BUR.L - Earnings call 3 2023 | Burford Capital Limited

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Operator

Thank you for joining us today. all for joining, and good morning. I would like to welcome you all to the Burford Capital Q3 '23 Results Call. My name is Brika, and I'll be your moderator for today's call. [Operator Instructions]. to CEO conference begin. of like host, to now Bogart, Christopher Burford would pass over the your I Capital to

Chris, ahead. please So go

Christopher Bogart

joining much, today. very and everybody. you Thanks hello, for Thank us

are Jon Burford's your we'll speak be and Licht, Officer, a As usual, bit Financial on going with Molot, Chief to this and Chief us Investment of each take then on happy questions. I'm Burford's start and little to Jordan Officer; will which call me fundamental is are what having X, of is Slide an tell well of X Slide year. just -- we're synopsis sort we very very, you from overview Sorry, Things that going blowout a today. message our to really have perspective. And my here quarterly

on there the too the the cases is the number first is slide, Xx. line that in some are to the so the at that while of looking thing is reflect revenues portfolio. And YPF rest driving really of up is important on success top our Just this,

And extraordinary get more slide for win to history that. Jon some so going the the when billion, YPF issuing with had specific in of largest is an we than $XX judgment court. more talk a to And in a about we YPF, while on the

So its forward and as while well. moving the hiatus. to on that's Because the been want a of pandemic cash fantastic after portfolio the outcome, really what's on in focus I really rest going on -- portfolio has

activity as the dollar that courts cash coming coming portfolio, in all million of coped our cash see now the the has than you'll again, the of in And pre-XXXX That's a sitting later And that's And X activity. we've coming in is $XXX of period been portfolio. seen are is which rest we've almost come so slightly months that half what the from YPF. and these of in matters a in from seen more is single we've real resurgence slides, dormant from just pandemic in. seen while with not

we a itself delay delay. you through substantive from for as exactly basically things delay but clearing doubling the no now are impact gains, we did Again, have predicted, portfolio. have there So moving look at we contribution had any is from and that And not a the that YPF. while, in realized period. Again,

into key as one we are the slide, fund which, that that as extended as partnership, a we how shaping of are that looking So in even showing a terms output up the portfolio activity see gains them expanded. in of just at couple new well business in then also points cases development performance, of moving, year. The And portfolio's this of things and a there. ago, levels portfolio coming is of continued been this been both and already things has and continued other unrealized have little our while as pleased with as we're through move terms is very we as the again, growing wealth announced sovereign whole

income wealth apart, And financial our so consolidated to not But the that sometimes over for in account its you statements. see the doing we given if in from it's now into business. sovereign fund it's break easy Because the million that $XXX well that way leverage arrangement. arrangement we're

generated this on how issued very that augmented notes liquidity contribution hand of to the asset And that's the overall we substantial with and year. with cash with all the ended by pleased of course, profitability management very really the significant period that going very earlier we the because cash we're of of just So business. with the we have

where XXXX. So with months X sit all happy we in all, into very

talk going it's many things up the incredible to obviously more. X. more emphasizing at Slide is by of to time, issues detail. same seen of going But growth these accounting. And we've numbers, while, think to you I the Xx This and that just about and is that fundamentally Turning in important, these in many Jordan so

the also the I cash and and really cash. some have as of out run your on attention business of I come think notes off the by And and take focus when prior you've -- the would accrual taken and that accounting analyst and of just cash, your all as to not seen do in I business would we some be can't eye lots -- noise. we performance you today, as slide, of the the of the said dynamics continue generated the I this, we just on

in basis, So around, with for the example, value at the the the accounting and this, will expenses noncash YPF gone expenses Jordan up look fair for that's case. of you bit, look about associated more example, largely gain the in but items YPF and increase like an talk share a -- unrealized they've because price on with our the when increase

value, run It's If Jordan than to you as have a of these value book slide, see will pretty intangible budged. said, on sort look nice value. at And $XX more barely the cash talk numbers really those in operating expenses, $X.X more I share rate about book book those.

