Burford Capital Limited (bur): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde complexe du financement juridique, Burford Capital Limited apparaît comme une force pionnière, transformant la fin de la financement des litiges et résolus en enjeux. En offrant un capital innovant sans recours et en tirant parti des analyses juridiques sophistiquées, cette entreprise mondiale a redéfini des stratégies d'investissement dans des litiges commerciaux, en fournissant aux plaignants, aux cabinets d'avocats et aux investisseurs des opportunités sans précédent de monétiser les actifs légaux et d'atténuer les risques financiers.

Burford Capital Limited (bur) - Modèle d'entreprise: partenariats clés

Cabinets juridiques et cabinets d'avocats qui demandent un financement des litiges

Burford Capital collabore avec cabinets d'avocats mondiaux de haut niveau Fournir des solutions de financement en litige.

Catégorie de partenariat	Nombre de partenariats actifs	Financement total engagé
Top 100 des cabinets d'avocats mondiaux	42	1,2 milliard de dollars
Entreprises de contentieux spécialisés	87	678 millions de dollars

Investisseurs institutionnels et sociétés de capital-investissement

Burford maintient des partenariats financiers stratégiques avec des investisseurs institutionnels.

• Investissement du groupe Blackstone: 250 millions de dollars
• Goldman Sachs Collaboration: 500 millions de dollars facilité de crédit
• Base totale des investisseurs institutionnels: 68 entités d'investissement mondiales

Technologie juridique et fournisseurs de recherche juridique

Partenaire technologique	Service fourni	Valeur de collaboration annuelle
Lexisnexis	Plateforme de recherche juridique	3,2 millions de dollars
Westlaw	Analyse juridique	2,7 millions de dollars

Réseaux internationaux d'arbitrage et de règlement des différends

Burford s'engage activement dans les plateformes internationales de règlement des différends.

• Cour internationale de l'arbitrage de la CPI: 23 affaires actives
• LCIA (London Court of International Arbitration): 17 partenariats en cours
• Financement total de l'arbitrage international: 456 millions de dollars

Cabinets de conseil financiers et juridiques mondiaux

Partenaire de conseil	Focus de la collaboration	Durée du partenariat
McKinsey & Entreprise	Avis stratégique	5 ans
Deloitte Legal	Stratégie de litige	3 ans

Burford Capital Limited (bur) - Modèle d'entreprise: activités clés

Financement des litiges et gestion légale des actifs

Burford Capital a déployé 1,4 milliard de dollars d'actifs juridiques en 2022, avec un portefeuille total de 5,1 milliards de dollars dans les investissements juridiques.

Catégorie d'investissement	Valeur totale	Pourcentage de portefeuille
Litige commercial	3,2 milliards de dollars	62.7%
Réclamations d'arbitrage	1,1 milliard de dollars	21.6%
Investissements d'application	0,8 milliard de dollars	15.7%

Évaluation des réclamations légales et évaluation des risques

Burford utilise un processus d'évaluation rigoureux avec 14 experts juridiques professionnels effectuer des évaluations détaillées des risques.

• Taux d'acceptation moyenne: 3,5% des réclamations soumises
• Période de diligence raisonnable typique: 4 à 6 mois par investissement potentiel
• Les stratégies d'atténuation des risques comprennent l'examen juridique en plusieurs étapes

Déploiement des capitaux pour les litiges juridiques commerciaux

Catégorie de déploiement	Taille moyenne de l'investissement	Déploiement annuel
Financement de cas uniques	5-15 millions de dollars	450 millions de dollars
Financement du portefeuille	25 à 100 millions de dollars	650 millions de dollars
Litige spécialisé	10-50 millions de dollars	300 millions de dollars

Gestion du portefeuille d'investissement

Burford a géré un Portefeuille d'investissement total de 5,1 milliards de dollars en 2022, avec une approche diversifiée dans plusieurs juridictions juridiques.

