v3.26.1
Segment reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment reporting Segment reporting
ASC Subtopic 280-10, “Segment Reporting”, establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available. The chief operating decision maker (the “CODM”), who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Chief Executive Officer and Chief Financial Officer, together.
The CODM assesses the performance of the operating segments based on segment income/(loss) before income taxes, which consists of the significant measures of the reportable segments’ financial performance that includes segment revenues, consisting of capital provision income/(loss) plus/(less) third-party interests in capital provision assets, asset management income/(loss), marketable securities income/(loss) and interest and other income/(loss), less segment operating expenses, consisting of compensation and benefits, general, administrative and other expenses and case-related expenditures ineligible for inclusion in asset cost. The CODM uses this metric to assess operating segment performance for the purposes of making operating decisions and assessing financial performance, which informs the CODM’s allocation of resources. The Group excludes the proportional operating results that are attributable to third-party limited partners in its private funds, partners and minority investors, as the CODM does not consider them for the purposes of making decisions to allocate resources among operating segments or to assess operating segment performance. Although these amounts are excluded from segment income/(loss) before income taxes, they are included in reported consolidated income/(loss) before income taxes and are included in the reconciliation that follows.
The Group’s computation of segment income/(loss) before income taxes may not be comparable to similarly titled measures computed by other companies because all companies do not calculate segment income/(loss) before income taxes in the same fashion.
Operating revenues directly associated with each segment are included in determining its operating results. Operating and other expenses that are not directly attributable to a particular segment are based upon allocation methodologies, including time estimates and other relevant usage measures. Due to the integrated structure of the Group’s business, certain costs incurred by one segment may benefit the other segment. A segment may use the information produced by another segment without incurring an intersegment charge or intersegment income.
The CODM does not review information regarding total assets on an operating segment basis but rather on a total segments (Burford-only) basis. The accounting policies for segment reporting are the same as for the Group as a whole.
The Group has two operating segments that are also its reportable segments and provide legal finance products and services to the Group’s clients: (i) Principal Finance and (ii) Asset Management and Other Services. The Principal Finance segment allocates capital to legal finance assets from the Company’s balance sheet, primarily as capital provision assets, and in limited scope through interests in private funds managed by the Company. The Asset Management and Other Services segment manages legal finance assets on behalf
of third-party investors through private funds and provides other services to the legal industry, for both of which it receives fees.
The tables below set forth certain information with respect to the Group’s unaudited condensed consolidated statements of operations by reportable segment for the periods indicated.
Three months ended June 30, 2026
Reconciliation
($ in thousands)Principal FinanceAsset
Management and Other Services		Total
segments
(Burford-only)
Reconciling items(1)
Total
consolidated
Capital provision income/(loss)$85,302 $— $85,302 $16,177 $101,479 
Plus/(Less): Third-party interests in capital provision assets— — — 1,112 1,112 
Asset management income/(loss)— 10,360 10,360 (10,071)289 
Marketable securities income/(loss) and interest6,935 — 6,935 46 6,981 
Other income/(loss)— 822 822 — 822 
Total revenues92,237 11,182 103,419 7,264 110,683 
Compensation and benefits28,458 2,334 30,792 — 30,792 
General, administrative and other7,097 1,483 8,580 32 8,612 
Case-related expenditures ineligible for inclusion in asset cost8,111 — 8,111 (74)8,037 
Operating expenses43,666 3,817 47,483 (42)47,441 
Other expenses
Finance costs49,626 — 49,626 — 49,626 
Foreign currency transactions (gains)/losses and other expenses(216)(164)(380)30 (350)
Total other expenses49,410 (164)49,246 30 49,276 
Income/(loss) before income taxes(839)7,529 6,690 7,276 13,966 
1. Reconciling items include the proportional operating results that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Advantage Fund, Colorado, the EP Funds and other entities.
Three months ended June 30, 2025
Reconciliation
($ in thousands)Principal FinanceAsset
Management and Other Services		Total
segments
(Burford-only)
Reconciling items(1)
Total
consolidated
Capital provision income/(loss)$155,410 $— $155,410 $68,754 $224,164 
Plus/(Less): Third-party interests in capital provision assets— — — (43,257)(43,257)
Asset management income/(loss)— 7,112 7,112 (5,763)1,349 
Marketable securities income/(loss) and interest8,542 — 8,542 55 8,597 
Other income/(loss)— 433 433 — 433 
Total revenues163,952 7,545 171,497 19,789 191,286 
Compensation and benefits30,085 6,868 36,953 — 36,953 
General, administrative and other6,297 1,369 7,666 126 7,792 
Case-related expenditures ineligible for inclusion in asset cost1,493 — 1,493 2,827 4,320 
Operating expenses37,875 8,237 46,112 2,953 49,065 
Other expenses
Finance costs33,979 — 33,979 — 33,979 
Foreign currency transactions (gains)/losses and other expenses(1,484)— (1,484)(21)(1,505)
Total other expenses32,495 — 32,495 (21)32,474 
Income/(loss) before income taxes93,582 (692)92,890 16,857 109,747 
1. Reconciling items include the proportional operating results that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Advantage Fund, Colorado, the EP Funds and other entities.
