# EDGAR Filing Document

**Accession Number:** 0001714174
**File Stem:** 0001714174-25-000175
**Filing Date:** 2025-8
**Character Count:** 90954
**Document Hash:** c6a02fed495a59fd6ee3407beafdb875
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001714174-25-000175.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001714174-25-000175

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 63

**CONFORMED PERIOD OF REPORT**: 20250807

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Burford Capital Ltd
- **CENTRAL INDEX KEY:** 0001714174
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Y7
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39511
- **FILM NUMBER:** 251191696

**BUSINESS ADDRESS:**
- **STREET 1:** OAK HOUSE
- **STREET 2:** HIRZEL STREET
- **CITY:** ST PETER PORT
- **STATE:** Y7
- **ZIP:** GY1 2NP
- **BUSINESS PHONE:** 44 (0)1481 723450

**MAIL ADDRESS:**
- **STREET 1:** OAK HOUSE
- **STREET 2:** HIRZEL STREET
- **CITY:** ST PETER PORT
- **STATE:** Y7
- **ZIP:** GY1 2NP

?xml version='1.0' encoding='ASCII'? bur-20250807

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**_______________________________________________________**

**FORM 8-K**

**_______________________________________________________**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of report (Date of earliest event reported): August 7, 2025**

**_______________________________________________________**

![Burford Logo.jpg](bur-20250807_g1.jpg)

**BURFORD CAPITAL LIMITED**

(Exact name of registrant as specified in its charter)

**_______________________________________________________**

---

| | | |
|:---|:---|:---|
| **Guernsey** | **001-39511** | **N/A** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

**Oak House, Hirzel Street**

**St. Peter Port** 

**Guernsey GY1 2NP**

(Address of principal executive offices) (Zip code)

**+44 1481 723 450** 

(Registrant's telephone number, including area code)

**N/A**

(Former name or former address, if changed since last report)

**_______________________________________________________**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol(s)** | **Name of each exchange on which registered** |
| Ordinary shares, no par value | BUR | New York Stock Exchange |
| Ordinary shares, no par value | BUR | London Stock Exchange AIM |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On August 7, 2025, Burford Capital Limited issued a press release and a detailed presentation announcing its financial results for the three and six months ended June 30, 2025.

A copy of the press release and the presentation are attached to this Current Report on Form 8-K as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.

**Item 9.01**&nbsp;&nbsp;&nbsp;&nbsp;**Financial Statements and Exhibits.**

**&nbsp;&nbsp;&nbsp;&nbsp;(d)**&nbsp;&nbsp;&nbsp;&nbsp;**Exhibits**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Press release, dated August 7, 2025.](bur-20250807xex991.htm)</u> |
| 99.2 | <u>[Presentation, dated August 7, 2025.](bur-20250807xex992.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

The information included in Item 2.02 "*Results of Operations and Financial Condition*" and Item 9.01 "*Financial Statements and Exhibits*" of this Current Report on Form 8-K (including the exhibits hereto) is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "***Exchange Act***"), or otherwise subject to the liabilities of Section 18 of the Exchange Act, nor shall it be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| **BURFORD CAPITAL LIMITED** | **BURFORD CAPITAL LIMITED** |
| By: | /s/ Jordan D. Licht |
|  | Name: Jordan D. Licht |
|  | Title: Chief Financial Officer |

---

Date: August 7, 2025

## Exhibit 99.1

![image_0a.jpg](image_0a.jpg)

**August 7, 2025**

**Burford Reports 2Q25 and YTD25 Financial Results**

Burford Capital Limited ("Burford"), the leading global finance and asset management firm focused on law, today announces its unaudited financial results for the three and six months ended June 30, 2025 ("2Q25" and "YTD25", respectively). The full detailed presentation of Burford's 2Q25 and YTD25 financial results, as well as detailed portfolio data table, can be viewed at http://investors.burfordcapital.com.

**Burford's Chief Executive Officer Christopher Bogart commented:**

"Burford saw sharp increases in revenue and profitability in the second quarter and on a year-to-date basis. We also have written very substantial levels of new business so far this year, illustrating the ongoing strength of demand and our pipeline. In July we raised a half billion dollars of new capital in two days, which reflects market confidence in our trajectory, and underscores Burford's scale as a formidable competitive moat."

Burford will hold a conference call for investors and analysts at 9.00am EDT / 2.00pm BST on Thursday, August 7, 2025. For swift access to the conference call at the time of the event, pre-registration is encouraged at https://registrations.events/direct/Q4I86322133933. The dial-in numbers for the conference call are +1 (646) 307-1963 (USA) or +1 (800) 715-9871 (USA & Canada toll free) / +44 (0)20 3481 4247 (UK) or +44 800 260 6466 (UK toll free), and the access code is 86322. To minimize the risk of delayed access, participants are urged to dial into the conference call by 8.40am EDT / 1.40pm BST.

A live audio webcast and replay will also be available at https://events.q4inc.com/attendee/535138971, and pre-registration at that link is encouraged.

**For further information, please contact:**

---

| | |
|:---|:---|
| **Burford Capital Limited** | |
| *For investor and analyst inquiries:* |  |
| Americas: Josh Wood, Head of Investor Relations - email | +1 212 516 5824 |
| EMEA & Asia: Rob Bailhache, Head of EMEA & Asia Investor Relations - email | +44 (0)20 3530 2023 |
| *For press inquiries:* |  |
| David Helfenbein, Senior Vice President, Public Relations - email | +1 646 504 7074 |
| **Deutsche Numis** - NOMAD and Joint Broker | +44 (0)20 7260 1000 |
| Giles Rolls |  |
| Charlie Farquhar |  |
| **Jefferies International Limited** - Joint Broker | +44 (0)20 7029 8000 |
| Graham Davidson |  |
| James Umbers |  |
| **Berenberg** – Joint Broker | +44 (0)20 3207 7800 |
| Toby Flaux |  |
| James Thompson |  |
| Yasmina Benchekroun |  |

---

------

![image_0a.jpg](image_0a.jpg)

**About Burford Capital**

Burford Capital is the leading global finance and asset management firm focused on law. Its businesses include litigation finance and risk management, asset recovery and a wide range of legal finance and advisory activities. Burford is publicly traded on the New York Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE: BUR) and works with companies and law firms around the world from its global network of offices.

For more information, please visit www.burfordcapital.com.

**This press release does not constitute an offer to sell or the solicitation of an offer to buy any ordinary shares or other securities of Burford.**

**This press release does not constitute an offer of any Burford private fund.** Burford Capital Investment Management LLC, which acts as the fund manager of all Burford private funds, is registered as an investment adviser with the US Securities and Exchange Commission. The information provided in this press release is for informational purposes only. Past performance is not indicative of future results. The information contained in this press release is not, and should not be construed as, an offer to sell or the solicitation of an offer to buy any securities (including interests or shares in any of Burford private funds). Any such offer or solicitation may be made only by means of a final confidential private placement memorandum and other offering documents.

**Forward-looking statements**

This press release contains "forward-looking statements" within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US Securities Exchange Act of 1934, as amended, that are intended to be covered by the safe harbor provided for under these sections. In some cases, words such as "aim", "anticipate", "believe", "continue", "could", "estimate", "expect", "forecast", "guidance", "intend", "may", "plan", "potential", "predict", "projected", "should" or "will", or the negative of such terms or other comparable terminology, are intended to identify forward-looking statements. Although Buford believes that the assumptions, expectations, projections, intentions and beliefs about future results and events reflected in forward-looking statements have a reasonable basis and are expressed in good faith, forward-looking statements involve known and unknown risks, uncertainties and other factors, which could cause Burford's actual results and events to differ materially from (and be more negative than) future results and events expressed, projected or implied by these forward-looking statements. Factors that might cause future results and events to differ include, among others, those discussed in the "Risk Factors" section of Burford's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the US Securities and Exchange Commission on March 3, 2025. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements contained in the periodic and current reports that Burford files with or furnishes to the US Securities and Exchange Commission. Many of these factors are beyond Burford's ability to control or predict, and new factors emerge from time to time. Furthermore, Burford cannot assess the impact of each such factor on its business or the extent to which any factor or combination of factors may cause actual results and events to be materially different from those contained in any forward-looking statement. Given these uncertainties, readers are cautioned not to place undue reliance on Burford's forward-looking statements.

All subsequent written and oral forward-looking statements attributable to Burford or to persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements speak only as of the date of this press release and, except as required by applicable law, Burford undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

## Exhibit 99.2

![](bur-20250807xex992001.jpg)

Second Quarter 2025 Financial Results August 7, 2025 Burford Capital This presentation is for the use of Burford's public shareholders and is not an offering of any Burford private fund.

