What caused BUR's dramatic Q3 earnings turnaround?

Burford Capital's dramatic Q3 earnings turnaround can be attributed to several key factors:

1. **Record Cash Realizations and Strategic Growth**: Burford Capital reported significant increases in net realized gains and portfolio growth despite challenges from unrealized losses and ongoing legal uncertainties. The company achieved nearly $700 million in cash realizations in 2024, ending the year with over $500 million in cash and securities. The fair value of the portfolio was over $5 billion for Burford-only, and around $7.5 billion group-wide.
2. **Interest from Large Corporates**: The company expressed optimism about the interest from large corporates in litigation finance, which remained a key factor for new business. This interest suggested potential growth in the company's core balance sheet business.

In summary, Burford Capital's Q3 earnings turnaround was driven by record cash realizations, strategic growth, and interest from large corporates in litigation finance.