)
Edge28 Nov 2025
Keeping the Streak Alive: The Story of Duolingo
How Duolingo made language learning addictive, scaled to millions of users, and built a powerful subscription business around everyday practice.
Burford Capital (BUR) investor relations material
Burford Capital Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved strong business growth, with portfolio activity and commitments exceeding the rate needed to double the platform by 2030, and 61 assets generating proceeds year-to-date.
YPF-related litigation remains a significant focus, with a $16 billion judgment against Argentina under appeal, but the broader business continues to perform well and management views the risk of dismissal as low.
Net income was impacted by unrealized losses on non-YPF assets and lower capital provision income, resulting in a net loss of $19.2 million for Q3 2025, though net income for the nine months was $100.1 million.
The business model remains resilient to economic cycles, with portfolio returns largely uncorrelated to market conditions.
Management and board remain focused on prudent capital allocation, favoring business growth over share buybacks due to unpredictable cash flows and the need to maintain conservative leverage.
Financial highlights
Deployments in the third quarter increased 61% year-over-year, with new definitive commitments up 52% to $637 million YTD25 and $329 million deployed, and realizations reaching $310 million YTD25 from 61 assets.
GAAP consolidated net income was $(20) million in Q3 2025 and $122 million YTD25; capital provision income was $62 million in Q3 2025 and $308 million YTD25, both lower year-over-year due to changes in discount rates and asset milestones.
IRRs on concluded assets remain steady at 26%, with cumulative ROIC at 83% as of September 30, 2025.
Book value per share was $11.41 and tangible book value per share was $10.80 as of September 30, 2025, both up from year-end 2024.
Cash and cash equivalents rose to $677.7 million as of September 30, 2025, following a $500 million bond issuance.
Outlook and guidance
Management remains confident in achieving the 2030 plan to double the business, citing strong organic and inorganic growth and robust realization activity.
Realizations are expected to remain strong, with more events, trials, and hearings scheduled in the next 12 months than the prior year.
The company anticipates maintaining its annual dividend of 12.5¢ per share, payable semi-annually.
YPF-related assets are expected to deliver substantial value, but litigation risk and timing remain uncertain.
How is Burford tracking against 2030 growth target?
Assess non-YPF business performance
Why appoint BofA as joint broker now?
Explain 3Q25 non-YPF unrealized losses drivers
Justify capital allocation favoring portfolio over buybacks
Why retain AIM listing despite ISL preference?
YPF Forum non conveniens risk assessment
Rationale for not pursuing a share buyback
Explain realization volume vs. gain numbers
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Burford Capital earnings date
Q4 20253 Mar, 2026
Next Burford Capital earnings date
Q4 20253 Mar, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
Frequently asked questions
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.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage