Burford Capital LtdBUR
Burford Capital Ltd Debt Disclosure
Debt
The table below sets forth certain information with respect to the Group’s debt securities outstanding as of the dates indicated. Debt securities denominated in pound sterling have been converted to US dollar using GBP/USD exchange rates of $1.3491 and $1.2529 as of December 31, 2025 and 2024, respectively.
| Outstanding as of | Carrying value (at amortized cost) as of | Fair value(1) as of | ||||||||||||||||||||||||||||||
| ($ in thousands) | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||||
| Burford Capital Finance LLC | ||||||||||||||||||||||||||||||||
6.125% Bonds due August 12, 2025(2) | $ | — | $ | — | $ | 129,275 | $ | — | $ | 129,641 | ||||||||||||||||||||||
| Burford Capital PLC | ||||||||||||||||||||||||||||||||
5.000% Bonds due December 1, 2026(3),(5) | $ | 218,641 | $ | 218,325 | $ | 218,640 | $ | 217,417 | $ | 212,706 | ||||||||||||||||||||||
| Burford Capital Global Finance LLC | ||||||||||||||||||||||||||||||||
6.250% Senior Notes due April 15, 2028 | $ | 400,000 | $ | 397,155 | $ | 395,913 | $ | 398,188 | $ | 399,012 | ||||||||||||||||||||||
6.875% Senior Notes due April 15, 2030 | $ | 360,000 | $ | 354,291 | $ | 352,961 | $ | 353,693 | $ | 360,220 | ||||||||||||||||||||||
9.250% Senior Notes due July 1, 2031 | $ | 675,000 | $ | 668,080 | $ | 666,823 | $ | 696,722 | $ | 717,748 | ||||||||||||||||||||||
7.500% Senior Notes due July 15, 2033(4) | $ | 500,000 | $ | 489,978 | $ | — | $ | 480,970 | $ | — | ||||||||||||||||||||||
| Total debt | $ | 2,153,641 | $ | 2,127,829 | $ | 1,763,612 | $ | 2,146,990 | $ | 1,819,327 | ||||||||||||||||||||||
1. The Group’s debt securities are classified as Level 2 within the fair value hierarchy. | ||||||||||||||||||||||||||||||||
2. On August 12, 2025, Burford Capital Finance LLC, an indirect wholly owned subsidiary of the Company, redeemed the remaining $122.8 million aggregate principal amount of the 6.125% Bonds due 2025 (the “2025 Bonds”) at their scheduled maturity. | ||||||||||||||||||||||||||||||||
3. On June 1, 2017, Burford Capital PLC issued £162.1 million ($225.8 million) aggregate principal amount of 5.000% Bonds due 2026 (the "2026 Bonds"). | ||||||||||||||||||||||||||||||||
4. On July 11, 2025, Burford Capital Global Finance LLC, an indirect wholly owned subsidiary of the Company, issued $500.0 million aggregate principal amount of the 2033 Notes (as defined below). See “—Issuance of 2033 Notes” for additional information with respect to the issuance of the 2033 Notes. | ||||||||||||||||||||||||||||||||
5. During the year ended December 31, 2025, Ollivets Investments Ltd, an indirect wholly owned subsidiary of the Company, purchased in open market transactions approximately $17.5 million of the 2026 Bonds. | ||||||||||||||||||||||||||||||||
The table below sets forth a summary of the changes in the outstanding indebtedness due to cash flows and non-cash changes as of the beginning and end of the relevant reporting periods.
