Burford Capital Limited (BUR): Business Model Canvas [Dec-2025 Updated]

You're looking for the nuts and bolts of how Burford Capital Limited actually operates, and honestly, the model is deceptively simple: they turn complex legal claims into a distinct asset class, effectively managing litigation risk for clients while generating high-yield returns for investors. This isn't small-time funding; we are looking at a firm that reported total assets of $6.175 billion in FY2024, with their core Principal Finance income alone reaching $80.1 million in Q3 2025. This is sophisticated financial engineering applied to the courtroom, offering immediate liquidity and risk transfer. Below, I've mapped out the entire Burford Capital Limited Business Model Canvas, showing you the key partnerships, resources, and revenue streams that drive this unique operation.

Burford Capital Limited (BUR) - Canvas Business Model: Key Partnerships

You're looking at the network Burford Capital Limited relies on to deploy capital and manage its massive portfolio, which was stated to be $7.5 billion at one point. This ecosystem is crucial for sourcing, funding, and executing on high-value legal finance opportunities.

Institutional investors as limited partners in private funds

Burford Capital Investment Management LLC manages legal finance assets on behalf of third-party investors, which are the limited partners in its private funds. These partnerships provide a significant pool of external capital to complement Burford Capital Limited's balance sheet deployments.

• The firm has previously executed a $148.0 million placement to a number of institutional investors.
• The Asset Management segment manages capital for these third-party investors.

While the following relate to equity investment in Burford Capital Limited itself, they show the institutional appetite for the company's structure:

Institutional Investor	Reported Stake/Investment (Approximate Value)	Reporting Period
Alpha Wave Global LP	Purchased 217,108 shares, valued at approx. $3,096,000	2nd Quarter 2025
Charles Schwab Investment Management Inc.	Owned shares valued at $6,438,000	1st Quarter 2025
KBC Group NV	Acquired a new stake valued at about $70,000	2nd Quarter 2025

Joint corporate brokers: BofA Securities, Deutsche Numis, Jefferies, Berenberg

The relationship with its corporate brokers is key for market access and corporate finance activities. As of November 5, 2025, the structure was formalized as follows:

Firm	Role
Merrill Lynch International (BofA Securities)	Joint Corporate Broker (Appointed Nov 5, 2025)
Deutsche Bank AG (Deutsche Numis)	Nominated Adviser (NOMAD) and Joint Broker
Jefferies International Limited	Joint Broker
Joh. Berenberg, Gossler & Co. KG (Berenberg)	Joint Broker

This group supports Burford Capital Limited's public listings on the NYSE and LSE.

Global law firms for deal sourcing and execution

Burford Capital Limited works with companies and law firms globally. Its business model is built on deep relationships within the legal industry, which serves as the primary source for deal flow in litigation finance and risk management.

Co-funders on large, complex legal matters

For the largest and most complex matters, Burford Capital Limited often partners with other capital providers. This is evident in matters like the YPF case, which involved co-funders such as Eton Park Capital Management. The firm's capacity for these deals is significant:

• Burford Capital Limited has had 13 commitments of $100 million or more since 2015.
• These large commitments represent 37% of total deployments.

Financial institutions for debt capital and syndication

Access to debt capital markets is a core partnership for funding deployments. Burford Capital Limited successfully accessed this market in mid-2025, which strengthens its overall capital position. The firm's subsidiary, Burford Capital Global Finance LLC, is the issuer for these instruments.

Debt Instrument	Principal Amount	Coupon/Rate	Maturity/Issuance Date
Senior Notes	$500,000,000	7.500%	Due 2033 (Issued July 11, 2025)
Senior Notes	$400,000,000	6.250%	Due 2028 (Issued April 5, 2021)
Senior Notes	$360,000,000	6.875%	Due 2030 (Issued April 11, 2022)
Bonds	£175,000,000	5.000%	Due 2026 (Issued June 1, 2017)

The $500 million issuance in July 2025 was priced at the most competitive rate relative to Treasuries Burford Capital Limited had ever achieved. The company reported revenue of $69.80 million for the three months ended September 30, 2025.

Burford Capital Limited (BUR) - Canvas Business Model: Key Activities

You're looking at the engine room of Burford Capital Limited (BUR), the core actions that drive their legal finance and asset management model as of late 2025. It's all about deploying capital effectively and managing that capital base.

Sourcing, underwriting, and managing legal finance assets

The firm's pipeline activity shows strong inbound interest, which feeds the underwriting machine. This is where Burford's expertise, built on years of data, really comes into play to select the right assets.

