Core Viewpoint - Burford Capital Limited will release its financial results for the third quarter and nine months ended September 30, 2025, on November 5, 2025, at 8:00 AM EST [1] Group 1: Financial Results Announcement - The financial results will cover the three and nine months ended September 30, 2025 [1] - A conference call for investors and analysts is scheduled for November 5, 2025, at 9:00 AM EST [2] - Pre-registration for the conference call is encouraged to ensure swift access [2][3] Group 2: Access Information - Dial-in numbers for the conference call include +1 (646) 307-1951 (USA) and +44 (0)20 8610 3526 (UK) [2] - A live audio webcast and replay will be available on Burford's website [3] - An accompanying financial results presentation will also be made available prior to the conference call [3] Group 3: Company Overview - Burford Capital is a leading global finance and asset management firm focused on law, including litigation finance and risk management [4] - The company is publicly traded on both the New York Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE: BUR) [4] - Burford operates a global network of offices, working with companies and law firms worldwide [4]

Core Insights - Legal finance is evolving into a strategic resource that helps businesses manage risk and unlock capital tied up in legal claims, particularly amid increasing complexity in business disputes [3][2] - Burford Capital's latest Burford Quarterly highlights the importance of legal finance in providing liquidity and offsetting risks across various sectors, including pharmaceuticals and construction [2][3] Group 1: Legal Finance Trends - The current landscape of business disputes is characterized by complex litigation, regulatory scrutiny, and cross-border challenges, necessitating innovative legal finance solutions [3] - Legal finance is increasingly recognized as a strategic tool for companies to manage litigation costs and support growth, especially in the pharmaceutical sector facing significant legal expenses [6][2] - Rising project complexity and supply chain disruptions in the construction industry are leading to an increase in high-value disputes, prompting parties to seek arbitration and innovative financing solutions [6][2] Group 2: Collective Actions and Legal Finance - The UK’s opt-out collective actions regime has matured since the Consumer Rights Act 2015, with legal finance playing a crucial role in enabling claims to proceed despite high costs and risks [6] - Legal finance is expected to remain essential as policymakers consider expanding collective redress mechanisms to address new areas of harm [6]

Core Points - Burford Capital Limited has declared an interim dividend of 6.25 US cents per ordinary share for the year ending December 31, 2025, to be paid on December 4, 2025 [1] - The Board anticipates maintaining a total annual dividend of 12.50 US cents per ordinary share, payable semi-annually, without regular increases in the dividend level [2] Company Overview - Burford Capital is a leading global finance and asset management firm focused on law, involved in litigation finance, risk management, asset recovery, and various legal finance and advisory activities [4] - The company is publicly traded on both the New York Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE: BUR) [4]

Core Insights - Burford Capital has made a strategic minority investment in Kindleworth, combining Burford's global reach and legal expertise with Kindleworth's experience in launching and managing law firms [1][4][5] Group 1: Burford Capital Overview - Burford Capital is publicly listed on the NYSE and LSE, with a portfolio valued at $7.5 billion, focusing on financing high-value legal matters and supporting business growth [2] - The firm has partnered with 94 AmLaw 100 and 92 Global 100 law firms, indicating its strong presence in the legal finance sector [2] Group 2: Kindleworth Overview - Kindleworth has successfully launched over 50 law firms globally, employing more than 1,000 lawyers, showcasing its capability in the legal market [3] - The firm provides comprehensive support in law firm operations, including finance, compliance, technology, HR, operations, and marketing, allowing lawyers to concentrate on client service and growth [3] Group 3: Partnership Benefits - The partnership aims to create new opportunities for lawyers and support innovative law firm models, with Burford also looking to invest capital in Kindleworth-backed firms [4] - Both companies share a vision of empowering entrepreneurial lawyers and adapting to a rapidly changing legal market, enhancing their ability to support exceptional legal talent [5] Group 4: Financial Impact - The specific terms of the investment were not disclosed, but it is noted that the cash consideration does not represent a material investment for Burford [5] - Kindleworth has been consistently profitable since its founding in 2012, and the investment is expected to be accretive to Burford immediately, though it will not have a material impact on Burford's earnings per share [5]

Financial Data and Key Metrics Changes - The company reported a significant increase in total revenues year to date, reaching $280 million compared to $168 million in the same period last year, marking a substantial growth [17] - Net income rose to approximately $120 million, up from $24 million, resulting in earnings per share of $0.53, which is nearly five times higher than the same period last year [17][18] - New definitive commitments increased by 71% year to date compared to the previous year, with the second quarter being the strongest in recent years [6][25] Business Line Data and Key Metrics Changes - In the Principal Finance segment, the fair value of the portfolio reached $3.8 billion, with unfunded undrawn commitments of $1.7 billion to $1.8 billion [19] - The Asset Management segment reported income of $21 million year to date, showing improvement compared to the same period last year [43] Market Data and Key Metrics Changes - The company has a diverse geographical exposure, with 51% of assets in North America, 26% in EMEA, and 20% globally [20] - The asset types are also diverse, including 20% in antitrust, 20% in intellectual property, and 18% in arbitration [20] Company Strategy and Development Direction - The company is focused on expanding its global footprint and has recently added personnel in Korea and Spain to enhance its market presence [92] - There is an ongoing review of opportunities in law firm equity stakes and legal tech, with small amounts of capital already deployed in these sectors [93] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong demand for capital in the market and the company's ability to make substantial commitments [6] - The YPF case is progressing, with a tentative oral argument date set for October, indicating forward momentum [12][54] Other Important Information - The company successfully raised $500 million in a new issuance, demonstrating strong market support and a favorable cost of capital compared to competitors [10][11] - The weighted average cost of debt remains stable