Litigation Capital Management (LIT) Trading Update summary

Financial performance and investment outcomes

• Eight investments concluded in FY24 generated AUD $56.0m in realisations, with a MOIC of 2.4x on AUD $23.8m invested capital, consistent with a 13-year average MOIC of 2.7x.

• H1 FY24 saw a MOIC of 3.2x, while H2 delivered 1.8x; post-period, a single case generated AUD $12.5m from AUD $1.5m invested, a MOIC of 8.3x.

• Average case duration for FY24 was 45 months, slightly above expectations due to COVID-related delays, but without negative impact on returns.

Strategic priorities and portfolio growth

• New Commitments for FY24 are expected to exceed AUD $250m, up from AUD $176m in FY23, reflecting strong demand and a focus on scaling.

• Portfolio performance, including both direct and co-invested assets, remains in line with expectations, supporting future growth ambitions.

Selected investment highlights

• A direct investment in a Western Australia dispute returned AUD $12.0m on AUD $2.8m invested (MOIC 4.3x) after successful appeals and settlement.

• A portfolio of insolvency claims related to an Australian construction company failure returned AUD $10.3m on AUD $2.8m invested (MOIC 3.7x).

• A post-period bilateral investment treaty case, funded via LCM and its Fund I, returned AUD $29.2m on AUD $5.9m invested (MOIC 5.0x), with LCM's share at MOIC 8.3x.