BUR.L - Earnings call transcript Q2 2024

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Thank you for standing by. My name is Danica, and I will be your conference operator today. At this time, I would like to welcome everyone to the Burford Capital Second Quarter 2024 Financial Results Conference Call. [Operator Instructions] I would now like to turn the call over to Chris Bogart, Chief Executive Officer. Please go ahead.

Christopher Bogart

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

of the by Officer; happy questions Financial As posted to in X be have joined be hope relatively slides Molot, of Officer. will Chief might the you some all what Chief usual, I'm we'll been the whatever brief Jon have. presentation, Investment to that then talk take Licht, and And will we us a Jordan and

was in the just fact turned to and in Burford And numbers interesting reflect point. on time results, I it's will that of turning the on to sort XXXX. Before back that we the reflecting talk the have next what the on by going pretty to XX you fall, was

industry this has I that in billion a putting did we was really and on Guernsey, thrilled A on what your your that the we've possible We're business then XX-year you company we fundamentally making accomplish, what to that know patient the think launching sitting operates terrific a become legal and actually for able with the be been all with way XXXX together. little changing $X ride. of thank and [indiscernible] would been day It's capital. we economically. I

few that just I'm refill portfolio and and on briefly. out generation pleased cash just new on will So very And and a report to key to quarter I'll out the and Slide slide the portfolio business the quarter activity this X, turning points strong one second to to morning. on other. the report that We're hand both a that talk put the continue as to call on we

and the XXX% in that that quarter in up principally profits was portfolio, words, provision generate from capital driven revenue were income. quarter XXXX. the we income from We core In other by the of terms strong this comparable

In to but other that above realized words, double was a average. showing. on not nice cases actually returns So our come to saw driven And cases And conclusion. average, see strong mostly had we that historical well historical our that a about really that gains. were by those very is only

those So realizations. XXX% on about returns of

number basis. depending economics But cases the or move compression portfolio. be any at that on does what will I as being opposed produce period-by-period dispel seeing we're a that to the happens notion around and of simple able returns returns a obviously, But variation particular think really that level will that to in of degradation on

a a business. bit on new a basis. sort robust side, new both X-month We by our level X-month We averages saw of business fair the exceeded trailing and of on a

see pleasant to And middle so the that's in that of always year kind of activity. the

quarter have fourth dominance retailer. long-term tend this it. investors as with does like sometimes business remember, to a joke As to running investors a feels I it will we're

historically was often And not that of is that's quarter quarter for to law been the clients but firms, us that don't all. and lots close first need for -- the the really get third the money why the the the busy, frankly, of until end And and quite quarter busy you reason year. has are and lots it at fourth of

they lawyers to. don't can't to You when force engage otherwise want

activity. see So quarter it kind second to was very pleasant of that

consistent one of it development, numbers. receipts, These by that these weren't indeed really in big is paper compare, those influenced case heavily turns but XXXX, kind multiple been income to receipts. XXXX the drove obviously, actual earlier, being strength from a cash all cash And thing. said statement able gains, just were demonstrating to When pretty driven success in wins of you cash. were activities, results period, that our realizations not one settlements overall these big we is I whereas wonderful just As YPF, multiple demonstrate were thing, into by just this our case and which and we've was

stepping absolutely are mirror, go We've here. established are firms both the key a And I and now the there perform overall we and of because We think, rearview see really also capital that base in develop experience leadership to count. and of put on, the So is have continue from I just we size couple to a to the we of from the to business before and in that does think numbers good of add business. corporate that law our the portfolio pandemic runway quality clients new we And the because that back both the overall clients market demand those points to and to of there team offer. solutions market. get where have, continue continue real that's for we our trying our

we've be think can business a also, that attractive So volatility longer desirable returns very some this ] that tangible have while a to model this I a business going over and cash. period-to-period with is of is made shown [ term, deliver we -- always lot

year back well points. is What to the she CFO generated. or And performing pull here portfolio really about fair same. But first does the is to a who legal says side find money these be try to is -- clients business to again, is happy don't X. on half new just being he of turning a fees. show this the want in of We The and spending half number solutions client things, data to is of first slide overall the fundamental So some the Slide QX data message exist.

