Burford Capital (BUR)
Market Price (4/14/2026): $4.5 | Market Cap: $987.1 MilSector: Financials | Industry: Asset Management & Custody Banks
Burford Capital (BUR)
Market Price (4/14/2026): $4.5Market Cap: $987.1 MilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.8% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -48% Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Litigation Finance. | Weak multi-year price returns2Y Excs Rtn is -104%, 3Y Excs Rtn is -129% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 160% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -43%, Rev Chg QQuarterly Revenue Change % is -188% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -15% Short seller report Key risksBUR key risks include [1] rising competition from lower-cost, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.8% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -48% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Litigation Finance. |
| Weak multi-year price returns2Y Excs Rtn is -104%, 3Y Excs Rtn is -129% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 160% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -43%, Rev Chg QQuarterly Revenue Change % is -188% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -15% |
| Short seller report |
| Key risksBUR key risks include [1] rising competition from lower-cost, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Burford Capital (BUR) stock has lost about 50% since 12/31/2025 because of the following key factors:
1. Reversal of the YPF Litigation Judgment Led to Expectations of a Significant Asset Write-Down.
On March 27, 2026, the US Court of Appeals for the Second Circuit reversed the District Court's judgment in the YPF litigation, which had previously favored Burford's clients for a $16.1 billion award against Argentina. This reversal is expected to result in a partial non-cash write-down of assets, the magnitude of which will be disclosed in Burford's Q1 2026 financial reporting. The YPF claim was a substantial portion of Burford's asset value, and this adverse outcome significantly impacted the company's valuation and market confidence.
2. Disappointing Q4 2025 Financial Results Missed Analyst Expectations.
Burford Capital announced its Q4 2025 earnings on February 26, 2026, reporting an Earnings Per Share (EPS) of -$0.17, which significantly missed the consensus estimate of $0.37 by $0.54. Quarterly revenue was $48.78 million, falling substantially below analysts' expectations of $168.30 million. The company's capital provision income for the full year 2025 declined to $331 million from $388 million in 2024, primarily due to lower realized gains and increased unrealized losses stemming from extended case durations.
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1. Reversal of the YPF Litigation Judgment Led to Expectations of a Significant Asset Write-Down.
On March 27, 2026, the US Court of Appeals for the Second Circuit reversed the District Court's judgment in the YPF litigation, which had previously favored Burford's clients for a $16.1 billion award against Argentina. This reversal is expected to result in a partial non-cash write-down of assets, the magnitude of which will be disclosed in Burford's Q1 2026 financial reporting. The YPF claim was a substantial portion of Burford's asset value, and this adverse outcome significantly impacted the company's valuation and market confidence.
2. Disappointing Q4 2025 Financial Results Missed Analyst Expectations.
Burford Capital announced its Q4 2025 earnings on February 26, 2026, reporting an Earnings Per Share (EPS) of -$0.17, which significantly missed the consensus estimate of $0.37 by $0.54. Quarterly revenue was $48.78 million, falling substantially below analysts' expectations of $168.30 million. The company's capital provision income for the full year 2025 declined to $331 million from $388 million in 2024, primarily due to lower realized gains and increased unrealized losses stemming from extended case durations.
