Chris, you, and Thank hello, everybody.
that a U.S. issuer previously, we discussed flipped XX-F. will domestic And start XX-Qs from XX-Ks than see private a you and over year, we've with filer. As the to foreign this rather transition, to
file spring, statement. proxy addition, our In see this us first you'll
that a start important there which the number these none Josh first of in of the as But changes an on I'll mentioned changes Let's have are, earlier, historical financials. off outline. impact presentation,
those represents our for providing you'll on we've between always own, focused why difference that's So numbers who've know that investors that actually consolidated the years, our financials. Burford-only and following shareholders for outlined been been what always disclosure has Burford
consolidated Our the financials include private and other fund interests. third-party entities
balance of X the third parties. One those. the that Colorado sheet entitlement investments. that that BOF-C, with on are Let fund wealth examples YPF you previously sold me units the the sovereign represent And give partners to was two,
enhanced. of entities are third parties. Beginning consolidated of will the reporting While reporting. disclosure Burford-only use under more standards, We're these the prominently economic these going to segment ownership use this with period, resides be the accounting
changed, And the imagine, to X captures changes? of fee takeaways these you is reportable X or income items consistent presentation. disclosure But segments that's is a Management, sheet Management. the these have well that and Burford-only are funded and the Principal those financial and finance of funded when the some as from balance capital Finance referred X. reporting captures from sections an from Finance segments: to portfolio to we The identical couple to are are sum that what legal and highlight funds by you get -- aggregate service-related as make on of segment. have that other There total basis. impact of Principal with other There can by other as I'll private well sure as an operations. third-party Burford's Burford Asset Asset income We the should
committed to we same, shareholders story. digest years. to to disclosure will new that historical First, of over importantly, the that And investors most have provided same are everyone, we're to fiscal easier numbers be Burford the the level second, for and transparency stayed the the
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unrealized have win thus detail I'll We that discuss. YPF and greater go and to period obviously move didn't will to we are lower as around continue in another period. into gains size
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segment. Principal go Finance Let's the to
So portfolio our balance sheet outlines, that it's this section owns, directly as mentioned, the investment. I
with how it changed what's this Here's the the in and XX-K segment to migration impacts particular.
discontinuing will figures IRR the performance will such capital-provision-direct, core be be to and by to prior being and and sheet on record That consistent going track impact of capital-provision-indirect. Those balance have use with commitments any funding of the sheet reflect said, direct we're our and return exclude balance funds. reporting. the invested off, capital, First labels, the private portfolio, measures as always
On over and the last Page the I'll some XX, has around Burford-only snapshot $X we're is this The highlights. mention a topped Group-wide, key portfolio $X.X portfolio. X of a number. billion. years with now start CAGR grown the has at billion. let's And a of XX%
bottom components. approximately less of its of into various XX% half the is the of on value at fair than broken page the portfolio represents assets. the YPF Our
X/X YPF, excluding or Fair marks portfolio, value current are XX% than of slightly deployed our less cost. on
growth repeat not there's been the rate, the that a portfolio. same So to mid-teens incremental meaning And our deployed from value. performance, at and our revenue driven fair is come note has if of growing our just about by cost lot fundamental that we historical
portfolio, up both made side, well many see right-hand the On -- of classes. as our nature, of the which as on top diversity of the very we in different global asset right, highlight you is as
Moving to Page XX.
individually with to XX% exceeded So million. here, $XX compared resolutions last gains year. were case gains. $XX to over provision Those million our are realizations The million increase X more and the that's $XXX of a driven of X year. breakdown by you'll of capital Again, close see momentum. that negative portfolio had gains for Unrealized when realized positive income net
transfer in volatile reverse Then rising we and our to first were Discount headwind rate the half XXXX. the approximately unrealized the gains. of a significant creating of the value net realized saw and quarter saw drop valuation discount quarter, course basis rates into is in significantly. certainly third rates year, first unrealized resolves. which number that we occurs when asset as points. recognized XX gains increased gains, previously a through Through rates This an of the However,
by negative it quarter, that certainly basis volatility a why rates by fundamental quarter considerable these sum the a movement on which the up were And XX is quarter. movements. backed created let's masked up So be can and in there strong fourth in about points, perspective
compared this impact rate-driven A bottom no And our But assets. of bearing the on provision of course are balance X.X% over capital movements X% remained discount of on outlines discrete factors XXXX. noncash the at reminder, have to year, rate ending our finishing and the the on at the these portfolio terminal assets. basically and of Overall, of page rates, value other the the capital flat of provision the the end
new is this So disclosure.
through Let me walk it detail. little a in
of right-hand of page quarter. left-hand the So outlines let's focus side the year, movements that first side the the throughout the on
cash Deployments beginning going The working capital asset on and movements which is a upfront be monetizations significant either deployments clients cash offset over the the in which time realizations expenses First, our of capitalized can out clients or and the let's we incur portfolio. in dripped with as realizations. of in balance start door, then is provide the the by our case. cash our
receivable. shading, see is turning assets in conclusion a the our of which the those You red into realizations
as We then the of have increase our the in the of the time. impact they is ultimate of assets over duration value resolution. to closer get passage This
XXXX a reach, rate we Next movement discount year, which is impact limited there's already the with the minimal in discount changes. discussed lot in from
fair $XXX value we milestone of then the And the associated million and impacts. with changes impact have model other finally,
As that the are positive objective negative case be legal milestones to a a can forward as in or conclusion. reminder, progresses occurrences either case
content, course, of significant quarter. and number of positive headwind fourth page, then the Before the interest realizations both high turning same the change again, the the of the the in rates impact right-hand of demonstrating side, also illustrates the but in milestones,
Page to Moving XX.
to Our build. portfolio continues
business and the geography As Chris mentioned, actually portfolio, at earlier has considerably in on financial implied other diversification type, to focused risk not shifted it's characteristics. we're profile and homogeneous. asset just of of the different is over employment, important Look asset the have IRRs, commitment and not our highlighted I terms the our which Different years. different return also profiles assets recognize that in durations,
on new I the the detail business, [ as $XXX a we providing $XXX targeted hope previous Switching XXXX, on will realizations can had produce. balance than overall, a of to we we on we outstanding target topic business annum some the as are been significantly the year-end. new written about deploying for definitive though, We to wrote we've the Thus, of is think other million this realizations we page, we that it's has have our the years. ] you counterparties to originating on more and on higher excited grown year, And each consistently per back at in business April. join all at business about around million and focus sheet. metrics, our plan commitments that But in basis lot us Investor Day. are in the
happen it's course, note Of rather to at but this not time. over important all will once
And with hand Jon the over the that, to year. over I portfolio to it will discuss last performance
