{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b96-e102d92b73f2", "slug": "e03b9adf861d", "title": "Burford Capital Ltd. (BUR LN)", "subtitle": "Carson C. Block · 2019-08", "author": "Carson C. Block", "date": "2019-08-07 00:00:00", "pageCount": 25, "kind": "research-note", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Burford Capital Ltd.", "targetTicker": "BUR LN", "document": { "id": "019dd923-622c-750b-8b96-e102d92b73f2", "slug": "e03b9adf861d", "title": "Burford Capital Ltd. (BUR LN)", "rawTitle": "MW BUR 08072019", "authorId": "51_Muddy_Waters", "authorName": "Carson C. Block", "authorDisplay": "Carson C. 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The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "b1136eb1-b22b-471c-b531-e625e224d5bc", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.005477+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. 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"fraud-exposure" }, { "matchId": "be5d9302-b61b-44fb-8f6d-55f887dca226", "evidence": "The text uses a logical progression to prove that Net Realized Gains are calculated as Proceeds minus Invested Capital.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:11.041+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "deductive-reasoning" }, { "matchId": "cb198aa6-3fbd-4fe6-a937-683467b822b2", "evidence": "The slide explicitly links period-end sales to 'misleading behavior' and 'boosting reported income'.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:12.269+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "fraud-exposure" }, { "matchId": "8d67f01d-3ac4-40e6-b521-47ffcccd875e", "evidence": "The slide explicitly claims 'manipulating ROICs and IRRs' and 'highly suspect' cases to expose portfolio weakness.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:49:13.884+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "frameworkName": "fraud-exposure" }, { "matchId": "cef39a25-a0f1-4bf7-ab4d-1cc2ca00802c", "evidence": "Step-by-step reconciliation of invested capital to arrive at a conclusion of financial stress.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:49:11.278+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "causal-chain" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Classic Muddy Waters short-report format: Word-document/memo style with footnoted source citations, a few embedded data tables and one annotated Burford slide (p.15) used to expose the conflation of Net Realized Gains and Fair Value Gains. Cover page (p.2) opens with a Burford management self-quote framed as 'stunningly brazen' — a textbook CEO-quote-contradiction setup. Heavy emphasis on a seven-technique taxonomy of accounting manipulation, with each technique illustrated by named cases (Napo, Desert Ridge, MagCorp, Akhmedova, Progas, Neptune Generics, RCR Tomlinson, Hausfeld/VW). Governance critique is sharp: CFO is CEO's wife after four prior finance heads cycled out. This report is widely credited with triggering the ~46% one-day drop in BUR shares on Aug 7, 2019.", "kpisCited": [ { "detail": "53.9% as of H1 2019, up from 47.4% at Dec 31 2018", "metric": "Fair Value Gains as % of balance sheet core litigation assets" }, { "detail": "55.1% in H1 2019; MW estimates 72-90% of Total Investment Income was actually Fair Value Gains", "metric": "Fair Value Movements as % of Total Investment Income" }, { "detail": "Four cases (Napo, Jaguar/Petersen, Desert Ridge, Teinver) generated ~66% (368.5/554.8) of Net Realized Gains 2012-H1 2019", "metric": "Net Realized Gains concentration" }, { "detail": "Falls to ~19% over 2012-H1 2019; further adjustments take it to 16% with H1 2019 turning negative (-8%)", "metric": "ROIC excluding the four cases" }, { "detail": "$880.3 million (H1 2019 investments $1,768.4m less third-party $202.2m less Fair Value Gains 43.8%)", "metric": "Adjusted invested capital" }, { "detail": "~9% LTM (8.4% per disclosures, ~9.5% after re-allocating GKC)", "metric": "Operating expenses as % of adjusted capital" }, { "detail": "7.5% LTM (4.4% interest + 3.1% dividends)", "metric": "Financing costs as % of adjusted capital" }, { "detail": "Rose from 31% in 2016 to 44% in H1 2019", "metric": "% of book marked up" }, { "detail": "-$358.9 million after subtracting $637.8m funded debt and $602m off-balance-sheet commitment liability", "metric": "Negative equity vs. adjusted capital" }, { "detail": "$646.9 million issued with no credit ratings", "metric": "Retail bonds outstanding" }, { "detail": "Five CFOs/senior finance heads since 2013; current CFO Elizabeth O'Connell is the CEO's wife", "metric": "CFO turnover" }, { "detail": "$59.4 million of stock sold by CEO", "metric": "CEO stock sales" } ], "closingAsk": "Investors should treat BUR as arguably insolvent and recognize its reported returns and governance are unreliable, warranting a short position.", "extraction": { "at": "2026-04-22 19:38:35+00", "model": "unknown-legacy", "runId": null, "seconds": 110.79446, "promptVersion": null }, "scqaReward": "Excluding the four crown-jewel cases and non-cash settlements, BUR's true ROIC since 2012 collapses from ~54% to ~16%, with H1 2019 cash ROIC turning negative — implying severe downside as