Burford Capital Limited (BUR) 20-F 29 Mar 22 2021 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2021shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-39511
Entity Registrant Name	BURFORD CAPITAL LIMITED
Entity Incorporation, State or Country Code	Y7
Entity Address, Address Line One	Oak House, Hirzel Street
Entity Address, City or Town	St. Peter Port
Entity Address, Country	GG
Entity Address, Postal Zip Code	GY1 2NP
Title of 12(b) Security	Ordinary shares, no par value
Trading Symbol	BUR
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	219,049,877
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Central Index Key	0001714174
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Ernst & Young LLP
Auditor Location	Guernsey, Channel Islands
Auditor Firm ID	1438
Business Contact [Member]
Document Information [Line Items]
Contact Personnel Name	Mark N. Klein
Contact Personnel Fax Number	(646) 736-1986
Entity Address State Or Province	NY
Entity Address, Address Line One	350 Madison Avenue
Entity Address, City or Town	New York
Entity Address, Postal Zip Code	10017
City Area Code	212
Local Phone Number	235-6820

Consolidated statement of compr

Consolidated statement of comprehensive income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Marketable securities income an bank interest	$ 1,865	$ 380	$ 6,676
Unrealized gain/(loss) relating to third-party interests in capital provision assets	2,028	947	(57,500)
Total income	152,158	359,121	379,170
Compensation and Benefits:
Salaries and benefits	(34,333)	(31,483)	(25,231)
Annual incentive compensation	(22,145)	(22,772)	(24,503)
Equity compensation	(9,272)	(5,281)	(4,519)
Legacy asset recovery incentive compensation including accruals	(36,364)
Legacy asset recovery incentive compensation including accruals	(7,942)	(18,125)	(33,496)
General, administrative and other	(30,467)	(21,468)	(22,447)
Case-related expenditures ineligible for inclusion in asset cost	(5,300)	(4,841)	(11,246)
Equity and listing related		(7,907)	(1,754)
Amortization of intangible asset		(8,703)	(9,495)
Total operating expenses	(145,823)	(120,580)	(132,691)
Income from operations	6,335	238,541	246,479
Other (expense)/income
Finance costs	(58,647)	(39,048)	(38,747)
Loss on debt buyback	(1,649)
Foreign currency transactions gains (losses)	(5,482)	10,746	1,956
Total other expense	(65,778)	(28,302)	(36,791)
Net (loss)/income before income taxes	(59,443)	210,239	209,688
Benefit from (provision for) income taxes	3,015	(36,937)	(13,417)
Net (loss)/income	(56,428)	173,302	196,271
Net income attributable to non-controlling interests	15,638	8,187	15,309
Net (loss)/income attributable to ordinary shares	$ (72,066)	$ 165,115	$ 180,962
Net (loss)/income per share:
Basic	$ (0.33)	$ 0.75	$ 0.83
Diluted	$ (0.33)	$ 0.75	$ 0.83
Weighted-average shares outstanding:
Basic	219,049,877	218,919,822	218,649,877
Diluted	219,699,459	218,919,822	219,061,999
Net (loss)/income	$ (72,066)	$ 165,115	$ 180,962
Other comprehensive loss
Change in Foreign currency translation adjustment	(2,443)	(10,206)	(17,525)
Total comprehensive (loss)/income	(74,509)	154,909	163,437
Capital provision income
Total income	127,549	340,103	409,156
Asset management income
Total income	14,396	15,106	15,160
Insurance income
Total income	5,143	1,781	3,545
Services income
Total income	1,177	804	2,133
Cash and Marketable Securities
Marketable securities income an bank interest	$ 1,865	$ 380	$ 6,676

