
	Three months ended March 31, 2025
							Reconciliation
($ in thousands)	Principal Finance		Asset Management and Other Services		Total segments (Burford-only)		Reconciling items(1)		Total consolidated
Capital provision income/(loss)	$	90,950	$	—	$	90,950	$	40,566	$	131,516
Plus/(Less): Third-party interests in capital provision assets	—		—		—		(20,796)		(20,796)
Asset management income/(loss)	—		13,837		13,837		(12,299)		1,538
Marketable securities income/(loss) and interest	6,700		—		6,700		87		6,787
Other income/(loss)	—		(186)		(186)		—		(186)
Total revenues	97,650		13,651		111,301		7,558		118,859

Compensation and benefits	21,062		5,252		26,314		—		26,314
General, administrative and other	8,312		1,808		10,120		90		10,210
Case-related expenditures ineligible for inclusion in asset cost	3,089		—		3,089		1,488		4,577
Operating expenses	32,463		7,060		39,523		1,578		41,101

Other expenses
Finance costs	33,880		—		33,880		—		33,880
Foreign currency transactions (gains)/losses	(599)		—		(599)		(1)		(600)
Total other expenses	33,281		—		33,281		(1)		33,280

Income/(loss) before income taxes	31,906		6,591		38,497		5,981		44,478
1. Reconciling items include the proportional operating results that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Advantage Fund, Colorado, the EP Funds and other entities.


	Three months ended March 31, 2024
							Reconciliation
($ in thousands)	Principal Finance		Asset Management and Other Services		Total segments (Burford-only)		Reconciling items(1)		Total consolidated
Capital provision income/(loss)	$	17,903	$	—	$	17,903	$	22,858	$	40,761
Plus/(Less): Third-party interests in capital provision assets	—		—		—		(5,224)		(5,224)
Asset management income/(loss)	—		6,673		6,673		(4,810)		1,863
Marketable securities income/(loss) and interest	6,518		—		6,518		93		6,611
Other income/(loss)	—		284		284		—		284
Total revenues	24,421		6,957		31,378		12,917		44,295

Compensation and benefits	18,102		3,899		22,001		—		22,001
General, administrative and other	6,013		1,104		7,117		333		7,450
Case-related expenditures ineligible for inclusion in asset cost	546		—		546		141		687
Operating expenses	24,661		5,003		29,664		474		30,138

Other expenses
Finance costs	32,567		—		32,567		—		32,567
Foreign currency transactions (gains)/losses	488		—		488		4		492
Total other expenses	33,055		—		33,055		4		33,059

Income/(loss) before income taxes	(33,295)		1,954		(31,341)		12,439		(18,902)
1. Reconciling items include the proportional operating results that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Advantage Fund, Colorado, the EP Funds and other entities.

For the three months ended March 31, 2024, the Group recast $6.5 million of marketable securities income/(loss) and interest, $2.8 million of operating expenses, $0.9 million of finance costs and $0.5 million of foreign currency transactions (gains)/losses from other corporate to its Principal Finance segment. In addition, the Group also recast $2.9 million of operating expenses from other corporate to its Asset Management and Other Services segment and $0.6 million of finance costs from Asset Management and Other Services segment to its Principal Finance segment.


	March 31, 2025
							Reconciliation
($ in thousands)	Principal Finance		Asset Management and Other Services		Total segments (Burford-only)		Reconciling items(1)		Total consolidated
Cash and cash equivalents and marketable securities	$	538,374	$	9,834	$	548,208	$	21,975	$	570,183
Other assets	$	26,911	$	160,740	$	187,651	$	(121,877)	$	65,774
Due from settlement of capital provision assets	$	102,648	$	—	$	102,648	$	—	$	102,648
Capital provision assets	$	3,627,403	$	—	$	3,627,403	$	1,677,618	$	5,305,021
Total assets	$	4,406,530	$	196,560	$	4,603,089	$	1,577,716	$	6,180,805
1. Reconciling items include the proportional operating results that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Advantage Fund, Colorado, the EP Funds and other entities.


	December 31, 2024
							Reconciliation
($ in thousands)	Principal Finance		Asset Management and Other Services		Total segments (Burford-only)		Reconciling items(1)		Total consolidated
Cash and cash equivalents and marketable securities	$	508,031	$	12,650	$	520,681	$	28,269	$	548,950
Other assets	$	23,711	$	151,770	$	175,481	$	(114,475)	$	61,006
Due from settlement of capital provision assets	$	183,651	$	—	$	183,651	$	207	$	183,858
Capital provision assets	$	3,571,224	$	—	$	3,571,224	$	1,672,693	$	5,243,917
Total assets	$	4,397,954	$	190,377	$	4,588,331	$	1,586,694	$	6,175,025
1. Reconciling items include the proportional operating results that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Advantage Fund, Colorado, the EP Funds and other entities.