Burford Capital Limited (BUR) 1 Oct 202020 Q2 Earnings call transcript

Ladies and gentlemen, welcome to today's Burford Capital 2020 interim results conference call. My name is Jordan and I will be coordinating your call today. [Operator Instructions]. And now, I am going to hand over to Chris Bogart, CEO, to begin. Chris, please go ahead.

Jordan. much, very you Thank And hello everybody. much Thank this us for joining you very call. today for

with with we Molot, talk were Kilman, announce As Officer are only but very me usual, Jon we us. for about are partner Officer. is process. morning the Not cofounder this some exciting Financial results, day and we U.S. Burford's to and and you listing Chief also Jim get done able our do This that a to my Investment Chief terrific

have, U.S. in New U.S. our then lets of as Stock York of afternoon We in effective period addition, securities with October to continuing the course, and that Securities of in shares Exchange parlance, on the to will and us gone little now trade Commission have start a and to London. XX, Exchange mechanics on yesterday trade

assets. for talk happened pleased able slide, about turning three. what are the and year, you vignettes to context on numbers, So themselves the I has really before outcome number even and history And great that's our and a obviously, process world's we And produce. really I a start XXXX within returns the in to in they period, just look at underlined let's upsize in Burford the set we portfolio over has first in will here. turn for again. ability little at looking didn't a really, litigation some and the big that robust end what a the our am multi-month half obviously really those deliver, litigation for the numbers sharp since vintages had is that And did on like best develop outsized of that And We just years. to of trajectory accomplish, And just been investments in of they with of for been speak you if waiting in half here. delivered. not But saw sort been and moment. have investment performance. of But the have produce and year what and process, was in over a is was you to long fastest a to the what you bit very to portfolio uplift we Burford a large when to saw growth starting slide really I ability our a it more they

now cases. that track XX-year in what now on have at group of feeds a investment than We related record up at that we and million any we not that consistent complex And IRRs, actually That's our produced invested XX% XX business. is years, that run. strategies, return to billion And of capital we XXX%. Looking that finance across right also recoveries Burford. those $X.X capital. at That's example, have track including produced just group like on in adjacent on record, on just other of within $XXX for of more now $X.X XX% is into return one litigation realizations. IRR returns strategies our billion And generated very XX% invested investments, core an went nominal and the

breadth showing related gains, few just are cash. overall capital. depth on not in XX all from have than the settlements And we these way by have of and paper done and invested of a contribution business six-month outsized losses, And this now without YPF assets, single XXX% this we separate the investments our in that wins have that accompanied works, combination is so underline any return period this this the contribution, produced a business. dollar this is to the without really And our this history point more of

Our steadily. to paying have cash wins been case I large refer up. gone The that have balances

receivables And cash. of in last something of end XX% pay to litigation then balance that within this of six you the the paid paying half reminder, are in those our receivables XXXX, be But time, for all to We the as look characteristic receivables have there receivable the and at have of got second a for fact, to been the end all at if steadily. you now. win very just period time is get And virtually months. of in the a year,

cash So we the have coming got increases in door. in more cash in and profitability, increases

over you portfolio to the me let a issues. turn on touch progress I in hear to non-financial our couple and about Jon Before just more depth, of

world. very as Stock I process listing no said of the rigorous in most be York And there's I to that the we regulatory process the the excited debate process. Exchange are U.S. combination SEC real and New process with earlier, done So, the is the think

are significant And has the opportunities await not access being capital only have we been historically Burford think U.S., that investment the think Burford. I to in able the with excited involved domestic but not a buy stock. check that's able we to process, for that So us been which that to in

team as relations saw, our that. we expanded So the take about brings what investor of us And we excited are that to in advantage you future. have

in Jim various to added Rob analyst. have us sell-side with the years, in capacities long-time been Ballan we for addition investor who finance, specialty, In and relations U.S., Bailhache has a