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Stock Movement Drivers
Fundamental Drivers
The -49.7% change in BUR stock from 12/31/2025 to 4/13/2026 was primarily driven by a -29.9% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4132026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.92 | 4.49 | -49.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 267 | 194 | -27.4% |
| Net Income Margin (%) | 32.6% | 32.2% | -1.0% |
| P/E Multiple | 22.5 | 15.7 | -29.9% |
| Shares Outstanding (Mil) | 219 | 219 | 0.0% |
| Cumulative Contribution | -49.7% |
Market Drivers
12/31/2025 to 4/13/2026| Return | Correlation | |
|---|---|---|
| BUR | -49.7% | |
| Market (SPY) | -5.4% | 48.2% |
| Sector (XLF) | -5.7% | 38.0% |
Fundamental Drivers
The -62.2% change in BUR stock from 9/30/2025 to 4/13/2026 was primarily driven by a -56.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302025 | 4132026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.88 | 4.49 | -62.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 445 | 194 | -56.4% |
| Net Income Margin (%) | 54.4% | 32.2% | -40.7% |
| P/E Multiple | 10.7 | 15.7 | 46.6% |
| Shares Outstanding (Mil) | 219 | 219 | -0.3% |
| Cumulative Contribution | -62.2% |
Market Drivers
9/30/2025 to 4/13/2026| Return | Correlation | |
|---|---|---|
| BUR | -62.2% | |
| Market (SPY) | -2.9% | 45.6% |
| Sector (XLF) | -3.8% | 37.2% |
Fundamental Drivers
The -65.6% change in BUR stock from 3/31/2025 to 4/13/2026 was primarily driven by a -43.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312025 | 4132026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.06 | 4.49 | -65.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 341 | 194 | -43.1% |
| Net Income Margin (%) | 42.9% | 32.2% | -24.9% |
| P/E Multiple | 19.6 | 15.7 | -19.5% |
| Shares Outstanding (Mil) | 219 | 219 | 0.0% |
| Cumulative Contribution | -65.6% |
Market Drivers
3/31/2025 to 4/13/2026| Return | Correlation | |
|---|---|---|
| BUR | -65.6% | |
| Market (SPY) | 16.3% | 46.7% |
| Sector (XLF) | 4.8% | 41.3% |
Fundamental Drivers
The -58.2% change in BUR stock from 3/31/2023 to 4/13/2026 was primarily driven by a -0.2% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 3312023 | 4132026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.73 | 4.49 | -58.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 194 | 0.0% |
| Net Income Margin (%) | � | 32.2% | 0.0% |
| P/E Multiple | � | 15.7 | 0.0% |
| Shares Outstanding (Mil) | 219 | 219 | -0.2% |
| Cumulative Contribution | 0.0% |
Market Drivers
3/31/2023 to 4/13/2026| Return | Correlation | |
|---|---|---|
| BUR | -58.2% | |
| Market (SPY) | 63.3% | 43.4% |
| Sector (XLF) | 67.8% | 40.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BUR Return | 11% | -22% | 93% | -18% | -29% | -51% | -52% |
| Peers Return | 30% | -18% | -7% | 11% | -14% | 31% | 24% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 81% |
Monthly Win Rates [3] | |||||||
| BUR Win Rate | 50% | 50% | 75% | 42% | 42% | 25% | |
| Peers Win Rate | 50% | 50% | 42% | 42% | 33% | 100% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| BUR Max Drawdown | -16% | -32% | -19% | -20% | -34% | -55% | |
| Peers Max Drawdown | -4% | -35% | -18% | -5% | -35% | -5% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ACTG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/13/2026 (YTD)
How Low Can It Go
| Event | BUR | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -51.0% | -25.4% |
| % Gain to Breakeven | 104.1% | 34.1% |
| Time to Breakeven | 49 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -62.7% | -33.9% |
| % Gain to Breakeven | 168.0% | 51.3% |
| Time to Breakeven | 215 days | 148 days |
| 2018 Correction | ||
| % Loss | -63.0% | -19.8% |
| % Gain to Breakeven | 170.0% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
Compare to ACTG
In The Past
Burford Capital's stock fell -51.0% during the 2022 Inflation Shock from a high on 5/7/2021. A -51.0% loss requires a 104.1% gain to breakeven.
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About Burford Capital (BUR)
Burford Capital Limited, together with its subsidiaries, provides legal finance products and services. The company offers asset management services, including core legal finance, complex strategies, and post-settlement finance. The company was incorporated in 2009 and is based in Saint Peter Port, Guernsey.