what are add hope of continue this ability side new up continue we we a multiyear business to business for mix. is to grow -- as the the now now clients we is this to set And so to

would this we a go. here. is of as to I'm take to note call through I just you things instead going go all in the Jordan as But points bullet past the detail, here. that not couple some go things through we of going out slide,

In the of coverage realizations about high new is talking cash liquidity if business, we're only well. against not pleasant and expenses, have a of business, strong we a sort margin addition you operating which very quite position. But to as note

our business. lot sheet, the But asset to how Jon a go you described seen [indiscernible], management is have left our in Jordan which on we last to [Technical balance is investments we us performance has rates. make why existing consistent will the and still how as money of over the with terms low we've we portfolio, the And more talk do show Difficulty]. when much about going loss been consistently you've simply have

Operator

line. for just X tight moment. lost We speaker Please our everyone. hang Hello,

Jordan Licht

speaking. Jordan It's Okay.

to the that. as Sorry we slides right Chris lost me. but about he though to turn lost It them moment, looks we moment, for the was about at a

I saying by was to Chris. going to thank And you, X. So to I'm start going Page jump

keep going. So just let's

Christopher Bogart

back quite I'll Apologies Slide into I to couple line don't that. departure, just make flat of Jordan what went was just I'm my mysterious comments there. X, about for happened And it. know as The go and a take from dead. But we

we and the to over that we see the by percentage have to So a annual on just not testing we X, announced us this U.S. week XX% of what have end June whisker. holders at of earlier do that pushed had Slide

point the listed that's market. no So a longer the than XXXX, we've here And done, a of that We're benefit in has to and lay a of this that full longer, else. Jordan that as here listed But some can That's effort and because that out speak larger of the is done full you're what U.S. we've being U.S. culmination chooses. he things all U.S. the company. a wherever of no foreign that along we is think means X of the private think anywhere instead than company. to any of capital overarching that and been shareholders market we're there years January we're more really issuer way. We deeper just much those I X, planning located a

benefit the that. with that and trading seen You've comes volume

this we're outcome. with So happy

the few conventional and market other company steps the of and is we all We'd put continuing of last you the general forward U.S. look a shareholder the of a extraordinary ask to presence support this in our meeting to U.S. which the of bits articles to one more weeks, in the grow form of in to forthcoming pieces

Jordan. to now And

Jordan Licht

Well, heard it. thank you sure get you. afternoon. we'll double But a I'm before, Chris, I again. you, if you not said Chris. Thank thank everyone, start you and morning, Good

has on Page there's time, the So lot X, more a highlighted future. of with team accomplishments described, achieved great that in near has Chris the as a over lot

provided. But story the transition, and to of is this to So of also and to make to provide going depth going investors. to what migration end easy that new see that access We're you'll the we've a over the is that content historically first, sure similar XX-K look to continue at proxy. in try we're year for

and accelerate for year for dates full quarterly schedules will traditional more financial Our periods. U.S. to reporting the

So see quarterly of the days of end each the results days full quarter, each within of year. of results you'll end XX within XX year

on page. to So productive items the more come, all but highlighted

X. boost summary of XXXX that the course, more Look, received period summary that page now comparisons only. the will And a YPF shortly. is end case, X to going I'm year, million to judgment Burford to and months given select A dollar switch and at are to the on difficult revenue. to in be quick to to unrealized going Page positive thus, gains of March speak This last news financials. regarding of Jon multi-hundred the caused we that

focus then on following key let on the into So go and though numbers, detail greater some me of pages. I

first total well start a this XXXX $X.XX million over was just we'll $XX Clearly, net per quarter, for the -- income actually revenues. as which or over same income of and increase of approximately in the as period share. -- near First, of XX% second net or year is big quarter the

in that, now per shy provision per slightly above $XX.XX $X.X asset billion. Included that our represent of value intangibles, uplift related $XX capital share. deployed just now Tangible at share, the non-YPF fair On assets $X.X a book billion. side, we're to value Of grown XX% we've the cost. is including to

