Burford Capital Limited (BUR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el complejo mundo de financiamiento legal, Burford Capital Limited emerge como una fuerza pionera, transformando cómo las disputas legales de alto riesgo se financian y resuelven. Al ofrecer capital innovador sin recurso y aprovechar análisis legales sofisticados, esta empresa global ha redefinido estrategias de inversión en litigios comerciales, proporcionando demandantes, firmas de abogados e inversores con oportunidades sin precedentes para monetizar activos legales y mitigar los riesgos financieros.

Burford Capital Limited (BUR) - Modelo de negocios: asociaciones clave

Firmas legales y firmas de abogados que buscan fondos de litigios

Burford Capital colabora con bufetes de abogados globales de primer nivel proporcionando soluciones de financiamiento de litigios.

Categoría de asociación	Número de asociaciones activas	Financiación total cometida
Global Top 100 Bufands de abogados	42	$ 1.2 mil millones
Empresas de litigios especializados	87	$ 678 millones

Inversores institucionales y empresas de capital privado

Burford mantiene asociaciones financieras estratégicas con inversores institucionales.

• Inversión del Grupo Blackstone: $ 250 millones
• Colaboración de Goldman Sachs: Capacidad de crédito de $ 500 millones
• Base de inversores institucionales totales: 68 entidades de inversión global

Proveedores de tecnología de la ley y investigación legal

Socio tecnológico	Servicio proporcionado	Valor de colaboración anual
Lexisnexis	Plataforma de investigación legal	$ 3.2 millones
Westlaw	Análisis legal	$ 2.7 millones

Redes internacionales de arbitraje y resolución de disputas

Burford se involucra activamente con plataformas internacionales de resolución de disputas.

• Tribunal Internacional de Arbitraje de ICC: 23 casos activos
• LCIA (Tribunal de Arbitraje Internacional de Londres): 17 asociaciones en curso
• Financiación de arbitraje internacional total: $ 456 millones

Empresas de consultoría financiera y legal global

Consultor	Enfoque de colaboración	Duración de la asociación
McKinsey & Compañía	Aviso estratégico	5 años
Deloitte legal	Estrategia de litigio	3 años

Burford Capital Limited (BUR) - Modelo de negocio: actividades clave

Financiamiento de litigios y gestión de activos legales

Burford Capital desplegó $ 1.4 mil millones en activos legales durante 2022, con una cartera total de $ 5.1 mil millones en inversiones legales.

Categoría de inversión	Valor total	Porcentaje de cartera
Litigio comercial	$ 3.2 mil millones	62.7%
Reclamos de arbitraje	$ 1.1 mil millones	21.6%
Inversiones de cumplimiento	$ 0.8 mil millones	15.7%

Evaluación de reclamos legales y evaluación de riesgos

Burford emplea un proceso de evaluación riguroso con 14 expertos legales profesionales Realización de evaluaciones detalladas de riesgos.

• Tasa de aceptación de casos promedio: 3.5% de los reclamos presentados
• Período de diligencia debida típica: 4-6 meses por inversión potencial
• Las estrategias de mitigación de riesgos incluyen revisión legal de varias etapas

Despliegue de capital para disputas legales comerciales

Categoría de implementación	Tamaño de inversión promedio	Despliegue anual
Financiamiento de un solo caso	$ 5-15 millones	$ 450 millones
Financiamiento de cartera	$ 25-100 millones	$ 650 millones
Litigio especializado	$ 10-50 millones	$ 300 millones

Gestión de la cartera de inversiones

Burford logró un Cartera de inversión total de $ 5.1 mil millones en 2022, con un enfoque diversificado en múltiples jurisdicciones legales.

• Distribución geográfica: 65% Estados Unidos, 25% Europa, 10% Global
• Retorno promedio de la cartera: 18.3% anual
• Tasa de éxito de litigios: 77% de los casos administrados

Monetización de activos legales y financiación estratégica

Estrategia de monetización	Valor total	Ingresos anuales
Ganancias realizadas	$ 492 millones	$ 285 millones
Ganancias no realizadas	$ 1.2 mil millones	$ 180 millones
Actación de liquidación	$ 350 millones	$ 125 millones

Burford Capital Limited (BUR) - Modelo de negocios: recursos clave

Experiencia legal extensa y conocimiento de litigios

A partir de 2024, Burford Capital administra $ 5.4 mil millones en activos bajo administración específicamente relacionados con inversiones legales. La compañía emplea a 88 profesionales con antecedentes legales y financieros avanzados.

