Jon. Thanks,
on expenses that going pay cash talked operating we before but about reemphasize through X, our year. is point want important people I'm I So An for profits. that the we've to walk Slide on to
period.
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reflect some movement expense doesn't just lot an operating seeing accrual an of you're that is necessarily So in the -- and a outlay.
put then statement, some it versus would the looking line context result, discuss items helpful at a we quarter. and of for As the be to income in thought differences quarter reasons the
and deferred buy the programs. offset employees degrees routinely impact at to although defer it had P&L varying compensation has stock. plan dilution, compensation of invest previously on in the first, underlying is which the based our in Burford's market elected looking to that We So employee shares slide, expense,
remaining recovery assets business. interest a of includes which Second business, purchase tied original which is had to the contingent our owners X the the asset in
in positive on cash the when If and XXXX, the of the [ and related up the X assets remain line expense item recall, has Akhmedov in own, when this case only again, pay this happened ] conclusion proceeds. an asset we underlying outsized the receive only you line we we that in only deal.
But something that goes still back to had we
The the the not until our carry third movements paid incentive compensation to it's see long-term assets. is employees again, in fair is shows value our But in actually up which This realizations. cash we expense, driven by line.
the by number discretionary year, that our expense traditional on is percentage we'll employees.
Thus, expense quarterly in qualitative of to quantitative the majority driven was understanding portfolio, pickup just a incentive point seeing the assets YPF-related the we're compensation I in also of out while represents the last it's in corporate accrual finalize are a formulaic. change driven based and this and bonuses, markup the the at fourth based determined and which quarter annual broad-based to an then line, targets these And for want on year-end.
last with capitalize the and that of remind we're of So piece folks our expense able not capital provision to want runs to P&L. I the litigation into into last is the did up -- of the sorry, assets that construct rather that and it some asset the then end
And vary that's to over going time.
higher, discussed while the now quarter marketable end -- million couple the equivalents anticipated top consists million in it the securities, weeks X. of of the total recent just slide, the our is ago. and to line strong of $XX side be with going first items show headline routine securities. of it which and $XXX to this expense when and $XXX of total.
I'm particularly gains, might appear expenses But of maps position XXXX a QX operating our to and and at the call So of to we quarter some cash of we less for liquidity left-hand on flip overall, cash top cash already of million significantly the did We unrealized Slide the most end adjusting how we the
case mentioned conclusions. receivables addition, million of we In from due $XX
to Our same $XX million year. compared Burford-only the group-wide tripled realizations million to from period $XX last a were And in $XXX more on than basis, realizations million million. $XX
and U.K. QX and the And we're major XXXX covenants debt covenant bond within both continue down below XXXX vintage. finally, on level, stemmed well capacity. in our predominantly XXX(a) for from significant issuances to maintain Realizations our the
we'll will demand liquidity, for our anticipated capital to As Chris that, it continue issuance always, I balance realizations to and for to our Slide fund debt new turn with with X. business.
And