about composition in key I'll and the pages other of talk the and metrics. expense coming more revenue some

going X. So to Page I'm jump now to

This same is into of XXX% income The total positive number headline over real various and components. had period outcomes Look, a last quarter provision the we've income, in the where second up broken provision simple that of is cases. in highlight the lot year. we words, total capital it's a is capital

were of strong net the at up the million of And was the gains performance Starting gains by quarter. ROIC XXX% shy this year-to-date. significantly in second top realized just realizations with with an period-over-period table, of $XXX in of driven

was result million, courts provision the of COVID-XX $XXX year's First clog and only pandemic the is net $XXX realized the nearly the XXXX of period processes. XXXX half had of direct net half XX% and first and started which realized million at legal before for that of was to exceeding the X-month gains capital gains, whole this was

unrealized gains. rate. a of the part in as cases reminder, quarterly, due the realized notable quarter It's assets, our case milestones, are realizations than discount a we've came observation -- rather that in this rate Almost Capital fair where net in revenue period, had provision part negative from going a changes milestone and concluding calculation. use and value pretty That's and function this discount we through low of all both in that another positive and of just cases. to net won we

And follow would by X that approximately in basis a was bond headwind the on discount Over models points. a recent to trends for quarters, The we've And about in of frame as value a volatility. increase for the assets rise $XX discount basis market rate. XX reference, and of point asset the around period, decrease basis our million. million $XX probably discount $XX first Burford-only rates our our market a generally million in seen rates most XX

from But we discount overall wrapping not in capital of page, $XXX million up, let's total sharply million well assets talk XXXX the our rate that But this year. up of resolution saw all up focus this the $XX by income was provision cash as about as on QX and volatility. this rates interim of on created fluctuation QX

Flipping to Page X.

capital as was Second the portfolio. million building of of total productive quarter metric XXXX in capital have XXXX large a that a provision XX with deal million quarter well commitments. $XXX support Burford-only overall Fortune million for the provision client, across and the direct Recall $XXX as a $XXX with significant commitments commitments. deal sectors diversified been Burford-only was representing direct a to a new includes

in shorter a because As calls. duration, previous and of about they but it had good ROIC we've resolved spoken quickly, a that IRR, it and was lower

with While substitute economics say working business that. figures I our business as very pleased we of internal can't show team, you with all a we're expected new that a we're can of we're on. profit on the and putting the

story. commitments deployments of dollars tell doesn't necessarily measuring and Just the full

Deployments the quarters. did, however, significantly since several last rise

continue volatile on deployments expect the and future looking approximately robust. profitability volatility, to definitive some forward million of We but $XXX have to to that That's be deploy we're existing Yes, to. book. we commitments

deployments about commitments let's highlights assets are move and to XX, while the Page the out, But money bringing to putting resolution. which

million I'm receipts over $XXX $XX have each. top per the the Realizations over X achieving of matters consistent the $XXX are was of component on X of the creating This obviously the see or half realizations increase X year-to-date, the cash cash of representing right last you'll quarter at page, far million to $XX each. or near by first over and been an quarters. those Burford-only XX% critical million year. million were driven more

last the Bottom are numbers first keeping year-to-date Our is pace and off portfolio year's cash. performing throwing with half. line,

With rest that, portfolio. of Jon it the to I the and will to discuss hand YPF over

Jonathan Molot

pleased Thanks, joining. to be here. you I'm Jordan. Thanks all to for very

YPF-related portfolio that the that is the on the generating to we report of the up lots that's activity, through are and assets. much says, Jordan had going than other Slide XX . Starting realizations. humming, process ends frame what not on There's As litigation explained. the time things just with

