Debt (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Debt Disclosure [Abstract] |
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| 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 $1.3491 as of December 31, 2025. There were no debt securities denominated in pound sterling as of June 30, 2026. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Outstanding as of | | Carrying value (at amortized cost) as of | | Fair value(1) as of | | ($ 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 $500.0 million aggregate principal amount of the 2034 Notes (as defined below). See “—Issuance of 2034 Notes” for additional information with respect to the issuance of the 2034 Notes. |
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| Schedule of Maturities of Long-Term Debt |
. | | | | | | | | | | | | | | | | | June 30, 2026 | | ($ in thousands) | | Debt payable | | Debt interest payable | | 2026 | | $ | — | | | $ | 96,094 | | | 2027 | | — | | | 192,188 | | | 2028 | | 400,000 | | | 179,688 | | | 2029 | | — | | | 167,188 | | | 2030 | | 360,000 | | | 154,813 | | | Thereafter | | 1,675,000 | | | 323,688 | |
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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) | | June 30, 2026 | | December 31, 2025 | 5.000% Bonds due 2026 | | $ | — | | | $ | 316 | 6.250% Senior Notes due 2028 | | 2,224 | | 2,845 | 6.875% Senior Notes due 2030 | | 3,750 | | 4,245 | 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) | | 2026 | | 2025 | | 2026 | | 2025 | Debt interest expense(1) | | $ | 48,046 | | | $ | 32,875 | | | $ | 95,841 | | | $ | 65,647 | | | Debt issuance costs incurred as finance costs | | 1,580 | | | 1,104 | | | 3,427 | | | 2,212 | | | Total finance costs | | 49,626 | | | 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 $nil million for the six months ended June 30, 2026 and 2025, respectively. |
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| Schedule of Total Assets, Third-party Indebtedness and Revenues |
| | | | | | | | | | | | | | | | ($ in thousands) | | June 30, 2026 | | December 31, 2025 | | Company and its Restricted Subsidiaries | | | | | | Total assets | | $ | 3,603,517 | | $ | 5,941,410 | | Third-party indebtedness | | 2,403,336 | | 2,127,829 | | | | | | | Unrestricted Subsidiaries | | | | | | Total assets | | 668,621 | | 699,762 | | Third-party indebtedness | | — | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | | ($ in thousands) | | 2026 | | 2025 | | 2026 | | 2025 | | Company and its Restricted Subsidiaries | | | | | | | | | | Total revenues | | $ | 103,271 | | | $ | 172,056 | | | $ | (1,618,026) | | | $ | 282,847 | | | | | | | | | | | | Unrestricted Subsidiaries | | | | | | | | | | Total revenues | | 7,412 | | | 19,230 | | | 8,335 | | | 27,298 | |
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