeds from capital provision assets to Burford-only cash receipts





($ in thousands)


Three months ended
September 30, 2024

Three months ended
September 30, 2023

Consolidated proceeds from capital provision assets


395,943

132,147

Less: Elimination of third-party interests


(91,185)

(7,074)

Burford-only total proceeds from capital provision assets


340,758

125,073

Burford-only proceeds from capital provision-direct assets


301,345

105,915

Less: Funding of financial liabilities at fair value through profit or loss


(2,583)

-

Burford-only proceeds from capital provision-direct assets (adjusted)


298,765

105,915

Burford-only proceeds from capital provision-indirect assets


3,413

19,158

Burford-only total proceeds from capital provision assets


302,175

125,073

Consolidated asset management income


3,147

1,876

Plus: Eliminated income from funds


7,963

14,265

Burford-only asset management income


11,110

16,141

Less: Non-cash adjustments(1)


(9,389)

(10,409)

Burford-only proceeds from asset management income


1,721

5,732

Burford-only proceeds from marketable security interest and dividends


4,567

2,062

Burford-only proceeds from other income


2,028

(73)

Burford-only proceeds from other items


6,595

1,989

Cash receipts


310,491

132,794


(1) Adjustments for the change in asset management receivables accrued during the applicable period but not yet received at the end of such period.

 





($ in thousands)


Nine months ended
September 30, 2024

Nine months ended
September 30, 2023

Consolidated proceeds from capital provision assets


768,848

440,154

Less: Elimination of third-party interests


(248,062)

(94,587)

Burford-only total proceeds from capital provision assets


520,786

345,567

Burford-only proceeds from capital provision-direct assets


500,595

319,236

Less: Funding of financial liabilities at fair value through profit or loss


(2,583)

-

Burford-only proceeds from capital provision-direct assets (adjusted)


498,012

319,236

Burford-only proceeds from capital provision-indirect assets


20,191

26,331

Burford-only total proceeds from capital provision assets


518,203

345,567

Consolidated asset management income


6,654

5,767

Plus: Eliminated income from funds


22,616

35,415

Burford-only asset management income


29,270

41,182

Less: Non-cash adjustments(1)


(12,081)

(12,137)

Burford-only proceeds from asset management income


17,189

29,045

Burford-only proceeds from marketable security interest and dividends


15,136

3,625

Burford-only proceeds from other income


5,020

1,495

Burford-only proceeds from other items


20,156

5,120

Cash receipts


555,548

379,732


(1) Adjustments for the change in asset management receivables accrued during the applicable period but not yet received at the end of such period.

 

Reconciliation of consolidated portfolio to Group-wide portfolio



September 30, 2024




(GAAP)


(non-GAAP)






Elimination of










($ in thousands)


Consolidated


third-party

interests


Burford-only


Other funds


BOF-C


Group-
wide


Capital provision assets - direct:














Deployed cost


2,172,043


(526,376)


1,645,667


362,230


459,211


2,467,108


   Plus: Fair value adjustments


2,946,300


(978,623)


1,967,677


168,275


227,300


2,363,252


Fair value


5,118,343


(1,504,999)


3,613,344


530,505


686,511


4,830,360
















Capital provision assets - indirect:












Deployed cost


205,831


(174,918)


30,913


174,918


-


205,831


   Plus: Fair value adjustments


32,126


(23,156)


8,970


23,156


-


32,126


Fair value


237,957


(198,074)


39,883


198,074


-


237,957
















Total capital provision assets


5,356,300


(1,703,073)


3,653,227


728,579


686,511


5,068,317
















Post-settlement assets:














Deployed cost


-


-


-


217,352


-


217,352


   Plus: Fair value adjustments


-


-


-


44,301


-


44,301


Fair value


-


-


-


261,653


-


261,653
















Undrawn commitments:














Capital provision-direct


1,987,200


(425,075)


1,562,125


107,578


416,320


2,086,023


Capital provision-indirect


3,479


(2,899)


580


2,899


-


3,479


Post-settlement


-


-


-


58,820


-


58,820


Total undrawn commitments


1,990,679


(427,974)


1,562,705


169,297


416,320


2,148,322
















Total portfolio


7,346,979


(2,131,047)