So the is the concluded almost direct from of court in the appeal. briefing appeals

and final and been potential and YPF loss X filed be appealed There's has brief has Argentina's on brief plaintiff's the August And oral YPF's XX and liability. final has brief argument to Argentina recall have decision You been filed. plaintiffs remaining its appealed from thereafter. filed the then

you'll that and the there because world. in proceedings term, pending and enforceable both United final of are multiple mean enforcement States there court granted is was the the judgment no jurisdictions appeal, In trial recall stay and are the in progressing, around the

forward. ongoing litigation this. don't All can the As move we all we the of say comment litigation, is always, is, as on aspect does of true process

thing is before. volatility. broadly, this moment, to at the particularly is think something moment like fact, -- back I and a And XX business useful thing it's in feel a turn of in to and a market to useful seen that and it's about in this this if -- a step But Slide we keep more mind you've

and do years asset this to before, you Chris And old You slide in process It's or seen kind an of high mentioned to maintain adjudication a tribunal going excess settle. asked all automatic resolution of explains by the question, be and you we're now, decided returns these classes. either can or there's it's we've of and court to litigation. almost How returns. going XX natural go what get other in

a settlement. lifetime, You investments numbers over see concluded the XX% through historical have our of that

lawyers and It's -- that this But the understand Of things uncorrelated the to this lays you return remainder, a a how of volatility exceeded have attractive for do a markets, moment very you our financial profile. our gains, produce losses, that how returns far it work. has kind our of important wins made of investor are quite the kind is which in with do to out. this like trying one, understand is

and one I but large lifetime quickly earlier as was we gone then there that mean resolved ROICs have was actually sheer see with of or this I'm that results matter already it trial a were depending has up that mentioned Nonetheless, things I've mentioned bounce just to that that we good, a from high to particular ROICs earlier, from interesting as our note quarter, is not around quarter what that IRRs, despite, XX%. quantity the the XX% depend. about could adjudication higher that ROIC resolves said versus up they bragging lower in on settlements ROIC And resolved ticked trend.

$X.X generating is of $X.X think realizations. billion the based I old, this of almost But you resolved, over on that XX and deployments billion investments at right, look have capital of years size the

make the very we're business and proud works see model and of You sense, it.

described intuitive don't [indiscernible] sort from explains sense. explanation to I've see why believer and Slide you turn always sense. model firm of Slide Slide the business valuable of XX why I'm team, kind something that's got make unless money I XX, you if the market, makes the a you in you've And the it makes and to XX told about this

because But Slide said, finally. effective Chris now I'll average. about that, XX lifetime in me left lays answer, XX.X% this about domestic a use And pure although can say analogy And once no longer that what's investor I are before, a we your on you've came question U.S. And a just X, loss January asked out more some which issuer. bullet the financial ago the one issuer, could too, the the baseball the on say provide basically financial results third hand, We're foreign years the simple a very good terms. I slide you private as could a rate. batting shows a seen

thing, batting pretty truly gains, tells those You'd than between gains portion that's outsized the nuanced say, you because that well, the good and losses than asymmetry a better It's home a of outcomes of and but when are you losses one dispersion But that. the are look runs. smaller, for it's number average. more at

capital roughly begin it's money, The how less, like amount XX% It's batting right, the rate. not just a what that It's an to of similar home the look loss in XX% how understand what numbers and the main invested excess way resulted many hip invested earning you top top your returns. Jordan on money returns if doubles, of can of it's we've that in XX% the attractive it's But here of out, laid plus in and lots you such graphic roughly resulted total you why business. in ROIC more the at attractive left the of an And where That's doubles how put on between X% see you results back -- see than singles, then it many And right? Xx was many your in there's your we're dispersion. in that's money. average. or XXX% singles runs,

understand is performance. with to particularly important the So returns, all those mind, key to all are moment a It's really a keep uncorrelated borrowers those at that business. of volatility because in market

XX, Slide found about but lot to If useful. in we I business, which the of you've packs seen, a slide it a turn it's just information again,