AI Analysis | Feedback
Here are 1-3 brief analogies to describe Burford Capital:
- Think of them like a Venture Capital firm for lawsuits, investing in promising legal cases for a share of the successful outcome.
- They're similar to a Hedge Fund that specializes in legal battles, managing investment funds focused on financing and profiting from the outcomes of major litigation.
- Imagine Shark Tank for big legal disputes, where they provide capital to promising cases in exchange for a cut of the eventual settlement or award.
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- Legal Finance Products and Services: Provides financing solutions for litigation and other legal matters.
- Asset Management Services: Manages investment strategies primarily focused on legal finance.
- Core Legal Finance: Offers fundamental financing for ongoing legal cases and disputes.
- Complex Strategies: Provides sophisticated and tailored financing solutions for intricate legal scenarios.
- Post-Settlement Finance: Offers financing to clients after a legal settlement has been reached.
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Major Customers of Burford Capital (BUR)
Burford Capital primarily provides legal finance products and services to other companies and legal entities, rather than individuals. Due to the highly confidential nature of litigation finance and the specific legal disputes involved, Burford Capital does not publicly disclose the names of its specific customer companies or clients.
Based on the typical business model of legal finance providers, Burford Capital's major customers generally fall into the following categories:
- Law Firms: Burford finances litigation, arbitration, and other legal disputes for law firms, enabling them to manage case expenses, take on high-value cases, and monetize existing legal assets or fee receivables. These are typically private partnerships or professional corporations.
- Corporations and Commercial Entities: Businesses, ranging from large multinational corporations to smaller commercial enterprises, that are claimants in significant commercial disputes (e.g., intellectual property, antitrust, breach of contract claims). They seek non-recourse funding to pursue legal claims without impacting their balance sheet or diverting capital.
- Sovereign States and Government Entities: In certain instances, Burford may provide finance for sovereign states or governmental bodies involved in complex international arbitrations or other large-scale disputes.
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Burford Capital (symbol: BUR) is a financial services company specializing in legal finance products and services. Its management team includes:Christopher Bogart, Chief Executive Officer
Christopher Bogart is a co-founder of Burford Capital, established in 2009. Prior to Burford, he held numerous senior executive positions at Time Warner, serving as Executive Vice President & General Counsel, CEO of Time Warner Cable Ventures, and CEO of Time Warner Entertainment Ventures. Mr. Bogart also founded and served as CEO of Glenavy Capital, an international media and technology investment firm that included Churchill Ventures, a publicly traded media and technology investment vehicle where he also held the CEO role. Additionally, he was CEO of the Glenavy Arbitration Investment Fund, a pioneering litigation finance vehicle. He began his career as an investment banker at JPMorgan Chase and was a litigator at Cravath, Swaine & Moore.
Jordan Licht, Chief Financial Officer
Jordan Licht is the Chief Financial Officer at Burford Capital, joining in September 2022. Before his role at Burford, he served as Chief Operating Officer for both Caliber Home Loans and Newrez LLC, which subsequently combined under the Rithm banner. Earlier in his career at Caliber, he held the position of Deputy Chief Financial Officer. Mr. Licht also spent a decade in financial services investment banking at Morgan Stanley and six years as a management consultant at Diamond Consulting (now PricewaterhouseCoopers).
Jonathan Molot, Chief Investment Officer
Jonathan Molot co-founded Burford Capital. He founded Litigation Risk Solutions, a company focused on assisting financial institutions with litigation risk transfers that impacted M&A and private equity transactions. Mr. Molot is also a Professor of Law at Georgetown University. He previously worked as an associate at Cleary Gottlieb and Kellogg Hansen and served as counsel on the Obama-Biden Presidential Transition Team and as a senior advisor in the Department of the Treasury.
Elizabeth O'Connell, CFA, Chief Strategy Officer
Elizabeth O'Connell is the Chief Strategy Officer at Burford Capital. She is also identified as the spouse of CEO Christopher Bogart.
