$BUR

Burford Capital Ltd

CIK:0001714174|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Marketable securities income/(loss) and interest	$ 6,981	$ 8,597	$ 13,393	$ 15,384
Other income/(loss)	822	433	622	247
Total revenues	110,683	191,286	(1,609,691)	310,145
Compensation and benefits
Salaries and benefits	18,152	11,749	31,316	24,144
Annual incentive compensation	4,118	5,074	9,541	9,319
Share-based and deferred compensation	2,230	7,265	(2,995)	10,064
Long-term incentive compensation including accruals	6,292	12,865	(123,402)	19,740
General, administrative and other	8,612	7,792	17,200	18,002
Case-related expenditures ineligible for inclusion in asset cost	8,037	4,320	(34,315)	8,897
Total operating expenses	47,441	49,065	(102,655)	90,166
Operating income/(loss)	63,242	142,221	(1,507,036)	219,979
Other expenses
Finance costs	49,626	33,979	99,268	67,859
Foreign currency transactions (gains)/losses and other expenses	(350)	(1,505)	15,294	(2,105)
Total other expenses	49,276	32,474	114,562	65,754
Income/(loss) before income taxes	13,966	109,747	(1,621,598)	154,225
Provision for/(benefit from) income taxes	4,486	4,594	2,069	12,162
Net income/(loss)	9,480	105,153	(1,623,667)	142,063
Net income/(loss) attributable to non-controlling interests	7,276	16,857	6,198	22,838
Net income/(loss) attributable to Burford Capital Limited shareholders	$ 2,204	$ 88,296	$ (1,629,865)	$ 119,225
Net income/(loss) attributable to Burford Capital Limited shareholders per ordinary share
Basic (in dollars per share)	$ 0.01	$ 0.40	$ (7.44)	$ 0.54
Diluted (in dollars per share)	$ 0.01	$ 0.39	$ (7.44)	$ 0.53
Weighted average ordinary shares outstanding
Basic (in shares)	219,193,548	218,669,697	218,979,866	218,983,036
Diluted (in shares)	225,087,543	223,983,079	218,979,866	224,047,637
Capital provision income/(loss)
Revenues
Revenues	$ 101,479	$ 224,164	$ (2,397,286)	$ 355,680
Other expenses
Foreign currency transactions (gains)/losses and other expenses	2,514	(10,966)	5,847	(16,376)
Plus/(Less): Third-party interests in capital provision assets
Revenues
Revenues	1,112	(43,257)	773,007	(64,053)
Asset management income/(loss)
Revenues
Asset management income/(loss)	$ 289	$ 1,349	$ 573	$ 2,887

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income/(loss)	$ (1,623,667)	$ 142,063
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
(Income)/loss on marketable securities	(1,379)	(7,019)
Other (income)/loss	(622)	(247)
Share-based and deferred compensation	(2,995)	10,064
Deferred tax (benefit)/expense	2,734	10,457
Other	41,115	1,332
Changes in operating assets and liabilities:
Proceeds from capital provision assets	294,381	447,812
Deployments to capital provision assets	(250,023)	(316,780)
Net proceeds from/(funding of) marketable securities	41,891	1,820
Proceeds from/(payments of) other income	2,781	1,331
(Increase)/decrease in other assets	(6,397)	(10,570)
Increase/(decrease) in other liabilities	(214,267)	69,979
Net increase/(decrease) on financial liability to third-party investment	(765,491)	76,377
Net cash provided by/(used in) operating activities	(84,653)	70,939
Cash flows from investing activities:
Acquisitions of equity method and other investments	(2,962)	0
Purchases of property and equipment	(96)	(127)
Net cash provided by/(used in) investing activities	(3,058)	(127)
Cash flows from financing activities:
Debt issuance, including original issue premium	500,000	0
Debt issuance costs	(9,278)	0
Debt extinguishment	(218,205)	(6,682)
Dividends paid on ordinary shares	(13,747)	(13,667)
Acquisition of ordinary shares held in treasury	(3,653)	(15,310)
Third-party net capital contribution/(distribution)	(36,640)	(134,869)
Net cash provided by/(used in) financing activities	218,477	(170,528)
Net increase/(decrease) in cash and cash equivalents	130,766	(99,716)
Cash and cash equivalents at beginning of period	566,437	469,930
Effect of exchange rate changes on cash and cash equivalents	(304)	2,034
Cash and cash equivalents at end of period	696,899	372,248
Supplemental disclosure
Cash received from interest and dividend income	12,437	8,852
Cash paid for debt interest	(77,059)	(32,074)
Cash received from income tax refund	395	13
Cash paid for income taxes	(7,280)	(21,182)
Capital provision income/(loss)
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Capital provision (income)/loss	$ 2,397,286	$ (355,680)

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 696,899	$ 566,437
Marketable securities	50,361	89,486
Other assets	82,042	73,743
Due from settlement of capital provision assets	122,370	164,804
Capital provision assets	3,184,677	5,609,949
Goodwill	134,002	134,020
Deferred tax asset	1,787	2,733
Total assets	4,272,138	6,641,172
Liabilities
Debt interest payable	78,181	60,033
Other liabilities	89,162	191,606
Long-term incentive compensation payable	91,191	228,366
Debt payable	2,403,336	2,127,829
Financial liabilities relating to third-party interests in capital provision assets	93,000	858,491
Deferred tax liability	48,943	47,117
Total liabilities	2,803,813	3,513,442
Commitments and contingencies (Note 15)
Shareholders' equity
Ordinary shares, no par value; unlimited shares authorized; 221,829,450 ordinary shares issued and 219,584,503 ordinary shares outstanding as of June 30, 2026 and 220,667,387 ordinary shares issued and 218,897,440 ordinary shares outstanding as of December 31, 2025	624,700	615,453
Additional paid-in capital	53,580	56,787
Accumulated other comprehensive income/(loss)	12,063	(199)
Treasury shares; 2,244,947 ordinary shares at $12.71 cost as of June 30, 2026 and 1,769,947 ordinary shares at $14.06 cost as of December 31, 2025	(28,532)	(24,879)
Retained earnings	157,248	1,800,860
Total Burford Capital Limited equity	819,059	2,448,022
Non-controlling interests	649,266	679,708
Total shareholders' equity	1,468,325	3,127,730
Total liabilities and shareholders' equity	$ 4,272,138	$ 6,641,172