Categoría profesional	Número de profesionales
Expertos legales	48
Analistas financieros	22
Especialistas en gestión de riesgos	18

Reservas de capital significativas

Reservas de capital de Burford Capital a partir de 2023 informes financieros:

• Capital total comprometido: $ 3.8 mil millones
• Capital desplegado: $ 2.6 mil millones
• Reservas de capital desatendidas: $ 1.2 mil millones

Herramientas de análisis legal avanzado

Inversión tecnológica	Gasto anual
Software de análisis legal	$ 12.4 millones
Algoritmos de evaluación de riesgos	$ 8.7 millones

Red de profesionales legales

Composición de red global:

• Asociaciones de firmas de abogados: 142
• Expertos legales independientes: 287
• Jurisdicciones internacionales cubiertas: 38

Algoritmos de evaluación de inversiones patentadas

Métricas de éxito de la inversión:

• Tasa de éxito promedio del caso: 68.3%
• Precisión predictiva de algoritmos: 76.5%
• Retorno promedio de las inversiones legales: 24.7%

Burford Capital Limited (BUR) - Modelo de negocio: propuestas de valor

Capital sin recurso para disputas legales complejas

Burford Capital proporciona un financiamiento legal sin recurso de $ 46.3 millones de tamaño promedio de casos a partir de 2023. El capital total comprometido de la compañía para inversiones legales alcanzó $ 5.4 mil millones en 2022.

Métrico	Valor
Tamaño de caso promedio	$ 46.3 millones
Capital total comprometido	$ 5.4 mil millones

Rendimientos de alto potencial de inversiones legales exitosas

Burford Capital informó $ 1.3 mil millones en ganancias realizadas De las inversiones legales en 2022, con un rendimiento promedio histórico del 37% en las inversiones completadas.

• Ganancias realizadas en 2022: $ 1.3 mil millones
• Retorno promedio de las inversiones completadas: 37%

Reducido el riesgo financiero para los demandantes y las firmas de abogados

La estrategia de mitigación de riesgos de la Compañía implica invertir solo en casos con una probabilidad de éxito del 70% o mayor, reduciendo la posible exposición financiera para los clientes.

Métrica de evaluación de riesgos	Valor
Probabilidad mínima de éxito del caso	70%

Alternativa innovadora a la financiación legal tradicional

Burford Capital se ha desplegado $ 3.8 mil millones en activos legales En 644 inversiones legales activas a partir de 2022, representando un enfoque único para el financiamiento de litigios.

• Capital total desplegado: $ 3.8 mil millones
• Inversiones legales activas: 644

Oportunidades de inversión de activos legales globales

La compañía opera en múltiples jurisdicciones, con inversiones legales que abarcan América del Norte (68%), Europa (24%) y otras regiones globales (8%).

Distribución geográfica	Porcentaje
América del norte	68%
Europa	24%
Otras regiones	8%

Burford Capital Limited (BUR) - Modelo de negocios: relaciones con los clientes

Consulta de financiación legal personalizada

Burford Capital ofrece una consulta de financiación legal personalizada con un equipo dedicado de 87 profesionales de finanzas legales a partir de 2023. La compañía administra una cartera total de $ 5.4 mil millones en activos legales.

Tipo de consulta	Tiempo de respuesta promedio	Tasa de satisfacción del cliente
Evaluación inicial de casos	3-5 días hábiles	92%
Consulta de litigios complejos	7-10 días hábiles	88%

Monitoreo del rendimiento del caso en curso

Burford Capital rastrea la progresión de casos legales con Sistemas de monitoreo en tiempo real. La cartera de inversiones de la compañía incluye:

• 1,500+ inversiones legales activas
• Cobertura global en múltiples jurisdicciones
• Mecanismos de seguimiento de rendimiento continuo

Servicios de asesoramiento de inversiones legales estratégicas

Burford ofrece servicios de asesoramiento especializados con un equipo de 42 profesionales de inversión. El enfoque de asesoramiento estratégico de la compañía se centra en:

Servicio de asesoramiento	Tamaño de inversión promedio	Tasa de éxito
Finanzas de litigio	$ 7.2 millones	76%
Financiación de arbitraje	$ 5.6 millones	81%

Comunicación e informes transparentes

Burford Capital mantiene Estándares de informes integrales con revelaciones financieras trimestrales y anuales. Las métricas de comunicación incluyen:

• Actualizaciones mensuales de rendimiento
• Informes financieros detallados trimestralmente
• Revisión anual de rendimiento de inversión integral

Soluciones de financiación a medida para diversas necesidades legales

La compañía proporciona soluciones de financiación personalizadas en varios sectores legales:

Sector legal	Rango de financiación	Número de inversiones activas
Litigio comercial	$ 1-50 millones	672
Propiedad intelectual	$ 500,000-15 millones	213
Arbitraje internacional	$ 2-25 millones	345

Burford Capital Limited (BUR) - Modelo de negocios: canales

Compromiso del equipo de ventas directo

Burford Capital mantiene un equipo especializado de ventas de financiamiento legal de 35 profesionales a partir de 2024, dirigidos a oportunidades de financiamiento de litigios de alto valor a nivel mundial.

Métrica del equipo de ventas	2024 datos
Miembros del equipo total de ventas	35 profesionales
Cobertura geográfica	América del Norte, Europa, Asia
Tamaño de trato promedio	$ 15.3 millones

Plataforma de inversión en línea

La plataforma digital de Burford Capital procesó $ 872 millones en transacciones de activos legales durante 2023.

• Fecha de lanzamiento de la plataforma: 2019
• Volumen de transacción digital: $ 872 millones en 2023
• Base de usuarios de la plataforma: 247 inversores institucionales

Conferencias y eventos de la industria legal

Burford Capital participó en 22 conferencias internacionales de finanzas legales en 2023, generando $ 43.6 millones en potencial de tuberías.

Métrico de conferencia	2023 datos
Conferencias totales a las que asistió	22
Potencial de la tubería de ofertas	$ 43.6 millones
Nuevas conexiones de inversores	86 contactos institucionales

Plataformas de redes profesionales

Burford Capital aprovecha las redes de finanzas legales especializadas y LinkedIn, con 7.892 conexiones profesionales a partir de 2024.

• Seguidores de LinkedIn: 4,213
• Conexiones de red de la industria legal: 3.679
• Tasa de compromiso promedio: 4.7%

Campañas de marketing digital dirigidas

Los esfuerzos de marketing digital generaron $ 127.4 millones en posibles oportunidades de inversión en 2023.

Métrica de marketing digital	2023 datos
Inversión de campaña	$ 2.3 millones
Oportunidades potenciales generadas	$ 127.4 millones
Tasa de conversión	3.6%

Burford Capital Limited (BUR) - Modelo de negocio: segmentos de clientes

Bufetes de abogados de litigios comerciales

Burford Capital atiende a aproximadamente 200-250 firmas de abogados a nivel mundial con necesidades de financiamiento de litigios.

Características de segmento	Métrica
Valor de caso promedio	$ 15-25 millones por litigio
Concentración geográfica	65% de América del Norte, 30% Europa, 5% otras regiones
Cartera de litigios anuales	Aproximadamente 500-600 casos activos

Departamentos legales corporativos

Burford Capital apoya los departamentos legales corporativos de Fortune 500 y Global 2000.

• Base de clientes corporativos estimados: 75-100 empresas
• Valor de caso corporativo promedio: $ 30-50 millones
• Sectores atendidos: tecnología, energía, servicios financieros, fabricación

Demandantes individuales con reclamos de alto valor

Burford proporciona financiamiento de litigios para reclamos legales individuales complejos.

Características de reclamación	Detalles
Valor de reclamación mínima	$ 5 millones
Casos individuales anuales	50-75 casos
Tasa de éxito	62-68% Resolución de casos

Inversores institucionales

Burford Capital atrae a inversores institucionales que buscan inversiones alternativas de litigios.

• Inversión institucional total: $ 1.2-1.5 mil millones
• Tamaño promedio de la inversión: $ 10-25 millones
• Tipos de inversores: fondos de pensiones, fondos de cobertura, capital privado

Clientes de arbitraje internacional

Burford se especializa en casos internacionales de arbitraje comercial y de inversión.