| Years ended December 31, | ||||||||||||||
| ($ in thousands) | 2025 | 2024 | ||||||||||||
| Beginning of period | $ | 1,775,709 | $ | 1,569,146 | ||||||||||
| Debt issuance, including original issue premium | 500,000 | 284,969 | ||||||||||||
| Debt issuance costs | (10,632) | (6,283) | ||||||||||||
| Debt extinguishment | (146,945) | (49,819) | ||||||||||||
| Finance costs | 150,982 | 135,717 | ||||||||||||
| Interest paid | (97,945) | (154,093) | ||||||||||||
| Foreign exchange (gain)/loss | 16,693 | (3,928) | ||||||||||||
| End of period | 2,187,862 | 1,775,709 | ||||||||||||
| Debt payable | 2,127,829 | 1,763,612 | ||||||||||||
| Debt interest payable | 60,033 | 12,097 | ||||||||||||
| Total debt and interest payable | 2,187,862 | 1,775,709 | ||||||||||||
The table below sets forth unamortized issuance costs of the outstanding debt securities as of the dates indicated.
| December 31, | ||||||||||||||
| ($ in thousands) | 2025 | 2024 | ||||||||||||
6.125% Bonds due 2025 | $ | — | $ | 157 | ||||||||||
5.000% Bonds due 2026 | 316 | 618 | ||||||||||||
6.250% Senior Notes due 2028 | 2,845 | 4,087 | ||||||||||||
6.875% Senior Notes due 2030 | 4,245 | 5,234 | ||||||||||||
9.250% Senior Notes due 2031 | 10,424 | 12,319 | ||||||||||||
7.500% Senior Notes due 2033 | 10,022 | — | ||||||||||||
The table below sets forth the components of total finance costs of the outstanding indebtedness for the periods indicated.
| Years ended December 31, | ||||||||||||||||||||
| (S in thousands) | 2025 | 2024 | 2023 | |||||||||||||||||
Debt interest expense(1) | $ | 146,082 | $ | 131,022 | $ | 94,605 | ||||||||||||||
| Debt issuance costs incurred as finance costs | 4,933 | 4,571 | 4,530 | |||||||||||||||||
| Total finance costs | 151,015 | 135,593 | 99,135 | |||||||||||||||||
1. Includes (gains)/losses on debt extinguishment of $0.03 million, $(0.1) million and $nil million, for the years ended December 31, 2025, 2024 and 2023, respectively. | ||||||||||||||||||||
Description of debt securities
As of December 31, 2025, all of the Group’s outstanding debt securities have a fixed interest rate payable semi-annually in arrears and are unsecured, unsubordinated obligations of the respective issuer that are fully and unconditionally guaranteed by the Company and certain of its wholly owned indirect subsidiaries. The guarantees by the Company’s wholly owned indirect subsidiaries were released in January 2026 in connection with the redemption in full of the 2026 Bonds as described in note 23 (Subsequent events) to the Group’s consolidated financial statements. As of December 31, 2025, the Group was in compliance with the covenants set forth in the respective agreements governing its debt securities.
The Company is required to provide certain information pursuant to the indentures governing the 6.250% Senior Notes due 2028 (the “2028 Notes”), the 6.875% Senior Notes due 2030 (the “2030 Notes”), the 9.250% Senior Notes due 2031 (the “2031 Notes”), the 7.500% Senior Notes due 2033 (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) the Company and its 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) the Company’s 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 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 | ||||||||||||
| Company 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 | |||||||||||||||||
| Company and its Restricted Subsidiaries | ||||||||||||||||||||
| Total revenues | $ | 382,796 | $ | 460,352 | $ | 973,461 | ||||||||||||||
| Unrestricted Subsidiaries | ||||||||||||||||||||
| Total revenues | 30,564 | 85,735 | 113,441 | |||||||||||||||||
Issuance of 2033 Notes
On July 11, 2025, Burford Capital Global Finance LLC, an indirect wholly owned subsidiary of the Company (the “Issuer”), issued $500.0 million aggregate principal amount of the 2033 Notes. The 2033 Notes bear interest at a rate of 7.500% per annum, with interest on the 2033 Notes payable semi-annually in arrears on January 15 and July 15, commencing on January 15, 2026. The 2033 Notes are scheduled to mature on July 15, 2033. The net proceeds from the offering of the 2033 Notes were used for the repayment of the 2025 Bonds at their scheduled maturity date and the remainder is intended to be used for general corporate purposes, including the potential repayment or retirement of other existing indebtedness, which may include the 2026 Bonds.