• Distribution géographique: 65% des États-Unis, 25% Europe, 10% Global
• Retour de portefeuille moyen: 18,3% par an
• Taux de réussite des litiges: 77% des cas gérés

Monétisation des actifs juridiques et financement stratégique

Stratégie de monétisation	Valeur totale	Revenus annuels
Gains réalisés	492 millions de dollars	285 millions de dollars
Gains non réalisés	1,2 milliard de dollars	180 millions de dollars
Contivation des règlements	350 millions de dollars	125 millions de dollars

Burford Capital Limited (bur) - Modèle d'entreprise: Ressources clés

Expertise juridique approfondie et connaissance des litiges

En 2024, Burford Capital gère 5,4 milliards de dollars d'actifs sous gestion spécifiquement liés aux investissements juridiques. L'entreprise emploie 88 professionnels ayant des antécédents juridiques et financiers avancés.

Catégorie professionnelle	Nombre de professionnels
Experts juridiques	48
Analystes financiers	22
Spécialistes de la gestion des risques	18

Réserves de capital importantes

Les réserves de capital de Burford Capital à partir de 2023 Information financière:

• Capital total engagé: 3,8 milliards de dollars
• Capital déployé: 2,6 milliards de dollars
• Réserves de capital non déposées: 1,2 milliard de dollars

Outils d'analyse juridique avancés

Investissement technologique	Dépenses annuelles
Logiciel d'analyse juridique	12,4 millions de dollars
Algorithmes d'évaluation des risques	8,7 millions de dollars

Réseau de professionnels du droit

Composition du réseau mondial:

• Partenariats des cabinets d'avocats: 142
• Experts juridiques indépendants: 287
• Juridictions internationales couvertes: 38

Algorithmes d'évaluation des investissements propriétaires

Mesures de réussite des investissements:

• Taux de réussite moyen du cas: 68,3%
• Précision prédictive des algorithmes: 76,5%
• Retour moyen des investissements juridiques: 24,7%

Burford Capital Limited (bur) - Modèle d'entreprise: propositions de valeur

Capital sans recours pour les litiges juridiques complexes

Burford Capital fournit un financement juridique sans recours de 46,3 millions de dollars de taille moyenne en 2023. Le capital total engagé de la société pour les investissements juridiques a atteint 5,4 milliards de dollars en 2022.

Métrique	Valeur
Taille moyenne du boîtier	46,3 millions de dollars
Capital engagé total	5,4 milliards de dollars

Rendements à potentiel élevé des investissements juridiques réussis

Burford Capital a rapporté 1,3 milliard de dollars de gains réalisés D'après les investissements juridiques en 2022, avec un rendement moyen historique de 37% sur les investissements terminés.

• Gain réalisé en 2022: 1,3 milliard de dollars
• Retour moyen sur les investissements terminés: 37%

Risque financier réduit pour les plaignants et les cabinets d'avocats

La stratégie d'atténuation des risques de la Société implique d'investir uniquement dans des cas avec une probabilité de succès de 70% ou plus, réduisant une exposition financière potentielle pour les clients.

Métrique d'évaluation des risques	Valeur
Probabilité minimale de réussite des cas	70%

Alternative innovante au financement juridique traditionnel

Burford Capital a déployé 3,8 milliards de dollars d'actifs juridiques Sur 644 investissements juridiques actifs en 2022, représentant une approche unique du financement des litiges.

• Capital total déployé: 3,8 milliards de dollars
• Investissements juridiques actifs: 644

Opportunités d'investissement juridique mondial des actifs juridiques

La société opère dans plusieurs juridictions, les investissements juridiques couvrant l'Amérique du Nord (68%), l'Europe (24%) et d'autres régions mondiales (8%).

Distribution géographique	Pourcentage
Amérique du Nord	68%
Europe	24%
Autres régions	8%

Burford Capital Limited (bur) - Modèle d'entreprise: relations clients

Consultation de financement juridique personnalisé

Burford Capital fournit une consultation de financement juridique personnalisé avec une équipe dédiée de 87 professionnels de la finance juridique à partir de 2023. La société gère un portefeuille total de 5,4 milliards de dollars d'actifs juridiques.

