| Schedule of 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 $1.2529 as of March 31, 2025 and December 31, 2024, respectively. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Outstanding as of | | Carrying value (at amortized cost) as of | | Fair value(1) as of | | ($ 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 ($225.8 million) aggregate principal amount of 5.000% notes due 2026. |
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| Schedule of Unamortized Issuance Costs and Total Finance Costs |
The table below sets forth unamortized issuance costs of the outstanding debt securities as of the dates indicated. | | | | | | | | | | | | | | | | ($ in thousands) | | March 31, 2025 | | December 31, 2024 | 6.125% Bonds due 2025 | | $ | 86 | | $ | 157 | 5.000% Bonds due 2026 | | 553 | | 618 | 6.250% Senior Notes due 2028 | | 3,776 | | 4,087 | 6.875% Senior Notes due 2030 | | 4,986 | | 5,234 | 9.250% Senior Notes due 2031 | | 11,846 | | 12,319 | |
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) | | 2025 | | 2024 | | Debt interest expense | | $ | 32,772 | | | $ | 31,440 | | | Debt issuance costs incurred as finance costs | | 1,108 | | | 1,127 | | | Total finance costs | | 33,880 | | | 32,567 | |
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| Schedule of Total Assets, Third-party Indebtedness and Revenues |
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, 2025 | | December 31, 2024 | | Company and its Restricted Subsidiaries | | | | | | Total assets | | $ | 5,450,178 | | $ | 5,335,289 | | Third-party indebtedness | | 1,764,726 | | 1,763,612 | | | | | | | Unrestricted Subsidiaries | | | | | | Total assets | | 730,627 | | 839,736 | | Third-party indebtedness | | — | | | — | |
| | | | | | | | | | | | | | | | | Three months ended March 31, | | (S in thousands) | | 2025 | | 2024 | | Company and its Restricted Subsidiaries | | | | | | Total revenues | | $ | 110,791 | | | $ | 33,140 | | | | | | | | Unrestricted Subsidiaries | | | | | | Total revenues | | 8,068 | | | 11,155 | |
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