Burford Capital Ltd (BUR)

CIK: 0001714174. SIC: 6199 Finance Services. Latest 10-K as of: 2026-02-26.

SIC breadcrumb: Finance, Insurance, And Real Estate > SIC Major Group 61 > SIC 6199 Finance Services

SEC company page: https://www.sec.gov/edgar/browse/?CIK=1714174. Latest filing source: 0001714174-26-000007.

Selected Fundamentals

Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001714174.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

Flow metrics use full-year FY periods from 10-K/10-K/A filings; balance-sheet metrics use FY-end instants. Free cash flow = operating cash flow - capital expenditures. Missing metrics are omitted rather than fabricated.

Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

Financial Charts

Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-08. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001714174.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

Quarterly Charts

Macro Cross-References

• CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
• UNRATE - Unemployment Rate
• FEDFUNDS - Federal Funds Effective Rate
• CES0500000003 - Average Hourly Earnings of All Employees, Total Private
• DFEDTARU - Federal Funds Target Range - Upper Limit
• DFEDTARL - Federal Funds Target Range - Lower Limit
• DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
• DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
• DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
• DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
• T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
• CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
• CPIUFDSL - Consumer Price Index for All Urban Consumers: Food
• CPIENGSL - Consumer Price Index for All Urban Consumers: Energy
• CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter
• PCEPI - Personal Consumption Expenditures: Chain-type Price Index
• PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
• PPIACO - Producer Price Index by Commodity: All Commodities
• T10YIE - 10-Year Breakeven Inflation Rate
• U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
• PAYEMS - All Employees, Total Nonfarm
• CIVPART - Labor Force Participation Rate
• EMRATIO - Employment-Population Ratio
• UNEMPLOY - Unemployed
• CE16OV - Employment Level
• ICSA - Initial Claims
• JTSJOL - Job Openings: Total Nonfarm
• JTSQUR - Quits: Total Nonfarm
• GDPC1 - Real Gross Domestic Product
• A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period
• INDPRO - Industrial Production: Total Index
• TCU - Capacity Utilization: Total Index
• HOUST - New Privately-Owned Housing Units Started: Total Units
• PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
• RSAFS - Advance Retail Sales: Retail Trade
• PCE - Personal Consumption Expenditures
• DSPIC96 - Real Disposable Personal Income
• PSAVERT - Personal Saving Rate
• M2SL - M2
• BOPGSTB - U.S. International Trade in Goods and Services: Balance
• MSPUS - Median Sales Price of Houses Sold for the United States
• HSN1F - New One Family Houses Sold: United States
• RHORUSQ156N - Homeownership Rate in the United States
• TTLCONS - Total Construction Spending: Total Construction in the United States
• RRVRUSQ156N - Rental Vacancy Rate in the United States
• TOTALSL - Total Consumer Credit Owned and Securitized
• REVOLSL - Revolving Consumer Credit Owned and Securitized
• DRCCLACBS - Delinquency Rate on Credit Card Loans, All Commercial Banks
• GDP - Gross Domestic Product
• GPDI - Gross Private Domestic Investment
• GCE - Government Consumption Expenditures and Gross Investment
• PCEC - Personal Consumption Expenditures
• NETEXP - Net Exports of Goods and Services
• GFDEBTN - Federal Debt: Total Public Debt
• GFDEGDQ188S - Federal Debt: Total Public Debt as Percent of Gross Domestic Product
• FYFSD - Federal Surplus or Deficit
• FGRECPT - Federal Government Current Receipts
• FGEXPND - Federal Government: Current Expenditures
• MANEMP - All Employees, Manufacturing
• USCONS - All Employees, Construction
• USTRADE - All Employees, Retail Trade
• USFIRE - All Employees, Financial Activities
• USGOVT - All Employees, Government
• AWHAETP - Average Weekly Hours of All Employees, Total Private
• DGORDER - Manufacturers' New Orders: Durable Goods
• NEWORDER - Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
• BUSINV - Total Business Inventories
• EXPGS - Exports of Goods and Services
• IMPGS - Imports of Goods and Services
• IR - Import Price Index (End Use): All Commodities
• PPIFIS - Producer Price Index by Commodity: Final Demand

Latest quarter (10-Q)

Latest 10-Q source: 0001714174-26-000068.

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high. Filing date: 2026-05-08. Report date: 2026-03-31.

Item 2. Management’s discussion and analysis of financial condition and results of operations

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 condensed consolidated financial statements and the accompanying notes thereto contained elsewhere in this Form 10-Q and the audited consolidated financial statements and the accompanying notes thereto contained in the 2025 Form 10-K.

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 considered in isolation from, as substitutes for, or superior to, our consolidated financial condition or results of operations as reported under US GAAP. See “Non-GAAP financial measures and KPIs” and “—Reconciliations” for additional information with respect to non-GAAP financial measures and KPIs and the applicable reconciliations.

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 discussed under “Risk Factors” in this Form 10-Q and the 2025 Form 10-K.

Company overview

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 largest business is providing capital to clients engaged in ongoing legal disputes, which they can use both to pay the legal fees and expenses associated with disputes and to monetize the expected future value of disputes. Our focus is on large, complex disputes, not on small-scale litigation typically pursued by consumers or small businesses.

YPF-related assets

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 plaintiffs resulting in a substantial increase in the balance sheet fair value of the YPF-related assets, and that value increased further in the year ended December 31, 2024 when the court ordered the turnover of certain YPF S.A.’s shares to plaintiffs. However, on March 27, 2026, that judgment was reversed on appeal (the “YPF Judgment Reversal”) and, as a result, the balance sheet fair value of the YPF-related assets has been significantly reduced. Further proceedings with respect to the YPF-related assets are ongoing in the US courts and the plaintiffs are also likely to pursue relief through international arbitration proceedings.

Economic and market conditions

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 corporate debt capital markets, as well as movements in market rates that cause adjustments to the discount rates applied in the fair value of our assets and that impact our quarterly revenue recognition in accordance with US GAAP. Overall, we believe our business model is particularly resilient to economic and market cycles due to the nature of the assets that drive our revenues and cash flow.

More broadly, economic conditions can have an impact on the volume 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 interest rates or other forms of economic stress can cause businesses to act illegally (such as to conspire to fix prices) leading to financeable claims; and pressure from shareholders and markets can lead to the commission of securities fraud and other similar acts, again resulting in financeable claims.

During the three months ended March 31, 2026, military action in the Middle East, geopolitical tensions and ongoing disruption to global trade drove significant volatility in global financial markets. We do not expect this volatility to have a significant impact on the performance of our legal finance portfolio or our financial results. More generally, tighter financial conditions and a weakening of gross domestic product would

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typically cause the incidence of corporate disputes and associated litigation to increase, although it is usual for this to occur with a lag.

See “Risk factors—Risks relating to our business and industry—We are subject to credit risk relating to our various legal finance assets that could adversely affect our business, financial condition, results of operations and/or liquidity” and “Risk factors—Risks relating to our business and industry—Legal, political and economic uncertainty surrounding the effects, severity and duration of public health threats could adversely affect our business, financial condition, results of operations and/or liquidity” in the 2025 Form 10-K.

Covid-19

Court systems and other forms of adjudication have returned to functionality in the aftermath of the Covid-19 pandemic. In general, courts have continued to work through the case backlog caused by the Covid-19 pandemic and, during the three months ended March 31, 2026, we have observed continuing portfolio activity. Nevertheless, some court systems continue to face backlogs, delaying adjudication. Inevitably, some of our matters (and thus our cash realizations from them) in jurisdictions impacted by court backlogs have been slowed by these dynamics, and we saw impact from that in our financial results for the year ended December 31, 2025 as extensions of expected duration reduced the fair value of certain assets. In some cases, we are protected on duration risk, because some of our assets have time-based terms that increase our absolute returns as time passes. We have not seen the discontinuance of any matters. Of our concluded matters since June 2021, we have observed a higher incidence of pre-adjudication settlements as a proportion of aggregate realizations in comparison to the period from our inception to June 2021. We do not yet know whether this is an effect of the Covid-19 pandemic or a lasting trend.

See “Risk factors—Risks relating to our business and industry—Legal, political and economic uncertainty surrounding the effects, severity and duration of public health threats could adversely affect our business, financial condition, results of operations and/or liquidity” in the 2025 Form 10-K.

Inflation

The effect of inflation on our revenues is mitigated to a significant extent by a number of factors, including the high returns generated by capital provision assets and their relatively short weighted average lives. Furthermore, inflationary increases in legal case fees and expenses can increase the size of commitments, deployments and damages sought. Because returns on most of our assets are at least partially based upon a multiple of those fees and expenses, our returns on successful cases should also increase in such circumstances. To the degree that inflation drives higher interest rates and to the extent that pre- and post-judgment interest rates in a particular jurisdiction are tied to market interest rates, higher inflation would result in increases in awards by the relevant courts. The effect of inflation on our expenses would predominantly be through employee costs, which represent the majority of our operating expenses, although a significant portion of compensation-related expenses are performance-based. Our Principal Finance costs include interest expenses associated with our outstanding debt securities, although these are fixed coupon and non-adjustable, regardless of the rate of inflation.

Party solvency

Litigation outcomes stand apart from the remainder of the conventional credit universe because they do not arise as a result of a contractual relationship between the judgment debtor and creditor, unlike essentially all other forms of credit obligation. Thus, for example, a debtholder seeking recovery on a defaulted debt must take many steps, typically involving notice, a cure period and usually a subsequent judicial or insolvency proceeding that will generally sweep in other creditors, resulting in a meaningful risk of the debt being impaired or compromised. By contrast, a judgment creditor has immediate and unfettered rights of action, for example, to seize assets and garnish cash flows, meaning that a judgment creditor often has substantial leverage and ability to secure payment of a judgment against even a financially distressed judgment debtor as long as the judgment debtor does not seek protection from creditors in a formal insolvency proceeding.

To the extent that the claimant in a matter we are financing becomes insolvent, insolvency proceedings typically provide for the continued prosecution of claims given that the claim is a valuable contingent asset, the recovery of which is in the best interests of the claimant’s stakeholders, and we are often a secured creditor with respect to the litigation we are financing. Nevertheless, a claimant’s insolvency may delay the underlying litigation while the insolvency process unfolds. Judgment creditors are typically unsecured creditors, and should the defendant in a matter we are financing become insolvent, the risk to our recovery is dependent on the financial condition of the judgment debtor and the availability of assets for unsecured creditors.

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Other items

There were no material developments with respect to, or changes from, our disclosure in the 2025 Form 10-K relating to the international sanctions on Russian businesses and individuals.

Results of operations and financial condition

Set forth below is a discussion of our unaudited condensed consolidated results of operations for the three months ended March 31, 2026 and 2025 and our unaudited condensed consolidated financial condition as of March 31, 2026 and December 31, 2025, in each case, on a consolidated basis, unless otherwise noted.

In this section, any references to 2026 refer to the three months ended March 31, 2026, and any references to 2025 refer to the three months ended March 31, 2025.

Unaudited condensed consolidated statements of operations for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025

Overview

The table below sets forth a summary of our unaudited condensed consolidated statements of operations for the periods indicated.

Three months ended March 31,

($ in thousands)

2026

2025

Change

% change

Total revenues

$

(1,720,374)

$

118,859 

$

(1,839,233)

NM

Total operating expenses

(150,096)

41,101 

(191,197)

NM

Operating income/(loss)

(1,570,278)

77,758 

(1,648,036)

NM

Total other expenses

65,286 

33,280 

32,006 

96 

%

Income/(loss) before income taxes

(1,635,564)

44,478 

(1,680,042)

NM

Provision for/(benefit from) income taxes

(2,417)

7,568 

(9,985)

NM

Net income/(loss)

(1,633,147)

36,910 

(1,670,057)

NM

Net income/(loss) attributable to non-controlling interests

(1,078)

5,981 

(7,059)

NM

Net income/(loss) attributable to Burford Capital Limited shareholders

(1,632,069)

30,929 

(1,662,

[Excerpt truncated for page length; source filing is linked above.]

Latest 10-K MD&A

Extracted from Item 7 to the first post-MD&A boundary after HTML sanitization. Confidence: high. Filing date: 2026-02-26. Report date: 2025-12-31.

Item 7. Management's discussion and analysis of financial condition and results of operations

The following discussion and analysis of our financial condition and results of operations is for the year ended December 31, 2025, as compared to the year ended December 31, 2024. This discussion should be read in conjunction with our consolidated financial statements and the accompanying notes thereto contained elsewhere in this 2025 Form 10-K.

The following discussion and analysis also contain a discussion of certain unaudited KPIs (as defined below) and non-GAAP financial measures that are used by management to monitor our financial condition and results of operations. These KPIs and non-GAAP financial measures are supplemental and should not be considered in isolation from, as substitutes for, or superior to, our consolidated financial condition or results of operations as reported under US GAAP. See “—Basis of presentation of financial information” and “—Reconciliations” for additional information with respect to KPIs and non-GAAP financial measures and the applicable reconciliations.

The discussion and analysis of our financial condition and results of operations for the year ended December 31, 2024, as compared to the year ended December 31, 2023, can be found in the “Management's discussion and analysis of financial condition and results of operations” section of our annual report on Form 10-K for the year ended December 31, 2024, which was filed with the Securities and Exchange Commission on March 3, 2025.

Economic and market conditions

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 corporate debt capital markets, as well as movements in market rates that cause adjustments to the discount rates applied in the fair value of our assets and that impact our quarterly revenue recognition in accordance with US GAAP. We believe that we maintain access to corporate debt capital markets, supported by credit rating upgrades from Moody’s in the second quarter of 2025 and from S&P in the third quarter of 2025 and as demonstrated by successful debt offerings in July 2025 and January 2026. Overall, we believe our business model is

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particularly resilient to economic and market cycles due to the nature of the assets that drive our revenues and cash flow.

More broadly, economic conditions can have an impact on the volume 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 interest rates or other forms of economic stress can cause businesses to act illegally (such as to conspire to fix prices) leading to financeable claims; and pressure from shareholders and markets can lead to the commission of securities fraud and other similar acts, again resulting in financeable claims.

During the year ended December 31, 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 on the performance of our legal finance portfolio or our financial results. While the economic impact of trade tariffs is uncertain at this point, tighter financial conditions and a weakening of gross domestic product would typically cause the incidence of corporate disputes and associated litigation to increase, although it is usual for this to occur with a lag.

See “Risk factors—Risks relating to our business and industry—We are subject to credit risk relating to our various legal finance assets that could adversely affect our business, financial condition, results of operations and/or liquidity” and “Risk factors—Risks relating to our business and industry—Legal, political and economic uncertainty surrounding the effects, severity and duration of public health threats could adversely affect our business, financial condition, results of operations and/or liquidity”.