at 7.4%, with a maturity schedule extended to 5.2 years [49] Q&A Session Summary Question: Timing for the Second Circuit to hear the appeal for Argentina regarding YPF shares - Management indicated that the Second Circuit is expected to decide on the stay order quickly, but the timeline for the appeal itself is uncertain and could take months [57][60] Question: Contribution of other cases to fair value gains - Management noted that while YPF is significant, there are multiple cases contributing to fair value gains, with six realizations exceeding $10 million this year [68] Question: Asset management income lower than expected - Management explained that historical funds need to hit hurdles for income recognition, impacting the asset management income for the quarter [78] Question: Growth opportunities in specific industries or geographies - Management highlighted a broad and diversified pipeline, with ongoing expansion in various markets, including recent additions in Korea and Spain [92] Question: Evaluation of AI-related cases - Management stated that the company is well-positioned to engage in technology-related litigation, including issues arising from AI, while focusing on large, complex commercial cases [100]

Financial Data and Key Metrics Changes - Total revenues increased significantly year to date, reaching $280 million compared to $168 million in the same period last year, with net income rising to approximately $120 million from $24 million, resulting in earnings per share of $0.53, nearly five times higher than the same period last year [17][41] - New definitive commitments for the year to date increased by 71% compared to the same period in 2024, with the second quarter alone contributing $361 million, marking the largest quarter in the last nine [7][26] - Cash receipts year to date totaled $306 million, a substantial increase from $245 million in the same period last year [42] Business Line Data and Key Metrics Changes - The Principal Finance segment reported a fair value of $3.8 billion with unfunded undrawn commitments of approximately $1.7 billion to $1.8 billion, showing significant growth since 2020 [19] - The Asset Management segment generated income of $21 million year to date, reflecting a favorable comparison to the same point last year [41] Market Data and Key Metrics Changes - The company has a diverse geographical exposure, with 51% of assets in North America, 26% in EMEA, and 20% globally, indicating a broad market presence [20] - The asset portfolio is diversified across various sectors, including antitrust, intellectual property, and arbitration, demonstrating a well-rounded investment strategy [20] Company Strategy and Development Direction - The company aims to continue expanding its global footprint and has recently added personnel in Korea and Spain to enhance its market presence [91] - There is a focus on growing the portfolio through new definitive commitments and maintaining a strong capital position to support future investments [52][48] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong demand for capital in the market and the successful raising of $500 million in new debt, highlighting the company's competitive advantage in accessing capital [11][54] - The YPF case is progressing, with a tentative oral argument date set for October, indicating forward momentum despite the complexities of litigation [12][53] Other Important Information - The company reported a significant increase in cash and liquidity, with $440 million in cash at the end of the quarter, excluding recent debt issuance [42] - Management noted that expenses have increased due to variable noncash drivers related to compensation, but overall expenses remain stable compared to previous periods [44][46] Q&A Session Summary Question: Update on YPF case timing - Management explained the two-part procedure regarding the appeal and stay order, indicating that the Second Circuit is expected to decide on the stay order quickly, but the timeline for the appeal remains uncertain [56][60] Question: Contribution of other cases to fair value gains - Management stated that fair value gains were not solely from YPF, with multiple cases contributing to the overall performance, although specific details on individual cases were not disclosed [64][66] Question: Growth opportunities in specific industries or geographies - Management highlighted a broad and diversified pipeline, with ongoing expansion in various markets, including recent additions in Korea and Spain [88][91] Question: Future opportunities in legal tech and law firm equity - The company is actively reviewing potential opportunities in legal tech and law firm equity, with small amounts of capital already deployed in these sectors [88][91] Question: Economics of adjudication versus settlement - Management clarified that clients may accept lower settlements to eliminate the risk of trial, which explains the difference in economics between adjudication and settlement outcomes [94]

Financial Performance - Consolidated GAAP net income was $105 million in 2Q25 and $142 million in YTD25[17] - Net income attributable to Burford Capital Limited shareholders was $88 million in 2Q25 and $119 million in YTD25[17] - Cash receipts were $48 million in 2Q25 and $306 million in YTD25, up 25% from YTD24[19] - Capital provision income was $155 million in 2Q25 and $246 million in YTD25, up 79% from YTD24[23, 27] - Net income was $039 per diluted share in 2Q25 and $053 per diluted share in YTD25, nearly 5x compared to YTD24[23, 27] Portfolio and New Business - New definitive commitments were $361 million in 2Q25, significantly higher than any quarter in the past two years[23] - New definitive commitments were $518 million in YTD25, up 71% from YTD24[23, 96] - Portfolio base (cost basis + definitive undrawn commitments) was up 15% in YTD25[18, 96] - Group-wide portfolio was $75 billion as of June 30, 2025[20] Liquidity and Debt - Cash and marketable securities were $440 million as of June 30, 2025[24, 83] - Debt payable was $1780 million as of June 30, 2025[24, 94]