last we eyes and over look at turn will you a in see the significant growth think on to the book U.S. have that And the the profitability, X I market, context mismatch these hope obviously, then impact share of return the of months. we look on when equity our especially. continue close point had value out the that results at there those price, and your to degree and numbers you of combination that

Jordan. So me with turn over let that, you to

Jordan Licht

on X. Chris. and afternoon everyone. Page good Good morning you, to I'm Thank

provision X components and So here, we as Chris down the various the our periods. capital mentioned, break for both X-month income into

this gains, of damages. respect in million YPF far of Looking will a milestones so and at we've all are XXXX, unrealized shortly. excluding bit Realized XXXX Jon nearly $XX year-to-date speak award everyone comparison subsequent The doubling judgment show and had of million. With metrics. year, the to they summary versus this as a YPF, little initial the year-to-date the are income more gains and that $XXX knows, the case X to

asset As provision unrealized Total first X to of assets. a result, had from $XX the going a little huge talk Page versus XXXX income about million a capital $XXX million our year-over-year over to $XXX YPF-related months X gains the and last bit we have year. I'm million of switch management. now increase from

XXXX have management to $XX we And of business partner. months earned XXXX, X the income. asset we slide, efforts. In million and management continues mutually the of our sheet and asset both the beneficial of bottom wealth our fund highlight balance first using perform relationship reap Our with on augment rewards funds the to we we to sovereign the continue of the

before As steadily we BOF-C And earlier increasing months from the X year-over-year. management income from our has double this last turn compared announced million. year asset asset the $XX XXXX. of to last months is relationship fall, been from X cash management, first Total away through extended the I through at end receipts in

over let to turn Jon. So me it

Jonathan Molot

everybody to Jordan. Thanks joining. Thanks, for

has is because period. diverse this at to if and investments. the pretty we in a But familiar based Slide If And of emphasis track portfolio performed part you're the worth can slide, $X.X the roughly each portfolio of And realizations, at. it has when into large how bears our you with And you look buying update years. portfolio you slightly period it It's period, numbers a you're X, how shows buying look that of Burford, just but consistent. they've a that past it's turn over been number. you gives from performed record numbers to billion on but see realizations there's XX you shift what

invested cumulative capital of You return see XX%. a on

And X of categories. XX%. IRR broken of an that's into see course, You down

for asset the help can performance, love we where and we do counterparties, and We that, more we truly have the which turn one business you it's and much. has settlement. course, future The them. as then where this we returns. we that is tell large, those numbers in not of has returns are and considerable a lot. far quite but we And investments shareholders I'll historically, and go in, expect bear we win, our to are which is resolve at maintain attractive much to can resolved We which led And page, returns win-win our so. our quite assets ROICs nonetheless, But outsized of particular what a can settlement, and upside to this we fruits we course, said attractive. But have IRRs we adjudication the to in are generate of a not invest YPF. about turn investments through large are past. If of attractive. really and is than consistently the too are, you, and anybody's in happened we so a lose segment what this the There's, through what that potential of position, has see a attractive. very I where the It so was see And when into you not why I've interest to discount understand win the

are years to July, of was for in the the States, to It of a second seek circuit appeal. the this United cases filed right of end range that notice one for takes from So for. complete for in court the prior the was very $XX Unity, appeals which plaintiffs a win Supreme the petitioned of we was while, will damages. has possible final discretionary appeal a billion a ago review at have had be and portion there we those interlocutory will appeal second a but the the judgment, then a won Court a small And followed have the they sovereign high trial of judgment. a which case about of of Argentina who the