Covid-19

Court systems and other forms of adjudication have returned to functionality in the aftermath of the Covid-19 pandemic. In general, courts have continued to work through the case backlog caused by the Covid-19 pandemic and, during the year ended December 31, 2025, we have observed continuing portfolio activity. Nevertheless, some court systems continue to face backlogs, delaying adjudication. Inevitably, some of our matters (and thus our cash realizations from them) in jurisdictions impacted by court backlogs have been slowed by these dynamics, and we saw impact from that in our 2025 financial results as extensions of expected duration reduced the fair value of certain assets. In some cases, we are protected on duration risk, because some of our assets have time-based terms that increase our absolute returns as time passes. We have not seen the discontinuance of any matters. Of our concluded matters since June 2021, we have observed a higher incidence of pre-adjudication settlements as a proportion of aggregate realizations in comparison to the period from our inception to June 2021. We do not yet know whether this is an effect of the Covid-19 pandemic or a lasting trend.

See “Risk factors—Risks relating to our business and industry—Legal, political and economic uncertainty surrounding the effects, severity and duration of public health threats could adversely affect our business, financial condition, results of operations and/or liquidity”.

Inflation

The effect of inflation on our revenues is mitigated to a significant extent by a number of factors, including the high returns generated by capital provision assets and their relatively short weighted average lives. Furthermore, inflationary increases in legal case fees and expenses can increase the size of commitments, deployments and damages sought. Because returns on most of our assets are at least partially based upon a multiple of those fees and expenses, our returns on successful cases should also increase in such circumstances. To the degree that inflation drives higher interest rates and to the extent that pre- and post-judgment interest rates in a particular jurisdiction are tied to market interest rates, higher inflation would result in increases in awards by the relevant courts. The effect of inflation on our expenses would predominantly be through employee costs, which represent the majority of our operating expenses, although a significant portion of compensation-related expenses are performance-based. Our Principal Finance costs include interest expenses associated with our outstanding debt securities, although these are fixed coupon and non-adjustable, regardless of the rate of inflation.

Party solvency

Litigation outcomes stand apart from the remainder of the conventional credit universe because they do not arise as a result of a contractual relationship between the judgment debtor and creditor, unlike essentially all other forms of credit obligation. Thus, for example, a debtholder seeking recovery on a defaulted debt must take many steps, typically involving notice, a cure period and usually a subsequent judicial or insolvency proceeding that will generally sweep in other creditors, resulting in a meaningful risk of the debt being impaired or compromised. By contrast, a judgment creditor has immediate and unfettered rights of action, for example, to seize assets and garnish cash flows, meaning that a judgment creditor often has substantial leverage and ability to secure payment of a judgment against even a financially distressed

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judgment debtor as long as the judgment debtor does not seek protection from creditors in a formal insolvency proceeding.

To the extent that the claimant in a matter we are financing becomes insolvent, insolvency proceedings typically provide for the continued prosecution of claims given that the claim is a valuable contingent asset, the recovery of which is in the best interests of the claimant’s stakeholders, and we are often a secured creditor with respect to the litigation we are financing. Nevertheless, a claimant’s insolvency may delay the underlying litigation while the insolvency process unfolds. Judgment creditors are typically unsecured creditors, and should the defendant in a matter we are financing become insolvent, the risk to our recovery is dependent on the financial condition of the judgment debtor and the availability of assets for unsecured creditors.

International sanctions on Russian businesses and individuals

The international sanctions imposed on Russian businesses and individuals continue to impact the legal industry. Our legal finance assets in jurisdictions outside Russia that involve claims against entities that might have an ultimate Russian parent or controller (regardless of sanction status) represented in the aggregate $125.9 million (or approximately 2% of total fair value for capital provision assets) as of December 31, 2025 as compared to $115.0 million (or approximately 2% of total fair value for capital provision assets) as of December 31, 2024. There have been no significant changes or developments with respect to the impact of these international sanctions on our business. We are mindful of any sanctions or other issues and work regularly with specialist counsel in the sanctions area (as well as ensuring compliance with all legal requirements, such as anti-money laundering). Where we are required to enforce judgments or awards, even against sanctioned entities, such enforcement tends to be consistent with the goals of international sanctions regimes rather than running afoul of them, and the US Office of Foreign Assets Control and the UK Office of Financial Sanctions Implementation regularly grant licenses to do so. We do not anticipate any adverse material impact on our business from the sanctions regime.

Basis of presentation of financial information

We report our consolidated financial statements as of and for the year ended December 31, 2025, and comparative periods contained in this 2025 Form 10-K in accordance with US GAAP. Our consolidated financial statements are presented in US dollars.

Results of operations and financial condition

Set forth below is a discussion of our consolidated results of operations for the years ended December 31, 2025 and 2024, and our consolidated financial condition as of December 31, 2025 and 2024, in each case, on a consolidated basis, unless otherwise noted.

In this section, any references to 2025 refer to the year ended December 31, 2025, and any references to 2024 refer to the year ended December 31, 2024.

Consolidated statements of operations for the year ended December 31, 2025 as compared to the year ended December 31, 2024

Overview

The table below sets forth a summary of our consolidated statements of operations for the periods indicated.

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Years ended December 31,

($ in thousands)

2025

2024

Change

% change

Total revenues

$

413,360 

$

546,087 

$

(132,727)

(24)

%

Total operating expenses

181,249 

155,485 

25,764 

17 

%

Operating income/(loss)

232,111 

390,602 

(158,491)

(41)

%

Total other expenses

148,079 

137,014 

11,065 

8 

%

Income/(loss) before income taxes

84,032 

253,588 

(169,556)

(67)

%

Provision for/(benefit from) income taxes

11,844 

24,005 

(12,161)

(50.7)

%

Net income/(loss)

72,188 

229,583 

(157,395)

(69)

%

Net income attributable to non-controlling interests

9,616 

83,099 

(73,483)

(88)

%

Net income/(loss) attributable to Burford Capital Limited shareholders

62,572 

146,484 

(83,912)

(57)

%

Note: “NM” denotes not meaningful. Changes from negative to positive amounts and positive to negative amounts, increases or decreases from zero and changes greater than 700% are not considered meaningful.

Total revenues decreased 24% for the year ended December 31, 2025, primarily due to a decrease in capital provision income, arising mainly from lower net realized gains, and operating expenses increased, primarily due to increases in case-related expenditures ineligible for inclusion in asset cost and increases in general, administrative and other expenses. The net result was $62.6 million in net income attributable to Burford Capital Limited shareholders for the year ended December 31, 2025, as compared to net income of $146.5 million for the year ended December 31, 2024.

Revenues

The table below sets forth the components of our total revenues for the periods indicated.

Years ended December 31,

($ in thousands)

2025

2024

Change

% change

Capital provision income/(loss)

$

476,813 

$

552,066 

$

(75,253)

(14)

%

Plus/(Less): Third-party interests in capital provision assets

(99,142)

(42,384)

(56,758)

134 

%

Asset management income/(loss)

6,312 

8,340 

(2,028)

(24)

%

Marketable securities income/(loss) and interest

28,760 

25,014 

3,746 

15 

%

Other income/(loss)

617 

3,051 

(2,434)

(80)

%

Total revenues

413,360 

546,087 

(132,727)

(24)

%

Capital provision income/(loss)

The table below sets forth the components of our capital provision income for the periods indicated.

Years ended December 31,

($ in thousands)

2025

2024

Change

% change

Net realized gains/(losses)

$

260,592 

$

439,665 

$

(179,073)

(41)

%

Fair value adjustment during the period, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses)

185,589 

127,981 

57,608 

45 

%

Foreign exchange gains/(losses)

20,145 

(15,701)

35,846 

NM

Other

10,487 

121 

10,366 

NM

Total capital provision income/(loss)

476,813 

552,066 

(75,253)

(14)

%

For the year ended December 31, 2025, net realized gains were $260.6 million, comprising $330.8 million of gross realized gains, offset by gross realized losses of $70.2 million. For the year ended December 31, 2024, net realized gains were $439.7 million, comprising $481.6 million of gross realized gains, offset by gross realized losses of $41.9 million. We had three large realized gains that each individually exceeded $40.0 million in 2024 and we did not have realized gains in 2025 of the same magnitude, which thus impacted our

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net realized gains. On the other hand, unlike 2024, we did not experience a single large realized loss in 2025, but we did have a number of smaller, immaterial losses concentrated in our higher-risk, higher-return areas. Overall, net realized gains resulted from $710.5 million in realizations for the year ended December 31, 2025, as compared to $907.0 million in realizations for the year ended December 31, 2024.

Fair value adjustments, net of previously recognized unrealized gains/(losses) transferred to realized gains, are affected by a number of factors, including changes in discount rate, duration and litigation risk premium, the reversal of previously recognized unrealized gains upon conclusion of a matter and its transfer to realized gains and actual performance of matters as they pass through milestones. All of those factors contributed to the net change in unrealized gain of $185.6 million for the year ended December 31, 2025 as compared to a net change in unrealized gain of $128.0 million for the year ended December 31, 2024, with the passage of time and the relative movement in discount rates having the largest impacts on the change year over year and the Turnover Order (as defined below) having the largest impact on an individual matter during 2025.

As part of our fair value methodology, we discount the expected future cash flows. If discount rates had remained unchanged from December 31, 2024, applying those same rates to the portfolio as of December 31, 2025, fair value would have been approximately $106.8 million lower than as reported. The weighted average discount rate across the portfolio decreased to 6.1% as of December 31, 2025, from 6.9% as of December 31, 2024, and interest sensitivities of the portfolio to assumed basis point changes in rates at each period end are disclosed in “—Critical accounting estimates—Fair value of capital provision assets”. Fair value is also impacted by changes in the adjusted risk premium, which was slightly down at 31.1% as of December 31, 2025, from 31.4% as of December 31, 2024. The impact of the addition of newly acquired or originated capital provision assets during the period (which generally have higher risk premiums at the start of the capital provision asset’s life) was offset by net favorable developments across the rest of the portfolio.

Plus/(Less): Third-party interests in capital provision assets

Third-party interests in capital provision assets reduced capital provision income by $99.1 million for the year ended December 31, 2025, due to increases in the fair value of the YPF-related assets because of the progression closer to our expected conclusion date and a decrease in discount rates. The year-over-year change was also impacted by the Turnover Order.

Marketable securities income/(loss) and interest

Marketable securities income and interest increased 15% for the year ended December 31, 2025, primarily driven by interest income earned from higher cash and cash equivalents and marketable securities balances and the impact of the appreciation of the pound sterling against the US dollar in our non-USD holdings, partially offset by lower US yields.

Operating expenses

The table below sets forth the components of our total operating expenses for the periods indicated.

Years ended December 31,

($ in thousands)

2025

2024

Change

% change

Salaries and benefits

$

48,444 

$

42,418 

$

6,026 

14 

%

Annual incentive compensation

22,335 

29,210 

(6,875)

(24)

%

Share-based and deferred compensation

13,841 

8,822 

5,019 

57 

%

Long-term incentive compensation including accruals

43,622 

43,209 

413 

1 

%

Total compensation and benefits

128,242 

123,659 

4,583 

4 

%

General, administrative and other

38,362 

31,025 

7,337 

24 

%

Case-related expenditures ineligible for inclusion in asset cost

14,645 

801 

13,844 

NM

Total operating expenses

181,249 

155,485 

25,764 

17 

%

Total operating expenses increased 17% for the year ended December 31, 2025, primarily due to higher case-related expenditures ineligible for inclusion in asset cost largely related to the consolidation of the EP Funds and higher general, administrative and other expenses. The increase in general, administrative and other expenses for the year ended December 31, 2025 is driven by higher professional fees incurred.

Case-related expenditures ineligible for inclusion in asset cost significantly increased for the year ended December 31, 2025, reflecting an increase in the level of expenses and the number of instances where we incur legal or other related expenses that are directly attributable to a capital provision asset but that do not form part of the deployed amount under a capital provision agreement, such as when we bear incremental legal expenses in cases. Examples of the incurrence of such expenses include situations where we are

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effectively the claimant in a litigation matter due to the acquisition of assets or the assignment of a claim. Such expenditures accounted for $10.4 million and $1.9 million of the total case-related expenditures ineligible for inclusion in asset cost for the years ended December 31, 2025 and 2024, respectively. Included in the $10.4 million of case-related expenditures in 2025 is $5.4 million related to contingent fee arrangements associated with the EP Funds. While we report these costs as expenses for accounting purposes, we treat them for purposes of return and performance metrics as part of the asset’s cost basis in the same way that we treat traditional legal finance arrangements.

Case-related expenditures ineligible for inclusion in asset cost also include fees paid to third parties when we have sought our own legal advice or expert opinion with respect to matters related to a capital provision asset. These expenses are expected to fluctuate period-over-period and accounted for $4.2 million and a credit of $1.1 million of total case-related expenditures ineligible for inclusion in asset cost for the years ended December 31, 2025 and 2024, respectively. A credit in case-related expenditures for 2024 was a result of cost recoveries from an insurance policy.

Other expenses

The table below sets forth the components of our total other expenses for the periods indicated.

Years ended December 31,

($ in thousands)

2025

2024

Change

% change

Finance costs

$

151,015 

$

135,593 

$

15,422 

11 

%

Foreign currency transactions (gains)/losses and other expenses

(2,936)

1,421 

(4,357)

NM

Total other expenses

148,079 

137,014 

11,065 

8 

%

Finance costs

Finance costs increased 11% for the year ended December 31, 2025, primarily due to higher interest expense related to the issuance of the 7.500% Senior Notes due 2033 (the "2033 Notes") during the year ended December 31, 2025.

Foreign currency transactions (gains)/losses and other expenses

Foreign currency transactions (gains)/losses and other expenses were gains of $2.9 million for the year ended December 31, 2025, as compared to losses of $1.4 million for the year ended December 31, 2024. The year-over-year change was primarily driven by the strengthening of both the pound sterling and euro against the US dollar.

Provision for/(benefit from) income taxes

The table below sets forth our provision for/(benefit from) income taxes for the periods indicated.

Years ended December 31,

($ in thousands)

2025

2024

Change

% change

Provision for/(benefit from) income taxes:

$

11,844 

$

24,005 

$

(12,161)

(51)

%

Provision for income taxes decreased 51% for the year ended December 31, 2025, primarily due to a reduction in overall taxable income for 2025. Cash taxes paid were $23.2 million and $19.5 million for the year ended December 31, 2025 and 2024, respectively.

