Burford Capital Limited (BUR): Modelo de negócios Canvas [Jan-2025 Atualizado]

No complexo mundo do financiamento legal, a Burford Capital Limited surge como uma força pioneira, transformando como as disputas legais de alto risco são financiadas e resolvidas. Ao oferecer capital inovador e não-recomendado e alavancar análises jurídicas sofisticadas, essa empresa global redefiniu estratégias de investimento em litígios comerciais, fornecendo demandantes, escritórios de advocacia e investidores com oportunidades sem precedentes para monetizar ativos legais e mitigar riscos financeiros.

Burford Capital Limited (BUR) - Modelo de negócios: Parcerias -chave

Escritórios jurídicos e escritórios de advocacia que buscam financiamento de litígios

Burford Capital colabora com escritórios de advocacia globais de primeira linha fornecendo soluções de financiamento de litígios.

Categoria de parceria	Número de parcerias ativas	Financiamento total cometido
Os 100 principais escritórios de advocacia globais	42	US $ 1,2 bilhão
Empresas de litígios especializados	87	US $ 678 milhões

Investidores institucionais e empresas de private equity

Burford mantém parcerias financeiras estratégicas com investidores institucionais.

• Investimento do grupo Blackstone: US $ 250 milhões
• Colaboração Goldman Sachs: Linha de crédito de US $ 500 milhões
• Base de investidores institucionais totais: 68 entidades de investimento global

Provedores de tecnologia e pesquisa jurídica

Parceiro de tecnologia	Serviço prestado	Valor anual de colaboração
Lexisnexis	Plataforma de pesquisa jurídica	US $ 3,2 milhões
Westlaw	Análise jurídica	US $ 2,7 milhões

Redes internacionais de arbitragem e resolução de disputas

Burford se envolve ativamente com plataformas internacionais de resolução de disputas.

• Tribunal Internacional de Arbitragem da ICC: 23 casos ativos
• LCIA (Tribunal de Arbitragem Internacional de Londres): 17 parcerias em andamento
• Financiamento total de arbitragem internacional: US $ 456 milhões

Empresas de consultoria financeira e jurídica globais

Parceiro de consultoria	Foco de colaboração	Duração da parceria
McKinsey & Empresa	Consultoria estratégica	5 anos
Deloitte Legal	Estratégia de litígio	3 anos

Burford Capital Limited (BUR) - Modelo de negócios: Atividades -chave

Financiamento de litígios e gerenciamento de ativos legais

Burford Capital implantou US $ 1,4 bilhão em ativos legais durante 2022, com um portfólio total de US $ 5,1 bilhões em investimentos legais.

Categoria de investimento	Valor total	Porcentagem de portfólio
Litígios comerciais	US $ 3,2 bilhões	62.7%
Reivindicações de arbitragem	US $ 1,1 bilhão	21.6%
Investimentos de aplicação	US $ 0,8 bilhão	15.7%

Avaliação legal de reivindicações e avaliação de risco

Burford emprega um rigoroso processo de avaliação com 14 especialistas legais profissionais conduzindo avaliações detalhadas de risco.

• Taxa média de aceitação de casos: 3,5% das reivindicações enviadas
• Período típico de due diligence: 4-6 meses por investimento potencial
• As estratégias de mitigação de riscos incluem revisão legal de vários estágios

Implantação de capital para disputas legais comerciais

Categoria de implantação	Tamanho médio de investimento	Implantação anual
Financiamento de caso único	US $ 5-15 milhões	US $ 450 milhões
Financiamento do portfólio	US $ 25-100 milhões	US $ 650 milhões
Litígios especializados	US $ 10-50 milhões	US $ 300 milhões

Gerenciamento de portfólio de investimentos

Burford conseguiu a Portfólio de investimentos totais de US $ 5,1 bilhões Em 2022, com uma abordagem diversificada em várias jurisdições legais.

