Burford Capital (BUR) GC gains 36,425 shares via RSU and PSU vesting

Rhea-AI Filing Summary

Burford Capital Ltd reported that GC & Chief Administrative Officer Mark N. Klein received ordinary shares through vesting of equity awards. On March 26, 2026, he acquired 36,425 ordinary shares from the vesting and conversion of RSUs and PSUs granted in prior years, all at a conversion price of $0.00 per share.

The RSUs and performance-based RSUs were granted in March 2023 and March 2025 and convert into ordinary shares on a one-for-one basis. A separate transaction shows 18,148 ordinary shares were disposed of at $7.70 per share to satisfy tax withholding obligations upon vesting, rather than through an open-market sale. After these transactions, Klein directly holds 95,476 ordinary shares.

Insider Trade Summary

36,425 shares exercised/converted

Mixed 7 txns

Insider Klein Mark N.

Role GC&ChiefAdministrative 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	18,148	$7.70	$140K

Holdings After Transaction: RSUs — 115,339.5 shares (Direct); PSUs — 101,142.5 shares (Direct); Ordinary shares, no par value ("Ordinary Shares") — 95,636 shares (Direct); Ordinary Shares — 109,833 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

RSUs and PSUs converted: 36,425 shares RSU vesting (time-based, 2023 grant): 18,437 shares PSU vesting: 14,197 shares +4 more

7 metrics

RSUs and PSUs converted 36,425 shares Total ordinary shares from RSU and PSU vesting on March 26, 2026

RSU vesting (time-based, 2023 grant) 18,437 shares RSUs granted March 22, 2023, vested in full on third anniversary

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

RSU vesting (2025 grant) 3,791 shares One-third of RSUs granted March 13, 2025 vested into ordinary shares

Tax withholding shares 18,148 shares Ordinary shares net-settled to satisfy tax obligations at $7.70 per share

Tax withholding price $7.70 per share Value used for shares delivered to satisfy tax obligations

Post-transaction holdings 95,476 shares Ordinary shares directly held by Mark N. Klein after transactions

Key Terms

RSUs, PSUs, performance-based RSUs, tax withholding obligations, +1 more

5 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.

PSUs financial

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

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.

performance-based RSUs financial

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

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.

tax withholding obligations financial

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

net settlement financial

"satisfaction of tax withholding obligations by net settlement of Ordinary Shares upon vesting of RSUs and PSUs"

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^*

Klein Mark N.

(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)
	GC&ChiefAdministrative 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	95,636	D
Ordinary Shares	03/26/2026		M		14,197(2)	A	$0	109,833	D
Ordinary Shares	03/26/2026		M		3,791(3)	A	$0	113,624	D
Ordinary Shares	03/26/2026		F		18,148(4)	D	$7.7	95,476	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	115,339.5	D
PSUs	(2)	03/26/2026		M			14,197	(2)	(2)	Ordinary Shares	14,197	$0	101,142.5	D
RSUs	(3)	03/26/2026		M			3,791	(3)	(3)	Ordinary Shares	3,791	$0	97,351.5	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	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 Mark N. Klein?

Burford Capital reported that Mark N. Klein received ordinary shares from vesting RSU and PSU awards. On March 26, 2026, multiple RSU and PSU grants converted into 36,425 ordinary shares, reflecting routine equity compensation rather than open-market share purchases.

How many Burford Capital shares did Mark N. Klein acquire in this Form 4 filing?

Mark N. Klein acquired 36,425 ordinary shares through the vesting and conversion of RSUs and PSUs. These awards converted at a price of $0.00 per share, reflecting equity compensation granted in earlier years that settled into ordinary shares on March 26, 2026.

Why were some Burford Capital shares disposed of in Klein’s Form 4?

The Form 4 shows a disposal of 18,148 ordinary shares at $7.70 per share to cover tax withholding obligations. This F-code transaction is a net share settlement for taxes related to vested RSUs and PSUs, not an open-market sale indicating a change in investment view.

What are RSUs and PSUs in the Burford Capital (BUR) insider filing?

RSUs are restricted share units and PSUs are performance-based RSUs that convert into ordinary shares on a one-for-one basis. In this filing, RSUs vested based on time, while PSUs vested at 77% of target after certification of financial performance metrics set in March 2023.

How many Burford Capital shares does Mark N. Klein hold after these transactions?

After the March 26, 2026 transactions, Mark N. Klein directly holds 95,476 ordinary shares. This reflects the net result of RSU and PSU vesting into 36,425 shares and the tax withholding disposition of 18,148 shares used to satisfy related tax obligations on the vested awards.

Were the Burford Capital PSU awards fully earned in this Form 4 event?

The performance-based RSUs vested at 77% of their target level after financial performance metrics were certified. This means only part of the original PSU grant converted into ordinary shares, with the actual vesting level tied to Burford Capital’s achieved financial outcomes.