Burford Capital Ltd (BUR) SEC Filings, Jan-Mar 2026

Arnott Craig reported acquisition or exercise transactions in this Form 4 filing.

Burford Capital Ltd granted Chief Investment Officer–International Craig Arnott 156,287 restricted share units (RSUs) on March 5, 2026 under its 2025 Omnibus Incentive Compensation Plan. Following this grant, he holds 236,455 RSUs directly.

The RSUs vest in five equal installments, with vesting dates on March 22, 2027, March 15, 2028, March 15, 2029, March 15, 2030, and March 15, 2031, in each case conditioned on his continued employment. Each RSU represents a contingent right to receive one ordinary share of Burford Capital.

Perla David reported acquisition or exercise transactions in this Form 4 filing.

Burford Capital Ltd Vice Chair David Perla reported an equity compensation award on a Form 4. On March 5, 2026, he received a grant of 4,240 restricted share units (RSUs) at $8.55 per unit under the Burford Capital Limited 2025 Omnibus Incentive Compensation Plan.

Each RSU represents a contingent right to receive one ordinary share of the company. The RSUs vest in five equal installments between March 22, 2027 and March 15, 2031, subject to Mr. Perla’s continued employment. Following this grant, his directly held derivative securities total 221,898.2 units.

Utley Charles reported acquisition or exercise transactions in this Form 4 filing.

Burford Capital Ltd reported that Chief Accounting Officer Charles Utley received a grant of 18,714 restricted share units (RSUs) on March 5, 2026 under the company’s 2025 Omnibus Incentive Compensation Plan at a reference price of $8.55 per unit.

The RSUs vest in scheduled installments, with portions vesting on March 22, 2027, March 15, 2028, and March 15, 2029, subject to Mr. Utley’s continued employment. Following this award, Mr. Utley holds a total of 57,397 RSUs, each representing a contingent right to receive one ordinary share of Burford Capital.

Burford Capital Limited updated the employment terms of its current President, Aviva Will. Effective March 11, 2026, she will transition from President to Vice Chair and will no longer serve as an executive officer of the company.

Under the amended and restated employment agreement, Ms. Will’s new role has a two-year term with an annual base salary of $1,000,000 and eligibility for employee benefit plans. She will receive a one-time cash retention payment of $1,762,984.88, a one-time grant of restricted share units valued at $300,000, an additional grant of 4,240 RSUs, and carried interest for the 2025 vintage year at the same level as in 2024.

If Burford terminates her employment without cause, she is entitled to a cash severance equal to the greater of $1,000,000 or her remaining base salary for the initial term, plus up to twelve months of continued health coverage for any termination. The agreement also includes ongoing confidentiality and non-disparagement obligations, and one-year non-compete and non-solicitation covenants after employment ends.

Burford Capital Limited filed its Annual Report describing its 2025 operations as a large, Guernsey‑incorporated legal finance specialist listed in New York and London. The company focuses on funding large, complex disputes and related legal assets rather than small consumer cases.

Burford reports a diversified group‑wide legal finance portfolio of $7.5 billion and says it has committed more than $12.1 billion to legal finance assets since 2009. As of June 30, 2025, non‑affiliate shareholdings had a market value of about $2.84 billion, with 218,897,440 ordinary shares outstanding as of February 19, 2026.

The report outlines a two‑segment structure: Principal Finance, which invests Burford’s balance sheet capital, and Asset Management and Other Services, which manages $3.2 billion of third‑party capital. It also explains Burford‑only and other non‑GAAP metrics, key performance indicators and extensive risk factors tied to litigation outcomes, valuation, regulation, funding and technology.

Burford Capital Limited reported mixed 2025 results, combining solid full-year profitability with a weak fourth quarter. For FY25, consolidated GAAP net income was $72 million, with $63 million attributable to Burford shareholders, down from $146 million a year earlier. 4Q25 swung to a loss of $(50) million consolidated and $(37) million attributable, reflecting extended case durations and unrealized fair value losses.

Capital provision income was $331 million in FY25, a 15% decline from $388 million, while cash receipts were $530 million versus $699 million in 2024, still highlighting strong cash generation from realizations. New definitive commitments rose 39% to $872 million and deployments increased to $459 million, supporting portfolio growth. Modeled realizations (excluding YPF) increased by about $700 million to $5.2 billion, with an implied modeled ROIC of 110%.

Book value per share at year-end was $11.18 and tangible book value per share was $10.57. Debt payable stood at $2.13 billion, with liquidity of $621 million in cash and marketable securities. The board declared a final dividend of $0.0625 per ordinary share for 2025, payable June 12, 2026 to shareholders of record on May 22, 2026, subject to shareholder approval. The company also highlighted a three-year rolling ROTCE of 13% and a fair value of $1.7 billion for its YPF-related assets as of December 31, 2025.

Orbis Investment Management Ltd and Allan Gray Australia Pty Ltd filed an amended Schedule 13G reporting beneficial ownership of 17,940,391 Burford Capital Ltd common shares, representing 8.2% of the class. Orbis holds 17,741,246 shares with sole voting and dispositive power, while Allan Gray holds 199,145 shares with sole authority.

The firms state the securities are held in the ordinary course of business and not for the purpose of changing or influencing control of Burford. They classify themselves as non-U.S. institutions equivalent to investment advisers, and each disclaims beneficial ownership of shares held by the other.

Burford Capital Ltd received a Schedule 13G from Conifer Management, L.L.C. reporting a sizable institutional position. Conifer, a Delaware-based investment adviser, reports beneficial ownership of 12,148,278 ordinary shares, representing 5.6% of Burford’s outstanding class as of the event date.

Conifer reports sole voting and sole dispositive power over all 12,148,278 shares, with no shared power. The firm states the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Burford Capital.

Burford Capital Limited disclosed that its indirect subsidiary Burford Capital Global Finance LLC has closed a private offering of $500,000,000 aggregate principal amount of 8.50% senior notes due 2034. The notes are guaranteed on a senior unsecured basis by Burford Capital and were issued under an indenture dated January 15, 2026 with U.S. Bank Trust Company, National Association, as trustee.

Burford Capital intends to use the net proceeds to redeem its 5.000% bonds due 2026 and for general corporate purposes, which may include repaying or retiring other existing debt. The new notes pay interest at 8.50% per annum, with semi-annual payments each January 15 and July 15, starting on July 15, 2026, to holders of record on the preceding January 1 and July 1.

The notes mature on January 15, 2034 but may be redeemed by the issuer, in whole or in part, before maturity as described in the indenture. Burford Capital PLC has issued a notice to redeem all outstanding 2026 bonds, with redemption scheduled for January 30, 2026, aligning the new financing with the upcoming bond maturity.