------

![](bur-20250807xex992002.jpg)

Notice & disclaimer This presentation (this "Presentation") provides certain information to facilitate review and understanding of the business, financial condition and results of operations of Burford Capital Limited (together with its subsidiaries, the "Company", "Burford", "we", "our" or "us") as of and for the three and six months ended June 30, 2025 and does not purport to be a complete description of the Company's business, financial condition or results of operations. The information contained in this Presentation is provided as of the dates and for the periods indicated in this Presentation and is subject to change without notice. The financial condition and results of operations as of and for the three and six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025. Forward-looking statements. This Presentation contains "forward-looking statements" within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US Securities Exchange Act of 1934, as amended, that are intended to be covered by the safe harbor provided for under these sections. In some cases, words such as "aim", "anticipate", "believe", "continue", "could", "estimate", "expect", "forecast", "guidance", "intend", "may", "plan", "potential", "predict", "projected", "should" or "will", or the negative of such terms or other comparable terminology, are intended to identify forward-looking statements. Although the Company believes that the assumptions, expectations, projections, intentions and beliefs about future results and events reflected in forward-looking statements have a reasonable basis and are expressed in good faith, forward-looking statements involve known and unknown risks, uncertainties and other factors, which could cause the Company's actual results and events to differ materially from (and be more negative than) future results and events expressed, targeted, projected or implied by these forward-looking statements. Factors that might cause future results and events to differ include, among others, the following: (i) adverse litigation outcomes and timing of resolution of litigation matters; (ii) the Company's ability to identify and select suitable legal finance assets; (iii) improper use or disclosure of, or access to, privileged information under the Company's control due to cybersecurity breaches, unauthorized use or theft; (iv) inaccuracy or failure of the probabilistic model and decision science tools, including machine learning technology and generative artificial intelligence (collectively, "AI technologies"), the Company uses to predict the returns on its legal finance assets and in its operations; (v) changes and uncertainty in laws, regulations and rules relating to the legal finance industry, including those relating to privileged information and/or disclosure and enforceability of legal finance arrangements; (vi) inadequacies in the Company's due diligence process or unforeseen developments; (vii) credit risk and concentration risk relating to the Company's legal finance assets; (viii) lack of liquidity of the Company's legal finance assets and commitments in excess of its available capital; (ix) the Company's ability to obtain attractive external capital, refinance its outstanding indebtedness or raise capital to meet its liquidity needs; (x) competitive factors and demand for the Company's services and capital; (xi) failure of lawyers to prosecute and/or defend claims which the Company has financed with necessary skill and care or misalignment of their clients' interests with the Company's; (xii) poor performance by the commitments the Company makes on behalf of its private funds; (xiii) negative publicity or public perception of the legal finance industry or the Company; (xiv) valuation uncertainty with respect to the fair value of the Company's capital provision assets; (xv) current and future legal, political and economic factors, including uncertainty surrounding the effects, severity and duration of public health threats and/or military actions; (xvi) developments in AI technologies and expectations relating to environmental, social and governance considerations; (xvii) potential liability from litigation and legal proceedings against the Company; (xviii) the Company's ability to hire and retain key personnel; (xix) risks relating to the Company's international operations as a result of differing legal and regulatory requirements, political, social and economic conditions and unforeseeable developments; (xx) exposure to foreign currency exchange rate fluctuations; (xxi) uncertainty relating to the tax treatment of the Company's financing arrangements; (xxii) cybersecurity risks and improper functioning of the Company's information systems or those of its third-party service providers; (xxiii) failure of the Company's third-party service providers to fulfill their obligations or misconduct by its third-party service providers; (xxiv) failure by the Company to maintain the privacy and security of personal information and comply with applicable data privacy and protection laws and regulations; (xxv) failure by the Company to maintain effective internal control over financial reporting or effective disclosure controls and procedures; (xxvi) failure by the Company to comply with the requirements of being a US domestic public company and the costs associated therewith; and (xxvii) certain risks relating to the Company's incorporation in Guernsey. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements contained in the Company's periodic and current reports that it files with or furnishes to the US Securities and Exchange Commission (the "SEC"). Many of these factors are beyond the Company's ability to control or predict, and new factors emerge from time to time. Furthermore, the Company cannot assess the impact of each such factor on its business or the extent to which any factor or combination of factors may cause actual results and events to be materially different from those contained in any forward- looking statement. Given these uncertainties, readers are cautioned not to place undue reliance on the Company's forward-looking statements. All subsequent written and oral forward- looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements speak only as of the date of this Presentation and, except as required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In addition to forward-looking statements, this Presentation includes certain data based on calculations derived from the Company's probabilistic modeling of individual matters and its portfolio as a whole. This data is not a forecast of future results, and past performance is not a guide to future performance. The inherent volatility and unpredictability of legal finance assets precludes forecasting and limits the predictive nature of the Company's probabilistic model. Furthermore, the inherent nature of the probabilistic model is that actual results will differ from the modeled results, and such differences could be material. The data based on calculations derived from the Company's probabilistic model contained in this Presentation is for informational purposes only and is not intended to be a profit forecast or be relied upon as a guide to future performance.

------

![](bur-20250807xex992003.jpg)

Notice & disclaimer Basis of presentation; non-GAAP financial measures; key performance indicators; definitions. The Company reports its financial results in accordance with the generally accepted accounting principles in the United States ("US GAAP"). US GAAP requires the Company to present financial statements that consolidate some of the limited partner interests in private funds the Company manages as well as assets held on the Company's balance sheet where it has a partner or minority investor. As a result, the Company uses various measures, including Burford-only and adjusted Burford-only financial measures, which are calculated and presented using methodologies other than in accordance with US GAAP, to supplement analysis and discussion of its consolidated financial statements prepared in accordance with US GAAP. The Company believes that the presentation of Burford-only financial measures is consistent with how management measures and assesses the performance of the Company's reporting segments, which are evaluated by management on a Burford-only basis, and that the presentation of Burford-only and adjusted Burford-only financial measures provides valuable and useful information to investors to aid in understanding the Company's performance in addition to its consolidated financial statements prepared in accordance with US GAAP by eliminating the effect of the consolidation. In addition, the Company's segment reporting, which conveys the performance of its business across two reportable segments—Principal Finance and Asset Management and Other Services—is presented on a Burford-only basis. The Company refers to its segment reporting in the aggregate as "total segments". The Company also uses additional non-GAAP financial measures, such as cash receipts, tangible book value attributable to Burford Capital Limited per ordinary share ("TBVPS") and various indebtedness leverage ratios. The Company believes that (i) cash receipts are an important measure of the Company's operating and financial performance and are useful to management and investors when assessing the performance of Burford-only capital provision assets and (ii) TBVPS is an important measure of the Company's financial condition and is useful to management and investors when assessing capital adequacy and the Company's ability to generate earnings on tangible equity invested by its shareholders. The non-GAAP financial measures should not be considered in isolation from, as substitutes for, or superior to, financial measures calculated in accordance with US GAAP. In addition, the Company uses certain unaudited key performance indicators("KPIs"). The KPIs are presented because the Company uses them to monitor its financial condition and results of operations and/or the Company believes they are useful to investors, securities analysts and other interested parties. The presentation of the KPIs is for informational purposes only and does not purport to present what the Company's actual financial condition or results of operations would have been, nor does it project its financial condition at any future date or its results of operations for any future period. The presentation of the KPIs is based on information available as of the date of this Presentation and certain assumptions and estimates that the Company believes are reasonable. Additional information with respect to these non- GAAP financial measures and KPIs, their respective definitions and calculations and related reconciliations are provided in "Other Reconciliations" and "Glossary" sections of this Presentation. \* \* \* \* \* The Company makes no representation or warranty, express or implied, as to the fairness, accuracy, reasonableness or completeness of the information contained in this Presentation, including information obtained from third parties. Unless otherwise specified, information contained in this Presentation is sourced from and reflects the views and opinions of the Company. Certain information contained in this Presentation has been obtained from sources other than the Company. While such information is believed to be reliable for purposes used in this Presentation, no representations are made as to the accuracy or completeness thereof, and the Company does not take any responsibility for such information. Certain information contained in this Presentation discusses general market activity, industry or sector trends or other broad-based economic, market or political conditions and should not be construed as research or investment advice. There can be no assurances that any of the trends described in this Presentation will continue or will not reverse. Past events, trends and results do not imply, predict or guarantee, and are not necessarily indicative of, future events, trends or results. This Presentation is not complete, and the information contained in this Presentation may change at any time without notice. The Company does not have any responsibility to update this Presentation to account for such changes. The information contained in this Presentation is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. Neither the Company, its affiliates nor any officer, director, employee or representative of the Company or its affiliates accepts any liability whatsoever for any loss howsoever arising, directly or indirectly, from any use of this Presentation or its contents. \* \* \* \* \* This Presentation does not constitute or form part of, and should not be construed as, an issue for sale or subscription of, or solicitation of any offer or invitation to subscribe for, underwrite or otherwise acquire or dispose of any securities of the Company or any of its affiliates, nor should this Presentation or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever which may at any time be entered into by the recipient nor any other person, nor does this Presentation constitute an invitation or inducement to engage in investment activity under Section 21 of the Financial Services and Markets Act 2000, as amended. This Presentation does not constitute an invitation to effect any transaction with the Company or any of its affiliates or to make use of any services provided by the Company. This Presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any ordinary shares or other securities of the Company or any of its affiliates. This Presentation is not an offering of any private fund of the Company. Burford Capital Investment Management LLC, which acts as the fund manager of all private funds of the Company, is registered as an investment adviser with the SEC. The information relating to the private funds of the Company provided in this Presentation is for informational purposes only. Past performance is not indicative of future results. Any information contained in this Presentation is not, and should not be construed as, an offer to sell or the solicitation of an offer to buy any securities (including interests or shares in the private funds). Any such offer or solicitation may be made only by means of a final confidential private placement memorandum and other offering documents.

