Burford Capital, a global finance and asset management firm, has announced a much narrowed net loss for the second quarter of this year. In the quarter ended June 30, the company reported a net loss of $21.5 million, compared to a loss of $49.35 million in the same period last year. Total revenue for the period was $44.55 million, down from $47.5 million.
During this time, Burford's portfolio grew to $7.0 billion, up from $6.1 billion at the end of December. This growth can be attributed to significant fair value gains, as well as an increase in deployments and undrawn commitments.
As of June 30, the company had $441 million in cash, cash equivalents, and marketable securities.
According to Chief Executive Christopher Bogart, Burford's core portfolio performed well, generating a lot of cash with realized gains tripling on core portfolio realizations. New business was also strong during this period.
Following the announcement of these earnings, shares in Burford Capital at 1116 GMT were down 22.0 pence, or 1.7%, at 1,294.0 pence. The shares had peaked at 1,367 pence shortly after the earnings disclosure.
- Ian Walker, Wall Street Journal
