NEW YORK, Jan. 18, 2024 /PRNewswire/ -- Burford Capital Limited, the leading global finance and asset management firm focused on law, is pleased to announce the appointment of Pamela Beth Corrie as an independent non-executive director. Ms. Corrie (66) has significant experience at the nexus of finance and law. She is a seasoned Board director with insight garnered from involvement with a number of growth companies operating at varying stages of development. In addition, she brings expertise in providing ov ...

NEW YORK, Jan. 16, 2024 /PRNewswire/ -- Burford Capital Limited ("Burford" or "Burford Capital"), the leading global finance and asset management firm focused on law, today announces the pricing of its private offering of $275.0 million aggregate principal amount of additional 9.250% senior notes due 2031 (the "Additional Notes") by its indirect, wholly owned subsidiary, Burford Capital Global Finance LLC (the "Issuer"), which represents an increase from the previously announced offering size. The Additiona ...

NEW YORK, Jan. 16, 2024 /PRNewswire/ -- Burford Capital Limited ("Burford" or "Burford Capital"), the leading global finance and asset management firm focused on law, today announces the planned private offering of $200.0 million aggregate principal amount of additional 9.250% senior notes due 2031 (the "Additional Notes") by its indirect, wholly owned subsidiary, Burford Capital Global Finance LLC (the "Issuer"), subject to market and other conditions. The Additional Notes will be guaranteed on a senior un ...

Burford Capital Limited (NYSE:BUR) Q3 2023 Earnings Conference Call November 9, 2023 10:00 AM ET Company Participants Christopher Bogart - Chief Executive Officer Jordan Licht - Chief Financial Officer Jonathan Molot - Chief Investment Officer Conference Call Participants Alexander Bowers - Berenberg Portia Patel - Canaccord Matthew Howlett - B. Riley Julian Roberts - Jefferies Operator Thank you all for joining and good morning. I would like to welcome you all to the Burford Capital Q3 2023 Results Call. M ...

Financial Data and Key Metrics Changes - The company reported earnings of $1.07 in the first half of 2023, with a book value per share of $8.87, indicating strong financial performance [9] - Cash receipts for the first half of 2023 reached $247 million, significantly higher than $99 million for the same period last year [43] - Burford-only capital provision assets exceeded $3 billion, marking the highest level in the company's history, with an equity position just shy of $2 billion [11] Business Line Data and Key Metrics Changes - Capital provision income increased considerably in the first half of 2023 compared to the same period in 2022, approaching double the previous year's figures [31][67] - The company achieved record levels of trailing 12-month realizations at $475 million, reflecting a larger portfolio generating more cash realizations [35] - The asset management business saw cash receipts double year-to-date compared to the previous year, reaching $23 million [42] Market Data and Key Metrics Changes - The company noted a significant increase in new business activity, with over $1 billion of new business in both the previous two years and more than $0.5 billion in the first half of 2023 [46] - The portfolio size has grown to $7 billion, indicating a strong market position and potential for future revenue generation [25][72] Company Strategy and Development Direction - The company is optimistic about the potential of AI to improve business efficiency and open new opportunities, having been active in this area for years [7][8] - The management emphasized the importance of maintaining a strong cash basis for operations rather than focusing solely on accounting metrics, indicating a long-term strategic approach [47][73] - The company aims to leverage its expertise in litigation finance to continue expanding its market presence and capitalize on the evolving legal industry [76] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges of litigation, emphasizing that it often takes longer and costs more than expected, but expressed confidence in the company's ability to navigate these challenges [6][19] - The company is positioned well within the competitive landscape, with management noting that competitors have faced headwinds, allowing Burford to maintain its market leadership [90][106] - The management expressed excitement about the future, highlighting the significant growth potential in the legal finance industry [75][111] Other Important Information - The SEC has completed its review of the company with no further comments, indicating a positive regulatory environment [27] - The company redeemed its 2024 issuance right after the quarter-end, maintaining strong leverage levels well below covenant limits [44] Q&A Session Summary Question: What was the outcome of the exercise to check the percentage of shares held by U.S. shareholders? - The percentage of U.S. shareholders is in the high 40s, just under 50%, meaning the company will remain a foreign private issuer for fiscal 2023 [51][78] Question: Are you seeing any changes in competition and pricing? - The competitive dynamic remains stable, with no significant changes noted. The company continues to compete effectively without sacrificing quality or return levels [84][90] Question: What is the impact of the YPF ruling on the company's competitive position? - The YPF ruling has enhanced the company's brand recognition and competitive position, leading to increased interest from corporate clients [111] Question: Can you discuss the collectability leverage from a sovereign nation like Argentina? - The company refrained from discussing specifics on collectability, emphasizing that such details could be detrimental to shareholder interests [116][122]

