Alexander Bowers

Alexander Bowers from Berenberg asked about specific industry or geographic growth opportunities for new cases outside the U.S. and requested an update on Burford's pursuit of opportunities in the broader 'ecosystem of law,' such as legal tech and law firm equity.

Answer

CEO Christopher Bogart stated the pipeline remains diversified due to partnerships with global law firms, but highlighted recent 'boots on the ground' expansions in Korea and Spain. He confirmed Burford is actively reviewing and has deployed small amounts of capital into 'ecosystem of law' opportunities, with plans to grow this investment over time.

Alexander Bowers from Berenberg asked about the drivers behind the uptick in unrealized gains from YPF-related assets, beyond technical factors like discount rates. He followed up by asking if Burford had to pay for its increased stake in the Eton Park portion of the YPF claim.

Answer

Chief Executive Officer Christopher Bogart explained that a key factor was the increase in Burford's interest in the Eton Park side of the YPF transaction, which grew from approximately 72-73% to 82% during the period. He confirmed that Burford does pay for these increases as they occur, at a price roughly equivalent to the carrying value.

Alexander Bowers asked about the impact of rising legal award sizes on the portfolio, the company's expansion into law firm equity, future headcount plans, and the expected timeline for the YPF appeal oral arguments.

Answer

CEO Christopher Bogart and CIO Jonathan Molot responded. Bogart stated that broad tort award trends do not directly impact their portfolio of specific corporate cases. He deferred questions on legal ecosystem expansion to the upcoming Investor Day, indicated headcount would see moderate growth, and noted the YPF appeal timeline is not unusually long. Molot added that their case damages are specific to the corporate plaintiff's business, not broader social trends.

Alexander Bowers from Berenberg asked about progress in securing more large-case clients, recent and future headcount growth, and the expected timing and financial impact of the Sundance Resources settlement.

Answer

Christopher Bogart (Executive), Jordan Licht (CFO), and Jonathan Molot (CIO) responded. Bogart confirmed that engagement with large potential clients is ongoing but episodic, noting a $100 million monetization deal in Q2. Licht stated that headcount has remained broadly stable with measured growth. Molot explained that details regarding the Sundance settlement are confidential and driven by the client's disclosure requirements, and Burford would not comment further on the timing or magnitude.