Earnings summaries and quarterly performance for Burford Capital.
Executive leadership at Burford Capital.
Christopher Bogart
Detailed
Chief Executive Officer
CEO
AW
Aviva Will
Detailed
President
CA
Craig Arnott
Detailed
Deputy Chief Investment Officer
DP
David Perla
Detailed
Vice Chair
EO
Elizabeth O'Connell
Detailed
Chief Strategy Officer
JM
Jonathan Molot
Detailed
Chief Investment Officer
JL
Jordan Licht
Detailed
Chief Financial Officer
MK
Mark Klein
Detailed
General Counsel and Chief Administrative Officer
TL
Travis Lenkner
Detailed
Chief Development Officer
Board of directors at Burford Capital.
Research analysts who have asked questions during Burford Capital earnings calls.
Mark DeVries
Deutsche Bank
5 questions for BUR
Also covers: ALLY, AXP, COOP +9 more
AB
Alexander Bowers
Berenberg
4 questions for BUR
JR
Julian Roberts
Jefferies
3 questions for BUR
MP
Michael Piccolo
Wedbush Securities
2 questions for BUR
Timothy D'Agostino
B. Riley Securities
2 questions for BUR
Also covers: ADAM, AOMR, ARR +12 more
TG
Trevor Griffiths
Webcast Participant
2 questions for BUR
FL
Fraser Lang
Webcast Participant
1 question for BUR
MH
Matthew Howlett
B. Riley Securities
1 question for BUR
Also covers: AOMR, BRSP, CCIF +9 more
Randolph Binner
B. Riley Financial, Inc.
1 question for BUR
Also covers: ABL, AOMR, ARR +12 more
Randy Binner
B. Riley Securities
1 question for BUR
Also covers: ARR, BRSP, DBRG +14 more
Recent press releases and 8-K filings for BUR.
Burford Capital reports strong new business growth in Q4 2025 despite lower realizations
BUR
Earnings
Legal Proceedings
Dividends
- Burford Capital reported a standout year for new business in 2025, with a 39% increase in new definitive commitments and 20% growth in its portfolio base.
- Realization activity in fiscal 2025 was not as strong as the prior year, primarily due to fewer large outcomes, though portfolio quality (loss rates and returns) remained stable.
- The company's modeled realizations for the entire portfolio increased from $4.5 billion at the end of 2024 to $5.2 billion by December 31, 2025, driven by $1.4 billion from new 2025 commitments.
- Burford is awaiting a decision from the Second Circuit Court of Appeals on the main appeal for the $16+ billion YPF judgment, with a decision expected during 2026.
- Management decided to maintain the $0.125 per year dividend (approximately $25 million) to avoid forcing UK income-focused fund investors to sell their shares, deeming a buyback of that size less impactful.
6 days ago
Burford Capital Reports Strong New Business Growth and Increased Modeled Realizations in Fiscal Year 2025
BUR
Earnings
New Projects/Investments
Legal Proceedings
- Burford Capital achieved a standout year for new business in fiscal year 2025, with new definitive commitments increasing by 39% and the portfolio base growing by 20%.
- While realizations in 2025 were lower than the record 2024 due to fewer large outcomes, the company maintained a comparable level of activity with 69 assets contributing to realizations and reported stable loss rates and returns.
- The total modeled realizations for the portfolio increased to $5.2 billion as of December 31, 2025, up from $4.5 billion in the prior year, driven by $1.4 billion from new 2025 definitive commitments.
- Management emphasized that accounting results can be affected by non-merits-based factors like case duration or counterparty bankruptcy, which may depress reported earnings despite underlying cases performing well, advocating for a focus on cash performance.
- The company is awaiting a decision from the Second Circuit Court of Appeals on the main appeal of the $16+ billion YPF judgment, with further district court activity scheduled for late April 2026.
6 days ago
Burford Capital Reports Strong New Business Growth in Q4 2025 Despite Lower Realizations
BUR
Earnings
New Projects/Investments
Legal Proceedings
- Burford Capital achieved a standout year for new business in 2025, reporting a 39% increase in new definitive commitments and 20% growth in its portfolio base, advancing its goal to double the business by 2030.
- Realizations in 2025 were not as strong as the record year in 2024, with 69 assets contributing compared to 71 in 2024, primarily due to fewer large "chunky wins". However, portfolio quality, loss rates, and returns remained stable, with a combined ROIC of 81% for 2024 and 2025.
- The Principal Finance portfolio expanded to $3.9 billion by the end of 2025, including the YPF case which accounts for just under $1.7 billion. The company is currently awaiting a decision from the Second Circuit Court of Appeals on the main appeal of the $16+ billion YPF judgment.
- Operating expenses increased slightly from 2024, but the expected expense ratio across the portfolio is 2.3%, supporting a long-term Return on Equity (ROE) target of around 20%. The company does not provide specific guidance for 2026 realizations due to the unpredictable nature of litigation timing.
