Jordan Licht
About Jordan Licht
Jordan Licht is Burford Capital’s Chief Financial Officer, age 47, overseeing funding, capital management, financial reporting, investor relations, HR, technology, facilities, and back-office operations; he serves on the Management Committee and as an ex officio member of the Commitments Committee . He joined Burford on September 6, 2022, after serving as COO of Caliber Home Loans and Newrez LLC under the Rithm banner, following prior finance and operating roles at Caliber (including Deputy CFO), a decade in financial services investment banking at Morgan Stanley, and six years in management consulting at Diamond Consulting (PwC); he holds an MBA from Columbia Business School and a BA from the University of Pennsylvania . Burford’s long-term incentives include PSUs tied to TSR and Adjusted EPS (pre-2024) and relative TSR (2024 PSUs); pre-2024 PSUs for the 2021–2023 period vested at 100% with TSR 66% vs 26% target and Adjusted EPS 3,335% vs 26% target, each weighted 50% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Caliber Home Loans | COO; earlier Deputy CFO and other finance/operating roles | Not disclosed | Led dual-track IPO and M&A process that culminated in acquisition by Rithm; financial recapitalization and significant cost reductions |
| Newrez LLC | COO | Not disclosed | Senior operating leadership post-combination under Rithm banner |
| Morgan Stanley | Investment Banking (Financial Services) | ~10 years | Senior coverage/execution experience in financial services |
| Diamond Consulting (PwC) | Management Consultant | ~6 years | Strategy and operations consulting experience |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| United Texas Bank | Non-executive director | Not disclosed | Current board member |
Fixed Compensation
Multi-year compensation (Summary Compensation Table):
| Metric (USD) | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Salary | 161,218 | 500,000 | 583,333 |
| Stock awards (RSUs/PSUs fair value) | 709,857 | 238,169 | 289,418 |
| Non-equity incentive plan compensation (Annual bonus paid) | 1,000,000 | 1,300,000 | 1,520,000 |
| All other compensation | 17,200 | 157,874 | 218,829 |
| Total | 1,888,275 | 2,196,043 | 2,611,580 |
All other compensation breakdown (FY 2024):
| Component | Amount (USD) |
|---|---|
| 401(k) matching contributions | 13,800 |
| Medical health plan costs | 30,599 |
| Carried interest allocations (Phantom Carry Pools Arrangement) | 170,597 |
| Other benefits (HSA, life, LTD premiums) | 3,833 |
| Total | 218,829 |
Notes:
- For FY 2024, the Compensation Committee approved an annual incentive bonus of $1.5 million for Jordan Licht, determined holistically based on company and individual performance, including managing the US domestic issuer transition and auditor engagement (KPMG), capital markets activity ($275 million 9.250% Senior Notes due 2031, upsized from $200 million, yield to worst 8.251%), HR oversight, operational improvements, and investor engagement .
Performance Compensation
PSU performance design and outcome (Pre-2024)
| Metric | Weight | Target | Actual | Calculated Payout |
|---|---|---|---|---|
| TSR (2021–2023 period) | 50% | 26% | 66% | 50% |
| Adjusted EPS (2021–2023 period) | 50% | 26% | 3,335% | 50% |
| Total Payout | — | — | — | 100% |
- Pre-2024 PSUs used TSR and Adjusted EPS, measured annually and over a three-year period, with straight-line determination and maximum payout capped at 100% per metric; achievement below target yields 0% payout .
- 2024 PSU design: Relative TSR goals measured as Rolling TSR (5-year vs FTSE AllShare median) or Annual TSR (annual vs FTSE 350 Financial Services median over a 3-year performance period); vest in full at or above median; 0% if below .
Equity awards detail
| Award Type | Grant Date | Units | Price/Value | Notes |
|---|---|---|---|---|
| LTIP RSU/PSU initial grant (upon employment) | Sep 30, 2022 | 103,212 | $7.27 | Grant under LTIP; outside a trading venue |
| LTIP RSU/PSU grant | Mar 22, 2023 | 36,873 | $6.78 | Grant under LTIP; outside a trading venue |
| LTIP RSU + PSU award (2024 fiscal year) | 2024 (not specified) | 10,274 underlying shares per award | Not disclosed | RSUs and PSUs granted; vesting tied to TSR goals |
| Contingent Award (2025 Omnibus Plan, subject to shareholder approval) | Mar 3, 2025 valuation | 20,994 total; 10,497 RSUs and 10,497 PSUs | $300,000 at $14.29/share | New plan benefits; numbers may not foot due to rounding |
Vesting and retirement treatment:
- RSUs/PSUs generally vest based on service and performance; retirement policy vests awards in full on schedule (PSUs subject to performance certification), eligibility when age plus years of service ≥75; none of the NEOs eligible as of Dec 31, 2024 .