Some people the But are underperformers. year you to lumpiness of 'XX, into and it's what to the not wins outperformers lifetime we've the turned in and account at losses. at -- black have compare uniform. look can the bars bottom can in There's look them and take the you see we've look vintage they model like and resolutions out. this that's well years much of in and conclusions really XX% at the then produced you because put past also see great left at business in our to how overall, some see some resolved And do past, from gray look see when the are investments red a XXXX it's when to some you that at out, and bars the IRR terms how and a yes, blended is bars has what shaded capital both on vary you you you IRRs be done

over Jordan XX. to turn back So to I to turn Thanks. will Slide with that, it

Jordan Licht

management Thanks, the Jon. XX, asset continues which On quick some to perform. highlights Page just from business,

movements this driven currently deployments The and recognize quarter however, business. the saw in is shy value second just these which commitment. fund balance funds we payout to of $XX we receipts a our business is $X.X cash-on-cash management the of by assets. active basis, is reminder, of most actual do, significant close the augment active We $XXX cash efforts. on of a a sheet fair year-to-date. As income The BOF-C, $XX million asset million cash of million to billion business on use driver in

revenues half previous operating I'm the expenses to and lower expenses. of switch At the briefly $XX to our for from move million the now the year, are going see same than first gains our to last accounting XX, we'll period Slide XX% we No, that share price. year. expenses by variations discussed calls elements. that well unrealized are other as the driven in on we've particular One in is in as operating changes reported

in unfortunately, there hedge was employees the our will price, that an our do not the This approximately that in their in statement. And purchasing by and salaries a and in we share benefits our and the in defer price impact offset reduction price When manifest fluctuation while to the look income increases and elected decreases compensation million. line. economically share shares, fluctuation share period, itself have benefit of $X are generally

and for is steady. finalized comp quarter. the cash on of incentive accounting so But forth and our annual that the The pretty bonus line employees, represents fourth a OpEx discretionary basis, all that's in

is been see to last the had You'll G&A mainly which tracking the due lower in year, from and expenses XXXX. in restatement driven reduction that's by

the our we've been next well bottom mentioned issuance $XX liquidity. slowly million chipping We've on the purchased away ending securities the -- next our highlights position, to million cash -- same we're period Page face saw is $XXX I keeping value. levels, -- which liquidity receivables. below outstanding to X.Xx receipts around metrics that the as as is consistent We're anticipated level X.XXx. XX. page remain committed appropriately. had million cash in of well with we well leverage the before that The quarter well the maturity debt we're below of right-hand $XXX And with year. maximum in the cash covenant stated as XXXX. continuously and at the of laddered Leverage manage balance. our And our strong needs levels strength our top business schedule, $XXX a on probably is cash as as or as managing our receipts last liquidity We in right another of committed is half hand million, first in year, side, the of

I back And Chris. with will it to hand that,

Christopher Bogart

we'll take a turn out really And here slide XX our this Jordan. And value questions. the to we we pillars Slide we it to Thanks, before, your what call proposition. before of you've seen reminder, X close this keep Great. just as

the getting will things, in to risen is buyer share of portfolio, our holder core an billion, X $X.X over So or stock that unwind time as of has and interest those the different current Burford which cases continue to litigation private exits, And a go venture unlike, need or a need market where equity buyer example, process. for functioning to we through those reminder, the capital and you don't get a as things.

those of We the automatically exits process. are delivered by operation the legal

got So portfolio. existing you've the

driving a that got platform new origination of market-leading volumes has every business been You've capable consistently significant of year.

You've asset as you've which, described, the YPF management but making slowly got in got And interest that the process. legal platform assets, way are the already the their discussed. steadily through we've John finally,

to that, you be your time, and we thank take questions. with happy So for we'll

Operator

[Operator Jefferies. Instructions] from of line the question Our first comes Julian Roberts with

Julian Roberts

I've got X that's questions if okay.

me funding structures. of What there And Burford. that litigation future? flat we is in about but any about in year-on-year. affect think there one a Is the inflation about? one little different in kind think A future? the in any off done deals basis, market in pretty costs. the different the should second legal for should outlook? tailed the change competitive change bit, and other in is, that we for cash being on think seems we a on lawyers to should wider world might have first How bit The a that Obviously, will that how It is salaries

Christopher Bogart

Sure.