------

![](bur-20250807xex992004.jpg)

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 have written very substantial levels of new business so far this year, illustrating the ongoing strength of demand and our pipeline. In July we raised a half billion dollars of new capital in two days, which reflects market confidence in our trajectory, and underscores Burford's scale as a formidable competitive moat." Christopher Bogart Chief Executive Officer Conference Call Burford will hold a conference call for investors and analysts at 9.00am EDT / 2.00pm BST on Thursday, August 7, 2025. The dial-in numbers for the conference call are +1 (646) 307- 1963 (USA) or +1 (800) 715-9871 (USA and Canada toll free) / +44 (0)20 3481 4247 (UK) or +44 800 260 6466 (UK toll free) and the access code is 86322. To minimize the risk of delayed access, participants are urged to dial into the conference call by 8.40am EDT / 1.40pm BST. A live audio webcast and replay will also be available at https://events.q4inc.com/attendee/535138971, and pre- registration at that link is encouraged. About Burford Burford Capital is the leading global finance and asset management firm focused on law. Its businesses include litigation finance and risk management, asset recovery and a wide range of legal finance and advisory activities. Burford is publicly traded on the New York Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE: BUR) and works with companies and law firms around the world from its global network of offices. For more information, please visit www.burfordcapital.com. NOTE: All data in this Presentation is unaudited and is for the three and six months ended June 30, 2025 ("2Q25" and "YTD25", respectively) compared to the three and six months ended June 30, 2024 ("2Q24" and "YTD24", respectively), unless noted otherwise. Throughout this Presentation, amounts may not sum and/or tables may not foot due to rounding.

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![](bur-20250807xex992005.jpg)

Financial Results GAAP Consolidated Consolidated (GAAP) $ in thousands YTD25 YTD24 2Q25 2Q24 Revenues Capital provision income/(loss) 355,680 198,506 224,164 157,745 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 17,690 Unrealized gains/(losses) from YPF-related assets 180,921 37,647 125,492 21,380 Other capital provision income/(loss) 18,926 (2,196) 12,978 1,204 Plus/(Less): Third-party interests in capital provision assets (64,053) (11,488) (43,257) (6,264) Asset management income/(loss) 2,887 3,507 1,349 1,644 Marketable securities income/(loss) and interest 15,384 12,889 8,597 6,278 Other income/(loss) 247 534 433 250 Total revenues 310,145 203,948 191,286 159,653 Operating expenses Compensation and benefits 63,267 50,998 36,953 28,997 Salaries and benefits 24,144 22,566 11,749 10,909 Annual incentive compensation 9,319 9,711 5,074 4,875 Share-based and deferred compensation 10,064 4,067 7,265 197 Long-term incentive compensation including accruals 19,740 14,654 12,865 13,016 General, administrative and other 18,002 15,192 7,792 7,742 Case-related expenditures ineligible for inclusion in asset cost 8,897 2,099 4,320 1,412 Total operating expenses 90,166 68,289 49,065 38,151 Other expenses Finance costs 67,859 67,033 33,979 34,466 Foreign currency transactions (gains)/losses (2,105) 559 (1,505) 67 Total other expenses 65,754 67,592 32,474 34,533 Income/(loss) before income taxes 154,225 68,067 109,747 86,969 Provision for/(benefit from) income taxes 12,162 10,293 4,594 11,697 Net income/(loss) 142,063 57,774 105,153 75,272 Less: Net income/(loss) attributable to non-controlling interests 22,838 33,965 16,857 21,526 Net income/(loss) attributable to Burford Capital Limited shareholders 119,225 23,809 88,296 53,746 5 • Consolidated GAAP net income was $105 million in 2Q25 and $142 million in YTD25 • Net income attributable to Burford Capital Limited shareholders was $88 million in 2Q25 and $119 million in YTD25

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![](bur-20250807xex992006.jpg)

Key Messages on 2Q25 and YTD25 Results 6 New business momentum illustrates strong demand • New definitive commitments of $361 million in 2Q25 significantly higher than any quarter in the past two years • New definitive commitments of $518 million in YTD25, up 71% from YTD24 Revenue and net income up substantially • Capital provision income of $155 million in 2Q25 and $246 million in YTD25, up 79% from YTD24 • Net income of $0.39 per diluted share in 2Q25 and $0.53 per diluted share in YTD25, nearly 5x compared to YTD24 Earnings capacity scales with portfolio growth • Portfolio base (cost basis + definitive undrawn commitments) up 15% in YTD25 reflecting strong progress towards growth targets shared at our 2025 Investor Day Cash generation remains ahead of prior year pace • Cash receipts of $48 million in 2Q25 and $306 million in YTD25, up 25% from YTD24 NOTE: References throughout this Presentation to portfolio activity such as deployments and realizations refer to our Principal Finance segment, and all such portfolio activity metrics are shown either on a Burford-only or adjusted Burford-only basis, as applicable, unless otherwise noted. See "Other Reconciliations" and "Glossary" sections of this Presentation for additional information with respect to these portfolio activity metrics, their respective definitions and related reconciliations. In addition, throughout this Presentation, realizations and net realized gains/(losses) include fully and partially concluded assets. Burford Capital 3.8 1.5 1.8 0.5 5.6 1.9 Principal Finance Segment Asset Management & Other Services Segment Fair Value Undrawn Commitments 1 2 3 $7.5 billion Group-wide portfolio (as of June 30, 2025) 4

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![](bur-20250807xex992007.jpg)

Financial Metrics Summary $ in millions except per share data and as otherwise noted YTD25 YTD24 2Q25 2Q24 Capital provision income 246 137 155 119 Net realized gains 61 129 27 99 Asset management income 21 18 7 11 Net income 119 24 88 54 Diluted earnings per share 0.53 0.11 0.39 0.24 Cash receipts 306 245 48 107 Jun 30, 2025 Dec 31, 2024 Shareholders' equity 2,503 2,419 Book value per ordinary share 11.44 11.03 Tangible book value per ordinary share 10.83 10.42 Debt payable 1,780 1,764 Debt/ Net tangible equity 0.7x 0.8x Liquidity (Cash and marketable securities) 440 521 Financial Results Total Segments (Burford-only) Balance Sheet & Liquidity Measures Total Segments (Burford-only) 7

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![](bur-20250807xex992008.jpg)

Total Segments

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![](bur-20250807xex992009.jpg)

Financial Results Total Segments (Burford-only) Total Segments (Burford-only) $ 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 capital provision income/(loss) 17,780 (1,559) 12,179 1,344 Asset management income/(loss) 20,949 18,160 7,112 11,487 Other income/(loss) 15,489 13,232 8,975 6,430 Total revenues 282,798 168,655 171,497 137,277 Operating expenses Compensation and benefits 63,267 50,998 36,953 28,997 General, administrative and other 17,786 14,747 7,666 7,630 Case-related expenditures ineligible for inclusion in asset cost 4,582 1,221 1,493 675 Total operating expenses 85,635 66,966 46,112 37,302 Other expenses Finance costs 67,859 67,033 33,979 34,466 Foreign currency transactions (gains)/losses (2,083) 554 (1,484) 66 Total other expenses 65,776 67,587 32,495 34,532 Income/(loss) before income taxes 131,387 34,102 92,890 65,443 Provision for/(benefit from) income taxes 12,162 10,293 4,594 11,697 Net income/(loss) 119,225 23,809 88,296 53,746 Per diluted ordinary share 0.53 0.11 0.39 0.24 9 • Capital provision income was $155 million in 2Q25 and $246 million in YTD25, up 79% from YTD24, driven by higher unrealized gains in the portfolio • Asset management income was $7 million in 2Q25 and $21 million in YTD25, up 15% from YTD24, primarily due to performance fees in the Advantage Fund recognized in 1Q25 • Operating expenses increased period- over-period primarily due to variable non-cash drivers of compensation and benefits • Net income was $88 million ($0.39 per diluted share) in 2Q25 and $119 million ($0.53 per diluted share) in YTD25, nearly 5x compared to $24 million ($0.11 per diluted share) in YTD24

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![](bur-20250807xex992010.jpg)

Segments: Principal Finance

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![](bur-20250807xex992011.jpg)

Segment Results 11 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 capital provision income/(loss) 17,780 (1,559) 12,179 1,344 Other income/(loss) 15,242 12,698 8,542 6,180 Total revenues 261,602 149,961 163,952 125,540 Operating expenses Compensation and benefits 51,147 42,024 30,085 23,922 General, administrative and other 14,609 12,089 6,297 6,076 Case-related expenditures ineligible for inclusion in asset cost 4,582 1,221 1,493 675 Total operating expenses 70,338 55,334 37,875 30,673 Other expenses Finance costs 67,859 67,033 33,979 34,466 Foreign currency transactions (gains)/losses (2,083) 554 (1,484) 66 Total other expenses 65,776 67,587 32,495 34,532 Income/(loss) before income taxes 125,488 27,040 93,582 60,335 Principal Finance Segment

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![](bur-20250807xex992012.jpg)

21% 20% 20% 18% 7% 4% 3% 7% Mixed portfolio Antitrust IP Arbitration Contract Asset recovery Bankruptcy/insolvency Other Portfolio Snapshot 12 2,009 2,318 2,636 3,432 3,571 3,811 1,010 1,132 1,307 1,408 1,633 1,754 3,019 3,450 3,943 4,840 5,204 5,565 2020 2021 2022 2023 2024 2Q25 Fair value Undrawn commitments Portfolio by fair value and undrawn commitments Capital provision assets ($ in millions) 950 1,218 1,465 1,552 1,603 1,639 245 279 349 509 503 550 813 821 823 1,372 1,465 1,623 2,009 2,318 2,636 3,432 3,571 3,811 2020 2021 2022 2023 2024 2Q25 Deployed cost (ex YPF-related assets) Fair value gains (ex YPF-related assets) Fair value of YPF-related assets Portfolio fair value components Capital provision assets with YPF-related assets breakout ($ in millions) 51% 26% 20% 2% 1% North America EMEA Global APAC Other Portfolio exposure by geography Deployed cost of capital provision assets (ex YPF-related assets) as of June 30, 2025 ($ in millions) Portfolio exposure by asset type Deployed cost of capital provision assets (ex YPF-related assets) as of June 30, 2025 ($ in millions) $1,639 $1,639 Principal Finance Segment

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![](bur-20250807xex992013.jpg)

Capital Provision Income and Fair Value Bridge 13 1) "Duration impact (passage of time)" represents the change in fair value on assets that were held in the portfolio as of the beginning of the measurement period and continue to be held in the portfolio as of the end of the measurement period assuming there was no change to discount rate or any other inputs during the measurement period. 2) "Change in discount rate" represents the difference in fair value between using the actual discount rates in effect as of the end of the measurement period applied to the portfolio as of the end of the measurement period versus using the discount rates that were in effect as of the start of the measurement period applied to the portfolio as of the end of the measurement period. 3) "Milestones and other model impacts" represent all other change in fair value during the measurement period (realized or unrealized) attributable to all other input and model updates including the impact of litigation milestone events, changes in expected proceeds and changes in expected duration. ($ 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-related assets 109,749 114,001 60,951 104,042 Unrealized gains/(losses) from YPF-related assets 118,831 24,821 82,280 13,974 Other capital provision income/(loss) 17,780 (1,559) 12,179 1,344 Total capital provision income/(loss) 246,360 137,263 155,410 119,360 3,627 3,811 79 61 25 57 56 18 Fair value as of Mar 31, 2025 Deployments Duration impact (passage of time) Change in discount rate Milestones & other model impacts Realizations Foreign exchange impact Fair value as of Jun 30, 2025 Fair value of capital provision assets Income for the Period (1) (2) Principal Finance Segment (3) 3,571 3,811 205 123 48 58 219 25 Fair value as of Dec 31, 2024 Deployments Duration impact (passage of time) Change in discount rate Milestones & other model impacts Realizations Foreign exchange impact Fair value as of Jun 30, 2025 2Q25 Bridge Income for the Period YTD25 Bridge (1) (2) (3)

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![](bur-20250807xex992014.jpg)

New Business • Definitive undrawn commitments were $1.1 billion as of June 30, 2025, up 38% from $774 million as of December 31, 2024, with $518 million of new definitive commitments partially offset by $211 million of deployments in YTD25 • New definitive commitments of $361 million in 2Q25 were substantially higher than recent quarters, comprised of $283 million of newly originated matters, along with $78 million of new case commitments added to existing portfolios • Deployments were $81 million in 2Q25 and $211 million in YTD25, up 5% from $201 million in YTD24 New definitive commitments by risk band ($ in millions) 14 Principal Finance Segment 142 17 106 53 188 39 60 80 106 26 15 32 36 48 68 217 26 12 30 22 43 94 38 194 33 155 55 247 117 203 158 361 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Not modeled Up to 10% 10-25% 25%+ Undrawn commitments As of June 30, 2025 ($ in millions) 1,065 642 46 Definitive Discretionary Legal Risk $1,754 Deployments ($ in millions) 181 56 78 59 132 72 126 130 81 195 61 83 68 133 74 126 130 81 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 denotes deployments related to interests in private funds Modeled risk of total loss 241 186 32 285 23 47 303 518 YTD24 YTD25 191 211 201 211 YTD24 YTD25 (chart scale adjusted)

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![](bur-20250807xex992015.jpg)

Portfolio Realizations and Realized Gains • Realizations were $62 million in 2Q25 and $225 million in YTD25, up 3% from $219 million in YTD24 • YTD25 realizations remain well diversified beyond the large corporate monetization asset concluded in 1Q25, with six additional assets generating $10 million or more in YTD25 • 2Q25 net realized gains implied a ROIC of 76% on 2Q25 realizations, while YTD25 ROIC of 37% is heavily impacted by a large corporate monetization asset that concluded in 1Q25 delivering a 25% ROIC and 40% IRR Realizations ($ in millions) Principal Finance Segment Principal Finance 59 30 63 30 99 56 142 35 27 Excluding private fund interests 59 29 63 29 99 56 140 31 25 Implied ROIC1 79% 58% 40% 89% 179% 52% 135% 26% 76% 1) Implied ROIC excludes the impact of amounts related to balance sheet commitments to private funds (formerly referred to as capital provision-indirect). 133 79 222 61 155 165 244 149 58 138 93 237 63 157 168 253 163 62 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 denotes realizations related to interests in private funds Net Realized Gains ($ in millions) 15 216 207 219 225 YTD24 YTD25 129 61 128 56 145% 37%

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![](bur-20250807xex992016.jpg)

Historical Track Record ― Fully and Partially Concluded Assets $16 Recoveries $889 Recoveries $956 Recoveries Principal Finance performance1 Concluded (fully and partially) assets from inception through June 30, 2025 ($ in millions) 81% of concluded case commitments were deployed $2,403 Commitments Adjudication-losses 78% ($1,519) of deployments settle in 2.4 years2 Settlement 7% ($132) of deployments go to adjudication and lose 15% ($284) of deployments go to adjudication and win in 2.9 years2 Adjudication-gains $983 Realizations 49% IRR 246% ROIC $1,935 Deployments $3,539 Realizations $19 Realizations -86% ROIC $2,537 Realizations 23% IRR 67% ROIC 83% ROIC 26% IRR 2.6 years2 WAL TOTAL • 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%, respectively, following 2Q25 realization activity • A recurring mix of settlements and wins drives strong returns in reasonable time frames, with asymmetrically low losses 1) Principal Finance track record excludes the impact of allocations made by Burford's balance sheet as a limited partner in the Advantage Fund, which generally invested in legal finance assets with a lower risk/return profile. 2) Average life weighted by realizations. Principal Finance Segment 16

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![](bur-20250807xex992017.jpg)

-100 0 100 200 300 400 500 600 Net Loss < $1m 0% or less ROIC 0% to 99% ROIC 100% to 199% ROIC 200%+ ROIC Asset ROIC Distribution ― Asymmetric Returns • Favorable risk-adjusted return dynamics exemplified by the positive skew of the distribution of returns since inception • Since inception through June 30, 2025, 54 matters representing 13% of the total deployed cost of concluded cases have generated ROICs greater than 200%, showing repeatable nature of Burford's business • 14% of deployments experienced losses, but when that occurred, we recovered 31% of deployed cost, resulting in a 9.6% lifetime loss rate on fully and partially concluded assets 0% or less ROIC 0 to 99% ROIC 100 to 199% ROIC Greater than 200% ROIC Total Deployed: Realized losses: Deployed: Realized gains: Deployed: Realized gains: Deployed: Realized gains: Deployed: Realized losses: Realized gains: $272 ($186) $1,188 $496 $217 $308 $258 $986 $1,935 ($186) $1,790 14% of total 62% of total 28% of total 11% of total 17% of total 13% of total 55% of total Concluded (fully and partially) assets arrayed by ROIC From inception through June 30, 2025 ($ in millions) Cumulative weighted average ROIC 83% Gains Losses >700 % R O IC 17 Principal Finance Segment 1) Reflects fully and partially concluded assets with a ROIC of 0% or less where the net loss is below $1 million. 1

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![](bur-20250807xex992018.jpg)

12 90 79 57 38 124 109 258 213 168 179 95 216 75 138 82 15 16 13 113 163 167 153 153 108 208 341 107 123 4240 188 78 116 73 160 379 352 350 391 436 159 357 144 208 103 18 Historical Track Record by Vintage As of June 30, 2025 ($ in millions) Vintage 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 IRR2 32% 18% 0% 41% 22% 10% 131% 14% 18% 32% 82% 29% 30% 42% 46% 42% nm ROIC2 251% 108% (2)% 103% 93% 31% 245% 36% 64% 132% 143% 68% 65% 91% 51% 26% 146% WAL3 4.8 4.7 2.5 2.1 3.6 2.8 2.9 2.7 3.3 3.3 1.8 2.2 1.9 1.8 1.1 0.9 0.3 Total Deployments1 Concluded $1,935 Active $1,722 WAL of active deployed cost 3.3 years Deployments Active Concluded Realizations Realized since inception2 IRR 26% ROIC 83% WAL3 2.6 (realized) Principal Finance Segment NOTE: Subtotals less than $10 million are not labeled on bar chart. 1) Deployments shown in the chart are reflected in the vintage year of the related asset commitment, while actual cash deployment is typically staged over the life of an asset. The WAL of active deployed cost is based on the actual timing of cash outflows as opposed to vintage year. 2) ROIC and IRR calculations reflect realizations from both fully and partially concluded assets. 3) WAL for fully and partially concluded assets is weighted based on realizations.