Financial Restatements and Accounting Adjustments - Revised fair value accounting approach for capital provision assets using a discounted cash flow model incorporating interest rates, litigation duration, and other valuation factors[2] - Restatement of consolidated financial statements for 2021, 2020, and 2019, and condensed consolidated financial statements for the six months ended June 30, 2022, due to material understatement of capital provision assets and income[2] - The company restated its financial statements for the six months ended June 30, 2022 due to a revised fair value accounting approach for capital provision assets[42] - The restatement corrected a material understatement of capital provision assets and income[42] - The revised valuation approach incorporates discounted cash flow models using interest rates and litigation duration[42] - The company revised its fair value accounting approach for capital provision assets in accordance with ASC 820, retroactively applying it to the prior three years of financial statements[133] Capital Provision Assets and Income - Capital provision assets are categorized into "Direct" and "Indirect," with direct assets originating from the company's balance sheet and indirect assets including participations in private funds[15] - Realized gain or loss reflects the total amount generated by a legal finance asset when concluded, calculated as realized proceeds less deployed cost[19] - Capital provision income for the six months ended June 30, 2023, was $511.6 million, compared to $175.745 million in the same period in 2022[30] - Capital provision income for the six months ended June 30, 2023, was $110.3 million, compared to $175.7 million in the same period in 2022[44] - Capital provision income for the three months ended June 30, 2023 was $35,392 thousand, with an additional $4,813 thousand from third-party interests, totaling $35,667 thousand[72] - Capital provision income for the six months ended June 30, 2023, was $351.4 million, with third-party interests reducing this by $95.5 million, resulting in a total consolidated capital provision income of $511.6 million[73] - Capital provision income surged 191% to $511.6 million for the first half of 2023, compared to $175.7 million in the same period of 2022, driven by case resolutions and portfolio growth[170] - Capital provision income increased to $35.7 million for the three months ended June 30, 2023, compared to $35.0 million in the same period in 2022, driven by a 196% increase in realized gains[153] - Capital provision income surged by 191% to $511.6 million, driven by realized gains and fair value adjustments, particularly from the YPF-related assets[171][173] - Capital provision-direct assets generated proceeds of $268,363 thousand for the six months ended June 30, 2023, while capital provision-indirect assets generated $39,644 thousand, totaling $308,007 thousand[67] - Funding for capital provision-direct assets was $331,525 thousand, and for capital provision-indirect assets, it was $112,794 thousand, totaling $444,319 thousand for the six months ended June 30, 2023[67] - Capital provision-direct assets at June 30, 2023, were $4.21 billion, while capital provision-indirect assets were $200.4 million, primarily through the Advantage Fund[76] - Deployments in capital provision assets for the six months ended June 30, 2023, were $444.3 million, with realizations of $285.9 million and income for the period of $507.8 million[78] - Unrealized fair value of capital provision assets at June 30, 2023, was $2.06 billion, compared to $1.67 billion at June 30, 2022[78] - Total capital provision assets reached $4,386,762 thousand, up from $4,182,258 thousand at the beginning of the period[98] - Total capital provision assets increased from $3,117,263 thousand to $3,373,706 thousand, reflecting a growth of $256,443 thousand[100] - Core legal finance (BOF-C) assets grew from $329,360 thousand to $449,195 thousand, an increase of $119,835 thousand[100] - Portfolio with equity risk assets rose from $200,484 thousand to $208,715 thousand, a growth of $8,231 thousand[100] - Capital provision assets increased 18% to $4.4 billion at June 30, 2023, compared to $3.7 billion at December 31, 2022[193] Financial Performance and Results - Total revenues for the six months ended June 30, 2023, were $425.456 million, compared to $170.592 million in the same period in 2022[30] - Net income attributable to Burford Capital Limited shareholders for the six months ended June 30, 2023, was $237.885 million, compared to $6.928 million in the same period in 2022[30] - Total assets as of June 30, 2023, were $5.177 billion, compared to $4.288 billion as of December 31, 2022[32] - Total liabilities as of June 30, 2023, were $2.441 billion, compared to $1.901 billion as of December 31, 2022[33] - Cash and cash equivalents as of June 30, 2023, were $365.336 million, compared to $107.658 million as of December 31, 2022[32] - Net cash provided by financing activities for the six months ended June 30, 2023, was $478.642 million, compared to $318.173 million in the same period in 2022[36] - Debt payable as of June 30, 2023, was $1.658 billion, compared to $1.252 billion as of December 31, 2022[33] - Total shareholders' equity as of June 30, 2023, was $2.736 billion, compared to $2.387 billion as of December 31, 2022[34] - Net