what's a them actually reverse the me in order. let in in the market. And on overall terms going take So -- of

on seen and also number legal firms firms we've of of delay the few over especially law in last ran The years. both the risk. had system couple . of because law pandemic, think I on the has that a funding operate entire a themselves, developments impacts litigation firms through that

cash. that with I it simple difficult of they them it of what dramatically because well. incremental is you for that case difficult. And ability management resolutions probably made generating continuing in. coming where viability the some the into And where capital There due And a that weren't couple raise the were funding not cases, think slowed of some saw firms. as they think so did to investors, this model many matter, hurdle firms of and more litigation and called were was there just years just use accumulate think cash our I were of I to make business fund even more question some in the the fact the And to

we've as actually the couple our And reasons. perspective, been credit in -- I have think time, market think, so of and their of generally positive -- smaller the you competing of factor. from a for have I finance today, result, -- of a for the from from that players the some there funds, larger to capital That's with progression litigation become do seen pure-play are used factor a speaking, drive a have do available, that have less a that more firms emergence of really some market the multi-strategy and

that is corporate to known the One funds clients. better multi-strat are

more research the initially, often chat into fact drives corporate well even broadly that parties players capital bangs more not think we as and that to so and market I have to of endures branded often pitch And the the about now use are by X seconds that who in because us we're benefit leads making our because us. market with concept anyone central there this come does in you out the so clients industry. around right And of incremental pitching overall if this

has monetization fees the component than remains deals, we've development you've market trend corporate well, of sort that So and a that there's towards part seen. as deals, sophisticated larger stalwart -- of results a overall, and more a more been say, would that that's seen business. overall I paying expenses, deals And one of although our that there this include legal simply in of

case other the case you to So insurance, with the at the products, we're of is most preservation what's judgment is that some a kinds that called so of insurance thing level with that seeing. And appeal. you've on seen is this have those and respect are dynamics court level up after notably market won trial activity some specialized

to judgment reversal. Some win an against been trial insurers lock selling in appellate insurance basically prevent have the preservation and

seems And latest was a thinking great this there period to was be where that insurers the for thing them.

they think underwriting. job do the on I didn't great a

meaningful along have there so And way. losses been the some

so that to retrenched for -- in because continues an we little premium once a do be it's than think But to to it's has And what it available the the addition financed bit. that past, I extent we the interesting economically, have more the market insurance.

well opportunity the if as to And for off an that. risk inclined to us so it we creates ability lay as do additional actually are

of With our risen cash historically to question, I that growth see your expect And level the cost business. that operating respect in We not adding also hedge no some We of any have costs can't we're question double hedge to leverage reason without to But some do have alongside do fund. the don't occur. to the business. size a Look, not there's in the that work. of portfolio

driven of changes progression in see always but version our do are we've of accounting you'll of seen whole the value cost cash the pretty briefly. and closely. entire talked see between periods disconnect like accounting we've And operating I so continue last significant lot pretty of by that it's operating to Jordan something version a a is and managed that accruals the you expenses during year kind about that expenses history, think moderate that What

Julian Roberts

along is & thinking if may. that we legislative I the And PACCAR about that the think to one Is there ought in anything sort Kingdom, back there very regulatory I'm about. we follow-on those United think should Yes, more mind, Wales? to else my of or case lines? there makes And out in good anything England question, sense.

Christopher Bogart

Yes.

I sort preparedness of U.K. coupled is unique interpretation statute And prior situation Court in a unique on because U.K. its really original fix it's that U.K. strained intention. sort way inconsistent Supreme the have something going statutorily U.K. today and being of that government current the and view, that's the to is in of think the our with is in some that the that's both indicated to review that a PACCAR a is a a interpretation with interpreted

a of sort that's one-off. So

about Jon surprising And with years, founding presence, of the an interfering a years that the to existence you it's Molot defense benefit If the defendants in even have benefit. the aside, litigation back has that leave And and litigation finance. for that corporate status. are not had unhappy where this repeat repeat corporate from have of we that players, Burford advantage, with players been historically before system written

there And and That historically to for been from been from is the dependence are activity and don't lobbying any that entire have to successful. on industry. change. lives that concept of both and the has hasn't expect so finance not it's our And reason particularly litigation companies insurance that surprising I will going opposition that,

in now In of be this disclosure But lot is Chamber doing you a on preserve fact, sort issues are matter. most the that opposed so as focus regulatory in should we our to Commerce, of on of field on collateral the continue a like material notably we the tries that having issues activity their And the that don't But -- of playing an which have a place. that's I fundamental first to corporate defendants, like of impact I to where business. jousting with U.S. favor the members. uneven matches anticipate hard represent organizations