[Forward-looking statements](index=3&type=section&id=Forward-looking%20statements) The report contains forward-looking statements, which involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from projections - The report contains forward-looking statements, which involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from projections[7](index=7&type=chunk) - Key risk factors include adverse litigation outcomes, ability to identify suitable legal finance assets, cybersecurity breaches, inaccuracy of AI technologies used for predictions, changes in legal finance regulations, and lack of liquidity of legal finance assets[7](index=7&type=chunk) [Glossary](index=4&type=section&id=Glossary) This section defines key terms used throughout the Form 10-Q, including financial instruments, fund structures, and segment classifications - The glossary defines key terms used throughout the **Form 10-Q**, such as '**Burford-only**' (proprietary basis excluding third-party interests), '**Capital provision assets**' (financial instruments for legal finance), '**Deployment**' (financing provided for an asset), and '**Realization**' (when a legal finance asset is concluded)[10](index=10&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk)[26](index=26&type=chunk)[50](index=50&type=chunk) - It also clarifies terms related to fund structures like '**Consolidated funds**' (e.g., **BOF-C**, **Advantage Fund**) and '**Non-consolidated funds**' (e.g., **BOF**, **BAIF**, **BAIF II**), and segments like '**Principal Finance segment**' and '**Asset Management and Other Services segment**'[24](index=24&type=chunk)[42](index=42&type=chunk)[125](index=125&type=chunk) Part I. Financial information [Item 1. Financial statements](index=8&type=section&id=Item%201.%20Financial%20statements) This section presents Burford Capital Limited's unaudited condensed consolidated financial statements, including statements of operations, comprehensive income, financial condition, cash flows, and changes in equity for the three and six months ended June 30, 2025, and 2024. It also includes detailed notes on accounting policies, segment reporting, capital provision assets, debt, fair value measurements, and other financial disclosures [Condensed Consolidated Statements of Operations (Unaudited)](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20(Unaudited)) This section presents the company's unaudited condensed consolidated statements of operations, detailing revenues, expenses, and net income Condensed Consolidated Statements of Operations (Unaudited) - Key Figures | Metric ($ in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--------------------------------------- | :-------------------------------- | :-------------------------------- | :------------------------------- | :------------------------------- | | Total revenues | 191,286 | 159,653 | 310,145 | 203,948 | | Total operating expenses | 49,065 | 38,151 | 90,166 | 68,289 | | Operating income/(loss) | 142,221 | 121,502 | 219,979 | 135,659 | | Income/(loss) before income taxes | 109,747 | 86,969 | 154,225 | 68,067 | | Net income/(loss) | 105,153 | 75,272 | 142,063 | 57,774 | | Net income/(loss) attributable to Burford Capital Limited shareholders | 88,296 | 53,746 | 119,225 | 23,809 | | Basic EPS | $0.40 | $0.25 | $0.54 | $0.11 | | Diluted EPS | $0.39 | $0.24 | $0.53 | $0.11 | [Condensed Consolidated Statements of Comprehensive Income/(Loss) (Unaudited)](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%2F(Loss)%20(Unaudited)) This section presents the company's unaudited condensed consolidated statements of comprehensive income, including foreign currency translation adjustments Condensed Consolidated Statements of Comprehensive Income/(Loss) (Unaudited) | Metric ($ in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :------------------------------------------------------- | :-------------------------------- | :-------------------------------- | :------------------------------- | :------------------------------- | | Net income/(loss) | $105,153 | $75,272 | $142,063 | $57,774 | | Foreign currency translation adjustment | (8,234) | (63) | (12,263) | 1,320 | | Comprehensive income/(loss) | 96,919 | 75,209 | 129,800 | 59,094 | | Comprehensive income/(loss) attributable to Burford Capital Limited shareholders | 80,062 | 53,683 | 106,962 | 25,129 | [Condensed Consolidated Statements of Financial Condition](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Financial%20Condition) This section presents the company's condensed consolidated statements of financial condition, detailing assets, liabilities, and shareholders' equity Condensed Consolidated Statements of Financial Condition - Key Figures | Metric ($ in thousands) | June 30, 2025 | December 31, 2024 | | :--------------------------------------- | :-------------- | :---------------- | | Total assets | 6,326,839 | 6,175,025 | | Total liabilities | 3,098,431 | 2,918,190 | | Total shareholders' equity | 3,228,408 | 3,256,835 | | Capital provision assets | 5,544,683 | 5,243,917 | | Cash and cash equivalents | 372,248 | 469,930 | | Debt payable | 1,779,925 | 1,763,612 | [Condensed Consolidated Statements of Cash Flows (Unaudited)](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(Unaudited)) This section presents the company's unaudited condensed consolidated statements of cash flows, categorizing activities into operating, investing, and financing Condensed Consolidated Statements of Cash Flows (Unaudited) | Metric ($ in thousands) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--------------------------------------- | :------------------------------- | :------------------------------- | | Net cash provided by/(used in) operating activities | 70,939 | (44,416) | | Net cash provided by/(used in) investing activities | (127) | (88) | | Net cash provided by/(used in) financing activities | (170,528) | 214,834 | | Net increase/(decrease) in cash and cash equivalents | (99,716) | 170,330 | | Cash and cash equivalents at end of period | 372,248 | 390,673 | [Condensed Consolidated Statements of Changes in Equity (Unaudited)](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity%20(Unaudited)) This section presents the company's unaudited condensed consolidated statements of changes in equity, detailing movements in capital and retained earnings Key Changes in Equity (Six months ended June 30, 2025) | Metric ($ in thousands) | Amount | | :--------------------------------------- | :----- | | Beginning of period (Total shareholders' equity) | 3,256,835 | | Net income/(loss) attributable to Burford Capital Limited shareholders | 119,225 | | Foreign currency translation adjustment | (12,263) | | Acquisition of ordinary shares held in treasury | (15,310) | | Dividends paid | (13,667) | | Third-party net capital contribution/(distribution) | (134,869) | | End of period (Total shareholders' equity) | 3,228,408 | [Notes to the Condensed Consolidated Financial Statements (Unaudited)](index=14&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) This section provides detailed disclosures and explanations supporting the condensed consolidated financial statements [1. Organization](index=14&type=section&id=1.%20Organization) This note describes Burford Capital Limited's business as a legal finance provider and its stock exchange listings - **Burford Capital Limited** provides legal finance products and services and is engaged in asset management. Its ordinary shares trade on **AIM (London Stock Exchange)** and **NYSE** under '**BUR**'[73](index=73&type=chunk)[74](index=74&type=chunk) [2. Summary of significant accounting policies](index=14&type=section&id=2.%20Summary%20of%20significant%20accounting%20policies) This note outlines the significant accounting policies used in preparing the financial statements, including fair value measurements and consolidation principles