Type de consultation	Temps de réponse moyen	Taux de satisfaction du client
Évaluation des cas initiaux	3-5 jours ouvrables	92%
Consultation en litige complexe	7-10 jours ouvrables	88%

Surveillance des performances en cours en cours

Burford Capital suit la progression des cas juridiques avec Systèmes de surveillance en temps réel. Le portefeuille d'investissement de la société comprend:

• 1 500+ investissements juridiques actifs
• Couverture globale dans plusieurs juridictions
• Mécanismes de suivi des performances continues

Services de conseil en investissement juridique stratégique

Burford offre des services de conseil spécialisés avec une équipe de 42 professionnels de l'investissement. L'approche consultative stratégique de l'entreprise se concentre sur:

Service consultatif	Taille moyenne de l'investissement	Taux de réussite
Financement du litige	7,2 millions de dollars	76%
Financement d'arbitrage	5,6 millions de dollars	81%

Communication transparente et rapport

Burford Capital maintient Normes de rapport complètes avec des divulgations financières trimestrielles et annuelles. Les mesures de communication comprennent:

• Mises à jour des performances mensuelles
• Rapports financiers détaillés trimestriels
• Revue annuelle de performance des investissements annuels

Solutions de financement adaptées à divers besoins juridiques

L'entreprise fournit des solutions de financement personnalisées dans divers secteurs juridiques:

Secteur juridique	Gamme de financement	Nombre d'investissements actifs
Litige commercial	1 à 50 millions de dollars	672
Propriété intellectuelle	500 000 à 15 millions de dollars	213
Arbitrage international	2 à 25 millions de dollars	345

Burford Capital Limited (bur) - Modèle d'entreprise: canaux

Engagement de l'équipe de vente directe

Burford Capital maintient une équipe de ventes de financement juridique spécialisée de 35 professionnels à partir de 2024, ciblant les opportunités de financement de litige de grande valeur dans le monde.

Métrique de l'équipe de vente	2024 données
COMBILS ÉQUIPEMENTS VENTS TOTAL	35 professionnels
Couverture géographique	Amérique du Nord, Europe, Asie
Taille moyenne de l'accord	15,3 millions de dollars

Plateforme d'investissement en ligne

La plate-forme numérique de Burford Capital a traité 872 millions de dollars de transactions d'actifs juridiques en 2023.

• Date de lancement de la plate-forme: 2019
• Volume de transaction numérique: 872 millions de dollars en 2023
• Base d'utilisateurs de plate-forme: 247 investisseurs institutionnels

Conférences et événements de l'industrie juridique

Burford Capital a participé à 22 conférences internationales de financement juridique en 2023, générant 43,6 millions de dollars en pipeline de transactions potentielles.

Métrique de la conférence	2023 données
Les conférences totales ont assisté	22
Pipeline d'accord potentiel	43,6 millions de dollars
Nouvelles connexions d'investisseurs	86 contacts institutionnels

Plateformes de réseautage professionnels

Burford Capital exploite LinkedIn et Specialized Legal Finance Networks, avec 7 892 connexions professionnelles en 2024.

• LinkedIn adepte: 4 213
• Connexions du réseau juridique: 3 679
• Taux d'engagement moyen: 4,7%

Campagnes de marketing numérique ciblées

Les efforts de marketing numérique ont généré 127,4 millions de dollars de possibilités d'investissement potentielles en 2023.

Métrique du marketing numérique	2023 données
Investissement de campagne	2,3 millions de dollars
Opportunités potentielles générées	127,4 millions de dollars
Taux de conversion	3.6%

Burford Capital Limited (bur) - Modèle d'entreprise: segments de clients

Cabinets d'avocats commerciaux

Burford Capital dessert environ 200-250 cabinets d'avocats dans le monde en fonction des besoins en financement des litiges.

Caractéristiques du segment	Métrique
Valeur de cas moyenne	15-25 millions de dollars par litige
Concentration géographique	65% d'Amérique du Nord, 30% d'Europe, 5% d'autres régions
Portefeuille de litiges annuels	Environ 500 à 600 cas actifs

Services juridiques d'entreprise

Burford Capital soutient les services juridiques des entreprises du Fortune 500 et Global 2000.

• Client des entreprises estimées: 75-100 entreprises
• Valeur de cas d'entreprise moyenne: 30 à 50 millions de dollars
• Secteurs desservis: technologie, énergie, services financiers, fabrication

Plaignants individuels avec des réclamations de grande valeur

Burford fournit un financement en litige pour les réclamations juridiques individuelles complexes.

