Burford Capital (BUR) president receives 1,394.3 Phantom RSUs under deferred plan

Rhea-AI Filing Summary

Burford Capital Ltd disclosed that its President, Ms. Will, acquired additional deferred equity-based compensation through its non-qualified deferred compensation plan. On 12/16/2025 she obtained a total of 1,394.3 phantom restricted share units (Phantom RSUs), consisting of a purchase of 1,045.3 Phantom RSUs by her and a matching contribution of 349.0 Phantom RSUs by Burford Capital Limited. These Phantom RSUs vest on November 7, 2027, contingent on her continued employment through that date.

Each Phantom RSU represents the right to receive the economic equivalent of one Burford ordinary share, which may be settled in cash or ordinary shares under the plan terms. The filing also notes a price of $9.14 for the derivative security and shows 163,060 derivative securities beneficially owned following the reported transaction.

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^*

Will Aviva O.

(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)
	President

3. Date of Earliest Transaction (Month/Day/Year)
12/16/2025

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)	12/16/2025		I		1,394.3		(1)	(1)	Ordinary Shares	1,394.3	$9.14	163,060	D

Explanation of Responses:

1. Represents a purchase of 1,045.3 phantom restricted share units ("Phantom RSUs") by Ms. Will under the Burford Capital Deferred Compensation Plan (the "NQDC Plan") and a matching contribution by Burford Capital Limited (the "Company") of 349.0 Phantom RSUs, which vest on November 7, 2027, in accordance with the NQDC Plan, subject to Ms. Will'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.

Remarks:

	/s/ Mark N. Klein, as attorney-in-fact	12/18/2025
	** 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 insider transaction did Burford Capital Ltd (BUR) report?

Burford Capital Ltd reported that its President, Ms. Will, acquired a total of 1,394.3 Phantom RSUs under the Burford Capital Deferred Compensation Plan on 12/16/2025.

How were the 1,394.3 Phantom RSUs for Burford Capital (BUR) allocated?

The total includes a purchase of 1,045.3 Phantom RSUs by Ms. Will and a matching contribution of 349.0 Phantom RSUs by Burford Capital Limited.

When do the newly acquired Burford Capital (BUR) Phantom RSUs vest?

The 1,394.3 Phantom RSUs vest on November 7, 2027, subject to Ms. Will’s continued employment with Burford Capital Limited through that date.

What does each Phantom RSU represent for Burford Capital Ltd (BUR)?

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

What was the reported price and post-transaction holdings in the Burford Capital (BUR) Form 4?

The filing reports a $9.14 price for the derivative security and 163,060 derivative securities beneficially owned following the transaction.

What plan governs the Phantom RSUs reported by Burford Capital Ltd (BUR)?

The Phantom RSUs were acquired under the Burford Capital Deferred Compensation Plan (NQDC Plan), which allows settlement in cash or ordinary shares.