The OECD has introduced Pillar Two which is a framework to implement a global minimum tax for certain multinational companies that have earned annual consolidated revenues of at least €750 million in at least two out of the prior four accounting periods. Guernsey as well as certain countries in which we operate have enacted legislation to implement Pillar Two. Pillar Two taxes are considered an alternative minimum tax accounted for as a period cost that will impact the effective tax rate in the year the Pillar Two tax obligation arises. Therefore, deferred taxes will not be recognized or adjusted for the estimated effects of future minimum taxes.

Based on our annual consolidated revenues over the past several years, we are not currently subject to the OECD Pillar Two mandate. Notwithstanding this fact, we have assessed the potential impact of Pillar Two based on laws enacted as of the date of this 2025 Form 10-K and there was no material effect on our current effective tax rate, business, financial condition, results of operations and/or liquidity for the year ended December 31, 2025. Based on this assessment and the prospective nature of the effective date of the application of the Pillar Two rules, we also do not currently anticipate any material effect on our effective tax rate, business, financial condition, results of operations and/or liquidity for the year ending December

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31, 2025. See “Risk factors—Risks relating to our business and industry—Changes in tax laws and regulations or unanticipated tax liabilities could affect our effective tax rate, business, financial condition, results of operations and/or liquidity” for additional information with respect to the risks relating to Pillar Two.

Net income/(loss) attributable to non-controlling interests

The table below sets forth our net income/(loss) attributable to non-controlling interests for the periods indicated.

Years ended December 31,

($ in thousands)

2025

2024

Change

% change

Net income/(loss) attributable to non-controlling interests:

$

9,616 

$

83,099 

$

(73,483)

(88)

%

We consolidate certain entities that have other shareholders and/or investors, including the Advantage Fund and BOF-C. The Advantage Fund does not have a traditional management and performance fee structure, but instead we retain any excess returns after the first 10% of annual simple returns are remitted to the Advantage Fund’s investors. With respect to BOF-C, under the co-investing arrangement with the sovereign wealth fund, we (in our capacity as the appointed investment adviser) receive reimbursement of expenses from BOF-C up to a certain level before we or the sovereign wealth fund, as applicable, receive a return of capital. After the repayment of capital, we then receive a portion of the return generated from the assets held by BOF-C. We include 100% of the Advantage Fund’s and BOF-C’s income and expenses in the applicable line items in our consolidated statements of operations (for example, 100% of the income on the Advantage Fund’s and BOF-C’s capital provision assets is included in capital provision income in our consolidated statements of operations), and the net amount of those income and expense line items that relate to third-party interests is included in net income attributable to non-controlling interests. In turn, this net amount is deducted from net income to arrive at net income attributable to Burford Capital Limited shareholders in our consolidated statements of operations. Net income attributable to non-controlling interests does not include Colorado and the EP Funds. See note 2 (Summary of significant accounting policies—Consolidation) to our consolidated financial statements contained in this 2025 Form 10-K for additional information with respect to our consolidation policies.

Net income attributable to non-controlling interests decreased 88% for the year ended December 31, 2025, reflecting non-controlling interests’ share of the decrease in capital provision income year-over-over. See "Capital provision income/(loss)" above for additional information with respect to the year-over-year change in the different components of capital provision income.

Consolidated statements of financial condition as of December 31, 2025 as compared to December 31, 2024

The table below sets forth specified line items from our consolidated statements of financial condition as of the dates indicated.

December 31

($ in thousands)

2025

2024

Change

% change

Cash and cash equivalents

$

566,437 

$

469,930 

$

96,507 

21 

%

Marketable securities

89,486 

79,020 

10,466 

13 

%

Other assets

73,743 

61,006 

12,737 

21 

%

Due from settlement of capital provision assets

164,804 

183,858 

(19,054)

(10)

%

Capital provision assets

5,609,949 

5,243,917 

366,032 

7 

%

Cash and cash equivalents and marketable securities

Cash and cash equivalents increased 21% and marketable securities increased 13% both as of December 31, 2025. The net increase in cash and cash equivalents and marketable securities primarily reflects the issuance of the 2033 Notes, partially offset by the redemption of the aggregate principal amount of the 6.125% Bonds which matured on August 12, 2025 (the “2025 Bonds”) and the impact from third-party net distributions.

Other assets

Other assets increased 21% as of December 31, 2025, primarily due to the acquisition of an equity method investment and from higher receivables.

Due from settlement of capital provision assets

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Due from settlement of capital provision assets decreased 10% as of December 31, 2025, primarily due to cash received from realizations during 2025 and collections on the due from settlement of capital provision assets receivable that was outstanding as of December 31, 2024. Of the $183.9 million of due from settlement receivables as of December 31, 2024, 73% was collected in cash during 2025.

Capital provision assets

Capital provision assets increased 7% as of December 31, 2025, primarily reflecting capital provision income earned during the year and continued deployments into capital provision assets, partially offset by the impact of realizations.

Fair value of capital provision assets

Valuation policy

See note 2 (Summary of significant accounting policies—Fair value of financial instruments) to our

consolidated financial statements contained in this 2025 Form 10-K for a description of our valuation policy for capital provision assets.

Fair value of capital provision assets

The table below sets forth the fair value of capital provision assets, comprised of deployed cost and unrealized gains, for the YPF-related assets and other assets as of the dates indicated.

December 31, 2025

December 31, 2024

Total

Total

Third-party

segments

Third-party

segments

($ in thousands)

Consolidated

interests

(Burford-only)

Consolidated

interests

(Burford-only)

Capital provision assets

$

5,609,949 

$

(1,697,755)

$

3,912,194 

$

5,243,917 

$

(1,672,693)

$

3,571,224 

Deployed costs

2,498,463 

(640,630)

1,857,833 

2,341,377 

(668,784)

1,672,593 

Deployed costs on YPF-related assets

193,564 

(75,987)

117,577 

76,405 

(6,829)

69,576 

Deployed costs on non-YPF-related assets

2,304,899 

(564,643)

1,740,256 

2,264,972 

(661,955)

1,603,017 

Unrealized gains

3,111,486 

(1,057,125)

2,054,361 

2,902,540 

(1,003,909)

1,898,631 

Unrealized gains on YPF-related assets

2,390,155 

(818,374)

1,571,781 

2,118,112 

(722,213)

1,395,899 

Unrealized gains on non-YPF-related assets

721,331 

(238,751)

482,580 

784,428 

(281,696)

502,732 

On a consolidated basis, the aggregate fair value of our capital provision assets was $5.6 billion, the aggregate deployed cost was $2.5 billion and the aggregate unrealized gains were $3.1 billion each as of December 31, 2025. The increase of $157.1 million in deployed cost is a result of deployments during 2025, offset by the return of capital from realizations. See “—Consolidated statements of operations for the year ended December 31, 2025 as compared to the year ended December 31, 2024—Revenues” above for additional information with respect to the change in unrealized gains, which is driven by this period’s fair value adjustment, net of previously recognized unrealized gains transferred to realized gains.

Within total segments (Burford-only), the aggregate fair value of our capital provision assets was $3.9 billion, the aggregate deployed cost was $1.9 billion and the aggregate unrealized gains were $2.1 billion each as of December 31, 2025. The increase of $185.2 million in deployed cost is a result of deployments during 2025, offset by the return of capital from realizations. See “—Segments—Principal Finance segment—Gains from capital provision asset portfolio” for additional information with respect to the change in unrealized gains, which is driven by this period’s fair value adjustment, net of previously recognized unrealized gains transferred to realized gains.

Fair value of YPF-related assets

The determination of the fair value of the YPF-related assets—our financing of the Petersen and Eton Park claims (as described below)—is based on the same methodology that we use to value all our other capital provision assets. In June 2019, we sold a portion of the Petersen claim, constituting $100.0 million of a $148.0 million placement, to a number of institutional investors. Other third-party holders sold the remaining portion. Given the size of this sale and the participation of a meaningful number of third-party institutional investors, we concluded that this market evidence should be factored into our valuation process of the YPF-related assets. As a result, we have utilized the implicit valuation of the Petersen claim to calibrate our model to determine the fair value of the YPF-related assets in subsequent periods through December 31,

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2025. Episodic subsequent trading of portions of the Petersen claim have not been factored into our valuation process of the YPF-related assets.

On March 31, 2023, the US District Court for the Southern District of New York (the “Court”) issued its opinion and order (the “March 2023 Ruling”) in connection with the summary judgment motions filed by the parties in the Petersen and Eton Park cases against the Republic of Argentina and YPF S.A. In summary, the Court decided that (i) Argentina was liable to Petersen and Eton Park for failing to make a tender offer for their YPF shares in 2012, (ii) YPF was not liable for failing to enforce its bylaws against Argentina, (iii) the various arguments Argentina had made to try to reduce its damages liability from the straightforward application of the formula in the bylaws were unavailing and (iv) an evidentiary hearing was needed to resolve two factual issues to enable the computation of damages, where those issues were (1) the date on which the Republic of Argentina should have made a tender offer for YPF S.A.’s shares and (2) the appropriate rate of pre-judgment interest to be applied.

On September 8, 2023, the Court issued its findings of fact and conclusions of law in connection with the Petersen and Eton Park cases against the Republic of Argentina and YPF S.A. In summary, the Court decided the issues raised at the evidentiary hearing in Petersen’s and Eton Park’s favor, holding that the appropriate date for the tender offer was April 16, 2012, and that pre-judgment interest should run from May 3, 2012, at a simple interest rate of 8%.

On September 15, 2023, the Court issued a final judgment (the “September 2023 Final Judgment”) that resulted in a complete win by Petersen and Eton Park with respect to damages against the Republic of Argentina of $16.1 billion, comprised of $14.3 billion due to Petersen and $1.7 billion due to Eton Park. The September 2023 Final Judgment awards post-judgment interest at a rate of 5.42% per annum, computed daily to the date of payment and compounded annually. On October 10, 2023, the Republic of Argentina filed a notice of appeal with the US Court of Appeals for the Second Circuit and, on October 18, 2023, Petersen and Eton Park filed a notice a cross-appeal as to the dismissal of their claims against YPF S.A. On August 23, 2024, briefing on the appeal and cross-appeal was completed. On October 29, 2025, oral argument of the appeal and cross-appeal occurred before a panel of the Second Circuit and the panel’s decision was reserved and will be released in due course. As with any litigation matter, litigation outcomes are risky and difficult to predict, and a loss in a litigation matter may result in the total loss of our capital and balance sheet asset value associated with that matter.

During the three months ended March 31, 2025, further restructuring of the Eton Park liquidation led to a modest increase in our share of proceeds. That restructuring resulted in the consolidation of the EP Funds, which led to an increase of $116.6 million in our capital provision assets, offset by $70.0 million of contingent fees in our other liabilities and $12.2 million in financial liabilities relating to third-party interests in capital provision assets, and an expense of $2.8 million in case-related expenditures ineligible for inclusion in asset cost, in each case, on a consolidated basis as of and for the three months ended March 31, 2025. On a total segments (Burford-only) basis, deployed cost increased $38.0 million associated with this restructuring of the Eton Park liquidation, which included $2.8 million of case-related expenditures ineligible for inclusion in asset cost, for the three months ended March 31, 2025.

On June 30, 2025, the Court granted Petersen and Eton Park’s motion (the “Turnover Order”) seeking an order that the Republic of Argentina turn over its 51% of YPF S.A.’s Class D shares to Petersen and Eton Park, in partial satisfaction of the $16.1 billion judgment. The Republic of Argentina has appealed this ruling to the US Court of Appeals for the Second Circuit, which has been stayed pending appeal.

On a consolidated basis, the fair value of the YPF-related assets (both Petersen and Eton Park combined) was $2.6 billion as of December 31, 2025. Our cost basis and unrealized gains increased $117.2 million and $272.0 million to $193.6 million and $2.4 billion, respectively, during 2025. The increase in the cost basis was mainly due to the consolidation of the EP Funds, while the increase in unrealized gains was due to the passage of time bringing us closer to our expected conclusion date, the impact of the Turnover Order and the relative movement in discount rates.

Within total segments (Burford-only), the fair value of the YPF-related assets (both Petersen and Eton Park combined) was $1.7 billion as of December 31, 2025. Our cost basis and our unrealized gains increased $48.0 million and $175.9 million to $117.6 million and $1.6 billion, respectively, during 2025. The increase in the cost basis was mainly due to the consolidation of the EP Funds, while the increase in unrealized gains was due to the passage of time bringing us closer to our expected conclusion date, the impact of the Turnover Order and the relative movement in discount rates.

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Undrawn commitments

Undrawn commitments are unfunded commitments which are attributable to our capital provision asset portfolio and can be divided into two categories: definitive and discretionary.

▪Definitive commitments are those where we are contractually obligated to advance incremental capital and failure to do so would typically result in adverse contractual consequences (such as a dilution in our returns or the loss of our deployed capital in a case).

▪Discretionary commitments are those where we retain a considerable degree of discretion over whether to advance capital and generally would not suffer an adverse financial consequence from not doing so

The table below sets forth the components of our total capital provision undrawn commitments as of the dates indicated.

December 31,

($ in thousands)

2025

2024

Change

% change

Definitive

$

1,269,708 

$

962,808 

$

306,900 

32 

%

Discretionary

793,533 

1,032,433 

(238,900)

(23)

%

Legal risk (definitive)

47,235 

41,318 

5,917 

14 

%

Total capital provision undrawn commitments

2,110,476 

2,036,559 

73,917 

4 

%

As of December 31, 2025, approximately 62% of our legal finance undrawn commitments related to definitive commitments and approximately 38% related to discretionary, as compared to 49% and 51%, respectively as of December 31, 2024.

Segments

We have two reportable segments through which we provide legal finance products and services to our clients: (i) Principal Finance and (ii) Asset Management and Other Services.

Our Principal Finance segment funds capital to legal finance assets from Burford’s balance sheet, primarily as capital provision assets, and in limited scope through interests in private funds managed by Burford. These capital provision assets and private fund interests generate our capital provision income, which is the most significant driver of our total revenues.

Our Asset Management and Other Services segment manages legal finance assets on behalf of third-party investors, and we provide other services to the legal industry for both of which we receive fees. These fees are primarily reflected as asset management income, which is a secondary contributor to our total revenues. As of December 31, 2025, we operated eight private funds and three “sidecar” funds as an investment adviser registered with and regulated by the SEC.

The Asset Management and Other Services segment may also reflect the financial impact of new initiatives in the legal services space, including initial diligence and start-up costs, which may impact segment-level profitability.

