Burford Capital Limited reported a sharp swing to a large loss for the three months ended March 31, 2026, driven by a reversal in its largest litigation asset. Total revenues were a negative $1,720,374 thousand, compared with positive $118,859 thousand a year earlier, as capital provision income turned into a $2,498,765 thousand loss.
This included a $2.4 billion capital provision loss tied to the YPF Judgment Reversal, which slashed the fair value of YPF-related assets and cut total capital provision assets to $3,120,499 thousand from $5,609,949 thousand at year-end 2025. Net loss attributable to shareholders was $1,632,069 thousand, or $7.46 per basic and diluted share, versus net income of $30,929 thousand, or $0.14 per share, in the prior-year quarter.
Total assets fell to $4,269,593 thousand from $6,641,172 thousand, and Burford Capital Limited equity dropped to $827,926 thousand from $2,448,022 thousand. Despite this, cash and cash equivalents rose to $702,576 thousand, supported by the issuance of $500,000 thousand of 8.50% senior notes due 2034 and the redemption of the 5.000% bonds due 2026, leaving debt payable at $2,401,757 thousand.
Burford Capital reported a GAAP net loss of $1,633 million for 1Q26, driven mainly by a large non-cash write-down of its YPF-related assets following an adverse US appeal ruling. Capital provision income was a loss of $1,669 million on a Burford-only basis, reflecting this valuation hit.
Management cut the Burford-only fair value of YPF-related assets to $93 million, but noted the case has already generated $236 million in cash proceeds and more than $100 million in profit and is being pursued through international arbitration. Outside YPF, the Principal Finance portfolio (excluding YPF) had deployed cost of $1,747 million and fair value of $2,137 million, and Burford ended the quarter with $740 million of cash and marketable securities against debt of $2,402 million, a debt-to-net tangible equity ratio of 3.5x.
Burford Capital Limited is asking shareholders to vote at its May 13, 2026 annual meeting on director elections, executive pay, auditor matters, a final dividend and share capital authorities. Seven directors, including one new nominee, will stand for one‑year terms, with an independent chair and majority‑independent board.
Shareholders are asked to approve a final dividend of 6.25¢ per ordinary share, payable on June 12, 2026 to holders of record on May 22, 2026, with currency election mechanics for US and AIM investors. Proposals also cover reappointing KPMG as external auditor, an advisory Say‑on‑Pay vote, authorization to issue shares and repurchase shares, and special resolutions to disapply pre‑emption rights for certain cash issuances and capital investments.
Burford Capital Ltd Chief Executive Officer Christopher P. Bogart reported equity compensation activity, not open-market trading. On March 26, 2026, he exercised 107,568 RSUs and 82,829 PSUs into Ordinary Shares at a conversion price of $0.00 per share. According to his elections under Burford’s nonqualified deferred compensation plan, these vested awards were converted into 107,568 and 81,725 Phantom RSUs, each tracking one Ordinary Share. To satisfy tax withholding on vesting, 1,104 Ordinary Shares were withheld at $7.70 per share, which is a non‑market, tax-payment event. The filing also lists indirect holdings of Ordinary Shares held by a trust and LLCs in amounts of 375,000, 7,647,727 and 888,563 shares as of the reported date.
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.
Burford Capital’s Chief Strategy Officer Elizabeth O’Connell reported multiple equity-compensation events tied to prior awards. She exercised RSU and PSU awards to acquire 36,425 Ordinary Shares at a zero exercise price as those awards vested under the company’s policies and performance criteria.
To cover related tax obligations, 13,029 Ordinary Shares were withheld at $7.70 per share. She also converted 3,791 RSUs into 3,791 Phantom RSUs under Burford’s Deferred Compensation Plan, deferring receipt of those shares. Following these transactions, 54,359 Ordinary Shares are held indirectly via her revocable trust, and 392,836.5 RSU- and PSU-based rights remain directly outstanding.
Burford Capital’s Chief Accounting Officer, Charles Utley, reported RSU vesting that converted into Ordinary Shares. An award of 16,962 restricted share units granted on March 22, 2023 vested in full on the third anniversary, and 4,044 RSUs from a March 13, 2025 grant also vested, with each RSU converting into one Ordinary Share at no exercise price.
To cover tax obligations on this vesting, 8,466 Ordinary Shares were delivered back to the company at $7.70 per share, a tax-withholding disposition rather than an open-market sale. After these transactions, Utley directly holds 31,401 Ordinary Shares, reflecting routine equity compensation and related tax settlement.
Burford Capital Ltd vice chair Perla David reported multiple equity compensation events. On March 26, 2026, RSUs and PSUs covering 35,320 Ordinary Shares vested and were converted into Ordinary Shares. Of these, 1,739 shares were withheld at $7.70 per share to satisfy tax obligations.
Perla David elected to defer receipt of all Ordinary Shares from certain 2023 RSU and PSU awards into the Burford Capital Deferred Compensation Plan, receiving 18,003 and 13,863 Phantom RSUs, respectively. Following these transactions, Perla David directly holds 81,119 Ordinary Shares and maintains additional deferred Phantom RSU interests linked one-for-one to Ordinary Shares.
Burford Capital’s Chief Financial Officer Jordan David Licht reported equity compensation vesting rather than open‑market trading. Restricted share units and performance-based RSUs granted in 2023 and 2025 vested into 36,425 Ordinary Shares, with PSUs vesting at 77% of target.
To cover tax obligations on the vesting, 18,597 Ordinary Shares were withheld at $7.70 per share through net settlement, a non-market disposition. Following these transactions, Licht holds 68,350 Ordinary Shares directly, plus substantial outstanding RSU and PSU awards.