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![](bur-20250807xex992019.jpg)

We remain well-positioned to monetize YPF-related assets 19 • 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 range of damages • Argentina has appealed to the Second Circuit Court of Appeals; oral argument has been tentatively set for the week of October 27, 2025 • Fair value of YPF-related assets of $1.6 billion as of June 30, 2025 • Among other enforcement actions globally, on June 30, 2025, the US District Court for the Southern District of New York ordered Argentina to turn over its Class D shares of YPF to partially satisfy the judgment; that order is also currently under appeal to the Second Circuit Court of Appeals YPF CASES' PROCESS 1 Expected Burford-only net entitlement 2 Around 35% of proceeds from Petersen case Around 82% of proceeds from Eton Park case ENFORCEMENT PROCESS September 15, 2023 FINAL JUDGMENT APPEAL BY ARGENTINA Principal Finance Segment 1) While Burford offers in this Presentation its views and interpretation of the ruling, those are qualified in their entirety by the actual text of the ruling, and we caution that investors cannot rely on Burford's statements in preference to the actual ruling. In the event of any inconsistency between this Presentation and the text of the actual ruling, the text of the actual ruling will prevail and be dispositive. Burford disclaims, to the fullest extent permitted by law, any obligation to update its views and interpretation as the litigation proceeds. Moreover, the case remains in active litigation, and the Republic of Argentina filed a notice of appeal in October 2023 with the U.S. Court of Appeals for the Second Circuit; all litigation carries significant risks of uncertainty and unpredictability until final resolution, including the risk of total loss. Finally, Burford is and will continue to be constrained by legal privilege and client confidences in terms of the scope of its ability to speak publicly about the case or the ruling. Burford also cautions that there are meaningful remaining risks in the case, including appeals, enforcement and collateral litigation in other jurisdictions. Moreover, litigation matters often resolve for considerably less than the amount of any judgment rendered by the courts and to the extent that any settlement or resolution discussions occur in this case no public communication about those discussions will be possible until their conclusion. 2) In both Petersen and Eton Park, these numbers are approximations and will vary somewhat depending on the ultimate level of case costs by the end of the case, as we expect continued significant spending on the case.

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![](bur-20250807xex992020.jpg)

Segments: Asset Management and Other Services

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![](bur-20250807xex992021.jpg)

Asset Management and Other Services Segment 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 expenses Compensation and benefits 12,120 8,974 6,868 5,075 General, administrative and other 3,177 2,658 1,369 1,554 Case-related expenditures ineligible for inclusion in asset cost - - - - Total operating expenses 15,297 11,632 8,237 6,629 Other expenses Finance costs - - - - Foreign currency transactions (gains)/losses - - - - Total other expenses - - - - Income/(loss) before income taxes 5,899 7,062 (692) 5,108 Segment Results 21

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![](bur-20250807xex992022.jpg)

1.6 1.3 3.5 2.9 4.4 9.8 5.8 14.7 13.7 11.5 7.1 18.2 20.9 2Q24 2Q25 YTD24 YTD25 Management fees Performance fees Income from profit sharing Asset Management Income and Portfolio Asset Management and Other Services Segment • Asset management income was $7 million in 2Q25 and $21 million in YTD25, up from $18 million in YTD24, primarily due to performance fees in the Advantage Fund recognized in 1Q25 • Cash receipts from asset management were $1.5 million in 2Q25 and $8.6 million in YTD25, compared to $15.5 million in YTD24 • Private funds portfolio expected to decline in size in coming years with focus on funding portfolio from the balance sheet 22 Asset management income ($ in millions) 1) Represents third-party fair value and undrawn commitments. 1,161 1,200 1,315 1,285 1,103 915 421 683 889 1,045 1,082 1,040 1,582 1,883 2,204 2,330 2,185 1,955 FY20 FY21 FY22 FY23 FY24 2Q25 Private funds BOF-C Portfolio of private funds1 As of period end ($ in millions) 11.0 1.5 15.5 8.6 2Q24 2Q25 YTD24 YTD25 Cash receipts from asset management ($ in millions)

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![](bur-20250807xex992023.jpg)

Liquidity and Capital Management

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![](bur-20250807xex992024.jpg)

Liquidity Bridge and Cash Receipts A. Cash and marketable securities as of December 31, 2024 B. Cash receipts C. Debt purchases and interest D. Operating expenses net of change in payables E. Dividends and acquisitions of ordinary shares into treasury F. Cash balance before deployments G. Adjusted Burford-only deployments H. Cash and marketable securities as of June 30, 2025 24 306 40 107 29 211 521 651 440 A B C D E F G H YTD25 cash bridge Burford-only ($ in millions) Cash receipts Burford-only ($ in millions) • Cash and marketable securities were $440 million as of June 30, 2025, down from $521 million as of December 31, 2024, with cash receipts more than offset by deployments and cash operating expenses in YTD25 • Notably, the June 30, 2025 liquidity level does not include the impact of a $500 million debt offering in July 2025, and pending payoff of debt maturing in August 2025 • Cash receipts were $48 million in 2Q25 and $306 million in YTD25, up 25% from YTD24 • Due from settlement balance was $118 million as of June 30, 2025, with 63% of the $184 million balance as of December 31, 2024 collected in YTD25 150 133 109 138 107 310 144 258 48 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 245 306 YTD24 YTD25

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![](bur-20250807xex992025.jpg)

Operating Expenses $ in thousands YTD25 YTD24 2Q25 2Q24 Compensation and benefits Salaries and benefits 24,144 22,566 11,749 10,909 Annual incentive compensation 9,319 9,711 5,074 4,875 Share-based and deferred compensation 10,064 4,067 7,265 197 Long-term incentive compensation including accruals 19,740 14,654 12,865 13,016 Total compensation and benefits 63,267 50,998 36,953 28,997 General, administrative and other 17,786 14,747 7,666 7,630 Case-related expenditures ineligible for inclusion in asset cost 4,582 1,221 1,493 675 Total operating expenses 85,635 66,966 46,112 37,302 25 Operating expense detail Total Segments (Burford-only) ($ in millions) • The quarter and YTD increases in operating expenses are predominantly attributable to variable non-cash drivers of compensation and benefits • In 2Q25, the impact of the increase in Burford's share price and other market indices on the deferred compensation plan, which is hedged elsewhere, drove most of the $8 million increase in compensation and benefits compared to 2Q24 • In YTD25, higher capital provision income also drove an increase of $5 million in long-term incentive compensation accrual compared to YTD24, which will only be paid when the associated revenue is realized • G&A expenses have normalized downward in 2Q25, following some non-recurring impact in 1Q25, to align with the $7-8 million quarterly average incurred in 2024

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![](bur-20250807xex992026.jpg)

0.8x 0.7x 0.9x December 31, 2024 June 30, 2025 (actual) June 30, 2025 (pro forma) 1.5x-2.0x US bond covenant level 20% 22% 20% 50% December 31, 2024 June 30, 2025 (actual) June 30, 2025 (pro forma) Debt Structure and Ratios • Debt payable of $1,780 million as of June 30, 2025, similar to $1,764 million as of December 31, 2024 • Balance sheet results as of June 30, 2025 do not include the impact of two key items which are highlighted on a pro forma basis: - Issuance of $500 million of 7.50% Senior Notes due 2033 in July 2025 - Scheduled redemption at scheduled maturity of bonds due August 2025 • WAL of outstanding debt is 5.2 years on a pro forma basis, compared to 2.6 years for our concluded and partially concluded portfolio track record, and 3.3 years for active deployments as of June 30, 2025 • Ratio of consolidated indebtedness to net tangible equity remains consistent and well within our covenant thresholds on an actual basis and pro forma basis for the new issuance and scheduled redemption 26 NOTE: Pro forma figures shown for June 30, 2025 adjusted to reflect the new issuance of $500 million of 7.50% Senior Notes due 2033 completed on July 11, 2025, as well as the redemption at scheduled maturity of the bonds due 2025 expected to be completed on August 12, 2025. 1) Weighted by realizations as of June 30, 2025. 2) Redemption at scheduled maturity of the bonds due 2025 is expected to be completed on August 12, 2025, using proceeds raised in July 2025 from the offering of the 7.50% Senior Notes due 2033. 3) Sterling denominated debt converted to US Dollars using exchange rate of $1.3717 as of June 30, 2025. 4) Issuance of $500 million aggregate principal amount of the 7.50% Senior Notes due 2033 was completed on July 11, 2025 and shown here on a pro forma basis. 5) See reconciliations for details on calculating consolidated net debt as a percentage of consolidated tangible assets and consolidated indebtedness as a percentage of net tangible equity. 6) Represents calculations under the 6.250% Senior Notes due 2028 and the 6.875% Senior Notes due 2030. See reconciliations for calculations of consolidated indebtedness as a percentage of consolidated equity under the 9.250% Senior Notes due 2031. Consolidated net debt as a % of consolidated tangible assets5 As of period end Consolidated indebtedness / net tangible equity5,6 As of period end Maturity of debt outstanding ($ in millions) 123 240 400 360 675 500 2025 2026 2027 2028 2029 2030 2031 2032 2033 32 Weighted average life (WAL) Debt outstanding Concluded assets1 Active deployments 4.0 yrs 2.6 yrs 3.3 yrs (Pro Forma) 5.2 yrs Weighted average cost of debt 7.3% (Pro Forma) 7.4%4