Consolidated statement of finan

Consolidated statement of financial position - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets.
Cash and cash equivalents	$ 180,255	$ 322,085
Marketable securities	175,336	16,594
Other assets	35,173	34,371
Due from settlement of capital provision assets	86,311	30,708
Capital provision assets	2,900,465	2,564,742
Property and equipment	13,069	15,225
Goodwill & Intangible asset	134,019	134,032
Deferred tax asset	78	256
Total assets	3,524,706	3,118,013
Liabilities
Debt interest payable	13,918	9,556
Other liabilities	126,057	109,747
Debt Payable	1,022,557	667,814
Financial liabilities related to third party interests in capital provision assets	398,595	400,660
Deferred tax liability	22,889	24,742
Total liabilities	1,584,016	1,212,519
Commitments and Contingencies (see note 22)
Shareholders' equity
Ordinary shares no par value: unlimited shares authorized and 219,049,877 shares issued and outstanding at December 31, 2021 and 2020, respectively	598,813	598,813
Additional paid-in capital	26,366	22,529
Accumulated other comprehensive income	4,108	6,551
Retained earnings	922,503	1,034,319
Total shareholders' equity attributable to Burford Capital, Limited	1,551,790	1,662,212
Non-controlling interest in consolidated subsidiaries	388,900	243,282
Total shareholders' equity	1,940,690	1,905,494
Total liabilities and shareholders' equity	$ 3,524,706	$ 3,118,013

Consolidated statement of fin_2

Consolidated statement of financial position (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Consolidated statement of financial position
Common Stock, No Par Value	$ 0	$ 0
Common Stock, Shares Issued	219,049,877	219,049,877
Common Stock, Shares Outstanding	219,049,877	219,049,877

Consolidated statement of cash

Consolidated statement of cash flows - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ (56,428,000)	$ 173,302,000	$ 196,271,000
Changes in working capital and non-cash items:
Income on capital provision assets	(131,819,000)	(343,393,000)	(428,192,000)
Interest and other income from capital provision assets	(160,000)	(199,000)	1,213,000
Loss/(income) on equity securities		22,000	(1,169,000)
Asset recovery fee for services income	(1,177,000)	(804,000)	(2,133,000)
Net realized gains on derivative financial assets and liabilities			(2,846,000)
Loss/(income) on marketable securities	1,567,000	1,106,000	137,000
Loss on financial liabilities at fair value through profit or loss		4,779,000	20,872,000
Decrease/(increase) in other assets	(2,330,000)	(9,846,000)	3,777,000
Increase/(decrease) in other liabilities	22,598,000	21,664,000	32,418,000
Increase in payable for capital provision assets	(256,000)	220,000	36,000
Amortization and depreciation of debt issuance costs, intangible assets and property, plant and equipment	3,193,000	10,689,000	12,602,000
Impairment	500,000		1,000,000
Right-of-use assets and associated lease liability	(193,000)	(1,647,000)	(463,000)
Deferred tax expense/(benefit)	(1,129,000)	34,502,000	9,405,000
Stock-based compensation	8,823,000	5,328,000	4,519,000
Other non-cash including exchange rate movement	8,002,000	(7,540,000)	(325,000)
Proceeds from Capital Provision Assets	396,415,000	557,913,000	392,606,000
Net (funding)/proceeds from financial liabilities at fair value through profit or loss		(96,272,000)	(42,200,000)
Net proceeds from/(paid) to due from/to broker for financial liabilities at fair value through profit or loss		(51,401,000)	38,734,000
Proceeds from equity security		31,374,000
Proceeds from Asset Recovery Fee for Services	2,386,000	1,581,000	1,123,000
Net decrease/(increase) on financial liability to third party investment	(2,065,000)	(784,000)	57,500,000
Net cash provided by/(used in) operating activities before funding of capital provision assets and net (funding of)/proceeds from marketable securities	247,927,000	330,594,000	294,885,000
Funding of capital provision assets and net (funding of)/proceeds from marketable securities:
Net proceeds/(funding) of marketable securities	(160,360,000)	20,376,000	3,346,000
New funding of capital provision assets	(672,931,000)	(297,143,000)	(571,786,000)
Net cash provided by/(used in) operating activities	(585,364,000)	53,827,000	(273,555,000)
Cash flows from investing activities:
Purchases of property and equipment	(285,000)	(360,000)	(3,398,000)
Net cash provided by/(used in) investing activities	(285,000)	(360,000)	(3,398,000)
Cash flows from financing activities:
Acquisition of shares to meet share-based payment obligations	(3,686,000)
Issue of debt	400,000,000
Issue expenses - debt issued	(8,742,000)
Redemption of debt	(33,929,000)	(4,964,000)
Dividends paid on ordinary shares	(41,050,000)		(28,424,000)
Third party net capital contribution		(293,000)
Net proceeds from financial liabilities related to third party interests in capital provision assets			100,000,000
Third party net capital contribution	132,236,000		83,119,000
Net cash provided by(used in) financing activities	444,829,000	(5,257,000)	154,695,000
Net increase/(decrease) in cash and cash equivalents and restricted cash	(140,820,000)	48,210,000	(122,258,000)
Reconciliation of net cash flow to movements in cash and cash Equivalents and restricted cash
Cash and cash equivalents and restricted cash at beginning of year	322,085,000	273,403,000	395,462,000
Increase/(decrease) in cash and cash equivalents and restricted cash	(140,820,000)	48,210,000	(122,258,000)
Effect of exchange rate changes on cash and cash equivalents	(1,010,000)	472,000	199,000
Cash and cash equivalents and restricted cash at end of year	180,255,000	322,085,000	273,403,000
Supplemental disclosure
Cash received from interest and dividend income	3,706,000	1,489,000	6,849,000
Cash paid for debt interest	(51,270,000)	(37,890,000)	(37,568,000)
Cash paid for income taxes	1,305,000	$ 10,979,000	694,000
Assets received in kind	3,290,000		29,645,000
Initial recognition of ASC 842 operating leases ROU asset			5,675,000
Initial recognition of ASC 842 operating leases ROU obligation			$ 6,780,000
Contributions paid in kind (additions)	1,034,000
Other Limited Partners
Supplemental disclosure
Contributions paid in kind (additions)	$ 2,256,000