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Statements of operations for the year ended December 31, 2025, as compared to the year ended December 31, 2024

The table below sets forth the components of our income/(loss) before income taxes by segment for the periods indicated.

Reconciliation

($ in thousands)

Principal Finance

Asset Management and Other Services

Total segments (Burford-only)

Reconciling items(1)

Consolidated

Year ended December 31, 2025

Total revenues

$

359,408 

$

36,641 

$

396,049 

$

17,311 

$

413,360 

Total operating expenses

147,339 

26,220 

173,559 

7,690 

181,249 

Total other expenses

148,400 

(326)

148,074 

5 

148,079 

Income/(loss) before income taxes

63,669 

10,747 

74,416 

9,616 

84,032 

Year ended December 31, 2024

Total revenues

412,702 

47,678 

460,380 

85,707 

546,087 

Total operating expenses

125,713 

27,341 

153,054 

2,431 

155,485 

Total other expenses

136,837 

— 

136,837 

177 

137,014 

Income/(loss) before income taxes

150,152 

20,337 

170,489 

83,099 

253,588 

Change

Total revenues

(53,294)

(11,037)

(64,331)

(68,396)

(132,727)

Total operating expenses

21,626 

(1,121)

20,505 

5,259 

25,764 

Total other expenses

11,563 

(326)

11,237 

(172)

11,065 

Income/(loss) before income taxes

(86,483)

(9,590)

(96,073)

(73,483)

(169,556)

1. Reconciling items include the proportional operating results that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Strategic Value Fund, the Advantage Fund, Colorado, the EP Funds and other entities.

The decrease in capital provision income, arising from lower net realized gains, was the main driver of the decrease in income before income taxes for the year ended December 31, 2025, compared to the year ended December 31, 2024 on both consolidated and total segments (Burford-only) bases.

An increase in operating expenses, for both consolidated and total segments (Burford-only), further contributed to the decrease in income before income taxes. In each case, the increase in operating expenses was primarily due to increases in case-related expenditures ineligible for inclusion in asset cost and increases in general, administrative and other expenses.

For the period-over-period discussion of each of the reportable segments, refer to the specific segment sections further below.

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Statements of financial condition as of December 31, 2025, as compared to December 31, 2024

The table below sets forth the components of our consolidated statements of financial condition by segment as of the dates indicated.

Reconciliation

($ in thousands)

Principal Finance

Asset Management and Other Services

Total segments (Burford-only)

Reconciling items(1)

Consolidated

Year ended December 31, 2025

Cash and cash equivalents and marketable securities

$

599,011 

$

21,666 

$

620,677 

$

35,246 

$

655,923 

Other assets

$

24,348 

$

167,309 

$

191,657 

$

(117,914)

$

73,743 

Due from settlement of capital provision assets

$

164,804 

$

— 

$

164,804 

$

— 

$

164,804 

Capital provision assets

$

3,912,194 

$

— 

$

3,912,194 

$

1,697,755 

$

5,609,949 

Total assets

$

4,811,081 

$

215,004 

$

5,026,085 

$

1,615,087 

$

6,641,172 

Year ended December 31, 2024

Cash and cash equivalents and marketable securities

$

508,031 

$

12,650 

$

520,681 

$

28,269 

$

548,950 

Other assets

$

23,711 

$

151,770 

$

175,481 

$

(114,475)

$

61,006 

Due from settlement of capital provision assets

$

183,651 

$

— 

$

183,651 

$

207 

$

183,858 

Capital provision assets

$

3,571,224 

$

— 

$

3,571,224 

$

1,672,693 

$

5,243,917 

Total assets

$

4,397,954 

$

190,377 

$

4,588,331 

$

1,586,694 

$

6,175,025 

Change

Cash and cash equivalents and marketable securities

$

90,980 

$

9,016 

$

99,996 

$

6,977 

$

106,973 

Other assets

$

637 

$

15,539 

$

16,176 

$

(3,439)

$

12,737 

Due from settlement of capital provision assets

$

(18,847)

$

— 

$

(18,847)

$

(207)

$

(19,054)

Capital provision assets

$

340,970 

$

— 

$

340,970 

$

25,062 

$

366,032 

Total assets

$

413,127 

$

24,627 

$

437,754 

$

28,393 

$

466,147 

1. Reconciling items include the proportional operating results that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Strategic Value Fund, the Advantage Fund, Colorado, the EP Funds and other entities.

Total assets, as of December 31, 2025, increased $466.1 million for consolidated and increased $437.8 million for total segments (Burford-only). In each case, the increase in total assets is mainly attributable to an increase in capital provision assets and by increases in cash and cash equivalents and marketable securities, partially offset by a decrease in due from settlement of capital provision assets. See “—Consolidated statements of financial condition as of December 31, 2025, as compared to December 31, 2024” above for additional information on the components of our consolidated statements of financial condition. For the year-over-year discussion of each of the reportable segments, refer to the specific segment sections further below.

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Group-wide portfolio

Group-wide portfolio refers to the totality of assets managed by us, which includes assets financed by our balance sheet through our Principal Finance segment and assets financed by third-party capital through our Asset Management and Other Services segment. The table below sets forth the components of our portfolio by segment as of the dates indicated.

December 31,

($ in thousands)

2025

2024

Change

% change

Capital provision assets - Principal Finance segment

Fair value

$

3,912,194 

$

3,571,224 

$

340,970 

10 

%

Undrawn commitments

1,783,320 

1,632,856 

150,464 

9 

%

Total portfolio value - Principal Finance segment

5,695,514 

5,204,080 

491,434 

9 

%

Capital provision assets (funded by third parties) - Asset Management and Other Services segment

Fair value

1,151,341 

1,353,893 

(202,552)

(15)

%

Undrawn commitments

410,339 

491,186 

(80,847)

(16)

%

Total

1,561,680 

1,845,079 

(283,399)

(15)

%

Post-settlement

Fair value

200,206 

272,424 

(72,218)

(27)

%

Undrawn commitments

20,005 

67,961 

(47,956)

(71)

%

Total

220,211 

340,385 

(120,174)

(35)

%

Total portfolio value - Asset Management and Other Services segment

1,781,891 

2,185,464 

(403,573)

(18)

%

Capital provision assets - group-wide portfolio

Fair value

5,263,741 

5,197,541 

66,200 

1 

%

Undrawn commitments

2,213,664 

2,192,003 

21,661 

1 

%

Total group-wide portfolio

7,477,405 

7,389,544 

87,861 

1 

%

For the year-over-year discussion of each of the reportable segments, refer to the specific segment sections further below.

Group-wide new definitive commitments

New definitive commitments serve as one indicator of new business activity, and reflect new contractual financing agreements, which are inflows to the portfolio or transfers of existing discretionary commitments. Discretionary commitments, which are also included in undrawn commitments as a component of the portfolio, are not included within new definitive commitments. When referring to new definitive commitments for our combined business segments, we use the term “group-wide”, as opposed to total segments (Burford-only) which we use for our financial results, due to the third-party nature of the capital in our asset management business. The table below sets forth the components of our group-wide new definitive commitments of capital provision assets by segment for periods indicated.

Years ended December 31,

($ in thousands)

2025

2024

Change

% change

Principal Finance segment (Burford-only)

$

871,724 

$

626,815 

$

244,909 

39 

%

Asset Management and Other Services segment (funded by third-parties)

112,950 

187,278 

(74,328)

(40)

%

Group-wide new definitive commitments

984,674 

814,093 

170,581 

21 

%

Group-wide new definitive commitments, increased 21% for the year ended December 31, 2025, primarily as a result of a higher number of large new definitive commitments originated during the year, which resulted in a higher average deal size during the year.

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Principal Finance segment

Our Principal Finance segment allocates capital to legal finance assets from Burford’s balance sheet, primarily as capital provision assets, and in limited scope through interests in private funds managed by Burford. These capital provision assets and private fund interests generate capital provision income, which is the most significant driver of our total revenues.

Given the direct balance sheet exposure in our Principal Finance segment, we generate capital provision income directly from the gross returns of the portfolio, which are driven by the outcomes of litigation and related legal activity. Recognition of capital provision income is based on our fair value methodology, see note 2 (Summary of significant accounting policies) to our consolidated financial statements contained in

this 2025 Form 10-K, for each asset in the portfolio, which we apply quarterly, and the resulting change in fair value across the Principal Finance segment portfolio.

Statements of operations for the year ended December 31, 2025, as compared to the year ended December 31, 2024

The table below sets forth the components of our income/(loss) before income taxes for our Principal Finance segment for the periods indicated.

Principal Finance segment

Years ended December 31,

($ in thousands)

2025

2024

Change

% change

Capital provision income/(loss)

$

330,937 

$

388,124 

$

(57,187)

(15)

%

Marketable securities income/(loss) and interest

28,471 

24,578 

3,893 

16 

%

Total revenues

359,408 

412,702 

(53,294)

(13)

%

Compensation and benefits

107,770 

101,758 

6,012 

6 

%

General, administrative and other

32,301 

25,012 

7,289 

29 

%

Case-related expenditures ineligible for inclusion in asset cost

7,268 

(1,057)

8,325 

NM

Total operating expenses

147,339 

125,713 

21,626 

17 

%

Finance costs

151,015 

135,593 

15,422 

11 

%

Foreign currency transactions (gains)/losses and other expenses

(2,615)

1,244 

(3,859)

NM

Total other expenses

148,400 

136,837 

11,563 

8 

%

Income/(loss) before income taxes

63,669 

150,152 

(86,483)

(58)

%

Total revenues decreased 13% for the year ended December 31, 2025, mainly due to a decrease in capital provision income, primarily arising from lower net realized gains, partially offset by higher fair value adjustments.

Total operating expenses increased 17% for the year ended December 31, 2025, driven primarily by higher case-related expenditures ineligible for inclusion in asset cost, related to the consolidation of the EP Funds and higher general, administrative and other expenses, as a result of higher professional fees incurred.

Total other expenses increased 8% for the year ended December 31, 2025, primarily due to higher interest expense related to the issuance of the 2033 Notes during the year ended December 31, 2025.

As a result of the factors described above, income/(loss) before income taxes decreased 58% for the year ended December 31, 2025.

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Gains from capital provision asset portfolio

The table below sets forth the components of our total capital provision income for the periods indicated.

Principal Finance segment

December 31,

($ in thousands)

2025

2024

Change

% change

Net realized gains/(losses)

$

157,744 

$

327,174 

$

(169,430)

(52)

%

Fair value adjustment during the period, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses)

144,131 

76,001 

68,130 

90 

%

Foreign exchange gains/(losses)

18,575 

(15,172)

33,747 

NM

Other

10,487 

121 

10,366 

NM

Total capital provision income

330,937 

388,124 

(57,187)

(15)

%

Realized gains

Net realized gains on capital provision assets decreased 52% for the year ended December 31, 2025, which were comprised of $211.6 million in gross realized gains, offset by $53.9 million in gross realized losses. For the year ended December 31, 2024, net realized gains on capital provision assets were comprised of $361.3 million in gross realized gains, offset by $34.1 million in gross realized losses. We had two large realized gains that each individually exceeded $50.0 million in 2024 and none of that magnitude in 2025, which thus impacted our net realized gains; at the same time, we did not experience any large unrealized losses individually in 2025 but did have a number of smaller losses in our higher-risk areas. As a percentage of average capital provision assets at cost during the year ended December 31, 2025, gross realized losses represented 3.1% as compared to 2.1% for the year ended December 31, 2024.

Net change in unrealized gains

Net change in unrealized gains consist of fair value adjustments during the period, which may be offset by the transfer of unrealized gains/(losses) to realized gains/(losses) upon realization of an asset. Fair value adjustments, net of previously recognized unrealized gains/(losses) transferred to realized gains, on capital provision assets increased 90% for the year ended December 31, 2025, with the passage of time and the relative movement in discount rates having the largest impacts on the change year over year and the Turnover Order having the largest impact on an individual matter.

See “—Consolidated statements of operations for the year ended December 31, 2025 as compared to the year ended December 31, 2024—Revenues—Capital provision income/(loss)” above for additional information with respect to the year-over-year change of fair value adjustment, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses).

Statements of financial condition as of December 31, 2025 as compared to December 31, 2024

The table below sets forth the components of our consolidated statements of financial condition for our Principal Finance segment as of the dates indicated.

Principal Finance segment

December 31,

($ in thousands)

2025

2024

Change

% change

Cash and cash equivalents and marketable securities

$

599,011 

$

508,031 

$

90,980 

18 

%

Due from settlement of capital provision assets

164,804 

183,651 

(18,847)

(10)

%

Capital provision assets

3,912,194 

3,571,224 

340,970 

10 

%

Total assets

4,811,081 

4,397,954 

413,127 

9 

%

Total assets increased 9% as of December 31, 2025, due to an increase in capital provision assets and increases in cash and cash equivalents and marketable securities, partially offset by a decrease in due from settlement of capital provision assets. See “—Consolidated statements of financial condition as of December 31, 2025 as compared to December 31, 2024” above for additional information.

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Portfolio value – Principal Finance segment

The table below sets forth the components of our portfolio for our Principal Finance segment as of the dates indicated.

Principal Finance segment

December 31,

($ in thousands)

2025

2024

Change

% change

Capital provision assets

Fair value

$

3,912,194 

$

3,571,224 

$

340,970 

10 

%

Undrawn commitments

1,783,320 

1,632,856 

150,464 

9 

%

Total portfolio

5,695,514 

5,204,080 

491,434 

9 

%

Total portfolio increased 9% as of December 31, 2025, driven by increases in fair value of capital provision assets resulting from additional deployments and unrealized gains in 2025 plus an increase in undrawn commitments due to new commitments added in the same period. Capital provision assets include our investment in the Advantage Fund which makes up less than 1% of the total portfolio as of December 31, 2025.

The table below sets forth our deployments and realizations for our Principal Finance segment for the periods indicated.

Principal Finance segment

Years ended December 31,

($ in thousands)

2025

2024

Change

% change

Deployments

$

456,758 

$

399,312 

$

57,446 

14 

%

Realizations

443,854 

646,876 

(203,022)

(31)

%

The table below sets forth our deployments and realizations, for the periods indicated, adjusted primarily to (i) include case-related expenditures ineligible for inclusion in asset cost for our deployments and (ii) include (a) realizations arising from income on due from settlement of capital provision assets and (b) in cases where our interest is held through a private fund, adjust to reflect realizations based on the timing of occurrence with the capital provision asset and not when distributed out by the private fund for our realizations. See “—Reconciliations—Deployments reconciliations” and “—Reconciliations—Realizations reconciliations” for additional information with respect to the difference between the Principal Finance segment and the Burford-only basis tables.

