Capital provision assets

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Capital provision assets are financial instruments that relate to the provision of capital in connection with legal finance, which includes the Advantage Fund.

The table below sets forth the changes in capital provision assets as of the beginning and end of the relevant reporting periods.


	Three months ended March 31,
($ in thousands)	2025		2024
Beginning of period	$	5,243,917	$	5,045,388
Deployments	216,476		125,403
Realizations	(288,848)		(112,971)
Income/(loss) for the period	125,568		44,161
Foreign exchange gains/(losses)	7,908		(5,174)
End of period	5,305,021		5,096,807

Deployed cost, end of period	2,268,825		2,338,056
Unrealized fair value, end of period	3,036,196		2,758,751
Total capital provision assets	5,305,021		5,096,807

The table below sets forth the components of the capital provision income/(loss) for the periods indicated.


	Three months ended March 31,
($ in thousands)	2025		2024
Net realized gains/(losses)	$	67,619	$	57,862
Fair value adjustment during the period, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses)	57,949		(13,701)
Income/(loss) on capital provision assets	125,568		44,161
Foreign exchange gains/(losses)	5,410		(4,202)
Net income/(loss) from due from settlement of capital provision assets	652		802
Other income/(loss)	(114)		—
Total capital provision income as reported in the unaudited condensed consolidated statements of operations	131,516		40,761

Exchange differences arising from capital provision assets denominated in a currency other than the functional currency of the entity in which such capital provision assets are held are recognized in capital provision income/(loss) in the unaudited condensed consolidated statements of operations. All other foreign exchange translation differences arising from capital provision assets held by non-US dollar functional currency entities are recognized in other comprehensive income/(loss) in the unaudited condensed consolidated statements of comprehensive income. The currency of the primary economic environment in which the Group’s entity operates is referred to as the “functional currency” of the Group’s entity.