Consolidated statement of cas_2

Consolidated statement of cash flows (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Consolidated statement of cash flows
Cash balance	$ 180,255	$ 322,085	$ 178,177
Restricted cash			95,226
Total cash and cash equivalents and restricted cash	$ 180,255	$ 322,085	$ 273,403	$ 395,462

Consolidated statement of chang

Consolidated statement of changes in equity - USD ($) $ in Thousands	Cumulative Effect, Period of Adoption, AdjustmentTotal Burford Capital Limited Equity	Cumulative Effect, Period of Adoption, AdjustmentRetained earnings	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjusted BalanceTotal Burford Capital Limited Equity	Cumulative Effect, Period of Adoption, Adjusted BalanceOrdinary shares	Cumulative Effect, Period of Adoption, Adjusted BalanceAdditional Paid-in Capital	Cumulative Effect, Period of Adoption, Adjusted BalanceRetained earnings	Cumulative Effect, Period of Adoption, Adjusted BalanceAccumulated other comprehensive income (Loss)	Cumulative Effect, Period of Adoption, Adjusted BalanceNoncontrolling Interest	Cumulative Effect, Period of Adoption, Adjusted Balance	Total Burford Capital Limited Equity	Ordinary shares	Additional Paid-in Capital	Retained earnings	Accumulated other comprehensive income (Loss)	Noncontrolling Interest	Total
Balance at the beginning at Dec. 31, 2018	$ (711)	$ (711)	$ (711)	$ 1,362,443	$ 596,454	$ 16,338	$ 715,369	$ 34,282	$ 136,959	$ 1,499,402	$ 1,363,154	$ 596,454	$ 16,338	$ 716,080	$ 34,282	$ 136,959	$ 1,500,113
Balance at the beginning (in shares) at Dec. 31, 2018					218,649,877							218,649,877
Changes in equity
Net income (loss)											180,962			180,962		15,309	196,271
Change in Foreign currency translation adjustment											(17,525)				(17,525)		(17,525)
Share-based compensation (note 20)											4,519		4,519				4,519
Dividends paid											(28,424)			(28,424)			(28,424)
Net contributions from third parties																83,119	83,119
Balance at the end at Dec. 31, 2019											1,501,975	$ 596,454	20,857	867,907	16,757	235,387	1,737,362
Balance at the end (in shares) at Dec. 31, 2019												218,649,877
Changes in equity
Net income (loss)											165,115			165,115		8,187	173,302
Change in Foreign currency translation adjustment											(10,206)				(10,206)		(10,206)
Issuance of ordinary shares											2,359	$ 2,359					2,359
Issuance of ordinary shares (in shares)												400,000
Shares purchased by the trust											(2,359)		(2,359)				(2,359)
Shares distributed by the trust											46		2,265	(2,219)			46
Transfer LTIP on vesting													(3,516)	3,516
Share-based compensation (note 20)											5,282		5,282				5,282
Contributions from 3rd parties																(292)	(292)
Balance at the end at Dec. 31, 2020											1,662,212	$ 598,813	22,529	1,034,319	6,551	243,282	1,905,494
Balance at the end (in shares) at Dec. 31, 2020												219,049,877
Changes in equity
Net income (loss)											(72,066)			(72,066)		15,638	(56,428)
Change in Foreign currency translation adjustment											(2,443)				(2,443)		(2,443)
Shares purchased by the trust											(3,686)		(3,686)				(3,686)
Shares distributed by the trust											(449)		1,103	(1,552)			(449)
Transfer LTIP on vesting													(2,852)	2,852
Share-based compensation (note 20)											9,272		9,272				9,272
Dividends paid											(41,050)			(41,050)			(41,050)
Net contributions from third parties																129,980	129,980
Balance at the end at Dec. 31, 2021											$ 1,551,790	$ 598,813	$ 26,366	$ 922,503	$ 4,108	$ 388,900	$ 1,940,690
Balance at the end (in shares) at Dec. 31, 2021												219,049,877

