Burford Capital Limited (NYSE: BUR, LSE: BUR) is the world’s largest dedicated provider of capital against the underlying value of litigation and legal assets, commonly referred to as legal finance. The company operates globally, offering financial products and services tailored to the legal industry, including capital provision for legal disputes, asset management, and judgment enforcement. Burford focuses on large, complex disputes and manages a diversified portfolio of legal finance assets.
- Principal Finance - Provides capital to legal finance assets, primarily from Burford's balance sheet, to fund legal disputes or monetize the expected future value of claims.
- Asset Management and Other Services - Manages legal finance assets on behalf of third-party investors and offers services to the legal industry, generating asset management income and fees.
- Judgment Enforcement - Offers judgment enforcement services for funded disputes, leveraging expertise in business intelligence to recover assets.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Christopher Bogart ExecutiveBoard | Co-Founder and Chief Executive Officer | Christopher Bogart is the Co-Founder and Chief Executive Officer of Burford Capital and has served as a director on the Board of Directors since May 2020. Previously, he held senior executive roles at Time Warner, including positions as Executive Vice President and General Counsel, and CEO of Time Warner Cable Ventures. | View Report → | |
David Perla ExecutiveBoard | Vice Chair | David Perla is the Vice Chair at BUR since September 2024 and serves on the Management Committee. He previously held the executive role of Co-Chief Operating Officer from January 2020 to August 2024. | ||
Aviva Will Executive | President | Aviva Will is the President at Burford Capital since September 2024. Previously, she served as Co-Chief Operating Officer from January 2020 to August 2024 and as Managing Director from February 2010 to December 2017. | ||
Craig Arnott Executive | Deputy Chief Investment Officer | Craig Arnott is the Deputy Chief Investment Officer at BUR since January 2020. He previously served as Managing Director from August 2016 to December 2019 and is a member of the company’s Management Committee and Commitments Committee. | ||
Elizabeth O’Connell Executive | Chief Strategy Officer | Elizabeth O’Connell is a co-founder of BUR and has served as the Chief Strategy Officer since August 2019. Previously, she held the roles of Chief Financial Officer from December 2017 to August 2019 and Managing Director prior to December 2017. | ||
Jonathan Molot Executive | Chief Investment Officer | Jonathan Molot co-founded Burford Capital Limited in October 2009 and currently serves as its Chief Investment Officer, overseeing the company's investment strategy. Previously, he founded Litigation Risk Solutions and is a Professor of Law at Georgetown University, with additional teaching roles at Harvard Law School, Georgetown University Law Center, and George Washington University Law School. | ||
Jordan Licht Executive | Chief Financial Officer (CFO) | Jordan Licht is the Chief Financial Officer (CFO) at Burford Capital since September 2022. Prior to joining Burford, he held senior roles including Chief Operating Officer at Caliber Home Loans and Newrez LLC, and worked at Morgan Stanley and PricewaterhouseCoopers. | ||
Mark Klein Executive | General Counsel and Chief Administrative Officer | Mark Klein is the General Counsel and Chief Administrative Officer at Burford Capital, having joined the company in September 2017. He brings extensive legal experience including his previous role as General Counsel and Chief Compliance Officer at Marketfield Asset Management. |
1. Your recent portfolio shows a significant increase in large single-case investments, particularly among your top commitments. Is this shift towards single-case exposure a deliberate strategic move, and how do you manage the associated risks compared to a more diversified approach?
2. Data indicates that average legal awards per corporate defendant have increased in the U.S. year-on-year; how has this trend affected your portfolio returns, and is your higher ROIC this year a result of this industry-wide increase or merely due to variability in individual case outcomes?
3. Given the substantial unrealized losses reported this quarter, can you explain how much of this is attributed to changes in discount rates versus the movement from unrealized to realized gains, and what strategies are you employing to mitigate the impact of discount rate volatility on your financial statements?
4. In your shareholder letter, you mentioned expanding into other parts of the legal ecosystem, such as investing in law firm equity. Could you elaborate on your progress and strategic focus in this area, and how it complements your existing business model?
5. With the delays in setting a date for the oral arguments in the YPF case, is this timeline longer than you had anticipated, and what implications might this have on your expected time frame for resolution and financial impact?
Research analysts who have asked questions during Burford Capital earnings calls.
Alexander Bowers
Berenberg
4 questions for BUR
Julian Roberts
Jefferies
3 questions for BUR
Mark DeVries
Deutsche Bank
3 questions for BUR
Trevor Griffiths
Webcast Participant
2 questions for BUR
Fraser Lang
Webcast Participant
1 question for BUR
Matthew Howlett
B. Riley Securities
1 question for BUR
Randolph Binner
B. Riley Financial, Inc.
1 question for BUR
Randy Binner
B. Riley Securities
1 question for BUR
Recent press releases and 8-K filings for BUR.
- Burford Capital reported significant business growth in Q3 2025, with definitive commitments up over 50% year-to-date and deployments up 61% in the quarter, contributing to a 15% year-to-date increase in the overall portfolio.
- The company maintains a bullish outlook on the YPF case, despite perceived market overreaction to oral arguments, noting the court's low reversal rate and deeming dismissal on forum non conveniens grounds "extraordinary". A decision on the appeal is anticipated in 2026.
- Realizations are ahead of last year, with IRRs remaining steady at 26% on $3.6 billion of realizations, though year-to-date capital provision income revenue is down due to a $40 million-$50 million impact from extended fair model durations in Q3 2025.
- Management considers a share buyback imprudent at this time due to the need for growth capital and unpredictable cash flow from realizations, despite management purchasing over 1.3 million shares in the last year. The company holds a strong cash position of $740 million and a debt to tangible equity ratio of 0.9 times.
