Burford Capital(US:BUR)2025-08-07 12:02Forward-looking statements The report contains forward-looking statements, which involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from projections - The report contains forward-looking statements, which involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from projections7 - Key risk factors include adverse litigation outcomes, ability to identify suitable legal finance assets, cybersecurity breaches, inaccuracy of AI technologies used for predictions, changes in legal finance regulations, and lack of liquidity of legal finance assets7 Glossary This section defines key terms used throughout the Form 10-Q, including financial instruments, fund structures, and segment classifications - The glossary defines key terms used throughout the Form 10-Q, such as 'Burford-only' (proprietary basis excluding third-party interests), 'Capital provision assets' (financial instruments for legal finance), 'Deployment' (financing provided for an asset), and 'Realization' (when a legal finance asset is concluded)1019202650 - It also clarifies terms related to fund structures like 'Consolidated funds' (e.g., BOF-C, Advantage Fund) and 'Non-consolidated funds' (e.g., BOF, BAIF, BAIF II), and segments like 'Principal Finance segment' and 'Asset Management and Other Services segment'2442125 Part I. Financial information Item 1. Financial statements This section presents Burford Capital Limited's unaudited condensed consolidated financial statements, including statements of operations, comprehensive income, financial condition, cash flows, and changes in equity for the three and six months ended June 30, 2025, and 2024. It also includes detailed notes on accounting policies, segment reporting, capital provision assets, debt, fair value measurements, and other financial disclosures Condensed Consolidated Statements of Operations (Unaudited) This section presents the company's unaudited condensed consolidated statements of operations, detailing revenues, expenses, and net income Condensed Consolidated Statements of Operations (Unaudited) - Key Figures | Metric ($ in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--------------------------------------- | :-------------------------------- | :-------------------------------- | :------------------------------- | :------------------------------- | | Total revenues | 191,286 | 159,653 | 310,145 | 203,948 | | Total operating expenses | 49,065 | 38,151 | 90,166 | 68,289 | | Operating income/(loss) | 142,221 | 121,502 | 219,979 | 135,659 | | Income/(loss) before income taxes | 109,747 | 86,969 | 154,225 | 68,067 | | Net income/(loss) | 105,153 | 75,272 | 142,063 | 57,774 | | Net income/(loss) attributable to Burford Capital Limited shareholders | 88,296 | 53,746 | 119,225 | 23,809 | | Basic EPS | $0.40 | $0.25 | $0.54 | $0.11 | | Diluted EPS | $0.39 | $0.24 | $0.53 | $0.11 | Condensed Consolidated Statements of Comprehensive Income/(Loss) (Unaudited) This section presents the company's unaudited condensed consolidated statements of comprehensive income, including foreign currency translation adjustments Condensed Consolidated Statements of Comprehensive Income/(Loss) (Unaudited) | Metric ($ in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :------------------------------------------------------- | :-------------------------------- | :-------------------------------- | :------------------------------- | :------------------------------- | | Net income/(loss) | $105,153 | $75,272 | $142,063 | $57,774 | | Foreign currency translation adjustment | (8,234) | (63) | (12,263) | 1,320 | | Comprehensive income/(loss) | 96,919 | 75,209 | 129,800 | 59,094 | | Comprehensive income/(loss) attributable to Burford Capital Limited shareholders | 80,062 | 53,683 | 106,962 | 25,129 | Condensed Consolidated Statements of Financial Condition This section presents the company's condensed consolidated statements of financial condition, detailing assets, liabilities, and shareholders' equity Condensed Consolidated Statements of Financial Condition - Key Figures | Metric ($ in thousands) | June 30, 2025 | December 31, 2024 | | :--------------------------------------- | :-------------- | :---------------- | | Total assets | 6,326,839 | 6,175,025 | | Total liabilities | 3,098,431 | 2,918,190 | | Total shareholders' equity | 3,228,408 | 3,256,835 | | Capital provision assets | 5,544,683 | 5,243,917 | | Cash and cash equivalents | 372,248 | 469,930 | | Debt payable | 1,779,925 | 1,763,612 | Condensed Consolidated Statements of Cash Flows (Unaudited) This section presents the company's unaudited condensed consolidated statements of cash flows, categorizing activities into operating, investing, and financing Condensed Consolidated Statements of Cash Flows (Unaudited) | Metric ($ in thousands) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--------------------------------------- | :------------------------------- | :------------------------------- | | Net cash provided by/(used in) operating activities | 70,939 | (44,416) | | Net cash provided by/(used in) investing activities | (127) | (88) | | Net cash provided by/(used in) financing activities | (170,528) | 214,834 | | Net increase/(decrease) in cash and cash equivalents | (99,716) | 170,330 | | Cash and cash equivalents at end of period | 372,248 | 390,673 | Condensed Consolidated Statements of Changes in Equity (Unaudited) This section presents the company's unaudited condensed consolidated statements of changes in equity, detailing movements in capital and retained earnings Key Changes in Equity (Six months ended June 30, 2025) | Metric ($ in thousands) | Amount | | :--------------------------------------- | :----- | | Beginning of period (Total shareholders' equity) | 3,256,835 | | Net income/(loss) attributable to Burford Capital Limited shareholders | 119,225 | | Foreign currency translation adjustment | (12,263) | | Acquisition of ordinary shares held in treasury | (15,310) | | Dividends paid | (13,667) | | Third-party net capital contribution/(distribution) | (134,869) | | End of period (Total shareholders' equity) | 3,228,408 | Notes to the Condensed Consolidated Financial Statements (Unaudited) This section provides detailed disclosures and explanations supporting the condensed consolidated financial statements 1. Organization This note describes Burford Capital Limited's business as a legal finance provider and its stock exchange listings - Burford Capital Limited provides legal finance products and services and is engaged in asset management. Its ordinary shares trade on AIM (London Stock Exchange) and NYSE under 'BUR'7374 2. Summary of significant accounting policies This note outlines the significant accounting policies used in preparing the financial statements, including fair value measurements and consolidation principles