the multiple compresses.", "thesisTypes": [ "fraud_exposure", "governance_board" ], "top3Reasons": [ "BUR uses Enron-style mark-to-model Level 3 fair value accounting to inflate ROIC and IRR", "Just four cases produced ~66% of net realized gains since 2012; rest delivered ~19% ROIC", "BUR is arguably insolvent: debt and funding commitments dwarf $880m adjusted invested capital" ], "scqaSituation": "Burford Capital is a £2.45bn AIM-listed litigation finance fund that wins investors with non-IFRS ROIC and IRR metrics, mark-to-model Level 3 fair value accounting, and a 'trust me' disclosure regime.", "thesisSummary": "Muddy Waters is short Burford Capital (BUR LN), arguing it has turned 'mark-to-model' Level 3 fair value accounting into the biggest stock promotion on the AIM. Newly disclosed H1 2019 case-level data lets MW show seven specific techniques BUR uses to manipulate its headline ROIC and IRR — from categorizing a Napo Pharmaceuticals loss as a win (after an Invesco-led bailout) to cherry-picking cost denominators on Gerchen Keller acquisitions. MW calculates that just four cases (Napo, Jaguar/Petersen, Desert Ridge, Teinver) generated ~66% of net realized gains since 2012, while the remaining concluded investments returned only ~19% ROIC, falling to 16% after further adjustments. Operating costs (~9%) plus financing costs (~7.5%) consume the first ~16.5% of returns, and BUR's debt and litigation funding commitments exceed its $880m adjusted capital — making it arguably insolvent. Governance is 'laughter-inducing': the CFO is the founder/CEO's wife after four prior CFOs cycled through.", "primaryDemands": [ "Investors should short BUR shares", "Recognize that BUR's reported ROIC and IRR metrics are heavily manipulated and misleading", "Demand independent CFO (current CFO is the CEO's wife) and independent board", "Account for BUR's arguable insolvency given debt and funding commitments exceed adjusted invested capital" ], "scqaResolution": "Short BUR. 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We calculate that as of H1 2019, fair value gains constituted 53.9% of balance sheet core litigation assets... We believe that at least 72% – and possibly as much as 90% – of H1 2019 Total Investment Income was really from Fair Value Gains.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:08.881+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "04419a04-d14a-4525-9271-0a4a12992ff1", "parentComponentId": null }, { "bbox": { "x": 0.118, "y": 0.765 }, "kind": "paragraph", "text": "In actuality, BUR's net realized returns have relied on a very small number of cases. 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This data proves that BUR has been egregiously misrepresenting its ROIC and IRRs, as well as the state of its overall business.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:08.881+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e3c34d40-5a5a-462c-a3f0-f9ab6928f8ff", "parentComponentId": null }, { "bbox": { "x": 0.118, "y": 0.331 }, "kind": "quote", "text": "We have repeatedly commented on the increasing complexity of Burford's investment transactions... but also an illustration of our success in turning complexity into profit.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:08.881+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4dd39ebe-ec35-4133-abb6-1da76a58b71c", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“We have repeatedly commented on the increasing complexity of Burford’s investment transactions, and the Jaguar investment is an example of both investment and accounting complexity – but also an illustration of our success in turning complexity into profit.” — Burford Capital 2017 Annual Report, p. 23.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:45:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c68-18a05542b960", "parentComponentId": null }, { "bbox": { "x": 0.118, "y": 0.895 }, "kind": "source-note", "text": "Burford Capital 2017 Annual Report, p. 23.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The CFO is the wife of the founder / CEO. Under the best of circumstances, this should alarm investors; however, with a company that consistently books non-cash accounting profits, it is unforgivable. In a situation so ripe for abuse, the very least the company could do is to have an independent CFO. (The CEO has sold a total of £59.4 million of stock.) BUR has cycled through four prior CFOs or senior finance managers (none of whom stayed for long). The table below shows the turnover at CFO and senior finance functions. These facts beg the question “Is Elizabeth O’Connell the only CFO who can be relied upon to approve the accounts?”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:10.14+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "14ce55b5-1684-45e9-96a4-4372b1bd1921", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.35 }, "kind": "paragraph", "text": "BUR is a perfect storm for an accounting fiasco. It is a fund that invests in an illiquid and esoteric asset class, which few investors can understand well. By remaining listed on AIM despite being a midcap company, the company’s disclosure requirements are lighter than they would be for the main board - and far lighter than they should be. By choosing to account for its litigation investments as financial assets, BUR utilizes fair value accounting for a balance sheet largely comprised of Level 3 fair value assets (i.e., “mark to model” accounting of Enron fame). BUR disingenuously blames IFRS for needing to take (outsized) fair value gains when in fact, it was BUR’s choice to adopt this accounting.