Burford Capital AIM:BUR
- Founded
- 2009 · New York, USA / London, England
- Incorporated
- Guernsey
- Chief executive
- Christopher Bogart
- Reports in
- USD
The world's largest litigation finance company, funding commercial disputes and arbitration in exchange for a share of recoveries, alongside asset recovery and legal risk management services. Dual-listed on NYSE and AIM; its largest single asset is the multi-billion-dollar YPF judgment against Argentina.
Read straight from the annual reports
268c at close on 2 Oct 2026 · 8 reported years, 2018–2025
| Line | FY201812/18 | FY201912/19 | FY202012/20 | FY202112/21 | FY202212/22 | FY202312/23 | FY202412/24 | FY202512/25 | FY2026unreported |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | |||||
| Operating profit | later 233.8 | vs 242.0 | vs 68.6 | ||||||
| Net finance cost | vs 39.0 | vs 78.3 | |||||||
| Profit before tax | later 194.2 | vs 201.7 | vs 2.8 | ||||||
| Tax charge | vs 9.7 | ||||||||
| Profit for the year | later 180.8 | vs 164.8 | vs (28.8) | ||||||
| EBITDA | — | — | — | — | — | — | |||
| Basic EPS | |||||||||
| Diluted EPS | |||||||||
| Dividend per share |
USD millions, negatives in brackets. Per-share lines in cents, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
4 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
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Capital provision income/(loss) on legal finance assets (realized and unrealized gains from litigation/arbitration case resolutions)
Capital provision income/(loss) of $476,813k in 2025 vs $552,066k in 2024 and $1,341,923k in 2023; comprises net realized gains and fair value adjustments
page 136Asset management fee and performance-fee income from third-party private funds
Total asset management income $6,312k (2025): management fee income $5,112k plus performance fee income $1,200k
page 137Long-term incentive compensation (phantom carry pool) scales with realized gains on capital provision assets
Long-term incentive compensation including accruals rose to $43,622k in 2025 from $43,209k in 2024 and is directly linked to realized capital provision gains
page 137Rising finance costs on increased debt issuance
Total finance costs of $151,015k in 2025 vs $135,593k in 2024 and $99,135k in 2023, reflecting new debt issuance including the $500m 2033 Notes
page 140New definitive commitments increased by 39% compared to 2024; the base portfolio grew by 20%, ahead of the pace needed to double it by 2030.
page 2On January 15, 2026, Burford Capital Global Finance LLC issued $500.0 million aggregate principal amount of 8.50% Senior Notes due 2034
page 160Dividends are discretionary, declared by the Board typically as an interim and final dividend each year; no dividend may exceed the amount recommended by the Board. Total dividends of $0.1250 per ordinary share were declared for each of FY2025, FY2024 and FY2023 (6.25 cents interim + 6.25 cents final). A final dividend of 6.25 cents per share was declared February 25, 2026 for payment June 12, 2026, subject to shareholder approval.
page 152KPMG LLP (auditor since 2024) issued an unqualified/unmodified opinion on the FY2025 and FY2024 consolidated financial statements and on internal control over financial reporting; Ernst & Young LLP (prior auditor) issued an unmodified opinion on the FY2023 comparative financial statements. The critical audit matter identified was the fair value measurement of Level 3 capital provision assets ($5,604 million of $5,610 million total). No going concern qualification was raised.
page 104- High concentration in YPF-related assets (~46% of consolidated capital provision asset fair value) and other correlated case exposuresp.37
- Illiquidity of legal finance assets, which are difficult to value or sell if capital needs to be raised quicklyp.37
- Commitments in excess of available capital, requiring reliance on external capital raising to meet drawdownsp.37
- Changes in market conditions could impair ability to obtain external capital or refinance outstanding debt on attractive termsp.38
Read from C000227-AR-2025-sec-ars.
8 annual reports read, FY2019 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: SEC EDGAR (7), Company website (1)
FY2026Next report expected 5 Apr 2027