cash used in operating activities for the six months ended June 30, 2023, was $219.863 million, compared to $140.777 million in the same period in 2022[36] - Net loss for the three months ended June 30, 2023 was $21.5 million[38] - Total shareholders' equity at the end of the period was $2.74 billion[38] - Net income for the six months ended June 30, 2023 was $237.9 million[39] - Dividends paid during the six months ended June 30, 2023 totaled $13.7 million[39] - Share-based compensation for the six months ended June 30, 2023 was $6.7 million[39] - Net contributions for the six months ended June 30, 2023 were $106.3 million[39] - Total revenues for the six months ended June 30, 2023, were $105.9 million, compared to $170.6 million in the same period in 2022[44] - Net income attributable to Burford Capital Limited shareholders was a loss of $21.5 million, compared to a profit of $6.9 million in the same period in 2022[44] - Total assets as of June 30, 2023, were $3.85 billion, compared to $4.13 billion as of June 30, 2022[44] - Net cash used in operating activities for the six months ended June 30, 2023, was $140.8 million, unchanged from the same period in 2022[45] - Total operating expenses for the six months ended June 30, 2023, were $54.2 million, compared to $56.8 million in the same period in 2022[44] - Comprehensive income for the six months ended June 30, 2023, was $38.8 million, compared to $90.5 million in the same period in 2022[44] - Total liabilities as of June 30, 2023, were $1.81 billion, compared to $1.88 billion as of June 30, 2022[44] - Total shareholders' equity as of June 30, 2023, was $2.03 billion, compared to $2.25 billion as of June 30, 2022[44] - Third-party interests in capital provision assets increased to $1.0 million in the six months ended June 30, 2023, from $218,000 in the same period in 2022[44] - Total revenues for the six months ended June 30, 2023, were $425.5 million, with asset management and other services contributing $25.9 million and marketable securities and bank interest adding $4.6 million[73] - Operating expenses for the six months ended June 30, 2023, were $97.9 million, with finance costs accounting for $41.7 million and foreign currency transaction losses of $11.3 million[73] - Income before income taxes for the six months ended June 30, 2023, was $297.2 million, with a significant contribution from capital provision income and adjustments for third-party interests[73] - Total assets at June 30, 2023, were $5.18 billion, an increase from $4.29 billion at December 31, 2022, driven by growth in capital provision assets[75] - Total revenues for the six months ended June 30, 2023, were $1,903,000[110] - Net loss attributable to Burford Capital Limited shareholders for the three months ended June 30, 2023 was $21.54 million, compared to a net income of $237.89 million for the same period in 2022[112] - Basic and diluted net loss per ordinary share for the three months ended June 30, 2023 was $0.10, compared to a net income per share of $1.09 for the same period in 2022[112] - Total revenues increased by 149% to $425.5 million for the six months ended June 30, 2023, compared to $170.6 million in the same period in 2022[171] - Operating expenses rose by 72% to $97.9 million, largely due to increased compensation expenses tied to the fair value increase of YPF-related assets and higher realized gains[180] - Compensation and benefits increased by 79% to $68.6 million, driven by higher salaries, annual incentive compensation, and share-based compensation[181] - Legacy asset recovery incentive compensation surged by 439% to $12.1 million, reflecting gains from case resolutions and fair value increases in legacy assets[181] - Marketable securities income turned positive at $4.6 million, compared to a loss of $9.0 million in the prior year, due to the reversal of unrealized losses[179] - Insurance income improved to $0.9 million from a loss of $2.3 million, as adverse cost policy payments did not recur in 2023[177] - Case-related expenditures ineligible for inclusion in asset cost increased by 187% to $10.5 million, reflecting higher legal and related expenses tied to capital provision assets[182] - Long-term incentive compensation increased 130% to $15.5 million for the six months ended June 30, 2023, compared to $6.8 million in the same period in 2022[186] - Finance costs increased 14% to $41.7 million for the six months ended June 30, 2023, compared to $36.6 million in the same period in 2022[188] - Foreign currency transactions resulted in a gain of $11.3 million for the six months ended June 30, 2023, compared to a loss of $3.1 million in the same period in 2022[188] - Provision for income taxes decreased 12% to $16.1 million for the six months ended June 30, 2023, compared to $18.4 million in the same period in 2022[189] - Net income attributable to non-controlling interests decreased 10% to $43.2 million for the six months ended June 30, 2023, compared to $47.9 million in the same period in 2022[191] - Cash and cash equivalents increased 239% to $365.3 million at June 30, 2023, compared to $107.7 million at December 31, 2022[191] - Due from settlement of capital provision assets decreased 19% to $94.4 million at June 30, 2023, compared to $116.6 million at December 31, 2022[192] - In the capital provision segment, the company incurred a loss before