Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________ FORM 10-K ___________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-39511 ___________________________ BURFORD CAPITAL LIMITED (Exa ...

Financial Data and Key Metrics Changes - The company reported record cash realizations in 2024, with realizations of $641 million, significantly higher than in 2023 [51][14] - Net realized gains reached $327 million, more than double the average annual net realized gains over the prior four years, indicating strong portfolio performance [53][17] - Operating expenses decreased by approximately 43% from 2023, driven by lower long-term incentive compensation [32][79] Business Line Data and Key Metrics Changes - The Principal Finance segment saw net realized gains of $327 million, a 75% increase compared to the previous year, driven by multiple significant case resolutions [37][15] - The Asset Management segment reported $26 million in receipts, down from $32 million in 2023, reflecting lower revenue recognition tied to fair value movements [76][31] Market Data and Key Metrics Changes - The portfolio has grown at a 15% CAGR over the last five years, with a total value exceeding $5 billion [35][19] - The fair value of the portfolio, excluding YPF, is approximately 31% of deployed cost, indicating potential for future revenue generation [36][41] Company Strategy and Development Direction - The company is focusing on cash generation and portfolio performance, emphasizing the importance of cash realizations over accounting metrics [13][10] - There is a strategic shift towards sharing more about target realizations for new business, aiming for higher returns on investments [20][120] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of the court system post-pandemic, leading to increased portfolio activity and cash realizations [16][88] - The company is confident in maintaining high-quality investments and returns, with a substantial portfolio expected to generate cash flow for years to come [87][86] Other Important Information - The transition to U.S. domestic filer status will enhance transparency and reporting, with a focus on segment reporting for better clarity [23][26] - The company maintains a strong capital structure with approximately $1.8 billion in outstanding debt, well below covenant levels [84][79] Q&A Session Summary Question: Clarification on unrealized losses in the quarter - Management confirmed that unrealized losses were primarily driven by discount rate changes and the movement from unrealized to realized gains [91][92] Question: Nature of commitments entered into during the quarter - Management noted a diverse range of opportunities, with a mix of lower-risk, shorter-duration investments and higher-risk, longer-duration cases [93][96] Question: Implications of the new U.S. administration - Management indicated that litigation finance remains accepted in the U.S. market, with no significant regulatory concerns anticipated [108][109] Question: Status of YPF-related assets - Management stated that the ongoing enforcement process is being closely monitored, with no additional comments on the RA-4 intervention [107][74]

March 3, 2025 Burford Capital Fourth Quarter and Full Year 2024 Financial Results This presentation is for the use of Burford's public shareholders and is not an offering of any Burford private fund. Notice and 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 and its subsidiaries (the "Company", "Burford", "we", "our" or "us") as of and for the three ...

Financial Reporting - Burford Capital Limited announced the release date for its financial results for the year ended December 31, 2024, on February 24, 2025[4] - The company is previewing changes to its financial reporting framework, indicating a potential shift in how it presents its financial data[4] - The press release regarding the financial results is attached as Exhibit 99.1, which may contain further details on performance metrics[5]

Core Viewpoint - Burford Capital Limited will host an Investor Day on April 3, 2025, in New York City, providing a strategic update and an introduction for new investors and analysts [1][2]. Company Overview - Burford Capital is a leading global finance and asset management firm focused on law, involved in litigation finance, risk management, asset recovery, and various legal finance and advisory activities [3]. - The company is publicly traded on both the New York Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE: BUR), with offices in major cities including New York, London, Chicago, Washington, DC, Singapore, Dubai, and Hong Kong [3]. Event Details - The Investor Day will be led by Burford's executive management team and key leaders, with a presentation starting at 9:00 AM EDT [2]. - Venue capacity is limited, and interested parties are encouraged to register for in-person attendance or to access the event via webcast [2][3].

Core Insights - Burford Capital's latest Burford Quarterly highlights innovative financial strategies in the legal sector, emphasizing the importance of legal finance in transforming traditional business models [2][4] - The report discusses various trends in commercial disputes, including alternative billing structures, opting out of litigation, and monetizing intellectual property (IP) assets [2][3] Group 1: Legal Finance Innovations - Law firms are increasingly adopting creative billing structures as alternatives to hourly fees, which allows for more flexible financial strategies [2] - Companies are choosing to opt out of litigation to maximize and accelerate recoveries, indicating a shift in how businesses approach legal disputes [2] - The monetization of IP assets is becoming a key strategy for businesses, enabling them to invest in other critical areas while managing legal risks [2] Group 2: Sector-Specific Insights - In the healthcare sector, businesses are recognizing the value of legal finance to alleviate the financial burden of high-cost litigation, particularly in light of upcoming opt-out deadlines for antitrust claims [3] - The life sciences and pharmaceutical industries are leveraging legal finance to protect and monetize IP assets, which is crucial for sustaining investment in research and development [3] - A roundtable discussion among London-based arbitration lawyers highlights the impact of technology and AI on international arbitration, showcasing the evolving landscape of legal practices [3] Group 3: Industry Perspective - Aviva Will, President of Burford Capital, emphasizes that legal finance is a transformative tool for the legal industry, facilitating growth by providing capital and mitigating risks [4] - The Burford Quarterly serves as a resource for business executives, general counsels, and law firm attorneys to understand and utilize financial tools effectively within the legal framework [4]

