Burford Capital Ltd (NYSE: BUR)

Burford Capital Limited is the world's largest dedicated provider of capital against the underlying value of litigation and legal assets, commonly referred to as legal finance. The company operates globally, serving the legal industry by offering financial products and services to businesses and law firms engaged in legal disputes. Its primary focus is on large, complex litigation, providing capital to cover legal fees and expenses or to monetize the expected future value of claims.

Burford Capital Limited generates revenue primarily through its Principal Finance segment, which allocates capital from its balance sheet to legal finance assets and earns income from the ultimate settlement, judgment, or award on funded claims. The company also generates revenue through its Asset Management and Other Services segment by managing legal finance assets on behalf of third-party investors and charging associated fees. Revenue is derived from a diversified portfolio of legal claims across various jurisdictions and practice areas.

Burford Capital Limited operates through the following segments: Principal Finance and Asset Management and Other Services.

• Principal Finance: This segment allocates capital to legal finance assets from the company's balance sheet, primarily as capital provision assets and through interests in private funds managed by the company. These investments generate capital provision income, which is the most significant driver of total revenues. The segment funds a broad portfolio encompassing high-value single or multiple litigation and arbitration matters at any stage, from pre-filing to post-judgment, and may provide capital directly to litigants or to law firms working on contingency or alternative fee bases.

• Asset Management and Other Services: This segment manages legal finance assets on behalf of third-party investors and provides additional services to the legal industry, earning fees for both activities. As of December 31, 2025, the segment managed total assets under management of $3.2 billion across eight private funds and three sidecar funds registered with the SEC. The segment includes the company's advisory subsidiary, BCIM, which is registered as an investment adviser with the SEC and oversees the private fund platform.

Burford Capital Limited holds a leading position in the legal finance industry, widely recognized as the largest provider based on portfolio size and the only pure-play legal finance company publicly listed in the United States. The company benefits from a long operating history, a proprietary data set derived from thousands of cases, significant balance sheet scale, diversified funding sources, and strong brand recognition among top law firms and corporations. These factors contribute to a substantial competitive advantage in a growing but still early-stage market.

Burford Capital Limited serves a diverse client base comprising some of the world's largest businesses and law firms, including 95 of the 100 largest U. S. law firms by revenue and 93 of the 100 largest global law firms by revenue according to 2025 rankings by The American Lawyer. The company also works with large regional firms, litigation boutiques, and corporate legal departments seeking to manage legal costs, preserve working capital, or accelerate recoveries on meritorious claims.