XX. for we so, hope and in trading that And the you I Jim. with U.S., to know will you on the get those work said, as of And starts October

the the various have stock exchanges. shareholders apologize the this, frankly of those behalf mechanics involved For seen communications on to in I about have who

was pretty the these the prose, foisted yourselves need former and the is language crisp, also rather frankly at little processes not have that us this a usual for happen. how but describing by to executive, And complexity now can our regret And we you this As regret process through on quite taken a clear exchanges. tech be. go we to cumbersome bit that archaic aback of been I fact

all will do you along over you fact So the experience. term dramatically the a the long for is Molot is, we the know, turn with you outweighs here we bit And way. inconvenience can inconvenience that me to about let little Jon to portfolio. that, term of But I that say think short there benefit apologize the talk

thanks and for Chris taking to of us. time with you speak Thanks, all to the

first now is As a want returns, will begin Chris do to step really these back basis, speaking I with. attractive, says, are we pleased XX able report And to we I results you. in and we risk being to adjusted consistent with slide are and Chris to four said, be very produced which But to on right. years something fairly echo have half

Our IRRs XX%. have hovered around

matters Chris period-to-period oh, earlier XX have with after on for period or, still wins are of attractive and says, was generally And We higher quite up losses. say, But past we We returns have settle such and matters, up the invested will occasionally ones we produce in can years run returns as results tick produced the to we end or up IRRs upon end the either had capital people we have with that on going attractive returns told big a right. things from but invested have you depending consistent that duration tick no will that when and capital quite attractive invested trial on down long capital, that on. fluke. one lower

several much We the past we realizations And significantly would nature this the have probably XXXX, years over XXXX, grown enough we understood capital. that have put more investors business. is, the out of thing I XXXX, XXXX, is have everybody the have that think other recognized from

grown previously the demand clients our markets. been firms services ignored by We have capital because team. capital. the had it to the needed did And We market legal meet and law corporate

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XXXX The first XXXX XXXX, quite of half were impressive. and

just are big balance half pleased sheet, and with pleased it's we gains the XXXX them. from that. really years are prior step-up the We you very the for look the a putting quite for and of with at realized aside But first group

you On look the slide, a seen described you little at vintage you we a how course, expect generating from have of upper I a as those portfolio vintage, later of are see see has right And just would right. of larger to grown you four, bit what when than of that larger as portion can XXXX returns realizations the going would you pools. and of the slide

you As outstanding. you less mature vintages, see deployment still recent, going a are to of as portion the more larger to

in positive the investments substantial of first In generated of to vintage a back to one XXXX. that caveat XXXX already, will that With see which of the caveat, larger and has in four. realizations investors, slide has it's the earlier isn't in the I realizations XXXX which get put minutes. right, a And the will portion with rate our vintage, a delivered to already you, few has exception, the concluded vintage of lower a half on or one I you return

it's right. assets, important provision note our capital think from of income to I the composition

look see income realized at large the investors in been and versus to the We much have but And assets our of composition XXXX assets. you versus really they have to into YPF balance from wanted how heard of realizations first non-YPF results from came who if half unrealized, impressed was broken related with in there. you much wanted the see non, it how past, they see down the very

look opposed to right. fair at came If vast non-YPF of zero you It's the all first from assets. bulk from value YPF and adjustments, the XXXX as it from is in assets half, realizations

RNS lead in an When quite matters though, in You pointed fair close something enjoyed $XX I nothing to we rapidly. million million am cases, final April, to to in at would about. have of it's some to updating sneeze come which that's out in portion a got out $XXX indeed, on quite pleased to value successes is million is were of we could adjustments value our $XXX the had that's realized that being in it put just we that that gains. say, very realizations already and of therefore and million I fair market progress and were And and cases, like pass. $XX

the appellate but We final the expect those XXXX, will said not be very have realizations first an in cases, we in enjoyed there we portfolio period. trial half others realizations but pleased And be with process. this did we of have there enjoyed successes but those progress wins, we were the were that could many during of that

of adjustments, And matters time, the would fraction so realize concluded when a repeatedly those the successfully. said into we if fair income they only have concluded, value we over take account

wanted cases, fully have of a So to not are wins negative. and the investors from fact delivered and as in we have matters positive, progress realized that a there gains that realized we not But is such well. see course, trial