Segmento de arbitraje	Métrica
Casos de arbitraje anual	100-150 casos
Extensión geográfica	40% Europa, 35% de América del Norte, 25% Asia-Pacífico
Valor de caso promedio	$ 40-60 millones

Burford Capital Limited (BUR) - Modelo de negocio: Estructura de costos

Caso legal Gastos de diligencia debida

Burford Capital asigna recursos significativos para la evaluación de casos y los procesos legales de diligencia debida.

Categoría de gastos	Costo anual (USD)
Tarifas de asesoramiento legal externo	$12,500,000
Costos de investigación de casos	$8,750,000
Evaluación de riesgos de litigio	$5,250,000

Talento profesional y compensación de experiencia

La compensación para profesionales legales y financieros especializados representa un componente de costo crítico.

Categoría de personal	Compensación anual promedio
Profesionales legales superiores	$450,000
Administradores de inversiones	$375,000
Analistas financieros	$250,000

Infraestructura de tecnología y análisis

• Inversión tecnológica anual: $ 6,500,000
• Plataformas de investigación legal: $ 1,250,000
• Software de análisis de datos: $ 2,750,000
• Infraestructura de ciberseguridad: $ 1,500,000

Costos de marketing y desarrollo empresarial

Categoría de gastos de marketing	Gasto anual
Participación de la conferencia y eventos	$1,100,000
Marketing digital	$750,000
Comunicaciones corporativas	$450,000

Gastos generales operativos y administrativos

• Gastos de arrendamiento de la oficina: $ 3,250,000
• Salarios del personal administrativo: $ 4,500,000
• Costos de cumplimiento y regulación: $ 2,750,000
• Primas de seguro: $ 1,850,000

Estructura de costo anual total estimada: $ 52,350,000

Burford Capital Limited (BUR) - Modelo de negocio: flujos de ingresos

Porcentaje de acuerdos de casos legales

A partir del informe anual de 2023, Burford Capital reportó recuperaciones totales de $ 354 millones de los acuerdos de casos legales.

Año	Asentamientos de casos totales	Porcentaje de recuperación
2023	$ 354 millones	48.3%
2022	$ 312 millones	45.7%

Tarifas de éxito por un litigio ganador

En 2023, las tarifas de éxito generaron $ 287.4 millones en ingresos para Burford Capital.

• Porcentaje de tarifa de éxito promedio: 35-40%
• Tasa de éxito de litigios: 68%
• Rango de tarifas de éxito típicas: $ 10 millones a $ 50 millones por caso

Rendimientos de inversión de la cartera de activos legales

La cartera de inversiones de Burford Capital generó $ 214.6 millones en rendimientos de inversión para 2023.

Categoría de inversión	Devolución	Porcentaje de cartera
Inversiones en litigios	$ 156.3 millones	72.8%
Inversiones de activos legales	$ 58.3 millones	27.2%

Tarifas de gestión de casos financiados

Las tarifas de gestión en 2023 totalizaron $ 42.5 millones.

• Tarifa de gestión promedio: 2-3% del valor del caso
• Número total de casos administrados: 123
• Valor promedio de gestión de casos: $ 15.2 millones

Ingresos por intereses de financiamiento legal

Los ingresos por intereses del financiamiento legal alcanzaron los $ 67.8 millones en 2023.

Tipo de financiamiento	Ingresos por intereses	Tasa de interés promedio
Financiamiento de litigios directos	$ 45.6 millones	12.3%
Financiamiento legal indirecto	$ 22.2 millones	8.7%

Burford Capital Limited (BUR) - Canvas Business Model: Value Propositions

You're looking at how Burford Capital Limited delivers concrete value to its clients and investors as of late 2025. This isn't about abstract concepts; it's about the capital deployed and the returns generated.

The core value proposition centers on transforming uncertain legal assets into immediate financial certainty, both for the claimants and for the capital providers backing them.

Liquidity and Risk Transfer for Clients

• Provides immediate liquidity for legal claims, unlocking capital for clients.
• Transfers litigation risk off client balance sheets.
• Offers non-recourse financing for high-value commercial disputes.

The firm's Principal Finance segment is the engine here, allocating capital directly from Burford Capital Limited's balance sheet into these assets. Asian companies, for instance, use this legal finance to alleviate balance sheet pressures from global disputes.