[Introduction and Disclaimers](index=2&type=section&id=introduction_and_disclaimers) This section provides essential legal disclaimers, outlines forward-looking statement caveats, clarifies financial reporting basis, and introduces Burford Capital [Notice & Disclaimer](index=2&type=section&id=notice_disclaimer) This section provides standard legal disclaimers, clarifies presentation scope, and notes that 2Q25 and YTD25 results are not indicative of full-year performance - Presentation covers 3 and 6 months ended June 30, 2025, and is not a complete business description[2](index=2&type=chunk) [Forward-Looking Statements](index=2&type=section&id=forward_looking_statements) This section details forward-looking statements, noting actual results may differ due to risks like litigation outcomes, AI model inaccuracy, and regulatory changes - Forward-looking statements involve known and unknown risks that could cause actual results to differ materially[3](index=3&type=chunk) - Key risk factors include adverse litigation outcomes, **AI technology inaccuracy**, regulatory changes, and **cybersecurity breaches**[3](index=3&type=chunk)[4](index=4&type=chunk) [Basis of Presentation & Non-GAAP Measures](index=3&type=section&id=basis_of_presentation_non_gaap_measures) Burford uses US GAAP but supplements with non-GAAP "Burford-only" and "adjusted Burford-only" measures for segment reporting and performance assessment - Burford uses US GAAP but supplements with **"Burford-only"** and **"adjusted Burford-only"** non-GAAP measures for segment reporting[7](index=7&type=chunk) - Non-GAAP measures like **cash receipts** and **Tangible Book Value Per Ordinary Share (TBVPS)** assess operating performance and financial condition[8](index=8&type=chunk) [About Burford & Conference Call](index=4&type=section&id=about_burford_conference_call) Burford Capital, a leading global legal finance firm, announced a conference call for August 7, 2025, to discuss 2Q25 results - Burford Capital is a leading global legal finance and asset management firm, publicly traded on NYSE and LSE[15](index=15&type=chunk) - A conference call for investors and analysts was scheduled for August 7, 2025, at 9:00 am EDT / 2:00 pm BST[14](index=14&type=chunk) [Executive Summary & Key Highlights](index=4&type=section&id=executive_summary_key_highlights) This section summarizes Burford's strong financial performance, new business generation, and strategic capital raising initiatives for 2Q25 and YTD25 [CEO Statement & Overall Performance](index=4&type=section&id=ceo_statement_overall_performance) CEO Christopher Bogart reported significant revenue and profitability increases, substantial new business, and a successful **$500 million** capital raise in July - Burford saw sharp increases in revenue and profitability in **2Q25** and **YTD25**[16](index=16&type=chunk) - Substantial levels of new business were written, illustrating strong demand and pipeline[16](index=16&type=chunk) - **$500 million** of new capital was raised in July, reflecting market confidence and underscoring Burford's competitive moat[17](index=17&type=chunk) [Key Messages on 2Q25 and YTD25 Results](index=6&type=section&id=key_messages_on_2q25_and_ytd25_results) Key messages highlight strong new business momentum, substantial increases in revenue and net income, and scaling earnings capacity driven by portfolio growth - New business momentum illustrates strong demand[20](index=20&type=chunk) - Revenue and net income are up substantially[20](index=20&type=chunk) - Portfolio base (cost basis + definitive undrawn commitments) increased by **15%** in YTD25[20](index=20&type=chunk) - Cash receipts were **$48 million** in 2Q25 and **$306 million** in YTD25, up **25%** from YTD24[21](index=21&type=chunk) [Financial Metrics Summary (Burford-only)](index=7&type=section&id=financial_metrics_summary_burford_only) Burford-only metrics show significant growth in capital provision income and net income for YTD25, with stable debt ratios despite decreased liquidity | Metric | YTD25 ($ million) | YTD24 ($ million) | 2Q25 ($ million) | 2Q24 ($ million) | Change YTD25 vs YTD24 | | :-------------------------- | :---------------- | :---------------- | :--------------- | :--------------- | :-------------------- | | Capital provision income | 246 | 137 | 155 | 119 | +79.6% | | Net realized gains | 61 | 129 | 27 | 99 | -52.7% | | Asset management income | 21 | 18 | 7 | 11 | +16.7% | | Net income | 119 | 24 | 88 | 54 | +395.8% | | Diluted earnings per share | 0.53 | 0.11 | 0.39 | 0.24 | +381.8% | | Cash receipts | 306 | 245 | 48 | 107 | +24.9% | | Balance Sheet & Liquidity Measures | Jun 30, 2025 ($ million) | Dec 31, 2024 ($ million) | | :--------------------------------- | :----------------------- | :----------------------- | | Shareholders' equity | 2,503 | 2,419 | | Book value per ordinary share | 11.44 | 11.03 | | Tangible book value per ordinary share | 10.83 | 10.42 | | Debt payable | 1,780 | 1,764 | | Debt / Net tangible equity | 0.7x | 0.8x | | Liquidity (Cash and marketable securities) | 440 | 521 | [GAAP Consolidated Financial Results](index=5&type=section&id=gaap_consolidated_financial_results) This section presents Burford's consolidated GAAP financial results, highlighting significant increases in net income and total revenues for 2Q25 and YTD25 [Consolidated Statement of Operations](index=5&type=section&id=consolidated_statement_of_operations) Consolidated GAAP net income significantly increased for 2Q25 and YTD25, driven by substantial revenue growth from capital provision income and YPF-related unrealized gains | Metric ($ thousands) | YTD25 | YTD24 | 2Q25 | 2Q24 | | :------------------------------------------ | :------ | :------ | :----- | :----- | | **Revenues** | | | | | | Capital provision income/ (loss) | 355,680 | 198,506 | 224,164 | 157,745 | | Net realized gains/ (losses) | 107,915 | 175,333 | 40,296 | 117,471 | | Unrealized gains/ (losses) ex YPF-related assets | 47,918 | (12,278) | 45,398 | 17,690 | | Unrealized gains/ (losses) from YPF-related assets | 180,921 | 37,647 | 125,492 | 21,380 | | Total revenues | 310,145 | 203,948 | 191,286 | 159,653 | | **Operating expenses** | | | | | | Total operating expenses | 90,166 | 68,289 | 49,065 | 38,151 | | **Net income/(loss)** | | | | | | Net income/(loss) | 142,063 | 57,774 | 105,153 | 75,272 | | Net income/(loss) attributable to Burford Capital Limited shareholders | 119,225 | 23,809 | 88,296 | 53,746 | - Consolidated GAAP net income was **$105 million** in 2Q25 and **$142 million** in YTD25[19](index=19&type=chunk) - Net income attributable to Burford Capital Limited shareholders was **$88 million** in 2Q25 and **$119 million** in YTD25[19](index=19&type=chunk) [Total Segments (Burford-only) Financial Results](index=8&type=section&id=total_segments_burford_only_financial_results) This section details Burford-only financial results for all segments, showing substantial net income growth driven by capital provision income and unrealized gains [Total Segments Statement of Operations](index=9&type=section&id=total_segments_statement_of_operations) Burford-only total segments reported substantial YTD25 net income growth, driven by increased capital provision income from unrealized gains and higher asset management income | Metric ($ thousands) | YTD25 | YTD24 | 2Q25 | 2Q24 | | :------------------------------------------ | :------ | :------ | :----- | :----- | | **Revenues** | | | | | | Capital provision