Final Results

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Burford Capital Reports Record 2023 Results Burford Capital Limited ("Burford"), the leading global finance and asset management firm focused on law, today announces its fourth quarter and full year 2023 results . In addition, Burford has made available an accompanying fourth quarter and full year 2023 results presentation, a shareholder letter and capital provision-direct and capital provision-indirect asset data tables on its website at http://investors.burfordcapital.com .

Christopher Bogart, Chief Executive Officer of Burford Capital, commented:

"Burford had an extraordinary year. Our earnings per share rose 19x to $2.74, driven by a tripling of consolidated total revenues to $1.1 billion in 2023 due to significant growth in capital provision income, with and without our YPF-related assets. We achieved a Burford-only net income margin of 63%. With the courts fully back in business, we had an active year and we anticipate further substantial levels of activity in 2024 and 2025. Increased portfolio velocity was reflected in record core legal finance realizations, cash receipts and realized gains, as well as sizeable unrealized gains arising from the portfolio moving forward. Our ROTE soared to 32% in 2023 from 2% in 2022, and we increased tangible book value by 34% to $9.85."

Consolidated financial results (unaudited)

Summary statements of operations

					Years ended December 31,	Three months ended December 31,
Consolidated (US GAAP) ($ in thousands, except per share data)	2023	2022	% change	2023	2022	% change
Capital provision income	1,341,923	319,108	321%	325,810	165,942	96%
Asset management income	7,642	9,116	-16%	1,875	2,025	-7%
Total revenues	1,086,902	319,227	240%	292,573	161,336	81%
Operating expenses	271,236	124,272	118%	120,237	42,126	185%
Net income/(loss) attributable to Burford Capital Limited shareholders	610,522	30,506	1,901%	100,095	81,914	22%
Per diluted ordinary share	2.74	0.14	1,857%	0.45	0.37	22%
Summary statements of financial position
Consolidated (US GAAP) ($ in thousands, except per share data)				December 31, 2023	December 31, 2022	% change
Capital provision assets				5,045,388	3,735,556	35%
Total Burford Capital Limited equity				2,290,858	1,742,584	31%
Book value per ordinary share				10.46	7.97	31%
Non-controlling interests				916,922	644,486	42%
Total shareholders' equity				3,207,780	2,387,070	34%
Total liabilities and shareholders' equity				5,837,394	4,288,359	36%

In this announcement, references to "FY23"and "FY22" are to Burford's financial results for the years ended December 31, 2023 and 2022, respectively. All figures in this announcement are presented on a preliminary and unaudited consolidated basis in accordance with the generally accepted accounting principles in the United States ("US GAAP"), unless otherwise stated. Definitions, reconciliations and information additional to those set forth in this announcement are available on Burford's website at http://investors.burfordcapital.com .

Burford-only operational and financial review (non-GAAP)

Selected metrics 1

					Years ended December 31,	Three months ended December 31,
Burford-only (non-GAAP) ($ in thousands)	2023	2022	% change	2023	2022	% change
Realized gains	186,443	133,357	40%	62,904	70,487	-11%
Realizations	496,216	350,209	42%	222,115	157,729	41%
Cash receipts 2	489,209	327,986	49%	109,477	98,514	11%
Deployments	382,195	457,106	-16%	77,763	181,687	-57%
New commitments	691,086	726,273	-5%	242,404	325,705	-26%

1 Represents Burford-only capital provision-direct, unless noted otherwise.

Group-wide (non-GAAP) ($ in thousands)	December 31, 2023	December 31, 2022	% change
Total portfolio	7,170,308	6,146,871	17%
§			Realized gains in FY23 up 40% to $186 million from the prior year (FY22: $133 million), with no contribution from the YPF-related assets
§			Realizations in FY23 up 42% to $496 million (FY22: $350 million)
o			Continued strength in realizations in FY23 reflects increased portfolio velocity, as the case backlog in the courts continues to clear
§			Cash receipts in FY23 up 49% to $489 million (FY22: $328 million)
o			Cash receipts in FY23 m eaningfully exceeded total operating expenses and finance costs
§			Deployments in FY23 down 16% to $382 million (FY22: $457 million)
o			Current vintage year Burford-only capital provision-direct deployments were ~40% of 2023 total compared to ~60% in 2022 - this is simply a business mix variation as 2022 had more monetizations and the rapid settlement of a large 2023 matter, producing 37% IRR, meant there was a $100 million of available commitment not deployed
§			New commitments in FY23 up 4% to $1.2 billion on a group-wide basis (FY22: $1.2 billion)

o However, capital provision-direct new commitments on Burford-only basis down 5% to $691 million as BOF-C took a larger share of new commitments (FY22: $726 million)