5,215,932


1,159,529


1,102,831


7,478,292


























 



December 31, 2023



(GAAP)


(non-GAAP)





Elimination of













 third-party









($ in thousands)


Consolidated


interests


Burford-only


Other funds


BOF-C


Group-wide

Capital provision assets - direct:













Deployed cost


2,116,304


(542,773)


1,573,531


416,318


428,110


2,417,959

   Plus: Fair value adjustments


2,743,575


(929,505)


1,814,070


180,169


220,363


2,214,602

Fair value


4,859,879


(1,472,278)


3,387,601


596,487


648,473


4,632,561














Capital provision assets - indirect:












Deployed cost


164,259


(125,508)


38,751


125,508


-


164,259

   Plus: Fair value adjustments


21,250


(15,490)


5,760


15,490


-


21,250

Fair value


185,509


(140,998)


44,511


140,998


-


185,509














Total capital provision assets


5,045,388


(1,613,276)


3,432,112


737,485


648,473


4,818,070














Post-settlement assets:













Deployed cost


-


-


-


253,062


-


253,062

   Plus: Fair value adjustments


-


-


-


45,792


-


45,792

Fair value


-


-


-


298,854


-


298,854














Undrawn commitments:













Capital provision-direct


1,801,627


(405,566)


1,396,061


126,560


396,646


1,919,267

Capital provision-indirect


71,662


(59,718)


11,944


59,718


-


71,662

Post-settlement


-


-


-


62,455


-


62,455

Total undrawn commitments


1,873,289


(465,284)


1,408,005


248,733


396,646


2,053,384














Total portfolio


6,918,677


(2,078,560)


4,840,117


1,285,072


1,045,119


7,170,308

 

Reconciliation of consolidated to Burford-only cash and cash equivalents and marketable securities










September 30, 2024


December 31, 2023


(GAAP)

(Non-GAAP)


(GAAP)

(Non-GAAP)

($ in thousands)

Consolidated

Elimination of
third-party interests

Burford-only


Consolidated

Elimination
of third-party interests

Burford-only

Cash and cash equivalents

574,014

(20,856)

553,158


220,549

(24,634)

195,915

Marketable securities

75,801

-

75,801


107,561

-

107,561

Total cash and cash equivalents and marketable securities

649,815

(20,856)

628,959


328,110

(24,634)

303,476

 

Reconciliation of consolidated to Burford-only due from settlement of capital provision assets










September 30, 2024


December 31, 2023



(GAAP)

(Non-GAAP)


(GAAP)

(Non-GAAP)

($ in thousands)

Consolidated

Elimination of
third-party
interests

Burford-
only


Consolidated

Elimination of
third-party
interests

Burford-
only

Due from settlement of capital provision assets

64,489

-

64,489


265,540

(80,273)

185,267










 

Reconciliation of consolidated to Burford-only net realized gains/(losses) on capital provision-direct assets














(GAAP)




(Non-GAAP)

($ in thousands)

Consolidated


Eliminations
and
adjustments

Burford-
only total

Burford-only Capital
provision-direct

Burford-only Capital
provision-indirect

Net realized gains/(losses) for the three months ended September 30, 2024

86,940


(30,450)

56,490

56,257

233

Net realized gains/(losses) for the three months ended September 30, 2023

37,566


(7,440)

30,126

29,145

981



















(GAAP)




(Non-GAAP)

($ in thousands)

Consolidated


Eliminations
and adjustments

Burford-
only total

Burford-only Capital
provision-direct

Burford-only Capital
provision-indirect

Net realized gains/(losses) for the nine months ended September 30, 2024

262,273


(76,736)

185,537

184,164

1,373

Net realized gains/(losses) for the nine months ended September 30, 2023

171,331


(46,811)

124,520

123,539

981













 

Reconciliation of consolidated to Burford-only capital provision income










Three months ended September 30, 2024


Three months ended September 30, 2023



(GAAP)

(Non-GAAP)


(GAAP)

(Non-GAAP)

($ in thousands)

Consolidated

Elimination of
third-party interests

Burford-only


Consolidated

Elimination of
third-party interests

Burford-only

Net realized gains/(losses)

86,940

(30,450)

56,490


37,566

(7,440)

30,126

Fair value adjustment during the period, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses) (excluding-YPF)

