Burford Capital Limited

BUR

$4.30

+1.18%

N/A+$0.05

Servicios financieros

Gestión de activos

NYSE

Negociación activa

Burford Capital Limited ofrece productos y servicios de financiación legal en todo el mundo. La empresa opera en dos segmentos: Principal Finance ...

Cadena de suministro de BUR

Aguas arriba

Fundiciones, empaquetado, memoria, obleas, componentes y proveedores de insumos.

Aguas arriba

Senior Note Bondholders (Institutional Debt Investors)

Sovereign Wealth Fund Partner (Undisclosed)

Mithaq Capital SPC

Orbis Investment Management / Allan Gray

Conifer Management, L.L.C.

Advantage Fund Limited Partners (Institutional LP Investors)

Senior Note Bondholders (Institutional Debt Investors)

Debt capital provider - purchased $500M 7.50% Senior Notes due 2033 and $500M 8.50% Senior Notes due 2034; also prior notes issuances. Total debt payable of $2.13B.

Sovereign Wealth Fund Partner (Undisclosed)

Strategic capital partner via BOF-C (Burford Opportunity Fund C LP). Provides capital for pre-settlement legal finance investments. BOF-C had $872M committed as of mid-2023, was primary driver of asset management segment (88% of 2023 asset management income).

Mithaq Capital SPC

Largest equity shareholder (~11% ownership as of 2024). Saudi-based family office / investment conglomerate providing permanent equity capital.

Orbis Investment Management / Allan Gray

Major equity shareholder (~8.5% ownership as of 2026). Bermuda-based global value-oriented asset manager. Provides equity capital base.

BlackRock, Inc.

NYSE:BLK

Major institutional equity shareholder (~5.6% ownership). Provides equity capital and governance oversight.

Aguas abajo

Clientes, distribuidores, OEM y canales que absorben la producción.

Aguas abajo

Petersen Energía Inversora S.A.U.

Eton Park Capital Management (Eton Park Master Fund Ltd)

AmLaw 100 / Global 100 Law Firms

Fortune 500 / FTSE 350 Corporate Legal Departments

Law Firms Receiving Equity Investment via MSOs

Sullivan & Cromwell LLP

Burford Capital Investment Management LLC

Petersen Energía Inversora S.A.U.

Litigation finance recipient - Burford acquired Petersen's claims in YPF/Argentina expropriation case for €15M. $16.1B judgment entered (Sept 2023), later reversed by Second Circuit (Mar 2026). Burford entitled to ~35% of Petersen recovery after expenses. Single largest investment in Burford's portfolio.

Eton Park Capital Management (Eton Park Master Fund Ltd)

Litigation finance recipient - Burford acquired Eton Park's claims in the YPF case with ~73-75% of recovery share. Co-claimant alongside Petersen. Judgment component reversed in Mar 2026.

AmLaw 100 / Global 100 Law Firms

Core downstream client base. Burford has provided litigation finance to 94 of the 100 largest US law firms. Includes firms such as Kirkland & Ellis, Latham & Watkins, Quinn Emanuel, etc. Provides capital for single-case funding, portfolio financing, and law firm equity investments (via MSO structure).

Fortune 500 / FTSE 350 Corporate Legal Departments

Corporate client segment receiving litigation finance for commercial disputes, IP litigation, antitrust, and arbitration. Companies span manufacturing, energy, technology, and financial services sectors.

Law Firms Receiving Equity Investment via MSOs

Emerging downstream channel - Burford launched law firm equity solutions in 2025 to purchase minority stakes in US law firms through Management Services Organization (MSO) structures. Competes with private equity for law firm investments.

Comparables

Empresas cotizadas comparables y valores de seguimiento usados como representantes del análisis.

Comparables

Burford Capital Limited (LSE AIM)

Litigation Funding Peers - Omni Bridgeway Limited

Litigation Funding Peers - Litigation Capital Management Limited

Alternative Asset Managers - Blackstone Inc.