Operator

Our with next B. Matthew from question Howlett Riley. comes

Matthew Howlett

IRRs XXX% drill on really what quarter I realizations. just want the down drove on were to the impressive this the

said realizations, why think Just cases some well anything among was there that? it diverse so pretty in more impressive? details driving was but chunky on that I you

Jonathan Molot

to I'm take... Chris, happy

Christopher Bogart

say going I Jon was would Yes, -- on like I Jon was that. going comment to maybe to say, to

Jonathan Molot

like -- of the heard quarter. me the lots on cases you've a There's trial. saying the whether what Yes. the -- calls, if appeal, on we on what milestone, There winning is litigation in and proceeding I end. portfolio. through going is quarter eve of lots been just you've getting almost process are it's every going saw on to of into the trials, hitting positive getting past They're manifestation winning this amazing judgment, summary mediation these thing that's

just they settling but the are in feedback that them smattering at on so a successful it any there's resolving turns the concluded the out been but is? a outcome The quarter won? you've working them And -- settlement eve just there before to and to an Was and when both are running whatever are quick trial of with monitor Are have and underwriters, deals see appeal evaluate and resolving appeal. the such particular it has that the what through then a great we also who trial clients team provide negotiate and lawyers beginning who cases to can. cases we

new getting matters not and through. team, questions just matters, also feedback And on from so reports the on but constantly moving the just

smattering that see to it's that slice, the something this is a this of because I -- And you a couldn't that this quarter. what's just And And reflect we activity. happens due a of quarter was it's but that just this realizations. kept time, come portfolio telling see realizations about, only sample you have in probably just

Matthew Howlett

mean, underwrite. is, I If you've we're the guess, investment about great going think think sometimes going can my... we we I ROICs, or how get these X XX% that's I hey, of that returns in done, -- I for it do the Is just thesis historically, but case what, [indiscernible] forward? because -- investors, how best to

Jonathan Molot

mean returning modest gains, you a of you I see we or settlement slam And sort you to there's what course, trial, the settlement. a average There lower on damages end a little if returning Slide compared you XX%. have talked has adjudication like is you a bit or eve case of and which those, high a XXX%, So XX, among when wanted, about. there our outcome settlements dunk adjudication with to when it's of variation an that could up -- back where adjudication go ROIC -- it's whereas is is so a I --

and don't quarter. that's no world. about disciplined very But I thing off a our is it's is not word have rigorous tackling about to the team. make is that and case and the there's our asked -- want thing gone the we you our sure great team team, And nothing's yes, rails great blocking magic because underwriting, and but is to magical our real this management The sort to magical, of say

the law a with Yes, losses law have adjudication sets litigation why we from of experience say picking. not lot are decent team process. That practically people well trial who result settlements. But our can just which which And schools and smattering that us go our or an ones also settle. of this is they the but That's have as is was inherent that in that the educated have quarter our outlier something firms, to very wonderful up we and large at and gains ones why process. in great outcomes that exceed understand top I

say we future? And that wouldn't But well, I see But again, quarters. any into of could quarter this wasn't saying so see. it. about I But an me, the forward, just touting, stuff all we should could I'd say, overall, skew more see been we're bounce portfolio is ROICs resolution based what I'd prior the has this in for don't IRRs to the going Jon now on in should say all doesn't surprise read the or -- quarter of and -- sort and the He you around what -- uninformed settlements expect, just it I wasn't optimism want adjudications. you'd in performance given results the on of towards whether performance more -- read optimism, quarter towards from kind seeing depending -- like

Matthew Howlett

excited ROICs very that. they Congratulations. think I to get Look, when like equity see investors start

Operator

next [Operator Berenberg. Alexander question comes Instructions] Our with from Bowers

Alexander Bowers

questions, X if had may. just I I

the any count. on been in understand side, whether terms this last taking My so headcount grown of, head case year. has a much Fortune starting or guess, there's around far Fortune year. XX more XX you question to in to made wondering QX larger I Just how I I on committed clients. have client was progress was larger further case second just just want

it magnitude Sundance at of on Congo think term, of believe sort on Republic then in to you in was sense expect the Mining case? the how expecting? of the around the was I And year? you are sort able terms the XXX expectations your longer from Burford of lastly, Are to hit don't start when able you And of a that QX are give I the us confirm And segment, results. settlement headcount would to the much what growth Resources, you realize P&L?

