olivLaw · US equity research
Burford Capital Limited BUR
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
Burford Capital is the world's largest dedicated provider of capital against the value of litigation and legal assets, which it calls legal finance. It funds complex disputes and manages funds for third-party investors, and its focus in 2026 has shifted toward cash generation and balance sheet discipline after weaker annual results than the prior year.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Burford Capital Limited (BUR) stock was 4.16 USD (+9.76% on the day), with market capitalisation 913.5 m USD, dividend yield 300.48%, beta 1.47, 52-week range 3.00–9.87 USD. Latest reported quarter (Q2 2026): revenue of 110.7 m USD (−42.1% YoY), net income of 2.2 m USD (−97.5% YoY), diluted EPS 0.01 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 67.3
- strong (55–70)
- Bollinger (20, 2)
- 2.86 – 3.94
- above the upper band · %B 1.21 · band width 31.6%
- SMA 50 / 200
- 3.79 / 5.32
- mixed trend
- MACD (12, 26, 9)
- 0.01 / -0.10
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +17.2% | −1.1% | +18.3 pp | — |
| 3 months | −2.6% | −0.5% | −2.1 pp | — |
| 6 months | −21.5% | +4.4% | −25.9 pp | — |
| Year to date | −53.4% | +12.3% | −65.7 pp | — |
| 1 year | −56.1% | +13.5% | −69.6 pp | −52.3% |
| 3 years | −68.6% | +76.4% | −145.0 pp | −66.7% |
| 5 years | −64.0% | +63.7% | −127.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 249.1 m | 93.0 m | 118.9 m | 191.3 m | 69.8 m | 33.4 m | -1.7 bn | 110.7 m |
| Operating income | 202.2 m | 52.7 m | 77.8 m | 142.2 m | 24.8 m | -12.7 m | -1.6 bn | 63.2 m |
| Interest expense | 34.4 m | 34.2 m | 33.9 m | 34.0 m | 41.5 m | 41.6 m | 49.6 m | 49.6 m |
| Pre-tax income | 169.3 m | 16.2 m | 44.5 m | 109.7 m | -16.5 m | -53.7 m | -1.6 bn | 14.0 m |
| Income tax | 11.5 m | 2.2 m | 7.6 m | 4.6 m | 3.8 m | -4.1 m | -2.4 m | 4.5 m |
| Net income | 135.6 m | -13.0 m | 30.9 m | 88.3 m | -19.2 m | -37.5 m | -1.6 bn | 2.2 m |
| Diluted EPS | 0.61 | -0.06 ≈ | 0.14 | 0.39 | -0.09 | -0.17 ≈ | -7.46 | 0.01 |
| Operating cash flow | 279.8 m ≈ | -18.7 m | 155.2 m | -84.2 m ≈ | -20.1 m ≈ | -79.9 m | -136.6 m | 52.0 m ≈ |
| Capex | 51.0 k ≈ | 522.0 k | 24.0 k | 103.0 k ≈ | 58.0 k ≈ | 99.0 k | 41.0 k | 55.0 k ≈ |
| Dividends paid | 0 ≈ | 13.6 m | 0 | 13.7 m ≈ | 0 ≈ | 13.7 m | — | — |
| Share repurchases | 0 ≈ | 0 | 15.3 m | 0 ≈ | 0 ≈ | 0 | 3.7 m | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 425.0 m | 534.5 m | 327.9 m | 217.3 m | 319.2 m | 1.1 bn | 546.1 m | 413.4 m |
| Revenue YoY | unavailable | +25.8% | −38.7% | −33.7% | +46.9% | +240.5% | −49.8% | −24.3% |
| Net income | 317.6 m | 300.5 m | 143.3 m | -28.8 m | 30.5 m | 610.5 m | 146.5 m | 62.6 m |
| Net income YoY | unavailable | −5.4% | −52.3% | −120.1% | unavailable | +1,901.3% | −76.0% | −57.3% |
| Diluted EPS | 150.30 | 1.37 | 0.65 | -0.13 | 0.14 | 2.74 | 0.66 | 0.28 |
| Diluted EPS YoY | unavailable | −99.1% | −52.6% | −120.0% | unavailable | +1,857.1% | −75.9% | −57.6% |
| net % | 74.7% | 56.2% | 43.7% | -13.2% | 9.6% | 56.2% | 26.8% | 15.1% |
| Free cash flow | -233.4 m | -277.0 m | 53.5 m | -585.6 m | -466.5 m | -277.9 m | 216.1 m | -29.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 566.4 m USD
- Financial debt
- 2.1 bn USD
- Net debt
- 1.6 bn USD
- Equity
- 3.1 bn USD
- Total assets
- 6.6 bn USD
- Debt / equity
- 0.68x
- Current ratio
- unavailable
- ROE
- 2.0%
- ROA
- 1.0%
- FCF margin