income/ (loss) | 246,360 | 137,263 | 155,410 | 119,360 | | Net realized gains/ (losses) | 61,176 | 129,047 | 26,592 | 99,153 | | Unrealized gains / (losses) | 167,404 | 9,775 | 116,639 | 18,863 | | Asset management income/(loss) | 20,949 | 18,160 | 7,112 | 11,487 | | Total revenues | 282,798 | 168,655 | 171,497 | 137,277 | | **Operating expenses** | | | | | | Total operating expenses | 85,635 | 66,966 | 46,112 | 37,302 | | **Net income/(loss)** | | | | | | Net income/(loss) | 119,225 | 23,809 | 88,296 | 53,746 | | Per diluted ordinary share | 0.53 | 0.11 | 0.39 | 0.24 | - Capital provision income was **$155 million** in 2Q25 and **$246 million** in YTD25, up **79%** from YTD24, driven by higher unrealized gains[29](index=29&type=chunk) - Net income was **$88 million** (**$0.39** per diluted share) in 2Q25 and **$119 million** (**$0.53** per diluted share) in YTD25, nearly **5x** compared to YTD24[29](index=29&type=chunk) [Principal Finance Segment](index=10&type=section&id=principal_finance_segment) This section details the Principal Finance segment's performance, portfolio, new business, and historical track record, highlighting strong returns and growth [Segment Results](index=11&type=section&id=segment_results) The Principal Finance segment reported significant YTD25 revenue growth, primarily from capital provision income and unrealized gains, leading to higher income before taxes | Metric ($ thousands) | YTD25 | YTD24 | 2Q25 | 2Q24 | | :------------------------------------------ | :------ | :------ | :----- | :----- | | **Revenues** | | | | | | Capital provision income/ (loss) | 246,360 | 137,263 | 155,410 | 119,360 | | Net realized gains/ (losses) | 61,176 | 129,047 | 26,592 | 99,153 | | Unrealized gains/ (losses) | 167,404 | 9,775 | 116,639 | 18,863 | | Total revenues | 261,602 | 149,961 | 163,952 | 125,540 | | **Operating expenses** | | | | | | Total operating expenses | 70,338 | 55,334 | 37,875 | 30,673 | | **Income/(loss) before income taxes** | | | | | | Income/(loss) before income taxes | 125,488 | 27,040 | 93,582 | 60,335 | [Portfolio Snapshot](index=12&type=section&id=portfolio_snapshot) As of June 30, 2025, the Principal Finance portfolio fair value reached **$3,811 million**, with **$1,754 million** in undrawn commitments, concentrated in North America and EMEA - Portfolio fair value was **$3,811 million** as of June 30, 2025, up from **$3,571 million** at the end of 2024[34](index=34&type=chunk)[36](index=36&type=chunk) - Undrawn commitments totaled **$1,754 million** as of June 30, 2025[34](index=34&type=chunk) - Deployed cost (excluding YPF-related assets) is **51%** in North America, **26%** in EMEA, and **20%** Global[38](index=38&type=chunk) - Top asset types by deployed cost (excluding YPF-related assets) are **Antitrust (20%)**, **IP (20%)**, and **Mixed portfolio (21%)**[40](index=40&type=chunk) [Capital Provision Income and Fair Value Bridge](index=13&type=section&id=capital_provision_income_and_fair_value_bridge) YTD25 capital provision income significantly increased to **$246.4 million**, driven by unrealized gains, especially from YPF-related assets, with deployments positively impacting fair value | Metric ($ million) | YTD25 | YTD24 | 2Q25 | 2Q24 | | :------------------------------------------ | :------ | :------ | :----- | :----- | | Net realized gains/ (losses) | 61.2 | 129.0 | 26.6 | 99.2 | | Unrealized gains/ (losses), ex YPF-related assets | 48.6 | (15.0) | 34.4 | 4.9 | | Unrealized gains/ (losses) from YPF-related assets | 118.8 | 24.8 | 82.3 | 14.0 | | Total capital provision income/(loss) | 246.4 | 137.3 | 155.4 | 119.4 | - Fair value of capital provision assets increased from **$3,627 million** (March 31, 2025) to **$3,811 million** (June 30, 2025) in 2Q25, with deployments and duration impact as key positive drivers[43](index=43&type=chunk) [New Business](index=14&type=section&id=new_business) New definitive commitments for Principal Finance surged to **$518 million** in YTD25, a **71%** rise, with definitive undrawn commitments growing **38%** to **$1.1 billion** - New definitive commitments were **$361 million** in 2Q25, significantly higher than any quarter in the past two years[24](index=24&type=chunk)[52](index=52&type=chunk) - New definitive commitments for YTD25 totaled **$518 million**, up **71%** from YTD24[24](index=24&type=chunk)[49](index=49&type=chunk) - Deployments were **$81 million** in 2Q25 and **$211 million** in YTD25, up **5%** from YTD24[48](index=48&type=chunk)[51](index=51&type=chunk) - Definitive undrawn commitments were **$1.1 billion** as of June 30, 2025, a **38%** increase from December 31, 2024[52](index=52&type=chunk) [Portfolio Realizations and Realized Gains](index=15&type=section&id=portfolio_realizations_and_realized_gains) Principal Finance realizations reached **$225 million** in YTD25, a **3%** increase, with a **76%** implied ROIC for 2Q25 and **37%** for YTD25 - Realizations were **$62 million** in 2Q25 and **$225 million** in YTD25, up **3%** from YTD24[58](index=58&type=chunk) - YTD25 realizations were well diversified, with six additional assets generating **$10 million** or more[58](index=58&type=chunk) - 2Q25 net realized gains implied a **ROIC of 76%**, while YTD25 ROIC was **37%**, influenced by a large corporate monetization asset in 1Q25 with a **25% ROIC** and **40% IRR**[58](index=58&type=chunk) [Historical Track Record - Fully and Partially Concluded Assets](index=16&type=section&id=historical_track_record_fully_and_partially_concluded_assets) Burford generated consistently high returns on **$3.5 billion** of realizations since inception, with cumulative ROIC and IRR remaining steady at **83%** and **26%** respectively - Burford generated consistently high returns on **$3.5 billion** of realizations since inception through June 30, 2025[62](index=62&type=chunk) - Cumulative **ROIC** and **IRR** on realizations remained steady at **83%** and **26%** respectively[62](index=62&type=chunk) - **81%** of concluded case commitments were deployed to adjudication and won (**49% IRR**, **246% ROIC**) or settled (**23% IRR**, **67% ROIC**)[60](index=60&type=chunk) [Asset ROIC Distribution - Asymmetric Returns](index=17&type=section&id=asset_roic_distribution_asymmetric_returns) Asset ROIC distribution shows favorable risk-adjusted returns with a positive skew, **13%** of deployed cost generated **ROICs > 200%**, and a **9.6%** lifetime loss rate - Favorable risk-adjusted return dynamics are exemplified by the positive skew of the distribution of returns since inception[65](index=65&type=chunk) - **13%** of total deployed cost of concluded cases generated **ROICs greater than 200%** since inception[65](index=65&type=chunk) - **14%** of deployments experienced losses, but **31%** of deployed cost was recovered, leading to a **9.6% lifetime loss rate** on fully and partially concluded assets[65](index=65&type=chunk) [Historical Track Record by Vintage](index=18&type=section&id=historical_track_record_by_vintage) Historical track record by vintage shows consistent performance with an overall **ROIC of 83%** and **IRR of 26%** for realized assets since inception - Overall **ROIC** for realized assets since inception is **83%**, and **IRR** is **26%**[66](index=66&type=chunk) - Weighted average life (**WAL**) for concluded assets is **2.6 years**, and for active deployed cost is **3.3 years**[67](index=67&type=chunk) | Vintage | ROIC (%) | IRR (%) | WAL (years) | | :------ | :------- | :------ | :---------- | | 2009 | 251 | 32 | 4.8 | | 2010 | 108 | 18 | 4.7 | | 2011 | (2) | 0 | 2.5 | | 2012 | 103 | 41 | 2.1 | | 2013 | 93 | 22 | 3.6 | | 2014 | 31 | 10 | 2.9 | | 2015 | 245 | 131 | 2.7 | | 2016 | 64 | 14 | 3.3 | | 2017 | 132 | 18 | 3.3 | | 2018 | 143 | 32 | 1.8 | | 2019 | 65 | 82 | 1.9 | | 2020 | 91 | 29 | 1.8 | | 2021 | 26 | 30 | 1.1 | | 2022 | 146 | 42 | 0.9 | | 2023 | nm | 46 | 0.3 | | 2024 | 36 | 42 | | | 2025 | 68 | 51 | | [YPF-Related Assets](index=19&type=section&id=ypf_related_assets) Burford is well-positioned to monetize **$1.6 billion** in YPF-related assets, with a **$16 billion** judgment against Argentina under appeal, and litigation risk remaining - YPF-related assets have a fair value of **$1.6 billion** as of June 30, 2025[73](index=73&type=chunk) - Final judgment was a complete win against Argentina for **$16 billion**, with Argentina appealing to the Second Circuit Court of Appeals[73](index=73&type=chunk) - A favorable ruling ordered Argentina to turn over Class D shares of YPF to partially satisfy the judgment, which is also under appeal[73](index=73&type=chunk) - Expected Burford-only net entitlement is around **35%** of Petersen case proceeds and **82%** of Eton Park case proceeds[71](index=71&type=chunk) [Asset Management and Other Services Segment](index=20&type=section&id=asset_management_and_other_services_segment) This section reviews the Asset Management and Other Services segment's financial performance, income, and portfolio, noting a shift towards balance sheet funding [Segment Results](index=21&type=section&id=segment_results) The Asset Management segment saw a slight YTD25 revenue increase from asset management income, but 2Q25 incurred a loss before taxes due to higher expenses | Metric ($ thousands) | YTD25 | YTD24 | 2Q25 | 2Q24 | | :------------------------------------------ | :------ | :------ | :----- | :----- | | **Revenues** | | | | | | Asset management income/ (loss) | 20,949 | 18,160 | 7,112 | 11,487 | | Total revenues | 21,196 | 18,694 | 7,545 | 11,737 | | **Operating expenses** | | | | | | Total operating expenses | 15,297 | 11,632 | 8,237 | 6,629 | | **Income/(loss) before income taxes** | | | | | | Income/(loss) before income taxes | 5,899 | 7,062 | (692) | 5,108 | [Asset Management Income and Portfolio](index=22&type=section&id=asset_management_income_and_portfolio) YTD25 asset management income increased to **$21 million** due to performance fees, but cash receipts decreased, with a future focus on balance sheet funding - Asset management income was **$7 million** in 2Q25 and **$21 million** in YTD25, up from **$18 million** in YTD24, primarily due to performance fees in the Advantage Fund[81](index=81&type=chunk) - Cash receipts from asset management were **$1.5 million** in 2Q25 and **$8.6 million** in YTD25, compared to **$15.5 million** in YTD24[81](index=81&type=chunk) - Private funds portfolio is expected to decline in size, with a focus on funding from the balance sheet[81](index=81&type=chunk) | Asset Management Income ($ million) | YTD25 | YTD24 | 2Q25 | 2Q24 | | :-------------------------------------- | :---- | :---- | :--- | :--- | | Asset management income | 20.9 | 18.2 | 7.1 | 11.5 | | Cash receipts from asset management | 8.6 | 15.5 | 1.5 | 11.0 | [Liquidity and Capital Management](index=23&type=section&id=liquidity_and_capital_management) This section examines Burford's liquidity, operating expenses, and debt structure, highlighting cash flow dynamics and stable leverage ratios [Liquidity Bridge and Cash Receipts](index=24&type=section&id=liquidity_bridge_and_cash_receipts) Cash and marketable securities decreased to **$440 million** by June 30, 2025, not including a **$500 million** July debt offering, while YTD25 cash receipts rose **25%** to **$306 million** - Cash and marketable securities were **$440 million** as of June 30, 2025, down from **$521 million** as of December 31, 2024[87](index=87&type=chunk) - The June 30, 2025 liquidity level does not include the impact of a **$500 million** debt offering in July 2025[87](index=87&type=chunk) - Cash receipts were **$48 million** in 2Q25 and **$306 million** in YTD25, up **25%** from YTD24[87](index=87&type=chunk) [Operating Expenses](index=25&type=section&id=operating_expenses) Total Burford-only operating expenses increased in 2Q25 and YTD25, primarily due to variable non-cash compensation drivers like share price impact on deferred compensation | Metric ($ thousands) | YTD25 | YTD24 | 2Q25 | 2Q24 | | :------------------------------------------ | :------ | :------ | :----- | :----- | | **Compensation and benefits** | | | | | | Salaries and benefits | 24,144 | 22,566 | 11,749 | 10,909 | | Annual incentive compensation | 9,319 | 9,711 | 5,074 | 4,875 | | Share-based and deferred compensation | 10,064 | 4,067 | 7,265 | 197 | | Long-term incentive compensation including accruals | 19,740 | 14,654 | 12,865 | 13,016 | | Total compensation and benefits | 63,267 | 50,998 | 36,953 | 28,997 | | General, administrative and other | 17,786 | 14,747 | 7,666 | 7,630 | | Case-related expenditures ineligible for inclusion in asset cost | 4,582 | 1,221 | 1,493 | 675 | | Total operating expenses | 85,635 | 66,966 | 46,112 | 37,302 | - Operating expenses increased predominantly due to variable non-cash drivers of compensation and benefits, including the impact of Burford's share price on deferred compensation and higher long-term incentive compensation accruals[89](index=89&type=chunk) [Debt Structure and Ratios](index=26&type=section&id=debt_structure_and_ratios) Debt payable remained stable at **$1,780 million**, with a pro forma weighted average life of **5.2 years** after a **$500 million** July debt issuance, and leverage ratios remain within covenants - Debt payable was **$1,780 million** as of June 30, 2025, similar to **$1,764 million** as of December 31, 2024[98](index=98&type=chunk) - Pro forma weighted average life (**WAL**) of outstanding debt is **5.2 years**, compared to **2.6 years** for concluded assets and **3.3 years** for active deployments[92](index=92&type=chunk)[98](index=98&type=chunk) - Consolidated net debt to consolidated tangible assets ratio was **22%** (actual) and **20%** (pro forma) as of June 30, 2025[94](index=94&type=chunk)[115](index=115&type=chunk) - Consolidated indebtedness to net tangible equity ratio was **0.7x** (actual) and **0.9x** (pro forma) as of June 30, 2025, well within covenant thresholds[96](index=96&type=chunk)[98](index=98&type=chunk)[116](index=116&type=chunk) [Closing Thoughts](index=27&type=section&id=closing_thoughts) This section summarizes Burford's key achievements, including portfolio growth, YPF-related progress, and strong capital access, reinforcing its competitive position [Key Takeaways](index=27&type=section&id=key_takeaways) Key