David Perla, Vice Chair
David Perla serves as the Vice Chair of Burford Capital.
AI Analysis | Feedback
The key risks to Burford Capital are:- Concentration Risk: A significant portion of Burford Capital's portfolio is tied to a few large cases, notably the YPF arbitration with Argentina, which represents approximately 43% of its fair-value portfolio. A delay in resolution or an unfavorable outcome in such a large case could significantly impact the company's earnings and overall financial performance.
- Timing Risk and Unpredictability of Litigation Outcomes: The nature of legal finance means that case outcomes are inherently lumpy and difficult to forecast. Extended case durations can lead to lower realized gains, higher unrealized losses, and reduced profit-sharing, resulting in significant volatility in revenues, earnings, and cash flows. This unpredictability makes consistent financial planning challenging and can affect investor confidence.
- High Leverage: Burford Capital operates with a high net debt/EBITDA ratio, significantly above the market average. This elevated leverage reduces financial flexibility and could strain interest coverage ratios, particularly if the realization of funds from its legal finance investments slows down.
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A clear emerging threat for Burford Capital is the escalating regulatory scrutiny and potential for adverse legislative or judicial changes impacting third-party legal finance across key jurisdictions. Examples include the UK Supreme Court's PACCAR judgment in 2023, which reclassified many litigation funding agreements as Damages-Based Agreements, potentially subjecting them to stricter regulations and caps. There are also ongoing legislative reforms in Australia regarding class action funding, and various jurisdictions in the United States are actively considering or implementing new disclosure requirements and ethical guidelines for litigation funders. These developments indicate a tightening regulatory environment that could significantly constrain operational models, reduce profitability, or limit the types of cases Burford Capital can finance in the future.
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Burford Capital (NYSE: BUR) operates within the global legal finance market, a segment of the broader legal services industry. The company's main products and services revolve around providing legal finance, including core legal finance, complex strategies, and post-settlement finance for commercial litigation and arbitration. The addressable market for Burford Capital's core business, litigation finance, is substantial and growing: * **Global Litigation Finance Market:** * One source estimated the global litigation funding market at approximately $20.06 billion in 2024, with other estimates ranging from $17.5 billion to $23.57 billion. * This market is projected to grow to between $22.8 billion and $25.8 billion in 2025, and potentially reach nearly $37.3 billion by 2029, and approach $67.2 billion by 2037, indicating compound annual growth rates of roughly 9.6–13.4%. * Another report estimates the global litigation finance and arbitration funding market size to be worth USD 14.66 billion in 2026, reaching USD 20.65 billion by 2035 with a CAGR of 3.87%. * The litigation funding investment market was valued at USD 20.64 billion in 2025 and is projected to reach USD 51.09 billion by the end of 2036, with an 8.08% CAGR. * The market size is expected to grow from $22.76 billion in 2025 to $25.8 billion in 2026 at a CAGR of 13.4%, and further to $41.37 billion in 2030 at a CAGR of 12.5%. * **Regional Market Shares (Litigation Finance):** * North America, particularly the U.S., dominates the global litigation finance market. * North America commands approximately 38% of the global market share in 2024, with the United States leading the segment. * The U.S. market was about $4.5 billion in 2023 and is forecast to more than double to $9.7 billion by 2032 (an 8.9% CAGR). * By 2037, North America could generate $25.3 billion in litigation funding revenue. * North America is projected to hold a 47.24% market share by 2036. * The Asia-Pacific region is also an emerging and significant player, holding about 10% of the global share. * **Broader Legal Services Market:** While litigation finance is a specific segment, it operates within the much larger legal services market. * The global legal services market size was estimated at USD 1,052.90 billion in 2024 and is projected to reach USD 1,375.64 billion by 2030, growing at a CAGR of 4.5% from 2025 to 2030. * North America dominates this broader market, with a revenue share of over 41% in 2024. The U.S. legal services market alone held a revenue of USD 331 billion in 2024. Burford Capital itself manages a group-wide litigation finance portfolio of around USD 7.5 billion, positioning it as one of the largest players in the global litigation finance market. The company believes its addressable market includes a portion of annual legal fees, the underlying asset value of claims, and the value of assets affected by legal and regulatory processes, all of which are believed to be significantly larger than the current supply of capital.AI Analysis | Feedback
Burford Capital (BUR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Growth in New Definitive Commitments and Portfolio Expansion: Burford Capital experienced a 39% increase in new definitive commitments in fiscal year 2025, which led to a 20% growth in its base portfolio. The company's "Burford 2030" strategy aims to double the size of its investment portfolio, a goal that its current growth trajectory suggests it is well on its way to exceeding. This robust pipeline of new business is a significant driver for future revenue.
