Burford Capital (BUR) Investor Update summary

Business outlook and growth strategy

• Focus on expanding business through existing client relationships, new client acquisition, and geographic expansion, including recent office openings and targeted hiring in new regions.

• Portfolio is well-positioned, with potential to generate $4.5 billion in realizations and a targeted doubling of portfolio size by 2030.

• Maintains industry leadership with scale, perpetual capital, and a 15-year track record of strong returns and growth.

• Retained earnings are being invested in both core business and adjacent opportunities within the legal ecosystem, such as law firm financing and litigation support services.

• The addressable market for legal finance remains vast, providing a significant runway for future growth.

Portfolio composition and risk

• Group-wide portfolio reached $7.2 billion as of March 31, 2025, with $5.2 billion in principal finance and $2.0 billion in asset management.

• Portfolio diversified by geography and asset type, with North America representing 52% of deployed cost.

• Intellectual property cases are riskier due to additional litigation variables but can yield higher returns when successful.

• Large, high-profile cases like YPF and Sysco/Carina are progressing, with other significant cases in the portfolio, though outcomes and timing remain uncertain.

• YPF-related assets fair value at $1.5 billion, with ongoing litigation and appeal processes.

Financial results and key metrics

• 1Q25 revenues up significantly year-over-year; capital provision income rose to $91 million, over 5x 1Q24.

• Asset management income doubled to $14 million, driven by performance fees and BOF-C income.

• Net income for 1Q25 was $31 million, reversing a $30 million loss in 1Q24.

• Book value per share increased to $11.15, and tangible book value per share to $10.54.

• Cumulative ROIC on realizations at 83%, with IRR steady at 26%.