Burford Capital (BUR) CEO settles 121,880 RSUs and updates direct, indirect holdings

Rhea-AI Filing Summary

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.

Insights

Equity compensation and governance analyst

Routine RSU settlement with tax withholding; no open‑market trading.

The filing shows Christopher P. Bogart settling 121,880.3 Phantom RSUs into Ordinary Shares and using 18,294.3 shares to cover tax obligations. This is a standard equity-compensation event rather than a discretionary market trade.

Because the disposition is coded "F" (tax withholding) and there are no "P" or "S" codes, the activity does not signal a change in market view. Significant indirect holdings through LLCs and a trust remain, indicating continued substantial exposure to Burford Capital equity.

Subsequent filings may further detail future RSU vesting or any open-market transactions, but this specific report primarily updates ownership structure and post-settlement share counts.

Insider Trade Summary

121,880.3 shares exercised/converted

Mixed 6 txns

Insider BOGART CHRISTOPHER P

Role Chief Executive Officer

Type	Security	Shares	Price	Value
Exercise	Phantom RSUs	121,880.3	$0.00	--
Exercise	Ordinary shares, no par value ("Ordinary Shares")	121,880.3	$0.00	--
Tax Withholding	Ordinary Shares	18,294.3	$4.64	$85K
holding	Ordinary Shares	--	--	--
holding	Ordinary Shares	--	--	--
holding	Ordinary Shares	--	--	--

Holdings After Transaction: Phantom RSUs — 2,094,826.1 shares (Direct, null); Ordinary shares, no par value ("Ordinary Shares") — 121,880.3 shares (Direct, null); Ordinary Shares — 103,586 shares (Direct, null); Ordinary Shares — 375,000 shares (Indirect, By Trust)

Footnotes (1)

1. Represents settlement of phantom RSUs ("Phantom RSUs") held under the Burford Capital Deferred Compensation Plan. Each Phantom RSU converted into an Ordinary Share on a one-for-one basis. The transactions reported in this Form 4 do not include transactions reported separately by Elizabeth O'Connell, the reporting person's spouse, who is also an executive officer of Burford Capital Limited. Represents satisfaction of tax withholding obligations upon settlement of Phantom RSUs.

Key Figures

Phantom RSUs settled: 121,880.3 units Shares withheld for taxes: 18,294.3 shares Direct Ordinary Shares after transaction: 103,586 shares +5 more

8 metrics

Phantom RSUs settled 121,880.3 units Converted one-for-one into Ordinary Shares on 2026-06-15

Shares withheld for taxes 18,294.3 shares Tax withholding on RSU settlement at $4.64 per share

Direct Ordinary Shares after transaction 103,586 shares Direct holdings following tax-withholding disposition

Indirect LLC holding 1 888,563 shares Ordinary Shares held indirectly by LLC

Indirect LLC holding 2 7,647,727 shares Ordinary Shares held indirectly by another LLC

Indirect trust holding 375,000 shares Ordinary Shares held indirectly by trust

Remaining Phantom RSUs 2,094,826.1 units Phantom RSUs outstanding after settlement transaction

Tax withholding price $4.64 per share Value used for 18,294.3 shares withheld for tax obligations

Key Terms

Phantom RSUs, Deferred Compensation Plan, tax withholding obligations, derivative security, +1 more

5 terms

Phantom RSUs financial

"Represents settlement of phantom RSUs ("Phantom RSUs") held under the Burford Capital Deferred Compensation Plan."

Deferred Compensation Plan financial

"held under the Burford Capital Deferred Compensation Plan. Each Phantom RSU converted into an Ordinary Share"

A deferred compensation plan is an arrangement where an employer agrees to pay part of an employee’s pay or bonus at a later date instead of immediately, often to reduce current tax bills or to tie rewards to long-term performance. For investors it matters because these promises create future cash obligations and influence executive incentives and retention; they can affect a company’s reported liabilities, cash flow planning and the risk profile if the business faces financial trouble.

tax withholding obligations financial

"Represents satisfaction of tax withholding obligations upon settlement of Phantom RSUs."

derivative security financial

"transaction_code_description": "Exercise or conversion of derivative security""

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

beneficial ownership financial

"indirect ownership of Ordinary Shares held through LLCs and a trust"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

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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^*

BOGART CHRISTOPHER P

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/15/2026

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")	06/15/2026		M		121,880.3(1)	A	$0	121,880.3	D(2)
Ordinary Shares	06/15/2026		F		18,294.3(3)	D	$4.64	103,586	D(2)
Ordinary Shares								375,000	I	By Trust
Ordinary Shares								7,647,727	I	By LLC
Ordinary Shares								888,563	I	By LLC

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)	06/15/2026		M			121,880.3	(1)	(1)	Ordinary Shares	121,880.3	(1)	2,094,826.1	D(2)

Explanation of Responses:

1. Represents settlement of phantom RSUs ("Phantom RSUs") held under the Burford Capital Deferred Compensation Plan. Each Phantom RSU converted into an Ordinary Share on a one-for-one basis.

2. The transactions reported in this Form 4 do not include transactions reported separately by Elizabeth O'Connell, the reporting person's spouse, who is also an executive officer of Burford Capital Limited.

3. Represents satisfaction of tax withholding obligations upon settlement of Phantom RSUs.

Remarks:

	/s/ Paul Mysliwiec, as attorney-in-fact	06/17/2026
	** 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 activity did Burford Capital (BUR) report for Christopher P. Bogart?

Burford Capital reported that CEO Christopher P. Bogart settled 121,880.3 Phantom RSUs into Ordinary Shares and had 18,294.3 of those shares withheld to satisfy tax obligations. The remaining shares increased his directly held Ordinary Share position to 103,586 shares.

Did Christopher P. Bogart buy or sell Burford Capital (BUR) shares on the market?

The filing does not show open-market purchases or sales. It reports an RSU settlement and an "F"-code tax-withholding disposition, where 18,294.3 shares were withheld at $4.64 per share to cover taxes on 121,880.3 Phantom RSUs converting into Ordinary Shares.

How many Burford Capital shares did Bogart receive from Phantom RSUs?

Bogart exercised 121,880.3 Phantom RSUs, each converting into one Burford Capital Ordinary Share on a one-for-one basis. After 18,294.3 shares were withheld for tax obligations, his directly held Ordinary Shares totaled 103,586, reflecting the net effect of this compensation-related transaction.

What are Christopher P. Bogart’s indirect Burford Capital share holdings?

Bogart reports significant indirect ownership through entities. One LLC holds 888,563 Ordinary Shares, another LLC holds 7,647,727 shares, and a trust holds 375,000 shares. These positions are reported as indirect beneficial ownership and reflect how his equity interest is structured across related entities.

How many Phantom RSUs remain for Christopher P. Bogart after this Burford Capital transaction?

After the settlement of 121,880.3 Phantom RSUs into Ordinary Shares, the filing shows 2,094,826.1 Phantom RSUs remaining. These units continue to represent deferred equity-based compensation tied to Burford Capital, separate from his directly and indirectly held Ordinary Shares.

What does the tax withholding in Bogart’s Burford Capital Form 4 mean for investors?

The tax withholding represents 18,294.3 shares used to satisfy tax obligations from RSU settlement, not an open-market sale. Such "F"-code dispositions are common in equity compensation plans and generally reflect tax compliance mechanics rather than a change in the insider’s investment stance.