Burford Capital (BUR) CIO gains 36,425 shares as RSU and PSU awards vest

Rhea-AI Filing Summary

Burford Capital Ltd’s Chief Investment Officer-International, Craig Arnott, reported the vesting and exercise of equity awards into ordinary shares on March 26, 2026. These were compensation-related events rather than open-market trades.

An award of 18,437 RSUs granted on March 22, 2023 vested in full on its third anniversary, and 14,197 performance-based RSUs from the same grant vested at 77% of target after certification of financial performance metrics. In addition, 3,791 RSUs from a grant dated March 13, 2025 also vested. Each RSU or PSU converted into one ordinary share at an exercise price of $0.00 per share.

After these conversions, Arnott directly owns 303,429 ordinary shares of Burford Capital. No shares were sold, gifted, or withheld for taxes in these transactions, so the activity reflects equity awards turning into outright share ownership.

Insider Trade Summary

36,425 shares exercised/converted

Mixed 6 txns

Insider Arnott Craig

Role Chief Investment Officer-Int'l

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	--

Holdings After Transaction: RSUs — 218,018 shares (Direct); PSUs — 203,821 shares (Direct); Ordinary shares, no par value ("Ordinary Shares") — 285,441 shares (Direct); Ordinary Shares — 299,638 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.

Key Figures

RSUs vested (2023 grant): 18,437 shares Performance-based RSUs vested: 14,197 shares RSUs vested (2025 grant tranche): 3,791 shares +3 more

6 metrics

RSUs vested (2023 grant) 18,437 shares RSUs granted March 22, 2023; vested in full on third anniversary

Performance-based RSUs vested 14,197 shares PSUs granted March 22, 2023; vested at 77% of target

RSUs vested (2025 grant tranche) 3,791 shares One-third of RSUs granted March 13, 2025 vested

Total awards converted 36,425 shares Sum of vested RSUs and PSUs converting to ordinary shares

Exercise price $0.00 per share Conversion price for RSUs and PSUs into ordinary shares

Shares held after transactions 303,429 shares Direct ordinary share ownership after all conversions

Key Terms

RSUs, performance-based RSUs, PSUs, vested at 77% of target level, +2 more

6 terms

RSUs financial

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

RSUs, or restricted stock units, are a form of company shares given to employees as part of their compensation. They are typically awarded with certain restrictions, such as a waiting period before they can be fully owned or sold, similar to earning a gift that becomes fully yours over time. For investors, RSUs can impact a company's stock offerings and reflect how much the company relies on stock-based incentives to attract and retain talent.

performance-based RSUs financial

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

Performance-based restricted stock units (RSUs) are promises to deliver company shares to employees only if the business meets specific goals, such as revenue, profit, stock-price targets, or strategic milestones. For investors, they matter because they change future share supply and align management incentives with company results—like a salesperson whose bonus only pays out when sales targets are hit—so they can affect earnings, dilution, and confidence in leadership.

PSUs financial

"performance-based RSUs ("PSUs") granted on March 22, 2023 that vested at 77% of target level"

PSUs are company shares promised to employees or executives that only become actual stock if the business hits specific performance targets over a set period. For investors, PSUs matter because they link pay to measurable outcomes — similar to a conditional bonus that converts into ownership — which can influence management decisions, dilution of shares, and signals about confidence in future results.

vested at 77% of target level financial

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

Exercise or conversion of derivative security financial

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

Ordinary Shares financial

"Each RSU converts into an Ordinary Share on a one-for-one basis"

Ordinary shares are a type of ownership stake in a company, giving shareholders a right to participate in the company’s profits and decision-making through voting. They are similar to owning a piece of a business, and their value can rise or fall based on the company's performance. Investors buy ordinary shares to potentially earn dividends and benefit from the company's growth over time.

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^*

Arnott Craig

(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 Investment Officer-Int'l

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	285,441	D
Ordinary Shares	03/26/2026		M		14,197(2)	A	$0	299,638	D
Ordinary Shares	03/26/2026		M		3,791(3)	A	$0	303,429	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	218,018	D
PSUs	(2)	03/26/2026		M			14,197	(2)	(2)	Ordinary Shares	14,197	$0	203,821	D
RSUs	(3)	03/26/2026		M			3,791	(3)	(3)	Ordinary Shares	3,791	$0	200,030	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.

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 did Burford Capital (BUR) executive Craig Arnott do in this insider report?

Craig Arnott received ordinary shares through vesting of prior equity awards. Restricted and performance-based share units granted in 2023 and 2025 converted one-for-one into ordinary shares at $0.00 per share, increasing his direct ownership without any open-market buying or selling.

How many Burford Capital (BUR) shares did Craig Arnott acquire through these awards?

Craig Arnott acquired 36,425 ordinary shares in total from vesting awards. This came from 18,437 RSUs, 14,197 performance-based RSUs, and 3,791 RSUs, each converting into one ordinary share as part of his compensation rather than through market purchases.

What are the details of the performance-based RSUs in this Burford Capital (BUR) transaction?

The performance-based RSUs were granted on March 22, 2023 and vested at 77% of their target level. Upon certification of the relevant financial performance metrics, 14,197 performance-based RSUs converted into an equal number of ordinary shares, all at an exercise price of $0.00 per share.

Did Craig Arnott sell any Burford Capital (BUR) shares in this insider activity?

No, there were no share sales disclosed in this activity. The transactions solely show vesting and conversion of RSUs and performance-based RSUs into ordinary shares, with no codes indicating open-market sales, gifts, restructuring, or tax-withholding dispositions.

What is Craig Arnott’s Burford Capital (BUR) shareholding after these transactions?

After the vesting and conversions, Craig Arnott directly holds 303,429 ordinary shares. This figure reflects his position following the addition of all newly converted shares from RSU and performance-based RSU awards, as shown in the post-transaction share balances.

At what price did the Burford Capital (BUR) awards convert to ordinary shares?

All RSUs and performance-based RSUs converted into ordinary shares at $0.00 per share. This reflects the nature of these equity awards as compensation, where the executive receives shares without paying a cash exercise price in the market.