Burford Capital (BUR)
Institutional provider of non-recourse capital for commercial litigation and arbitration claims worldwide.
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Capital provided on a non-recourse basis against commercial litigation and arbitration claims, operated through a permanent balance sheet and a private-fund platform managing roughly three times more in third-party assets. Revenue is event-driven, tied to case outcomes that can take years to resolve.
Non-recourse capital provided against commercial litigation and arbitration claims — funded from a permanent balance sheet and from eight private funds — is the core product. The two reportable segments, Principal Finance and Asset Management and Other Services, reflect proprietary capital at risk on one side, management and performance fees on the other.
Offices span New York, London, Chicago, Washington DC, Singapore, Dubai, and Hong Kong, serving corporate legal departments, law firms, and cross-border arbitration claimants who finance or monetize claims rather than treating litigation as pure operating expense.
Revenue is event-driven, tied to multi-year case timelines and fair-value movements on unresolved claims. The largest single position arose from Argentina's 2012 YPF expropriation; the 2023 damages judgment in that case was reversed by the US Second Circuit in March 2026, with en banc rehearing and investment-treaty arbitration still open.
Company facts
Categories
Target rangeAs of Sep 2, 2026
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| May 11, 2026 | Wedbush | Reiterate | Neutral | $14 | $5 | |
| May 11, 2026 | Deutsche Bank | Target | $7 | $5 | ||
| Apr 27, 2026 | Deutsche Bank | Target | $18 | $7 | ||
| Mar 30, 2026 | Wedbush | Downgrade | Outperform | Neutral | ||
| Feb 20, 2026 | Wedbush | Reiterate | Outperform | $14 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $747.3M · Total debt $2.42B · Total assets $4.27B · Shareholders' equity $819.1M
- Revenue
- −$1.60B
- Operating income
- −$1.51B
- Net income
- −$1.63B
Raised for 2 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| May 22, 2026 | May 22 | Jun 12 | $0.0625 | |
| Oct 31, 2025 | Oct 31 | Dec 4 | $0.0625 | cut from $0.0626 |
| May 23, 2025 | May 23 | Jun 13 | $0.0626 | |
| Nov 1, 2024 | Nov 1 | Dec 5 | $0.0626 | raised from $0.0623 |
| May 23, 2024 | May 24 | Jun 14 | $0.0623 | raised from $0.0613 |
| Nov 9, 2023 | Nov 10 | Dec 7 | $0.0613 | cut from $0.0616 |
| May 25, 2023 | May 26 | Jun 16 | $0.0616 | cut from $0.0625 |
| Nov 3, 2022 | Nov 4 | Dec 1 | $0.0625 |
| Institutions249 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | ≈ 69.51% | 152.64M shares | |
| Insiders16 holders · as of Jun 17, 2026 | 2.31% | 5.07M shares | |
| Strategic holders1 holder · as of Feb 12, 2026 | 5.53% | 12.15M shares | |
| Otherremainder | ≈ 22.65% | 49.72M shares |
219.58M company shares as of Sep 3, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Evidence |
|---|---|---|---|
Orbis Investment Management LtdInstitution | 8.47% | 18.61M | 13Gfiled May 15, 2026 ↗ |
Ameriprise Financial IncInstitution | 8.41% | 18.47M | 13Fas of Jun 30, 2026 |
BlackRock, Inc.Institution | 7.90% | 17.35M | 13Fas of Jun 30, 2026 |
Orbis Allan Gray LtdInstitution | 6.68% | 14.67M | 13Fas of Jun 30, 2026 |
Conifer Management, L.L.C.Strategic | 5.53% | 12.15M | 13Gfiled Feb 12, 2026 ↗ |
| See all 25 → | |||
13F — a manager's quarterly holdings · 13D/13G — an ownership statement filed at 5% or more
Insider tradesForm 4
No open-market trades in the last 12 months.
- Global X Lithium & Battery Tech ETF
AIM-listed pure-play litigation funder with the same product mix, smaller scale
ComparePre-market
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Burford Capital | $4.28 | +0.47% | $931.0M | 30.4 | 6.4 | — | −36.7% |
| Global X Lithium & Battery Tech ETF | $74.57 | +0.28% | $1.44B | — | — | — | — |