Six months ended June 30, 2026
Reconciliation
($ in thousands)Principal FinanceAsset
Management and Other Services		Total
segments
(Burford-only)
Reconciling items(1)
Total
consolidated
Capital provision income/(loss)$(1,583,781)$— $(1,583,781)$(813,505)$(2,397,286)
Plus/(Less): Third-party interests in capital provision assets— — — 773,007 773,007 
Asset management income/(loss)— 15,642 15,642 (15,069)573 
Marketable securities income/(loss) and interest13,253 — 13,253 140 13,393 
Other income/(loss)— 622 622 — 622 
Total revenues(1,570,528)16,264 (1,554,264)(55,427)(1,609,691)
Compensation and benefits(94,552)9,012 (85,540)— (85,540)
General, administrative and other13,933 3,210 17,143 57 17,200 
Case-related expenditures ineligible for inclusion in asset cost27,401 — 27,401 (61,716)(34,315)
Operating expenses(53,218)12,222 (40,996)(61,659)(102,655)
Other expenses
Finance costs99,268 — 99,268 — 99,268 
Foreign currency transactions (gains)/losses and other expenses15,967 (707)15,260 34 15,294 
Total other expenses115,235 (707)114,528 34 114,562 
Income/(loss) before income taxes(1,632,545)4,749 (1,627,796)6,198 (1,621,598)
1. Reconciling items include the proportional operating results that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Advantage Fund, Colorado, the EP Funds and other entities.
Six months ended June 30, 2025
Reconciliation
($ in thousands)Principal FinanceAsset
Management and Other Services		Total
segments
(Burford-only)
Reconciling items(1)
Total
consolidated
Capital provision income/(loss)$246,360 $— $246,360 $109,320 $355,680 
Plus/(Less): Third-party interests in capital provision assets— — — (64,053)(64,053)
Asset management income/(loss)— 20,949 20,949 (18,062)2,887 
Marketable securities income/(loss) and interest15,242 — 15,242 142 15,384 
Other income/(loss)— 247 247 — 247 
Total revenues261,602 21,196 282,798 27,347 310,145 
Compensation and benefits51,147 12,120 63,267 — 63,267 
General, administrative and other14,609 3,177 17,786 216 18,002 
Case-related expenditures ineligible for inclusion in asset cost4,582 — 4,582 4,315 8,897 
Operating expenses70,338 15,297 85,635 4,531 90,166 
Other expenses
Finance costs67,859 — 67,859 — 67,859 
Foreign currency transactions (gains)/losses and other expenses(2,083)— (2,083)(22)(2,105)
Total other expenses65,776 — 65,776 (22)65,754 
Income/(loss) before income taxes125,488 5,899 131,387 22,838 154,225 
1. Reconciling items include the proportional operating results that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Advantage Fund, Colorado, the EP Funds and other entities.
The table below sets forth specified line items with respect to the Group’s unaudited condensed consolidated statements of financial condition by reportable segment as of the dates indicated.
June 30, 2026
Reconciliation
($ in thousands)Principal FinanceAsset
Management and Other Services		Total
segments
(Burford-only)
Reconciling items(1)
Total
consolidated
Cash and cash equivalents and marketable securities$716,636 $16,219 $732,855 $14,405 $747,260 
Other assets$33,009 $178,478 $211,487 $(129,445)$82,042 
Due from settlement of capital provision assets$122,370 $— $122,370 $— $122,370 
Capital provision assets$2,319,497 $— $2,319,497 $865,180 $3,184,677 
Total assets$3,302,299 $219,699 $3,521,998 $750,140 $4,272,138 
1. Reconciling items include the proportional balances that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Advantage Fund, Colorado, the EP Funds and other entities.
December 31, 2025
Reconciliation
($ in thousands)Principal FinanceAsset
Management and Other Services		Total
segments
(Burford-only)
Reconciling items(1)
Total
consolidated
Cash and cash equivalents and marketable securities$599,011 $21,666 $620,677 $35,246 $655,923 
Other assets$24,348 $167,309 $191,657 $(117,914)$73,743 
Due from settlement of capital provision assets$164,804 $— $164,804 $— $164,804 
Capital provision assets$3,912,194 $— $3,912,194 $1,697,755 $5,609,949 
Total assets$4,811,081 $215,004 $5,026,085 $1,615,087 $6,641,172 
1. Reconciling items include the proportional balances 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.