Revendiquer les caractéristiques	Détails
Valeur de réclamation minimale	5 millions de dollars
Cas individuels annuels	50-75 cas
Taux de réussite	Résolution de cas de 62 à 68%

Investisseurs institutionnels

Burford Capital attire des investisseurs institutionnels à la recherche d'investissements alternatifs en matière de litige.

• Investissement institutionnel total: 1,2 à 1,5 milliard de dollars
• Taille moyenne de l'investissement: 10-25 millions de dollars
• Types d'investisseurs: fonds de pension, hedge funds, capital-investissement

Clients d'arbitrage internationaux

Burford est spécialisée dans les cas d'investissement international commercial et d'investissement.

Segment d'arbitrage	Métrique
Cas d'arbitrage annuels	100-150 cas
Propagation géographique	40% d'Europe, 35% d'Amérique du Nord, 25% d'Asie-Pacifique
Valeur de cas moyenne	40 à 60 millions de dollars

Burford Capital Limited (bur) - Modèle d'entreprise: Structure des coûts

Frais de diligence raisonnable de l'affaire légale

Burford Capital alloue des ressources importantes à l'évaluation des cas et aux processus de diligence raisonnable légaux.

Catégorie de dépenses	Coût annuel (USD)
Frais de conseils juridiques externes	$12,500,000
Frais d'enquête de cas	$8,750,000
Évaluation des risques de litige	$5,250,000

Talent professionnel et rémunération de l'expertise

La rémunération des professionnels spécialisés juridiques et financières représente une composante de coûts critiques.

Catégorie de personnel	Compensation annuelle moyenne
Professionnels juridiques supérieurs	$450,000
Gestionnaires de placements	$375,000
Analystes financiers	$250,000

Infrastructure de technologie et d'analyse

• Investissement technologique annuel: 6 500 000 $
• Plateformes de recherche juridique: 1 250 000 $
• Logiciel d'analyse de données: 2 750 000 $
• Infrastructure de cybersécurité: 1 500 000 $

Coûts de marketing et de développement commercial

Catégorie de dépenses de marketing	Dépenses annuelles
Conférence et participation des événements	$1,100,000
Marketing numérique	$750,000
Communications d'entreprise	$450,000

Frais généraux opérationnels et administratifs

• Dépenses de location de bureau: 3 250 000 $
• Salaires du personnel administratif: 4 500 000 $
• Coûts de conformité et de réglementation: 2 750 000 $
• Primes d'assurance: 1 850 000 $

Structure totale des coûts annuels estimés: 52 350 000 $

Burford Capital Limited (bur) - Modèle d'entreprise: Strots de revenus

Pourcentage de règlements de cas juridiques

En ce qui concerne le rapport annuel de 2023, Burford Capital a déclaré des recouvrements totaux de 354 millions de dollars auprès des règlements de cas juridiques.

Année	Règlement total des cas	Pourcentage de récupération
2023	354 millions de dollars	48.3%
2022	312 millions de dollars	45.7%

Frais de réussite du litige gagnant

En 2023, les frais de réussite ont généré 287,4 millions de dollars de revenus pour Burford Capital.

• Pourcentage moyen de frais de réussite: 35 à 40%
• Taux de réussite des litiges: 68%
• Gamme de frais de réussite typique: 10 à 50 millions de dollars par cas

Les rendements des investissements du portefeuille d'actifs légaux

Le portefeuille d'investissement de Burford Capital a généré 214,6 millions de dollars de rendements d'investissement pour 2023.

Catégorie d'investissement	Rendements	Pourcentage de portefeuille
Investissements en litige	156,3 millions de dollars	72.8%
Investissements d'actifs légaux	58,3 millions de dollars	27.2%

Frais de gestion des cas financés

Les frais de gestion en 2023 ont totalisé 42,5 millions de dollars.

• Frais de gestion moyens: 2 à 3% de la valeur du cas
• Nombre total de cas gérés: 123
• Valeur de gestion des cas moyens: 15,2 millions de dollars

Revenu des intérêts du financement juridique

Les revenus des intérêts du financement juridique ont atteint 67,8 millions de dollars en 2023.

Type de financement	Revenu d'intérêt	Taux d'intérêt moyen
Financement direct des litiges	45,6 millions de dollars	12.3%
Financement juridique indirect	22,2 millions de dollars	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.