v3.26.3
Segment reporting
 9 Months Ended
Sep. 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 September 30, 2026
Reconciliation
($ in thousands)Principal FinanceAsset
Management and Other Services		Total
segments
(Burford-only)
Reconciling items(1)
Total
consolidated
Capital provision income/(loss)$116,384 $— $116,384 $31,166 $147,550 
Plus/(Less): Third-party interests in capital provision assets— — — (6,798)(6,798)
Asset management income/(loss)— 13,198 13,198 (12,921)277 
Marketable securities income/(loss) and interest5,419 — 5,419 33 5,452 
Other income/(loss)— 429 429 — 429 
Total revenues121,803 13,627 135,430 11,480 146,910 
Compensation and benefits32,567 3,449 36,016 — 36,016 
General, administrative and other6,182 2,537 8,719 377 9,096 
Case-related expenditures ineligible for inclusion in asset cost3,783 — 3,783 222 4,005 
Operating expenses42,532 5,986 48,518 599 49,117 
Other expenses
Finance costs52,142 — 52,142 — 52,142 
Foreign currency transactions (gains)/losses and other expenses2,293 240 2,533 (24)2,509 
Total other expenses54,435 240 54,675 (24)54,651 
Income/(loss) before income taxes24,836 7,401 32,237 10,905 43,142 
1. Reconciling items include the proportional operating results that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Advantage Fund, Colorado, the EP Funds and other entities.
Three months ended September 30, 2025
Reconciliation
($ in thousands)Principal FinanceAsset
Management and Other Services		Total
segments
(Burford-only)
Reconciling items(1)
Total
consolidated
Capital provision income/(loss)$62,060 $— $62,060 $18,008 $80,068 
Plus/(Less): Third-party interests in capital provision assets— — — (19,718)(19,718)
Asset management income/(loss)— (168)(168)2,715 2,547 
Marketable securities income/(loss) and interest6,681 — 6,681 105 6,786 
Other income/(loss)— 120 120 — 120 
Total revenues68,741 (48)68,693 1,110 69,803 
Compensation and benefits24,929 5,767 30,696 — 30,696 
General, administrative and other8,578 1,865 10,443 84 10,527 
Case-related expenditures ineligible for inclusion in asset cost1,586 — 1,586 2,207 3,793 
Operating expenses35,093 7,632 42,725 2,291 45,016 
Other expenses
Finance costs41,549 — 41,549 — 41,549 
Foreign currency transactions (gains)/losses and other expenses(148)(52)(200)(67)(267)
Total other expenses41,401 (52)41,349 (67)41,282 
Income/(loss) before income taxes(7,753)(7,628)(15,381)(1,114)(16,495)
1. Reconciling items include the proportional operating results that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Advantage Fund, Colorado, the EP Funds and other entities.
Nine months ended September 30, 2026
Reconciliation
($ in thousands)Principal FinanceAsset
Management and Other Services		Total
segments
(Burford-only)
Reconciling items(1)
Total
consolidated
Capital provision income/(loss)$(1,467,397)$— $(1,467,397)$(782,339)$(2,249,736)
Plus/(Less): Third-party interests in capital provision assets— — — 766,209 766,209 
Asset management income/(loss)— 28,840 28,840 (27,990)850 
Marketable securities income/(loss) and interest18,672 — 18,672 173 18,845 
Other income/(loss)— 1,051 1,051 — 1,051 
Total revenues(1,448,725)29,891 (1,418,834)(43,947)(1,462,781)
Compensation and benefits(61,985)12,461 (49,524)— (49,524)
General, administrative and other20,115 5,747 25,862 434 26,296 
Case-related expenditures ineligible for inclusion in asset cost31,184 — 31,184 (61,494)(30,310)
Operating expenses(10,686)18,208 7,522 (61,060)(53,538)
Other expenses
Finance costs151,410 — 151,410 — 151,410 
Foreign currency transactions (gains)/losses and other expenses18,260 (467)17,793 10 17,803 
Total other expenses169,670 (467)169,203 10 169,213 
Income/(loss) before income taxes(1,607,709)12,150 (1,595,559)17,103 (1,578,456)
1. Reconciling items include the proportional operating results that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Advantage Fund, Colorado, the EP Funds and other entities.
Nine months ended September 30, 2025
Reconciliation
($ in thousands)Principal FinanceAsset
Management and Other Services		Total
segments
(Burford-only)
Reconciling items(1)
Total
consolidated
Capital provision income/(loss)$308,420 $— $308,420 $127,328 $435,748 
Plus/(Less): Third-party interests in capital provision assets— — — (83,771)(83,771)
Asset management income/(loss)— 20,781 20,781 (15,347)5,434 
Marketable securities income/(loss) and interest21,923 — 21,923 247 22,170 
Other income/(loss)— 367 367 — 367 
Total revenues330,343 21,148 351,491 28,457 379,948 
Compensation and benefits76,077 17,886 93,963 — 93,963 
General, administrative and other23,186 5,043 28,229 300 28,529 
Case-related expenditures ineligible for inclusion in asset cost6,168 — 6,168 6,522 12,690 
Operating expenses105,431 22,929 128,360 6,822 135,182 
Other expenses
Finance costs109,408 — 109,408 — 109,408 
Foreign currency transactions (gains)/losses and other expenses(2,231)(52)(2,283)(89)(2,372)
Total other expenses107,177 (52)107,125 (89)107,036 
Income/(loss) before income taxes117,735 (1,729)116,006 21,724 137,730 
1. Reconciling items include the proportional operating results that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Advantage Fund, Colorado, the EP Funds and other entities.
The table below sets forth specified line items with respect to the Group’s unaudited condensed consolidated statements of financial condition by reportable segment as of the dates indicated.
September 30, 2026
Reconciliation
($ in thousands)Principal FinanceAsset
Management and Other Services		Total
segments
(Burford-only)
Reconciling items(1)
Total
consolidated
Cash and cash equivalents and marketable securities$498,822 $15,348 $514,170 $16,992 $531,162 
Other assets$29,442 $182,194 $211,636 $(134,287)$77,349 
Due from settlement of capital provision assets$120,422 $— $120,422 $— $120,422 
Capital provision assets$2,451,274 $— $2,451,274 $886,305 $3,337,579 
Total assets$3,211,195 $222,545 $3,433,740 $769,010 $4,202,750 
1. Reconciling items include the proportional balances that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Advantage Fund, Colorado, the EP Funds and other entities.
December 31, 2025
Reconciliation
($ 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.