BUR 最新10-Q变化
将 BUR 最新的定期申报(10-K/10-Q)与上一份同类型申报逐章节对比:每个章节新增/删除的段落数与原文摘录。全部为确定性文本对比——无相似度评分、无方向判断、非投资建议。
对比:10-Q · 2026-05-08 与上一份 10-Q · 2025-11-05
| 章节 | 结果 | 新增 | 删除 | 微调 | 未变 |
|---|---|---|---|---|---|
| 管理层讨论与分析 | 文字有新增/删除 | +138 | −245 | ~71 | 80 |
| 市场风险(第3项) | 文字有新增/删除 | +7 | −7 | ~5 | 3 |
| 控制与程序 | 文字有新增/删除 | +1 | −3 | ~1 | 2 |
| 法律诉讼 | 无段落级文字变化 | 0 | 0 | 0 | 1 |
| 其他信息 | 文字有新增/删除 | +8 | −6 | 0 | 0 |
计数单位为段落;"新增/删除"指相对上一份文件新增/删除的文字,不含方向或好坏判断。
未列出(无法可靠提取或缺失):风险因素
代表性摘录
每个章节最多 5 条、每条约 300 字符的原文摘录,直接来自两份 SEC 文件。
管理层讨论与分析
相对上期新增的文字 · 来源:10-Q · 2026-05-08
The following discussion and analysis of our financial condition and results of operations is intended to convey management’s perspective with respect to our operating and financial performance for the three months ended March 31, 2026 and 2025. It should be read in conjunction with the unaudited co…
The following discussion and analysis also contains a discussion of certain unaudited non-GAAP financial measures and KPIs that are used by management to monitor our financial condition and results of operations. These non-GAAP financial measures and KPIs are supplemental and should not be considere…
In addition, the following discussion and analysis contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to such differences include those identified below and those disc…
We are the world’s largest dedicated provider of capital, based on portfolio size, against the underlying value of litigation and legal assets, which we colloquially call legal finance. We are a global firm that serves the legal industry by providing an array of financial products and services. Our …
Our largest individual asset was our interest in the proceeds of claims brought by the Petersen and Eton Park entities against the Republic of Argentina and YPF S.A. that have been the subject of extensive disclosure in prior reports. On September 15, 2023, judgment was entered in favor of the plain…
相对上期删除的文字 · 来源:10-Q · 2025-11-05
The following discussion and analysis of the financial condition and results of operations is intended to convey management’s perspective regarding the Group’s operational and financial performance for the three and nine months ended September 30, 2025 and 2024, respectively. It should be read in co…
We are the world’s largest dedicated provider of capital, based on portfolio size, against the underlying value of litigation and legal assets, a business that we colloquially call legal finance. We are a global firm that serves the industry of law by providing an array of financial products and ser…
Our portfolio returns are driven by judicial activity, and we believe these returns are generally uncorrelated to market conditions or the performance of the overall economy. The most direct impact of economic and market conditions on our business relates to our cost of debt and ease of access to co…
More broadly, economic conditions can have an impact on the amount and type of litigation that we may consider financing. For example, increased rates of corporate insolvencies can lead to opportunities to finance litigation relating to or arising out of insolvencies and bankruptcies; higher interes…
During the three and nine months ended September 30, 2025, the rising potential for global trade disruption through the implementation of tariffs drove significant volatility in global financial markets. We do not believe that a broad elevation in global tariff rates would have a significant impact …
市场风险(第3项)
相对上期新增的文字 · 来源:10-Q · 2026-05-08
We are exposed to market and asset risk with respect to our marketable securities, due from settlement of capital provision assets, capital provision assets and financial liabilities relating to third-party interests in capital provision assets. With respect to our marketable securities, which prima…
market variables, such as interest rates, credit risk, security and bond prices and foreign exchange rates. As of March 31, 2026 and December 31, 2025, should the prices of the investments in corporate bonds and investment funds have been 10% higher or lower, while all other variables remained const…
We only finance capital provision assets upon undertaking an in-house due diligence process. However, capital provision assets involve a high degree of risk, and there can be no assurance of a particular realization on any individual capital provision asset. Certain of our capital provision assets c…
We are exposed to liquidity risk. Our financing of capital provision assets requires capital to meet commitments, as described in note 15 (Financial commitments and contingent liabilities) to our unaudited condensed consolidated financial statements contained in this Form 10-Q, and for settlement of…
As of March 31, 2026 and December 31, 2025, the aggregate principal amount of our debt securities outstanding was $2.4 billion and $2.2 billion, respectively, which were issued primarily for the purpose of raising sufficient capital to help mitigate liquidity risk. As of March 31, 2026 and December …
相对上期删除的文字 · 来源:10-Q · 2025-11-05
We are exposed to market and asset risk with respect to our marketable securities, due from settlement of capital provision assets, capital provision assets and financial liabilities relating to third-party interests in capital provision assets. With respect to our marketable securities, which prima…
We only finance capital provision assets upon undertaking an in-house due diligence process. However, capital provision assets involve a high degree of risk, and there can be no assurance of a particular realization on any individual capital provision asset. Certain of our capital provision assets c…
We are exposed to liquidity risk. Our financing of capital provision assets requires capital to meet commitments, as described in note 15 (Financial commitments and contingent liabilities) to our unaudited condensed consolidated financial statements contained in this Form 10-Q, and for settlement of…
immediate return and no guarantee of return or repayment. To manage liquidity risk, we finance assets with a range of anticipated lives and hold marketable securities that can be readily realized to meet those liabilities and commitments.