75,684

(554)

75,130


46,125

(32,339)

13,786

Income on capital provision assets, excluding YPF

162,624

(31,004)

131,620


83,691

(39,779)

43,912

Fair value adjustment during the period, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses) (YPF-only)

104,135

(34,546)

69,589


417,920

(140,690)

277,230

Other

4,229

(477)

3,752


2,902

951

3,853

Total capital provision income

270,988

(66,027)

204,961


504,513

(179,518)

324,995










 










Nine months ended September 30, 2024


Nine months ended September 30, 2023



(GAAP)

(Non-GAAP)


(GAAP)

(Non-GAAP)

($ in thousands)

Consolidated

Elimination of
third-party interests

Burford-only


Consolidated

Elimination of
third-party interests

Burford-only

Net realized gains/(losses)

262,273

(76,736)

185,537


171,331

(46,811)

124,520

Fair value adjustment during the period, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses) (excluding-YPF)

63,406

(3,322)

60,084


142,799

(57,472)

85,327

Income on capital provision assets, excluding YPF

325,679

(80,058)

245,621


314,130

(104,283)

209,847

Fair value adjustment during the period, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses) (YPF-only)

141,782

(47,372)

94,410


695,238

(235,731)

459,507

Other

2,033

160

2,193


6,745

303

7,048

Total capital provision income

469,494

(127,270)

342,224


1,016,113

(339,711)

676,402










 

Reconciliation of consolidated undrawn commitments to Burford-only undrawn commitments



 September 30, 2024





 Elimination of

 third-party

 interests



($ in thousands)


 Consolidated



 Burford-only

Definitive


931,730


(204,768)


726,962

Discretionary


1,011,019


(220,307)


790,712

Total legal finance undrawn commitments


1,942,749


(425,075)


1,517,674

Legal risk (definitive)


44,451


-


44,451

Total capital provision-direct undrawn commitments


1,987,200


(425,075)


1,562,125

Capital provision-indirect undrawn commitments


3,479


(2,899)


580

Total capital provision undrawn commitments


1,990,679


(427,974)


1,562,705




 



December 31,2023





 Elimination of

 third-party

 interests



($ in thousands)


 Consolidated



 Burford-only

Definitive


768,311


(188,313)


579,998

Discretionary


977,733


(211,196)


766,537

Total legal finance undrawn commitments


1,746,044


(399,509)


1,346,535

Legal risk (definitive)


55,583


(6,057)


49,526

Total capital provision-direct undrawn commitments


1,801,627


(405,566)


1,396,061

Capital provision-indirect undrawn commitments


71,662


(59,718)


11,944

Total capital provision undrawn commitments


1,873,289


(465,284)


1,408,005

 

Reconciliation of tangible book value attributable to Burford Capital Limited per ordinary share






($ in thousands, except share data)


September 30, 2024


December 31, 2023

Total Burford Capital Limited equity


2,432,109


2,290,858

   Less: Goodwill


(134,015)


(133,965)

Tangible book value attributable to Burford Capital Limited


2,298,094


2,156,893

Basic ordinary shares outstanding


219,421,376


218,962,441

Tangible book value attributable to Burford Capital Limited per ordinary share


$10.47


$9.85

 

Definitions and use of non-GAAP financial measures and alternative performance measures

Burford reports its consolidated financial results in accordance with US GAAP. US GAAP requires us to present financial statements that consolidate some of the limited partner interests in private funds we manage as well as assets held on our balance sheet where we have a partner or minority investor. We therefore refer to various presentations of our consolidated financial results as follows:

  • Consolidated refers to assets, liabilities and activities that include those third-party interests, partially owned subsidiaries and special purpose vehicles that we are required to consolidate under US GAAP. At the date of this announcement, the major entities where there is also a third-party partner in, or owner of, those entities include Burford Opportunity Fund C LP, Burford Advantage Master Fund LP, Colorado Investments Limited ("Colorado") and several other entities in which Burford holds investments where there is also a third-party partner in, or owner of, those entities.
  • Burford-only refers to assets, liabilities and activities that pertain only to Burford on a proprietary basis, excluding any third-party interests and the portions of jointly owned entities owned by others.
  • Group-wide refers to the totality of assets managed by Burford, including those portions of the private funds owned by third parties and including private funds that are not consolidated within Burford's consolidated financial statements. Group-wide is therefore the sum of Burford-only and non-controlling interests in consolidated and non-consolidated private funds. Group-wide does not include third-party interests in capital provision assets, the economics of which have been sold to those third parties, which do not meet the criteria to be recognized as a sale under US GAAP. This includes the third-party interests in Colorado and other capital provision asset subparticipations.