Adjusted Burford-only

Years ended December 31,

($ in thousands)

2025

2024

Change

% change

Deployments

$

459,156 

$

400,714 

$

58,441 

15 

%

Realizations

458,238 

641,124 

(182,886)

(29)

%

For both the Principal Finance segment and the adjusted Burford-only basis, total deployments increased by 14% and 15%, respectively, for the year ended December 31, 2025. The increase in deployments for both the Principal Finance segment and the adjusted Burford-only basis was driven by more than $130.0 million of monetizations across six different assets.

We count each of our contractual relationships as an “asset”, although many such relationships are composed of multiple underlying litigation matters that are often cross collateralized rather than reliant on the performance of a single matter. As of December 31, 2025, our Principal Finance portfolio consisted of 237 assets funded directly by our balance sheet and four additional assets held through the Advantage Fund. As of December 31, 2024, our Principal Finance portfolio consisted of 227 assets funded directly by our balance sheet and nine additional assets held through the Advantage Fund.

Total realizations decreased by 31% for the Principal Finance segment and by 29% for the adjusted Burford-only basis for the year ended December 31, 2025. The decrease in realizations was largely due to several large realizations in 2024, including a single asset that generated $114.5 million for both the Principal Finance segment and the adjusted Burford-only basis, that did not recur in such volume in 2025.

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Undrawn commitments – Principal Finance segment

The table below sets forth the components of our total capital provision undrawn commitments for our Principal Finance segment by type as of the dates indicated.

($ in thousands)

Definitive

Discretionary

Legal Risk (definitive)

Total

Balance as of December 31, 2023

$

591,942 

$

766,537 

$

49,526 

$

1,408,005 

New commitments originated during the period

497,317 

202,917 

— 

700,234 

New commitments transferred during the period

129,498 

(129,498)

— 

— 

Cancelled or retired

(23,707)

(301)

— 

(24,008)

Deployments

(399,312)

— 

— 

(399,312)

FX and other

(22,065)

(21,790)

(8,208)

(52,063)

Balance as of December 31, 2024

773,673 

817,865 

41,318 

1,632,856 

New commitments originated during the period

692,284 

71,110 

— 

763,394 

New commitments transferred during the period

179,440 

(180,339)

899 

— 

Cancelled or retired

(58,467)

(90,274)

— 

(148,741)

Deployments

(456,595)

— 

— 

(456,595)

FX and other

(22,276)

9,663 

5,018 

(7,595)

Balance as of December 31, 2025

1,108,059 

628,026 

47,235 

1,783,320 

As of December 31, 2025, undrawn commitments increased 9%, primarily due to higher new definitive commitments originated during the period, partially offset by deployments.

Portfolio concentrations

Our Principal Finance portfolio includes certain related exposures where we have financed multiple different counterparties in relation to the same or very similar claims, such that outcomes on these related exposures are likely to be correlated. We estimate that the fair value of the assets underlying our largest correlated exposure (excluding YPF-related assets) represented approximately 4% and 5% of the capital provision assets in the Principal Finance segment as of December 31, 2025 and 2024, respectively.

The claims underlying our capital provision assets are generally diverse, as are our relationships with corporate and law firm clients. The table below sets forth the respective percentages of our commitments to corporate, law firm and other clients as of the dates indicated.

December 31, 2025

December 31, 2024

Corporates

54 

%

55 

%

Law firms

40 

%

40 

%

Other

6 

%

5 

%

Our largest commitment (including deployed capital and undrawn commitment) to a corporate client was $130.0 million, which accounted for 4% of our commitments, as of December 31, 2025 and 2024.

Our largest relationship with a single law firm consisted of (i) financing arrangements between us and the law firm, where the law firm seeks to monetize the risk that the law firm has taken with some of its clients, (ii) direct financing arrangements with counterparties that elect to hire the law firm where we finance the law firm’s legal fees and (iii) direct financing arrangements with counterparties that have hired the law firm but where our financing is used for corporate purposes other than for financing the law firm’s legal fees. This law firm is one of the 50 largest law firms in the United States based on revenue according to The American Lawyer, with more than 500 lawyers and more than 20 offices around the world. Our portfolio of matters with this law firm included more than 15 different litigation matters as of December 31, 2025. Taken together, these arrangements accounted for approximately $118.3 million, or 2% of our commitments as of December 31, 2025, as compared to $130.5 million, or 4% of our commitments as of December 31, 2024.

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Portfolio tenor

The timing of realizations is difficult to forecast and is rarely in our control. The reality of litigation is that most cases settle and pay proceeds in a relatively short period of time, and a minority of cases go on to adjudication, which takes longer. Adjudication timing is subject to a myriad of factors, including delaying tactics by litigation opponents and court dockets and schedules, and the Covid-19 pandemic has added to this uncertainty. However, we are now seeing the impacts from the Covid-19 pandemic begin to subside. We believe that the impact of the Covid-19 pandemic delaying trial dates also has caused a delay in settlement timing, as an impending trial often can be a catalyst for a settlement. We do not believe there is a correlation between asset life and asset quality and endeavor to structure our asset pricing to compensate us if assets take longer to resolve.

We provide extensive data about the WAL of our concluded portfolio, although this data may not be predictive of the ultimate WAL of our existing portfolio. The WAL of our concluded portfolio may lengthen over time if the longer-tenor assets in our existing portfolio account for a greater share of future concluded cases. Conversely, if our larger, more recently originated cases conclude relatively quickly, the WAL of our concluded portfolio could decrease.

In calculating the WAL of our portfolio, we compute a weighted average of the WALs of individual assets. On that basis, we assess the weighted average lives (beginning at the point of average deployment) of the concluded portfolio, weighted both by deployed cost and realizations. Weighting by deployed cost provides a view on how long on average a dollar of capital is deployed, while weighting by realizations provides a view on how long on average it takes to recover a dollar of return.

The WALs of the 277 concluded assets as of December 31, 2025 were flat as compared to the WALs of the 248 concluded assets as of December 31, 2024. The table below sets forth the WALs, weighted by deployed cost and by realizations of the concluded assets, excluding the impact of our interest in private funds, as of the dates indicated.

(in years)

December 31, 2025

December 31, 2024

WAL weighted by deployed cost

2.5 

2.5 

WAL weighted by realizations

2.6 

2.6 

The age of our ongoing portfolio is reflected in the WAL of active deployed capital in the table below. Although we provide information for our portfolio by vintage years, the deployed costs for each vintage are generally financed across multiple years and the WAL of active deployed capital calculates the length of time our deployments have been outstanding based on the date when capital was deployed.

(in years)

December 31, 2025

December 31, 2024

WAL of active deployed capital

3.3 

3.1

Returns on concluded portfolio

The table below sets forth our ROIC, IRR and cumulative realizations on concluded and partially concluded assets in our capital provision portfolio as of the dates indicated since inception on a Burford-only basis.

($ in thousands)

December 31, 2025

December 31, 2024

ROIC

83 

%

87 

%

IRR

26 

%

26 

%

Cumulative realizations

$

3,766,819

$

3,331,356

Our ROIC decreased from 87% as of December 31, 2024 to 83% as of December 31, 2025 because we had a fast resolution in one large matter that originated in the 2024 vintage and resolved within eight months, generating $93.8 million of realizations and $18.8 million in realized gains, amounting to a 40% IRR. The speed of the resolution meant that our nominal returns were lower (25% ROIC), causing a reduction in our overall cumulative ROIC (83% ROIC). Our total returns from this matter were higher than expressed here given the participation of other pools of capital outside the Principal Finance portfolio.

As our older vintages conclude, we may see IRR decrease as the impact from the Covid-19 pandemic caused delays in settlement timing. In addition to legal finance assets funded directly through our balance sheet, our Principal Finance segment also selectively allocates balance sheet capital through interests in select private funds, which tend to target a lower overall risk return profile.

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We do not consider cases to be concluded (and therefore part of these return metrics on our concluded portfolio) until there is no longer any litigation risk remaining. Return metrics on our concluded portfolio do not include fair value adjustments, either positive or negative. As a result, these return figures do not include the positive or negative impact of developments on matters while they remain pending.

Portfolio by vintage

The table below sets forth a summary by vintage of every legal finance asset that we have funded directly by our balance sheet, as of the date indicated since inception. For a table with all the individual vintages, refer to our website.

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December 31, 2025

Number of

Commitment

Deployed

Realized

Concluded (fully and partially)

($ in millions)

assets

amount(1)(2)

costs(1)

proceeds(1)

ROIC

IRR

Concluded

87 

576 

475 

754 

103 

%

25 

%

Partially realized - concluded

— 

(3)

44 

35 

280 

Partially realized - ongoing

6 

223 

134 

— 

Ongoing

4 

37 

36 

— 

Pre-2016 Total

97 

880 

680 

1,034 

Concluded

83 

863 

660 

1,171 

81 

%

24 

%

Partially realized - concluded

— 

(3)

344 

306 

583 

Partially realized - ongoing

39 

521 

346 

— 

Ongoing

44 

590 

368 

— 

2016-2020 Total

166 

2,318 

1,680 

1,754 

Concluded

11 

49 

39 

73 

74 

%

30 

%

Partially realized - concluded

— 

(3)

206 

202 

347 

Partially realized - ongoing

12 

174 

111 

— 

Ongoing

14 

113 

81 

— 

2021 Total

37 

542 

433 

420 

Concluded

7 

80 

41 

69 

85 

%

33 

%

Partially realized - concluded

— 

(3)

70 

69 

134 

Partially realized - ongoing

11 

249 

140 

— 

Ongoing

21 

273 

183 

— 

2022 Total

39 

672 

433 

203 

Concluded

6 

237 

133 

190 

61 

%

51 

%

Partially realized - concluded

— 

(3)

16 

12 

45 

Partially realized - ongoing

7 

70 

48 

— 

Ongoing

11 

350 

78 

— 

2023 Total

24 

673 

271 

235 

Concluded

3 

96 

75 

94 

29 

%

46 

%

Partially realized - concluded

— 

(3)

15 

8 

13 

Partially realized - ongoing

2 

30 

4 

— 

Ongoing

31 

505 

161 

— 

2024 Total

36 

646 

248 

107 

Concluded

— 

— 

— 

— 

161 

%

512 

%

Partially realized - concluded

— 

(3)

5 

5 

14 

Partially realized - ongoing

3 

73 

58 

— 

Ongoing

32 

546 

98 

— 

2025 Total

35 

624 

161 

14 

Total portfolio:

Concluded

197

1,901

1,423

2,351

83 

%

26 

%

Partially realized - concluded(4)

80

700

637

1,416 

Total concluded portion

277

2,601 

2,060 

3,767 

Partially realized – ongoing portion(4)

80

1340

841

—

Ongoing

157

2,414 

1,005 

— 

Total ongoing portion

237

3,754 

1,846 

— 

Total portfolio

434

6,355 

3,906 

3,767 

1. Amounts in currencies other than US dollar are reported in this table at the foreign exchange rates in effect at the time of the historical transaction, i.e., when the commitment or deployment was made or when proceeds were realized, respectively. Amounts related to those transactions (such as undrawn commitments or deployed costs) reflected elsewhere in this “Management's discussion and analysis of financial condition and results of operations” or in our consolidated financial statements contained in this 2025 Form 10-K may be reported based on the foreign exchange rates in effect as of the end of the applicable period and, therefore, may differ from the amounts in this table.

2. A portion of certain ongoing assets’ undrawn commitments are no longer an obligation. This table presents an asset’s gross original commitments, so it does not reflect a reduction in commitment for the portion that is no longer an obligation. This will result in a difference when compared to undrawn commitments in note 20 (Financial commitments and contingent liabilities) to our consolidated financial statements contained in this 2025 Form 10-K.

3. The number of assets for partially realized concluded transactions is listed under the number of assets for partially realized ongoing transactions as these are the concluded and ongoing portions of the same transactions.

4. As of December 31, 2025, there were 80 capital provision assets with partial realizations. We repeat the number with partial realizations in total concluded and total ongoing.

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Asset Management and Other Services segment

Our Asset Management and Other Services segment manages legal finance assets on behalf of third-party investors, and we provide other services to the legal industry for both of which we receive fees. These fees are primarily reflected as asset management income, which is a secondary contributor to our total revenues.

Our internal allocation policy strictly prescribes the allocation of third-party private fund capital by fund based on the risk/return profile of assets, thus removing any potential allocation conflicts of interest with our Principal Finance segment.

We generally conduct our private funds activities through limited partnerships. Each private fund that is a limited partnership has a Burford-owned general partner that is responsible for the management and operation of the private fund’s affairs and makes all policy and asset selection decisions relating to the conduct of the private fund’s business. Except as required by law or as specified in a private fund’s governing documents, the limited partners of the private funds take no part in the conduct or control of the business of the private funds, have no right or authority to act for or bind the private funds, have limited visibility and input into the actions and decisions of the general partner and have no influence over the voting or disposition of the securities or other assets held by the private funds. Each private fund engages an investment adviser. BCIM serves as the investment adviser for all of our private funds and is registered under the Investment Advisers Act.

In addition, we operate certain “sidecar” funds pertaining to specific assets and had three active “sidecar” funds as of December 31, 2025. A “sidecar” fund is a pooled investment vehicle through which certain investors co-invest directly in specific assets alongside our private funds. Except as required by law or as specified in a “sidecar” fund’s governing documents, the investors in the “sidecar” funds take no part in the conduct or control of the business of the “sidecar” funds, have no right or authority to act for or bind the “sidecar” funds, have limited visibility and input into the actions and decisions of the general partner or manager of the “sidecar” funds and have no influence over the voting or disposition of the securities or other assets held by the “sidecar” funds. Our interest in the “sidecar” funds is generally limited to the opportunity to earn incentive fees, if any. The discussion of our private funds ignores “sidecar” funds unless specifically included, and we collapse fund structures into overall strategies, ignoring, for example, onshore and offshore separations and parallel funds.

Statements of operations for the year ended December 31, 2025, as compared to the year ended December 31, 2024

The table below sets forth the components of our income/(loss) before income taxes for our Asset Management and Other Services segment for the periods indicated.