Sovereign Risk Proxy - Argentina (Country Risk)

Burford Capital Limited (LSE AIM)

LSE:BUR

Dual listed on London Stock Exchange AIM; provides additional trading venue and pricing reference for the same economic interest in Burford Capital

Litigation Funding Peers - Omni Bridgeway Limited

ASX:OML

ASX-listed litigation funder; serves as a comparable company in the legal finance sector for relative valuation and industry benchmarking

Litigation Funding Peers - Litigation Capital Management Limited

ASX:LCA

ASX-listed litigation funder with global operations; useful industry comparable for understanding litigation finance market dynamics and valuation multiples

Alternative Asset Managers - Blackstone Inc.

NYSE:BX

Largest alternative asset manager; Burford's asset management segment competes for institutional capital against alternative asset managers

Sovereign Risk Proxy - Argentina (Country Risk)

Unconfirmed

Burford's single largest exposure is to Argentina through the YPF/Petersen case; Argentine sovereign risk, legal climate, and enforcement environment directly impact Burford's portfolio valuation

Geografía

Exposiciones regionales que pueden distorsionar la red de suministro.

Geografía

United States

United Kingdom / Europe

Argentina / Latin America

Petersen Energía Inversora S.A.U.

Eton Park Capital Management

AmLaw 100 Law Firms

Burford Capital LLC (US subsidiary)

Burford Capital PLC (UK subsidiary)

UK/EU Corporate Legal Departments

Petersen Energía Inversora S.A.U.

YPF S.A.

United States

Primary revenue jurisdiction - majority of litigation finance portfolio is US-based commercial litigation and arbitration. Subject to US court rulings, procedural rules, and enforcement regimes.

Petersen Energía Inversora S.A.U.YPF case litigated in SDNY and Second Circuit

Eton Park Capital ManagementYPF co-claimant in SDNY

AmLaw 100 Law FirmsPrimary client base in US litigation market

United Kingdom / Europe

Secondary market. Burford operates UK office (London) and finances international arbitration. Subject to English law and EU/UK regulatory frameworks. London Stock Exchange AIM listing adds UK regulatory compliance.

Burford Capital PLC (UK subsidiary)UK debt-issuing entity, LSE AIM listed issuer

UK/EU Corporate Legal DepartmentsCorporate clients for litigation finance in UK and EU markets

Argentina / Latin America

Sovereign risk concentration through the YPF case. The reversal by the Second Circuit (March 2026) highlights sovereign litigation risk, including sovereign immunity defenses, forum challenges, and enforcement difficulties against sovereign assets.

Petersen Energía Inversora S.A.U.Spanish-domiciled claimant suing Argentina; claims originated from YPF nationalization

YPF S.A.NYSE:YPFArgentine state-owned oil company; defendant in the case alongside Argentina

Cayman Islands

Fund domicile jurisdiction. Burford's private funds (BOF-C, Advantage Fund) are largely structured in the Cayman Islands. Mithaq Capital SPC is also Cayman-domiciled. Regulatory and tax framework exposure.

Burford Opportunity Fund C LP (BOF-C)Cayman-domiciled fund for SWF capital partnership

Concentración

Exposiciones de concentración de clientes, proveedores o socios que pueden distorsionar la red de suministro.

Customer

Critical

Extreme single-asset concentration in YPF / Petersen case. The $16.1B judgment (subsequently reversed) represented Burford's largest single investment. Burford's 35% net share of the Petersen recovery alone was valued at ~$2.6B. The Second Circuit reversal in March 2026 caused a 54% stock price decline. Massive impact on portfolio valuation and book value.

Foundry

High

Concentration in litigation finance as a single industry / asset class. Burford's entire business model depends on the outcomes of litigated matters, which are binary, unpredictable, and subject to long-tail resolution timelines.