					§	Group-wide total portfolio increased 17% to $7.2 billion at December 31, 2023 (December 31, 2022: $6.1 billion), due to significant fair value gains and growth in deployments and undrawn commitments
Selected financial metrics
Years ended December 31,						Three months ended December 31,
Burford-only (non-GAAP) ($ in thousands, except per share data)	2023	2022	% change	2023	2022	% change
Total revenues	976,542	250,605	290%	250,615	143,173	75%
Operating expenses	268,538	122,696	119%	118,161	41,751	183%
Operating income/(loss)	708,004	127,909	454%	132,454	101,422	31%
Net income/(loss)	610,522	30,506	1901%	100,095	81,914	22%
Burford-only (non-GAAP) ($ in thousands, except per share data)			December 31, 2023	December 31, 2022	$ change	% change
Tangible book value attributable to Burford Capital Limited			2,156,893	1,608,672	548,221	34%
Tangible book value attributable to Burford Capital Limited per ordinary share			9.85	7.36	2.49	34%
§						Total revenues in FY23 of $977 million (FY22: $251 million) were a driver of significant earnings growth
o						Realized gains on total capital provision assets of $187 million in FY23 driven by capital provision-direct assets, representing our highest returning core legal finance strategy
o						Unrealized gains, excluding YPF-related assets, on capital provision assets increased 120% in FY23 to $158 million (FY22: $72 million), due to portfolio progress
o						YPF-related assets generated $543 million of unrealized gains in FY23, due mainly to favorable summary judgment in the first quarter of 2023 and favorable final judgment in the third quarter of 2023
§						Operating income in FY23 of $708 million (FY22: $128 million), attributable principally to growth of 290% in total revenues
o						Operating expenses in FY23 of $269 million (FY22: $123 million), reflecting strong portfolio performance
-						Total operating expenses in 2023 include almost $130 million of non-cash accruals and one-time or case expenses
o						Strong revenue growth caused total operating expenses (including all non-cash accruals) as a percentage of total revenues to decline to 27% in 2023 from 49% in 2022
o						Increase in portfolio value, including unrealized gains on the YPF-related assets, drove increase in accrued compensation expense associated with carried interest
-						Long-term incentive compensation includes accrued expenses and related employee benefits and are only paid out upon receipt of cash proceeds from net realized gains of capital provision assets
§						Net income in FY23 of $611 million (FY22: $31 million) amounted to 63% of total revenues
o						Net income per diluted share in FY23 of $2.74 (FY22: $0.14 per diluted share)
§						Tangible book value attributable to Burford Capital Limited of $2.2 billion at December 31, 2023 (December 31, 2022: $1.6 billion)
o						Tangible book value attributable to Burford Capital Limited per ordinary share increased 34% to $9.85 at December 31, 2023 (December 31, 2022: $7.36), primarily reflecting strong earnings
§						Burford-only ROTE for FY23 of 32% (FY22: 2%)
Selected portfolio metrics
Burford-only ($ in thousands)			December 31, 2023	December 31, 2022	$ change	% change
Deployed cost			1,573,531	1,486,150	87,381	6%
Plus: Fair value adjustments			1,814,070	1,117,855	696,215	62%
Fair value			3,387,601	2,604,005	783,596	30%
Undrawn commitments			1,396,061	1,299,048	97,013	7%
Total capital provision-direct portfolio			4,783,662	3,903,053	880,609	23%
Total capital provision portfolio 1			4,840,117	3,942,700 2	897,417	23%

1 Represents capital provision-direct and capital provision-indirect.

2 The fair value of $31.4 million for the Burford-only capital provision-indirect assets did not include an additional $1.0 million for the Burford-only portion of the receivable from due from settlement of capital provision assets on concluded assets in the Strategic Value Fund for a total fair value of $32.4 million for Burford-only capital provision-indirect assets.

§				Fair value of Burford-only capital provision-direct assets increased by $784 million to $3.4 billion at December 31, 2023 (December 31, 2022: $2.6 billion)
§				Of the $784 million increase in capital provision-direct asset fair value in FY23, $549 million attributable to the YPF-related assets
§				Cumulative ROIC since inception from Burford-only capital provision-direct assets of 82% (December 31, 2022: 88%) and IRR of 27% (December 31, 2022: 29%)
Liquidity and capital
Burford-only (non-GAAP) ($ in thousands)	December 31, 2023	December 31, 2022	$ change	% change
Liquidity
Cash and cash equivalents	195,915	73,679	122,236	166%
Marketable securities	107,561	136,358	(28,797)	-21%
Total liquidity	303,476	210,037	93,439	44%
Due from settlement of capital provision assets	185,267	114,650	70,617	62%
§				Burford-only cash and cash equivalents and marketable securities of $303 million at December 31, 2023 (December 31, 2022: $210 million)
o				Robust liquidity position at December 31, 2023 primarily reflects continued solid Burford-only cash receipts and issuance in June 2023 of $400 million of senior notes due 2031
o				Liquidity position enhanced in January 2024 by $275 million tack-on offering of senior notes originally issued in June 2023
§				Burford-only due from settlement of capital provision assets of $185 million at December 31, 2023 (December 31, 2022: $115 million)
§				Total debt outstanding of $1.6 billion at December 31, 2023 (December 31, 2022: $1.3 billion)
o				Leverage decreased in FY23, primarily driven by asset and equity growth and remains well below covenant ceiling levels
o				In June 2023, Moody's revised its outlook on its Ba2 rating to positive from stable
o				In October 2023, S&P revised its outlook on its BB- rating to positive from stable
§				Declared dividend of 6.25¢ per ordinary share payable, subject to shareholder approval at the annual general meeting to be held in May 2024, on June 14, 2024 to shareholders of record on May 24, 2024, with an ex-dividend date of May 23, 2024