6 days ago
Burford Capital Reports 4Q25 and FY25 Financial Results
BUR
Earnings
Dividends
Debt Issuance
- Burford Capital reported FY25 net income of $62.572 million and diluted EPS of $0.28 on total revenues of $396.049 million, while Q4 2025 saw a net loss of $37.497 million and diluted EPS of ($0.17).
- New definitive commitments in FY25 increased 39% to $872 million, contributing to a 20% growth in the portfolio base and an increase in modeled realizations by $700 million to $5.2 billion.
- Realizations for FY25 were $458 million, a decrease from FY24, and capital provision income declined 15% to $331 million. The company's cumulative ROIC and IRR on realizations stood at 83% and 26%, respectively.
- The board declared a final dividend for FY25 of $0.0625 per ordinary share, pending shareholder approval, to be paid on June 12, 2026.
- Cash and marketable securities rose to $621 million by December 31, 2025, while debt payable increased to $2,128 million, with a consolidated indebtedness to net tangible equity ratio of 0.92x.
6 days ago
Burford Capital Reports 4Q25 and FY25 Financial Results
BUR
Earnings
Dividends
- Burford Capital Limited announced its financial results for the three months and year ended December 31, 2025.
- The company reported a 39% increase in new definitive commitments for 2025.
- Portfolio modeled realizations increased by $700 million to $5.2 billion at year-end.
- Burford's board of directors declared a final dividend for FY25 of $0.0625 per ordinary share, subject to shareholder approval.
6 days ago
Burford Capital Announces Pricing for Early Redemption of Bonds
BUR
Debt Issuance
- Burford Capital plc announced the early redemption of its £175,000,000 5.000 per cent. guaranteed bonds due 2026.
- The repayment date for these bonds is scheduled for January 30, 2026.
- The redemption price has been set at 100.290 per cent. per £100 principal amount of the bonds, along with any accrued but unpaid interest.
Jan 27, 2026, 2:01 PM
Burford Capital Global Finance LLC Issues 8.50% Senior Notes Due 2034
BUR
Debt Issuance
- Burford Capital Global Finance LLC issued 8.50% Senior Notes due 2034 on January 15, 2026.
- Interest on the notes will be paid semi-annually in arrears on January 15 and July 15.
- The Issuer has optional redemption rights, with redemption prices varying based on the date, including 108.500% prior to January 15, 2029, and decreasing to 100.000% from 2031 onwards.
- In the event of a Change of Control Triggering Event, the Issuer will offer to repurchase the notes at 101% of the aggregate principal amount plus accrued interest.
- The Issuer is not required to make mandatory redemption or sinking fund payments for these notes.
Jan 15, 2026, 9:30 PM
Burford Capital announces pricing and upsizing of senior notes offering
BUR
Debt Issuance
- Burford Capital priced a private offering of $500 million aggregate principal amount of 8.500% senior notes due 2034, which represents an increase from the previously announced offering size.
- The net proceeds from this offering are intended to redeem the 5.000% bonds due 2026 of Burford Capital PLC and for general corporate purposes, including the repayment or retirement of other existing indebtedness.
- The offering is expected to close on January 15, 2026.
Jan 13, 2026, 8:37 PM
Burford Capital Announces Private Offering of Senior Notes
BUR
Debt Issuance
- Burford Capital announced a planned private offering of $450 million aggregate principal amount of senior notes due 2034 by its indirect, wholly owned subsidiary, Burford Capital Global Finance LLC.
- The net proceeds from the offering are intended to redeem the 5.000% bonds due 2026 of Burford Capital PLC and for general corporate purposes, including the repayment or retirement of other existing indebtedness.
- The Securities will be offered only to persons reasonably believed to be "Qualified Institutional Buyers" or non-US persons outside the United States, and are not registered under the US Securities Act of 1933.
- The Securities are not intended to be offered, sold, or otherwise made available to any retail investor in the European Economic Area or the United Kingdom.
Jan 12, 2026, 2:00 PM
Burford Capital Amends Executive Employment Agreements, Restores Carry Compensation
BUR
Executive Compensation
Management Change
Proxy Vote Outcomes
- Burford Capital Limited amended employment agreements for CEO Christopher P. Bogart and CIO Jonathan T. Molot, effective January 1, 2026, in response to negative feedback from Institutional Shareholder Services (ISS).
- The revised compensation structure for both executives eliminates the target annual bonus, reinstates their formulaic carried interest payments to 3.75% of cash gains, and sets their annual base salary at $1.9 million.
- In the event of termination without cause or resignation for good reason (outside a change in control period), executives will receive a cash severance equal to two times the sum of their annual base salary plus $2.0 million.
- Both the CEO and CIO became eligible to retire on May 3, 2025, under the company's "Rule of 75" retirement policy, which has resulted in the full vesting of their outstanding share-based compensation and carry interests.
Nov 25, 2025, 10:26 PM
Quarterly earnings call transcripts for Burford Capital.
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