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  "documentTitle": "Burford Capital (BUR)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson Block",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-05-12 00:00:00",
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  "notes": "Includes a table of movements in Level 3 assets and a custom calculation table for unexplained income.",
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      "text": "The $30.8 million in realizations on concluded cases falling in 2019 leaves 40% of that year's income from capital provision – indirect still unexplained.",
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      "text": "Unexplained Income: $20.6m",
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      "text": "We calculate the likely impact of unexplained fair value gains as follows. In 2018, Burford stated proceeds of $16.1 million across the concluded cases in the complex strategies portfolio. In 2019, however, the company reported that total proceeds stood at $46.9 million.",
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      "text": "Burford reports $51.4 million in 2019 income from equity securities related to its capital provision – indirect investments, as emphasized in red below.",
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      "text": "Sources: BUR 2019 Annual Report, pp. 47, 138; 2018 Annual Report, p. 29",
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      "text": "Unexplained Income Within Capital Provision – Indirect",
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      "text": "21. Fair value of assets and liabilities continued",
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