Christopher Bogart

up us let So those us. among divide

Jon So I'll Jordan will the second, the will the first, third. do do do and

to we the talked it's really, deal a along we the with episodic. in in to When second So do a is a of talk people on significant clients. months, the deal long large about first often of just making, was went month one, to We the did and process $XXX get quarter, come It's but the answer last lots that million us. long X then in that or X. together settled didn't time the that deals space

of we to And have and lots landed engage XX well, says, company. sort continue okay, net. that so the of continue we've we have -- quarter-by-quarter potential Fortune we a we But scorecard -- clients of another in don't terms with to broaden

the quarter, $XXX year's do client. from second as as data monetization the on second see in large quarter, you a As a last corporate but deal not for the million we did can did website table, we do large our

a hard And X big trying expect because put thing we're did, that necessarily the having that something to so continue. is the said, why Molot did. Jon that's desirable resolve ability up around as continue And in which didn't just that also to those deal we to months returns we and to bounce

the very count so still done. for for have particularly us to deal was the a not ROIC you point? head IRR, good And a that to do was only But a but out Jordan strong capital months. X want pleasant because take was it

Jordan Licht

Sure.

has the broadly count head in give think take I same, look, our growth. or stayed, measured We're Alex. So

we origination to would our to expansion as to think in talked have I particular we John the -- area. massive tell around or But X we globe don't add expected efforts we about, see we're if constantly or and Chris talent support to don't. additional signal looking growth and you

Alexander Bowers

[indiscernible] Sundance.

Jonathan Molot

I think always we our Sundance, said of our and the of Yes. On priorities we have needs clients, that respect counterparties.

we're when do we deal would some contract And multiyear boon millions, we addition government an don't our through invested outlier money, conclusion a to have what is our project it, in very on to of working in to an of not helpful. have tens Sundance. then have relationship or company cases, it's the We just And in useful expensive a of see has capital. doing a a which expropriates It's good kind asset, resource. a that's very hundreds lot very millions the it of not breaches with financing arbitration, and our very a of experience it's

our clients, was deal that the disclosure who our no can't with the and with clients' did disclosed confidentiality was lawyers going case, an what's disclosable gave the many was from, suggested investment that they being them how sovereign That a we and principle financing, at in event, And matter. moment event resolve potentially that either there's of to came and respect to results that as we had matter advice you and there's this the a and disclosure it confidential the us the It's that's on. the Sundance our it on that reached it when no us. when between In agreement out of deals. see counterparties, disclosable end our do matter anonymized said, at figure which the they table a

in would conclusion for can to do. the our own, what of but on us. to it doing reached believes But at we're something if course, a it you disclosure, our and want not warrant that This for not our I of counterparty us look we don't that standing material to disclosure needs the was add because way it clients,

treatment client to Jordan the really with of I'm want it I proceeding, than about things are so accounting our litigation. relationship with and the I the the it's don't would to to the that. pleased guess the or how but leave Chris to comment extent I or And about it, with answer more to extent

Christopher Bogart

Yes, that's I think right.

disclosure, only the there's is because this but the of is public version reason short the Alex, think, I client.

or has do client anything about position in the that. to or that. so And public timing drive any to We're not a messaging size like

the you, team. We, have forward with happy we all this you brings enjoy us talking And to to results fall. with Thanks thank a third to IR much. think questions to you -- but that, sometime us you questions. close. you the if further that So quarter we're And look as directly very for to I for presenting always, through engage

Burford Capital Limited (BUR) 8 Aug 242024 Q2 Earnings call transcript