v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
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 $1.3491 as of December 31, 2025. There were no debt securities denominated in pound sterling as of June 30, 2026.
Outstanding as ofCarrying value (at amortized cost) as of
Fair value(1) as of
($ in thousands)June 30,
2026		June 30,
2026		December 31,
2025		June 30,
2026		December 31,
2025
Burford Capital PLC
5.000% Bonds due December 1, 2026(2)
$— $— $218,325 $— $217,417 
Burford Capital Global Finance LLC
6.250% Senior Notes due April 15, 2028
$400,000 $397,776 $397,155 $396,252 $398,188 
6.875% Senior Notes due April 15, 2030
$360,000 $354,957 $354,291 $343,163 $353,693 
9.250% Senior Notes due July 1, 2031
$675,000 $668,709 $668,080 $657,808 $696,722 
7.500% Senior Notes due July 15, 2033
$500,000 $490,642 $489,978 $423,610 $480,970 
8.50% Senior Notes due January 15, 2034(3)
$500,000 $491,252 $— $438,525 $— 
Total debt$2,435,000 $2,403,336 $2,127,829 $2,259,358 $2,146,990 
1. The Group’s debt securities are classified as Level 2 within the fair value hierarchy.
2. On June 1, 2017, Burford Capital PLC issued £175.0 million ($225.8 million) aggregate principal amount of 5.000% bonds due 2026 (the “2026 Bonds”), which were redeemed in full on January 30, 2026, resulting in a loss on early extinguishment of debt of $0.6 million. As a result, as of June 30, 2026, the Company no longer had any outstanding debt securities with maintenance-based financial covenants, and all of the Company’s remaining outstanding debt securities contain only incurrence-based covenants.
3. On January 15, 2026, Burford Capital Global Finance LLC issued $500.0 million aggregate principal amount of the 2034 Notes (as defined below). See “—Issuance of 2034 Notes” for additional information with respect to the issuance of the 2034 Notes.
The table below sets forth the maturities of the Group’s outstanding debt securities and debt interest payable as of the date indicated.
June 30, 2026
($ in thousands)Debt payableDebt interest payable
2026$— $96,094 
2027— 192,188 
2028400,000 179,688 
2029— 167,188 
2030360,000 154,813 
Thereafter1,675,000 323,688 
The table below sets forth unamortized issuance costs of the outstanding debt securities as of the dates indicated.
($ in thousands)June 30, 2026December 31, 2025
5.000% Bonds due 2026
$— $316
6.250% Senior Notes due 2028
2,2242,845
6.875% Senior Notes due 2030
3,7504,245
9.250% Senior Notes due 2031
9,477 10,424 
7.500% Senior Notes due 2033
9,358 10,022 
8.50% Senior Notes due 2034
8,748 — 
The table below sets forth the components of total finance costs of the outstanding indebtedness for the periods indicated.
Three months ended June 30,Six months ended June 30,
($ in thousands)2026202520262025
Debt interest expense(1)
$48,046 $32,875 $95,841 $65,647 
Debt issuance costs incurred as finance costs1,580 1,104 3,427 2,212 
Total finance costs49,626 33,979 99,268 67,859 
1. Includes (gains)/losses on debt extinguishment of $nil million for each of the three months ended June 30, 2026 and 2025 and $0.6 million and $nil million for the six months ended June 30, 2026 and 2025, respectively.
Description of debt securities
All of the Group’s outstanding debt securities have a fixed interest rate payable semi-annually in arrears and are unsecured, unsubordinated obligations of the issuer that are fully and unconditionally guaranteed by the Company. As of June 30, 2026, the Group was in compliance with the covenants set forth in the respective agreements governing its debt securities.
The Company is required to provide certain information pursuant to the indentures governing the 6.250% Senior Notes due 2028 (the “2028 Notes”), the 6.875% Senior Notes due 2030 (the “2030 Notes”), the 9.250% Senior Notes due 2031 (the “2031 Notes”), the 7.500% Senior Notes due 2033 (the “2033 Notes”) and the 8.50% Senior Notes due 2034 (the “2034 Notes”). The tables below set forth the total assets and third-party indebtedness as of the dates indicated and total revenues for the periods indicated, in each case, of (i) the Company and its Restricted Subsidiaries (as defined in the indentures governing the 2028 Notes, the 2030 Notes, the 2031 Notes, the 2033 Notes and the 2034 Notes, as applicable) and (ii) the Company’s Unrestricted Subsidiaries (as defined in the indentures governing the 2028 Notes, the 2030 Notes, the 2031 Notes, the 2033 Notes and the 2034 Notes, as applicable).