• Distribuição geográfica: 65% Estados Unidos, 25% Europa, 10% Global
• Portfólio Média Retorno: 18,3% anualmente
• Taxa de sucesso de litígios: 77% dos casos gerenciados

Monetização de ativos legais e financiamento estratégico

Estratégia de monetização	Valor total	Receita anual
Ganhos realizados	US $ 492 milhões	US $ 285 milhões
Ganhos não realizados	US $ 1,2 bilhão	US $ 180 milhões
Liquidação prossegue	US $ 350 milhões	US $ 125 milhões

Burford Capital Limited (BUR) - Modelo de negócios: Recursos -chave

Extensa experiência jurídica e conhecimento de litígio

A partir de 2024, a Burford Capital gerencia US $ 5,4 bilhões em ativos sob gestão especificamente relacionados a investimentos legais. A empresa emprega 88 profissionais com antecedentes jurídicos e financeiros avançados.

Categoria profissional	Número de profissionais
Especialistas jurídicos	48
Analistas financeiros	22
Especialistas em gerenciamento de riscos	18

Reservas de capital significativas

Reservas de capital da Burford Capital a partir de 2023 Relatórios financeiros:

• Capital total cometido: US $ 3,8 bilhões
• Capital implantado: US $ 2,6 bilhões
• Reservas de capital não empregadas: US $ 1,2 bilhão

Ferramentas avançadas de análise jurídica

Investimento em tecnologia	Despesas anuais
Software de análise jurídica	US $ 12,4 milhões
Algoritmos de avaliação de risco	US $ 8,7 milhões

Rede de profissionais do advogado

Composição global de rede:

• Mercadoras de advocacia Parcerias: 142
• Especialistas jurídicos independentes: 287
• Jurisdições internacionais cobertas: 38

Algoritmos de avaliação de investimento proprietários

Métricas de sucesso do investimento:

• Taxa média de sucesso do caso: 68,3%
• Precisão preditiva de algoritmos: 76,5%
• Retorno médio sobre investimentos legais: 24,7%

Burford Capital Limited (BUR) - Modelo de Negócios: Proposições de Valor

Capital sem recurso para disputas legais complexas

A Burford Capital fornece financiamento legal sem recurso de US $ 46,3 milhões em tamanho médio de caso a partir de 2023. O capital total comprometido da Companhia para investimentos legais atingiu US $ 5,4 bilhões em 2022.

Métrica	Valor
Tamanho médio do caso	US $ 46,3 milhões
Capital total comprometido	US $ 5,4 bilhões

Retornos de alto potencial de investimentos legais bem-sucedidos

Burford Capital informou US $ 1,3 bilhão em ganhos realizados de investimentos legais em 2022, com um retorno médio histórico de 37% em investimentos concluídos.

• Ganhos realizados em 2022: US $ 1,3 bilhão
• Retorno médio dos investimentos concluídos: 37%

Risco financeiro reduzido para demandantes e escritórios de advocacia

A estratégia de mitigação de risco da empresa envolve investir apenas em casos com uma probabilidade de sucesso de 70% ou mais, reduzindo a exposição financeira potencial para os clientes.

Métrica de avaliação de risco	Valor
Probabilidade mínima de sucesso do caso	70%

Alternativa inovadora ao financiamento legal tradicional

Burford Capital implantou US $ 3,8 bilhões em ativos legais em 644 investimentos legais ativos a partir de 2022, representando uma abordagem única para o financiamento de litígios.

• Capital total implantado: US $ 3,8 bilhões
• Investimentos legais ativos: 644

Oportunidades globais de investimento de ativos legais

A Companhia opera em várias jurisdições, com investimentos legais abrangendo a América do Norte (68%), Europa (24%) e outras regiões globais (8%).

Distribuição geográfica	Percentagem
América do Norte	68%
Europa	24%
Outras regiões	8%

Burford Capital Limited (BUR) - Modelo de Negócios: Relacionamentos do Cliente

Consulta de financiamento legal personalizado

A Burford Capital fornece consulta personalizada de financiamento legal com uma equipe dedicada de 87 profissionais de finanças legais a partir de 2023. A empresa gerencia um portfólio total de US $ 5,4 bilhões em ativos legais.