SEC Reporting

We anticipate filing our annual report on Form 20-F with the US Securities and Exchange Commission within the next 30 days. We expect that to be our last filing on Form 20-F, used by foreign private issuers. Even if we do not lose foreign private issuer status by having more than 50% US investors on June 30, 2024, we nevertheless intend to move to reporting as a full US issuer and using Form 10-K for the 2024 fiscal year. In our forthcoming Form 20-F, we will be reporting a material weakness in our internal control over financial reporting and that our disclosure controls and procedures were not effective in the aftermath of the adoption of our new valuation policy. That material weakness and corresponding controls' determinations relate to the lack of documented available evidence demonstrating the precision of management's application of the process to determine certain assumptions used in the measurement of the fair value of capital provision assets. To be clear, this is an issue of internal documentation of a management process; no material accounting errors were identified as a result.

Investor and analyst conference call

Burford will hold a conference call for investors and analysts at 8.00am EDT / 12.00pm GMT on Thursday, March 14, 2024. The dial-in numbers for the conference call are +1 646 307 -1963 (USA) or +1 800 715-9871 (USA & Canada toll free) / +44 (0)20 3481 4247 (UK) or +44 800 260 6466 (UK toll free) and the access code is 9722470. To minimize the risk of delayed access, participants are urged to dial into the conference call by 7.40am EDT / 11.40am GMT . A live webcast of the call will also be available at https://events.q4inc.com/attendee/461322893 , and pre-registration at that link is encouraged. An accompanying FY23 and 4Q23 results presentation for investors and analysts will also be made available on Burford' s website prior to the conference call at http://investors.burfordcapital.com . Following the conference call, a replay facility for this event will be accessible through the webcast at https://events.q4inc.com/attendee/461322893 .

Summary financial statements and reconciliations The tables below set forth summaries of the consolidated and Burford-only statements of operations for the years ended December 31, 2023 and 2022 and the three months ended December 31, 2023 and 2022, the consolidated and Burford-only statements of financial position at December 31, 2023 and 2022 and corresponding reconciliations from consolidated to Burford-only financial results . Furthermore, the tables below set forth certain additional reconciliations for financial information contained in this announcement.

Summary consolidated statements of operations

			Years ended December 31,	Three months ended December 31,
($ in thousands)	2023	2022	2023	2022
Revenues
Capital provision income/(loss)	1,341,923	319,108	325,810	165,942
(Less)/Plus: Third-party interests in capital provision assets	(279,263)	(494)	(43,319)	(12,622)
Asset management income	7,642	9,116	1,875	2,025
Services and other income/(loss)	16,600	(8,503)	8,207	5,991
Total revenues	1,086,902	319,227	292,573	161,336
Total operating expenses	271,236	124,272	120,237	42,126
Operating income/(loss)	815,666	194,955	172,336	119,210
Finance costs and loss on debt extinguishment	99,135	78,264	28,445	20,452
Foreign currency transactions (gains)/losses	(21,752)	7,674	603	(1,712)
Income/(loss) before income taxes	738,283	109,017	144,494	100,470
Benefit from/(provision for) income taxes	(20,084)	(11,558)	(4,534)	(754)
Net income/(loss)	718,199	97,459	139,960	99,716
Net income/(loss) attributable to Burford Capital Limited shareholders	610,522	30,506	100,095	81,914

Net income/(loss) attributable to Burford Capital Limited shareholders per ordinary share

			Years ended December 31,	Three months ended December 31,
($ in thousands)	2023	2022	2023	2022
Basic	$2.79	$0.14	$0.46	$0.37
Diluted	$2.74	$0.14	$0.45	$0.37
Summary Burford-only statement of operations
Years ended December 31,				Three months ended December 31,
($ in thousands)	2023	2022	2023	2022
Revenues
Capital provision income	896,371	202,878	219,969	122,436
Asset management income	63,712	56,080	22,530	14,758
Services and other income	16,459	(8,353)	8,116	5,979
Total revenues	976,542	250,605	250,615	143,173
Operating expenses	268,538	122,696	118,161	41,751
Operating income	708,004	127,909	132,454	101,422
Net income	610,522	30,506	100,095	81,914
Net income per share:
Basic	$2.79	$0.14	$0.46	$0.37
Diluted	$2.74	$0.14	$0.45	$0.37