So XXXX. how we very are performed with the first has just in pleased portfolio half the of

came granularity where a from. the on Turning to slide realizations more the little breakdown there's of five,

liquidity duration where settle. we the have to, assets and we over to the of XX% And asset control about litigation left a side, four class portfolio. have from the greater on ability constituted see were which the reminder and And of that term progress on term. portfolio portfolio as we is indirect not breakdown XXXX, group shorter between the we much the over to direct able said see of it our capital we this have capital the said On the been a provision provision long a that balance may you and further outstanding cash long strategy, turn it cash, medium as demonstrating and wide which and provision able from have be of indirect term realizations December into provision was those on sheet capital show. worth always down broken a the or there portfolio indirect capital medium It's you

funds this the think on important home mind to of bet wide, are it win go and sheet enjoyed It an on for the outsized attractive we such see deals I very you at slide which return, in our fees XX cases. portfolio of been settles to in disclosures wins, very a going and in are that that asset in and to assets noted pleased move in that is had business. where in saying on in account is million-plus of settlements a that a $XXX XX returns a realizations larger which And it's or way was that balance this that of negotiate mean has million it we have five, outsized not related a the we mean, is if earn across about part and we earned, generated yet don't would prior could what model number high matters, of which our matter price case those and much, success. great a know be would take call you, further parcel much have when one matters we which realizations, All million deal and gain it gain. did has sheet the particular the a portfolio, returns a $XXX take that when right take going example balance we the conviction time into And see speak business where we smaller Chris to we them that have are side diverse They different made $XXX of the are favorably a Turning additional matters that could the return, outset as that of you, our this cases, that and matters numbers one-off for included complete these we of description some into a recycle sheet. a delivers go a in $XXX know We that for $XXX we capital array any had loss. early can That's balance to going don't a of it it's the group truly resolved early, run for million is the that positive. concentrated of investors, the whether that we we going realized share of whether we our performance is to the another prior distance, and and decent be are distance. the into or returns

When in and we negotiate the we possible greater mentioned We of to are XXX%, the a than that that matters of so a capital loss have on the returns. we we to able again? all to of one of between. that know the kinds and the Chris things matter one-off. just it portfolio It's the just not can scenarios. the decide that's number in diamond case, at possible have happen settlements portfolio. a all opportunity the all resolutions the we in generated that we like and not generates ranging out, particular complete it from very it That before, that the not and those It's model go returns put through price permutations. we the in capital returns will it high had And rough. traditionally way out have enough the our have And find invested have not portfolio be number have that recovery of high-end we include our our underwrite when to generated the historically part high-end And returns, in and works. and found That's happen a parcel matter is to some them deal

example So we that this pleased. our model. But business fact about yet are another is just very of

six, IRR the finish I slide with, on levels from our started of that of which is, up you provision have right greater direct able basis, slide portfolio on with see returns to absolute Turning an you have billion maintain you as I you are delivered gone we and invested capital the the to will realizations $X.X that in grown alone, kind return the achieve had the you are over question left were has yes, on answer And you we to the had periods capital, is XX%. see And consistent But XX%. IRRs up able on our history. slide, have to a smaller ticked earlier that in we you up in when to portfolio? fact throughout slightly fact, the are return

throughout. gain contributed outside our portfolio slides a I have year to those the it ago with that very our show said, was XXXX be put report world I to XXXX. business and mentioned in I that model was long clients. But to just Burford's law We questioning I And known. potential. to Chris able a XXXX, just note, and significantly that team Burford two that. results. And when, you corporate we under think at about investments these on able There the to in maintained in Meanwhile, pleased hard had be to we people as was glad our have were on relationships confidence what really So have perhaps were like siege. are am firms realized just very appeared work. XXXX

We and on hard that some noise underwriting. let you from put questioning stock and deals. Burford irony new and put in pleased now to held able you been outsiders there's who to us. long Burford internally we And we a year. distract the were working lots you holder maintained money you maintained whether during rigorous benefit to continued didn't period hard We that work We now the of well, whether I are at public faith or am out was have in XXXX, a doing when really term are last it, put were

so, the it to I just am back will And And with really Chris. turn that, results. with pleased I

much, I litigation Jon rhythm portfolio to construct quite our of our and I that a that orally graphically predictable going outcomes. litigation illustrate to they am and here seven been to seen saying made before to has because quickly the but and it to Thanks these I and just do a have have that speak and going you to we you think way largely set I both and are effort point John, the reasonably am eight, what slides to thunder. stolen my slide very Jon has But be

positive those It's nominal there nice only lower which form of or frankly, and outcomes. but comes cases so of seven, loss but on that the capital much is not every are see there outcome it investment are very IRRs obviously on where we aren't is three are out your business why notable what they something you dollars they of the of nice win portion out And drives slide And are I adjudication Or the is generates capital. settle. you deployed and to are possible, The possible We XX% and there a part XX% expected many or businesses because nature your returns. is end. the those And of is we the at investments. to as Litigation an putting open the they going And ended look and there our make the settling provision that of along. other a but complete process outcomes. And or returns, capital either you are lose book. the returns of model. either returns go are that's XX% not some three if that generating just And the high higher generating of result and fairly make rapidly what's single think high time, and some winning, of capital all lose. takes trial time, because of longer that only

our that. is reflect And high so appreciate market to capital appropriately the legal think people for understand and pricing I that the in And risk.