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to that to It YPF judgment the change will not You'll YPF succeed. have asking amount. that as not the the the that field include liable just crossed damages through was that liable were judgment and the appellate the And recall was was YPF against would extend held That process. court if Argentina only. by the well. issued plaintiffs it as would go

as Eton reminder, proceeds Burford-only case. a XX% roughly from net is and from the Just the Park proceeds the of Petersen entitlement case roughly of XX%

how the So that a portfolio X course, thing stock has bit returns. a I in I've of the a how and been about little when performed to said of able model about that pillars deem the buy is Burford you said assets performed stock, buying a we've said invest YPF Burford; that attractive up you continually think business potential are because the state to that in buying you're whole you the a when generate were bit buy new is have always And has then, to you portfolio. buying. as particular, we we because other has asset,

so going turn turn to that Jordan to it X. it, back over to of And to portion I'm for Slide

Jordan Licht

both a of on and year's On ahead we're as Thank been commitments you, with can a you year-over-year year. Slide to pace respect last basis. has XXXX deployments see, Jon. X, productive

balance litigation As using finance, and clients commitments the capital third-party and capacity significant the leader to funds. our have deployments ability sheet global in with of support we both

cost had year, idiosyncratic on $X.X Chris And so with of to noncash and XX for from returns these over the expenses the cash this to these little really sheet before, of need sheet split. targeting the a first fair I partnership we on separate attractive BOF-C outline on of higher go the bit in into X some this, first the seem and months assets continued previous deeper. billion. Switching XX-XX a the a deployment, grown the to line items. we XX%. and cash deployed mentioned continue than glance, At bit know the of out but to north has movement these total year. balance on the And deploy our to With And assets, balance I I'll slightly some expenses as touched of Page

on I'm to couple examples. So a going pick of

benefits slightly grown appear ] million to while $XX have and that related by is of to [ is change might $X directly over net million retirement first The salaries plans. our

and this corresponding ability So in accrual stock. I as compensation have a our before, And reminder, mentioned Burford share their invest the a when expense. we the employees deferred have price to increases,

positive The other associated the YPF. events example relates to with

remind We given And when net folks that earnout, from $XX in only million asset that's want only the have recovery the year-over-year cash I that deal. legacy consider like left accrual finally, business. this that in historical remember, could our an that to is plan and year. a of paid Effectively, increase related events the received. asset positive carry one one to was there's purchase remaining And

to page little So I'll more cash. talk the a now next about bit switch to

This around XX. liquidity of highlights. some is traditional the hit Page on I'll I'm and our page, jump and So

were On total all which year-to-date, for cash the surpasses million of the top receipts XXXX. $XXX left,

strong interest highlighted and near these period and receivables it levels, well cash still work. $XX bond the put had realizations is the cash then the moving which as But as have it goal are Chris only. then bridge outlined and liquidity page, Our million and receivables. $XXX X-month XX. of OpEx against simply, To both digesting our quite spend in million, of We $XXX mentioned, and by we on million is to don't finally, that to the intend expense. And position issuance the occurred. And bottom securities put to as hold cash million to the cash $XXX the a for we're Page cash cash of of Burford of end, of as we've

on debt covenants quick a and reminder levels. Just

August enjoy continue our schedule to And So until next built debt XXXX. is have a not maturity to we and that XXXX. out latter extends

that our is The years. that I XX% only I in or have that slide see other matures this takeaway X from debt of next the

have we ample of kind runway. So

of bottom left, the to both the it positive. the And levels On and remain seen have turn recently you've wrap levels. the slide, Chris. stable from both With raised back outlook below on to covenant that, their leverage I it up, well to Moody's our bullets S&P

Christopher Bogart

Great. Jordan. Thanks, I'm now And XX. on Slide

that you buy slide earlier. Burford, the is results. content was it making of format X updated current the what our really does seen underlying buying before, been slide things. the the but You've has And for you're point of in Jon the different When stock

existing an litigation buying portfolio You're of assets.

track a and desirable now have all around that again, $X.X are cash There's numbers. the it in past, of going portfolio about We billion given detail it portfolio very accounting making stuff lot that in a returns and what's return no these got portfolio We've generating on in recoveries. substantial its of numbers. And activity from long cash record making levels.

