[Form 4] Burford Capital Ltd Insider Trading Activity

Rhea-AI Filing Summary

Jordan David Licht, Chief Financial Officer and director of Burford Capital Ltd (BUR), reported equity activity on 10/01/2025. Two awards granted on 9/30/2022 vested in full on their third anniversary: 51,606 restricted share units (RSUs) and 51,606 performance-based RSUs (PSUs), totaling 103,212 shares. To satisfy tax-withholding obligations, 52,690 ordinary shares were net-settled at a reported price of $12.11, leaving 50,522 ordinary shares beneficially owned after the transactions. The filing is signed by an attorney-in-fact on behalf of the reporting person.

Positive

• 103,212 total restricted/performance shares vested, increasing executive equity alignment
• Vesting awards were explicitly described as granted on 9/30/2022 and vested in full on the third anniversary

Negative

• A net settlement of 52,690 shares at $12.11 was executed to satisfy tax withholding, reducing holdings
• Post-transaction beneficial ownership stands at only 50,522 ordinary shares

Insights

Compensation Analyst

Large equity awards vested; net-share settlement used to cover taxes.

The filing shows the full vesting of an RSU award of 51,606 shares and a PSU award of 51,606, together totaling 103,212 vested shares from grants dated 9/30/2022.

To satisfy tax withholding, the company reported a net settlement of 52,690 shares at $12.11, reducing the reporting person’s post-transaction beneficial ownership to 50,522 shares. These are routine compensation mechanics explicitly disclosed in the form.

Corporate Governance Expert

Insider ownership changed materially via vesting and net settlement; no additional purchases or discretionary sales disclosed.

The transactions are coded as vesting (codes M) for both RSUs and PSUs and a disposition (code F) for tax withholding, all dated 10/01/2025. The document does not show purchases or open-market sales beyond the net settlement for taxes.

This filing provides a clear trace of executive compensation realization and resulting share count; there are no other disclosed transfers or derivative exercises in this report.

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

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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).

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)
10/01/2025

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
Ordinary shares, no par value ("Ordinary Shares")	10/01/2025		M		51,606(1)	A	$0	51,606	D
Ordinary Shares	10/01/2025		M		51,606(2)	A	$0	103,212	D
Ordinary Shares	10/01/2025		F		52,690(3)	D	$12.11	50,522	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)	10/01/2025		M			51,606	(1)	(1)	Ordinary Shares	51,606	$0	135,434.2	D
PSUs	(2)	10/01/2025		M			51,606	(2)	(2)	Ordinary Shares	51,606	$0	83,828.2	D

Explanation of Responses:

1. Represents vesting of an award of restricted share units ("RSUs") granted on September 30, 2022 that vested in full on the third anniversary of the grant date.

2. Represents vesting of an award of performance-based RSUs ("PSUs") granted on September 30, 2022 that vested in full on the third anniversary of the grant date upon achievement of the applicable performance conditions

3. 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	10/02/2025
	** 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).
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.

FAQ

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

The Form 4 reports full vesting of 51,606 RSUs and 51,606 PSUs on 10/01/2025, plus a net settlement of 52,690 shares at $12.11 for tax withholding.

How many total shares vested for the reporting person in the BUR Form 4?

A total of 103,212 ordinary shares vested (51,606 RSUs and 51,606 PSUs).

How many shares were sold or net-settled and at what price in the BUR filing?

The filing reports a net settlement of 52,690 shares at a price of $12.11 to satisfy tax withholding.

What is the reporting person’s beneficial ownership after the transactions?

The Form 4 shows beneficial ownership of 50,522 ordinary shares following the reported transactions.

When were the vested awards originally granted according to the Form 4?

Both the RSU and PSU awards were granted on 9/30/2022 and vested on their third anniversary.