Julian Roberts

Julian Roberts from Jefferies inquired about the non-YPF contributors to fair value gains, asking if any single case was a significant driver. He also asked about new investments in Asia and sought details on a specific global IP case that had a partial realization.

Answer

CFO Jordan Licht clarified that fair value gains came from a broad array of cases, not one single matter, highlighting six different realizations over $10 million in H1. CIO Jonathan Molot and CEO Christopher Bogart explained that for IP cases, a partial realization can be a positive sign in a broader 'campaign style' litigation strategy against multiple infringers.

Julian Roberts inquired about the recent increase in single-case actions, the deployment differences between large commitments, the potential impact of the U.S. administration, and the significance of an attempted intervention in the YPF case.

Answer

CEO Christopher Bogart and CIO Jonathan Molot addressed the questions. Bogart dismissed the YPF case intervention as something the court should disregard and stated there is no significant regulatory risk from the U.S. administration. Both executives explained that the mix of single-case versus portfolio deals varies quarterly based on client demand, and that a large, fully deployed commitment typically signifies a monetization.

Julian Roberts of Jefferies inquired about future cost trends, the evolving competitive landscape of the litigation funding market, and any significant regulatory or legislative risks, such as the PACCAR case in the UK.

Answer

Christopher Bogart (Executive) addressed the questions. On market dynamics, he noted a shift from smaller pure-play firms towards larger multi-strategy players, which he views as positive for market growth. Regarding costs, Bogart expects moderate progression in line with business growth, distinguishing between cash costs and accounting-driven expenses. On the regulatory front, he described the PACCAR case as a unique UK issue and stated that while lobbying from corporate defendants continues, he doesn't anticipate a material impact on Burford's business.