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:10.14+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2b3551e4-a21e-4da3-a7c8-8e14bc98e1b1", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.78, "x": 0.11, "y": 0.22 }, "kind": "paragraph", "text": "BUR’s liquidity is risky, and it is arguably insolvent. We believe that BUR’s “real” invested capital is $880.3 million. BUR’s massive operating expenses tax that at approximately 9%, based on LTM expenses. BUR’s financing costs (including dividends) add another 8.3%. Therefore, in our opinion, the first approximately 16.5% of returns BUR’s adjusted investment capital generates goes to keeping the lights on. BUR is arguably insolvent, as its debt and funding commitments greatly exceed the $880.3 million adjusted invested capital.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:10.14+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "556d3ac0-e08d-427e-ad4b-c7d1b22e28aa", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.78 }, "kind": "paragraph", "text": "The directors have each served on the board approximately 10 years, and per the UK Corporate Governance code, are no longer considered independent. (In a bizarre defense of worst practices, BUR recently pointed out that it is not subject to the governance code, and thus sees no need to change the board.2) After spending $160 million to buy a litigation fund management", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:10.14+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c3a4c04b-5164-409d-bd70-0ad96cb5b723", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "of only approximately 19%. (One of the four outsized contributors was actually a loss a trial, and was bailed out by BUR’s largest shareholder, Invesco, at the direction of Neil Woodford protégé Mark Barnett. Absent the bailout, the case almost certainly would have been a total loss.) The reality of BUR’s dependence on a small number of cases for the bulk of its returns is in stark contrast to the impression many investors seem to have that the portfolio produces meaningful returns across its breadth.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:10.14+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d85f6c81-5dc3-4ad3-bda7-f59bb73d4e69", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.11, "y": 0.87 }, "kind": "source-note", "text": "2 BUR H1 2019 Interim Report, p. 14.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:49:08.205+00", "seconds": 3.252, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b96-e102d92b73f2/4", "deck": "/decks/019dd923-622c-750b-8b96-e102d92b73f2", "deckAnchor": "/decks/019dd923-622c-750b-8b96-e102d92b73f2#slide-4", "deckJson": "/decks/019dd923-622c-750b-8b96-e102d92b73f2.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We are short BUR because it is a poor business masquerading as a great one.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:45:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c69-74339459c5fb", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.764, "x": 0.118, "y": 0.33 }, "kind": "list", "text": "1) categorizing a loss as a win, 2) counting as “recoveries” awards or settlements with uncertain to highly unlikely collections, 3) misleadingly representing investments, 4) choosing its own cost denominator, 5) delaying recognizing a trial loss, 6) keeping trial losses out of the “Concluded Investment” category, and 7) failing to deduct various costs.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:08.205+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e21baa25-86b4-4c39-a020-38abac82bb1e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.764, "x": 0.118, "y": 0.53 }, "kind": "paragraph", "text": "BUR also reinforces the misperceptions that its fair value gains are prudent by very cleverly conflating two distinct concepts: Realized Gains and Net Realized Gains.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:08.205+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "80c3ae04-af27-420b-ab5d-24579bb3e96e", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.764, "x": 0.118, "y": 0.245 }, "kind": "paragraph", "text": "We are short BUR because it is a poor business masquerading as a great one. BUR woos investors with non-IFRS metrics, particularly IRR and ROIC. However, these metrics are meaningless. They are heavily manipulated and greatly mislead investors.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:08.205+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "815dc7d0-071b-49d6-aa91-8b7f2305298a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.764, "x": 0.118, "y": 0.84 }, "kind": "source-note", "text": "3 http://www.lawdragon.com/2018/11/28/the-disruptors-keller-lenkner-moves-from-legal-finance-to-practicing-law/ 4 March 16, 2018 sell-side report, p. 7 5 October 2, 2018 sell-side report, p. 1 6 January 3, 2019 sell-side report, p. 3 7 Our perception is based on reading sell-side research and investor-published research pieces on BUR.