Slide 1: Burford Capital First Quarter 2025 Financial Results
Burford Capital First Quarter 2025 Financial Results May 7, 2025 This presentation is for the use of Burford’s public shareholders and is not an offering of any Burford private fund.
Slide 2: Notice & disclaimer
Notice & disclaimer This presentation (this “Presentation”) provides certain information to facilitate review and (xv) current and future legal, political and economic factors, including uncertainty surrounding understanding of the business, financial condition and results of operations of Burford C
Slide 3: Notice & disclaimer
Notice & disclaimer Basis of presentation; non-GAAP financial measures; key performance indicators; definitions. The Company makes no representation or warranty, express or implied, as to the fairness, The Company reports its financial results in accordance with the generally accepted accounting acc
Slide 4: Burford Reports 1Q25 Financial Results
Burford Reports 1Q25 Financial Results “Burford delivered robust first quarter results in what is Conference Call typically a lighter seasonal period, demonstrating the Burford will hold a conference call for investors and analysts continued momentum of our portfolio. Both new business at 9.00am EDT
Slide 5: 1Q25 Financial Results GAAP Consolidated
Consolidated (GAAP) $ in thousands 1Q25 1Q24 1Q25 Financial Results Revenues Capital provision income/(loss) 131,516 40,761 GAAP Consolidated Net realized gains/(losses) 67,619 57,862 Unrealized gains/(losses) ex YPF-related assets 2,520 (29,968) Unrealized gains/(losses) from YPF-related assets 55,
Slide 6: Key Messages on 1Q25 Results
Key Messages on 1Q25 Results Burford delivered a strong first quarter across key metrics $7.2 billion Group-wide portfolio 1 New business was seasonally robust (as of March 31, 2025) • New definitive commitments of $158 million nearly tripled compared to $55 5.2 million in both 1Q24 and 1Q23 • Deplo
Slide 7: Financial Metrics Summary
Financial Metrics Summary Mar 31, 2025 Dec 31, 2024 $ in millions except per share data and as otherwise noted 1Q25 1Q24 Shareholders’ equity 2,434 2,419 Capital provision income 91 18 Book value per ordinary share 11.15 11.03 Net realized gains 35 30 Tangible book value per ordinary share 10.54 10.
Slide 8: Total Segments
Total Segments Burford
Slide 9: Total Segments (Burford-only)
Total Segments (Burford-only) 1Q25 Financial Results $ in thousands 1Q25 1Q24 Revenues Total Segments Capital provision income/(loss) 90,950 17,903 (Burford-only) Net realized gains/(losses) 34,584 29,894 Unrealized gains/(losses) 50,765 (9,088) • Capital provision income of $91 Other capital provis
Slide 10: Segments: Principal Finance
Segments: Principal Finance
Slide 11: 1Q25 Segment Results: Principal Finance
Principal Finance Segment 1Q25 Segment Results Principal Finance Segment $ in thousands 1Q25 1Q24 Revenues Capital provision income/(loss) 90,950 17,903 Net realized gains/(losses) 34,584 29,894 Unrealized gains/(losses) 50,765 (9,088) Other capital provision income/(loss) 5,601 (2,903) Other income
Slide 12: Portfolio Snapshot
Principal Finance Segment Portfolio Snapshot Portfolio by fair value and undrawn commitments Portfolio exposure by geography Capital provision assets Deployed cost of capital provision assets (ex YPF-related assets) as of March 31, 2025 ($ in millions) ($ in millions) 2% 1% 5,204 5,157 4,840 19% 3,9
Slide 13: Capital Provision Income and Fair Value Bridge
Principal Finance Segment Capital Provision Income and Fair Value Bridge ($ in millions) 1Q25 1Q24 Net realized gains/(losses) 34,584 29,984 Unrealized gains/(losses), ex YPF-related assets 14,214 (19,935) Total realized and unrealized gains/(losses), ex YPF-related assets 48,798 9,959 Unrealized ga
Slide 14: New Business
Principal Finance Segment New definitive commitments by risk band New Business ($ in millions) 247 22 203 194 32 • Definitive undrawn commitments 26 155 158 26 94 of $794 million as of March 31, 30 117 2025 were up 3% from $774 15 188 68 43 million as of December 31, 2024 55 142 55 48 with $158 mill
Slide 15: Portfolio Realizations and Realized Gains
