Burford Capital Ltd (NYSE: BUR), a global finance firm specializing in litigation finance with a market capitalization of $2.96 billion, disclosed new financial documents today in a filing with the Securities and Exchange Commission (SEC). The Form 6-K, a report for foreign private issuers, was submitted for December 2024 and included materials made available by the company on Tuesday.
The filing, dated December 17, 2024, indicates that Burford Capital, headquartered in St. Peter Port, Guernsey, has provided updated information as part of its routine disclosures in compliance with SEC regulations. The company, which is listed on the New York Stock Exchange under the ticker BUR, operates within the finance services industry, specifically focusing on litigation finance, a niche sector that provides funding for legal cases in exchange for a share of any successful claim. According to InvestingPro analysis, the company appears undervalued at its current price of $13.52, with strong financial health metrics and an impressive current ratio of 16.98, indicating robust liquidity management.
In its filing, Burford Capital confirms its commitment to file annual reports under the cover of Form 20-F. This form is used by foreign private issuers to provide an annual review of the company's financial performance and operations, similar to the Form 10-K filed by domestic companies in the United States.
In other recent news, Burford Capital Ltd has reported strong financial results for the third quarter of 2024. The finance firm's realization rate and net realized gains more than doubled compared to the previous year, with new commitments increasing over five times year-over-year, contributing to over $0.5 billion in liquidity. The company's CFO, Jordan Licht, reported a net income of $136 million for the quarter, translating to earnings of $0.61 per share.
In addition, the company has recently filed a Form 6-K with the Securities and Exchange Commission (SEC), including a new exhibit related to its operations. Although the specific contents of the exhibit were not detailed, such updates are significant for investors and stakeholders tracking the company's performance and strategic direction.
Moreover, Burford Capital has also provided an operational update in a recent filing with the SEC. The details of the update are included as Exhibit 99.1 in the filing. The company's commitment to transparency and adherence to SEC's reporting requirements for foreign companies with securities traded on U.S. exchanges is evident in these filings.
These are some of the recent developments from Burford Capital, which now holds over $3.6 billion in capital provision assets. Despite a slight drop in internal rates of return due to COVID-related delays, the company remains optimistic about its future cash generation and is focused on maintaining a low leverage ratio. Among other news, the company is engaged in various legal actions, including the significant YPF case against Argentina.
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