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We calculate that during this time, the remainder of the Concluded Investments generated a combined ROIC of only approximately 19%.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:08.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "56f2a30a-2419-454e-bc12-bd4be8395eaf", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.76, "x": 0.118, "y": 0.705 }, "kind": "paragraph", "text": "BUR's reporting of Napo Pharmaceuticals Inc. v. Salix Pharmaceuticals Inc. should make BUR investors want to take a shower.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:08.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a4c5abb2-1a06-4142-a009-34a8d3a675cd", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.76, "x": 0.118, "y": 0.285 }, "kind": "paragraph", "text": "BUR appears financially fragile... We believe BUR's 'real' invested capital is $880.3 million.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:08.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "efd76347-1bf1-4d0e-93f4-f4a15b7ce1eb", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "BUR's reporting of Napo Pharmaceuticals Inc. v. Salix Pharmaceuticals Inc. (“Napo”, BUR case no. 111290) should make BUR investors want to take a shower. — Muddy Waters Capital", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:45:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c68-a943e62be133", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.76, "x": 0.118, "y": 0.88 }, "kind": "source-note", "text": "8 Napo Pharmaceuticals, Inc. v. 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By the end of 2017, Jaguar had declined 76.2% from August 1, 2017. BUR, which was restricted from selling the vast majority of the shares and had unrealized losses on the stock of $6.95 million by the end of 2017, took yet another markup on Napo to a ROIC of 195%. 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Over 40% of the shares issued were subject to a minimum share price condition... 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BUR finally trued up Napo... the table now shows a ROIC of 18% and an IRR of 3%.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:08.815+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f6e85ce5-857f-4715-b371-8f1ada7a85f6", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "the stock has underperformed and we have concluded we would not be able to sell it for much — Burford Capital 2019 Interim Report", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:45:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c69-497e9fdcc674", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.73 }, "kind": "source-note", "text": "35-43: Citations to SEC filings and Burford Capital reports.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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A $436 million yacht... was impounded... but it was released... 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In that scenario, the gross Fair Value Gains BUR booked in the period would have been $210.9 million (76.1% of total investment income).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:15.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "82a821d2-a772-4a3c-b8de-78af6652828f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.67 }, "kind": "paragraph", "text": "An investor skeptical of our analysis might point to BUR’s Financial Reporting and Investment Valuation page, which describes Realized Gains as Proceeds minus Carrying Value (forgetting of course that this does not describe Net Realized Gains):", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:15.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8980ffd7-4fb1-49ce-81d8-d2552d171d96", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.54 }, "kind": "paragraph", "text": "IFRS allows BUR to choose whether show the realized gain portion of its investment income as either Proceeds minus Carrying Value or Proceeds minus Invested Capital (with previous Fair Value Gains netted out against current period Fair Value Movements).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:15.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a0f417ac-ef13-4991-8738-6cd35429314e", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "Value Gains on Napo and Desert Ridge show that the company books significant fair value gains on cases ahead of monetizations (of course Napo’s “proceeds” were largely non-cash):", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:15.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f12b763d-faca-48f2-9798-ba23aaa35004", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“A separate disclosure of realised and unrealised gains or losses from financial instruments classified as at FVPL is not required by IFRS.” — EY", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:45:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, 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Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:15.