- Company disclosed RSUs vested on March 31, 2024 across PDMRs (with deferral elections under NQDC by some executives); vesting subject to satisfaction of conditions and standard tax withholding/deferrals .
Equity Ownership & Alignment
| Ownership as of Apr 3, 2024 update (Management Committee) | Shares |
|---|---|
| Owned Shares (direct/indirect) | — |
| Unvested RSUs | 160,634 |
| Deferred shares (NQDC) | — |
| Total actual and potential | 160,634 |
| % of shares outstanding | 0.07% |
- Stock ownership guidelines: CEO/CIO must hold 6x salary; other executive officers (including CFO) must hold 3x salary; counting certain unvested RSUs/PSUs (if performance satisfied), deferred RSUs/PSUs and notional shares under NQDC; excludes options and PSUs without satisfied performance .
- Compliance status: As of Dec 31, 2024, all NEOs have either satisfied or are on track to satisfy share ownership requirements within the applicable timeframe .
- Trading restrictions: Short sales, hedging, margining, and pledging Company securities are prohibited for directors and executive officers .
- Company historically has not granted stock options; no options in FY 2024 .
Employment Terms
| Term | Detail |
|---|---|
| Start date | Sep 6, 2022 |
| Employment agreement | Offer letter dated Aug 22, 2022 (Exhibit 10.11) |
| Employment type | At-will |
| Initial base salary | $500,000 (subject to increase) |
| Annual incentive | Eligible; Committee-determined based on company/individual performance |
| Long-term incentives | Eligible for RSUs/PSUs under LTIP (or successor) |
| Carried interest | Eligible under Phantom Carry Pools Arrangement |
| Severance | No severance obligations, except at Company’s sole discretion |
| Non-compete | 6 months post-employment |
| Non-solicit | 1 year client and employee non-solicitation |
| Confidentiality/Non-disparagement | Perpetual confidentiality; non-disparagement |
| Clawback policy | Effective Oct 2, 2023; recoupment for accounting restatements and up to 5-year clawback for misstatements, error-based vesting assessments, or gross misconduct; NYSE-compliant |
| Insider trading policy | Pre-approval required; blackout windows quarterly; prohibits pledging/hedging/margining |
Investment Implications
- Alignment: CFO compensation structure blends cash bonus, LTIP equity (RSUs/PSUs), and modest carried interest ($170,597 in FY 2024), with PSUs tied to relative TSR or company TSR/EPS, enhancing alignment with long-term performance; Company prohibits pledging/hedging and mandates retention until ownership guidelines are met .
- Retention risk: At-will employment with no contractual severance or change-of-control entitlement for CFO suggests lower guaranteed exit economics; retention anchored by equity and ownership guidelines plus career breadth and committee roles .
- Execution record: 2024 achievements include leading US domestic issuer transition, engaging KPMG as auditor, upsizing and pricing $275 million of 9.250% Senior Notes due 2031 (yield to worst 8.251%), strengthening capital/liquidity management, HR oversight, and investor engagement—indicative of strong operational finance execution .
- Pay-for-performance signals: Pre-2024 PSUs vested at 100% based on robust TSR and Adjusted EPS outcomes; 2024 PSU design pivots to relative TSR, minimizing absolute market drift and emphasizing peer-relative performance; the company does not use options, reducing risk of repricing and option-related misalignment .
- Ownership posture: As of early 2024, CFO reported unvested RSUs totaling 160,634 and 0.07% total potential interest; share retention and prohibition on pledging/hedging reduce selling pressure signals, though no direct owned shares were reported in that update .
- Governance: Compensation Committee (Sievwright, Baruti Dames, Halmy) endorses CD&A; external consultant assessed policies unlikely to increase enterprise risk, supporting sound compensation governance .