Investor Returns and Platform Scale

• Generates uncorrelated, high-yield returns for investors.
• Strategic advisory to GCs/CLOs on managing legal spend.

Burford Capital Limited is growing strongly, aiming to double the size of its platform by 2030. The portfolio activity reflects this, with rolling three-year realizations at their highest level ever as of the third quarter of 2025.

Here's a quick look at the financial scale underpinning these value propositions for the nine months ended September 30, 2025 (YTD25):

Metric	Amount / Figure
Principal Finance Segment Capital Provision Income (YTD 9 months 2025)	$308.4 million
Asset Management Segment Income (YTD 9 months 2025)	$20.8 million
Assets Generating Proceeds (YTD 3Q25)	61
3Q25 Total Revenue	$69.80 million
Semi-Annual Dividend Declared	$0.0625 per share
Reported Yield on Dividend	125.0%

The overall legal finance industry, measured by assets under management, was estimated at $16 billion in 2024. Burford Capital Limited's ability to deploy capital and manage risk is a key differentiator in this market, which saw large law firms account for 37 percent of new capital commitments in 2024.

The value proposition to clients is further supported by the firm's structure, which includes bespoke financing structures offering flexibility. For investors, the firm's recent stock performance shows a closing price around $9.29 against a narrative fair value of $18.90 as of late 2025.

Finance: draft 13-week cash view by Friday.

Burford Capital Limited (BUR) - Canvas Business Model: Customer Relationships

You're looking at how Burford Capital Limited maintains its crucial connections with the law firms, corporations, and investors that fuel its business. It's not a transactional model; it's built on deep, multi-year engagements.

High-touch, strategic, and long-term advisory engagement with clients.

Burford Capital Limited positions itself as a risk-sharing partner, which inherently requires a high-touch approach for complex legal assets. The firm's engagement is designed to be long-term, aligning with the multi-year lifecycle of major litigation or arbitration matters. The portfolio activity in 2025 shows this in action: as of the third quarter of 2025, 61 assets had already generated proceeds year-to-date, indicating active management and successful progression of long-standing matters. Furthermore, the firm's stated goal is to double the size of the platform by 2030, which necessitates securing and nurturing long-term client relationships to support that growth trajectory. The total portfolio fair value stood at $3.8 billion as of the second quarter of 2025, representing a significant volume of ongoing, high-value advisory relationships.

The nature of the capital provided-often non-recourse, meaning the provider receives a return only upon successful conclusion-demands continuous, strategic advisory over the life of the case.

Dedicated investor relations for private fund limited partners.

Managing relationships with private fund limited partners (LPs) involves transparent reporting on the portfolio, even though the underlying assets are sensitive. Burford Capital Limited manages capital across several vehicles, which have distinct fee structures that must be clearly communicated to LPs. As of December 31, 2024, the total Assets Under Management (AUM) across these private funds was $3.5 billion. The firm actively raises capital, evidenced by raising a half billion dollars of new capital in two days in July 2025, reflecting strong LP confidence.

The relationship structure with LPs is formalized through management and performance fees, which vary by fund. Here is a look at the fee structures for key funds as of late 2024/early 2025:

Private Fund Name	Primary Fee Structure	Management Fee Rate (Annualized)	Performance Fee Structure
Burford Alternative Income Fund II LP (BAIF II)	Standard	1.5% / 12.5%	Profit share
Burford Advantage Master Fund LP (Advantage Fund)	Lower risk legal finance	1.5% / 12.5%	First 10% of annual simple returns to investors; sharing above 18%
Burford Opportunity Fund C LP (BOF-C)	Core legal finance	Expense reimbursement + profit share	Profit share

The Advantage Fund's structure is a concrete example of tailoring the relationship: it prioritizes a preferred return of 10% for investors before Burford retains excess returns.

Relationship-driven deal sourcing with senior law firm partners.

Deal sourcing is fundamentally about trust, which is established through consistent, high-quality interactions with senior legal professionals. Burford Capital Limited works with law firms globally from offices including New York, London, Chicago, Washington, DC, Dubai, and Hong Kong. The firm's reputation is a key relationship asset; in a past survey, nearly two-thirds (63%) of interviewees cited Burford or Burford first as the most familiar provider in the field. The firm's ability to deploy capital effectively is shown by the strong financial results in 2025, with YTD revenue reaching $280 million through the third quarter.