Reconciliation of summary consolidated statement of operations to summary Burford-only statement of operations

Year ended December 31, 2023

						(GAAP)	(Non-GAAP)
Elimination of third-party interests
($ in thousands)	Consolidated	Strategic Value Fund	BOF-C	Colorado	Advantage Fund	Other	Burford-only
Capital provision income	1,341,923	(1,073)	(132,094)	(277,102)	(31,385)	(3,898)	896,371
(Less): Third-party interests in capital provision assets	(279,263)	-	-	277,030	-	2,233	-
Asset management income	7,642	108	55,962	-	-	-	63,712
Services and other income	16,600	(2)	(76)	-	-	(63)	16,459
Total revenues	1,086,902	(967)	(76,208)	(72)	(31,385)	(1,728)	976,542
Operating expenses	271,236	(965)	369	(72)	(411)	(1,619)	268,538
Operating income	815,666	(2)	(76,577)	-	(30,974)	(109)	708,004
Net income/(loss)	718,199	(2)	(76,577)	-	(30,974)	(124)	610,522
Year ended December 31, 2022
(GAAP)							(Non-GAAP)
Elimination of third-party interests
($ in thousands)	Consolidated	Strategic Value Fund	BOF-C	Colorado	Advantage Fund	Other	Burford-only
Capital provision income	391,108	3,709	(112,370)	661	(1,417)	(6,813)	202,878
(Less): Third-party interests in capital provision assets	(494)	-	-	(693)	-	1,187	-
Asset management income	9,116	312	46,652	-	-	-	56,080
Services and other income	(8,503)	184	(3)	-	-	(31)	(8,353)
Total revenues	319,227	4,205	(65,721)	(32)	(1,417)	(5,657)	250,605
Operating expenses	124,272	(995)	136	(32)	(498)	(187)	122,696
Operating income	194,955	5,200	(65,857)	-	(919)	(5,470)	127,909
Net income/(loss)	97,459	5,200	(65,857)	-	(919)	(5,377)	30,506
Three months December 31, 2023
(GAAP)							(Non-GAAP)
Elimination of third-party interests
($ in thousands)	Consolidated	Strategic Value Fund	BOF-C	Colorado	Advantage Fund	Other	Burford-only
Capital provision income	325,810	(21)	(47,665)	(41,371)	(11,012)	(5,772)	219,969
(Less): Third-party interests in capital provision assets	(43,319)	-	-	41,320	-	1,999	-
Asset management income	1,875	-	20,655	-	-	-	22,530
Services and other income	8,207	(1)	(71)	-	-	(19)	8,116
Total revenues	292,573	(22)	(27,081)	(51)	(11,012)	(3,792)	250,615
Operating expenses	120,237	(32)	79	(51)	(132)	(1,940)	118,161
Operating income	172,336	10	(27,160)	-	(10,880)	(1,852)	132,454
Net income/(loss)	139,960	10	(27,610)	-	(10,880)	(1,835)	100,095
Three months ended December 31, 2022
(GAAP)							(Non-GAAP)
Elimination of third-party interests
($ in thousands)	Consolidated	Strategic Value Fund	BOF-C	Colorado	Advantage Fund	Other	Burford-only
Capital provision income	165,942	(152)	(27,105)	(11,907)	(1,194)	(3,148)	122,436
(Less): Third-party interests in capital provision assets	(12,622)	-	-	11,877	-	745	-
Asset management income	2,025	46	12,687	-	-	-	14,758
Services and other income	5,991	1	(3)	-	-	(10)	5,979
Total revenues	161,336	(105)	(14,421)	(30)	(1,194)	(2,413)	143,173
Operating expenses	42,126	(183)	27	(30)	(145)	(44)	41,751
Operating income	119,210	78	(14,448)	-	(1,049)	(2,369)	101,422
Net income/(loss)	99,716	78	(14,449)	-	(1,049)	(2,382)	81,914

Reconciliation of consolidated capital provision income excluding YPF-related assets

($ in thousands)	Year ended December 31, 2023	Three months ended December 31, 2023
Capital provision income	1,341,923	325,810
Less: Capital provision income from YPF-related assets	820,011	124,773
Capital provision income excluding YPF-related assets	521,912	201,037

Reconciliation of operating expenses from the consolidated statements of operations to Burford-only statements of operations