taken Our of who risk pricing the have and cases. historical lawyers are with these in returns inconsistent not returns

not investment is it's that What the with doing is in are process doing management. though we scale we at we as something norm. repeatable it doing professional So a are outside are

And very asymmetrically. is we so, lose, you lose we that slide what you to do that then eight, when if turn shows

are the So the that big wins, this only our but at big you the just to you at shading, right those green XXXX of graph, the big. compared all are that side the wins. wins look if are you losses small shows And not of if look

sort this So again, of is point, the to way this underline works. the business

consistently have, Settlements middle, spread our right. in view, the left the the over in to losses wins and larger of to We outcomes the will time.

a before buy-and-hold that are this Now, from public is perspective, business difficult we investor. have a we and what this market makes said somewhat

portfolio on this the the for outcome have being also things. will Judges organize a where do itself year continue the and or that periods when we and decide basis, decide judges continue quarterly to reporting process, have to a have an have or shareholders. banks If to individual half in less even are But smooth, paid periods not of then litigation neatly much would like why dependent operation we the we timing terrific clearly the We things it. does of first And On or were semiannual of will returns happens. and either we get to not we business frankly, paid. are that's we to this yet results. stage able as wide predictable merits at easy smooth, get predictable which

You generating returns these and you wouldn't be kinds wouldn't Burford. need of

to slide bit turning like talk litigation, an is with not and about little airline a nine, thing remember business So, we let's our or means COVID. new start forever. commencement business that's sell to a doesn't day business around hotel progression to tonight And its that without to tomorrow. is And a that twice where I Litigation, the not restaurant with, A as think or and process. that an that's are a business to sell I a is not around when get its true many meal in restaurant immediate true commenced. doesn't our just a business. its well as as speedy been But gone belaboring, as respect have

And it and is there more rush. untimely. there instances, investors, disruption if that everything. be year, isn't. is system, And rush that later. little very bit that many no It have as litigation to immediately the that the in brought court and just or case a a It was rare we what we to for see means will sue doesn't so simply litigation us it years would cause filed six be There's have to that causes to this But that In that as certainly sometimes got reality process. have the brought away. the become go is you had to a wish has to us comes wasn't to you

freeze so brand of And your the legal significant were no cases. have. of we Lawyers you would in all May, was, the your and lawyer way earlier Courts spike had move generally. sudden in they working. really of had up living in in be saw a didn't bunch April sort March, setting cases, thing to gave first manage of otherwise brought activity there adjust rapidly mind. not in remotely if pandemic, of we a frankly, to finance But case your room system you the And always. trials certainly forward of the new are seeking saw certainly and in a is doesn't be what lots activity in year to a as not to delay and We this as cases many cases and top are going of yet on trying that office new to litigation to for need a a

ago from but the that return some our matter much we if there you simply a our a I were fall so, When would I thought continuing at have fall And that about will saw those because to less very when their me in saw six It business didn't to you that were were things what conduct see as was we of This coming we answer, because a going XXXX, result, we half because of have to enhances it It written It existing some fall of of like involved that also when weeks conjecture, our cases world would capital felt that new do fabric and not thing, and things the is cases you I were the up. out number historical a offices. second lawyers severe bad actually new just figuring in patterns. We me back reopen multiples and slowly. go felt aggravating, back. school. and go though can have It of often normalizes, given back were on to our sharp sort the matters. more a in as is deployments didn't hurt think returns. But felt to matters asked when them like I view a courts trials as think it were saw on. it optimistic point perspective. happens, like certainly make necessarily our world And pretty that as more going our often doesn't money business, how kids legal investment time-based from felt a be

resurgence this time, that litigation cases, will see progress. a picture continue see clear in And with Now, think I the you will continue fall. at COVID to same you to is delays less to But me.