• In 2024, Burford Capital received over 2000+ inquiries.
• Of those inquiries, 296 cases were passed to the next step for diligence, assessment, and pricing by the underwriting team.
• New business commitments for the nine months ended September 30, 2025 (YTD25) were 71% higher than the comparable 2024 period.
• For the first quarter of 2025 (1Q25), both new business and realization activity were reported as well above first quarter levels in recent years.
• Burford Capital Limited states they are growing strongly, above the level needed to double the size of the platform by 2030.

Raising external capital, including the $500 million debt issuance in July 2025

Access to capital on competitive terms is a major differentiator for Burford Capital Limited, allowing them to fund long-term assets without relying solely on balance sheet deployment. The July 2025 debt offering was a key move to manage liabilities.

Here's a look at that recent capital raise and segment income:

Activity/Metric	Financial Detail	Period/Date
Senior Notes Issuance Size	$500 million (upsized from $400 million)	July 2025
New Bond Coupon Rate	7.50% (eight-year bond)	July 2025
Repayment of 6.125% Bonds	Intended use of proceeds for bonds due in 2025	July 2025
Potential Repayment of 5.000% Bonds	Potential retirement of bonds due in 2026	July 2025
Asset Management Income (YTD)	$20.8 million	Nine months ended September 30, 2025

Portfolio management and realization of legal claims (e.g., YPF matter)

Managing the existing portfolio for cash realization is critical, and the YPF matter remains a significant focus for potential large-scale realization. The activity across the entire portfolio is ramping up.

For the nine months ended September 30, 2025 (YTD25), Burford Capital Limited reported the following from its Principal Finance segment:

• Capital provision income was $308.4 million.
• Rolling three-year realizations were at their highest level ever.
• 61 assets generated proceeds already this year.

Regarding the YPF matter specifically:

• The US District Court for the Southern District of New York ordered Argentina to transfer its Class D shares of YPF (approximately 51% of outstanding shares) in July 2025.
• The Main Appeal was scheduled for oral argument before the Second Circuit on Wednesday, October 29, 2025.
• The original September 2023 judgment amount was approximately $16 billion, including roughly $8 billion of pre-judgment interest.

Asset management for third-party investors

This activity captures fee income generated from managing legal finance assets funded by capital from outside Burford Capital Limited. This is reported under the Asset Management and Other Services segment.

Data points related to this business line include:

• Asset management income for the nine months ended September 30, 2025, totaled $20.8 million.
• One analysis estimated Asset Management AUM (Assets Under Management) at $1,000M (representing 50% of the 2025 number).
• The associated Profit-Sharing and Performance Fees were estimated at 3.5%.

Global business development across key legal markets

This activity involves the continuous sourcing and initial vetting of new opportunities across Burford Capital Limited's global office network. The goal is to maintain a high volume of quality deal flow to fuel future growth.

The momentum in new business shows this activity is robust:

• New business commitments for YTD25 increased by 71% compared to the same period in 2024.
• For 1Q25, new business activity was reported as well above first quarter levels of recent years.

Burford Capital Limited (BUR) - Canvas Business Model: Key Resources

Substantial deployable capital base

Metric	Amount
Total Assets (FY2024)	$6.175 billion
Total Assets (Latest Reported, Sept 2024)	$6.7 billion
Total Debt Outstanding (Sept 30, 2024)	$1.8 billion
Cash and Marketable Securities (Sept 30, 2024)	$629 million

Proprietary underwriting expertise and legal/financial staff

Here's the quick math on the team's activity and historical performance, which you'll want to map against deployment speed.

Metric	Value
Inquiries Received (2024)	2000+
Cases Passed to Initial Screening (2024)	806
Cases Passed to Further Diligence (2024)	296
Historical ROIC (15 years average)	87%
Historical IRR (15 years average)	26%
ROIC on Realizations (YTD 2024)	94%

Global office network (NY, London, Chicago, Singapore, Dubai, Hong Kong)

You can see the physical footprint supporting global deal flow:

• New York
• London
• Chicago
• Singapore
• Dubai
• Hong Kong
• Washington, DC

Portfolio of active legal finance assets

The pipeline is definitely moving, which is what we look for in Q3/Q4 reports.

• Assets generating proceeds (YTD 2025)

The number is 61.

Strong brand and reputation as the market leader in legal finance

The market positioning is clear, based on their self-reporting and external validation.

• Market position description: world's largest capital provider of litigation finance
• Market position description: dominant player
• Market position description: leading global finance and asset management firm focused on law

Finance: draft 13-week cash view by Friday.

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.