Year ended December 31, 2023

		(GAAP)	(non-GAAP)
Eliminations and
($ in millions)	Consolidated	adjustments	Burford-only
Operating expenses	271.2	(2.7)	268.5
Non-cash accruals and one-time or case expenses:
Long-term incentive compensation including accruals (YPF-related assets)	69.2	-	69.2
Long-term incentive compensation including accruals (CEO and CIO related)	16.9	-	16.9
Case-related expenditures ineligible for inclusion in asset cost	16.5	(1.8)	14.7
Legacy asset recovery incentive compensation including accruals	17.3	-	17.3
Expenses related to audit, professional and corporate legal fees due to the development of the revised fair value methodology and build-out of quarterly reporting	3.3	-	3.3
Deferred compensation plan and retirement plan	7.4	-	7.4
Total	130.6	(1.8)	128.8
Summary consolidated statement of financial position
($ in thousands)		December 31, 2023	December 31, 2022
Total assets		5,837,394	4,288,359
Total liabilities		2,629,614	1,901,289
Total Burford Capital Limited equity		2,290,858	1,742,584
Non-controlling interests		916,922	644,486
Total shareholders' equity		3,207,780	2,387,070
Basic ordinary shares outstanding		218,962,441	218,581,877
Total shareholders' equity attributable to Burford Capital Limited per basic ordinary share		10.46	7.97
Total shareholders' equity per basic ordinary share		14.65	10.92

Reconciliation of summary consolidated statement of financial position to summary Burford-only statement of financial position

						(GAAP)	(Non-GAAP)
Elimination of third-party interests
($ in thousands)	Consolidated	Strategic Value Fund	BOF-C	Colorado	Advantage Fund	Other	Burford-only
Total assets	5,837,394	-	(634,239)	(686,304)	(222,413)	(78,574)	4,215,864
Total liabilities	2,629,614	-	-	(686,304)	(100)	(18,204)	1,925,006
Total shareholders' equity	3,207,780	-	(634,239)	-	(222,313)	(60,370)	2,290,858
(GAAP)							(Non-GAAP)
Elimination of third-party interests
($ in thousands)	Consolidated	Strategic Value Fund	BOF-C	Colorado	Advantage Fund	Other	Burford-only
Total assets	4,288,359	(2,779)	(477,590)	(409,249)	(103,523)	(76,792)	3,218,426
Total liabilities	1,901,289	(228)	(4,234)	(409,249)	(120)	(11,616)	1,475,842
Total shareholders' equity	2,387,070	(2,551)	(473,356)	-	(103,403)	(65,176)	1,742,584

Reconciliation of components of realizations from a consolidated basis to a Group-wide basis

Year ended December 31, 2023

					(GAAP)	(Non-GAAP)
($ in thousands)	Consolidated	Eliminations and adjustments	Burford-only	Other funds	BOF-C	Group-wide
Capital provision-direct	564,491	(68,275)	496,216	112,188	124,409	732,813
Capital provision-indirect	143,802	(109,392)	34,410	109,078	-	143,488
Post-settlement	-	-	-	241,490	-	241,490
Total realizations	708,293	(177,667)	530,626	462,756	124,409	1,117,791
Year ended December 31, 2022
(GAAP)						(Non-GAAP)
($ in thousands)	Consolidated	Eliminations and adjustments	Burford-only	Other funds	BOF-C	Group-wide
Capital provision-direct	402,196	(51,987)	350,209	174,707	65,988	590,904
Capital provision-indirect	24,538	(14,216)	10,322	28,746	-	39,068
Post-settlement	-	-	-	104,637	-	104,637
Total realizations	426,734	(66,203)	360,531	308,090	65,988	734,609
Three months ended December 31, 2023
(GAAP)						(Non-GAAP)
($ in thousands)	Consolidated	Eliminations and adjustments	Burford-only	Other funds	BOF-C	Group-wide
Capital provision-direct	229,077	(6,962)	222,115	22,273	59,415	303,803
Capital provision-indirect	84,583	(70,075)	14,508	70,076	-	84,584
Post-settlement	-	-	-	123,183	-	123,183
Total realizations	313,660	77,037	236,623	215,532	59,415	511,570
Three months ended December 31, 2022
(GAAP)						(Non-GAAP)
($ in thousands)	Consolidated	Eliminations and adjustments	Burford-only	Other funds	BOF-C	Group-wide
Capital provision-direct	165,992	(8,263)	157,729	71,871	16,445	246,045
Capital provision-indirect	3,727	(3,091)	636	2,997	-	3,633
Post-settlement	-	-	-	54,188	-	54,188
Total realizations	169,719	(11,354)	158,365	129,056	16,445	303,866

Reconciliation of components of deployments from a consolidated basis to a Group-wide basis

