Burford Capital (NYSE: BUR) CIO converts RSUs and PSUs to phantom units

Rhea-AI Filing Summary

Burford Capital Ltd Chief Investment Officer Jonathan Molot reported equity compensation activity involving restricted and performance share units. On March 26, 2026, 107,568 RSUs and 82,829 PSUs vested and were effectively converted into phantom RSUs under Burford’s Deferred Compensation Plan, giving him rights tied to the value of the company’s Ordinary Shares.

In connection with vesting, 1,104 Ordinary Shares were withheld at $7.70 per share to satisfy tax obligations, which is a non-market disposition. Following these transactions, Molot directly holds 3,406,625 Ordinary Shares and indirectly holds 6,000,000 Ordinary Shares through an LLC, reflecting a substantial ongoing equity stake.

Insider Trade Summary

190,397 shares exercised/converted

Mixed 6 txns

Insider Molot Jonathan Todd

Role Chief Investment Officer

Type	Security	Shares	Price	Value
Exercise	RSUs	107,568	$0.00	--
Grant/Award	Phantom RSUs	107,568	$0.00	--
Exercise	PSUs	82,829	$0.00	--
Grant/Award	Phantom RSUs	81,725	$0.00	--
Tax Withholding	Ordinary shares, no par value ("Ordinary Shares")	1,104	$7.70	$9K
holding	Ordinary Shares	--	--	--

Holdings After Transaction: RSUs — 2,203,279 shares (Direct); Phantom RSUs — 2,310,847 shares (Direct); PSUs — 2,228,018 shares (Direct); Ordinary shares, no par value ("Ordinary Shares") — 3,406,625 shares (Direct); Ordinary Shares — 6,000,000 shares (Indirect, By LLC)

Footnotes (1)

1. Represents satisfaction of tax withholding obligations by net settlement of Ordinary Shares upon vesting of performance-based restricted share units ("PSUs"). Represents an award of restricted share units ("RSUs") granted on March 22, 2023 that vested in full on August 10, 2025, due to the reporting person becoming retirement eligible under Burford Capital Limited's retirement policy in effect from time to time, with settlement to occur in the form of Ordinary Shares on a one-for-one-basis on the third anniversary of the grant date in accordance with the ordinary vesting schedule. Notwithstanding the foregoing, the reporting person has elected to defer receipt of 100% of Ordinary Shares deliverable upon the scheduled vesting date of the RSUs pursuant to the Burford Capital Deferred Compensation Plan (the "NQDC Plan"), resulting in the reporting person's receipt of 107,568 phantom RSUs ("Phantom RSUs"). Represents the conversion of 107,568 RSUs into Phantom RSUs, on a one-for-one basis, under the NQDC Plan. Each Phantom RSU represents a contingent right to receive the economic equivalent of one Ordinary Share, which may be paid in cash or settled in an Ordinary Share in accordance with the terms of the NQDC Plan. Represents vesting of an award of PSUs granted on March 22, 2023 that vested at 77% of target level upon certification of achievement of the financial performance metrics. The reporting person has elected to defer receipt of 100% of Ordinary Shares deliverable upon vesting of the PSUs pursuant to the NQDC Plan, resulting in the reporting person's receipt of 81,725 Phantom RSUs. Represents the conversion of 81,725 PSUs into Phantom RSUs, on a one-for-one basis, under the NQDC Plan. Each Phantom RSU represents a contingent right to receive the economic equivalent of one Ordinary Share, which may be paid in cash or settled in an Ordinary Share in accordance with the terms of the NQDC Plan.

Key Figures

RSUs vested: 107,568 units PSUs vested: 82,829 units Tax withholding shares: 1,104 shares at $7.70 +3 more

6 metrics

RSUs vested 107,568 units RSUs granted March 22, 2023, vested and deferred into Phantom RSUs

PSUs vested 82,829 units PSUs vested at 77% of target and were deferred into Phantom RSUs

Tax withholding shares 1,104 shares at $7.70 Ordinary Shares withheld to satisfy tax obligations on vesting

Direct Ordinary Shares held 3,406,625 shares Total direct Ordinary Share holdings after reported transactions

Indirect Ordinary Shares held 6,000,000 shares Indirect holdings through an LLC after reported transactions

Derivative exercises 190,397 units Total RSUs and PSUs exercised/converted on March 26, 2026

Key Terms

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

5 terms

Phantom RSUs financial

"resulting in the reporting person's receipt of 107,568 phantom RSUs ("Phantom RSUs")."

PSUs financial

"vesting of an award of 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.