That events financial of and business. XXXX. out of continued thing in fall a that that of have the But somewhat, a the in expect come. difficult see But here. had even COVID continue we crisis. in But of other same of seeing doesn't time, case would going years trial, for in And three mean us. it V-shaped support front to that for the come. those before, surprise quite I litigation It to to we I And XXXX crisis is to of that's have return expect and we that be that of ago. environment a me significant exist lot an think immediate that not sort if many would the won't and didn't We disputes did on obviously to re delays for I we where while years I came years cases. a exactly we any think new isn't with we think, started the also litigation We the disputes do have decade top And to I And volume at that, to same This as business a financial arising going said we will litigation events in process. rebound in business the a experience that for or are won't very produce an years on going deferral years. the weeks.

So that think the don't cause impacts short on but regard the certainly, term as for I long you a business sort see these any we concern those of over term.

with let turn So to Jim that, Kilman. me you

Chris. Thanks

talked unrealized worth how So a period a our where during drove to of and realizations have also Chris modest Jon XX, realized is half results, turning the slide this although well. level noting that gains gains have as did significant and about we it's

assets. finance fair required are to As value under legal IFRS a reminder, our we

small we assets, fair no for number assets them, sales million. or the of were during developments to value at our Since not other first significant value. them, which sales-based primarily on have case carrying $XXX the half, changed into a we our transactions YPF-related remains have For factor values there YPF-related our historical

none on fair As were down, our percentage we about, a on marks, legal based YPF-related. up gains our value period talked these vast we have the have XX provide statements fair appeal trial on or unrealized these percentages Then of consequence, policy rulings, the our and during for of prescribed value prescribed case them the finance progress, pretrial new assets, wins based majority as been transparency actually on policy applied. in portfolio, like. have outcomes, Note a that data table more judgments how the we of some To on included some provide financial

I So take a look would encourage at that. you to

show on carrying XXXX thought be designed to In the it how today which We progress far. of of on as XX, that as would favorable touched The our Jon the XX% provision drove only million at have did XXXX, unrealized here with progress $XX right capital to issued of our results of direct number provision on setting do portfolio portfolio cases you mature. This significant expect, gains gain As XX the positive modest a remains our in is on, progress RNS, in portfolio, the half. April would translated during YPF bottom so Even we we helpful results during into period. to some our portfolio, that. direct capital continues during of of table slide gains the total aside, we season those some in quite first XXXX first unrealized half case on though, reported volume. and

balance in amounts million the receipts said moment, only that for sheet, of generate of million and $XXX had cash over $XXX final on time. that a Focusing April income we ultimate we could matters

total time, As are we those we to in expected emphasized those the amounts lives. over at their that from receive matters

period-end, in the From matters the RNS, million However to produced on gain. $XXX receivables of realizations, April realized actually referenced million $XXX much during those some the track which produce are realizations half, that but of receipts. we happened. were which first And of of cash all at of had

ultimately expected $XXX we earlier April that produce in said income. we that matters had of stage also million We to

along. as As are far expect, those not you matters would

gain produce did period. first of it in So those unrealized drive but didn't million half, $XX realizations the the during cases during the progress

in of first cases over remaining the and during income half aren't of the the we to So referred XX, our balance Shifting of April during on million $XXX we cash future generation the in in aggregate, to we first XXXX. the group realizations done for income. of lay now referenced $XXX periods. million the sheet, be matters matters April generated half focus slide and clear, out And yet. We from expect would achieve on this cash realizations to to

those half, we still had realizations provision in at first direct previously, noted of period-end. significant although were As many capital receivables the

proceeds of as we substantially portfolio modest those second million. at have in our But the been were collecting that progressed. So cash half on the receivables our has from relatively part period $XX

environment, indirect despite to However, proceeds capital market assets. from impact the of able generate pandemic's our we on were provision the $XXX million

the these source medium half. us We that for first delivered as liquidity past and have in a certainly they described term the in of

Our total our than cash last in significantly more of line receipts of XXXX in the needed dollars expenses million cash was $XXX period. provided and same first the even and for with period deployments the year our for we half of