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![](bur-20250807xex992027.jpg)

Closing thoughts 27 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 There is tangible progress in the legal process around YPF-related assets • Oral argument for the main appeal tentatively set for week of October 27, 2025 • Favorable ruling on enforcement motion for turnover of YPF shares, which is also under appeal Our ready access to capital is a strong competitive moat that positions Burford for success • $500 million debt issuance in July 2025 allows us to extend near-term maturities • Deal was over-subscribed with favorable pricing illustrating market confidence in our performance 1 2 3

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![](bur-20250807xex992028.jpg)

Consolidated Financial Statement Reconciliations

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![](bur-20250807xex992029.jpg)

Statement of Operations - Three Months Ended June 30, 2025 and 2024 29 \* The eliminated amounts arise from the services provided to the consolidated entities as investment manager and Burford's investment as a limited partner in consolidated entities. Accordingly, these adjustments and eliminations do not have an effect on the net income or total shareholders' equity of Burford. 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 provision income/(loss) $224,164 $(68,754) $155,410 $157,745 $(38,385) $119,360 Plus/(Less): Third-party interests in capital provision assets (43,257) 43,257 — (6,264) 6,264 — Asset management income/(loss) 1,349 5,763 7,112 1,644 9,843 11,487 Marketable securities income/(loss) and interest 8,597 (55) 8,542 6,278 (98) 6,180 Other income/(loss) 433 — 433 250 — 250 Total revenues 191,286 (19,789) 171,497 159,653 (22,376) 137,277 Operating expenses Compensation and benefits Salaries and benefits 11,749 — 11,749 10,909 — 10,909 Annual incentive compensation 5,074 — 5,074 4,875 — 4,875 Share-based and deferred compensation 7,265 — 7,265 197 — 197 Long-term incentive compensation including accruals 12,865 — 12,865 13,016 — 13,016 General, administrative and other 7,792 (126) 7,666 7,742 (112) 7,630 Case-related expenditures ineligible for inclusion in asset cost 4,320 (2,827) 1,493 1,412 (737) 675 Total operating expenses 49,065 (2,953) 46,112 38,151 (849) 37,302 Operating income/(loss) 142,221 (16,836) 125,385 121,502 (21,527) 99,975 Other expenses Finance costs 33,979 — 33,979 34,466 — 34,466 Foreign currency transactions (gains)/losses (1,505) 21 (1,484) 67 (1) 66 Total other expenses 32,474 21 32,495 34,533 (1) 34,532 Income/(loss) before income taxes 109,747 (16,857) 92,890 86,969 (21,526) 65,443 Provision for/(benefit from) income taxes 4,594 — 4,594 11,697 — 11,697 Net income/(loss) 105,153 (16,857) 88,296 75,272 (21,526) 53,746

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![](bur-20250807xex992030.jpg)

Statement of Operations - Six Months Ended June 30, 2025 and 2024 30 \* The eliminated amounts arise from the services provided to the consolidated entities as investment manager and Burford's investment as a limited partner in consolidated entities. Accordingly, these adjustments and eliminations do not have an effect on the net income or total shareholders' equity of Burford. 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 provision income/(loss) $355,680 $(109,320) $246,360 $198,506 $(61,243) $137,263 Plus/(Less): Third-party interests in capital provision assets (64,053) 64,053 — (11,488) 11,488 — Asset management income/(loss) 2,887 18,062 20,949 3,507 14,653 18,160 Marketable securities income/(loss) and interest 15,384 (142) 15,242 12,889 (191) 12,698 Other income/(loss) 247 — 247 534 — 534 Total revenues 310,145 (27,347) 282,798 203,948 (35,293) 168,655 Operating expenses Compensation and benefits Salaries and benefits 24,144 — 24,144 22,566 — 22,566 Annual incentive compensation 9,319 — 9,319 9,711 — 9,711 Share-based and deferred compensation 10,064 — 10,064 4,067 — 4,067 Long-term incentive compensation including accruals 19,740 — 19,740 14,654 — 14,654 General, administrative and other 18,002 (216) 17,786 15,192 (445) 14,747 Case-related expenditures ineligible for inclusion in asset cost 8,897 (4,315) 4,582 2,099 (878) 1,221 Total operating expenses 90,166 (4,531) 85,635 68,289 (1,323) 66,966 Operating income/(loss) 219,979 (22,816) 197,163 135,659 (33,970) 101,689 Other expenses Finance costs 67,859 — 67,859 67,033 — 67,033 Foreign currency transactions (gains)/losses (2,105) 22 (2,083) 559 (5) 554 Total other expenses 65,754 22 65,776 67,592 (5) 67,587 Income/(loss) before income taxes 154,225 (22,838) 131,387 68,067 (33,965) 34,102 Provision for/(benefit from) income taxes 12,162 — 12,162 10,293 — 10,293 Net income/(loss) 142,063 (22,838) 119,225 57,774 (33,965) 23,809

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Statement of Financial Condition as of June 30, 2025 and December 31, 2024 31\* The eliminated amounts arise from the services provided to the consolidated entities as investment manager and Burford's investment as a limited partner in consolidated entities. Accordingly, these adjustments and eliminations do not have an effect on the net income or total shareholders' equity of Burford. 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 $(16,985) $355,263 $469,930 $(28,269) $441,661 Marketable securities 84,287 — 84,287 79,020 — 79,020 Other assets 70,787 127,599 198,386 61,006 114,475 175,481 Due from settlement of capital provision assets 118,451 — 118,451 183,858 (207) 183,651 Capital provision assets 5,544,683 (1,733,413) 3,811,270 5,243,917 (1,672,693) 3,571,224 Goodwill 134,037 — 134,037 133,948 — 133,948 Deferred tax asset 2,346 — 2,346 3,346 — 3,346 Total assets 6,326,839 (1,622,799) 4,704,040 6,175,025 (1,586,694) 4,588,331 Liabilities Debt interest payable 45,246 — 45,246 12,097 — 12,097 Other liabilities 192,485 (73,997) 118,488 141,973 (2,238) 139,735 Long-term incentive compensation payable 211,160 — 211,160 217,552 — 217,552 Debt payable 1,779,925 — 1,779,925 1,763,612 — 1,763,612 Financial liabilities relating to third-party interests in capital provision assets 823,430 (823,430) — 747,053 (747,053) — Deferred tax liability 46,185 — 46,185 35,903 — 35,903 Total liabilities 3,098,431 (897,427) 2,201,004 2,918,190 (749,291) 2,168,899 Total shareholders' equity 3,228,408 (725,372) 2,503,036 3,256,835 (837,403) 2,419,432

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Other Reconciliations

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Cash Receipts 1) Adjustments for the change in asset management receivables accrued during the applicable period but not yet received as of the end of such period. \* Cash receipts provide a measure of the cash that our capital provision and other assets generate during a given period as well as cash from certain other fees and income. In particular, cash receipts represent the cash generated from capital provision and other assets, including cash proceeds from realized or concluded assets and any related hedging assets, and cash received from asset management income, services and/or other income, before any deployments into financing existing or new assets. Cash receipts are a non-GAAP financial measure and should not be considered in isolation from, as a substitute for, or superior to, financial measures calculated in accordance with US GAAP. The most directly comparable measure calculated in accordance with US GAAP is proceeds from capital provision assets as set forth in our unaudited condensed consolidated statements of cash flows. 33 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) (91,185) (36,841) (120,036) (22,709) (7,074) (26,950) Total segments (Burford-only) proceeds from capital provision assets 42,294 244,904 130,274 304,758 88,503 127,525 96,499 125,073 136,572 Plus: Loss on financial liabilities at fair value through profit or loss — — — (2,583) — — — — — Burford-only total proceeds from capital provision assets 42,294 244,904 130,274 302,175 88,503 127,525 96,499 125,073 136,572 Consolidated asset management income 1,349 1,538 1,686 3,147 1,644 1,863 1,875 1,876 1,894 Plus: Eliminated income from funds 5,763 12,299 13,671 7,963 9,843 4,810 20,655 14,265 3,790 Total segments (Burford-only) asset management income 7,112 13,837 15,357 11,110 11,487 6,673 22,530 16,141 5,684 Less: Non-cash adjustments(1) (5,604) (6,732) (6,055) (9,389) (495) (2,197) (19,254) (10,409) 5,358 Burford-only proceeds from asset management income 1,508 7,105 9,302 1,721 10,992 4,476 3,276 5,732 11,042 Burford-only proceeds from marketable securities interest and dividends 4,031 4,678 5,418 4,567 5,093 5,476 2,672 2,062 682 Burford-only proceeds from other income 302 1,029 (1,395) 2,028 2,775 217 7,030 (73) 1,485 Burford-only proceeds from other items 4,333 5,707 4,023 6,595 7,868 5,693 9,702 1,989 2,167 Cash receipts 48,135 257,716 143,599 310,491 107,363 137,694 109,477 132,794 149,781 Six months ended June 30, ($ in thousands) 2025 2024 Consolidated proceeds from capital provision assets $447,812 $372,905 Less: Third-party interests (160,614) (156,877) Total segments (Burford-only) proceeds from capital provision assets 287,198 216,028 Plus: Loss on financial liabilities at fair value through profit or loss — — Burford-only proceeds from capital provision assets 287,198 216,028 Consolidated asset management income 2,887 3,507 Plus: Eliminated income from funds 18,062 14,653 Total segments (Burford-only) asset management income 20,949 18,160 Less: Non-cash adjustments(1) (12,336) (2,692) Burford-only proceeds from asset management income 8,613 15,468 Burford-only proceeds from marketable securities interest and dividends 8,709 10,569 Burford-only proceeds from other income 1,331 2,992 Burford-only proceeds from other items 10,040 13,561 Cash receipts 305,851 245,057