Deferred Compensation Plan financial

"pursuant to the Burford Capital Deferred Compensation Plan (the "NQDC Plan")"

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 by net settlement of Ordinary Shares"

retirement eligible financial

"vested in full on August 10, 2025, due to the reporting person becoming retirement eligible"

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^*

Molot Jonathan Todd

(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

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		F		1,104(1)	D	$7.7	3,406,625	D
Ordinary Shares								6,000,000	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
RSUs	(2)	03/26/2026		M			107,568	(2)	(2)	Ordinary Shares	107,568	$0	2,203,279	D
Phantom RSUs	(3)	03/26/2026		A		107,568		(3)	(3)	Ordinary Shares	107,568	$0	2,310,847	D
PSUs	(4)	03/26/2026		M			82,829	(4)	(4)	Ordinary Shares	82,829	$0	2,228,018	D
Phantom RSUs	(5)	03/26/2026		A		81,725		(5)	(5)	Ordinary Shares	81,725	$0	2,309,743	D

Explanation of Responses:

1. Represents satisfaction of tax withholding obligations by net settlement of Ordinary Shares upon vesting of performance-based restricted share units ("PSUs").

2. Represents an award of restricted share units ("RSUs") granted on March 22, 2023 that vested in full on August 10, 2025, due to the reporting person becoming retirement eligible under Burford Capital Limited's retirement policy in effect from time to time, with settlement to occur in the form of Ordinary Shares on a one-for-one-basis on the third anniversary of the grant date in accordance with the ordinary vesting schedule. Notwithstanding the foregoing, the reporting person has elected to defer receipt of 100% of Ordinary Shares deliverable upon the scheduled vesting date of the RSUs pursuant to the Burford Capital Deferred Compensation Plan (the "NQDC Plan"), resulting in the reporting person's receipt of 107,568 phantom RSUs ("Phantom RSUs").

3. Represents the conversion of 107,568 RSUs into Phantom RSUs, on a one-for-one basis, under the NQDC Plan. Each Phantom RSU represents a contingent right to receive the economic equivalent of one Ordinary Share, which may be paid in cash or settled in an Ordinary Share in accordance with the terms of the NQDC Plan.

4. Represents vesting of an award of PSUs granted on March 22, 2023 that vested at 77% of target level upon certification of achievement of the financial performance metrics. The reporting person has elected to defer receipt of 100% of Ordinary Shares deliverable upon vesting of the PSUs pursuant to the NQDC Plan, resulting in the reporting person's receipt of 81,725 Phantom RSUs.

5. Represents the conversion of 81,725 PSUs into Phantom RSUs, on a one-for-one basis, under the NQDC Plan. Each Phantom RSU represents a contingent right to receive the economic equivalent of one Ordinary Share, which may be paid in cash or settled in an Ordinary Share in accordance with the terms of the NQDC Plan.

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 insider transactions did Burford Capital (BUR) CIO Jonathan Molot report?

Jonathan Molot reported vesting and conversion of RSUs and PSUs into phantom RSUs and a small tax-related share withholding. These are compensation and deferral events, not open-market trades, and reflect ongoing equity-based incentives tied to Burford Capital’s Ordinary Shares.

How many RSUs and PSUs vested for Burford Capital (BUR) CIO Jonathan Molot?

107,568 restricted share units and 82,829 performance share units vested for Jonathan Molot. The PSUs vested at 77% of target after performance certification, and both awards were deferred into phantom RSUs under Burford Capital’s nonqualified deferred compensation plan.

What are Phantom RSUs in the Burford Capital (BUR) Form 4 filing?

Phantom RSUs are units that track the economic value of one Ordinary Share but may be settled in cash or shares. For Jonathan Molot, vested RSUs and PSUs were converted one-for-one into Phantom RSUs under Burford’s Deferred Compensation Plan, deferring actual share delivery.

Did the Burford Capital (BUR) CIO sell any shares in the open market?

The filing shows 1,104 Ordinary Shares were disposed of solely to satisfy tax withholding at $7.70 per share. This is a non-market, administrative transaction, not a discretionary open-market sale, and is standard when equity awards vest and trigger tax obligations.

What are Jonathan Molot’s holdings in Burford Capital (BUR) after these transactions?

After the reported transactions, Jonathan Molot directly holds 3,406,625 Ordinary Shares and indirectly holds 6,000,000 Ordinary Shares through an LLC. He also holds phantom RSUs that mirror Ordinary Share value, demonstrating a large, ongoing exposure to Burford Capital’s equity performance.