Principal Finance Segment Realizations Portfolio Realizations ($ in millions) 253 and Realized Gains 237 244 222 denotes realizations related to • Realization momentum interests in private funds continued with $163 million in 168 163 157 1Q25 far surpassing $63 million 165 138 155 in 1Q24 and $64 mi
Slide 16: Historical Track Record ― Fully and Partially Concluded Assets
Principal Finance Segment Historical Track Record ― Fully and Partially Concluded Assets • Burford has generated consistently high returns on $3.5 billion of realizations since inception in 2009 through March 31, 2025 • Cumulative ROIC on realizations moved from 87% to 83% while IRR remained steady
Slide 17: Asset ROIC Distribution ― Asymmetric Returns
Principal Finance Segment Concluded (fully and partially) assets arrayed by ROIC Asset ROIC From inception through March 31, 2025 ($ in millions) Distribution ― 0% or less ROIC 0 to 99% ROIC 100 to 199% ROIC Greater than 200% ROIC Total Asymmetric Returns Realized Realized Realized Realized Realized
Slide 18: We remain well-positioned to monetize YPF-related assets
Principal Finance Segment We remain well-positioned to monetize YPF-related assets • We believe YPF-related assets will ultimately deliver a ten-figure recovery for Burford, but litigation risk remains • Final judgment a complete win against Argentina of $16 billion, at the high end of the possible
Slide 19: Segments: Asset Management and Other Services
Segments: Asset Management and Other Services
Slide 20: 1Q25 Segment Results: Asset Management and Other Services
Asset Management and Other Services Segment 1Q25 Segment Results Asset Management and Other Services Segment $ in thousands 1Q25 1Q24 Revenues Asset management income 13,837 6,673 Other income/(loss) (186) 284 Total revenues 13,651 6,957 Operating expenses Compensation and benefits 5,252 3,899 Gener
Slide 21: Asset Management Income and Portfolio
Asset Management and Other Services Segment Asset Management Asset management income ($ in millions) Cash receipts from asset management ($ in millions) Income and Portfolio 13.8 7.1 • Asset management income of $14 7.9 million in 1Q25 doubled from $7 6.7 4.5 million in 1Q24 due to performance fee c
Slide 22: Liquidity and Capital Management
Liquidity and Capital Management
Slide 23: Liquidity Bridge and Cash Receipts
1Q25 cash bridge Burford-only Liquidity Bridge ($ in millions) and Cash Receipts A. Cash and marketable securities as of December 31, 2024 B. Cash receipts 258 • Cash and marketable securities C. Debt purchases and interest 9 were $548 million as of March 77 15 678 D. Operating expenses net of chang
Slide 24: Operating Expenses
Operating Expenses Operating expense detail Total Segments (Burford-only) ($ in millions) • Operating expenses of $40 million in 1Q25 were up from $30 million $ in thousands 1Q25 1Q24 in 1Q24, driven by higher long- term incentive compensation Compensation and benefits accruals in light of increased
Slide 25: Debt Structure and Ratios
Maturity of debt outstanding Debt Structure and ($ in millions) 675 Ratios Weighted average life (WAL) Debt Concluded Active • Debt payable of $1,765 million as outstanding assets1 deployments 400 of March 31, 2025, flat compared 360 4.3 yrs 2.6 yrs 3.2 yrs to December 31, 2024 226 • During 1Q25, $6
Slide 26: Closing thoughts
Closing thoughts 1 Burford is an industry leader with substantial competitive moats • Based on portfolio size, we are the largest provider of capital to litigation and legal assets 1 • Scale and perpetual capital allow us to deliver highly customized solutions for corporate and law firm clients • 15
Slide 27: Consolidated Financial Statement Reconciliations
Consolidated Financial Statement Reconciliations
Slide 28: Statement of Operations - three months ended March 31, 2025 and 2024
Statement of Operations - three months ended March 31, 2025 and 2024 Three months ended March 31, 2025 Three months ended March 31, 2024 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Revenues Capital
Slide 29: Statement of Financial Position as of March 31, 2025 and December 31, 2024
Statement of Financial Position as of March 31, 2025 and December 31, 2024 As of March 31, 2025 As of December 31, 2024 Total Total Third-party segments Third-party segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Assets Cash and cash equivalents
Slide 30: Other Reconciliations
Other Reconciliations Burford
Slide 31: Cash Receipts