- International Market Expansion: The company is actively pursuing geographic diversification by expanding its market presence. Recent launches include Madrid and Seoul, South Korea. Burford Capital is also targeting further growth in key regions such as the US, the UK, continental Europe, Asia-Pacific (including Singapore, Korea, and Japan), and Latin America (Mexico and Brazil). This expansion broadens its client base and potential for new legal finance opportunities.
- Broadening Role in the Legal Ecosystem and Investments in Law Firms: Burford Capital is strategically expanding its involvement beyond core litigation finance by actively seeking further investments in law firms and related entities. This includes taking minority stakes in law firms or through structures that separate legal practice from business ownership, aiming to capture a wider array of legal finance opportunities within the evolving legal sector.
- Resolution of Large, High-Value Cases: While the timing of case resolutions can be unpredictable, the company's portfolio includes significant, high-value cases, notably the YPF litigation. The eventual resolution of such cases is anticipated to result in substantial cash events, contributing significantly to future revenue realizations. The YPF assets represent a considerable portion of the company's portfolio.
- Increasing Demand for Legal Finance: The broader legal finance industry is experiencing considerable growth, with a rising acceptance and expanded application of legal finance solutions. Businesses and law firms are increasingly utilizing legal finance for risk management and growth. Burford Capital, with its established market presence and expertise, is well-positioned to capitalize on this expanding demand and secure a larger share of the market.
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Share Repurchases
- Burford Capital authorized a share repurchase program on March 17, 2025, to buy back up to $20.0 million of its ordinary shares, intended to manage future obligations under its Deferred Compensation Plan.
- On March 18, 2024, a program was authorized to repurchase up to £5.0 million (approximately $6.3 million) of ordinary shares for deferred compensation obligations.
- A $5.0 million share repurchase program was approved by the board on March 9, 2026, to satisfy deferred compensation obligations, operating under shareholder authority granted in May 2025.
Share Issuance
- On September 23, 2024, Burford Capital issued 8,629 new ordinary shares related to the vesting of restricted stock units under its 2016 Long Term Incentive Plan (LTIP).
- The company issued 76,909 new shares on October 1, 2025, to fulfill firm-wide vesting of awards under the LTIP.
- On December 31, 2025, 8,940 new ordinary shares were issued to satisfy the vesting of restricted share units under the 2016 LTIP.
Outbound Investments
- Burford deployed a record $457 million on a Burford-only basis into new capital provision-direct assets in 2022.
- In 2023, the fair value of Burford-only capital provision-direct assets increased by $784 million, reaching $3.4 billion.
- Burford aims to double the size of its investment portfolio over the next five years as part of its "Burford 2030" strategy, actively pursuing further investments in law firms and legal tech businesses.
