Burford Capital(US:BUR)2024-05-13 14:16Portfolio Overview - Group-wide portfolio totaled $71 billion as of March 31, 2024, a decrease of 1% from the end of 2023[1] - Burford manages eight private funds with $34 billion in Assets Under Management (AUM) as of March 31, 2024[1] - Cumulative Burford-only capital provision-direct realizations since inception through March 31, 2024, reached $28 billion, with an 82% ROIC and a 27% IRR[17] Financial Performance - Burford-only asset management income was $7 million in 1Q24, primarily driven by reduced BOF-C activity[20] - Cumulative BOF-C asset commitments totaled $11 billion as of March 31, 2024, with deployments of $697 million[20] - Burford-only cash receipts increased by 42% to $138 million in 1Q24, the highest ever reported for a first quarter[38] - Burford-only capital provision-direct realized gains were $29 million on $61 million of realizations[42] - Net loss attributable to Burford Capital Limited shareholders was $30 million, impacted by fair value adjustments[42] Liquidity and Leverage - Burford-only liquidity stood at $568 million as of March 31, 2024, including $465 million in cash and cash equivalents and $103 million in marketable securities[28] - Consolidated net debt as a percentage of consolidated tangible assets was 21% in 1Q24[7, 132] - Consolidated indebtedness to net tangible equity ratio was 08x in 1Q24[11, 132] YPF-Related Assets - The fair value of YPF-related assets was $14 billion on a Burford-only basis as of March 31, 2024[51] - A final judgment of $16 billion was won against Argentina, with enforcement actions underway[51, 73]