Here are 1-3 brief analogies to describe Burford Capital:

1. Think of them like a Venture Capital firm for lawsuits, investing in promising legal cases for a share of the successful outcome.
2. 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.
3. 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.

• 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.

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.

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.

1. 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.
2. 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.
3. 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.

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.

Burford Capital (BUR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.

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.