- -7.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 327.9 m | 217.3 m | 319.2 m | 1.1 bn | 546.1 m | 413.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 208.8 m | 68.6 m | 195.0 m | 815.7 m | 390.6 m | 232.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 10.7 m | 3.2 m | 4.4 m | 5.5 m | — | — | SEC (XBRL)· 28 Mar 2024verified |
| EBITDA | 219.5 m ≈ | 71.8 m ≈ | 199.3 m ≈ | 821.2 m ≈ | — | — | SEC (XBRL)· 28 Mar 2024derived |
| Interest expense | 39.0 m | 58.6 m | 77.4 m | 99.1 m | 135.6 m | 151.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 180.5 m | 2.8 m | 109.0 m | 738.3 m | 253.6 m | 84.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 23.5 m | 9.7 m | 11.6 m | 20.1 m | 24.0 m | 11.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 143.3 m | -28.8 m | 30.5 m | 610.5 m | 146.5 m | 62.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 0.65 | -0.13 | 0.14 | 2.74 | 0.66 | 0.28 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 219.6 m | 219.0 m | 221.8 m | 223.0 m | 223.2 m | 224.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | — | 0.19 | 12.50 | 12.50 | 12.50 | 12.50 | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 322.1 m | 180.3 m | 107.7 m | 220.5 m | 469.9 m | 566.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 2.8 m | 2.1 m | 1.3 m | 3.6 m | 3.4 m | 3.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 134.0 m | 134.0 m | 133.9 m | 134.0 m | 133.9 m | 134.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 3.3 bn | 3.7 bn | 4.3 bn | 5.8 bn | 6.2 bn | 6.6 bn | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 677.4 m | 1.0 bn | 1.3 bn | 1.5 bn | 1.8 bn | 2.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 1.2 bn | 1.6 bn | 1.9 bn | 2.6 bn | 2.9 bn | 3.5 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 2.0 bn | 2.1 bn | 2.4 bn | 3.2 bn | 3.3 bn | 3.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Shares outstanding at year end | 219.0 m | 219.0 m | 218.6 m | 219.0 m | — | — | SEC (XBRL)· 28 Mar 2024verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 53.8 m | -585.4 m | -466.1 m | -274.7 m | 216.7 m | -29.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 360.0 k | 285.0 k | 407.0 k | 3.2 m | 661.0 k | 284.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 53.5 m ≈ | -585.6 m ≈ | -466.5 m ≈ | -277.9 m ≈ | 216.1 m ≈ | -29.3 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -360.0 k | -285.0 k | -407.0 k | -3.2 m | -661.0 k | -8.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -5.3 m | 444.8 m | 399.1 m | 389.5 m | 33.8 m | 132.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | — | 41.1 m | 27.7 m | 27.5 m | 27.3 m | 27.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | — | — | 3.7 m | 3.8 m | 5.1 m | 15.3 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 913.5 m USD
Key indicators
Coverage and freshness
Score by group
48% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 164.26 – 220.91 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)164.26 – 220.91 (Mid 188.42)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -32.2% | 45 (vs peers) | 22% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 9.0% | 75 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | 26.0% | 100 (on a fixed band) | 17% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -8.2x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -20.2% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 3.4% | 49 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth87/100 · 2/2 factors with a value
- Quality· partial45/100 · 1/3 factors with a value
- Returns· partial49/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BURFORD CAPITAL LIMITED (BUR). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 413.4 m USD in 2025; YoY growth -24.3%; ROE -101.5%.