Capital Expenditures
- Capital expenditures were approximately -$0.29 million in FY2021, -$0.41 million in FY2022, -$3.21 million in FY2023, -$0.66 million in FY2024, and -$0.28 million in FY2025.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| BUR Dip Buy Analysis | 07/10/2025 | |
| Burford Capital Total Shareholder Return (TSR): -16.2% in 2024 and 8.9% 3-yr compounded annual returns (above peer average) | 03/07/2025 | |
| Fundamental Metrics: ... | 06/19/2024 |
| Title | |
|---|---|
| ARTICLES |
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Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 4.75 |
| Mkt Cap | 0.7 |
| Rev LTM | 240 |
| Op Inc LTM | 6 |
| FCF LTM | 15 |
| FCF 3Y Avg | -29 |
| CFO LTM | 23 |
| CFO 3Y Avg | 3 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 45.0% |
| Rev Chg 3Y Avg | 79.7% |
| Rev Chg Q | -92.7% |
| QoQ Delta Rev Chg LTM | -13.5% |
| Op Mgn LTM | 2.2% |
| Op Mgn 3Y Avg | -2.6% |
| QoQ Delta Op Mgn LTM | 0.9% |
| CFO/Rev LTM | 5.7% |
| CFO/Rev 3Y Avg | 11.0% |
| FCF/Rev LTM | 2.7% |
| FCF/Rev 3Y Avg | -13.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.7 |
| P/S | 3.4 |
| P/EBIT | 12.0 |
| P/E | 19.0 |
| P/CFO | -13.8 |
| Total Yield | 6.1% |
| Dividend Yield | 0.7% |
| FCF Yield 3Y Avg | -3.3% |
| D/E | 1.2 |
| Net D/E | 0.5 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -20.4% |
| 3M Rtn | -12.6% |
| 6M Rtn | -6.4% |
| 12M Rtn | 3.8% |
| 3Y Rtn | -15.6% |
| 1M Excs Rtn | -23.0% |
| 3M Excs Rtn | -8.6% |
| 6M Excs Rtn | -10.0% |
| 12M Excs Rtn | -25.0% |
| 3Y Excs Rtn | -82.3% |
Segment Financials
Assets by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Principal Finance | 4,398 | 4,044 | 2,971 | 2,451 | 2,526 |
| Reconciling items | 1,587 | 1,622 | |||
| Asset Management and Other Services | 190 | 172 | 98 | 63 | |
| Adjustment for third-party interests | 1,070 | 788 | |||
| Other corporate | 150 | ||||
| Other Corporate Activity | 222 | ||||
| Asset management | 31 | ||||
| Services and other corporate | 171 | ||||
| Total | 6,175 | 5,837 | 4,288 | 3,525 | 2,728 |
Price Behavior
Price Behavior
| Market Price | $4.49 | |
| Market Cap ($ Bil) | 1.0 | |
| First Trading Date | 03/19/2018 | |
| Distance from 52W High | -69.5% | |
| 50 Days | 200 Days | |
| DMA Price | $7.75 | $10.41 |
| DMA Trend | down | down |
| Distance from DMA | -42.1% | -56.9% |
| 3M | 1YR | |
| Volatility | 109.9% | 68.0% |
| Downside Capture | 2.54 | 1.54 |
| Upside Capture | 199.11 | 94.13 |
| Correlation (SPY) | 17.7% | 26.5% |
BUR Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.56 | 1.80 | 1.65 | 1.53 | 1.20 | 1.17 |
| Up Beta | -0.80 | -0.45 | 0.13 | 1.80 | 1.07 | 1.10 |
| Down Beta | 2.08 | 1.93 | 1.34 | 1.50 | 1.11 | 1.20 |
| Up Capture | 339% | 256% | 244% | 93% | 94% | 100% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 10 | 22 | 31 | 59 | 119 | 369 |
| Down Capture | 196% | 226% | 203% | 167% | 140% | 107% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 12 | 20 | 31 | 65 | 129 | 366 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BUR | |
