Burford Capital Limited (NYSE:BUR) Q4 2023 Earnings Call Transcript

Christopher Bogart: Yes, on the IRR point, we don’t and we never have produced sort of annual IRRs, we produce vintage IRRs, which you see on Slide 14. And the 2023 vintage IRR right now, even though it’s early on in its life is 32%. You see the IRRs and the ROICs moving around in this business. And they are affected by a variety of factors, including actual performance, obviously, but also time and duration. And so as Jon noted earlier, we’re going to see and what we did, in fact, see a reduction in our ROICs because of the fairly rapid settlement of that large matter. And so when you settle a case that quickly, you’re inherently going to take a hit on your ROIC because we’re not going to double our money with capital that’s only out for six months, wish that it were. No, I hope that was responsive.

Christopher Bogart: And with that, since we’re now materially pass time, I think, we’ll call it a day. As usual, we’re always delighted to engage with investors directly as well. So please don’t be shy about being in touch with us. Thank you very much for taking more than an hour today with us and helping us celebrate a little bit what was a terrific year. And now we’re excited to see what we can do in 2024. So thank you all.

Operator: This concludes today’s conference call. Thank you for your participation and you may now disconnect.