of long of you our on you're a And itself the very So you're reliable see capable a large we returns, have starting regular shown origination new track generating off platform, by diversified a global which and there desirable portfolio that generating basis. history buying adding numbers people that with and really the industry-leading presence. of to has record business

especially asset Jon touched We said we're only of are our future you've for off And outsized of which, not wealth arrangement, funds income our on manager. sizable also which the assets, have in in BOF-C, YPF to the earlier, general, our has I to the throw as which see a fund us. to for sovereign but then very delighted, truly us. And the performance got really potential finally, started returns and generate

take and your And So business we're Go with questions. where today. sits investment that's about with an to we're package operator. that, pleased you get happy very ahead, Burford the equity the that in

Operator

[Operator Instructions]

Christopher Bogart

I the ultimate to start a the now individual that an that [indiscernible], dollars, on that cases And at really question the on we that been individual size But of to policy with when we think, case a any returns least think from basically, question cases, is produce have us. say of about it plural, well, that don't depending talk outcome deliver unusual potential webcast not a we That, has a phone. it's always about you're right from which I currently YPF? So we'll Burford's for potential similar to has have case to talk to progressing of to cases. there case. fair billions is Burford And contemplate the think I are

Operator

We the have line of on question our from Bowers first Alexander Berenberg.

Christopher Bogart

Yes, we can.

Alexander Bowers

up We've one terms seen this valuation payout. of to process, for shift of ask I in question expected [indiscernible] thinking this remaining factoring just its the duration in had asset. YPF in factor [indiscernible] judgement litigation summary I YPF and how the appeal other the you're of And judgment wanted the the that added value going the forward [indiscernible] year. the final about the just evolution is about of that the risk process? on then

Christopher Bogart

X all of calibrating our me by making assets, just investment that are finance start we're that -- about that say served most where that in of to or of to we saying profitable model XXXX that. probably in litigation we think sale And the remind unlike I But us portion terms agreeing our you XXXX. the the just matter to the something let and have that valuations to basis sales as very interest for we're in a YPF secondary investment calibrating the case, the substantial that of of a model. had effectively

starting And and the up. events, Jordan, Jon process to the a premium. go already the we drive And with free then usual feel on that validation. based our third-party we're adjust So which effectively pick value to through risk litigation

Jonathan Molot

there significant one would you be SERP Supreme Circuit. discretionary for less the only of Appeals still litigation Court I the most in this to can an or resolution the event. think terms appeal say just than then the of would the by U.S. remaining clear that's petition is And but of point, the at prominent the is Well, an Court, event which Second the of the event, event,

events. those So U.S. the remaining court are

Of is, of application discovery there's sentiment. the necessarily as appeals based enforcement appeal change that a so I the sorts course, under all then other is there of valuation experienced as same and far, stuff. way and those an that proceedings litigation events mentioned, that and our and the all in pending as such trial judgment stay on approach don't don't do we drive or end the And we've victory would. summary valuations But

discussions things there change. fact drive the So would not -- those the are that are a sorts valuation of that

Jordan Licht

I outlined Chris, all know you that I a it, And court as on but respect you did think could value. Jon milestones to those there's well. X obviously don't you events the said change might a lot with model have of Like us to add. observable mentioned, are we have X this. the of for I comment case, case otherwise, or in the a more think

Operator

now Patel Portia Canaccord. of We have

Portia Patel

Burford-only very an or trend be would be QX objective an helpful. for at to what Burford-only you figure in would wondered helpful. looking commitment those some on think, in annual if expectation than and on you why previous commitments color And could provide release. just we QX, basis? how the and I'm in your lower the And in I I would year-on-year? indication you deployments materially and were deployments if reasonable deployment a That provide and could data a suggest quarters is QX commitments comments expect just of on And should any and

Christopher Bogart

Sure.