Year ended December 31, 2023

					(GAAP)	(Non-GAAP)
($ in thousands)	Consolidated	Eliminations and adjustments	Burford-only	Other funds	BOF-C	Group-wide
Capital provision-direct	505,893	(123,698)	382,195	25,679	122,352	530,226
Capital provision-indirect	176,134	(146,778)	29,356	146,778	-	176,134
Post-settlement	-	-	-	85,397	-	85,397
Total deployments	682,027	(270,476)	411,551	257,854	122,352	791,757
Year ended December 31, 2022
(GAAP)						(Non-GAAP)
($ in thousands)	Consolidated	Eliminations and adjustments	Burford-only	Other funds	BOF-C	Group-wide
Capital provision-direct	605,402	(148,296)	457,106	30,574	147,976	635,656
Capital provision-indirect	121,896	(101,573)	20,323	101,158	-	121,481
Post-settlement	-	-	-	170,689	-	170,689
Total deployments	727,298	(249,869)	477,429	302,421	147,976	927,826
Three months ended December 31, 2023
(GAAP)						(Non-GAAP)
($ in thousands)	Consolidated	Eliminations and adjustments	Burford-only	Other funds	BOF-C	Group-wide
Capital provision-direct	104,678	(26,915)	77,763	8,317	24,577	110,657
Capital provision-indirect	31,083	(25,902)	5,181	25,902	-	31,083
Post-settlement	-	-	-	42,125	-	42,125
Total deployments	135,761	(52,817)	82,944	76,344	24,577	183,865
Three months ended December 31, 2022
(GAAP)						(Non-GAAP)
($ in thousands)	Consolidated	Eliminations and adjustments	Burford-only	Other funds	BOF-C	Group-wide
Capital provision-direct	223,920	(42,233)	181,687	9,630	42,517	233,834
Capital provision-indirect	92,067	(76,874)	15,193	75,960	-	91,153
Post-settlement	-	-	-	120,118	-	120,118
Total deployments	315,987	(119,107)	196,880	205,708	42,517	445,105

Reconciliation of consolidated proceeds from capital provision assets to Burford-only cash receipts

					($ in thousands)	Year ended December 31, 2023	Year ended December 31, 2022
Consolidated proceeds from capital provision assets						559,362	387,786
Less: Elimination of third-party interests						(117,296)	(81,857)
Burford-only total proceeds from capital provision assets						442,066	305,929
Burford-only proceeds from capital provision-direct assets						414,726	295,636
Burford-only proceeds from capital provision-indirect assets						27,340	10,293
Burford-only total proceeds from capital provision assets						442,066	305,929
Consolidated asset management income						7,642	9,116
Plus: Eliminated income from funds						56,070	46,964
Burford-only asset management income						63,712	56,080
Less: Non-cash adjustments (1)						(31,391)	(41,321)
Burford-only proceeds from asset management income						32,321	14,759
Burford-only proceeds from marketable security interest and dividends						6,297	3,585
Burford-only proceeds from other income						7,875	3,713
Burford-only proceeds from non-recurring items						650	-
Burford-only proceeds from other items						14,822	7,298
Cash receipts						489,209	327,986
($ in thousands)						Three months ended December 31, 2023	Three months ended December 31, 2022
Consolidated proceeds from capital provision assets						119,208	105,464
Less: Elimination of third-party interests						(22,709)	(11,720)
Burford-only total proceeds from capital provision assets						96,499	93,744
Burford-only proceeds from capital provision-direct assets						95,490	93,137
Burford-only proceeds from capital provision-indirect assets						1,009	607
Burford-only total proceeds from capital provision assets						96,499	93,744
Consolidated asset management income						1,875	2,025
Plus: Eliminated income from funds						20,655	12,733
Burford-only asset management income						22,530	14,758
Less: Non-cash adjustments (1)						(19,254)	(11,794)
Burford-only proceeds from asset management income						3,276	2,964
Burford-only proceeds from marketable security interest and dividends						2,672	1,740
Burford-only proceeds from other income						6,380	66
Burford-only proceeds from non-recurring items						650	-
Burford-only proceeds from other items						9,702	1,806
Cash receipts						109,477	98,514
Reconciliation of consolidated portfolio to Group-wide portfolio
(GAAP)							(non-GAAP)
Elimination of
third-party
($ in thousands)		Consolidated	interests	Burford-only	Other funds	BOF-C	Group-wide
Capital provision assets - direct:
Deployed cost		2,116,304	(542,773)	1,573,531	416,318	428,110	2,417,959
Plus: Fair value adjustments		2,743,575	(929,505)	1,814,070	180,169	220,363	2,200,935
Fair value		4,859,879	(1,472,278)	3,387,601	596,487	648,473	4,632,561
Capital provision assets - indirect:
Fair value		185,509	(140,998)	44,511	140,998	-	185,509
Total capital provision assets		5,045,388	(1,613,276)	3,432,112	737,485	648,473	4,818,070
Post-settlement assets:
Deployed cost		-	-	-	253,062	-	253,062
Plus: Fair value adjustments		-	-	-	45,792	-	45,792
Fair value		-	-	-	298,854	-	298,854
Undrawn commitments:
Capital provision-direct		1,801,627	(405,566)	1,396,061	126,560	396,646	1,919,267
Capital provision-indirect		71,662	(59,718)	11,944	59,718	-	71,662
Post-settlement		-	-	-	62,455	-	62,455
Total undrawn commitments		1,873,289	(465,284)	1,408,005	248,733	396,646	2,053,384
Total portfolio		6,918,677	(2,078,560)	4,840,117	1,285,072	1,045,119	7,170,308
(GAAP)							(non-GAAP)
Elimination of
third-party
($ in thousands)		Consolidated	interests	Burford-only	Other funds	BOF-C	Group-wide
Capital provision assets - direct:
Deployed cost		1,934,662	(448,512)	1,486,150	422,098	383,322	2,291,570
Plus: Fair value adjustments		1,687,641	(569,786)	1,117,855	133,122	133,660	1,384,637
Fair value		3,622,303	(1,018,298)	2,604,005	555,220	516,982	3,676,207
Capital provision assets - indirect:
Fair value	113,253	(81,839)	31,414	(1)	81,840	-	113,254
Total capital provision assets		3,735,556	(1,100,136)	2,635,419	637,060	516,982	3,789,461
Post-settlement assets:
Deployed cost		-	-	-	358,193	-	358,193
Plus: Fair value adjustments		-	-	-	81,067	-	81,067
Fair value		-	-	-	439,260	-	439,260
Undrawn commitments:
Capital provision-direct		1,671,327	(372,279)	1,299,048	182,372	371,724	1,853,144
Capital provision-indirect		49,400	(41,167)	8,233	41,167	-	49,400
Post-settlement		-	-	-	15,606	-	15,606
Total undrawn commitments		1,720,727	(413,446)	1,307,281	239,145	371,724	1,918,150
Total portfolio		5,456,283	(1,513,583)	3,942,700	1,315,465	888,706	6,146,871

