v3.26.1
Fair value of assets and liabilities - Movements in Level 3 Financial Assets and Liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning of period $ 3,295,013 $ 5,395,147 $ 5,769,096 $ 5,410,483
Transfers into Level 3 0 0 0 0
Transfers 0 0 (23,043) 0
Deployments 259,046 190,381 500,302 695,705
Realizations $ (355,181) $ (164,733) $ (542,799) $ (822,857)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Revenues Revenues Revenues Revenues
Income/(loss) for the period $ 106,693 $ 211,474 $ (2,391,991) $ 341,037
Foreign exchange gains/(losses) (2,644) 17,641 (8,638) 25,542
End of period 3,302,927 5,649,910 3,302,927 5,649,910
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning of period 87,698 780,330 858,491 747,053
Transfers into Level 3 0 0 0 0
Transfers between types 0 0 1,174 0
Deployments 6,525 (237) 6,525 12,242
Realizations $ 15 $ 0 $ (44) $ 0
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Revenues Revenues Revenues Revenues
Income/(loss) for the period $ (1,112) $ 43,257 $ (773,007) $ 64,053
Foreign exchange gains/(losses) (126) 80 (139) 82
End of period 93,000 823,430 93,000 823,430
Single case        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning of period 752,077 756,442 819,515 1,052,519
Transfers into Level 3 0 0 0 0
Transfers 0 0 (11,940) (286,474)
Deployments 37,101 45,340 58,026 107,400
Realizations (49,777) (37,713) (87,809) (135,349)
Income/(loss) for the period 30,154 35,755 (5,918) 58,995
Foreign exchange gains/(losses) (705) 7,317 (3,024) 10,050
End of period 768,850 807,141 768,850 807,141
Portfolio        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning of period 1,336,333 3,099,848 3,383,317 3,053,800
Transfers into Level 3 0 0 0 0
Transfers 0 0 (6,580) 0
Deployments 53,449 33,810 136,455 61,779
Realizations (36,347) (13,359) (93,514) (62,907)
Income/(loss) for the period 36,803 109,724 (2,028,475) 175,487
Foreign exchange gains/(losses) (792) 5,150 (1,757) 7,014
End of period 1,389,446 3,235,173 1,389,446 3,235,173
Portfolio with equity risk        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning of period 31,788 74,222 38,524 65,041
Transfers into Level 3 0 0 0 0
Transfers 0 0 0 0
Deployments 91 91 180 180
Realizations 0 0 0 0
Income/(loss) for the period 7,380 2,638 555 11,730
Foreign exchange gains/(losses) 0 0 0 0
End of period 39,259 76,951 39,259 76,951
Legal risk management        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning of period 5,927 7,197 5,737 6,442
Transfers into Level 3 0 0 0 0
Transfers 0 0 0 0
Deployments 0 0 0 0
Realizations 0 0 0 0
Income/(loss) for the period 332 641 649 1,118
Foreign exchange gains/(losses) (49) 609 (176) 887
End of period 6,210 8,447 6,210 8,447
Joint ventures and equity method investments        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning of period 204,964 157,435 189,488 154,220
Transfers into Level 3 0 0 0 0
Transfers 0 0 0 0
Deployments 4,682 0 12,303 0
Realizations (27) (240) (583) (825)
Income/(loss) for the period 7,961 19,176 18,662 20,318
Foreign exchange gains/(losses) (1,239) 4,408 (3,529) 7,066
End of period 216,341 180,779 216,341 180,779
Core legal finance (BOF-C)        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning of period 678,522 679,101 650,616 705,315
Transfers into Level 3 0 0 0 0
Transfers 0 0 (4,523) 0
Deployments 14,299 20,635 42,202 31,185
Realizations (59,198) (13,889) (63,076) (67,481)
Income/(loss) for the period 21,674 14,119 30,078 30,923
Foreign exchange gains/(losses) 0 (24) 0 0
End of period 655,297 699,942 655,297 699,942
Core legal finance (EP Funds)        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning of period 38,357 410,204 451,407 0
Transfers into Level 3 0 0 0 0
Transfers 0 0 0 286,474
Deployments 454 0 857 115,301
Realizations 0 0 0 0
Income/(loss) for the period (639) 21,800 (414,092) 30,229
Foreign exchange gains/(losses) 0 0 0 0
End of period 38,172 432,004 38,172 432,004
Lower risk legal finance (Advantage Fund)        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning of period 67,004 108,050 65,688 189,288
Transfers into Level 3 0 0 0 0
Transfers 0 0 0 0
Deployments 0 428 0 935
Realizations (1,800) (22,774) (3,436) (108,483)
Income/(loss) for the period 1,778 5,318 4,730 9,282
Foreign exchange gains/(losses) 0 0 0 0
End of period 66,982 91,022 66,982 91,022
Total capital provision assets        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning of period 3,114,972 5,292,499 5,604,292 5,226,625
Transfers into Level 3 0 0 0 0
Transfers 0 0 (23,043) 0
Deployments 110,076 100,304 250,023 316,780
Realizations (147,149) (87,975) (248,418) (375,045)
Income/(loss) for the period 105,443 209,171 (2,393,811) 338,082
Foreign exchange gains/(losses) (2,785) 17,460 (8,486) 25,017
End of period 3,180,557 5,531,459 3,180,557 5,531,459
Due from settlement of capital provision assets        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning of period 180,041 102,648 164,804 183,858
Transfers into Level 3 0 0 0 0
Transfers 0 0 0 0
Deployments 148,970 90,077 250,279 378,925
Realizations (208,032) (76,758) (294,381) (447,812)
Income/(loss) for the period 1,250 2,303 1,820 2,955
Foreign exchange gains/(losses) 141 181 (152) 525
End of period 122,370 118,451 122,370 118,451
Financial liabilities relating to third-party interests in capital provision assets        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning of period 87,698 780,330 858,491 747,053
Transfers into Level 3 0 0 0 0
Transfers between types 0 0 1,174 0
Deployments 6,525 (237) 6,525 12,242
Realizations 15 0 (44) 0
Income/(loss) for the period (1,112) 43,257 (773,007) 64,053
Foreign exchange gains/(losses) (126) 80 (139) 82
End of period $ 93,000 823,430 $ 93,000 823,430
Core legal finance (EP Funds), third party interests        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
End of period   82,600   82,600
Core legal finance (EP Funds), other additions        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
End of period   $ 80,000   $ 80,000