Pursuant to US GAAP consolidation guidance, the Group consolidates certain VIEs for which it is considered the primary beneficiary, either directly or indirectly, through a consolidated entity or affiliate. See note 2 (Summary of significant accounting policies) to the Group’s consolidated financial statements contained in the 2025 Form 10-K for additional information with respect to the Group’s consolidation.

Consolidated VIEs include entities relating to the Group’s private funds (e.g., BOF-C and the Advantage Fund), the EP Funds, investment vehicles for sale and resale of the participation interests (e.g., Colorado), a partnership entity for the payment of profits interests to employees (e.g., Burford Capital 2025 LP) and acquisition of interests in secured promissory notes (e.g., Mellor Investments LLC, formerly known as Forest Hills Investments LLC).

The Group provides revolving credit facilities to certain of its private funds for capital calls as required. These revolving credit facilities are entirely discretionary insofar as the Group is not obligated to fund under the revolving credit facilities. There were no amounts outstanding under the revolving credit facilities as of June 30, 2026 and December 31, 2025, respectively.

The table below sets forth assets and liabilities of the consolidated VIEs as of the dates indicated.


($ in thousands)	June 30, 2026		December 31, 2025
Total assets	$	936,193	$	3,930,646
Total liabilities	81,085		408,776

The table below sets forth the total revenues and certain information relating to cash flows of the consolidated VIEs for the periods indicated.


	Three months ended June 30,				Six months ended June 30,
($ in thousands)	2026		2025		2026		2025
Total revenues	$	(3,753)	$	69,449	$	(2,661,494)	$	106,077

Cash flows
Proceeds	61,469		37,393		66,986		177,648
(Funding)	(18,234)		(22,978)		(60,431)		(34,568)

Cash balance as of end of period	15,578		19,132		15,578		19,132

The Group’s maximum exposure to loss from the unconsolidated VIEs is the sum of capital provision assets, fee receivables, accrued income and loans to the unconsolidated VIEs.

The table below sets forth the Group’s maximum exposure to loss from the unconsolidated VIEs as of the dates indicated.


($ in thousands)	June 30, 2026		December 31, 2025
On-balance sheet exposure	$	36,239	$	36,329
Off-balance sheet exposure - undrawn commitments	22,154		23,366
Maximum exposure to loss	58,393		59,695