Burford Capital Limited reported its unaudited financial results for the third quarter and nine months ended September 30, 2024, on November 7, 2024. The company achieved record Burford-only cash receipts of $310 million in Q3 2024 and $556 million year-to-date, demonstrating significant cash generation.
Net realized gains from the core portfolio reached $56 million in Q3 2024, approximately double the levels of the third quarters in 2023 and 2022. Year-to-date net realized gains stood at $184 million, a 49% increase from the prior year, reflecting a 94% return on invested capital (ROIC) on realizations.
Despite these operational strengths, consolidated total revenues for Q3 2024 decreased by 32% to $249.114 million, and consolidated net income attributable to shareholders fell by 50% to $135.643 million. Diluted earnings per share also decreased by 50% to $0.61 for the quarter.
The company's Burford-only net income attributable to shareholders was $136 million in Q3 2024, and tangible book value surpassed $10 per share for the first time, reaching $10.47 per share. New commitments in Q3 2024 increased substantially by 472% to $100.861 million compared to Q3 2023, indicating continued demand for its capital.
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