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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.
| 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?
Recent press releases and 8-K filings for BUR.
- Robust Q1 2025 performance with net income attributable to shareholders of $30,929K, capital provision income of $91M, and $163M in realized gains, marking a turnaround from last year’s Q1 (-$0.14 to $0.14 per share) .
- Secured $158M in new definitive commitments, a significant jump from previous Q1 levels (from $55M), reflecting aggressive portfolio growth .
- Strategic diversification through investments, including a $100M deal generating a 40% IRR, reinforcing liquidity and long-term value creation .
- Demonstrated resilience during a lighter seasonal period, highlighting robust performance within its legal finance portfolio .
- Comprehensive conference call details provided for live participation and replay, offering further insights for investors .
- Burford’s evolution from an initial capital of $130 million to a market-leading $7.4 billion portfolio over 15 years establishes it as the world’s largest legal finance business .
- Key performance metrics include the Principal Finance portfolio delivering 87% ROIC and 26% IRR, combined with robust cash returns of over $3 billion in realizations and a modeled outlook of approximately $2.4 billion in gains on a $5.7 billion portfolio .
- Management’s 5‑year vision targets doubling the portfolio base through larger, more diversified financing deals, with average check sizes increasing from $4–$7 million to $22 million .
- The update highlighted strategic portfolio trends and management’s alignment with shareholders, emphasizing robust unit economics and future growth potential .
- The YPF investment is spotlighted as a distinctive asset with potential for a ten‑figure return, despite ongoing legal processes and international challenges .