Marketable securities primarily consist of government securities, investment grade corporate bonds, asset-backed securities and mutual funds, all of which can be redeemed on short notice or be sold on an active trading market.
控制与程序
相对上期新增的文字 · 来源:10-Q · 2026-05-08
There have been no changes in our internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, during the three months ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financ…
相对上期删除的文字 · 来源:10-Q · 2025-11-05
precision of management’s review of the controls to determine certain assumptions used in the measurement of the fair value of capital provision assets and thus our disclosure controls and procedures were not effective. This material weakness did not result in misstatements to our consolidated finan…
While we have undertaken the remediation measures as reported in the 2024 Form 10-K and while that process is continuing, the material weakness will not be considered remediated until management has concluded, through testing, that our controls are operating effectively for a sufficient period of ti…
Other than with respect to the material weakness referenced above, there were no changes in our internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, during the three and nine months ended September 30, 2025 that have materially affected, or a…
其他信息
相对上期新增的文字 · 来源:10-Q · 2026-05-08
No “Rule 10b5-1 trading arrangements” or “non-Rule 10b5-1 trading arrangements” (each, as defined by Item 408(a) and Item 408(c), respectively, of Regulation S-K) were adopted, modified or terminated by our
directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) during the three months ended March 31, 2026.
Travis Lenkner is being appointed as our Chief Operating Officer (“COO”), effective as of May 8, 2026. Mr. Lenkner currently serves as Chief Development Officer. As COO, Mr. Lenkner will be responsible for execution and operating performance across our business units while retaining oversight of glo…
Mr. Lenkner’s career has been defined by work across legal finance, complex litigation, and the management of law-related businesses. He entered the market in 2013 as a launch partner in Gerchen Keller Capital LLC. That firm grew to become the leading private fund manager focused on litigation finan…
Mr. Lenkner has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K other than the information in the section entitled “Related Party Transactions” in the definitive proxy statement relating to the annual general meeting of sh…
相对上期删除的文字 · 来源:10-Q · 2025-11-05
On August 28, 2025, Mr. Christopher Bogart, our Chief Executive Officer, as trustee of, and on behalf of, Christopher P. Bogart Revocable Trust, entered into a “Rule 10b5-1 trading arrangement” (as defined by Item 408(a) of Regulation S-K). Mr. Bogart’s “Rule 10b5-1 trading arrangement” provides for…
On August 28, 2025, Mr. Jonathan Molot, our Chief Investment Officer, entered into a “Rule 10b5-1 trading arrangement” (as defined by Item 408(a) of Regulation S-K). Mr. Molot’s “Rule 10b5-1 trading arrangement” provides for the sale of up to 375,000 of the Company’s ordinary shares between December…
On August 28, 2025, Ms. Elizabeth O’Connell, our Chief Strategy Officer, as trustee of, and on behalf of, Elizabeth O’Connell Revocable Trust, entered into a “Rule 10b5-1 trading arrangement” (as defined by Item 408(a) of Regulation S-K). Ms. O’Connell’s “Rule 10b5-1 trading arrangement” provides fo…
On September 2, 2025, Ms. Aviva Will, our President, entered into a “Rule 10b5-1 trading arrangement” (as defined by Item 408(a) of Regulation S-K). Ms. Will’s “Rule 10b5-1 trading arrangement” provides for the sale of up to 30,000 of the Company’s ordinary shares between December 2, 2025 and Septem…
On September 2, 2025, Mr. David Perla, our Vice Chair, entered into a “Rule 10b5-1 trading arrangement” (as defined by Item 408(a) of Regulation S-K). Mr. Perla’s “Rule 10b5-1 trading arrangement” provides for the sale of up to 30,000 of the Company’s ordinary shares between December 2, 2025 and Sep…
如何读 10-Q 的风险因素(第 1A 项)
10-Q 的风险因素章节有三种常见形态,本页按其一分类展示:
- 指向(pointer) — 公司仅声明"无重大变化"并指向年度 10-K 的完整风险因素;本季没有自己的风险文本可对比。
- 部分更新(partial) — 公司写明"除下述外无重大变化",只更新部分风险;摘录展示的正是本季新增的内容。
- 全文重述(restated) — 本季重新给出完整风险因素。若上一季只是"指向",则无法逐段对比,本页会将其标为"本季全文重述"。
这只是对文件结构的客观描述,不构成对风险高低的判断。
数据来自 SEC EDGAR 两份申报文件的文本级对比 · 确定性计算(无 AI 生成内容)· 仅供参考 · 非投资建议