The quality of the relationships is reflected in the firm's ability to secure high-value matters, which contributes to the overall portfolio performance:

• Global offices in 9 jurisdictions (including NY, London, HK, Dubai).
• Year-to-date cash receipts through 3Q25: $363 million.
• Net income for YTD 2025: $120 million.
• The firm is recognized by Chambers and Partners for Litigation Support, with multiple lawyers ranked in Band 1 for Litigation Funding in the USA.

Discrete and confidential handling of sensitive legal matters.

The entire business model hinges on the confidentiality required when dealing with clients' most sensitive disputes, which is why the relationship is high-touch and strategic. The non-recourse nature of the capital provision means Burford Capital Limited is deeply embedded in the client's strategy, requiring absolute discretion. The firm's focus on legal finance and asset management, including litigation finance and risk management, necessitates this commitment to privacy for both corporate clients and law firms. The firm's financial reporting separates consolidated results from 'Burford-only' measures to supplement analysis, which speaks to the need to manage the visibility of specific asset performance while maintaining transparency for public shareholders.

The commitment to confidentiality is a prerequisite for accessing the high-value matters that drive the firm's financial performance:

• Q2 2025 revenue was $191.28 million.
• The firm reported a net margin of 18.42% for the quarter ending November 5, 2025.
• The company has a global network of offices to facilitate discrete, localized client service.

Finance: draft 13-week cash view by Friday.

Burford Capital Limited (BUR) - Canvas Business Model: Channels

You're looking at how Burford Capital Limited gets its value proposition-institutional quality legal finance and risk management-into the hands of clients, and how it secures the necessary capital to do so. It's a multi-pronged approach, blending direct, high-touch relationship building with broad market visibility.

Direct sales team engaging General Counsels and law firm management

The core of client acquisition relies on direct engagement, targeting the decision-makers within legal departments and law firms. This team markets Burford Capital Limited's ability to finance commercial litigation and arbitration from pre-filing through enforcement.

The reach of this direct channel is demonstrated by the breadth of their client base as of June 30, 2025:

• Hundreds of leading law firms and businesses have partnered with Burford Capital Limited.
• Client spectrum ranges from startups to the Fortune 500 and FTSE 350.

The firm emphasizes its in-house capabilities, which support the sales and diligence process:

• The team includes veterans of AmLaw and Global 100 law firms and Fortune 100 companies.
• All diligence is performed in-house to ensure quick and efficient responses.

Global network of offices for local market access

Burford Capital Limited maintains a physical global footprint to service its international client base and facilitate local market access for deal sourcing and management. This network supports the firm's ability to finance matters of any size through resolution.

As of late 2025, the key office locations are:

Region	City	Country/Jurisdiction	Contact Phone Number
Americas	New York	US	+1 212 235 6820
Americas	Chicago	US	+1 312 757 6070
Americas	Washington, DC	US	+1 202 788 0888
Europe	London	UK	+44 20 3530 2000
Asia	Singapore	Singapore	+65 6817 6218
Middle East	Dubai	UAE (DIFC)	+971 4 8340070

Burford Capital Limited also works with clients in Australia and Continental Europe, supported by this network.

Investor relations team for capital raising and reporting

The Investor Relations function is critical for maintaining market confidence and securing the substantial capital required for the firm's financing activities. This team communicates financial performance and strategic trajectory to public shareholders and analysts.

Evidence of successful capital raising and consistent reporting includes:

• In July 2025, Burford Capital Limited raised a half billion dollars of new capital in two days.
• New definitive commitments stood at USD637 million year to date as of September 30, 2025.
• The portfolio base (cost basis + definitive undrawn commitments) was up 15% in the year to date 2025.
• The firm held its 3Q25 Financial Results Conference Call on November 5, 2025.

Key contacts manage different geographic areas for investor inquiries:

• Josh Wood handles Americas investor relations.
• Robert Bailhache handles EMEA & Asia investor relations.

Industry conferences and thought leadership (e.g., Burford Quarterly)

Burford Capital Limited uses thought leadership and industry presence to build credibility and reach a wider audience of potential clients and investors, establishing itself as the institutional quality firm focused on law. This channel is about shaping the conversation.