Other

Medium

Concentration in US dollar-denominated assets and US legal market. While Burford has UK and international operations, the majority of its portfolio and revenue is tied to US commercial litigation outcomes.

Other

High

Debt leverage concentration - $2.13B in total debt payable as of Dec 2025. Reliance on debt capital markets for funding. Rising interest rates increase cost of capital. The $500M 8.50% Senior Notes due 2034 carry elevated coupon reflecting credit risk.

Memory

Medium

Shareholder concentration - Mithaq Capital alone holds ~11% of shares, with top 5 holders controlling ~35%+. This creates governance concentration risk and potential share price volatility on large block trades.

Composición de ingresos

Cómo la composición de ingresos se traduce en apalancamiento y dependencia en la cadena de suministro.

Capital Provision (Principal Finance)

86.5%

$0.3B

Core business deploying capital from balance sheet and leverage to fund litigation and arbitration cases. Drives demand for debt capital from bond markets and institutional lenders. Revenues are derived from fair value gains on litigation investment portfolio, realized gains on case resolutions, and interest income.

Asset Management & Other Services

1.6%

$0.0B

Manages third-party capital through vehicles such as BOF-C (Sovereign Wealth Fund partnership) and the Advantage Fund. Generates management fees and performance fees. Implies upstream reliance on institutional LP investors and sovereign wealth funds as capital suppliers.

Other Corporate & Residual

11.9%

$0.0B

Includes other services income, advisory fees, and residual corporate items. Reflects ancillary legal finance advisory activities and corporate-level income not allocated to segments.

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Burford Capital Limited

Cadena de suministro de BUR

Aguas arriba

Senior Note Bondholders (Institutional Debt Investors)

Sovereign Wealth Fund Partner (Undisclosed)

Mithaq Capital SPC

Orbis Investment Management / Allan Gray

BlackRock, Inc.

Conifer Management, L.L.C.

Ameriprise Financial, Inc.

Advantage Fund Limited Partners (Institutional LP Investors)

View More

Aguas abajo

Petersen Energía Inversora S.A.U.

Eton Park Capital Management (Eton Park Master Fund Ltd)

AmLaw 100 / Global 100 Law Firms

Fortune 500 / FTSE 350 Corporate Legal Departments

Law Firms Receiving Equity Investment via MSOs

Sullivan & Cromwell LLP

Burford Capital Investment Management LLC

Comparables

Burford Capital Limited (LSE AIM)

Litigation Funding Peers - Omni Bridgeway Limited

Litigation Funding Peers - Litigation Capital Management Limited

Alternative Asset Managers - Blackstone Inc.

Sovereign Risk Proxy - Argentina (Country Risk)

Geografía

United States

United Kingdom / Europe

Argentina / Latin America

View More

Cadena de suministro de BUR

Aguas arriba

Senior Note Bondholders (Institutional Debt Investors)

Sovereign Wealth Fund Partner (Undisclosed)

Mithaq Capital SPC

Orbis Investment Management / Allan Gray

BlackRock, Inc.

Conifer Management, L.L.C.

Ameriprise Financial, Inc.

Advantage Fund Limited Partners (Institutional LP Investors)

View More

Aguas abajo

Petersen Energía Inversora S.A.U.

Eton Park Capital Management (Eton Park Master Fund Ltd)

AmLaw 100 / Global 100 Law Firms

Fortune 500 / FTSE 350 Corporate Legal Departments

Law Firms Receiving Equity Investment via MSOs

Sullivan & Cromwell LLP

Burford Capital Investment Management LLC

Comparables

Burford Capital Limited (LSE AIM)

Litigation Funding Peers - Omni Bridgeway Limited

Litigation Funding Peers - Litigation Capital Management Limited

Alternative Asset Managers - Blackstone Inc.

Sovereign Risk Proxy - Argentina (Country Risk)

Geografía

United States

United Kingdom / Europe

Argentina / Latin America

View More