Business Description

Burford is the world’s largest dedicated provider of capital, based on portfolio size, against the underlying value of litigation and legal assets, which we colloquially call legal finance. We are a global firm that serves the legal industry by providing an array of financial products and services. Our largest business is providing capital to clients engaged in ongoing legal disputes, which they can use both to pay the legal fees and expenses associated with disputes and to monetize the expected future value of disputes. Our focus is on large, complex disputes, not on small-scale litigation typically pursued by consumers or small businesses. We rarely engage in transactions in which we are providing less than $5.0 million in capital, and we frequently provide multiples of that amount up to hundreds of millions of dollars. Since our inception in 2009, we made commitments of more than $12.1 billion into legal finance assets on a group-wide basis. Our clients include a wide range of the world’s largest businesses and law firms. Legal finance allows litigants to hire the firm of their choice without incurring upfront fees and to accelerate a portion of an expected recovery on the business's preferred schedule. Further, legal finance may enable litigants to avoid incurring legal fees as an operating expense, and thus improve net income metrics, as well as boost liquidity by obtaining cash through upfront monetization of legal assets that otherwise would not be reflected in their financial statements. Legal finance allows law firms to obtain cash to operate their businesses and pay the salaries of their lawyers even when they have taken a case on a contingent fee or alternative fee basis. It also allows law firms that prefer to operate on an hourly basis to compete for contingency or alternative fee work. We have received financing inquiries or engaged on potential new business with 95 of the 100 largest US law firms by revenue according to the 2025 rankings by The American Lawyer and 93 of the 100 largest global law firms by revenue according to the 2025 rankings by The American Lawyer as well as large regional firms and litigation boutiques. We fund our legal finance portfolio primarily from our balance sheet using modest leverage, with the aim of re-investing proceeds to grow and compound returns. Our principal financing activities are supplemented by the use of third-party capital through private funds, from which we earn asset management income. Today, we manage a group-wide legal finance portfolio of $7.5 billion. Our portfolio is diversified by geography and type of legal claim and is, we believe, the largest of its kind globally. Over the last 16 years, it has grown by a multiple of more than 50x when compared to $130 million raised at our inception. In an industry that continues to grow and evolve, we believe we enjoy a substantial competitive advantage, given our lifetime track record of generating strong returns, our growing proprietary data set drawn from thousands of cases that guides optimal underwriting decisions, our balance sheet scale, our diversity of funding, our quality of team and our brand recognition. In addition to legal finance, we see opportunity and potential growth for our company in providing certain additional service offerings within the business of law. History and development We are composed of our parent company, Burford Capital Limited, and numerous wholly owned subsidiaries in various jurisdictions through which