We subdivide our capital provision assets into two categories:

  • Direct, which includes all of our capital provision assets that we have originated directly (i.e., not through participation in a private fund) from our balance sheet. We also include direct (i.e., not through participation in a private fund) complex strategies assets in this category.
  • Indirect, which includes our balance sheet's participations in one of our private funds (i.e., Burford Advantage Master Fund LP).

We also use certain unaudited alternative performance measures, including:

  • Internal rate of return ("IRR") is a discount rate that makes the net present value of a series of cash flows equal to zero and is expressed as a percentage figure. We compute IRR on concluded (including partially concluded) legal finance assets by treating that entire portfolio (or, when noted, a subset thereof) as one undifferentiated pool of capital and measuring actual and, if necessary, estimated inflows and outflows from that pool, allocating costs appropriately. IRRs do not include unrealized gains or losses.
  • Return on invested capital ("ROIC") from a concluded asset is the absolute amount of realizations from such asset in excess of the amount of expenditure incurred in financing such asset divided by the amount of expenditure incurred, expressed as a percentage figure. ROIC is a measure of our ability to generate absolute returns on our assets. Some industry participants express returns on a multiple of invested capital ("MOIC") instead of a ROIC basis. MOIC includes the return of capital and, therefore, is 1x higher than ROIC. In other words, 70% ROIC is the same as 1.70x MOIC.

Other unaudited alternative performance measures and terms we use include:

  • Commitment is the amount of financing we agree to provide for a legal finance asset. Commitments can be definitive (requiring us to provide financing on a schedule or, more often, when certain expenses are incurred) or discretionary (allowing us to provide financing after reviewing and approving a future matter). Unless otherwise indicated, commitments include deployed cost and undrawn commitments.
  • Deployment refers to the financing provided for an asset, which adds to our deployed cost in such asset.
  • Deployed cost is the amount of financing we have provided for an asset at the applicable point in time.
  • Fair value adjustment is the amount of unrealized gain or loss recognized in our consolidated statements of operations in the relevant period and added to or subtracted from, as applicable, the asset or liability value in our consolidated statements of financial position.
  • Portfolio includes deployed cost, net unrealized gains or losses and undrawn commitments.
  • Realization: A legal finance asset is realized when the asset is concluded (i.e., when litigation risk has been resolved). A realization will result in us receiving cash or, occasionally, non-cash assets, or recognizing a due from settlement receivable, reflecting what we are owed on the asset.
  • Realized gain / loss reflects the total amount of gain or loss, relative to cost, generated by a legal finance asset when it is realized, calculated as realized proceeds less deployed cost, without regard for any previously recognized fair value adjustment.
  • Unrealized gain / loss represents the fair value of our legal finance assets over or under their deployed cost, as determined in accordance with the requirements of the applicable US GAAP standards, for the relevant financial reporting period (consolidated statements of operations) or cumulatively (consolidated statements of financial position).
  • YPF-related assets refers to our Petersen and Eton Park legal finance assets, which are two claims relating to the Republic of Argentina's nationalization of YPF S.A., the Argentine energy company.

We also use certain non-GAAP financial measures, including:

  • Book value per ordinary share is calculated by dividing total Burford Capital Limited equity by the number of ordinary shares issued and outstanding.
  • Cash receipts represent cash generated during the reporting period from our capital provision assets, asset management income and certain other items, before any deployments into financing existing or new assets. Cash receipts are a non-GAAP financial measure and should not be considered in isolation from, as a substitute for, or superior to, financial measures calculated in accordance with US GAAP. The most directly comparable measure calculated in accordance with US GAAP is proceeds from capital provision assets as set forth in our consolidated statements of cash flows. We believe that cash receipts are an important measure of our operating and financial performance and are useful to management and investors when assessing the performance of our Burford-only capital provision assets.
  • Tangible book value attributable to Burford Capital Limited is calculated by subtracting intangible assets (such as goodwill) from total Burford Capital Limited equity. Tangible book value attributable to Burford Capital Limited per ordinary share is calculated by dividing tangible book value attributable to Burford Capital Limited by the total number of outstanding ordinary shares. Each of tangible book value attributable to Burford Capital Limited and tangible book value attributable to Burford Capital Limited per ordinary share is a non-GAAP financial measure and should not be considered in isolation from, as a substitute for, or superior to, financial measures calculated in accordance with US GAAP. The most directly comparable measure calculated in accordance with US GAAP is total Burford Capital Limited equity as set forth in our consolidated statements of financial position. We believe that tangible book value attributable to Burford Capital Limited per ordinary share is an important measure of our financial condition and is useful to management and investors when assessing capital adequacy and our ability to generate earnings on tangible equity invested by our shareholders.

Non-GAAP financial measures should not be considered in isolation from, as substitutes for, or superior to, financial measures calculated in accordance with US GAAP.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy any ordinary shares or other securities of Burford.

This announcement does not constitute an offer of any Burford private fund. Burford Capital Investment Management LLC, which acts as the fund manager of all Burford private funds, is registered as an investment adviser with the US Securities and Exchange Commission. The information provided in this announcement is for informational purposes only. Past performance is not indicative of future results. The information contained in this announcement is not, and should not be construed as, an offer to sell or the solicitation of an offer to buy any securities (including, without limitation, interests or shares in any of Burford private funds). Any such offer or solicitation may be made only by means of a final confidential private placement memorandum and other offering documents.

Forward-looking statements

This announcement contains "forward-looking statements" within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, regarding assumptions, expectations, projections, intentions and beliefs about future events. These statements are intended as "forward-looking statements". In some cases, predictive, future-tense or forward-looking words such as "aim", "anticipate", "believe", "continue", "could", "estimate", "expect", "forecast", "guidance", "intend", "may", "plan", "potential", "predict", "projected", "should" or "will" or the negative of such terms or other comparable terminology are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. In addition, Burford and its representatives may from time to time make other oral or written statements that are forward-looking, including in its periodic reports that Burford files with, or furnishes to, the US Securities and Exchange Commission, other information made available to Burford's security holders and other written materials. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future. Burford cautions that forward-looking statements are not guarantees of future performance and are based on numerous assumptions, expectations, projections, intentions and beliefs and that Burford's actual results of operations, including its financial position and liquidity, and the development of the industry in which it operates, may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements contained in this announcement. Significant factors that may cause actual results to differ from those Burford expects include, among others, those discussed under "Risk Factors" in Burford's annual report on Form 20-F for the year ended December 31, 2023 filed with the US Securities and Exchange Commission on March 28, 2024 and other reports or documents that Burford files with, or furnishes to, the US Securities and Exchange Commission from time to time. In addition, even if Burford's results of operations, including its financial position and liquidity, and the development of the industry in which it operates are consistent with the forward-looking statements contained in this announcement, those results of operations or developments may not be indicative of results of operations or developments in subsequent periods.

Except as required by applicable law, Burford undertakes no obligation to update or revise the forward-looking statements contained in this announcement, whether as a result of new information, future events or otherwise.

 

Cision View original content:https://www.prnewswire.com/news-releases/burford-capital-reports-third-quarter-2024-results-302298772.html

SOURCE Burford Capital

FAQ

What was Burford Capital's (BUR) cash receipt performance in Q3 2024?

Burford Capital achieved record cash receipts of $310 million in Q3 2024, representing a 134% increase from Q3 2023.

How much did Burford Capital's (BUR) net realized gains grow in YTD 2024?

Burford Capital's net realized gains increased by 49% to $184 million in YTD 2024 compared to YTD 2023.

What was Burford Capital's (BUR) return on invested capital in YTD 2024?

Burford Capital achieved a 94% return on invested capital (ROIC) on YTD 2024 realizations, exceeding their historical track record.

How much was Burford Capital's (BUR) net income in Q3 2024?

Burford Capital reported net income of $136 million in Q3 2024, or $0.61 per diluted share.

Burford Capital Limited

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