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b78c87c-44ff-4e81-a6ed-79d15d60d38c", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.56, "x": 0.22, "y": 0.16 }, "kind": "table", "text": "Desert Ridge and Napo investment performance table showing carrying values and proceeds over time.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:15.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b17030b5-6ba8-456b-b844-aad44ff9cc07", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.78, "x": 0.11, "y": 0.5 }, "kind": "title", "text": "How to confirm that Net Realized Gains include previous Fair Value Gains", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:15.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "27892cc0-21f7-474c-951d-d95ba33908db", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 6, "name": "Agitate", "beatId": "68a78c2c-eb1d-4851-9faf-10a83c62ce27", "matchId": "5e35a3bc-7133-4cd8-ab0c-3ddff710c2b4", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The report details various issues with Burford Capital's accounting practices and financial performance", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. 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Therefore, it is clear that Net Realized Gains are Proceeds minus Invested Capital.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:45:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5370-75b3-9c69-62793ea7f251", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.76, "x": 0.12, "y": 0.35 }, "kind": "paragraph", "text": "Clearly, the Net Realized Gains amount of $87.2 million was the profit above its invested capital, and not above the Carrying Value. Therefore, it is clear that Net Realized Gains are Proceeds minus Invested Capital.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:11.041+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0ae98faa-80b2-4b63-90ff-a54462b76974", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.11 }, "kind": "paragraph", "text": "Realized gains are straightforward: they represent the amount of profit, net of the return of Burford's invested capital and any previously recognized unrealized gains, on an investment that has either resolved entirely or has been settled or adjudicated such that, in Burford's view, there is no longer litigation risk associated with the investment.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:11.041+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "17c73500-6b0a-4558-8316-490e88d99543", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.76, "x": 0.12, "y": 0.21 }, "kind": "paragraph", "text": "First, BUR's disclosures on Teinver makes clear that BUR booked previously recognized Fair Value Gains as part of the Net Realized Gain. BUR disclosed that its 2018 Net Recognized Gains included $87.2 million from the sale of its Teinver claim. The sale proceeds were $100 million. At the time of the sale, BUR's Carrying Value for Teinver was $69 million. That Carrying Value included a Fair Value Gain of approximately $56.2 million, given that BUR's invested capital was $12.8 million.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:11.041+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d56f59f-bf77-4295-85b2-80042d129c04", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.76, "x": 0.12, "y": 0.42 }, "kind": "paragraph", "text": "The second way to know that Net Realized Gains are Proceeds minus Invested Capital is by comparing the cumulative Fair Value Movements since BUR's inception to the value of Fair Value Gains (a/k/a Unrealized Gains) on its balance sheet. If BUR's accounting for Net Realized Gains matched the description BUR gives of how Realized Gains work (i.e., Proceeds minus Carrying Values), then the cumulative value of Fair Value Movements would greatly exceed the Fair Value Gains currently on BUR's balance sheet.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:11.041+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9d85ba0d-37b5-470e-98db-a6755a470bc8", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.65 }, "kind": "paragraph", "text": "However, BUR's cumulative Fair Value Movements roughly equal the Fair Value Gains on its balance sheet. We calculate BUR's cumulative Fair Value Movements through December 31, 2018 to be $591.0 million. BUR discloses that as of December 31, 2018, the Fair Value Gains as a percentage of its $1.6 billion of its Investments is 39%, which is roughly $621.0 million.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:49:11.041+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fcc33f02-bffb-4ed4-8b54-eeb8172bf35e", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.76, "x": 0.12, "y": 0.8 }, "kind": "source-note", "text": "Footnotes 83-88 detailing Burford 2018 Annual Report and Teinver-related disclosures.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Start with H1 2019 Investments of $1,768.4 million. 2. Subtract third party interests of $202.2 million. The balance is $1,566.3 million. 3. Reduce by the amount of Fair Value Gains, which is 43.8% of the total. 4. 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