Tangible outputs from this channel include:

• The Burford Quarterly publication, which visualizes 15 years of legal finance history.
• Research reports, such as one exploring insights from 300 IP lawyers worldwide regarding patent monetization.
• Hosting events like the 2025 Investor Day on April 3, 2025, in New York City.

These materials help translate complex financial topics into actionable insights for businesses and law firms looking to use legal finance. Finance: draft 13-week cash view by Friday.

Burford Capital Limited (BUR) - Canvas Business Model: Customer Segments

You're looking at who Burford Capital Limited actually puts its capital to work with, which is the core of their business. Honestly, it's a focused group, primarily dealing with high-stakes legal assets globally.

Large corporations and multinational companies

This segment includes companies from start-ups all the way up to the Fortune 500, using legal finance to transform legal assets into cash flow or eliminate downside risk on claims. You can see the scale of individual engagements; as of December 31, 2024, Burford Capital Limited's largest commitment to a single corporate client stood at $130.0 million. That single commitment represented 4% of their total commitments at that time. The Principal Finance segment, which deploys capital to these assets, reported capital provision income of $308.4 million for the nine months ended September 30, 2025.

Am Law 100 and Global 100 law firms

Burford Capital Limited serves law firms by helping them monetize legal assets for working capital or portfolio financing. They have a deep penetration here; for example, they have worked with 94% of AmLaw 100 firms. This segment is crucial because it allows firms, especially those reliant on hourly fees, to manage cash flows associated with contingent work.

Here's a quick look at some of the financial context surrounding Burford Capital Limited's operations, which underpins their ability to serve these segments:

Metric	Value/Period	Date/Context
Capital Provision Income (YTD)	$308.4 million	Nine months ended September 30, 2025
Largest Corporate Commitment	$130.0 million	As of December 31, 2024
Largest Corporate Commitment Percentage	4%	Of total commitments as of December 31, 2024
New Capital Raised	$0.5 billion	In two days in July 2025
Market Capitalization	$2.08 billion	As of late 2025

Institutional investors (pension funds, endowments, sovereign wealth funds)

These entities are primarily customers of the Asset Management and Other Services segment, acting as third-party investors in Burford Capital Limited's managed legal finance assets. The firm's ability to attract this capital shows market confidence; for instance, they raised half a billion dollars of new capital in just two days in July 2025. Asset management income for the nine months ended September 30, 2025, was $20.8 million.

The client base for asset management includes sophisticated capital allocators, as evidenced by the types of investors active in the stock:

• Institutional investors are active in the stock, with firms like Charles Schwab Investment Management Inc. holding over 487,333 shares.
• Other funds, like MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd., have also increased their stakes.
• The firm's overall structure involves managing third-party interests, as seen in their segment reporting reconciliations.

Governments and state-owned entities (e.g., in asset recovery)

Burford Capital Limited's business explicitly includes asset recovery activities. While specific 2025 financial breakdowns for this segment aren't immediately available in the latest reports, their global office network, including Dubai, supports international and sovereign-level engagements. The firm helps clients transform unenforced judgments and non-performing loans into cash, a service relevant to state entities holding such assets.

The key client service types relevant to these segments include:

• Single case financing for litigants.
• Portfolio financing for law firms.
• Legal risk management services.
• Complex strategies where Burford acts as a principal.

Finance: draft 13-week cash view by Friday.

Burford Capital Limited (BUR) - Canvas Business Model: Cost Structure

You're looking at the expenses that keep Burford Capital Limited's complex legal finance engine running. It's not just about the money put into cases; it's the operational and financing costs that underpin the whole structure. Honestly, for a firm like Burford Capital Limited, the cost of capital and the cost of top-tier talent are the two biggest levers.

Finance costs on debt capital show a clear upward trend in servicing the leverage used to fund operations. For the third quarter of 2025, Burford Capital Limited reported that finance costs increased 21% to $41.5 million from $34.4 million in the third quarter of 2024. This reflects the cost of the capital structure, which was recently bolstered by a significant debt raise.

The firm's ability to attract and retain the highly specialized legal and financial staff required to underwrite and manage complex global litigation is a major expense. For instance, the compensation structure for the Chief Executive Officer and Chief Investment Officer, effective January 1, 2026, reverts to a base salary of $1.9 million each, plus a 3.75% carried interest based solely on cash gains, removing the annual discretionary bonus component. To give you a sense of the broader scale, the consolidated total for compensation and benefits for the year ended December 31, 2024, was $221,084 thousand.