takeaways include **71%** YTD25 new definitive commitment growth, tangible progress in YPF-related assets, and strong capital access via a **$500 million** oversubscribed debt issuance - New definitive commitments of **$518 million** in YTD25, up **71%** from YTD24, and portfolio base up **15%** in YTD25[100](index=100&type=chunk) - Tangible progress in YPF-related assets, including a favorable ruling on enforcement motion for turnover of YPF shares, with the main appeal tentatively set for October 27, 2025[100](index=100&type=chunk) - **$500 million** debt issuance in July 2025 allows for extending near-term maturities, with the deal being over-subscribed and favorably priced[100](index=100&type=chunk) [Financial Reconciliations and Glossary](index=28&type=section&id=financial_reconciliations_and_glossary) This section provides detailed financial reconciliations for consolidated and non-GAAP measures, along with a comprehensive glossary of key financial and operational terms [Consolidated Financial Statement Reconciliations](index=28&type=section&id=consolidated_financial_statement_reconciliations) This section provides detailed reconciliations of consolidated financial statements, breaking down revenues, expenses, and balance sheet items into consolidated, third-party, and Burford-only totals - Provides detailed reconciliations of consolidated financial statements, separating Burford-only figures from third-party interests[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk) [Statement of Operations - Three Months Ended June 30, 2025 and 2024](index=29&type=section&id=statement_of_operations_three_months_ended_june_30_2025_and_2024) This table reconciles the consolidated statement of operations for the three months ended June 30, 2025 and 2024, showing Burford-only figures | ($ thousands) | Consolidated (2Q25) | Third-party interests (2Q25) | Total segments (Burford-only) (2Q25) | Consolidated (2Q24) | Third-party interests (2Q24) | Total segments (Burford-only) (2Q24) | | :------------------------------------------ | :------------------ | :--------------------------- | :----------------------------------- | :------------------ | :--------------------------- | :----------------------------------- | | Total revenues | 191,286 | (19,789) | 171,497 | 159,653 | (22,376) | 137,277 | | Total operating expenses | 49,065 | (2,953) | 46,112 | 38,151 | (849) | 37,302 | | Net income/(loss) | 105,153 | (16,857) | 88,296 | 75,272 | (21,526) | 53,746 | [Statement of Operations - Six Months Ended June 30, 2025 and 2024](index=30&type=section&id=statement_of_operations_six_months_ended_june_30_2025_and_2024) This table reconciles the consolidated statement of operations for the six months ended June 30, 2025 and 2024, showing Burford-only figures | ($ thousands) | Consolidated (YTD25) | Third-party interests (YTD25) | Total segments (Burford-only) (YTD25) | Consolidated (YTD24) | Third-party interests (YTD24) | Total segments (Burford-only) (YTD24) | | :------------------------------------------ | :------------------- | :---------------------------- | :------------------------------------ | :------------------- | :---------------------------- | :------------------------------------ | | Total revenues | 310,145 | (27,347) | 282,798 | 203,948 | (35,293) | 168,655 | | Total operating expenses | 90,166 | (4,531) | 85,635 | 68,289 | (1,323) | 66,966 | | Net income/(loss) | 142,063 | (22,838) | 119,225 | 57,774 | (33,965) | 23,809 | [Statement of Financial Condition as of June 30, 2025 and December 31, 2024](index=31&type=section&id=statement_of_financial_condition_as_of_june_30_2025_and_december_31_2024) This table reconciles the consolidated statement of financial condition as of June 30, 2025, and December 31, 2024, showing Burford-only figures | ($ thousands) | Consolidated (Jun 30, 2025) | Third-party interests (Jun 30, 2025) | Total segments (Burford-only) (Jun 30, 2025) | Consolidated (Dec 31, 2024) | Third-party interests (Dec 31, 2024) | Total segments (Burford-only) (Dec 31, 2024) | | :------------------------------------------ | :-------------------------- | :----------------------------------- | :------------------------------------------- | :-------------------------- | :----------------------------------- | :------------------------------------------- | | Total assets | 6,326,839 | (1,622,799) | 4,704,040 | 6,175,025 | (1,586,694) | 4,588,331 | | Capital provision assets | 5,544,683 | (1,733,413) | 3,811,270 | 5,243,917 | (1,672,693) | 3,571,224 | | Total liabilities | 3,098,431 | (897,427) | 2,201,004 | 2,918,190 | (749,291) | 2,168,899 | | Debt payable | 1,779,925 | - | 1,779,925 | 1,763,612 | - | 1,763,612 | | Total shareholders' equity | 3,228,408 | (725,372) | 2,503,036 | 3,256,835 | (837,403) | 2,419,432 | [Other Reconciliations](index=32&type=section&id=other_reconciliations) This section provides detailed reconciliations for various non-GAAP financial measures and key performance indicators, including cash receipts, deployments, and tangible book value per share - Provides detailed reconciliations for non-GAAP measures such as **cash receipts**, deployments, realizations, and **tangible book value per share**[107](index=107&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk)[113](index=113&type=chunk) - Includes specific reconciliations for **YPF-related income** and **fair value**, highlighting their impact on overall financial performance[119](index=119&type=chunk)[120](index=120&type=chunk) [Cash Receipts](index=33&type=section&id=cash_receipts) This table provides a reconciliation of Burford-only cash receipts for the periods presented | Metric ($ thousands) | YTD25 | YTD24 | 2Q25 | 2Q24 | | :------------------------------------------ | :------ | :------ | :----- | :----- | | Burford-only total proceeds from capital provision assets | 287,198 | 216,028 | 42,294 | 88,503 | | Burford-only proceeds from asset management income | 8,613 | 15,468 | 1,508 | 10,992 | | Cash receipts | 305,851 | 245,057 | 48,135 | 107,363 | - Cash receipts for YTD25 increased to **$305.9 million** from **$245.1 million** in YTD24[107](index=107&type=chunk) [Principal Finance Deployments](index=34&type=section&id=principal_finance_deployments) This table details Burford-only principal finance deployments for the periods presented | Metric ($ thousands) | YTD25 | YTD24 | 2Q25 | 2Q24 | | :------------------------------------------ | :------ | :------ | :----- | :----- | | Adjusted (Burford-only) deployments | 210,687 | 200,613 | 80,776 | 133,098 | | Adjusted (Burford-only) less: private funds | 210,531 | 190,826 | 80,704 | 131,746 | [Principal Finance Realizations](index=35&type=section&id=principal_finance_realizations) This table details Burford-only principal finance realizations for the periods presented | Metric ($ thousands) | YTD25 | YTD24 | 2Q25 | 2Q24 | | :------------------------------------------ | :------ | :------ | :----- | :----- | | Adjusted (Burford-only) realizations | 225,034 | 219,283 | 61,886 | 156,746 | | Adjusted (Burford-only) less: private funds | 206,953 | 215,738 | 58,090 | 154,664 | - Cumulative realizations from concluded