($ in thousands)June 30, 2026December 31, 2025
Company and its Restricted Subsidiaries
Total assets$3,603,517$5,941,410
Third-party indebtedness2,403,3362,127,829
Unrestricted Subsidiaries
Total assets668,621699,762
Third-party indebtedness— — 
Three months ended June 30,Six months ended June 30,
($ in thousands)2026202520262025
Company and its Restricted Subsidiaries
Total revenues$103,271 $172,056 $(1,618,026)$282,847 
Unrestricted Subsidiaries
Total revenues7,412 19,230 8,335 27,298 
Issuance of 2034 Notes
On January 15, 2026, Burford Capital Global Finance LLC, an indirect wholly owned subsidiary of the Company (the “Issuer”), issued $500.0 million aggregate principal amount of the 2034 Notes. The 2034 Notes bear interest at a rate of 8.50% per annum, with interest on the 2034 Notes payable semi-annually in arrears on January 15 and July 15, commencing on July 15, 2026. The 2034 Notes are scheduled to mature on January 15, 2034. The net proceeds from the offering of the 2034 Notes were used for the redemption in full of the 2026 Bonds issued by Burford Capital PLC and the remainder is intended to be used for general corporate purposes, including the potential repayment or retirement of other existing indebtedness.
The 2034 Notes were issued under an indenture by and among Burford Capital Global Finance LLC, as issuer, Burford Capital Limited, as parent guarantor, the other guarantors party thereto from time to time and U.S. Bank Trust Company, National Association, as trustee. The 2034 Notes (i) are senior unsecured obligations of the Issuer, (ii) rank equal in right of payment with all existing and future unsecured indebtedness of the Issuer that is not expressly subordinated in right of payment to the 2034 Notes and are senior in right of payment to all existing and future indebtedness of the Issuer expressly subordinated in right of payment to the 2034 Notes and (iii) are fully and unconditionally guaranteed on a senior and unsecured basis by the Company. In the future, each restricted subsidiary of the Company (other than the Issuer) that (i) incurs or guarantees any indebtedness under the other notes of the Issuer and certain “Securitization Entities” and “Specified Permitted Services Entities” that were outstanding as of January 15, 2026 or (ii) guarantees other indebtedness for borrowed money of the Issuer or the Company in an aggregate principal amount in excess of $20.0 million will be required to guarantee the 2034 Notes.
The Issuer may redeem all or part of the 2034 Notes on or after January 15, 2029 at the redemption prices set forth in the indenture governing the 2034 Notes, plus accrued and unpaid interest. The Issuer may redeem all or part of the 2034 Notes at any time before January 15, 2029 at a redemption price equal to 100% of the aggregate principal amount of the 2034 Notes redeemed, plus a make-whole premium and accrued and unpaid interest. In addition, prior to January 15, 2029, the Issuer may, at its option, redeem up to 40% of the aggregate principal amount of the 2034 Notes originally issued (calculated after giving effect to any issuance of additional 2034 Notes) with the proceeds of certain equity offerings at the redemption price set forth in the indenture governing the 2034 Notes, provided that at least 50% of the aggregate principal amount of the 2034 Notes originally issued (calculated after giving effect to any issuance of additional 2034 Notes) remains outstanding. Furthermore, the Issuer will be required to make an offer to repurchase all the outstanding 2034 Notes upon the occurrence of certain events constituting a Change of Control Triggering Event (as defined in the indenture governing the 2034 Notes) at a price equal to 101% of the principal amount of the 2034 Notes repurchased, plus accrued and unpaid interest. If the Issuer sells certain assets and the net cash proceeds are not applied as permitted under the indenture governing the 2034 Notes, the Issuer may be required to use some or all of such proceeds to offer to purchase the 2034 Notes (ratably with any other senior indebtedness with similar requirements) at 100% of the principal amount of the 2034 Notes repurchased (or, in the case of other senior indebtedness, at the price required thereby, but not to exceed 100% of the principal amount thereof), plus accrued and unpaid interest.
The indenture governing the 2034 Notes contains certain customary covenants, including restrictions on the ability of the Company and its restricted subsidiaries to (i) incur or guarantee additional indebtedness, (ii) pay cash dividends or make other cash distributions in respect of, or repurchase or redeem, capital stock or make other restricted payments (including restricted investments), (iii) create or incur certain liens, (iv) merge or consolidate with another company or sell all or substantially all of their assets and (v) enter into transactions with affiliates, in each case, subject to certain exceptions and qualifications set forth in the indenture governing the 2034 Notes. The indenture governing the 2034 Notes and the 2034 Notes are governed by the laws of the State of New York.