Asset Management and Other Services segment

Years ended December 31,

($ in thousands)

2025

2024

Change

% change

Asset management income/(loss)

$

36,024 

$

44,627 

$

(8,603)

(19)

%

Other income/(loss)

617 

3,051 

(2,434)

(80)

%

Total revenues

36,641 

47,678 

(11,037)

(23)

%

Compensation and benefits

20,472 

21,901 

(1,429)

(7)

%

General, administrative and other

5,748 

5,440 

308 

6 

%

Total operating expenses

26,220 

27,341 

(1,121)

(4)

%

Foreign currency transactions (gains)/losses and other expenses

(326)

— 

(326)

NM

Total other expenses

(326)

— 

(326)

NM

Income/(loss) before income taxes

10,747 

20,337 

(9,590)

(47)

%

Total revenues decreased 23% for the year ended December 31, 2025, primarily driven from lower asset management income, reflecting a decrease in capital provision income earned by BOF-C and, therefore, less profit-sharing income from BOF-C contributing to asset management income for 2025. The decrease in total revenues was partially offset by the performance fee income from the Advantage Fund.

Total operating expenses decreased 4% for the year ended December 31, 2025, primarily due to a decrease in compensation and benefits costs.

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As a result of the factors described above, income before income taxes decreased 47% for the year ended December 31, 2025.

Asset management income

Asset management income is generally categorized as either (i) management fees, which are recurring fees paid to Burford for investment management services and typically being a rate of 2% or less charged on the basis of some component of assets under management in each fund, (ii) profit sharing income, which represents income from bespoke profit-sharing agreements with third-party investors, such as our strategic sovereign wealth fund partner or (iii) performance fees, which are fees paid to Burford contingent on satisfying certain performance thresholds as designated by each fund waterfall. The timing of the recognition of performance fees is variable as they are recognized when a reliable estimate of the performance fees can be made, and it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. The maturity and the terms of the applicable distribution waterfall for each of our private funds impacts this timing.

The table below sets forth the components of our asset management income for the periods indicated.

Asset Management and Other Services segment

Years ended December 31,

($ in thousands)

2025

2024

Change

% change

Management fee income

$

5,112 

$

6,840 

$

(1,728)

(25)

%

Performance fee income

18,700 

1,500 

17,200 

NM

Profit sharing income from private funds

12,212 

36,287 

(24,075)

(66)

%

Total asset management income

36,024 

44,627 

(8,603)

(19)

%

Asset management income decreased 19% for the year ended December 31, 2025, primarily due to lower profit-sharing income from BOF-C, reflecting a decrease in capital provision income earned by BOF-C, partially offset by the performance fee income from the Advantage Fund. Starting December 1, 2025, the management fee rate for the remaining active fund, BOF, dropped from 2.0% to 0.5% per annum.

Statements of financial condition as of December 31, 2025 as compared to December 31, 2024

The table below sets forth the components of our consolidated statements of financial condition for our Asset Management and Other Services segment as of the dates indicated.

Asset Management and Other Services segment

December 31,

($ in thousands)

2025

2024

Change

% change

Cash and cash equivalents and marketable securities

$

21,666 

$

12,650 

$

9,016 

71 

%

Other assets

167,309 

151,770 

15,539 

10 

%

Total assets

215,004 

190,377 

24,627 

13 

%

Total assets increased 13% as of December 31, 2025, driven by an increase in receivables from our private funds and the acquisition of an equity method investment. The increase in receivables from our private funds includes the related receivable of the performance fee income from the Advantage Fund, partially offset by a decrease in the outstanding receivable from BOF-C, resulting from the decrease in capital provision income for BOF-C during the year.

Portfolio value – Asset Management and Other Services segment

The table below sets forth the components of our portfolio for our Asset Management and Other Services segment as of the dates indicated.

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Asset Management and Other Services segment

December 31,

($ in thousands)

2025

2024

Change

% change

Capital provision assets - funded by third parties

Fair value

$

1,151,341 

$

1,353,893 

$

(202,552)

(15)

%

Undrawn commitments

410,339 

491,186 

(80,847)

(16)

%

Total

1,561,680 

1,845,079 

(283,399)

(15)

%

Post-settlement

Fair value

200,206 

272,424 

(72,218)

(27)

%

Undrawn commitments

20,005 

67,961 

(47,956)

(71)

%

Total

220,211 

340,385 

(120,174)

(35)

%

Total portfolio value

1,781,891 

2,185,464 

(403,573)

(18)

%

Total portfolio value, funded by third parties, decreased 18% as of December 31, 2025. The decrease in our total portfolio was driven largely by the impact of realizations which occurred in 2025, without offsetting new deployments in certain private funds for which the investment period has ended.

Private funds

As of December 31, 2025, we operated eight private funds and three “sidecar” funds as an investment adviser registered with, and regulated by, the SEC. The table below sets forth key statistics for each of our private funds as of December 31, 2025.

December 31, 2025

Investor

Asset

Asset

Fee structure(1)

commitments

commitments

deployments

(management/

Investment

($ in millions)

Strategy(6)

closed

to date

to date

AUM

performance)

Waterfall

period (end)

BCIM Partners II, LP(2)

Core legal finance

$

260 

$

253 

$

189 

$

126 

Class A: 2%/20%; Class B: 0%/50%

European

12/15/2015

BCIM Partners III, LP

Core legal finance

412 

447 

335 

421 

2%/20%

European

1/1/2020(3)

Burford Opportunity Fund LP & Burford Opportunity Fund B LP (BOF)

Core legal finance

300 

404 

311 

348 

0.5%/20%

European

12/31/2021(4)

BCIM Credit Opportunities, LP (COLP)

Post-settlement

488 

699 

695 

390 

1% on undrawn/ 2% on funded and 20% incentive

European

9/30/2019(3)

Burford Alternative Income Fund LP (BAIF)(2)

Post-settlement

327 

678 

664 

255 

1.5%/10%

European

4/4/2022

Burford Alternative Income Fund II LP (BAIF II)

Post-settlement

350 

380 

336 

391 

1.5%/12.5%

European

9/11/2025

Burford Advantage Master Fund LP (Advantage Fund)

Lower risk legal finance

360 

370 

368 

284 

0%/Profit split(5)

American

12/24/2024

Burford Opportunity Fund C LP (BOF-C)(2)

Core legal finance

766 

1,303 

846 

957 

Expense reimbursement + profit split

Hybrid

12/31/2024

Total

3,263 

4,534 

3,744 

3,172 

1. Management fees are paid to BCIM for investment management and advisory services provided to our private funds. The management fee rates set forth in the table above are annualized and applied to an asset or commitment base that typically varies between a private fund’s investment period and any subsequent periods in the fund term. We no longer earn any management fees from BCIM Partners II, LP, BCIM Partners III, LP, COLP and BAIF. As of September 2025, we also no longer earn any management fees from BAIF II. Performance fees represent carried interest applied to distributions to a private fund’s limited partners after the return of capital contributions and preferred returns.

2. Includes amounts related to “sidecar” funds.

3. Ceased commitments to new legal finance assets in the fourth quarter of 2018 due to capacity.

4. Ceased commitments to new legal finance assets in the fourth quarter of 2020 due to capacity.

5. The Advantage Fund does not have a traditional management and performance fee structure, but instead provides the first 10% of annual simple returns to the fund investors while we retain any excess returns. However, if the Advantage Fund produces returns in excess of 18% (which are supranormal for this level of risk), a level of sharing with the fund investors would take effect, but we do not expect that to occur.

As of December 31, 2025, and December 31, 2024, our total AUM was $3.2 billion and $3.5 billion respectively. AUM reflects the fair value of the capital invested in private funds and individual capital vehicles plus the capital that we are entitled to call from investors in those private funds and vehicles. The total portfolio value shown for our Asset Management & Other Services segment of $1.8 billion reflects the fair value of portfolio assets plus the undrawn commitments to portfolio assets, and also excludes the balance sheet’s interest in the Advantage Fund, which is reflected in the portfolio value for our Principal Finance segment.

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Liquidity and capital resources

Overview

The table below sets forth our cash and cash equivalents and marketable securities as of the dates indicated.

December 31, 2025

December 31, 2024

Total

Total

Third-party

segments

Third-party

segments

($ in thousands)

Consolidated

interests

(Burford-only)

Consolidated

interests

(Burford-only)

Cash and cash equivalents

$

566,437 

$

(35,246)

$

531,191 

$

469,930 

$

(28,269)

$

441,661 

Marketable securities

89,486 

— 

89,486 

79,020 

— 

79,020 

Total

655,923 

(35,246)

620,677 

548,950 

— 

(28,269)

520,681 

On both a consolidated and total segments (Burford-only) bases, our cash and cash equivalents and marketable securities increased 19% as of December 31, 2025. The net increase in cash and cash equivalents and marketable securities for both the consolidated and total segments (Burford-only) bases, primarily reflects the issuance of the 2033 Notes, partially offset by the redemption of the 2025 Bonds. For the consolidated basis, the net increase in cash and cash equivalents and marketable securities was also partially offset by the impact from third-party net distributions.

Our marketable securities primarily consist of short-duration and generally investment-grade fixed income assets, the bulk of which are held in separately managed accounts, managed by a third-party asset manager that specializes in short-duration and money market investments.

Debt

During the year ended December 31, 2025, we issued the 2033 Notes and redeemed in full the remaining 2025 Bonds, which matured on August 12, 2025. As of December 31, 2025, we had five series of debt securities outstanding, of which one series was listed on the Order Book for Retail Bonds of the London Stock Exchange and four series were issued through private placement transactions under Rule 144A and Regulation S under the Securities Act. See note 12 (Debt) to our consolidated financial statements contained in this 2025 Form 10-K for additional information with respect to our outstanding debt securities.

We manage our business with relatively low levels of leverage and have laddered debt maturities with an overall weighted average maturity in excess of the expected weighted average life of our legal finance assets. As of December 31, 2025, the weighted average maturity of our outstanding debt securities of 4.7 years continued to be longer than the weighted average life of our concluded assets, weighted by realizations, of 2.6 years.

Going forward, we expect to continue to be an opportunistic issuer of debt securities and may issue new debt securities from time to time to fund our growth or refinance future debt maturities, among other things. In addition, from time to time, we may acquire our debt securities through open market purchases, redemptions, privately negotiated transactions, tender offers, exchange offers or otherwise, upon such terms and at such prices as we may from time to time determine, for cash or other consideration.

Our debt securities that were listed on the Order Book for Retail Bonds of the London Stock Exchange as of December 31, 2025 (which were subsequently redeemed prior to the date of this 2025 Form 10-K) contain one significant financial covenant, which is a leverage ratio requirement that we maintain a level of Group Net Debt (as defined in the trust deed governing such debt securities, and generally equivalent to our consolidated net debt, or our total principal amount of debt outstanding less cash and cash equivalents and marketable securities) that is less than 50% of our Group Total Assets (as defined in the trust deed governing such debt securities, and generally equivalent to our consolidated tangible assets, or our total assets less goodwill). As of December 31, 2025, and December 31, 2024, our consolidated net debt to consolidated tangible assets ratio was 23% and 20%, respectively. In addition, the indentures governing the 2028 Notes and the 2030 Notes contain certain restrictive covenants that, among other things, require us to have a Consolidated Indebtedness to Net Tangible Equity Ratio (as defined in the indentures governing the 2028 Notes and the 2030 Notes, as applicable) of less than 1.50 to 1.00, 1.75 to 1.00 or 2.00 to 1.00, as applicable, to use certain specified “baskets” in order to undertake specific actions, such as making restricted payments or permitted investments or incurring additional indebtedness. As of December 31, 2025, and December 31, 2024, our Consolidated Indebtedness to Net Tangible Equity Ratio was 0.9 to 1.00 and 0.8 to 1.00, respectively. Furthermore, the indentures governing the 2031 Notes and the 2033 Notes contain certain restrictive covenants that, among other things, require us to have a Consolidated Indebtedness to Consolidated Equity Ratio (as defined in the indentures governing the 2031 Notes and the 2033 Notes) of less than 1.50 to 1.00, 1.75 to 1.00 or 2.00 to 1.00, as applicable, to use certain specified “baskets” in order to

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undertake specific actions, such as making restricted payments or permitted investments or incurring additional indebtedness. As of December 31, 2025, and December 31, 2024, our Consolidated Indebtedness to Consolidated Equity Ratio was 0.8 to 1.00 and 0.7 to 1.00, respectively, with respect to the 2031 Notes and 0.8 to 1.00 and none, respectively, with respect to the 2033 Notes. See “—Reconciliations—Debt leverage ratio calculations” for the calculations of our debt leverage ratios. As of December 31, 2025, we were in compliance with all of the covenants under the trust deed and the indentures, as applicable.

We are required to provide certain information pursuant to the indentures governing the 2028 Notes, the 2030 Notes, the 2031 Notes, the 2033 Notes and the 8.50% Senior Notes due 2034 (the “2034 Notes”), which

were issued in January 2026. The tables below set forth the total assets and third-party indebtedness as of the dates indicated and total revenues for the periods indicated, in each case, of (i) us and our Restricted Subsidiaries (as defined in the indentures governing the 2028 Notes, the 2030 Notes, the 2031 Notes, the 2033 Notes and the 2034 Notes, as applicable) and (ii) our Unrestricted Subsidiaries (as defined in the indentures governing the 2028 Notes, the 2030 Notes, the 2031 Notes, the 2033 Notes and the 2034 Notes, as applicable). The tables below do not include the 2034 Notes or the redemption in full of the 5.000% Bonds due 2026 (the “2026 Bonds”). See note 23 (Subsequent events) to our consolidated financial statements for additional information with respect to the issuance of the 2034 Notes and redemption in full of the 2026 Bonds.

December 31,

($ in thousands)

2025

2024

Burford Capital Limited and its Restricted Subsidiaries

Total assets

$

5,941,410 

$

5,335,289 

Third-party indebtedness

2,127,829 

1,763,612 

Unrestricted Subsidiaries

Total assets

699,762 

839,736 

Third-party indebtedness

— 

— 

Years ended December 31,

(S in thousands)

2025

2024

2023

Burford Capital Limited and its Restricted Subsidiaries

Total revenues

$

382,796 

$

460,352 

$

973,461 

Unrestricted Subsidiaries

Total revenues

30,564 

85,735 

113,441 

Cash flows

We believe our available cash and cash from operations, which include proceeds from our capital provision assets, will be adequate to fund our operations and future growth, satisfy our working capital requirements, meet obligations under our debt securities, pay dividends and meet other liquidity requirements for the foreseeable future.

Set forth below is a discussion of our cash flows for the periods indicated on a consolidated basis, unless noted otherwise.

The table below sets forth the components of our cash flows for the periods indicated.

Years ended December 31,

($ in thousands)

2025

2024

Net cash provided by/(used in) operating activities

$

(29,014)

$

216,725 

Net cash provided by/(used in) investing activities

(8,799)

(661)

Net cash provided by/(used in) financing activities

132,415 

33,832 

Net increase/(decrease) in cash and cash equivalents

94,602 

249,896 

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Net cash provided by/(used in) operating activities

The table below sets forth the components of our net cash provided/(used) by operating activities for the periods indicated.

