Burford Capital writes down its YPF litigation asset but highlights $100 million in cash profit and a $5 billion future portfolio potential.
Burford Capital took a non-cash writedown on its YPF-related litigation asset following an adverse court decision, though management noted the investment has already yielded over $100 million in cash profit. The company plans to pursue an en banc appeal while shifting toward arbitration as a likely next step.
The firm emphasized its core litigation finance business remains robust, with 237 active assets across 900 cases and £1 billion in undrawn commitments. Burford’s non-YPF portfolio is projected to generate more than $5 billion in future cash, supported by $133 million in new commitments and $97 million in realizations during Q1.
Burford ended the quarter with $740 million in cash and marketable securities, with no debt maturities until 2028. Executives described the YPF setback as disappointing but non-cash, stressing the broader portfolio’s strength and diversification.