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Principal Finance Deployments 34 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 31, 2025 216,476 (90,658) 125,818 4,093 129,911 (84) 129,827 December 31, 2024 154,194 (25,376) 128,818 (2,557) 126,261 (113) 126,148 September 30, 2024 98,150 (24,447) 73,703 137 73,840 (1,563) 72,277 June 30, 2024 177,341 (47,366) 129,975 3,123 133,098 (1,352) 131,746 March 31, 2024 125,403 (58,587) 66,816 699 67,515 (8,435) 59,080 December 31, 2023 135,761 (58,559) 77,202 5,742 82,944 (5,181) 77,763 September 30, 2023 101,947 (35,499) 66,448 (5,086) 61,362 (5,376) 55,986 June 30, 2023 325,634 (130,304) 195,330 (745) 194,585 (13,133) 181,452 ` Adjusted Third-party Total segments Adjusted (Burford-only) ($ in thousands) Consolidated interests (Burford-only) Adjustments (Burford-only) Less: private funds less: private funds Six months ended June 30, 2025 316,780 (111,683) 205,097 5,590 210,687 (156) 210,531 Six months ended June 30, 2024 302,744 (105,953) 196,791 3,822 200,613 (9,787) 190,826

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Principal Finance Realizations Reconciliation of cumulative realizations from concluded or partially concluded assets since inception - consolidated to Burford-only 35 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 March 31, 2025 288,848 (125,943) 162,905 243 163,148 (14,285) 148,863 December 31, 2024 348,023 (92,377) 255,646 (2,221) 253,425 (9,276) 244,149 September 30, 2024 254,165 (91,185) 162,980 5,436 168,416 (3,712) 164,704 June 30, 2024 191,883 (36,841) 155,042 1,704 156,746 (2,082) 154,664 March 31, 2024 112,971 (39,763) 73,208 (10,671) 62,537 (1,463) 61,074 December 31, 2023 313,660 (101,228) 212,432 24,191 236,623 (14,508) 222,115 September 30, 2023 108,737 (7,075) 101,662 (9,157) 92,505 (13,347) 79,158 June 30, 2023 157,584 (26,949) 130,635 7,021 137,656 (4,459) 133,197 ` Adjusted Third-party Total segments Adjusted (Burford-only) ($ in thousands) Consolidated interests (Burford-only) Adjustments (Burford-only) Less: private funds less: private funds Six months ended June 30, 2025 378,925 (160,407) 218,518 6,516 225,034 (18,081) 206,953 Six months ended June 30, 2024 304,854 (76,604) 228,250 (8,967) 219,283 (3,545) 215,738 Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Six months ended June 30, 2025 3,887 (348) 3,539

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Net realized gains/(losses) 36 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, 2024 99,153 — 99,153 March 31, 2024 29,894 (1,140) 28,754 December 31, 2023 62,856 48 62,904 September 30, 2023 30,126 (981) 29,145 June 30, 2023 58,781 — 58,781 Principal Excluding ($ in thousands) Finance Less: private funds private funds Six months ended June 30, 2025 61,176 (4,960) 56,216 Six months ended June 30, 2024 129,047 (1,140) 127,907

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Tangible Book Value Attributable to Burford Capital Limited per Ordinary Share 37 \* Tangible book value attributable to Burford Capital Limited is calculated by subtracting intangible assets (such as goodwill) from total Burford Capital Limited equity. Tangible book value attributable to Burford Capital Limited per ordinary share is calculated by dividing tangible book value attributable to Burford Capital Limited by the total number of outstanding ordinary shares. Each of tangible book value attributable to Burford Capital Limited and tangible book value attributable to Burford Capital Limited per ordinary share is a non-GAAP financial measure and should not be considered in isolation from, as a substitute for, or superior to, financial measures calculated in accordance with US GAAP. The most directly comparable measure calculated in accordance with US GAAP is total Burford Capital Limited equity as set forth in our consolidated statements of financial position. ($ 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 2,368,999 2,285,484 Basic ordinary shares outstanding 218,802,423 219,421,904 Tangible book value attributable to Burford Capital Limited per ordinary share 10.83 10.42

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Covenant Calculations as of June 30, 2025 and December 31, 2024 38 Consolidated net debt to consolidated tangible assets ratio calculation Consolidated indebtedness to net tangible equity ratio calculation NOTE:Pro forma figures shown for June 30, 2025 adjusted to reflect the new issuance of $500 million of 7.50% Senior Notes due 2033 completed on July 11, 2025, as well as the redemption at scheduled maturity of the bonds due 2025 expected to be completed on August 12, 2025. 1) Represents the total principal amount of debt outstanding as set forth in the 2Q25 quarterly report. Debt securities denominated in pound sterling have been converted to US dollar using GBP/USD exchange rates of $1.3717 and $1.2529 as of June 30, 2025 and December 31, 2024, respectively. Consolidated indebtedness to consolidated equity ratio calculation (pro forma) ($ 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: Derivative liabilities 405 — 405 Less: Cash and cash equivalents (372,248) (469,930) (749,248) Less: Marketable securities (84,287) (79,020) (84,287) Consolidated net debt 1,341,707 1,234,740 1,341,707 Total assets 6,326,839 6,175,025 6,703,839 Less: Goodwill (134,037) (133,948) (134,037) Consolidated tangible assets 6,192,802 6,041,077 6,569,802 Consolidated net debt to consolidated tangible assets ratio 22 % 20 % 20 % (pro forma) ($ in thousands) Jun 30, 2025 Dec 31, 2024 Jun 30, 2025 Debt payable 1,779,925 1,763,612 2,156,925 Plus: Derivative liabilities 405 — 405 Less: Debt attributable to Unrestricted Subsidiaries — — — Consolidated Indebtedness 1,780,330 1,763,612 2,157,330 Total equity 3,228,408 3,256,835 3,228,408 Less: Equity attributable to Unrestricted Subsidiaries (714,485) (822,492) (714,485) Less: Goodwill (134,037) (133,948) (134,037) Net Tangible Equity 2,379,886 2,300,395 2,379,886 Consolidated Indebtedness to Net Tangible Equity Ratio 0.7x 0.8x 0.9x (pro forma) ($ in thousands) Jun 30, 2025 Dec 31, 2024 Jun 30, 2025 Debt payable 1,779,925 1,763,612 2,156,925 Plus: Derivative liabilities 405 — 405 Less: Debt attributable to Unrestricted Subsidiaries — — — Less: The lesser of specified cash and cash equivalent or $100 million (100,000) (100,000) (100,000) Consolidated Indebtedness 1,680,330 1,663,612 2,057,330 Total equity 3,228,408 3,256,835 3,228,408 Less: Equity attributable to Unrestricted Subsidiaries (714,485) (822,492) (714,485) Consolidated Equity 2,513,923 2,434,343 2,513,923 Consolidated Indebtedness to Consolidated Equity Ratio 0.7x 0.7x 0.8x

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YPF-Related Income 39 Capital provision income, excluding YPF-related assets reconciliation 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 (18,318) 99,153 Fair value adjustment during the period, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses) (excluding-YPF) 45,398 (11,039) 34,359 17,690 (12,801) 4,889 Income on capital provision assets, excluding YPF 85,694 (24,743) 60,951 135,161 (31,119) 104,042 Fair value adjustment during the period, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses) (YPF-only) 125,492 (43,212) 82,280 21,380 (7,406) 13,974 Other income/(loss) 12,978 (799) 12,179 1,204 140 1,344 Total capital provision income 224,164 (68,754) 155,410 157,745 (38,385) 119,360 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) Net realized gains/(losses) 107,915 (46,739) 61,176 175,333 (46,286) 129,047 Fair value adjustment during the period, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses) (excluding-YPF) 47,918 655 48,573 (12,278) (2,768) (15,046) Income on capital provision assets, excluding YPF 155,833 (46,084) 109,749 163,055 (49,054) 114,001 Fair value adjustment during the period, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses) (YPF-only) 180,921 (62,090) 118,831 37,647 (12,826) 24,821 Other income/(loss) 18,926 (1,146) 17,780 (2,196) 637 (1,559) Total capital provision income 355,680 (109,320) 246,360 198,506 (61,243) 137,263