people like really roundly reporting am So do something as It's we I I this and pay but Dimon. lots the to more think birds. no here, And are that experienced with as have attention it. quarterly for Buffet presence lots in audience, U.S. perceived of to undesirable I've said I to much markets before who our Warren absolutely Jamie by the think and than it's I is

big fact So, time to these something XXXX, XXXX the we and We we deal to. big a meaning state deal it in really, and about up to whatsoever and us. that of the business. bit because of about didn't to overall do closed we driving down close go not nothing in And really, September it's worry time numbers that particular really, to, June really, have from business we has little a of me a really the really the but no says that

terms, broader capital today, doing capital. over was of your I what general this out more And at to in longer into you meaningful amount we're and few look it's about doing deployment scale, that investment bleeds you of of years against If broader think look than really putting sort When a a approach new ago. what matters, question. business a different is it

were pay but Burford's So the if And you years, to looking to Burford some business corporate clients and wanting hourly the dynamic budget law not fundamentally firms, to issue. firms. the address a just just few wanting corporate fees. alternative other And first that fee provide with go that was words, financial back working for hire some to their was in for to were law them, coming In they clients. relief to P&L

contingent that matter, legal with they're arrangement a pay would we we so one, just the find into fees. would cases. it those give solution And fees two, single number and deals step law addressing they firms the the and because to are, be firm smaller would law tend the they number the we would financing corporate And are seeking. was And deals that that work

not And cases. on $XXX a single still circumstances. so in can to you of except extraordinary expensive, much a natural million Even most to getting how spending lawyers expensive though you're there's limit increasingly litigate spend litigation, the and piece are

finance XXX before do having that like instead straight capital the never don't -- large we doing we That's still because the the companies out up lots will, of if multi-case moving and business, is as transaction, effectively you most to do starter business because complicated and of it transactions. show So evolved has this deal. used that portfolio litigation the and blue,

of out, the in, And transactions on of those do business, -- add kinds you sort some And a start. steady run things single-case have So has stuff combination relatively amount we be in to larger small of a and And to number month the portfolios. driven that's to that. Then those rate large extent the the presence month that's particular deploy then of and of period, that in law-firm commit going now corporate portfolios that, money evolved. going by we're we volume some of that a any how transactions. they of corporate is to of pretty and

us if $XXX repeat bit a numbers. a concerned reliable basis of business. not a but because to enough don't we grow XXXX, those see of of that So as quarter I particularly are out that said, on about million We have the those do Often runway know did And deals XX really like I We impact and I quarter. at look particular a cycle. the the that we a long a one there you Fortune any do clockwork with with that that know I a deals second know years, them. of we're intend it's total company. I to will that growth. period are -- of don't I those continued continuing provide might on might in fair sales there I'm year. it's future that to And once imagine X of

about a how the on but that to hopefully a guide period-by-period a have actually basis So basis, even a you operates. of little business number really or I color gives bit to don't quarter-by-quarter you

Operator

Howlett have of from B. the the question line Matthew Riley. now of We next

Matthew Howlett

out? ] anything unique or there quarter, [ about the the milestone mean tracking milestones? in anything in the pushed other wise quarter I where that things in are happened versus Just lumpy was was curious something that Just on quarter, update aggregate? a on the

Christopher Bogart

certainly But just -- answer other detail. generally. can no and the the a than as speak ebb Yes. And to is of some in that think Jon I the just flow litigation more as matter, headline to probably

So it's litigation case expected. goes what than in hardly that faster happens litigation, the planned or ever

calendared And things of so various points are at a year the is year. start bunch things you happens that inevitably during with do whole the to what

And get will some events of and will as of those some occur scheduled portion portion them delayed.

is the well. right see being paying trial any you see things Trump just multiple as now, to up as the that public with If in a in attention example, famous one jockeyed trial but Donald you're is civil is big anyone of you that the that's in the air watching. that pending, clearly about, as of and base. And Just happens that of -- sort litigation travails happens trials

And catch so that's things normal that's our through business. now right part the some push courts you're seeing And COVID. on backlog normal a effectively of what driven super trying to is during activity. business of by the created But up amount that portfolio in and was

to activity So case. example that earlier you vintage an number pre-XXXX about that our If gave a when I in the majority That's we of expect COVID, be that. of matters. occurring hadn't had you wouldn't probably

have significantly by to have have than pre-XXXX would more expected they matters now. concluded You those