income taxes of $15.0 million for the three months ended June 30, 2023, compared to a loss of $33.1 million in the same period in 2022[196] - Total revenues for the three months ended June 30, 2023, were $44.6 million, compared to $47.5 million in the same period in 2022[197] - Total revenues for the six months ended June 30, 2023, increased to $425.456 million, up from $170.592 million in the same period in 2022, representing a significant growth of $254.864 million[199] - Income before income taxes in the capital provision segment surged to $239.4 million in H1 2023, compared to $32.4 million in H1 2022, driven by fair value increases in YPF-related assets and higher realized gains[199] - Income before income taxes in the asset management and other services segment decreased to $11.5 million in H1 2023 from $23.5 million in H1 2022, primarily due to lower income from BOF-C and higher segment expenses[199] - The other corporate segment reported income before income taxes of $3.1 million in H1 2023, a significant improvement from a loss of $30.6 million in H1 2022, attributed to higher income from marketable securities and reduced expenses[199] - Total operating expenses for the six months ended June 30, 2023, were $97.931 million, up from $56.827 million in the same period in 2022, reflecting an increase of $41.104 million[199] - Total other expenses decreased to $30.339 million in H1 2023 from $40.535 million in H1 2022, a reduction of $10.196 million, primarily due to lower expenses in the other corporate segment[199] - The reconciliation adjustment for third-party interests in total revenues was $43.542 million in H1 2023, down from $48.937 million in H1 2022, reflecting a decrease of $5.395 million[199] - The asset management and other services segment generated $25.923 million in revenues in H1 2023, a decrease of $8.932 million compared to $34.855 million in H1 2022[199] - The capital provision segment's total revenues increased to $351.407 million in H1 2023, up from $95.777 million in H1 2022, marking a substantial growth of $255.630 million[199] Legal Finance Products and Services - Legal finance products and services comprise core legal finance and alternative strategies, with lower risk legal finance primarily occurring in the Advantage Fund[16] - Post-settlement activity primarily occurs in COLP, BAIF, and BAIF II, focusing on financing legal-related assets after litigation resolution[17] - Strategic Value Fund deploys capital in complex strategies assets, with investors including third-party limited partners and the company's balance sheet[19] - The Burford-only portfolio consisted of 215 assets held directly and 10 additional assets held indirectly as of June 30, 2023, compared to 211 direct and 9 indirect assets as of December 31, 2022[200] - Total undrawn commitments for legal finance and capital provision were $1.98 billion as of June 30, 2023, an increase from $1.72 billion as of December 31, 2022[118] - The Group's maximum exposure to loss from unconsolidated VIEs was $23.63 million as of June 30, 2023, up from $20.52 million as of December 31, 2022[114] - Fundings on investments in joint ventures and associates were $2.6 million and $4.3 million for the three and six months ended June 30, 2023, respectively, compared to $1.1 million and $2.6 million for the same periods in 2022[120] - The Group's maximum credit exposure for financial assets and receivables in other assets was $18.7 million as of June 30, 2023, up from $17.7 million as of December 31, 2022[121] - Court activity has returned to functionality post-Covid-19, with a high level of portfolio activity observed in 2023, though some jurisdictions still face backlogs delaying adjudication[128] - Inflation's impact on revenues is mitigated by high returns from capital provision-direct assets and short weighted average lives, with potential increases in legal case fees and expenses driving higher returns[129] - A realized loss of $11.3 million was recorded due to a corporate restructuring via Chapter 11 of the US Bankruptcy Code, though $57.0 million was successfully retained prior to bankruptcy[132] - Legal finance assets involving claims against entities with Russian parentage decreased to $99.4 million (2% of total fair value) at June 30, 2023, from $127.2 million (3%) at December 31, 2022[133] - The company uses non-GAAP financial measures (Burford-only and Group-wide) to provide a clearer view of its stand-alone business and the totality of its legal finance activities[135] - Assets under management (AUM) include the fair value of capital invested in private funds and individual capital vehicles, plus capital entitled to be called from investors[137] - Concluded and partially concluded legal finance assets are those where litigation risk is no longer present, including assets with resolved litigation and future payment promises[137] - Deployed cost refers to the amount of funding provided for an asset at a given time, with cost allocation methods varying based on asset type[137] - Internal rate of return (IRR) is calculated on concluded legal finance assets, treating the portfolio as a single entity to determine the discount rate that zeroes the net present value of cash flows[137] Valuation and Risk Factors - The weighted average discount rate for capital provision assets is 7.8%, with a range between 6.1%