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YPF-Related Fair Value 40 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 (1,733,413) 3,811,270 5,243,917 (1,672,693) 3,571,224 Deployed costs 2,404,992 (656,741) 1,748,251 2,341,377 (668,784) 1,672,593 Deployed costs on YPF-related assets 184,943 (77,016) 107,927 76,405 (6,829) 69,576 Deployed costs on non-YPF-related assets 2,220,049 (579,725) 1,640,324 2,264,972 (661,955) 1,603,017 Unrealized gains 3,139,691 (1,076,672) 2,063,019 2,902,540 (1,003,909) 1,898,631 Unrealized gains on YPF-related assets 2,299,033 (784,303) 1,514,730 2,118,112 (722,213) 1,395,899 Unrealized gains on non-YPF-related assets 840,658 (292,369) 548,289 784,428 (281,696) 502,732

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Asset Management Income 41 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 fee income — — — — — — Profit sharing income from funds — 5,763 5,763 — 9,843 9,843 Total asset management income 1,349 5,763 7,112 1,644 9,843 11,487 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) Management fee income 2,887 — 4,400 3,507 — 3,507 Performance fee income — 4,400 13,662 — — — Profit sharing income from funds — 13,662 20,949 — 14,653 14,653 Total asset management income 2,887 18,062 20,949 3,507 14,653 18,160

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Undrawn Commitments 42 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) 1,754,030 December 31, 2024 Third-party Total segments ($ in thousands) Consolidated interests (Burford-only) Definitive 962,808 (189,135) 773,673 Discretionary 1,032,433 (214,568) 817,865 Legal risk (definitive) 41,318 — 41,318 Total capital provision undrawn commitments 2,036,559 (403,703) 1,632,856

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Capital Provision Income 43 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 (18,318) 99,153 Fair value adjustment during the period, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses) 170,890 (54,251) 116,639 39,070 (20,207) 18,863 Income/(loss) on capital provision assets 211,186 (67,955) 143,231 156,541 (38,525) 118,016 Foreign exchange gains/(losses) 10,966 (799) 10,167 (565) 140 (425) Other income/(loss) 2,012 — 2,012 1,769 — 1,769 Total capital provision income 224,164 (68,754) 155,410 157,745 (38,385) 119,360 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) Net realized gains/(losses) 107,915 (46,739) 61,176 175,333 (46,286) 129,047 Fair value adjustment during the period, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses) 228,839 (61,435) 167,404 25,369 (15,594) 9,775 Income/(loss) on capital provision assets 336,754 (108,174) 228,580 200,702 (61,880) 138,822 Foreign exchange gains/(losses) 16,376 (1,146) 15,230 (4,767) 637 (4,130) Other income/(loss) 2,550 — 2,550 2,571 — 2,571 Total capital provision income 355,680 (109,320) 246,360 198,506 (61,243) 137,263

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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 include third parties as well as Burford's balance sheet. Assets held by the Advantage Fund are recorded as capital provision assets. Asset Management and Other Services segment One of our two reportable segments. Asset Management and Other Services includes the management of legal finance assets on behalf of third-party investors through private funds and provides other services to the legal industry. BOF-C Burford Opportunity Fund C LP, a private fund through which a sovereign wealth fund invests in pre-settlement legal finance matters under the sovereign wealth fund arrangement. Burford-only (non-GAAP) A basis of presentation that refers to assets, liabilities and activities that pertain only to Burford on a proprietary basis, excluding any third-party interests and the portions of jointly owned entities owned by others. Capital provision assets Financial instruments that relate to the provision of capital in connection with legal finance. Cash receipts Cash receipts provide a measure of the cash that our capital provision and other assets generate during a given period as well as cash from certain other fees and income. In particular, cash receipts represent the cash generated from capital provision and other assets, including cash proceeds from realized or concluded assets and any related hedging assets, and cash received from asset management income, services and/or other income, before any deployments into financing existing or new assets. Commitment A commitment is the amount of financing we agree to provide for a legal finance asset. Commitments can be definitive (requiring us to provide financing on a schedule or, more often, when certain expenses are incurred) or discretionary (allowing us to provide financing after reviewing and approving a future matter). Commitments for which we have not yet provided financing are unfunded commitments. Concluded and partially concluded assets A legal finance asset is "concluded" for our purposes when there is no longer any litigation risk remaining. We use the term to encompass (i) entirely concluded legal finance assets where we have received all proceeds to which we are entitled (net of any entirely concluded losses), (ii) partially concluded legal finance assets where we have received some proceeds (for example, from a settlement with one party in a multi-party case) but where the case is continuing with the possibility of receiving additional proceeds and (iii) legal finance assets where the underlying litigation has been resolved and there is a promise to pay proceeds in the future (for example, in a settlement that is to be paid over time). Consolidated funds Certain of our private funds in which, because of our investment in and/or control of such private funds, we are required under the generally accepted accounting principles in the United States ("US GAAP") to consolidate the minority limited partner's interests in such private funds and include the full financial results of such private funds within our unaudited condensed consolidated financial statements. As of the date of this Presentation, BOF-C and the Advantage Fund are consolidated funds. Definitive commitments Commitments where we are contractually obligated to advance incremental capital and failure to do so would typically result in adverse contractual consequences (such as a dilution in our returns or the loss of our deployed capital in a case). Deployment Financing provided for an asset, which adds to our deployed cost in such asset. Glossary 44

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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 cost allocation depends on the type of asset: When single case assets have partial resolutions along the way without the entire case being resolved, most commonly because one party settles and the remaining part(y)/(ies) continue to litigate, we report the partial resolution when agreed as a partial realization and allocate a portion of the deployed cost to the partial resolution depending on the significance of the settling party to the overall claim. In portfolio assets when a case (or part of a case) resolves or generates cash proceeds, we report the partial resolution when agreed as a partial realization and allocate a portion of the deployed cost to the resolution. The allocation depends on the structure of the individual portfolio arrangement and the significance of the resolution to the overall portfolio, but it is in essence a method that mimics the way an investor would allocate cost basis across a portfolio of security purchases. Discretionary commitments Commitments where we are not contractually obligated to advance capital and generally would not suffer adverse financial consequences from not doing so. Group-wide A basis of presentation which refers to the totality of assets managed by us, which includes assets financed by our balance sheet through our Principal Finance segment and assets financed by third-party capital through our Asset Management and Other Services segment. Internal rate of return (IRR) Internal rate of return ("IRR") is a discount rate that makes the net present value of a series of cash flows equal to zero and is expressed as a percentage figure. We compute IRR on concluded (including partially concluded) legal finance assets by treating that entire portfolio (or, when noted, a subset thereof) as one undifferentiated pool of capital and measuring actual and, if necessary, estimated inflows and outflows from that pool, allocating costs appropriately. IRRs do not include unrealized gains or losses. Monetization The acceleration of a portion of the expected value of a litigation or arbitration matter prior to resolution of such matter, which permits a client to convert an intangible claim or award into tangible cash on a non-recourse basis. Portfolio The sum of the fair values of capital provision assets and the undrawn commitments. Principal Finance segment One of our two reportable segments. Principal Finance includes the allocation of capital to legal finance assets from our balance sheet, primarily as capital provision assets, and in limited scope through interests in private funds managed by Burford. Realization A legal finance asset is realized when the asset is concluded (i.e., when litigation risk has been resolved). A realization will result in us receiving cash or, occasionally, non-cash assets, or recognizing a due from settlement receivable, reflecting what we are owed on the asset. Realized gain or loss Reflects the total amount of gain or loss, relative to cost, generated by a legal finance asset when it is realized, calculated as realized proceeds less deployed cost, without regard for any previously recognized fair value adjustment. Return on invested capital (ROIC) Return on invested capital ("ROIC") from a concluded asset is the absolute amount of realizations from such asset in excess of the amount of expenditure incurred in financing such asset divided by the amount of expenditure incurred, expressed as a percentage figure. ROIC is a measure of our ability to generate absolute returns on our assets. Some industry participants express returns on a multiple of invested capital ("MOIC") instead of a ROIC basis. MOIC includes the return of capital and, therefore, is 1x higher than ROIC. In other words, 70% ROIC is the same as 1.70x MOIC. Glossary (continued) 45

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Glossary (continued) 46 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 deployed cost, as determined in accordance with the requirements of the applicable US GAAP standards, for the relevant financial reporting period (unaudited condensed consolidated statements of operations) or cumulatively (unaudited condensed consolidated statements of financial condition). Vintage Refers to the calendar year in which a legal finance commitment is initially made. YPF-related assets Refers to our Petersen and Eton Park legal finance assets, which are two claims relating to the Republic of Argentina's nationalization of YPF S.A., the Argentine energy company.

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