Core Viewpoint - Burford Capital Limited (BUR) has shown a modest gain of 0.3% over the past four weeks, closing at $13.54, with analysts suggesting a potential upside of 45.5% based on a mean price target of $19.70 [1] Price Targets - The average price target for BUR is derived from five short-term estimates, ranging from a low of $18 to a high of $22.50, with a standard deviation of $1.86, indicating a relatively tight clustering of estimates [2] - The lowest estimate suggests a 32.9% increase from the current price, while the highest estimate indicates a 66.2% upside [2] Analyst Sentiment - Analysts have shown increasing optimism regarding BUR's earnings prospects, as evidenced by a strong consensus in revising earnings per share (EPS) estimates higher, which correlates with potential stock price increases [4][9] - Over the past 30 days, one estimate has increased with no negative revisions, leading to a 4.6% rise in the Zacks Consensus Estimate for the current year [10] Zacks Rank - BUR holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate factors, indicating strong potential for upside in the near term [11] Conclusion on Price Targets - While the consensus price target may not be a reliable predictor of BUR's price movement magnitude, the direction indicated by these targets appears to be a useful guide for investors [12]

Group 1 - The article emphasizes a preference for investing in out-of-favor sectors and geographies, highlighting that these areas often have lower valuations and are less efficient, providing a double advantage for stock pickers [1] - The author identifies as a generalist investor, indicating a broad approach to investment rather than focusing on a specific sector [1] Group 2 - The article does not provide any specific company or industry analysis, nor does it include any financial data or performance metrics [2][3] - There are no investment recommendations or advice given regarding the suitability of investments for particular investors [3]

Core Viewpoint - Burford Capital Limited (BUR) shows potential for significant upside, with a mean price target of $19.70 indicating a 42.6% increase from the current price of $13.82 [1] Price Targets and Analyst Estimates - The mean estimate consists of five short-term price targets with a standard deviation of $1.86, where the lowest estimate is $18 (30.3% increase) and the highest is $22.50 (62.8% increase) [2] - A low standard deviation among price targets suggests strong agreement among analysts regarding the stock's price movement [7] Earnings Estimates and Analyst Sentiment - Analysts have shown growing optimism about BUR's earnings prospects, as indicated by a positive trend in earnings estimate revisions, which correlates with near-term stock price movements [9] - Over the last 30 days, the Zacks Consensus Estimate for the current year has increased by 4.6%, with one estimate moving higher and no negative revisions [10] Zacks Rank and Investment Potential - BUR holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimates [11] - While consensus price targets may not be reliable for predicting exact gains, they can provide a directional guide for potential price movements [11]

Financial Data and Key Metrics Changes - Burford Capital reported a net income of $136 million for Q3 2024, resulting in $0.61 per share, with net income constituting over 60% of total revenues [10] - The company has over $3.6 billion in capital provision assets, with non-YPF assets valued at approximately $2.2 billion, reflecting a 35% fair value uplift to deployed cost [10] - Year-to-date net realized gains reached $186 million, aligning with previous annual records, and net realized and unrealized gains excluding YPF increased by 200% quarter-over-quarter [11][12] Business Line Data and Key Metrics Changes - Burford-only capital provision direct new commitments for the year-to-date are around $450 million, consistent with previous years [13] - Realizations for Burford-only capital provision direct reached $380 million, a 39% increase over the same period last year, driven by a diverse set of assets [15] - Cash receipts for the most recent quarter hit a record of $310 million, contributing to nearly $0.5 billion returned to the balance sheet [16] Market Data and Key Metrics Changes - The company noted a robust pipeline of activity across various geographic regions, including EMEA and Asia Pacific, with significant engagement in intellectual property litigation [20] - The competitive environment remains active, particularly in antitrust and competition litigation, as well as arbitration [85] Company Strategy and Development Direction - Burford Capital emphasizes a long-term view of its business, focusing on portfolio activity and cash resolution of assets rather than short-term quarterly results [4][5] - The company is committed to maintaining liquidity, ending Q3 with $629 million in cash and securities, as it prepares for upcoming debt maturities [63] - The strategic focus includes leveraging its global origination platform and asset management business while managing the YPF case effectively [66] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing portfolio activity and the potential for future cash generation, despite the slow nature of the third quarter [5][7] - The management team highlighted the importance of maintaining a strong cash position to support ongoing litigation financing needs [76] - Comments on the YPF case indicated a belief that Argentina's economic recovery could lead to a resolution of the outstanding judgment [52][54] Other Important Information - The YPF judgment continues to accrue interest at a rate of 5.42%, increasing the total judgment amount to approximately $17 billion [49] - Burford's entitlement from the YPF case is around 40% of the total proceeds, with the carrying value of this asset estimated at $1.5 billion [51] Q&A Session Summary Question: Has Argentina indicated that they're not willing to come to the table until this appeal is fully adjudicated? - Management indicated that it is unlikely for a government to resolve ongoing litigation easily, suggesting a focus on positioning for the end of the process [69] Question: When do you expect the oral arguments to be scheduled? - Management stated that a date for oral argument has not yet been set, but it is anticipated to occur later this year or early next year [70] Question: Can you discuss the recent environment for deployments and new opportunities? - Management noted that while there hasn't been a large deal comparable to last year's $325 million commitment, the volume of business remains strong, particularly in antitrust and intellectual property [83][85] Question: Is there anything on the regulatory or legislative front that might affect litigation finance? - Management acknowledged a lack of enthusiasm from companies that are regular litigation defendants regarding litigation finance, indicating potential regulatory scrutiny [92]