Burford Capital (BUR) CFO gains shares via RSU, PSU vesting and tax withholding

Rhea-AI Filing Summary

Burford Capital’s Chief Financial Officer Jordan David Licht reported equity compensation vesting rather than open‑market trading. Restricted share units and performance-based RSUs granted in 2023 and 2025 vested into 36,425 Ordinary Shares, with PSUs vesting at 77% of target.

To cover tax obligations on the vesting, 18,597 Ordinary Shares were withheld at $7.70 per share through net settlement, a non-market disposition. Following these transactions, Licht holds 68,350 Ordinary Shares directly, plus substantial outstanding RSU and PSU awards.

Insider Trade Summary

36,425 shares exercised/converted

Mixed 7 txns

Insider Licht Jordan David

Role Chief Financial Officer

Type	Security	Shares	Price	Value
Exercise	RSUs	18,437	$0.00	--
Exercise	PSUs	14,197	$0.00	--
Exercise	RSUs	3,791	$0.00	--
Exercise	Ordinary shares, no par value ("Ordinary Shares")	18,437	$0.00	--
Exercise	Ordinary Shares	14,197	$0.00	--
Exercise	Ordinary Shares	3,791	$0.00	--
Tax Withholding	Ordinary Shares	18,597	$7.70	$143K

Holdings After Transaction: RSUs — 225,390.1 shares (Direct); PSUs — 211,193.1 shares (Direct); Ordinary shares, no par value ("Ordinary Shares") — 68,959 shares (Direct); Ordinary Shares — 83,156 shares (Direct)

Footnotes (1)

1. Represents vesting of an award of restricted share units ("RSUs") granted on March 22, 2023 that vested in full on the third anniversary of the grant date. Each RSU converts into an Ordinary Share on a one-for-one basis. Represents vesting of an award of performance-based RSUs ("PSUs") granted on March 22, 2023 that vested at 77% of target level upon certification of achievement of the financial performance metrics. Each PSU converts into an Ordinary Share on a one-for-one basis. Represents vesting of one-third of an award of RSUs granted on March 13, 2025. Each RSU converts into an Ordinary Share on a one-for-one basis. Represents satisfaction of tax withholding obligations by net settlement of Ordinary Shares upon vesting of RSUs and PSUs.

Key Figures

Shares vested from RSUs/PSUs: 36,425 shares Tax withholding shares: 18,597 shares Tax withholding price: $7.70/share +4 more

7 metrics

Shares vested from RSUs/PSUs 36,425 shares Total Ordinary Shares from RSU and PSU vesting on March 26, 2026

Tax withholding shares 18,597 shares Ordinary Shares withheld to satisfy tax obligations at $7.70 per share

Tax withholding price $7.70/share Value used for net share settlement on vesting-related tax obligations

PSU vesting level 77% of target Performance-based RSUs from March 22, 2023 grant vesting level

Ordinary Shares held after transactions 68,350 shares Directly owned Ordinary Shares after vesting and tax withholding

RSU balance after transactions 207,402.1 units RSUs outstanding after reported vesting events

PSU balance after transactions 211,193.1 units PSUs outstanding after reported vesting at 77% of target

Key Terms

restricted share units ("RSUs"), performance-based RSUs ("PSUs"), vested at 77% of target level, net settlement of Ordinary Shares, +1 more

5 terms

restricted share units ("RSUs") financial

"Represents vesting of an award of restricted share units ("RSUs") granted on March 22, 2023"

performance-based RSUs ("PSUs") financial

"Represents vesting of an award of performance-based RSUs ("PSUs") granted on March 22, 2023"

vested at 77% of target level financial

"PSUs granted on March 22, 2023 that vested at 77% of target level upon certification"

net settlement of Ordinary Shares financial

"Represents satisfaction of tax withholding obligations by net settlement of Ordinary Shares"

derivative exercise/conversion financial

"transaction_action":"derivative exercise/conversion""

Form 4 Insider Transactions: What Each Field Means →

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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 GY1 2NP

(City) (State) (Zip)

GUERNSEY

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/26/2026

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

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

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

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
Ordinary shares, no par value ("Ordinary Shares")	03/26/2026		M		18,437(1)	A	$0	68,959	D
Ordinary Shares	03/26/2026		M		14,197(2)	A	$0	83,156	D
Ordinary Shares	03/26/2026		M		3,791(3)	A	$0	86,947	D
Ordinary Shares	03/26/2026		F		18,597(4)	D	$7.7	68,350	D

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
RSUs	(1)	03/26/2026		M			18,437	(1)	(1)	Ordinary Shares	18,437	$0	225,390.1	D
PSUs	(2)	03/26/2026		M			14,197	(2)	(2)	Ordinary Shares	14,197	$0	211,193.1	D
RSUs	(3)	03/26/2026		M			3,791	(3)	(3)	Ordinary Shares	3,791	$0	207,402.1	D

Explanation of Responses:

1. Represents vesting of an award of restricted share units ("RSUs") granted on March 22, 2023 that vested in full on the third anniversary of the grant date. Each RSU converts into an Ordinary Share on a one-for-one basis.

2. Represents vesting of an award of performance-based RSUs ("PSUs") granted on March 22, 2023 that vested at 77% of target level upon certification of achievement of the financial performance metrics. Each PSU converts into an Ordinary Share on a one-for-one basis.

3. Represents vesting of one-third of an award of RSUs granted on March 13, 2025. Each RSU converts into an Ordinary Share on a one-for-one basis.

4. Represents satisfaction of tax withholding obligations by net settlement of Ordinary Shares upon vesting of RSUs and PSUs.

Remarks:

	/s/ Mark N. Klein, as attorney-in-fact	03/30/2026
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did Burford Capital (BUR) report for its CFO?

Burford Capital’s CFO Jordan David Licht reported vesting of RSUs and performance-based RSUs into Ordinary Shares, plus share withholding for taxes. These were compensation-related equity settlements, not open-market stock purchases or sales, reflecting routine conversion of prior awards into common shares.

How many Burford Capital shares vested for the CFO in this Form 4?

A total of 36,425 Ordinary Shares vested for the CFO through RSU and PSU awards. This came from time-based RSUs granted in 2023 and 2025 and performance-based RSUs granted in 2023, all converting into Ordinary Shares on a one-for-one basis.

What does the 77% PSU vesting level mean for Burford Capital’s CFO?

The CFO’s performance-based RSUs vested at 77% of their target level after certification of financial performance metrics. This means only 77% of the original target PSU award converted into Ordinary Shares, directly linking realized equity compensation to measured company performance outcomes.

How many Burford Capital shares were withheld for the CFO’s taxes?

The CFO had 18,597 Ordinary Shares withheld to satisfy tax obligations on RSU and PSU vesting. These shares were effectively surrendered at a value of $7.70 per share, representing a non-market, tax-withholding disposition rather than an elective sale into the open market.

What are the CFO’s Burford Capital share holdings after these transactions?

After the reported vesting and tax withholding, the CFO directly holds 68,350 Ordinary Shares. He also retains significant outstanding RSU and PSU positions, with more than 200,000 units shown in each category, which may convert into additional Ordinary Shares in future if vesting conditions are met.

Are these Burford Capital CFO transactions considered insider buying or selling?

These transactions are primarily equity award vesting and related tax withholding, not classic insider buying or selling. Shares were acquired through derivative exercises of RSUs and PSUs, while a portion was disposed of automatically to cover tax liabilities via net settlement, a routine compensation mechanism.