Slide 1: Burford Capital Second Quarter 2025 Financial Results
Burford Capital Second Quarter 2025 Financial Results August 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 2Q25 Financial Results
Burford Reports 2Q25 Financial Results “Burford saw sharp increases in revenue and profitability in the second quarter and on a year-to-date basis. We also Conference Call have written very substantial levels of new business so far Burford will hold a conference call for investors and analysts at 9.
Slide 5: Financial Results GAAP Consolidated
Consolidated (GAAP) $ in thousands YTD25 YTD24 2Q25 2Q24 Financial Results Revenues Capital provision income/(loss) 355,680 198,506 224,164 157,745 GAAP Consolidated Net realized gains/(losses) 107,915 175,333 40,296 117,471 Unrealized gains/(losses) ex YPF-related assets 47,918 (12,278) 45,398 17,6
Slide 6: Key Messages on 2Q25 and YTD25 Results
Key Messages on 2Q25 and YTD25 Results 1 New business momentum illustrates strong demand $7.5 billion • New definitive commitments of $361 million in 2Q25 significantly higher than any Group-wide portfolio quarter in the past two years (as of June 30, 2025) • New definitive commitments of $518 milli
Slide 7: Financial Metrics Summary
Financial Metrics Summary $ in millions except per share data and as otherwise noted YTD25 YTD24 2Q25 2Q24 Jun 30, 2025 Dec 31, 2024 Capital provision income 246 137 155 119 Shareholders’ equity 2,503 2,419 Book value per Net realized gains 61 129 27 99 ordinary share 11.44 11.03 Balance Financial A
Slide 8: Total Segments
Total Segments Burford
Slide 9: Total Segments (Burford-only) Financial Results
Total Segments (Burford-only) Financial Results $ in thousands YTD25 YTD24 2Q25 2Q24 Revenues Total Segments Capital provision income/(loss) 246,360 137,263 155,410 119,360 (Burford-only) Net realized gains/(losses) 61,176 129,047 26,592 99,153 Unrealized gains/(losses) 167,404 9,775 116,639 18,863
Slide 10: Segments: Principal Finance
Segments: Principal Finance
Slide 11: Principal Finance Segment Results
Principal Finance Segment Segment Results Principal Finance Segment $ in thousands YTD25 YTD24 2Q25 2Q24 Revenues Capital provision income/(loss) 246,360 137,263 155,410 119,360 Net realized gains/(losses) 61,176 129,047 26,592 99,153 Unrealized gains/(losses) 167,404 9,775 116,639 18,863 Other capi
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 June 30, 2025 ($ in millions) ($ in millions) 2% 1% 5,565 5,204 4,840 20% 3,94
Slide 13: Capital Provision Income and Fair Value Bridge
Principal Finance Segment Capital Provision Income and Fair Value Bridge ($ in millions) YTD25 YTD24 2Q25 2Q24 Net realized gains/(losses) 61,176 129,047 26,592 99,153 Unrealized gains/(losses), ex YPF-related assets 48,573 (15,046) 34,359 4,889 Total realized and unrealized gains/(losses), ex YPF-r
Slide 14: New Business
Principal Finance Segment New definitive commitments by risk band (chart scale adjusted) New Business ($ in millions) 361 518 38 47 247 • Definitive undrawn commitments 22 203 303 285 194 217 were $1.1 billion as of June 30, 26 155 32 158 23 32 2025, up 38% from $774 million as 26 30 117 94 of Decem
Slide 15: Portfolio Realizations and Realized Gains
Principal Finance Segment Realizations Portfolio Realizations ($ in millions) 253 and Realized Gains 237 244 225 denotes realizations related to 219 interests in private funds 222 216 • Realizations were $62 million in 207 2Q25 and $225 million in YTD25, 168 163 157 up 3% from $219 million in 165 13
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 $3.5 billion of realizations since inception in 2009 through June 30, 2025 • Cumulative ROIC and IRR on realizations remained steady at 83% and 26%, respectiv
Slide 17: Asset ROIC Distribution ― Asymmetric Returns
Principal Finance Segment Concluded (fully and partially) assets arrayed by ROIC Asset ROIC From inception through June 30, 2025 ($ 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: Historical Track Record by Vintage
Principal Finance Segment Historical Track Record by Vintage Realized since inception2 As of June 30, 2025 ($ in millions) IRR 26% Total Deployments1 Concluded $1,935 ROIC 83% 163 Active $1,722 2.6 208 167 WAL3 WAL of active 3.3 years 153 Realizations deployed cost 153 341 436 Deployments 379 391 10
Slide 19: 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 20: Segments: Asset Management and Other Services
Segments: Asset Management and Other Services
Slide 21: Asset Management and Other Services Segment Results
Asset Management and Other Services Segment Segment Results Asset Management and Other Services Segment $ in thousands YTD25 YTD24 2Q25 2Q24 Revenues Asset management income/(loss) 20,949 18,160 7,112 11,487 Other income/(loss) 247 534 433 250 Total revenues 21,196 18,694 7,545 11,737 Operating expe
Slide 22: 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 18.2 20.9 • Asset management income was 13.7 11.5 $7 million in 2Q25 and $21 14.7 million in YTD25, up from $18 7.1 15.5 9.8 m
Slide 23: Liquidity and Capital Management
Liquidity and Capital Management
Slide 24: Liquidity Bridge and Cash Receipts
YTD25 cash bridge Burford-only Liquidity Bridge ($ in millions) and Cash Receipts A. Cash and marketable securities as of December 31, 2024 B. Cash receipts 306 • Cash and marketable securities were C. Debt purchases and interest 40 $440 million as of June 30, 2025, 107 D. Operating expenses net of
