[Form 4] Burford Capital Limited Insider Trading Activity

Rhea-AI Filing Summary

Burford Capital Limited Chief Financial Officer David Licht purchased 1,303.4 phantom restricted stock units ("Phantom RSUs") on 08/21/2025 under the Burford Deferred Compensation Plan and received a company matching contribution of 435.0 Phantom RSUs. Each Phantom RSU is a contingent right to the economic equivalent of one ordinary share, payable in cash or ordinary shares under plan terms. The Phantom RSUs vest on August 11, 2027, subject to Mr. Licht's continued employment through that date. Following the transaction, Mr. Licht beneficially owns 187,040.2 ordinary shares equivalent (including prior holdings).

Positive

• Company matching of 435.0 Phantom RSUs enhances executive alignment with shareholder outcomes
• Time-based vesting to August 11, 2027 supports retention incentives for the CFO
• Transaction disclosed via Form 4, indicating regulatory compliance and transparency

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider added deferred equity with company match, showing compensation alignment without immediate share sale or acquisition of open-market stock.

The reported transaction is a grant-tier compensation event: Mr. Licht purchased 1,303.4 Phantom RSUs and received a 435.0-Phantom RSU company match that vest in 2027, conditional on continued employment. This increases his deferred, equity-linked exposure to company performance rather than creating immediate dilution or cash flow impact. The filing does not disclose exercise or settlement elections, nor any change in executive role or outstanding option exercises. Impact on near-term financials is limited; this is primarily a human-capital retention and compensation detail.

Corporate Governance Expert

TL;DR: The transaction reflects routine executive compensation practices with time-based vesting and company matching.

The grant and company-matching of Phantom RSUs under the NQDC Plan align management incentives with shareholders over a multi-year horizon. Vesting is time-based to August 11, 2027, and contingent on continued service. The Form 4 shows proper disclosure of a Section 16 transaction and includes an attorney-in-fact signature. There are no governance red flags or indications of extraordinary related-party arrangements in the disclosed text.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Licht Jordan David

(Last) (First) (Middle)

C/O BURFORD CAPITAL LIMITED

OAK HOUSE, HIRZEL STREET

(Street)

ST. PETER PORT Y7 GY1 2NP

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Burford Capital Ltd [ BUR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/21/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom RSUs	(1)	08/21/2025		I		1,738.4		(1)	(1)	Ordinary Shares	1,738.4	$13.6	187,040.2	D

Explanation of Responses:

1. Represents a purchase of 1,303.4 phantom RSUs ("Phantom RSUs") by Mr. Licht under the Burford Capital Deferred Compensation Plan (the "NQDC Plan") and a matching contribution by the Company of 435.0 Phantom RSUs, which vest on August 11, 2027, in accordance with the NQDC Plan, subject to Mr. Licht's continued employment through such date. Each Phantom RSU represents a contingent right to receive the economic equivalent of one ordinary share, no par value, of the Company ("Ordinary Share"), which may be paid in cash or Ordinary Shares in accordance with the terms of the NQDC Plan.

	/s/ Mark N. Klein, as attorney-in-fact	08/25/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What did Burford Capital CFO David Licht report on Form 4 (BUR)?

The filing reports a purchase of 1,303.4 Phantom RSUs and a company match of 435.0 Phantom RSUs on 08/21/2025 under the NQDC Plan.

When do the Phantom RSUs reported by David Licht vest?

The Phantom RSUs vest on August 11, 2027, subject to Mr. Licht's continued employment through that date.

What does one Phantom RSU represent in the Burford filing?

Each Phantom RSU represents a contingent right to receive the economic equivalent of one ordinary share of Burford, payable in cash or ordinary shares per plan terms.

How many ordinary share equivalents does David Licht beneficially own after the transaction?

The Form 4 shows Mr. Licht beneficially owns 187,040.2 ordinary share equivalents following the reported transaction.

Was the Form 4 properly executed and filed?

Yes. The filing includes an attorney-in-fact signature (/s/ Mark N. Klein) dated 08/25/2025.