Burford Capital Ltd
Business
Burford Capital Ltd provides legal finance capital to law firms and corporate clients engaged in complex litigation and arbitration disputes. The company deploys capital from its balance sheet and private funds to finance legal fees and monetize expected recovery value. Burford operates through Principal Finance, which deploys capital as principal, and Asset Management and Other Services, which manages third-party capital through private funds and provides legal industry services. The company serves major law firms and corporations globally.
Summary from 10-K filed 2026-02-26
Financials
Consolidated Statement of Income
| Concept | Trend | 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
| Concept | Trend | 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
| Concept | Trend | 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 |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Burford Capital Ltd's CIK number?
Burford Capital Ltd's SEC CIK number is 0001714174 (1714174). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Burford Capital Ltd's SEC filings?
All of Burford Capital Ltd's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Burford Capital Ltd last report earnings?
Burford Capital Ltd (BUR) most recently filed an earnings 8-K with the SEC on May 8, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001714174-26-000067). This is Burford Capital Ltd's most recent earnings filing of record — not a forecast of its next earnings date.
What is Burford Capital Ltd's most recent earnings 8-K?
Burford Capital Ltd's latest earnings 8-K (Item 2.02) was filed May 8, 2026 under accession 0001714174-26-000067. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Burford Capital Ltd's latest earnings 8-K →
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