The fair value of $2,635.4 million for the Burford-only capital provision assets did not include an additional $1.0 million for the Burford only portion of the receivable from due from settlement of capital provision assets on concluded assets in the Strategic Value Fund for a total fair value of $2,636.4 million for Burford-only capital provision assets as noted in the table under "Reconciliation of consolidated to Burford-only fair value of the YPF-related assets".

Reconciliation of consolidated to Burford-only cash and cash equivalents and marketable securities

					December 31, 2023	December 31, 2022
			(GAAP)	(Non-GAAP)	(GAAP)	(Non-GAAP)
($ in thousands)	Consolidated	Elimination of third-party interests	Burford-only	Consolidated	Elimination of third-party interests	Burford-only
Cash and cash equivalents	220,549	(24,634)	195,915	107,658	(33,979)	73,679
Marketable securities	107,561	-	107,561	136,358	-	136,358
Total cash and cash equivalents and marketable securities	328,110	(24,634)	303,476	244,016	(33,979)	210,037

Reconciliation of consolidated to Burford-only fair value of the YPF-related assets

					December 31, 2023	December 31, 2022
			(GAAP)	(Non-GAAP)	(GAAP)	(Non-GAAP)
($ in thousands)	Consolidated	Elimination of third-party interests	Burford-only	Consolidated	Elimination of third-party interests	Burford-only
YPF-related assets	2,058,117	(686,460)	1,371,657	1,232,549	(409,514)	823,035
Other assets	2,987,271	(926,816)	2,060,455	2,503,007	(689,602)	1,813,405
Capital provision assets	5,045,388	(1,613,276)	3,432,112	3,735,556	(1,099,116)	2,636,440

Reconciliation of consolidated to Burford-only fair value adjustment during the period, net of previously recognized unrealized gains transferred to realized gains on YPF-related assets

					December 31, 2023	December 31, 2022
			(GAAP)	(Non-GAAP)	(GAAP)	(Non-GAAP)
($ in thousands)	Consolidated	Elimination of third-party interests	Burford-only	Consolidated	Elimination of third-party interests	Burford-only
YPF-related income	820,011	(277,102)	542,909	(2,715)	502	(2,213)
Excluding YPF-related income	261,633	(103,704)	157,929	171,819	(100,049)	71,770
Capital provision income-unrealized	1,081,644	(380,806)	700,838	169,104	(99,547)	69,557

Reconciliation of consolidated to Burford-only due from settlement of capital provision assets

					December 31, 2023	December 31, 2022
			(GAAP)	(Non-GAAP)	(GAAP)	(Non-GAAP)
($ in thousands)	Consolidated	Elimination of third-party interests	Burford-only	Consolidated	Elimination of third-party interests	Burford-only
Due from settlement of capital provision assets	265,540	(80,273)	185,267	116,582	(1,932)	114,650

Reconciliation of consolidated to Burford-only realized gains on capital provision-direct assets