or partially concluded assets since inception (Burford-only) reached **$3,539 million** as of June 30, 2025[111](index=111&type=chunk) [Net Realized Gains/(losses)](index=36&type=section&id=net_realized_gains_losses) This table presents Burford-only net realized gains and losses for the Principal Finance segment | Metric ($ thousands) | YTD25 | YTD24 | 2Q25 | 2Q24 | | :------------------------------------------ | :------ | :------ | :----- | :----- | | Principal Finance | 61,176 | 129,047 | 26,592 | 99,153 | | Excluding private funds | 56,216 | 127,907 | 25,039 | 99,153 | [Tangible Book Value Attributable to Burford Capital Limited per Ordinary Share](index=37&type=section&id=tangible_book_value_attributable_to_burford_capital_limited_per_ordinary_share) This table reconciles the tangible book value per ordinary share attributable to Burford Capital Limited | Metric ($ thousands, except share data) | June 30, 2025 | December 31, 2024 | | :----------------------------------------- | :------------ | :---------------- | | Total Burford Capital Limited equity | 2,503,036 | 2,419,432 | | Tangible book value attributable to Burford Capital Limited | 2,368,999 | 2,285,484 | | Tangible book value attributable to Burford Capital Limited per ordinary share | 10.83 | 10.42 | [Covenant Calculations](index=38&type=section&id=covenant_calculations) This table presents key covenant calculations, including debt to tangible assets and equity ratios | Metric | Jun 30, 2025 (Actual) | Dec 31, 2024 | Jun 30, 2025 (Pro Forma) | | :------------------------------------------ | :-------------------- | :----------- | :----------------------- | | Consolidated net debt to consolidated tangible assets ratio | 22 % | 20 % | 20 % | | Consolidated Indebtedness to Net Tangible Equity Ratio | 0.7x | 0.8x | 0.9x | | Consolidated Indebtedness to Consolidated Equity Ratio | 0.7x | 0.7x | 0.8x | [YPF-Related Income](index=39&type=section&id=ypf_related_income) This table details Burford-only YPF-related income and its contribution to capital provision income | Metric ($ thousands) | YTD25 (Burford-only) | YTD24 (Burford-only) | 2Q25 (Burford-only) | 2Q24 (Burford-only) | | :------------------------------------------ | :------------------- | :------------------- | :------------------ | :------------------ | | Income on capital provision assets, excluding YPF | 109,749 | 114,001 | 60,951 | 104,042 | | Fair value adjustment (YPF-only) | 118,831 | 24,821 | 82,280 | 13,974 | | Total capital provision income | 246,360 | 137,263 | 155,410 | 119,360 | [YPF-Related Fair Value](index=40&type=section&id=ypf_related_fair_value) This table presents the Burford-only fair value of YPF-related assets, including deployed costs and unrealized gains | Metric ($ thousands) | Jun 30, 2025 (Burford-only) | Dec 31, 2024 (Burford-only) | | :------------------------------------------ | :-------------------------- | :-------------------------- | | Capital provision assets | 3,811,270 | 3,571,224 | | Deployed costs on YPF-related assets | 107,927 | 69,576 | | Unrealized gains on YPF-related assets | 1,514,730 | 1,395,899 | [Asset Management Income](index=41&type=section&id=asset_management_income) This table breaks down Burford-only asset management income by type for the periods presented | Metric ($ thousands) | YTD25 (Burford-only) | YTD24 (Burford-only) | 2Q25 (Burford-only) | 2Q24 (Burford-only) | | :------------------------------------------ | :------------------- | :------------------- | :------------------ | :------------------ | | Management fee income | 4,400 | 3,507 | 1,349 | 1,644 | | Performance fee income | 13,662 | - | - | - | | Profit sharing income from funds | 20,949 | 14,653 | 5,763 | 9,843 | | Total asset management income | 20,949 | 18,160 | 7,112 | 11,487 | [Undrawn Commitments](index=42&type=section&id=undrawn_commitments) This table details Burford-only undrawn commitments, categorized by definitive, discretionary, and legal risk | Metric ($ thousands) | Jun 30, 2025 (Burford-only) | Dec 31, 2024 (Burford-only) | | :------------------------------------------ | :-------------------------- | :-------------------------- | | Definitive | 1,065,183 | 773,673 | | Discretionary | 642,448 | 817,865 | | Legal risk (definitive) | 46,399 | 41,318 | | Total capital provision undrawn commitments | 1,754,030 | 1,632,856 | [Capital Provision Income](index=43&type=section&id=capital_provision_income) This table reconciles Burford-only capital provision income, including realized gains and fair value adjustments | Metric ($ thousands) | YTD25 (Burford-only) | YTD24 (Burford-only) | 2Q25 (Burford-only) | 2Q24 (Burford-only) | | :------------------------------------------ | :------------------- | :------------------- | :------------------ | :------------------ | | Net realized gains/ (losses) | 61,176 | 129,047 | 26,592 | 99,153 | | Fair value adjustment | 167,404 | 9,775 | 116,639 | 18,863 | | Income/(loss) on capital provision assets | 228,580 | 138,822 | 143,231 | 118,016 | | Total capital provision income | 355,680 | 198,506 | 224,164 | 157,745 | [Glossary](index=44&type=section&id=glossary) This section defines key financial and operational terms specific to Burford Capital's legal finance and asset management business - Defines **"Burford-only"** as a basis of presentation excluding third-party interests and private funds[126](index=126&type=chunk) - Explains **"Capital provision assets"** as financial instruments for legal finance and **"Cash receipts"** as cash generated from capital provision and other assets[127](index=127&type=chunk)[128](index=128&type=chunk) - Defines **"Realization"** as when a legal finance asset is concluded and **"ROIC"** as return on invested capital, a measure of absolute returns[138](index=138&type=chunk)[139](index=139&type=chunk)

Core Viewpoint - Burford Capital Limited reported significant increases in revenue and profitability for the second quarter and year-to-date, indicating strong demand and a robust business pipeline [2]. Financial Performance - Burford's financial results for the three and six months ended June 30, 2025, show sharp increases in both revenue and profitability [2]. - The company raised $500 million in new capital within two days in July 2025, reflecting market confidence in its growth trajectory [2]. Business Operations - Burford operates as a leading global finance and asset management firm focused on law, providing services such as litigation finance, risk management, and asset recovery [5]. - The firm has established a strong competitive position in the market, supported by substantial new business written in 2025 [2]. Investor Relations - Burford will hold a conference call for investors and analysts on August 7, 2025, to discuss its financial results and business outlook [2][3]. - Pre-registration for the conference call is encouraged to ensure swift access [2][3]. Company Overview - Burford Capital is publicly traded on both the New York Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE: BUR) [5]. - The company collaborates with various companies and law firms globally, leveraging its extensive network of offices [5].