Earnings summaries and quarterly performance for Burford Capital.
Executive leadership at Burford Capital.
Christopher Bogart
Detailed
Chief Executive Officer
CEO
Aviva Will
Detailed
President
Craig Arnott
Detailed
Deputy Chief Investment Officer
David Perla
Detailed
Vice Chair
Elizabeth O'Connell
Detailed
Chief Strategy Officer
Jonathan Molot
Detailed
Chief Investment Officer
Jordan Licht
Detailed
Chief Financial Officer
Mark Klein
Detailed
General Counsel and Chief Administrative Officer
Travis Lenkner
Detailed
Chief Development Officer
Board of directors at Burford Capital.
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
Also covers: ALLY, AXP, COOP +8 more
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
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 +13 more
Recent press releases and 8-K filings for BUR.
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
Burford Capital Discusses Q3 2025 Results, YPF Case, and Capital Allocation
BUR
Earnings
Legal Proceedings
Share Buyback
- 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.
Nov 5, 2025, 2:00 PM
Burford Capital Reports Q3 2025 Financial Results
BUR
Earnings
Debt Issuance
New Projects/Investments
- 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.
Nov 5, 2025, 1:00 PM
Burford Capital Reports 3Q25 and YTD25 Financial Results
BUR
Earnings
Guidance Update
- 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.
Nov 5, 2025, 1:00 PM
Burford Capital provides YPF matter update ahead of oral argument
BUR
Legal Proceedings
- 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.
Oct 22, 2025, 12:00 PM
Burford Capital provides YPF matter update
BUR
Legal Proceedings
- 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.
Oct 22, 2025, 12:00 PM
Burford Capital Reports Strong Q2 2025 Results and Business Growth
BUR
Earnings
Debt Issuance
Legal Proceedings
- 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.
Aug 8, 2025, 12:40 PM
Burford Capital Completes $500 Million Debt Offering
BUR
Debt Issuance
New Projects/Investments
- 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.
Jul 14, 2025, 11:00 AM
Burford Capital Global Finance LLC Closes $500 Million Senior Notes Offering
BUR
Debt Issuance
- 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.
Jul 11, 2025, 12:00 AM
Burford Capital Announces Pricing and Upsizing of Senior Notes Offering
BUR
Debt Issuance
- 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.
Jul 8, 2025, 4:16 PM
Quarterly earnings call transcripts for Burford Capital.
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