$XXX and picture, turn at bodes first generation begun the had cash with which cash and either cash comfortable during about half September fairly highest earlier And large June the this XX, of had to why We million year, by we expected management any with first To the recap our XXXX, receivables June XX cash receivables of the cash turned built debt for we of almost issuing twice you slide feel assets. into at assets two that during quite of than external we we receivables clearly liquidity soon, at have period. be ended sheet continues, stood generative years noting total would cash. however, as a our power or And and million management million which $XXX Importantly, to of $XXX that early half of is raising business. without of current direct cash $XXX and of see it half already capital balance where of liquidity XX up become our worth June it's any capital left million. to almost total of cash over at cash that provision indicates our without XX We those turn liquidity millions cash million what are a pretty for $XX well in a year. Those half XX. amount for us realizations and the of $XXX first since cash position. previous the second The XX% receivables that was the year and for balance had our higher into total the

we On highlights the capital XX%. slide lay net conservatively a dramatically right-hand tangible covenant of structure. side very of We remain out our lower XX, XX%, to of ratio some than with levered of our debt level assets

our to dated continues than structure be longer average assets. debt Our

of away we several over by generated with and in laddered receipts is several almost last could covered times nearest years. cash be debt even our have level two Our of each the the maturity years that

that turn balance comfortable the our ahead. that, Chris. and back with the quite sheet, well that both I challenges for to Given our and opportunities And it Burford we feel is liquidity lie positioned rock-solid will

slide just XX. And wrap Thanks to on Jim. up

you And we financial ahead. considering year. significant are pretty the liquidity pretty long as we about so thrilled future. from cash are excited access far stand where So on excited has fairly can are moment. from with capital opportunities we our very a our think be happened the this presentation, see perspective, well-positioned We capitalize at that about the to And Burford also market a is and what both tell and things fund right to especially to able that that we

me why about and don't alone questions? we So rather pause anymore take than rattle our enthusiasm, your

Instructions]. [Operator

from first question Investments via comes the of Standard Mike webcast Brooks Aberdeen Our asking.

on provide potential Argentina debt update Please, here is and restructuring? from an and can YPF? timetable the you scenarios from the if relevant, the any, What

Mike. Thanks

Peterson Southern court the and the YPF Park in pending of the District the trial the currently So of cases, York. in Eton the New are cases, both

all as So half that of cases have these of went jurisdiction Supreme the the that's who important was those for of way you first to on U.S. we in the won the decisively this the case courts. Federal question Manhattan. followed the Court And That have U.S. know, Court. and

you where sort would in, cases the will right what posture that, Now they And trial. practice after proceeding a we are rapidly. is move quite litigation. having now. have litigation motion The won a a court by through are moving discovery cases discovery, And This are call, then of for a as of to set schedule period ultimately we along normal they along has followed those speak.

contract which and twists right is. there they a this So be what large like will along be exactly doubtlessly the But is normal dollar now, way. piece turns case litigation, of are behaving

debt picture, agreement such There the As obviously which have explained, lenders and entirely arbitration. contractual country. debt a or litigation litigation is the we judgment no and set in agreements litigation sovereign unrelated to is between is long a of contractual

two operate processes, entirely systems the so the And two independently.

the these as to other have any just And way one impact prior the restructuring so any us didn't and any doesn't or particular default effect the have cause debt claims, restructuring on the anxiety. didn't

asking. We have Laurence another question from Capstrive Endersen of

you progress. seen competitive your widening? on environment Congratulations the changes your any position major Is litigation Have leadership finances? in for

across when So it's than been interesting question capital there is the going an legal more certainly there ever you because market. market, finance has into look the

of capital went If venture you from was small players. like back capital coming that years, some much

left their seen And the been have to constrained of have year and by dynamics new and those the you them grown attempt have liquidity backers. have market. this players some for entry that and also somewhat Some by an of struggled pandemic

capital, market. potential in litigation the to every thing. part good company our They every finance diffused. good of a always to And itself law The perspective, that's position. And from incredibly accepted claims And out other be and area have this as a we the make we there player, just your has only and world. basically needs see has be firm considers of is don't is large. it no entry And there's users taken into think in it certainly of have there finance are to of capital monopolist in reason include that robust that Burford entry in very think normal practice use for not because like that position player we corporate a were the very finance, nearly the to question this also this we continue would to Burford market will market. that So market. a But marketplace, robust a any changed. If be corporate

so formation we what entry. industry done our recent this just of most or month actually announced a for is Association, so Legal welcomed of that And Finance we industry. the the association trade the first example And ago, the have leadership is long International very

positive sector. So we we for like And have this market, capital a cement form things think that And normalize leadership taken the position of we our but think role. the use a broadly in in the that's of just us. a also

the comes from question phone the Julian lines next via yours. of Roberts Our Jeffries. line is Julian,

