v3.25.1
Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
The table below sets forth certain information with respect to the Group’s debt securities outstanding as of the dates indicated. Debt securities denominated in pound sterling have been converted to US dollar using GBP/USD exchange rates of $1.2910 and $1.2529 as of March 31, 2025 and December 31, 2024, respectively.
Outstanding as ofCarrying value (at amortized cost) as of
Fair value(1) as of
($ in thousands)March 31,
2025		March 31,
2025		December 31,
2024		March 31,
2025		December 31,
2024
Burford Capital Finance LLC
6.125% Bonds due August 12, 2025(2)
$122,786 $122,700 $129,275 $123,075 $129,641 
Burford Capital PLC
5.000% Bonds due December 1, 2026(3)
$225,925 $225,372 $218,640 $221,714 $212,706 
Burford Capital Global Finance LLC
6.250% Senior Notes due April 15, 2028
$400,000 $396,224 $395,913 $398,452 $399,012 
6.875% Senior Notes due April 15, 2030
$360,000 $353,294 $352,961 $356,659 $360,220 
9.250% Senior Notes due July 1, 2031
$675,000 $667,136 $666,823 $712,820 $717,748 
Total debt$1,783,711$1,764,726$1,763,612$1,812,720$1,819,327
1. The Group’s outstanding indebtedness is held at amortized cost in the unaudited condensed consolidated financial statements and these values represent the fair value equivalent amounts. The Group’s debt securities are classified as Level 2 with in the fair value hierarchy.
2. During the three months ended March 31, 2025, Burford Capital Finance LLC purchased in open market transactions approximately $6.6 million of the 2025 Bonds (as defined below). See “—Purchases of 2025 Bonds” for additional information with respect to the purchases of the 2025 Bonds.
3. On June 1, 2017, Burford Capital PLC issued £175.0 million ($225.8 million) aggregate principal amount of 5.000% notes due 2026.
The table below sets forth unamortized issuance costs of the outstanding debt securities as of the dates indicated.
($ in thousands)March 31, 2025December 31, 2024
6.125% Bonds due 2025
$86$157
5.000% Bonds due 2026
553618
6.250% Senior Notes due 2028
3,7764,087
6.875% Senior Notes due 2030
4,9865,234
9.250% Senior Notes due 2031
11,84612,319 
The table below sets forth the components of total finance costs of the outstanding indebtedness for the periods indicated.
Three months ended March 31,
(S in thousands)20252024
Debt interest expense$32,772 $31,440 
Debt issuance costs incurred as finance costs1,108 1,127 
Total finance costs33,880 32,567 
Description of debt securities
All of the Group’s outstanding debt securities have a fixed interest rate payable semi-annually in arrears and are unsecured, unsubordinated obligations of the respective issuer that are fully and unconditionally guaranteed by the Company and certain of its wholly owned indirect subsidiaries. As of March 31, 2025, the Group was in compliance with the covenants set forth in the respective agreements governing its debt securities.
The Company is required to provide certain information pursuant to the indentures governing the 6.250% Senior Notes due 2028 (the “2028 Notes”), the 6.875% Senior Notes due 2030 (the “2030 Notes”) and the 9.250% Senior Notes due 2031 (the “2031 Notes”). The tables below set forth the total assets and third-party indebtedness as of the dates indicated and total revenues for the periods indicated, in each case, of (i) the
Company and its Restricted Subsidiaries (as defined in the indentures governing the 2028 Notes, the 2030 Notes and the 2031 Notes, as applicable) and (ii) the Company’s Unrestricted Subsidiaries (as defined in the indentures governing the 2028 Notes, the 2030 Notes and the 2031 Notes, as applicable).
($ in thousands)March 31, 2025December 31, 2024
Company and its Restricted Subsidiaries
Total assets$5,450,178$5,335,289
Third-party indebtedness1,764,7261,763,612
Unrestricted Subsidiaries
Total assets730,627839,736
Third-party indebtedness— — 
Three months ended March 31,
(S in thousands)20252024
Company and its Restricted Subsidiaries
Total revenues$110,791 $33,140 
Unrestricted Subsidiaries
Total revenues8,068 11,155 
Purchases of 2025 Bonds
During the three months ended March 31, 2025, Burford Capital Finance LLC, a wholly owned indirect subsidiary of the Company, purchased in open market transactions and cancelled approximately $6.6 million in aggregate principal amount of the 6.125% Bonds due 2025 (the “2025 Bonds”), which resulted in a gain on early extinguishment of debt of $0.03 million.