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Burford Capital
Burford Capital (BUR) investor relations material
Burford Capital Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
New business surged with a 39% year-over-year increase in definitive commitments, reaching $872 million, and a 20% portfolio base growth, supporting long-term goals to double the business by 2030.
Portfolio modeled realizations rose by $700 million to $5.2 billion at year-end 2025, indicating strong future cash generation potential.
Realizations remained robust with 69 assets generating proceeds, but total realizations fell to $458 million from $641 million in FY24 due to fewer large case wins.
Portfolio quality remains strong, with stable loss rates and returns, and management remains optimistic about future growth potential.
Significant progress made in market expansion, including launches in Madrid and Seoul.
Financial highlights
FY25 capital provision income was $331 million, down 15% from $388 million in FY24, mainly due to fewer large wins and higher unrealized losses.
Asset management income was $36 million, down from $45 million in FY24, primarily due to lower profit-sharing from BOF-C.
Portfolio value increased from just under $3.6 billion to $3.9 billion year-over-year.
Cash and marketable securities increased to $621 million at year-end, after a $500 million bond issuance at 7.5% to refinance maturing debt.
Book value per share rose to $11.18, and tangible book value per share to $10.57 at year-end.
Outlook and guidance
Management expects continued strong new business growth and portfolio expansion, with the business well-positioned for asymmetric upside despite ongoing case duration extensions and unrealized fair value adjustments.
No specific guidance provided for 2026 realizations due to unpredictability of litigation timelines.
Long-term ROE target remains at 20%, with current multi-year ROE in the teens.
YPF-related assets are expected to deliver significant recoveries, with a $16 billion judgment against Argentina under appeal and enforcement actions ongoing.
Forward-looking statements are subject to significant risks and uncertainties, as detailed in the annual report.
Explain unrealized fair value adjustments
Clarify modeled realizations' predictive value
Outlook for converting new commitments to cash?
How does court congestion affect settlement pressure?
How do non-merit factors impact fair value marks?
Rationale for current dividend vs. share buyback
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Next Burford Capital earnings date
Q1 20266 May, 2026
Burford Capital
Next Burford Capital earnings date
Q1 20266 May, 2026
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Burford Capital Limited, together with its subsidiaries, provides investment capital, asset management, financing, and risk solutions for the legal sector in Guernsey and internationally. The company offers litigation finance investment products. It also offers portfolio management services.
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