The estimated value range is 164.26–220.91 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 188.42 USD, the price of 4.16 USD leaves a potential of 4,429.3% (value / price − 1) and a margin of safety of 97.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 9.0%
- EPS CAGR 3Y: 26.0%
- The price is below the estimated value range
What contradicts it
- Interest coverage: -8.2x
- FCF yield: -20.2%
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Net debt / EBITDA, Current ratio, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 218.3 bn | 18.3 | 35.9% | 27.9% | +6.4% | −11% / +91% |
| COINCoinbase Global, Inc. | 38.5 bn | — | -4.7% | -12.5% | +9.4% | −47% / +17% |
| SOFISoFi Technologies, Inc. | 21.7 bn | 35.0 | 7.1% | 104.3% | +23.1% | −44% / +130% |
| KLARKlarna Group plc | 5.2 bn | — | -11.9% | -7.8% | +24.8% | −56% / unavailable |
| GPGIGPGI, Inc. | 3.7 bn | — | -20.6% | — | −85.8% | −36% / +208% |
| BLSHBullish | 3.5 bn | — | -27.3% | -0.3% | −2.2% | −47% / unavailable |
| CIFRCipher Digital Inc. | 3.0 bn | — | -156.8% | -742.3% | +48.0% | −68% / +135% |
| MARAMara Holdings, Inc. | 2.7 bn | — | -107.2% | -430.2% | +38.2% | −42% / −43% |
| WDWalker & Dunlop, Inc. | 1.3 bn | 34.4 | 2.2% | 3.0% | +9.0% | −41% / −54% |
| KEELKeel Infrastructure Corp. | 1.3 bn | — | -87.6% | -230.6% | +72.0% | −40% / +47% |
| XYFX Financial | 1.2 bn | 5.9 | 20.2% | 19.2% | +35.8% | −28% / +15% |
| BURBurford Capital Limited | 913.5 m | — | -101.5% | — | −24.3% | −56% / −69% |
| CDChaince Digital Holdings Inc. | 741.4 m | — | -12.3% | -182.5% | +277.9% | −30% / +622% |
| GDOTGreen Dot Corp | 727.1 m | — | -2.8% | -1.1% | +20.7% | +2% / +59% |
| JFU9F Inc. | 536.7 m | 23.2 | 4.7% | 125.2% | +12.2% | −52% / −43% |
| CANGCango Inc. | 272.7 m | — | -130.8% | -90.4% | +524.3% | −92% / −76% |
| BKKTBakkt, Inc. | 215.0 m | — | -15.9% | -1.3% | −32.1% | −70% / −87% |
| ZSQRZ Squared Inc. | 192.4 m | — | -25.9% | -642.0% | unavailable | −81% / −84% |
| DEFTDefi Technologies Inc. | 152.4 m | 2.3 | 74.0% | 62.9% | +215.5% | −74% / unavailable |
| HSDTSolana Company | 127.0 m | — | -183.2% | -1,302.8% | +1,057.1% | −49% / −100% |
| GHIGreystone Housing Impact Investors LP | 111.0 m | — | — | -5.1% | −6.4% | −33% / −72% |
| AGPUAxe Compute Inc | 86.2 m | — | -1,565.2% | -7,769.8% | +47.7% | +24% / −85% |
| YRDYiren Digital Ltd. | 68.9 m | 8.8 | 0.6% | 1.0% | −85.9% | −91% / −86% |
| BTCSBTCS Inc. | 54.6 m | — | -354.8% | -746.3% | +304.8% | −67% / +6% |
| ZSTKZeroStack Corp. | 47.4 m | — | -1,993.6% | -444.2% | −0.5% | −67% / −94% |
1- and 3-year price returns: for BUR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Burford Capital is the world's largest dedicated provider of capital against the value of litigation and legal assets, which it calls legal finance. It funds complex disputes and manages funds for third-party investors, and its focus in 2026 has shifted toward cash generation and balance sheet discipline after weaker annual results than the prior year.12
SWOT
Strengths
- The company holds a leading global position in legal finance, with a large portfolio and a data set built from thousands of cases.
- Funding is mostly from the balance sheet, giving flexibility to allocate capital to the most attractive opportunities.
- Access to debt markets and recent rating upgrades support the capacity to fund growth.
Weaknesses
- Revenues and earnings are volatile between periods because the timing and outcome of litigation are hard to predict.
- Annual results declined, and net income attributable to shareholders fell significantly from the prior year.
- Fair value of assets depends on estimates and assumptions, which can produce unrealized gains that are hard to convert into cash.
Opportunities
- The legal market is considered early-stage, and demand for funding could grow if law firms and companies use the tool more.
- Cash receipts in the second quarter of 2026 were the strongest since the first quarter of 2025, which could support new capital allocations.
- An extended commitment from the partner sovereign wealth fund could open additional third-party capital.
Threats
- An adverse outcome in a large case can lead to the total loss of invested capital.
- Competition for good opportunities could reduce returns or delay capital deployment.
- Regulatory or judicial changes, especially across several jurisdictions, could affect the enforcement of contracts.
Risks
- Loss of capital in litigationhigh
Financing is non-recourse, so an adverse result can mean the total loss of the amounts invested and, in some jurisdictions, liability for adverse costs.
- Uneven resultsmedium
The timing and amount of cash realizations are hard to predict, so revenues and cash flows can vary substantially between periods.
- Dependence on a single large casehigh
The company reported that its largest asset, linked to the YPF matter, was significantly reduced after the judgment reversal, showing how concentrated risk can be in individual cases.
- Funding access and cost of debtmedium
Sudden changes in capital markets could make refinancing more expensive or harder, affecting growth capacity.