Tipo de consulta	Tempo médio de resposta	Taxa de satisfação do cliente
Avaliação inicial de casos	3-5 dias úteis	92%
Consulta de litígios complexa	7-10 dias úteis	88%

Monitoramento de desempenho de casos em andamento

Burford Capital rastreia a progressão do caso legal com Sistemas de monitoramento em tempo real. O portfólio de investimentos da empresa inclui:

• 1.500+ investimentos legais ativos
• Cobertura global em várias jurisdições
• Mecanismos de rastreamento de desempenho contínuos

Serviços estratégicos de consultoria jurídica de investimento

A Burford oferece serviços de consultoria especializados com uma equipe de 42 profissionais de investimento. A abordagem consultiva estratégica da empresa se concentra:

Serviço de consultoria	Tamanho médio de investimento	Taxa de sucesso
Financiamento de litígios	US $ 7,2 milhões	76%
Financiamento de arbitragem	US $ 5,6 milhões	81%

Comunicação transparente e relatórios

Burford Capital sustenta Padrões abrangentes de relatórios com divulgações financeiras trimestrais e anuais. As métricas de comunicação incluem:

• Atualizações mensais de desempenho
• Relatórios financeiros detalhados trimestrais
• Revisão anual de desempenho de investimento anual

Soluções de financiamento personalizadas para diversas necessidades legais

A empresa fornece soluções de financiamento personalizadas em vários setores legais:

Setor jurídico	Intervalo de financiamento	Número de investimentos ativos
Litígios comerciais	US $ 1-50 milhões	672
Propriedade intelectual	US $ 500.000-15 milhões	213
Arbitragem internacional	US $ 2-25 milhões	345

Burford Capital Limited (BUR) - Modelo de Negócios: Canais

Engajamento da equipe de vendas direta

A Burford Capital mantém uma equipe especializada de vendas de finanças legais de 35 profissionais a partir de 2024, visando oportunidades de financiamento de litígios de alto valor em todo o mundo.

Métrica da equipe de vendas	2024 dados
Total de membros da equipe de vendas	35 profissionais
Cobertura geográfica	América do Norte, Europa, Ásia
Tamanho médio de negócios	US $ 15,3 milhões

Plataforma de investimento online

A plataforma digital da Burford Capital processou US $ 872 milhões em transações de ativos legais durante 2023.

• Data de lançamento da plataforma: 2019
• Volume de transação digital: US $ 872 milhões em 2023
• Base de usuário da plataforma: 247 investidores institucionais

Conferências e eventos da indústria jurídica

A Burford Capital participou de 22 conferências internacionais de finanças jurídicas em 2023, gerando US $ 43,6 milhões em potenciais contratos.

Métrica da conferência	2023 dados
As conferências totais compareceram	22
Potencial Deal Pipeline	US $ 43,6 milhões
Novas conexões de investidores	86 contatos institucionais

Plataformas de redes profissionais

Burford Capital Leverage LinkedIn e redes de finanças legais especializadas, com 7.892 conexões profissionais a partir de 2024.

• Seguidores do LinkedIn: 4.213
• Conexões de rede da indústria jurídica: 3.679
• Taxa de engajamento médio: 4,7%

Campanhas de marketing digital direcionadas

Os esforços de marketing digital geraram US $ 127,4 milhões em possíveis oportunidades de investimento em 2023.

Métrica de marketing digital	2023 dados
Investimento em campanha	US $ 2,3 milhões
Gerou oportunidades potenciais	US $ 127,4 milhões
Taxa de conversão	3.6%

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

Escritórios de advocacia de litígios comerciais

A Burford Capital atende a aproximadamente 200-250 escritórios de advocacia globalmente com necessidades de financiamento de litígios.

Características do segmento	Métricas
Valor médio do caso	US $ 15-25 milhões por litígio
Concentração geográfica	65% da América do Norte, 30% Europa, 5% de outras regiões
Portfólio anual de litígios	Aproximadamente 500-600 casos ativos

Departamentos jurídicos corporativos

A Burford Capital apóia os departamentos jurídicos corporativos da Fortune 500 e Global 2000.

• Base de clientes corporativos estimados: 75-100 empresas
• Valor médio do caso corporativo: US $ 30-50 milhões
• Setores atendidos: tecnologia, energia, serviços financeiros, fabricação

Autores individuais com reivindicações de alto valor

Burford fornece financiamento de litígios para reivindicações legais individuais complexas.