Jonathan Molot

of to I a and not Chris' might respect being quarterly those point add marker. just with about both questions, necessarily

cultivation sitting XX, underwriting And of happens that of "this things magical one happened pretrial trial. a September getting bunch goes a matters in reports this on existing and over the X And the the relationships they're motions." And of said, in I with like monetizations handling as large and they're with last at all is the team to litigation it's something October to or think This there's are about not portfolios. way their over of sail on, firms of that and law Chris long questions, for at X, the portfolios existing on corporates underwriting the day, clients day sort through then We're new same going both time, matters. also working is large process. trial. new dealing thing.

otherwise, and But found motivate and do sometimes the anything have the year-end, but in counterparties suits. over XX-year closings. for does some really that mark motivate process pay deal some courts that for quarters attention to don't counterparties and our settlements between We does history defendants litigation for

And so they that seem significant. don't

Matthew Howlett

Great.

just are from courts no There's back you're legacy overhang that the to business. So seeing? [indiscernible] summary, COVID in

Christopher Bogart

in capacity. being the present today business The the the courts sense backlogs ] are significantly exactly. not at operating courts with to full Yes, that we said, [ that deal by court. That are of none back very

some in no can left. COVID this frequent you going now backlog statistical are published about voluminous there what's So information them. And publicly, and that courts track U.S. have courts on the

So District in are normal up their and capital for have right a of court caught on. the they're Tallahassee, those if the example, Florida's you courts so look pandemic courts back -- Northern delays so at all to not Those of and rhythm. Florida,

not. On Manhattan, the other hand, the courts in are and around

a which in very about in Xx in a example, trial multiyear delays is trial, to Brooklyn in Brooklyn, to there you busy are it Florida. it take the District as long U.S. Northern for still So the getting as case get will in court, will

got see around the as idiosyncratic whole not try fully like a and system push that But functioning, is clear to things to but backlogs only judges real you've you the piece. So cases forward. making efforts

Matthew Howlett

clarifying the the with embedded SWF do And about Clearly should the the complete that you second question, Last Makes getting do can enter mean that positioned balance question, is we realized ex annually the sheet I cash you Do do the laddered Does or you for think -- dividend? extension And of for buybacks? plan get think going then want the I XX% when that the on the maturities about sense. into you gains of that. equation I time [indiscernible]. us? wise? today? mean, how to how you you're and return? build your Or think with reinvest? and well you to And you about capital Do do in are thank arrangement, But expect YPF. want portfolio expect here. first, X you to updating

Christopher Bogart

do Jordan, want to this? take you

Jordan Licht

Sure.

So the of balance, portfolio second, think, the kind return. I one, was capital first about

and value part value I putting that's portfolio as overall out to the not flows, it's from we the this value. to valuation different appropriate policy On respect mentioned metrics around metric kind of restatement expected revision to potential before cash with fair process, really our our of the differing think be and kind of a

then as point, capital this of cash back we're return, respect publishing going to flows. With we're the going sheet. see cash to I at continue kind think talked do about summary look, lot to view to think, with to this I we've of not total out to that we a come respect balance what So be

And and growth the focus and balance form the first in and IRR YPF basis. Will our our that to XX%-plus brings capital and some we sheet assets. to extent compounds we is that think long-term return. I continuous shareholders clarity the to around continue do look get invest to to foremost, we a think to on

all in options on the Chris visibility in think table at both spoken also and the continuously have forth. about that I management respect business, we'll return, which capital are that has with moment and time reinvesting to to liability so

subquestions, me answered missed hopefully, the know. but I that one of So let everything, if

Matthew Howlett

perfectly. you answered it No, I it. appreciate

Christopher Bogart

Thank Great. you.

