Burford Capital Ltd (BUR) reported that a jury awarded the plaintiff $5.7 billion in damages in Taction Technology, Inc. v. Apple Inc., a patent case in which Burford has a financial entitlement. If the verdict were paid as is, Burford’s entitlement would be $1.4 billion, split roughly equally between its balance sheet and investment funds.
Burford said the award is likely to be altered in post-trial and/or appellate proceedings. The verdict is not a final judgment and has not resulted in cash proceeds received by Burford. Post-trial proceedings have yet to occur, including a motion by Apple for judgment as a matter of law. Burford said the ultimate outcome and any recovery remain uncertain and depend in part on its financing agreement, fees, expenses, taxes and other deductions.
Burford Capital Ltd (symbol: BUR) is the issuer of record for a Form 4 filing submitted to the SEC. Utley Charles reported acquisition or exercise transactions in this Form 4 filing.
Burford Capital Ltd Chief Accounting Officer Charles Utley received an award of 36,391 RSUs on September 21, 2026, reported at $4.32 per share. The RSUs vest in two equal installments on September 26, 2028 and September 15, 2030, subject to continued employment through each date. Each RSU represents a contingent right to receive one ordinary share; his reported RSUs following the award totaled 72,782.
Burford Capital Ltd, through its indirect wholly owned subsidiary Burford Capital Global Finance LLC, closed a previously announced private offering of $300 million aggregate principal amount of 8.000% senior secured notes due 2029. The notes are guaranteed on a senior secured basis by Burford Capital and are secured by substantially all of the Issuer’s assets and the capital stock of certain Burford Capital subsidiaries, subject to exceptions.
Burford Capital intends to use the net proceeds from this offering, together with cash on hand, to redeem in full its 6.250% senior notes due 2028. The new notes bear interest at 8.000% per annum, payable semi-annually in arrears on April 15 and October 15, commencing April 15, 2027, and mature on October 15, 2029. An indenture governing the notes places limits on additional indebtedness, cash dividends and other restricted payments, certain liens, major asset sales and mergers, affiliate transactions, and, for Burford Capital itself, engaging in material business activities or owning material assets.
If a Change of Control Triggering Event (as defined in the indenture) occurs, the Issuer must offer to repurchase all outstanding notes at 101% of principal plus accrued and unpaid interest.
Burford Capital Ltd (BUR) reported that its indirect wholly owned subsidiary, Burford Capital Global Finance LLC, has launched a planned private offering of $300 million aggregate principal amount of senior secured notes due 2029.
In connection with this, the subsidiary has delivered a conditional notice of redemption for all $400 million of its outstanding 6.250% senior notes due 2028, with a planned redemption date of September 24, 2026, contingent on receiving at least $300 million of new indebtedness proceeds on terms satisfactory to the issuer. Burford also states that it intends to pursue additional de-leveraging transactions, which may include open market purchases of outstanding debt, on an opportunistic basis and subject to market conditions.
Burford Capital Ltd has a significant shareholder filing from Orbis Investment Management Ltd and Allan Gray Australia Pty Ltd. The reporting persons state beneficial ownership of 20,449,228 shares of Burford Capital common stock, representing 9.3% of the class.
Orbis Investment Management Ltd reports sole voting and dispositive power over 20,244,986 shares, while Allan Gray Australia Pty Ltd reports sole voting and dispositive power over 204,242 shares, with no shared power. Both are classified as Non-U.S. Institutions equivalent to Investment Advisers. They note that other persons have rights to dividends or sale proceeds and each disclaims beneficial ownership of shares held by the other.
Ameriprise Financial, Inc. and Columbia Management Investment Advisers, LLC filed Amendment No. 4 to a Schedule 13G for Burford Capital Ltd common stock. The reporting group shows shared voting power over 17,561,640 shares and shared dispositive power over 18,474,414 shares.
These positions represent 8.4% of Burford Capital’s outstanding common stock for each reporting person. Ameriprise, as parent of Columbia Management, may be deemed to beneficially own the shares reported by Columbia, but both entities disclaim beneficial ownership of the reported shares.
Burford Capital Limited reported a net loss attributable to shareholders of $1,629,865 thousand for the six months ended June 30, 2026, primarily driven by a $2.4 billion capital provision loss on YPF-related assets after the US Court of Appeals for the Second Circuit reversed the prior YPF judgment.
Capital provision assets declined to $3,184,677 thousand, and equity attributable to Burford fell to $819,059 thousand, while debt payable increased to $2,403,336 thousand and finance costs rose to $99,268 thousand. Despite the loss, cash and cash equivalents increased to $696,899 thousand, supported by issuing $500.0 million 8.50% senior notes due 2034 and redeeming the 5.000% bonds due 2026.
Burford Capital Limited reported mixed results for the three and six months ended June 30, 2026. Consolidated GAAP net income was $9 million in 2Q26, while net income attributable to shareholders was $2 million, compared with $88 million in 2Q25. For YTD26, net income attributable to shareholders was a loss of $(1,630) million, primarily driven by a substantial unrealized fair value write-down of YPF-related assets.
Operationally, cash generation was strong. Burford-only cash receipts were $157 million in 2Q26, the highest quarterly figure since 1Q25 and more than three times 2Q25, with YTD26 cash receipts of $247 million. Cash and marketable securities totaled $733 million as of June 30, 2026, while debt payable was $2,403 million. Tangible book value per share declined to $3.12 from $10.57 at December 31, 2025, and the debt to TBV ratio increased to 3.5x.
Management highlighted July 2026 portfolio developments, including a favorable $600+ million mining arbitration ruling that would entitle the Principal Finance segment to around $200 million if paid in full, an additional US jury verdict that would entitle Burford group-wide to $83 million if paid in full, and a favorable German Supreme Court ruling enabling cases with damages claims exceeding $500 million. The company is prioritizing portfolio-driven cash generation, about $10 million in annualized compensation savings, careful liquidity management and options to address a $400 million 2028 debt maturity, and it does not intend to declare an interim dividend in 2026.
Burford Capital Ltd director and CEO Christopher P. Bogart reported compensation-related share activity involving phantom RSUs and tax withholding. On 2026-06-15, phantom RSUs under the Burford Capital Deferred Compensation Plan were settled, with each unit converting into one Ordinary Share on a one-for-one basis.
Bogart exercised 121,880.3 Phantom RSUs, receiving the same number of Ordinary Shares. To satisfy tax withholding obligations on this settlement, 18,294.3 Ordinary Shares were withheld at $4.64 per share, leaving 103,586 Ordinary Shares held directly after the tax transaction.
He also reports substantial indirect ownership of Ordinary Shares held through LLCs and a trust, including 888,563 shares, 7,647,727 shares, and 375,000 shares in separate entities. These entries reflect holdings structure rather than open-market buying or selling.
Burford Capital Ltd Chief Strategy Officer Elizabeth O’Connell settled 42,112 Phantom RSUs into the same number of Ordinary Shares under the company’s Deferred Compensation Plan, on a one-for-one basis. As part of this settlement, 9,265 Ordinary Shares were delivered to satisfy tax withholding obligations.
After these transactions, O’Connell directly held 32,847 Ordinary Shares and also had 54,359 Ordinary Shares held indirectly through a trust. The filing notes that transactions of her spouse, executive officer Christopher Bogart, are reported separately.