Burford Capital Ltd

Listed Company

BURCIK 0001714174NYSELarge AcceleratedFinance ServicesY7FY ends Dec 31

Period

FY 2025

Revenue

$413.36M

Net Income

$62.57M

Total Assets

$6.64B

Equity

$2.45B

Shares Out

218.90M

Op. Cash Flow

$-29.01M

Business

Burford Capital Ltd provides capital and financial solutions secured by the underlying value of litigation and other legal assets, operating as a specialist legal finance firm. It offers principal financing to pay legal fees and monetize expected recoveries, adverse legal cost insurance, asset management, judgment enforcement and advisory services to support complex disputes. The company operates through two primary segments: Principal Finance (balance-sheet capital provision) and Asset Management and Other Services (private fund management and advisory). Burford serves global law firms and corporate litigants across multiple jurisdictions, deploying capital via its balance sheet, private funds and advisory channels.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Marketable securities income/(loss) and interest	29	25	12	−8
Other income/(loss)	617,000	3	4	−759,000
Total revenues	413	546	1,087	319
Salaries and benefits	48	42	40	34
Annual incentive compensation	22	29	33	24
Share-based and deferred compensation	14	9	21	11
Long-term incentive compensation including accruals	44	43	127	17
General, administrative and other	38	31	34	30
Case-related expenditures ineligible for inclusion in asset cost	15	801,000	16	8
Total operating expenses	181	155	271	124
Operating income/(loss)	232	391	816	195
Finance costs	151	136	99	78
Foreign currency transactions (gains)/losses and other expenses	−3	1	−22	8
Total other expenses	148	137	77	86
Income/(loss) before income taxes	84	254	738	109
Provision for/(benefit from) income taxes	12	24	20	12
Net income/(loss)	72	230	718	97
Net income/(loss) attributable to non-controlling interests	10	83	108	67
Net income/(loss) attributable to Burford Capital Limited shareholders	63	146	611	31
Basic (in dollars per share)	0.29	0.67	2.79	0.14
Diluted (in dollars per share)	0.28	0.66	2.74	0.14
Basic (in shares)	219	219	219	219
Diluted (in shares)	225	223	223	222

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	566	470	221	—	—
Marketable securities	89	79	108	136	—
Other assets	74	61	63	—	—
Due from settlement of capital provision assets	165	184	266	117	—
Capital provision assets	5,610	5,244	5,045	3,736	—
Goodwill	134	134	134	134	—
Deferred tax asset	3	3	927,000	—	—
Total assets	6,641	6,175	5,837	—	—
Debt interest payable	60	12	34	—	—
Other liabilities	192	142	122	—	—
Long-term incentive compensation payable	228	218	183	71	—
Debt payable	2,128	1,764	1,535	—	—
Financial liabilities relating to third-party interests in capital provision assets	858	747	704	—	—
Deferred tax liability	47	36	51	—	—
Total liabilities	3,513	2,918	2,630	—	—
Commitments and contingencies (Note 20)	—	—	—	—	—
Ordinary shares, no par value; unlimited shares authorized; 220,667,387 ordinary shares issued and 218,897,440 ordinary shares outstanding as of December 31, 2025 and 220,091,851 ordinary shares issued and 219,421,904 ordinary shares outstanding as of December 31, 2024	615	610	602	—	—
Additional paid-in capital	57	42	37	—	—
Accumulated other comprehensive income	−199,000	10	7	—	—
Treasury shares; 1,769,947 ordinary shares at $14.06 cost as of December 31, 2025, and 669,947 ordinary shares at $14.28 cost as of December 31, 2024	−25	−10	−4	—	—
Retained earnings	1,801	1,766	1,649	—	—
Total Burford Capital Limited equity	2,448	2,419	2,291	—	—
Non-controlling interests	680	837	917	—	—
Total shareholders' equity	3,128	3,257	3,208	2,387	2,108
Total liabilities and shareholders' equity	6,641	6,175	5,837	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
(Income)/loss on marketable securities	−9	−4	−6	11
Share-based and deferred compensation	14	9	9	8
Deferred tax (benefit)/expense	13	−17	6	9
Other	5	8	−8	18
Proceeds from capital provision assets	740	991	559	388
(Deployment) of capital provision assets	−602	−555	−682	−727
Net proceeds from/(funding of) marketable securities	−2	33	34	28
Net proceeds from/(funding of) financial liabilities at fair value through profit or loss	0	−3	0	3
Proceeds from/(payments of) other income	3	4	8	3
Proceeds from break fee income	0	0	650,000	0
(Increase)/decrease in other assets	−6	−2	−4	−6
Increase/(decrease) in other liabilities	108	35	156	19
Net increase/(decrease) on financial liability to third-party investment	111	43	279	471,000
Net cash provided by/(used in) operating activities	−29	217	−275	−466
Acquisition of equity method investments	−9	0	0	—
Purchases of property and equipment	−284,000	−661,000	−3	−407,000
Net cash provided by/(used in) investing activities	−9	−661,000	−3	−407,000
Debt issuance, including original issue premium	500	285	394	357
Debt issuance costs	−11	−6	−8	−8
Debt extinguishment	−147	−50	−130	−80
Dividends paid on ordinary shares	−27	−27	−27	−28
Acquisition of ordinary shares held in treasury	−15	−5	−4	−4
Third-party net capital contribution/(distribution)	−167	−163	—	—
Third-party net capital contribution/(distribution)	—	—	165	165
Net cash provided by/(used in) financing activities	132	34	390	399
Net increase/(decrease) in cash and cash equivalents	95	250	112	−67
Effect of exchange rate changes on cash and cash equivalents	2	−515,000	1	−5
Cash received from interest and dividend income	21	21	6	3
Cash paid for debt interest	−98	−154	−77	−71
Cash received from income tax refund	1	229,000	729,000	1
Cash paid for income taxes	−23	−20	−14	−2

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