Características de reivindicação	Detalhes
Valor mínimo de reclamação	US $ 5 milhões
Casos individuais anuais	50-75 casos
Taxa de sucesso	62-68% de resolução de casos

Investidores institucionais

A Burford Capital atrai investidores institucionais que buscam investimentos alternativos de litígios.

• Investimento institucional total: US $ 1,2-1,5 bilhão
• Tamanho médio do investimento: US $ 10-25 milhões
• Tipos de investidores: fundos de pensão, fundos de hedge, private equity

Clientes de arbitragem internacional

Burford é especialista em casos internacionais de arbitragem comercial e de investimento.

Segmento de arbitragem	Métricas
Casos anuais de arbitragem	100-150 casos
Disseminação geográfica	40% Europa, 35% da América do Norte, 25% da Ásia-Pacífico
Valor médio do caso	US $ 40-60 milhões

Burford Capital Limited (BUR) - Modelo de negócios: Estrutura de custos

Caso legal

A Burford Capital aloca recursos significativos para avaliação de casos e processos legais de due diligence.

Categoria de despesa	Custo anual (USD)
Taxas externas de consultoria jurídica	$12,500,000
Custos de investigação de casos	$8,750,000
Avaliação de risco de litígio	$5,250,000

Talento profissional e compensação de experiência

A compensação para profissionais jurídicos e financeiros especializados representa um componente de custo crítico.

Categoria de pessoal	Compensação média anual
Profissionais de advogados seniores	$450,000
Gerentes de investimento	$375,000
Analistas financeiros	$250,000

Infraestrutura de tecnologia e análise

• Investimento de tecnologia anual: US $ 6.500.000
• Plataformas de pesquisa jurídica: US $ 1.250.000
• Software de análise de dados: US $ 2.750.000
• Infraestrutura de segurança cibernética: US $ 1.500.000

Custos de marketing e desenvolvimento de negócios

Categoria de despesa de marketing	Despesas anuais
Participação de conferência e evento	$1,100,000
Marketing digital	$750,000
Comunicações corporativas	$450,000

Overhead operacional e administrativo

• Despesas de arrendamento de escritório: US $ 3.250.000
• Salários da equipe administrativa: US $ 4.500.000
• Custos de conformidade e regulamentação: US $ 2.750.000
• Prêmios de seguro: US $ 1.850.000

Estrutura de custo anual estimada total: US $ 52.350.000

Burford Capital Limited (BUR) - Modelo de negócios: fluxos de receita

Porcentagem de acordos de casos legais

A partir de 2023, o relatório anual, a Burford Capital reportou recuperações totais de US $ 354 milhões em acordos de casos legais.

Ano	Acordos totais de casos	Recuperação percentual
2023	US $ 354 milhões	48.3%
2022	US $ 312 milhões	45.7%

Taxas de sucesso de litígios vencedores

Em 2023, as taxas de sucesso geraram US $ 287,4 milhões em receita para a Burford Capital.

• Porcentagem de taxa de sucesso médio: 35-40%
• Taxa de sucesso de litígios: 68%
• Faixa de sucesso típica: US $ 10 milhões a US $ 50 milhões por caso

Retornos de investimento de portfólio de ativos legais

O portfólio de investimentos da Burford Capital gerou US $ 214,6 milhões em retornos de investimento para 2023.

Categoria de investimento	Retorna	Porcentagem de portfólio
Investimentos em litígios	US $ 156,3 milhões	72.8%
Investimentos de ativos legais	US $ 58,3 milhões	27.2%

Taxas de gerenciamento de casos financiados

As taxas de gerenciamento em 2023 totalizaram US $ 42,5 milhões.

• Taxa de gestão média: 2-3% do valor do caso
• Número total de casos gerenciados: 123
• Valor médio de gerenciamento de casos: US $ 15,2 milhões

Receita de juros do financiamento legal

A receita de juros do financiamento legal atingiu US $ 67,8 milhões em 2023.

Tipo de financiamento	Receita de juros	Taxa de juros média
Financiamento direto de litígios	US $ 45,6 milhões	12.3%
Financiamento legal indireto	US $ 22,2 milhões	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.