Years ended December 31,

($ in thousands)

2025

2024

Net cash provided by/(used in) operating activities before proceeds/(funding) of operating activities

$

(164,965)

$

(252,056)

Net proceeds from/(funding of) marketable securities

(1,938)

32,577 

Proceeds from capital provision assets

740,376 

991,292 

Funding of capital provision assets

(602,487)

(555,088)

Net cash provided by/(used in) operating activities

(29,014)

216,725 

Net cash used in operating activities was $29.0 million for the year ended December 31, 2025. The year-over-year change in net cash provided by/(used in) operating activities reflects primarily lower proceeds received from capital provision assets.

Net cash provided by/(used in) investing activities

Net cash used in investing activities was $8.8 million for the year ended December 31, 2025. The year-over-year change in net cash provided by/(used in) investing activities was primarily due to the acquisition of an equity method investment.

Net cash provided by/(used in) financing activities

Net cash provided by financing activities was $132.4 million for the year ended December 31, 2025. The year-over-year change in net cash provided by/(used in) financing activities was primarily due to the issuance of the 2033 Notes in 2025, partially offset by the redemption of the 2025 Bonds.

Cash receipts (non-GAAP financial measure)

Cash receipts represent cash generated during the reporting period from our capital provision assets, asset

management income and certain other items, before any deployments into financing existing or new assets. See “— Basis of presentation of financial information—KPIs and non-GAAP financial measures relating to our operating and financial performance—Non-GAAP financial measures—Cash receipts” for additional information with respect to our cash receipts. See “—Cash flows” for a discussion of our cash flows on a consolidated basis prepared in accordance with US GAAP.

The table below sets forth the components of our cash receipts for the periods indicated on a Burford-only basis.

Burford-only (non-GAAP)

Years ended December 31,

($ in thousands)

2025

2024

Proceeds from capital provision assets

$

473,527 

$

648,477 

Proceeds from asset management income

32,467 

26,491 

Proceeds from other items(1)

24,132 

24,179 

Cash receipts

530,126 

699,147 

1. See “—Reconciliations—Cash receipts reconciliations” for additional information with respect to the components of this line item.

On a Burford-only basis, our cash receipts decreased 24% for the year ended December 31, 2025, reflecting primarily lower cash receipts from realizations during 2025 as compared to 2024. In addition, during 2025 we had lower collections on the due from settlement of capital provision assets receivable that was outstanding as of December 31, 2024 as compared to our collections in 2024 on the due from settlement of capital provision assets receivable that was outstanding as of December 31, 2023. Of the $183.7 million of due from settlement receivables as of December 31, 2024, 73% was collected in cash during 2025.

See “—Reconciliations—Cash receipts reconciliation” for a reconciliation of cash receipts to proceeds from capital provision assets, the most comparable measure calculated in accordance with US GAAP.

Dividends

The table below sets forth our dividend payments during the year ended December 31, 2025.

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($ in cents)

Cash dividend per ordinary share

Payment Date

Record Date

2024 final dividend

6.25 

June 13, 2025

May 23, 2025

2025 interim dividend

6.25 

December 4, 2025

October 31, 2025

Total dividend payments made during the year ended December 31, 2025

12.50 

On February 25, 2026, the Board of Directors has declared, subject to shareholder approval at the annual general meeting to be held on May 13, 2026, a final dividend of 6.25¢ per ordinary share to be paid on June 12, 2026 to our shareholders of record as of the close of business on May 22, 2026.

Off-balance sheet arrangements

As of December 31, 2025 and 2024, we had off-balance sheet arrangements relating to legal finance assets with structured entities that aggregate claims from multiple parties in the amount of $23.4 million and $4.8 million, respectively. See note 15 (Variable interest entities) to our consolidated financial statements contained in this 2025 Form 10-K for additional information with respect to structured entities.

Critical accounting estimates

The preparation of our consolidated financial statements in accordance with US GAAP requires our

management to make estimates, judgments and assumptions that affect the reported amounts of capital provision assets. Our management bases these estimates and judgments on available information, historical experience and other assumptions that we believe are reasonable under the circumstances. However, these estimates, judgments and assumptions are often subjective and may be impacted negatively based on changing circumstances or changes in our analyses. We believe that our critical accounting policies could potentially produce materially different results if we were to change underlying estimates, judgments and/or assumptions.

Set forth below are certain aspects of our critical accounting policy. For a full discussion of this critical accounting policy and other significant accounting policies, see note 2 (Summary of significant accounting policies) to our consolidated financial statements contained in this 2025 Form 10-K.

Fair value of capital provision assets

The determination of fair value for capital provision assets and financial liabilities relating to third-party interests in capital provision assets involves significant estimates and judgments. While the potential range of outcomes for the assets is wide, our fair value estimation is our best assessment of the current fair value of each asset or liability. Such an estimate is inherently subjective, being based largely on management’s estimate of forecasted cash flows, an assigned discount rate and an assessment of how individual events have changed the possible outcomes of the asset and their relative probabilities and hence the extent to which the fair value has altered. The aggregate of the fair values selected falls within a wide range of reasonably possible estimates. In our management’s opinion, there is no useful alternative valuation that would better quantify the market risk inherent in the portfolio and there are no inputs or variables to which the values of the assets are correlated other than interest rates that impact the discount rates applied. See note 14 (Fair value of assets and liabilities) to our consolidated financial statements contained in this 2025 Form 10-K and “—Fair value of capital provision assets” for additional information with respect to fair value.

As of December 31, 2025 and 2024, should management’s estimate of the value of those instruments have been 10% higher or lower, as applicable, than provided for in our fair value estimates, while all other variables remained constant, our consolidated income and net assets would have increased and decreased, respectively, by $491.1 million and $466.3 million, respectively.

Furthermore, as of December 31, 2025 and 2024, should interest rates have been 50 or 100 basis points lower or higher, as applicable, than the actual interest rates used in the fair value estimates, while all other variables remained constant, the Group’s consolidated income and net assets and the Principal Finance segment’s income and net assets would have increased or decreased, respectively, by the amounts set forth below.

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Consolidated

December 31,

($ in thousands)

2025

2024

+100 bps interest rates

$

(166,466)

$

(153,241)

+50 bps interest rates

(83,662)

(77,644)

-50 bps interest rates

87,423

78,514

-100 bps interest rates

175,812

159,169

Principal Finance segment

December 31,

($ in thousands)

2025

2024

+100 bps interest rates

$

(124,625)

$

(109,132)

+50 bps interest rates

(62,755)

(55,276)

-50 bps interest rates

65,276

56,046

-100 bps interest rates

131,524

113,583

As of December 31, 2025 and 2024, should duration have been six or 12 months lower or higher, as applicable, than the actual duration used in the fair value estimates, while all other variables remained constant, the Group’s consolidated income and net assets and the Principal Finance segment’s income and net assets would have increased or decreased, respectively, by the amounts set forth below.

Consolidated

December 31,

($ in thousands)

2025

2024

+12 months duration(1)

$

(422,303)

$

(396,845)

+6 months duration(1)

(229,491)

(200,908)

-6 months duration(1)

199,038

196,721

-12 months duration(1)

383,172

405,926

1. Duration refers to the expected timing of a favorable outcome. See note 2 (Summary of significant accounting policies—Fair value of financial instruments) to the Group’s consolidated financial statements contained in this 2025 Form 10-K for additional information with respect to the valuation methodology for Level 3 assets.

Principal Finance segment

December 31,

($ in thousands)

2025

2024

+12 months duration(1)

$

(299,693)

$

(268,484)

+6 months duration(1)

(161,827)

(135,827)

-6 months duration(1)

143,208

133,446

-12 months duration(1)

278,437

280,636

1. Duration refers to the expected timing of a favorable outcome. See note 2 (Summary of significant accounting policies—Fair value of financial instruments) to the Group’s consolidated financial statements contained in this 2025 Form 10-K for additional information with respect to the valuation methodology for Level 3 assets.

The sensitivity impact has been provided on a pre-tax basis for both our consolidated income and net assets because the fluctuation in our effective tax rate from period to period could indicate changes in sensitivity not driven by the valuation that we consider difficult to follow and detract from the comparability of this information.

Contractual obligations

Our material contractual obligations consist of financial liabilities relating to (i) definitive commitments to financing arrangements, (ii) debt securities and related interest payments, (iii) operating leases and (iv) third-party interests in capital provision assets. See note 20 (Financial commitments and contingent liabilities) to our consolidated financial statements contained in this 2025 Form 10-K for additional information with respect to our contractual obligations. See “—Segments—Principal Finance segment—Undrawn commitments – Principal Finance segment” and “—Segments—Asset Management and Other Services segment—Portfolio value – Asset Management and Other Services segment” for information with respect to our undrawn commitments.

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Recent accounting standards updates

See note 2 (Summary of significant accounting policies—Recently issued or adopted accounting pronouncements) to our consolidated financial statements contained in this 2025 Form 10-K for further information.

Reconciliations

The tables below set forth the reconciliations of (i) the consolidated operating expenses to total segments (Burford-only) operating expenses for the periods indicated and (ii) the consolidated statements of financial condition to total segments (Burford-only) statements of financial condition as of the dates indicated. See “—Basis of presentation of financial information—Non-GAAP financial measures relating to our business structure” for additional information.

The first column in the tables below sets forth our results of operations on a consolidated basis as reported in our consolidated financial statements prepared in accordance with US GAAP. These results of operations include investments in a number of entities that are not wholly owned subsidiaries of Burford Capital Limited and, therefore, contain third-party capital, including BOF-C, the Advantage Fund, Colorado, the EP Funds, prior to its liquidation in the fourth quarter of 2023, the Strategic Value Fund, and other entities. The presentation of our results of operations on a consolidated basis requires a line-by-line consolidation of 100% of each non-wholly owned entity’s assets and liabilities. The portion of the net assets that is attributable to the third-party interests are then presented separately as single line items within the consolidated statements of financial condition. We believe it is helpful to exclude the interests of investors other than Burford in our discussion of our results of operations, and we have therefore, as an alternative presentation, excluded from our presentation of our results of operations the non-Burford portion of the individual assets and liabilities relating to such third-party capital. The reconciliations eliminate the line-by-line consolidation of all the applicable entities’ individual assets and liabilities required by US GAAP to present Burford’s investment in the non-wholly owned entities and Burford’s share of the gain or loss earned on such investment.

Reconciliations of consolidated operating expenses to total segments (Burford-only) operating expenses

The table below sets forth the reconciliations of components of the consolidated operating expenses to total segments (Burford-only) operating expenses for the periods indicated.

($ in thousands)

Consolidated

Third-party interests

Total segments (Burford-only)

Year ended December 31, 2025

Compensation and benefits

Salaries and benefits

$

48,444 

$

— 

$

48,444 

Annual incentive compensation

22,335 

— 

22,335 

Share-based and deferred compensation

13,841 

— 

13,841 

Long-term incentive compensation including accruals

43,622 

— 

43,622 

General, administrative and other

38,362 

(313)

38,049 

Case-related expenditures ineligible for inclusion in asset cost

14,645 

(7,377)

7,268 

Total operating expenses

181,249 

(7,690)

173,559 

Year ended December 31, 2024

Compensation and benefits

Salaries and benefits

$

42,418 

$

— 

$

42,418 

Annual incentive compensation

29,210 

— 

29,210 

Share-based and deferred compensation

8,822 

— 

8,822 

Long-term incentive compensation including accruals

43,209 

— 

43,209 

General, administrative and other

31,025 

(573)

30,452 

Case-related expenditures ineligible for inclusion in asset cost

801 

(1,858)

(1,057)

Total operating expenses

155,485 

(2,431)

153,054 

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Reconciliations of consolidated statements of financial condition to total segments (Burford-only) statements of financial condition

The tables below set forth the reconciliations of consolidated statements of financial condition to total segments (Burford-only) statements of financial condition as of the dates indicated.

December 31, 2025

($ in thousands)

Consolidated

Third-party interests

Total segments (Burford-only)

Assets

Cash and cash equivalents

$

566,437 

$

(35,246)

$

531,191 

Marketable securities

89,486 

— 

89,486 

Other assets

73,743 

117,914 

191,657 

Due from settlement of capital provision assets

164,804 

— 

164,804 

Capital provision assets

5,609,949 

(1,697,755)

3,912,194 

Goodwill

134,020 

— 

134,020 

Deferred tax asset

2,733 

— 

2,733 

Total assets

6,641,172 

(1,615,087)

5,026,085 

Liabilities

Debt interest payable

60,033 

— 

60,033 

Other liabilities

191,606 

(76,888)

114,718 

Long-term incentive compensation payable

228,366 

— 

228,366 

Debt payable

2,127,829 

— 

2,127,829 

Financial liabilities relating to third-party interests in capital provision assets

858,491 

(858,491)

— 

Deferred tax liability

47,117 

— 

47,117 

Total liabilities

3,513,442 

(935,379)

2,578,063 

Total shareholders' equity

3,127,730 

(679,708)

2,448,022 

December 31, 2024

($ in thousands)

Consolidated

Third-party interests

Total segments (Burford-only)

Assets

Cash and cash equivalents

$

469,930 

$

(28,269)

$

441,661 

Marketable securities

79,020 

— 

79,020 

Other assets

61,006 

114,475 

175,481 

Due from settlement of capital provision assets

183,858 

(207)

183,651 

Capital provision assets

5,243,917 

(1,672,693)

3,571,224 

Goodwill

133,948 

— 

133,948 

Deferred tax asset

3,346 

— 

3,346 

Total assets

6,175,025 

(1,586,694)

4,588,331 

Liabilities

Debt interest payable

12,097 

— 

12,097 

Other liabilities

141,973 

(2,238)

139,735 

Long-term incentive compensation payable

217,552 

— 

217,552 

Debt payable

1,763,612 

— 

1,763,612 

Financial liabilities relating to third-party interests in capital provision assets

747,053 

(747,053)

— 

Deferred tax liability

35,903 

— 

35,903 

Total liabilities

2,918,190 

(749,291)

2,168,899 

Total shareholders' equity

3,256,835 

(837,403)

2,419,432 

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Reconciliations of capital provision assets

The tables below set forth the reconciliations of components of the consolidated capital provision assets as of the beginning and end of period and unrealized fair value as of the end of period to total segments (Burford-only) capital provision assets as of the beginning and end of period and unrealized fair value as of the end of period, in each case, for the periods indicated.