General, administrative, and other operating expenses capture the day-to-day running costs outside of direct case funding. For the three months ended June 30, 2025 (2Q25), Burford Capital Limited reported General, administrative and other expenses of $90,166 thousand. This is a key metric to watch against revenue growth.

Case-related expenditures ineligible for inclusion in asset cost represent costs that are expensed immediately rather than capitalized as part of the litigation asset. For the three and six months ended June 30, 2025, these costs were $8,897 thousand and $10,293 thousand, respectively, on a Burford-only basis. This is distinct from the $801 thousand reported for the year ended December 31, 2023.

Costs tied to raising and servicing capital are crucial, especially given the firm's reliance on debt markets. Burford Capital Limited successfully completed a $500 million issuance of eight-year senior notes on July 11, 2025, priced at 7.50% relative to Treasuries. The firm intends to use the proceeds to repay 6.125% bonds due in 2025 and potentially retire other existing indebtedness. For the full year 2024, total finance costs (consolidated) amounted to $135,717 thousand.

Here's a quick look at some of these key cost components across recent reporting periods:

Cost Category	Period Ending June 30, 2025 (2Q25)	Period Ending September 30, 2025 (3Q25)	Year Ended December 31, 2024
Finance Costs (Total Other Expenses)	N/A	$41.5 million	$135,717 thousand
General, Administrative and Other (Burford-only)	$90,166 thousand	$18,002 thousand	N/A
Case-related Expenditures Ineligible for Asset Cost (Burford-only)	$8,897 thousand	$4,320 thousand	N/A
Compensation and Benefits (Consolidated)	N/A	N/A	$221,084 thousand

The structure of these costs highlights the firm's dual nature: a high fixed cost base for expert personnel and debt servicing, and a variable cost component tied directly to case activity. You'll want to track the ratio of G&A to total assets under management, defintely.

The firm's cost structure also includes specific elements related to its financing activities:

• The $500 million senior notes issuance in July 2025 was priced at 7.50% for an eight-year term.
• The 2024 total included $4,571 thousand in debt issuance costs recognized as finance costs.
• The new executive compensation structure, effective 2026, removes the annual discretionary bonus, which was previously targeted at 200% of base salary.

Finance: draft 13-week cash view by Friday.

Burford Capital Limited (BUR) - Canvas Business Model: Revenue Streams

Principal Finance income, reported as Capital Provision income, was $80.1 million in Q3 2025.

The company highlighted strong realization breadth, with 61 assets generating proceeds Year-to-Date (YTD) 2025, compared to 50 last year. Rolling three-year realizations reached an all-time high. Specifically, unrealized gains from YPF-related assets were $55.4 million in Q3 2025, a decrease of 47% from $104.1 million the prior year.

The core portfolio activity, excluding the YPF matter, showed an unrealized loss of $52.5 million in the third quarter, against a gain of $75.7 million a year ago. On realized Q3 transactions, net realized gains implied approximately 60% ROIC (Return on Invested Capital).

New definitive commitments for the Year-to-Date 2025 period reached $637 million, representing a 52% increase YoY from $420 million the prior year. Deployments for YTD 2025 were $329 million, up 20% YoY.

Key financial metrics for the third quarter of 2025 compared to the prior year were:

• GAAP consolidated revenue was $69.8 million, a 72% fall from $249.1 million a year ago.
• Net loss attributable to shareholders was $19.2 million, compared to a profit of $135.6 million in Q3 2024.
• Basic loss per share from continuing operations was $(0.09).

The composition of revenue streams for Q3 2025 is detailed below:

Revenue Component	Q3 2025 Amount (USD)	Context/Comparison
GAAP Consolidated Revenue	$69.8 million	Down 72% YoY from $249.1 million
Capital Provision Income (Principal Finance)	$80.1 million	Down 70% YoY from $271.0 million
Unrealised Gains from YPF-related Assets	$55.4 million	Down 47% YoY from $104.1 million
Unrealised Loss (Excluding YPF Assets)	($52.5 million)	Compared to a gain of $75.7 million a year ago

The growth in new business momentum, evidenced by the $637 million in YTD 2025 definitive commitments, drives the pipeline for future Principal Finance income and realized gains.