Cash Receipts For the three months ended ($ in thousands) Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Consolidated proceeds from capital provision assets 371,054 222,444 395,943 125,344 247,561 119,208 132,147 163,522 144,485 Plus/(Less): Third-party interests (126,150) (
Slide 32: Principal Finance Deployments
Principal Finance Deployments For the three months ended Adjusted Third-party Total segments Adjusted Burford-only ($ in thousands) Consolidated interests (Burford-only) Adjustments Burford-only Less: private funds less private funds March 31, 2025 216,476 (90,658) 125,818 4,093 129,911 (84) 129,827
Slide 33: Principal Finance Realizations
Principal Finance Realizations For the three months ended Adjusted Third-party Total segments Adjusted Less: Burford-only ($ in thousands) Consolidated interests (Burford-only) Adjustments Burford-only private funds less private funds March 31, 2025 288,848 (125,943) 162,905 243 163,148 (14,285) 148
Slide 34: Net realized gains/(losses)
Net realized gains/(losses) For the three months ended Net realized gains/(losses) Principal Excluding ($ in thousands) Finance Less: private funds private funds March 31, 2025 34,584 (3,407) 31,177 December 31, 2024 141,637 (1,194) 140,443 September 30, 2024 56,490 (233) 56,257 June 30, 2024 99,153
Slide 35: Tangible Book Value per Ordinary Share
Tangible Book Value Attributable to Burford Capital Limited per Ordinary Share ($ in thousands, except share data) March 31, 2025 December 31, 2024 Total Burford Capital Limited equity 2,434,375 2,419,432 Less: Goodwill (133,977) (133,948) Tangible book value attributable to Burford Capital Limited
Slide 36: Covenant calculations as of March 31, 2025 and December 31, 2024
Covenant calculations as of March 31, 2025 and December 31, 2024 Consolidated net debt to consolidated tangible assets ratio calculation ($ in thousands) March 31, 2025 December 31, 2024 (1) Total principal amount of debt outstanding 1,783,711 1,783,690 Less: Cash and cash equivalents (486,639) (469
Slide 37: YPF-related income and fair value
YPF-related income and fair value Capital provision income, excluding YPF-related assets reconciliation For the three months ended March 31, 2025 For the three months ended March 31, 2024 Total Total Third-party segments Third-party segments ($ in thousands) Consolidated interests (Burford-only) Con
Slide 38: Asset Management Income
Asset Management Income Three months ended March 31, 2025 Three months ended March 31, 2024 Total Total Third-party segments Third-party segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Management fee income 1,538 - 1,538 1,863 - 1,863 Performance
Slide 39: Undrawn Commitments
Undrawn Commitments March 31, 2025 Total Third-party segments ($ in thousands) Consolidated interests (Burford-only) Definitive 985,953 (192,239) 793,714 Discretionary 879,362 (186,941) 692,421 Legal risk (definitive) 42,969 - 42,969 Total capital provision undrawn commitments 1,908,284 (379,180) 1,
Slide 40: Capital Provision Income
Capital Provision Income Three months ended March 31, 2025 Three months ended March 31, 2024 Total Total Third-party segments Third-party segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Net realized gains/(losses) 67,619 (33,035) 34,584 57,862 (2
Slide 41: Glossary
Glossary Advantage Fund Burford Advantage Master Fund LP, a private fund focused on pre-settlement litigation strategies where litigation risk remains, but where the overall risk return profile is generally lower than assets funded directly by our balance sheet. Investors in the Advantage Fund inclu
Slide 42: Glossary (continued)
Glossary (continued) Deployed cost Deployed cost is the amount of financing we have provided for an asset at the applicable point in time. For purposes of calculating returns, we must consider how to allocate the costs associated with an asset in the event of a partial conclusion. Our approach to co
Slide 43: Glossary (continued)
Glossary (continued) Total segments Refers to the sum of our two reportable segments, (i) Principal Finance and (ii) Asset Management and Other Services, and is presented on a Burford-only basis. Unrealized gain or loss Represents the fair value of our legal finance assets over or under their deploy
Slide 44: |Burtord
|Burtord