|---|---|---|---|---|
| BUR | -64.9% | 68.0% | -1.17 | - |
| Sector ETF (XLF) | 10.5% | 15.6% | 0.45 | 38.3% |
| Equity (SPY) | 18.7% | 13.7% | 1.06 | 40.3% |
| Gold (GLD) | 53.7% | 27.6% | 1.55 | -10.8% |
| Commodities (DBC) | 25.2% | 16.2% | 1.37 | -1.3% |
| Real Estate (VNQ) | 14.8% | 14.0% | 0.76 | 28.5% |
| Bitcoin (BTCUSD) | -11.7% | 43.0% | -0.17 | 25.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BUR | |
|---|---|---|---|---|
| BUR | -13.9% | 50.4% | -0.11 | - |
| Sector ETF (XLF) | 10.1% | 18.7% | 0.42 | 38.4% |
| Equity (SPY) | 11.1% | 17.0% | 0.50 | 39.5% |
| Gold (GLD) | 21.8% | 17.8% | 1.01 | 0.5% |
| Commodities (DBC) | 11.7% | 18.8% | 0.51 | 11.3% |
| Real Estate (VNQ) | 3.7% | 18.8% | 0.10 | 29.2% |
| Bitcoin (BTCUSD) | 4.6% | 56.6% | 0.30 | 17.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BUR | |
|---|---|---|---|---|
| BUR | -10.7% | 53.0% | -0.15 | - |
| Sector ETF (XLF) | 13.0% | 22.2% | 0.54 | 38.2% |
| Equity (SPY) | 13.9% | 17.9% | 0.67 | 39.7% |
| Gold (GLD) | 14.2% | 15.9% | 0.74 | 0.3% |
| Commodities (DBC) | 8.8% | 17.6% | 0.42 | 15.5% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.22 | 33.0% |
| Bitcoin (BTCUSD) | 67.5% | 66.9% | 1.07 | 15.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/26/2026 | -11.1% | -12.6% | -18.3% |
| 11/5/2025 | 0.0% | -4.1% | -1.9% |
| 8/7/2025 | 1.7% | 9.9% | 4.5% |
| 5/7/2025 | 1.3% | 3.7% | -4.5% |
| 2/24/2025 | 0.3% | -7.9% | -9.7% |
| SUMMARY STATS | |||
| # Positive | 4 | 2 | 1 |
| # Negative | 1 | 3 | 4 |
| Median Positive | 0.8% | 6.8% | 4.5% |
| Median Negative | -11.1% | -7.9% | -7.1% |
| Max Positive | 1.7% | 9.9% | 4.5% |
| Max Negative | -11.1% | -12.6% | -18.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | Quarterly |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 6-K |
| 03/31/2024 | 05/13/2024 | 6-K |
| 12/31/2023 | 03/28/2024 | Annual |
| 09/30/2023 | 11/09/2023 | 6-K |
| 06/30/2023 | 09/13/2023 | 6-K |
| 03/31/2023 | 06/13/2023 | 6-K |
| 12/31/2022 | 05/16/2023 | 20-F |
| 06/30/2022 | 08/09/2022 | 6-K |
| 12/31/2021 | 03/29/2022 | 20-F |
| 06/30/2021 | 09/09/2021 | 6-K |
| 12/31/2020 | 03/24/2021 | 20-F |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bogart, Christopher P | Chief Executive Officer | Trust | Sell | 7112025 | 14.60 | 210,000 | 3,064,950 | 4,069,991 | Form |
| 2 | Molot, Jonathan Todd | Chief Investment Officer | Direct | Sell | 7112025 | 14.60 | 210,000 | 3,064,950 | 49,719,692 | Form |
| 3 | Will, Aviva O | President | Direct | Sell | 7112025 | 14.60 | 17,500 | 255,412 | 4,283,326 | Form |
| 4 | Perla, David | Vice Chair | Direct | Sell | 7112025 | 14.60 | 7,000 | 102,165 | 1,170,110 | Form |
| 5 | Lenkner, Travis | Chief Development Officer | Direct | Buy | 3102025 | 13.25 | 25,283 | 335,000 | 335,000 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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