- Regulation and the risk of being deemed an investment companymedium
The asset management business is heavily regulated, and a regulatory change or violation could affect the business and the company's status.
Investment thesis
What would need to be true (bull case)
- If cash receipts stay strong and the portfolio grows, the company could recover from the lower returns seen in 2025.
- A leading position in a market still considered early-stage could support long-term growth.
- A strong balance sheet and high liquidity could allow disciplined allocations and opportunistic deployment of capital.
What would break the thesis
- Annual results declined and profit attributable to shareholders fell, which could point to greater pressure on returns.
- Dependence on a few large cases and their court outcomes could make revenues hard to forecast.
- If private funds remain hard to raise, growth in the asset management activity could stay limited.
What to watch
- Cash receipts and available cash trendsQ3 2026
- Extension of the partner sovereign wealth fund commitment2026
- Progress of the YPF-related proceedings in US courts and arbitration2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Burford Capital Limited, known as Burford, provides financing for large, complex disputes, used either to pay legal fees and expenses or to monetize the expected future value of a claim. It does not focus on small consumer or small business litigation, but on cases that can reach hundreds of millions of dollars. Its legal finance portfolio of 7.5 billion dollars is funded mainly from its balance sheet with modest leverage.1
The business has two segments: Principal Finance, which allocates balance sheet capital to legal finance assets and generates most revenue, and Asset Management and Other Services, which manages private funds for third-party investors and earns fees. Burford has been listed in London since 2009 and in New York since 2020, and since January 1, 2025 it no longer qualifies as a foreign private issuer, so it follows the rules applying to US listed companies.1
The company says its competitive advantages include its lifetime track record of returns, a proprietary data set built from thousands of cases, balance sheet scale and brand recognition. Beyond legal finance, it says it sees opportunities for additional services in the business of law.1
Segments
Principal Finance
This is the largest segment and the main driver of total revenue through capital provision income. Burford generally remains a passive investor without control of the litigation, and if a case produces no proceeds it loses its invested capital. The segment also offers adverse cost risk protection through its Guernsey-licensed insurer.1
Asset Management and Other Services
This segment manages private funds and sidecar vehicles for third-party investors and earns management fees. The company says it currently prefers to allocate balance sheet capital, because returns are more attractive than fees, and several funds have already concluded their investment periods.1
Market context
Burford describes legal finance as an early-stage market, much larger than the supply of available capital. However, higher interest rates have made private funds harder to raise on attractive terms, which could limit growth in the asset management segment.1
Trends
- Access to corporate debt marketstailwind
The company says it maintains access to corporate debt capital markets, supported by rating upgrades from Moody's and S&P in 2025 and successful debt offerings in July 2025 and January 2026. If these conditions hold, funding costs could remain manageable.1
- Court backlogsheadwind
Backlogs in some court systems left over from the pandemic have extended expected durations for some matters and reduced the fair value of certain assets. If delays persist, cash realizations could be postponed.12
- Higher rates and private fundraisingmixed
The higher interest rate environment has changed the appeal of private fund products, and the company believes a successor fund could be hard to raise at attractive terms. On the other side, a higher cost of capital may make legal finance more attractive to clients.1
- Geopolitical and trade volatilitymixed
In the first half of 2026, military action in the Middle East, geopolitical tensions and trade disruption drove volatility in financial markets. The company does not expect a significant impact on its portfolio, but a weaker economy could later increase the number of disputes.2
Competitive position
The company states it faces substantial competition for legal finance opportunities, which could delay capital commitment or reduce returns. Competition comes from investment funds and other specialist financiers whose presence is not detailed in the sources reviewed.1
Burford aims to differentiate itself through portfolio scale, its proprietary data set and access to third-party capital from partner funds. The sources reviewed do not list competitors that are US-listed.1
- Specialist legal finance funds
Private competitors referred to generically in the company's disclosures, without precise identities in the sources reviewed.
- Other litigation financiers in Europe and the US
Competitors described only generically in the competition risk discussion, without comparable financial data.
- Private capital funds entering litigation finance
Institutional investors that can finance large cases and compete with the company's balance sheet capacity.
- Adverse cost insurance providers
Competitors in the adverse cost protection niche, where the company operates its own Guernsey insurer.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Burford Capital (BUR) Prices $300M of Secured Debt. Is the Refinancing Buying Enough Time?Yahoo Finance — News · 17 Sept 2026 · EN
The latest news item in our archive is from 17 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Current report28 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report17 Sept 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report14 Sept 2026Other events
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report14 May 2026Shareholder vote
- Quarterly report08 May 2026
- Current report08 May 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Burford Capital Limited · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Burford Capital Limited · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Burford Capital Limited · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.