The 2033 Notes were issued under an indenture by and among Burford Capital Global Finance LLC, as issuer, Burford Capital Limited, as parent guarantor, the other guarantors party thereto from time to time and U.S. Bank Trust Company, National Association, as trustee. The 2033 Notes (i) are senior unsecured obligations of the Issuer, (ii) rank equal in right of payment with all existing and future unsecured indebtedness of the Issuer that is not expressly subordinated in right of payment to the 2033 Notes and are senior in right of payment to all existing and future indebtedness of the Issuer expressly subordinated in right of payment to the 2033 Notes and (iii) as of December 31, 2025, are fully and unconditionally guaranteed on a senior and unsecured basis by the Company and certain of its wholly owned indirect subsidiaries. The guarantees by the Company’s wholly owned indirect subsidiaries were released in January 2026 in connection with the redemption in full of the 2026 Bonds as described in note 23 (Subsequent events) to the Group’s consolidated financial statements. Each restricted subsidiary of the Company (other than the Issuer) that (i) incurs or guarantees any indebtedness under the notes of the Issuer or the guarantors of the 2033 Notes that were outstanding as of July 11, 2025 or (ii) incurs or guarantees other indebtedness for borrowed money of the
Issuer or any guarantor of the 2033 Notes in an aggregate principal amount in excess of $10.0 million is required to guarantee the 2033 Notes.
The Issuer may redeem all or part of the 2033 Notes on or after July 15, 2028 at the redemption prices set forth in the indenture governing the 2033 Notes, plus accrued and unpaid interest. The Issuer may redeem all or part of the 2033 Notes at any time before July 15, 2028 at a redemption price equal to 100% of the aggregate principal amount of the 2033 Notes redeemed, plus a make-whole premium and accrued and unpaid interest. In addition, prior to July 15, 2028, the Issuer may, at its option, redeem up to 40% of the aggregate principal amount of the 2033 Notes originally issued (calculated after giving effect to any issuance of additional 2033 Notes) with the proceeds of certain equity offerings at the redemption price set forth in the indenture governing the 2033 Notes, provided that at least 50% of the aggregate principal amount of the 2033 Notes originally issued (calculated after giving effect to any issuance of additional 2033 Notes) remains outstanding. Furthermore, the Issuer will be required to make an offer to repurchase all the outstanding 2033 Notes upon the occurrence of certain events constituting a Change of Control Triggering Event (as defined in the indenture governing the 2033 Notes) at a price equal to 101% of the principal amount of the 2033 Notes repurchased, plus accrued and unpaid interest. If the Issuer sells certain assets and the net cash proceeds
are not applied as permitted under the indenture governing the 2033 Notes, the Issuer may be required to use some or all of such proceeds to offer to purchase the 2033 Notes (ratably with any other senior indebtedness with similar requirements) at 100% of the principal amount of the 2033 Notes repurchased (or, in the case of other senior indebtedness, at the price required thereby, but not to exceed 100% of the principal amount thereof), plus accrued and unpaid interest.
The indenture governing the 2033 Notes contains certain customary covenants, including restrictions on the ability of the Company and its restricted subsidiaries to (i) incur or guarantee additional indebtedness, (ii) pay cash dividends or make other cash distributions in respect of, or repurchase or redeem, capital stock or make other restricted payments (including restricted investments), (iii) create or incur certain liens, (iv) merge or consolidate with another company or sell all or substantially all of their assets and (v) enter into transactions with affiliates, in each case, subject to certain exceptions and qualifications set forth in the indenture governing the 2033 Notes. The indenture governing the 2033 Notes and the 2033 Notes are governed by the laws of the State of New York.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.