Burford Capital Limited (NYSE:BUR) Q1 2023 Earnings Call Transcript June 13, 2023 10:00 AM ET Company Participants Christopher Bogart - CEO & Director Jordan Licht - Chief Financial Officer Jon Molot - Chief Investment Officer Conference Call Participants James Hamilton - Numis Securities Limited Julian Roberts - Jefferies Matthew Howlett - B. Riley Securities Operator Hello, and welcome to the Burford Capital's First Quarter 2023 Results Conference Call. My name is Alex, and I will be coordinating the call ...

17 Burford Capital Quarterly Report March 2023 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ($ IN THOUSANDS, EXCEPT SHARE DATA) (UNAUDITED) | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------|---------------------|------------------------------------|------------------|----------------------------------------|----------------------------------------------------|------ ...

Burford Capital Limited (NYSE:BUR) Q4 2022 Earnings Conference Call May 16, 2023 8:30 AM ET Company Participants Christopher Bogart - CEO & Director Jon Molot - Chief Investment Officer Jordan Licht - Chief Financial Officer Conference Call Participants James Hamilton - Numis Securities Limited David Chiaverini - Wedbush Securities Operator Hello. And welcome to Burford Capital’s 2022 Annual Financial Results. My name is Harry and I’ll be your operator. [Operator Instructions] It is now my pleasure to hand ...

• Historically, fair value has been based on deployed cost and the occurrence of observable events (case milestones or transactions) in the underlying litigation matter Expected inflows Discount rate and expected duration Burford has over time augmented its lawyer-driven investment process with AI-powered enhancements, including in our probabilistic modeling - Constructive dialogue between Burford, the SEC staff and our external auditors resulted in a revised approach to fair value accounting for legal fina ...