| December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Number of | Commitment | Deployed | Realized | Concluded (fully and partially) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ($ in millions) | assets | amount(1)(2) | costs(1) | proceeds(1) | ROIC | IRR | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Concluded | 87 | 576 | 475 | 752 | 105 | % | 25 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Partially realized - concluded | — | (3) | 33 | 28 | 276 | Partially realized - ongoing | 6 | 223 | 124 | — | Ongoing | 4 | 37 | 36 | — | Pre-2016 Total | 97 | 869 | 663 | 1,028 | Concluded | 71 | 779 | 601 | 1,111 | 88 | % | 26 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Partially realized - concluded | — | (3) | 311 | 274 | 534 | Partially realized - ongoing | 44 | 578 | 373 | — | Ongoing | 51 | 596 | 347 | — | 2016-2020 Total | 166 | 2,264 | 1,595 | 1,645 | Concluded | 7 | 31 | 22 | 26 | 61 | % | 29 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Partially realized - concluded | — | (3) | 190 | 188 | 313 | Partially realized - ongoing | 10 | 133 | 82 | — | Ongoing | 20 | 187 | 118 | — | 2021 Total | 37 | 541 | 410 | 339 | Concluded | 4 | 40 | 11 | 17 | 98 | % | 48 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Partially realized - concluded | — | (3) | 53 | 51 | 106 | Partially realized - ongoing | 11 | 245 | 153 | — | Ongoing | 24 | 303 | 177 | — | 2022 Total | 39 | 641 | 392 | 123 | Concluded | 3 | 213 | 128 | 172 | 45 | % | 43 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Partially realized - concluded | — | (3) | 5 | 5 | 21 | Partially realized - ongoing | 4 | 45 | 36 | — | Ongoing | 17 | 409 | 58 | — | 2023 Total | 24 | 672 | 227 | 193 | Concluded | — | — | — | — | 17 | % | 86 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Partially realized - concluded | — | (3) | 3 | 3 | 3 | Partially realized - ongoing | 1 | 38 | 3 | — | Ongoing | 35 | 565 | 156 | — | 2024 Total | 36 | 606 | 162 | 3 | Total portfolio: | Concluded | 172 | 1,639 | 1,237 | 2,078 | 87 | % | 26 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Partially realized - concluded(4) | 76 | 595 | 549 | 1253 | Total concluded portion | 248 | 2,234 | 1,786 | 3,331 | Partially realized – ongoing portion(4) | 76 | 1,262 | 771 | — | Ongoing | 151 | 2,097 | 892 | — | Total ongoing portion | 227 | 3,359 | 1,663 | — | Total portfolio | 399 | 5,593 | 3,449 | 3,331 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, | ||||||||||||||
| ($ in thousands) | 2024 | 2023 | ||||||||||||
| Commitments for joint ventures | $ | 112,679 | $ | 139,753 | Commitments for equity method investments | 15,248 | 15,513 | |||||||
| December 31, 2024 | Investor | Asset | Asset | Fee structure(1) | commitments | commitments | deployments | (management/ | Investment | |||||||||||||||||||||||||||||||||||||||||
| ($ in millions) | Strategy(6) | closed | to date | to date | AUM | performance) | Waterfall | period (end) | ||||||||||||||||||||||||||||||||||||||||||
| BCIM Partners II, LP(2) | Core legal finance | $ | 260 | $ | 253 | $ | 186 | $ | 141 | Class A: 2%/20%; Class B: 0%/50% | European | 12/15/2015 | ||||||||||||||||||||||||||||||||||||||
| BCIM Partners III, LP | Core legal finance | 412 | 447 | 331 | 413 | 2%/20% | European | 1/1/2020(3) | ||||||||||||||||||||||||||||||||||||||||||
| Burford Opportunity Fund LP & Burford Opportunity Fund B LP (BOF) | Core legal finance | 300 | 399 | 300 | 377 | 2%/20% | European | 12/31/2021(4) | ||||||||||||||||||||||||||||||||||||||||||
| BCIM Credit Opportunities, LP (COLP) | Post-settlement | 488 | 699 | 695 | 409 | 1% on undrawn/ 2% on funded and 20% incentive | European | 9/30/2019(3) | ||||||||||||||||||||||||||||||||||||||||||
| Burford Alternative Income Fund LP (BAIF)(2) | Post-settlement | 327 | 677 | 662 | 268 | 1.5%/10% | European | 4/4/2022 | ||||||||||||||||||||||||||||||||||||||||||
| Burford Alternative Income Fund II LP (BAIF II) | Post-settlement | 350 | 349 | 289 | 382 | 1.5%/12.5% | European | 9/11/2025 | ||||||||||||||||||||||||||||||||||||||||||
| Burford Advantage Master Fund LP (Advantage Fund) | Lower risk legal finance | 360 | 370 | 366 | 410 | Profit split(5) | American | 12/24/2024 | ||||||||||||||||||||||||||||||||||||||||||
| Burford Opportunity Fund C LP (BOF-C)(2) | Core legal finance | 766 | 1,274 | 781 | 1,055 | Expense reimbursement + profit share | Hybrid | 12/31/2024 | ||||||||||||||||||||||||||||||||||||||||||
| Total | 3,263 | 4,468 | 3,610 | 3,455 | 1. Management fees are paid to BCIM for investment management and advisory services provided to our private funds. The management fee rates set forth in the table above are annualized and applied to an asset or commitment base that typically varies between a private fund’s investment period and any subsequent periods in the fund term. We no longer earn any management fees from BCIM Partners II, LP, BCIM Partners III, LP, COLP and BAIF. Performance fees represent carried interest applied to distributions to a private fund’s limited partners after the return of capital contributions and preferred returns. | |||||||||||||||||||||||||||||||||||||||||||||
| 2. Includes amounts related to “sidecar” funds. | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 3. Ceased commitments to new legal finance assets in the fourth quarter of 2018 due to capacity. | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 4. Ceased commitments to new legal finance assets in the fourth quarter of 2020 due to capacity. | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 5. The Advantage Fund does not have a traditional management and performance fee structure, but instead provides the first 10% of annual simple returns to the fund investors while we retain any excess returns. However, if the Advantage Fund produces returns in excess of 18% (which are supranormal for this level of risk), a level of sharing with the fund investors would take effect, but we do not expect that to occur. | ||||||||||||||||||||||||||||||||||||||||||||||||||