Year ended December 31, 2025

($ in thousands)

Consolidated

Third-party interests

Total segments (Burford-only)

Beginning of period

$

5,243,917 

$

(1,672,693)

$

3,571,224 

Deployments

602,487 

(145,729)

456,758 

Realizations

(710,496)

266,642 

(443,854)

Income for the period

446,181 

(144,306)

301,875 

Foreign exchange gains/(losses)

27,860 

(1,669)

26,191 

End of period

5,609,949 

(1,697,755)

3,912,194 

Deployed cost, end of period

2,498,463 

(640,630)

1,857,833 

Unrealized fair value, end of period

3,111,486 

(1,057,125)

2,054,361 

Capital provision assets

5,609,949 

(1,697,755)

3,912,194 

Year ended December 31, 2024

($ in thousands)

Consolidated

Third-party interests

Total segments (Burford-only)

Beginning of period

$

5,045,388 

$

(1,613,276)

$

3,432,112 

Deployments

555,088 

(155,776)

399,312 

Realizations

(907,042)

260,166 

(646,876)

Income for the period

567,646 

(164,471)

403,175 

Foreign exchange gains/(losses)

(17,163)

664 

(16,499)

End of period

5,243,917 

(1,672,693)

3,571,224 

Deployed cost, end of period

2,341,377 

(668,784)

1,672,593 

Unrealized fair value, end of period

2,902,540 

(1,003,909)

1,898,631 

Capital provision assets

5,243,917 

(1,672,693)

3,571,224 

Reconciliations of capital provision income

The tables below set forth the reconciliations of components of the consolidated capital provision income to total segments (Burford-only) capital provision income for the periods indicated.

Year ended December 31, 2025

($ in thousands)

Consolidated

Third-party interests

Total segments (Burford-only)

Net realized gains/(losses)

$

260,592 

$

(102,848)

$

157,744 

Fair value adjustment during the period, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses)

185,589 

(41,458)

144,131 

Income/(loss) on capital provision assets

446,181 

(144,306)

301,875 

Foreign exchange gains/(losses)

20,145 

(1,570)

18,575 

Net income/(loss) on due from settlement of capital provision assets

10,391 

— 

10,391 

Other income/(loss)

96 

— 

96 

Total capital provision income

476,813 

(145,876)

330,937 

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Year ended December 31, 2024

($ in thousands)

Consolidated

Third-party interests

Total segments (Burford-only)

Net realized gains/(losses)

$

439,665 

$

(112,491)

$

327,174 

Fair value adjustment during the period, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses)

127,981 

(51,980)

76,001 

Income/(loss) on capital provision assets

567,646 

(164,471)

403,175 

Foreign exchange gains/(losses)

(15,701)

529 

(15,172)

Net income/(loss) on due from settlement of capital provision assets

2,704 

— 

2,704 

Net gains/(losses) on financial liabilities at fair value through profit and loss

(2,583)

— 

(2,583)

Total capital provision income

552,066 

(163,942)

388,124 

Reconciliations of due from settlement of capital provision assets

The tables below set forth the reconciliations of components of the consolidated due from settlement of capital provision assets as of the beginning and end of period to total segments (Burford-only) due from settlement of capital provision assets as of the beginning and end of period for the periods indicated.

Year ended December 31, 2025

($ in thousands)

Consolidated

Third-party interests

Total segments (Burford-only)

Beginning of period

$

183,858 

$

(207)

$

183,651 

Transfer of realizations from capital provision assets

710,496 

(266,642)

443,854 

Other income/(loss)

10,391 

— 

10,391 

Proceeds from capital provision assets

(740,376)

266,849 

(473,527)

Foreign exchange gains/(losses)

435 

— 

435 

End of period

164,804 

— 

164,804 

Year ended December 31, 2024

($ in thousands)

Consolidated

Third-party interests

Total segments (Burford-only)

Beginning of period

$

265,540 

$

(80,273)

$

185,267 

Transfer of realizations from capital provision assets

907,042 

(260,166)

646,876 

Other income/(loss)

2,704 

— 

2,704 

Proceeds from capital provision assets

(991,292)

340,232 

(651,060)

Foreign exchange gains/(losses)

(136)

— 

(136)

End of period

183,858 

(207)

183,651 

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Reconciliations of capital provision undrawn commitments

The tables below set forth the reconciliations of the consolidated capital provision undrawn commitments to total segments (Burford-only) capital provision undrawn commitments as of the dates indicated.

December 31, 2025

($ in thousands)

Consolidated

Third-party interests

Total segments (Burford-only)

Definitive

$

1,269,708 

$

(161,649)

$

1,108,059 

Discretionary

793,533 

(165,507)

628,026 

Legal risk (definitive)

47,235 

— 

47,235 

Total capital provision undrawn commitments

2,110,476 

(327,156)

1,783,320 

December 31, 2024

($ in thousands)

Consolidated

Third-party interests

Total segments (Burford-only)

Definitive

$

962,808 

$

(189,135)

$

773,673 

Discretionary

1,032,433 

(214,568)

817,865 

Legal risk (definitive)

41,318 

— 

41,318 

Total capital provision undrawn commitments

2,036,559 

(403,703)

1,632,856 

Reconciliations of asset management income

The tables below set forth the reconciliations of components of the consolidated asset management income to total segments (Burford-only) asset management income for the periods indicated.

Year ended December 31, 2025

Year ended December 31, 2024

($ in thousands)

Consolidated

Third-party interests

Total segments (Burford-only)

Consolidated

Third-party interests

Total segments (Burford-only)

Management fee income

$

5,112 

$

— 

$

5,112 

$

6,840 

$

— 

$

6,840 

Performance fee income

1,200 

17,500 

18,700 

1,500 

— 

1,500 

Profit sharing income from funds

— 

12,212 

12,212 

— 

36,287 

36,287 

Total asset management income

6,312 

29,712 

36,024 

8,340 

36,287 

44,627 

Deployments reconciliations

The table below sets forth the reconciliations of the components of consolidated deployments to Burford-only deployments for the periods indicated.

Years ended December 31,

($ in thousands)

2025

2024

Consolidated deployments

$

602,487 

$

555,088 

Plus/(Less): Third-party interests

(145,729)

(155,776)

Total segments (Burford-only) total deployments

456,758 

399,312 

Plus/(Less): Capital deployed to fund level but not yet invested

(783)

(709)

Plus/(Less): Capital deployed in prior years and invested in the current year

74 

50 

Plus/(Less): Case-related expenditures ineligible for inclusion in asset cost

3,107 

1,549 

Plus/(Less): Deployments on behalf of subparticipations

— 

512 

Adjusted Burford-only total deployments

459,156 

400,714 

See “—Basis of presentation of financial information—KPIs and non-GAAP financial measures relating to our operating and financial performance—KPIs” and “Certain terms used in this 2025 Form 10-K” for additional information with respect to certain terms useful for the understanding of our deployments information and “—Segments—Principal Finance segment—Portfolio value – Principal Finance segment” for additional information with respect to our deployments.

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Realizations reconciliations

The table below sets forth the reconciliations of the components of consolidated realizations to Burford-only realizations for the periods indicated.

Years ended December 31,

($ in thousands)

2025

2024

Consolidated realizations

$

710,496 

$

907,042 

Plus/(Less): Third-party interests

(266,642)

(260,166)

Total segments (Burford-only) total realizations

443,854 

646,876 

Plus/(Less): Realizations from other income on due from settlement of capital provision assets

10,391 

2,704 

Plus/(Less): Loss from financial liabilities at fair value through profit or loss

— 

(2,583)

Plus/(Less): Reported realizations held at joint venture and not yet distributed

4,008 

6,520 

Plus/(Less): Reported realizations held at fund level and not yet distributed

13,218 

840 

Plus/(Less): Prior period realizations held at fund level and distributed in the current period

(13,233)

(13,233)

Adjusted Burford-only total realizations

458,238 

641,124 

See “—Basis of presentation of financial information—KPIs and non-GAAP financial measures relating to our operating and financial performance—KPIs” and “Certain terms used in this 2025 Form 10-K” for additional information with respect to certain terms useful for the understanding of our realizations information and “—Segments—Principal Finance segment—Portfolio value – Principal Finance segment” for additional information with respect to our realizations.

Cash receipts reconciliations

The table below sets forth the reconciliations of Burford-only cash receipts to consolidated cash receipts, the most comparable measure calculated in accordance with US GAAP, for the periods indicated.

Years ended December 31,

($ in thousands)

2025

2024

Consolidated proceeds from capital provision assets

$

740,376 

$

991,292 

Less: Third-party interests

(266,849)

(340,232)

Total segments (Burford-only) proceeds from capital provision assets

473,527 

651,060 

Plus: Loss on financial liabilities at fair value through profit or loss

— 

(2,583)

Burford-only proceeds from capital provision assets

473,527 

648,477 

Consolidated asset management income

6,312 

8,340 

Plus: Eliminated income from funds

29,712 

36,287 

Total segments (Burford-only) asset management income

36,024 

44,627 

Less: Non-cash adjustments(1)

(3,557)

(18,136)

Burford-only proceeds from asset management income

32,467 

26,491 

Burford-only proceeds from marketable securities interest and dividends

20,868 

20,554 

Burford-only proceeds from other income

3,264 

3,625 

Burford-only proceeds from other items

24,132 

24,179 

Cash receipts

530,126 

699,147 

1. Adjustments for the change in asset management receivables accrued during the applicable period but not yet received as of the end of such period.

See “—Basis of presentation of financial information—KPIs and non-GAAP financial measures relating to our operating and financial performance—Non-GAAP financial measures” and “—Liquidity and capital resources—Cash receipts” for additional information with respect to cash receipts.

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Tangible book value attributable to Burford Capital Limited and tangible book value attributable to Burford Capital Limited per ordinary share reconciliations

The table below sets forth the reconciliations of tangible book value attributable to Burford Capital Limited and tangible book value attributable to Burford Capital Limited per ordinary share to total Burford Capital Limited equity, the most comparable measure calculated in accordance with US GAAP, as of the dates indicated.

December 31,

($ in thousands, except share data)

2025

2024

Burford Capital Limited equity

$

2,448,022 

$

2,419,432 

   Less: Goodwill

(134,020)

(133,948)

Tangible book value attributable to Burford Capital Limited

2,314,002 

2,285,484 

Basic ordinary shares outstanding

218,897,440 

219,421,904 

Tangible book value attributable to Burford Capital Limited per ordinary share

10.57 

10.42 

See “—Basis of presentation of financial information—KPIs and non-GAAP financial measures relating to our operating and financial performance—Non-GAAP financial measures” for additional information with respect to tangible book value attributable to Burford Capital Limited and tangible book value attributable to Burford Capital Limited per ordinary share.

Debt leverage ratio calculations

Consolidated net debt to consolidated tangible assets ratio calculation

The table below sets forth the calculations of consolidated net debt to consolidated tangible assets ratio as of the dates indicated.

December 31,

($ in thousands)

2025

2024

Total principal amount of debt outstanding(1)

$

2,153,641 

$

1,783,690 

Plus: Derivative liabilities

— 

— 

   Less: Cash and cash equivalents

(566,437)

(469,930)

   Less: Marketable securities

(89,486)

(79,020)

Consolidated net debt

1,497,718 

1,234,740 

Total assets

6,641,172 

6,175,025 

   Less: Goodwill

(134,020)

(133,948)

Consolidated tangible assets

6,507,152 

6,041,077 

Consolidated net debt to consolidated tangible assets ratio

23 

%

20 

%

1. Represents the total principal amount of debt outstanding as set forth in note 12 (Debt) to our condensed consolidated financial statements contained in this 2025 Form 10-K. Debt securities denominated in pound sterling have been converted to US dollar using GBP/USD exchange rates of $1.3491 and $1.2529 as of December 31, 2025 and 2024, respectively.

See “—Liquidity and capital resources—Debt” for additional information with respect to our debt securities.

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Consolidated Indebtedness to Net Tangible Equity Ratio calculation

The table below sets forth the calculations of Consolidated Indebtedness to Net Tangible Equity Ratio (as defined in the indentures governing the 2028 Notes and the 2030 Notes, as applicable) as of the dates indicated.

December 31,

($ in thousands)

2025

2024

Debt payable

$

2,127,829 

$

1,763,612 

Plus: Derivative liabilities

— 

— 

Less: Debt attributable to Unrestricted Subsidiaries

— 

— 

Consolidated Indebtedness

2,127,829 

1,763,612 

Total equity

3,127,730 

3,256,835 

Less: Equity attributable to Unrestricted Subsidiaries

(683,091)

(822,492)

Less: Goodwill

(134,020)

(133,948)

Net Tangible Equity

2,310,619 

2,300,395 

Consolidated Indebtedness to Net Tangible Equity Ratio

0.92x

0.77x

See “—Liquidity and capital resources—Debt” for additional information with respect to our debt securities.

Consolidated Indebtedness to Consolidated Equity Ratio calculation

The table below sets forth the calculations of Consolidated Indebtedness to Consolidated Equity Ratio (as defined in the indenture governing the 2031 Notes) as of the dates indicated.

December 31,

($ in thousands)

2025

2024

Debt payable

$

2,127,829 

$

1,763,612 

Plus: Derivative liabilities

— 

— 

Less: Debt attributable to Unrestricted Subsidiaries

— 

— 

Less: The lesser of specified cash and cash equivalent or $100 million

(100,000)

(100,000)

Consolidated Indebtedness

2,027,829 

1,663,612 

Total equity

3,127,730 

3,256,835 

Less: Equity attributable to Unrestricted Subsidiaries

(683,091)

(822,492)

Consolidated Equity

2,444,639 

2,434,343 

Consolidated Indebtedness to Consolidated Equity Ratio

0.83x

0.68x

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The table below sets forth the calculations of Consolidated Indebtedness to Consolidated Equity Ratio (as defined in the indenture governing the 2033 Notes) as of the dates indicated.

December 31,

($ in thousands)

2025

2024

Debt payable

$

2,127,829 

$

— 

Plus: Derivative liabilities

— 

— 

Less: Debt attributable to Unrestricted Subsidiaries

— 

— 

Less: The lesser of specified cash and cash equivalent or $135 million

(135,000)

— 

Consolidated Indebtedness

1,992,829 

— 

Total equity

3,127,730 

— 

Less: Equity attributable to Unrestricted Subsidiaries

(683,091)

— 

Consolidated Equity

2,444,639 

— 

Consolidated Indebtedness to Consolidated Equity Ratio

0.82x

—

See “—Liquidity and capital resources—Debt” for additional information with respect to our debt securities.