Slide 25: Operating Expenses
Operating Expenses Operating expense detail Total Segments (Burford-only) ($ in millions) • The quarter and YTD increases in operating expenses are predominantly YTD25 YTD24 2Q25 2Q24 attributable to variable non-cash $ in thousands drivers of compensation and benefits Compensation and benefits • In
Slide 26: Debt Structure and Ratios
Maturity of debt outstanding Weighted average life (WAL) Debt Structure and ($ in millions) 675 Debt Concluded Active outstanding assets1 deployments Ratios 500 4.0 yrs 2.6 yrs 3.3 yrs 400 • Debt payable of $1,780 million as of 360 (Pro Forma) June 30, 2025, similar to $1,764 million 5.2 yrs 240 as
Slide 27: Closing thoughts
Closing thoughts 1 We are writing substantial amounts of new business and growing the portfolio • New definitive commitments of $518 million in YTD25 up 71% from YTD24 • Portfolio base (cost basis + definitive undrawn commitments) up 15% in YTD25 2 There is tangible progress in the legal process aro
Slide 28: Consolidated Financial Statement Reconciliations
Consolidated Financial Statement Reconciliations
Slide 29: Statement of Operations - Three Months Ended June 30, 2025 and 2024
Statement of Operations - Three Months Ended June 30, 2025 and 2024 Three months ended June 30, 2025 Three months ended June 30, 2024 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Revenues Capital pr
Slide 30: Statement of Operations - Six Months Ended June 30, 2025 and 2024
Statement of Operations - Six Months Ended June 30, 2025 and 2024 Six months ended June 30, 2025 Six months ended June 30, 2024 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Revenues Capital provisio
Slide 31: Statement of Financial Condition as of June 30, 2025 and December 31, 2024
Statement of Financial Condition as of June 30, 2025 and December 31, 2024 June 30, 2025 December 31, 2024 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Assets Cash and cash equivalents $ 372,248 $ (
Slide 32: Other Reconciliations
Other Reconciliations Burford
Slide 33: Cash Receipts
Cash Receipts Three months ended ($ in thousands) Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Consolidated proceeds from capital provision assets 76,758 371,054 222,444 395,943 125,344 247,561 119,208 132,147 163,522 Less: Third-party interests (34,464) (126,150) (92,170)
Slide 34: Principal Finance Deployments
Principal Finance Deployments 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 June 30, 2025 100,304 (21,025) 79,279 1,497 80,776 (72) 80,704 March
Slide 35: Principal Finance Realizations
Principal Finance Realizations 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 June 30, 2025 90,077 (34,464) 55,613 6,273 61,886 (3,796) 58,090 Mar
Slide 36: Net realized gains/(losses)
Net realized gains/(losses) For the three months ended Principal Excluding ($ in thousands) Finance Less: private funds private funds June 30, 2025 26,592 (1,553) 25,039 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, 202
Slide 37: Tangible Book Value Attributable to Burford Capital Limited per Ordinary Share
Tangible Book Value Attributable to Burford Capital Limited per Ordinary Share ($ in thousands, except share data) June 30, 2025 December 31, 2024 Total Burford Capital Limited equity 2,503,036 2,419,432 Less: Goodwill (134,037) (133,948) Tangible book value attributable to Burford Capital Limited 2
Slide 38: Covenant Calculations as of June 30, 2025 and December 31, 2024
Covenant Calculations as of June 30, 2025 and December 31, 2024 Consolidated net debt to consolidated tangible assets ratio calculation (pro forma) ($ in thousands) June 30, 2025 December 31, 2024 June 30, 2025 Total principal amount of debt outstanding(1) 1,797,837 1,783,690 2,174,837 Plus: Derivat
Slide 39: YPF-Related Income
YPF-Related Income Capital provision income, excluding YPF-related assets reconciliation Three months ended June 30, 2025 Three months ended June 30, 2024 Total Total Third-party segments Third-party segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only
Slide 40: YPF-Related Fair Value
YPF-Related Fair Value YPF fair value - reconciliation of consolidated to Burford-only June 30, 2025 December 31, 2024 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Capital provision assets 5,544,683
Slide 41: Asset Management Income
Asset Management Income Three months ended June 30, 2025 Three months ended June 30, 2024 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Management fee income 1,349 — 1,349 1,644 — 1,644 Performance f
Slide 42: Undrawn Commitments
Undrawn Commitments June 30, 2025 Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Definitive 1,253,433 (188,250) 1,065,183 Discretionary 819,777 (177,329) 642,448 Legal risk (definitive) 46,399 — 46,399 Total capital provision undrawn commitments 2,119,609 (365,579)
Slide 43: Capital Provision Income
Capital Provision Income Three months ended June 30, 2025 Three months ended June 30, 2024 Third-party Total segments Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Net realized gains/(losses) 40,296 (13,704) 26,592 117,471 (18
Slide 44: 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 45: 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 46: 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 47: |Burtord
|Burtord