now a good their incentive than So to incentivized the Legacy deal. from Griffiths. in want was is not time, under is paid to Trevor did writing out and arrangement once a payment when small X this very we've didn't people very, this to it asset acquired continue from asset include background today has asset recovery upfront to be question because cash XXXX, on the ago, time this, we we to at if got which some was big Are component remind much full? So Burford and so quite recovery what happy M&A compensation with only the are I'm the for basically a perhaps checks. webcast sufficiently business, just smaller is you individuals mistaken, younger appears cash work substantial Burford this remaining legacy benefiting

long a in Trevor, that there's to why cash taken have And So some back thus process far, that But extended now. cases case and when ligation fair time end by come you only case successful the that X you've a the activity. some seen left which has made nature associated we meant very of pandemic and acquire the the with increases And been accruals then provide is -- gain. fruition. its value those to to quite has business payment a correct of small you're

but the is to very asset got the that team. on else the me Burford what delighted weren't dependent is the we've am I in where but probably think now human future institution place a think years anybody I we've And the speculator, position business. ago, a with being, XX people, any I'll moved we as where holds in the As business. to an for Burford I Jon strong or don't or that's And say single whether recovery

I to I really this really think foreseeable we've anywhere. got and to are what the future, anyone abundant sure forward. At resources love and and go in a both people very same we're not go I'm Jon that deep business. bench this intending here enjoy And doing certainly, not the of anywhere really to carry time, intends we business

I phone. on a Now question the we've think got

Operator

We have Roberts question from Jefferies. a phone of Julian line

Julian Roberts

QX at One got Australia, all if Would innovate $XX And possibly my of things things. a or the fair law the or anything like competitors back might I've that of directly the of of would the how American news, One could was Or then that? And lower what was perhaps potentially judgment. to you your It maybe other going a looked about confirmation really I sort bit more size? the couple not judgment and the more? could right. upper acts, a winning think the haven't that less into things it's of award be do has end which we kind to the going you Burford the implies potential by smaller go class trial done look which like novel in relating the rather a litigation that just gain more practice the to of one, value is top event be be you of million doing think you there is value right than of ever to interest. once kind go outcome. are than about peers that's noticed is, that of the kind I the couple the at QX most of was

the working one, were for you of first market because case? that the Or that is just taken it XXXX? in is so the And base off an high already

Christopher Bogart

in reverse order. do I'll them

only won we an on numbers in arguing know for March, them potential we on recall, we obviously the in has $XX And range. judgement, were extremely the was it's question billion So though $X.X I happened. really in range, think once the there as valuation damages you YPF arguing Winning the it, when love pretty and billion wide get what even range the excellent, is you that Argentina cases trial but in simple. had $X.X you July case, summary went is answer may to the of for or damages. whereas billion the was we potential

values. We that significant didn't And you think about how pretty how significant of award, we going level you be a was to be was be. I unresolved take so going to with knew prudent know uncertainty, it on need to it but

how in Jon bit So I that's your up opportunity chime be always ended well. to an I little do to little offered the this, as really but a that happening. I'm eye and might speculate bit and a question, delighted only the future. the clock, have first about With pontificate on will so of

developing outlined a really when that categories. the think as industry of started a has offerings Portia where, have we dollar set few suite finance product to core with corporate multi-hundred comes I clients, you think to we whole turned million really of the a traditional is say, I led and itself, tools. that basic very into that it now innovation, business in a in in One about

the is a them of science. And core us, we around one so things do to continue couple certainly excite of business. But that data really innovate in

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Jonathan Molot

Sure.

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Christopher Bogart

Julian. Thanks,

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with of one for your and And you Jon questions behalf rest these of to all like Jordan on Burford. for so with much. support of Thank that, for I team and very thank of another would us very thoughtful Burford you all the ongoing and the much of your calls attending

Operator

a lovely does your Thank your of and may disconnect rest now you have joining. Please today's all you day, now for conclude lines. Again, call. this

Burford Capital Limited (BUR) 9 Nov 232023 Q3 Earnings call transcript