Burford Capital grants 10,294 Phantom RSUs to Vice Chair

Burford Capital Ltd reported an equity-based compensation transaction involving one of its officers.

Rhea-AI Filing Summary

Burford Capital Ltd reported an equity-based compensation transaction involving one of its officers. Vice Chair Mr. Perla acquired a total of 10,294 phantom restricted share units ("Phantom RSUs") on December 5, 2025 under the Burford Capital Deferred Compensation Plan. This reflects a purchase of 9,706 Phantom RSUs by Mr. Perla and a matching contribution of 588 Phantom RSUs by the company.

The Phantom RSUs vest on November 7, 2027, subject to Mr. Perla’s continued employment through that date. Each Phantom RSU represents a contingent right to receive the economic equivalent of one Burford ordinary share, which may be settled in cash or ordinary shares in line with the plan’s terms.

Insider Trade Summary

Discretionary: 10,294 shares

Discretionary 1 txn

Insider Perla David

Role Vice Chair

Type	Security	Shares	Price	Value
Discretionary	Phantom RSUs	10,294	$9.29	$96K

Holdings After Transaction: Phantom RSUs — 217,658.2 contracts (Direct)

Footnotes (1)

1. F1. Represents a purchase of 9,706.0 phantom restricted share units ("Phantom RSUs") by Mr. Perla under the Burford Capital Deferred Compensation Plan (the "NQDC Plan") and a matching contribution by Burford Capital Limited (the "Company") of 588.0 Phantom RSUs, which vest on November 7, 2027, in accordance with the NQDC Plan, subject to Mr. Perla'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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Burford Capital (BUR) disclose in this Form 4?

The filing discloses that Vice Chair Mr. Perla acquired 10,294 Phantom RSUs on December 5, 2025 under Burford Capital’s Deferred Compensation Plan.

How many Phantom RSUs did the Burford Capital (BUR) officer purchase and how many were matched by the company?

Mr. Perla purchased 9,706.0 Phantom RSUs, and Burford Capital Limited made a matching contribution of 588.0 Phantom RSUs, for a total of 10,294 Phantom RSUs.

When do the Phantom RSUs granted to the Burford Capital (BUR) officer vest?

The Phantom RSUs vest on November 7, 2027, in accordance with the Burford Capital Deferred Compensation Plan, subject to Mr. Perla’s continued employment through that date.

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

Each Phantom RSU represents a contingent right to receive the economic equivalent of one ordinary share of Burford Capital Limited, which may be paid in cash or ordinary shares under the plan terms.

Is the Burford Capital (BUR) insider transaction direct or indirect ownership?

The Form 4 indicates that following the transaction, the 217,658.2 derivative securities (including the Phantom RSUs) are held with direct (D) ownership.

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

The Phantom RSUs are held under the Burford Capital Deferred Compensation Plan, also referred to as the NQDC Plan in the filing.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 12/09/2025 - 05:18 PM Learn about SEC filing dates

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^*

Perla 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)
	Vice Chair

3. Date of Earliest Transaction (Month/Day/Year)
12/05/2025

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)	12/05/2025		I		10,294		(1)	(1)	Ordinary Shares	10,294	$9.29	217,658.2	D

Explanation of Responses:

1. Represents a purchase of 9,706.0 phantom restricted share units ("Phantom RSUs") by Mr. Perla under the Burford Capital Deferred Compensation Plan (the "NQDC Plan") and a matching contribution by Burford Capital Limited (the "Company") of 588.0 Phantom RSUs, which vest on November 7, 2027, in accordance with the NQDC Plan, subject to Mr. Perla'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	12/09/2025
	** 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.