Periods ended December 31, 2023 and 2022

				(GAAP)	(Non-GAAP)
($ in thousands)	Consolidated	Eliminations and adjustments	Burford-only total	Burford-only Capital provision-direct	Burford-only Capital provision-indirect
Realized gains for the year ended December 31, 2023	251,618	(64,242)	187,376	186,443	933
Realized gains for the year ended December 31, 2022	161,707	(27,234)	134,473	133,357	1,116
Realized gains for the three months ended December 31, 2023	80,287	(17,431)	62,856	62,904	(48)
Realized gains for the three months ended December 31, 2022	75,898	(5,381)	70,517	70,487	30

Reconciliation of shareholders' equity attributable to Burford Capital Limited per ordinary share

($ in thousands, except share data)	December 31, 2023	December 31, 2022
Total shareholders' equity	3,207,780	2,387,070
Less: Non-controlling interests	(916,922)	(644,486)
Total Burford Capital Limited equity	2,290,858	1,742,584
Basic ordinary shares outstanding	218,962,441	218,581,877
Shareholders' equity attributable to Burford Capital Limited per ordinary share	$10.46	$7.97

Reconciliation of tangible book value attributable to Burford Capital Limited per ordinary share

($ in thousands, except share data)	December 31, 2023	December 31, 2022
Total shareholders' equity	3,207,780	2,387,070
Less: Non-controlling interests	(916,922)	(644,486)
Total Burford Capital Limited equity	2,290,858	1,742,584
Less: Goodwill	( 133 ,965)	(133,912)
Tangible book value attributable to Burford Capital Limited	2,156,893	1,608,672
Basic ordinary shares outstanding	218,962,441	218,581,877
Tangible book value attributable to Burford Capital Limited per ordinary share	$9.85	$7.36
Reconciliation of Return on tangible equity
($ in thousands, except share data)	December 31, 2023	December 31, 2022
Net income/(loss)	718,199	97,459
Less: Net income/(loss) attributable to noncontrolling interests	(107,677)	(66,953)
Net income/(loss) attributable to Burford Capital Limited	610,522	30,506
Total shareholders' equity at beginning of period	2,387,070	2,108,017
Less: Non-controlling interests at beginning of period	(644,486)	(412,145)
Total Burford Capital Limited equity at beginning of period	1,742,584	1,695,872
Less: Goodwill at beginning of period	(133,912)	(134,019)
Tangible book value attributable to Burford Capital Limited at beginning of period	1,608,672	1,561,853
Total shareholders' equity at end of period	3,207,780	2,387,070
Less: Non-controlling interests at end of period	(916,922)	(644,486)
Total Burford Capital Limited equity at end of period	2,290,858	1,742,584
Less: Goodwill at end of period	( 133 ,965)	(133,912)
Tangible book value attributable to Burford Capital Limited at end of period	2,156,893	1,608,672
Average tangible book value attributed to Burford Capital Limited	1,882,783	1,585,263
Return on tangible equity	32%	2%

We subdivide our capital provision assets into two categories:

We also use certain unaudited alternative performance measures, including:

•

Return on invested capital ("ROIC") from a concluded asset is the absolute amount of realizations from such asset in excess of the amount of expenditure incurred in financing such asset divided by the amount of expenditure incurred, expressed as a percentage figure. ROIC is a measure of our ability to generate absolute returns on our assets. Some industry participants express returns on a multiple of invested capital ("MOIC " ) instead of a ROIC basis. MOIC includes the return of capital and, therefore, is 1x higher than ROIC. In other words, 70% ROIC is the same as 1.70x MOIC.

Other unaudited alternative performance measures and terms we use include:

•	Portfolio includes deployed cost, net unrealized gains or losses and undrawn commitments.
We also use certain non-GAAP financial measures, including:
•	Cash receipts provide a measure of the cash that our capital provision and other assets generate during a given period as well as cash from certain other fees and income. In particular, cash receipts represent the cash generated from capital provision and other assets, including cash proceeds from realized or concluded assets and any related hedging assets, and cash received from asset management income, services and/or other income, before any deployments into financing existing or new assets. Cash receipts are a non-GAAP financial measure and should not be considered in isolation from, as a substitute for, or superior to, financial measures calculated in accordance with US GAAP. The most directly comparable measure calculated in accordance with US GAAP is proceeds from capital provision assets as set forth in our consolidated statements of cash flows. We believe that cash receipts are an important measure of our operating and financial performance and are useful to management and investors when assessing the performance of our Burford-only capital provision assets.
•	Return on tangible equity ("ROTE") is Burford-only net income/(loss) divided by the average of tangible equity at the beginning and end of the relevant period, with tangible equity calculated as total Burford Capital Limited equity less goodwill. ROTE is a non-GAAP financial measure and should not be considered in isolation from, as a substitute for, or superior to, financial measures calculated in accordance with US GAAP. The most directly comparable measure calculated in accordance with US GAAP is net income/(loss) attributable to Burford Capital Limited shareholders as set forth in our consolidated statements of operations. We believe ROTE is an important measure of our operating and financial performance and is useful to management and investors when assessing the performance of our Burford-only capital provision assets.

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