- Burford Capital Limited announced its unaudited financial results for the three and nine months ended September 30, 2025.
- CEO Christopher Bogart noted strong growth, exceeding the target to double the platform by 2030, and highlighted that 61 assets generated proceeds this year.
- The company appointed Merrill Lynch International (BofA Securities) as a new joint corporate broker.
- An investor and analyst conference call is scheduled for November 5, 2025, to discuss the results.
- Burford Capital Limited reported a net loss of $(19) million or $(0.09) per diluted share for Q3 2025, and net income of $100 million or $0.45 per diluted share for YTD 2025.
- New definitive commitments increased by 52% to $637 million in YTD 2025 compared to YTD 2024, with deployments up 20% to $329 million in YTD 2025.
- Realizations were $310 million in YTD 2025 from 61 assets, though down from $388 million in YTD 2024 due to fewer large contributors. The portfolio's fair value (excluding YPF-related assets) includes $541 million in unrealized gains, representing a 32% ROIC.
- The company's liquidity (cash and marketable securities) stood at $740 million as of September 30, 2025. Debt payable increased to $2,143 million as of September 30, 2025, following a $500 million issuance of 7.50% Senior Notes due 2033.
- Burford Capital Limited provided an update on the YPF matter, noting that the US District Court for the Southern District of New York granted a $16 billion judgment against the Republic of Argentina in September 2023.
- The Main Appeal of this judgment is scheduled for oral argument before the US Court of Appeals for the Second Circuit on October 29, 2025.
- The $16 billion judgment has been enforceable since January 11, 2024, with the District Court overseeing ongoing discovery and enforcement proceedings, including orders for Argentina to produce documents.
- A separate appeal regarding a Turnover Order, which requires Argentina to transfer its YPF shares, is also pending before the Second Circuit, with briefing due by December 12, 2025.
- Recognition proceedings for the judgment are actively being pursued in eight foreign countries, including the United Kingdom, France, Ireland, Canada, Australia, Luxembourg, Brazil, and Cyprus.
- Burford Capital's YPF Main Appeal is scheduled for oral argument before the US Court of Appeals for the Second Circuit on October 29, 2025.
- The US District Court granted judgment in favor of plaintiffs against Argentina for approximately $16 billion, including $8 billion of pre-judgment interest, in September 2023, and this judgment has been enforceable since January 11, 2024.
- Argentina is actively resisting enforcement through appeals, including a separate appeal of the District Court's Turnover Order with briefing due by December 12, 2025, and through resistance to recognition proceedings in multiple foreign countries.
- Burford cautions that the YPF matter carries significant remaining risks, such as further proceedings, appeals, and the possibility of resolution for considerably less than the judgment amount.
- Burford Capital reported strong financial performance for Q2 2025 and year-to-date (YTD), with YTD total revenues reaching $280 million and YTD net income rising to $120 million.
- New business commitments were robust, with Q2 2025 being the largest quarter in the last nine at $361 million, and YTD new definitive commitments increasing 71% to $518 million compared to the prior year.
- The company successfully raised a new $500 million debt issuance, highlighting strong market support and a competitive cost of capital.
- Significant progress was made in the YPF case, including a tentative oral argument date in October for the main appeal and a specific victory regarding the turnover of some of Argentina's YPF shares.
- Burford Capital successfully completed a new issuance of $500 million of senior notes on July 11, 2025.
- The eight-year bond was priced at 7.50%, which represents the most competitive pricing relative to Treasuries Burford has ever achieved.
- The offering was substantially oversubscribed, indicating strong demand and market confidence in Burford's performance.
- Net proceeds from the offering will be used to repay bonds due in 2025 at their maturity date, with the remainder allocated for general corporate purposes, including the potential repayment or retirement of other existing indebtedness, such as bonds due in 2026.
- Burford Capital Global Finance LLC, an indirect, wholly owned subsidiary of Burford Capital Limited, closed a private offering of $500,000,000 aggregate principal amount of 7.50% senior notes due 2033 on July 11, 2025.
- The net proceeds from the offering are intended to repay the 6.125% bonds due 2025 of Burford Capital Finance LLC at their maturity and for general corporate purposes, including the potential repayment or retirement of other existing indebtedness.
- The notes will bear interest at a rate of 7.50% per annum, payable semi-annually in arrears on January 15 and July 15, commencing January 15, 2026, and will mature on July 15, 2033.
- The indenture for the notes includes provisions for optional redemption by the Issuer and requires a repurchase offer at 101% of the principal amount plus accrued interest upon a Change of Control Triggering Event.
- Burford Capital announced the pricing of a private offering of $500 million aggregate principal amount of 7.50% senior notes due 2033 by its indirect, wholly owned subsidiary, Burford Capital Global Finance LLC.
- The offering represents an increase from the previously announced size and is expected to close on July 11, 2025.
- Net proceeds from the offering will be used to repay the 6.125% bonds due 2025 at their maturity date and for general corporate purposes, which may include the potential repayment or retirement of the 5.000% bonds due 2026.
- The Securities are offered only to "Qualified Institutional Buyers" or non-US persons outside the United States who are "Qualified Purchasers" and are not available to retail investors in the European Economic Area or the United Kingdom.
- On July 1, 2025, the US Senate adopted the budget reconciliation bill without including proposed tax provisions related to litigation finance.
- These provisions were removed after the Senate Parliamentarian ruled them ineligible for inclusion in the bill.
- Burford Capital is a leading global finance and asset management firm focused on law, with businesses including litigation finance and risk management.