Thanks much. right. me, it's couple Hi. very from all A

us can try have for results? of there monitor the then credit opportunities look sort to the in we one expectations next give it's obviously worthiness behind of any litigation we recognized receivable? which might any basically resurgence able is, help timing anything are you? any of that that. other indicator at? of know the have the an one, cases of us there And the defendant will the receipts? for around Is commented to further analysts. just And idea you can newly I to funding and wait first already we The idea the the Is give Or second you of on

think large a the terms were for there. judgments related we worthiness we insurance of of that credit cases in tables at say little the of involved no the cases, in the where our in credit related those to our cases payers the concentration talk been publishing involved and now industry. of fair terms defendant the in it's while about And in all worthiness have I that we are concerns that industries have that So about

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webcast Our asking. next Webster question of Henderson the Peter via comes from Janus

of looking capital linked to disruption, likelihood raise pandemic inflation to are the you dispute Given more to growth? external fund

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questions from Thank if I Two me, you. related Okay. may.

capital further of to direct takes look am impossible, the second latest And the on half, half, basically if second the in definition $XX you first year? the time you of then Obviously, cetera, million. that provision it narrowest all unlikely much the sure it cash, would definition, to if cash, have given if the et you direct how cases total in, in received question provision is cash of those that, but is Thanks. cash cash collect it's proceedings, that relating On said that in we see at in in would this that got terms come capital term it half? receivables I about is second what narrowest it significant short not some unlikely, is if coming on

to over to the Kilman. the I going So question first turn am Jim

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for one? way Jim, tension So to the there predictability take do business. want is a market's smoothness and earnings between maximize and in first desire this to you cash the the

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much. very you Thank

next Our ahead. go Portia question comes Portia, from Canaccord. please of Patel

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discount And result a returns of usual credit of matters So at took on. are any course the getting so to economic those in in to minds during in willing and question, we first that in concerns push so resolved a historical XXXX of capital worthiness for your do rapidly. conscious condition to exchange our some you of in right. to and the resolve We were in their decision the light their

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Our webcast comes from Dalton via the next asking. question John

or continue at bonds levels. elevated given any Has trade retail yield to buyback been there to The thought bond refinancing?

So I agree with you.

the is the market. in personal at. that bought because I on on pricing the not find our think the the consistently now. I screen pricing nuts while bond the necessarily lay and I of to and also I the be deal we they were some a trade unable Jon experience, for and suggest pricing say bonds prices on extraordinarily from right good screen actually to them ago of this reflective the I hands the are And an think actually they

are an we be in capital this interim the murky in our entirely as is discussion in where think out our both that's I said world area we a with So But liquidity to opportunistic report, debt respect there. to directions. prepared

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Instructions]. [Operator

talking I have that enjoyed for I now gone well realized that hour. so And much an over we

question, it, burden I we today. to this more to one otherwise but take there's happy call close a further you certainly if So and am can

comes final is your line David Jones. David, Our question open. from

from would which cash cases? you in producing invest consider would all Burford ask you the stage I And for at you, distributions please, think is continually wanted larger it of more What afternoon. Good would that to at point sort move sheets using and what gets you Hello. shareholders? to balance expanding

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position into given business through over field. the a and effort the built have fact demonstrated we as we presence have that market to to generate position years to take that very the grow gone in past it. able now have we and our make expanding you And in returns advantage an returns Jon leading market and building still to with that can to on bit a seems to XX little It deploy extent capital capital take of continue deploy we we and are cost foolish continue high when not believe continue great We market on detail, that has the the them. attractive and

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hearing for reasons that, for for also hour, entire thank team Jon year U.S. about the of the capable to years especially And and to explanation out, continuing and been rest forward more speak I that is what we with has the global the provides to a period results given participating. very this various almost given of strong think in that combination And coming in would of these and today over much to the I Jim you participating a all listing Burford and Burford. and last think what with are about months that degree Thank past hope I see are call business but this our all in not the we quarter you support of we like and and of the you fruition with the people And at to your us this business economy and tumultuous locally, so, or about a only more and the the to it's look comfort ahead. much business you of delivering. that very for

today's concludes this for you call. Thank us. gentlemen, and Ladies joining

your disconnect lines. now may You