Organization

Organization	12 Months Ended
	Dec. 31, 2021
Organization
Organization	1. Organization Burford Capital Limited (the “ Company Group The Company was incorporated as a company limited by shares under the Guernsey Companies Law on September 11, 2009. The Company has a single class of ordinary shares, which commenced trading on AIM in October 2009 and on the NYSE in October 2020, in each case, under the symbol “BUR”. The Company’s subsidiaries have issued bonds traded on the Main Market of the London Stock Exchange.

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
	Dec. 31, 2021
Summary of significant accounting policies
Summary of significant accounting policies	2. Summary of significant accounting policies Basis of presentation The consolidated financial statements have been prepared in accordance with US GAAP. The consolidated financial statements include the accounts of (i) the Company, (ii) its wholly owned or majority-owned subsidiaries, (iii) the consolidated entities that are considered to be variable interest entities ( VIEs Use of estimates The preparation of the consolidated financial statements requires management to make estimates that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting periods. Such estimates include, among other things, the valuation of capital provision assets and other financial instruments, the measurement of deferred tax balances (including valuation allowances) and the accounting for goodwill. Actual results could differ from those estimates, and such differences could be material. Consolidation In connection with investment funds and other related entities where the Group does not own 100% of the relevant entity, the Group makes judgments about whether it is required to consolidate such entities by applying the factors set forth in US GAAP for VIEs or voting interest entities under ASC 810 Consolidation. VIEs are entities that, by design, either (i) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties or (ii) have equity investors that (A) do not have the ability to make significant decisions relating to the entity’s operations through voting rights, (B) do not have the obligation to absorb the expected losses or (C) do not have the right to receive the residual returns of the entity, or (iii) have equity investors’ voting rights that are not proportional to the economics, and substantially all of the activities of the entity either involve or are conducted on behalf of an investor that has disproportionately few voting rights. An entity is deemed to be the primary beneficiary of the VIE if such entity has both (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. In determining whether the Group is the primary beneficiary of a VIE, the Group considers both qualitative and quantitative factors regarding the nature, size and form of its involvement with the VIE, such as its role establishing the VIE and its ongoing rights and responsibilities, the design of the VIE, its economic interests, servicing fees and servicing responsibilities and certain other factors. The Group performs ongoing reassessments to evaluate whether changes in the entity’s capital structure or changes in the nature of its involvement with the entity result in a change to the VIE designation or a change to its consolidation conclusion. The most significant judgments relate to the assessment of the Group’s exposure or rights to variable returns in the BOF-C, the Strategic Value Fund and Colorado. The Group has assessed that its economic interest in the income generated from BOF-C and its investment as a limited partner in the Strategic Value Fund, coupled with its power over the relevant activities as the fund manager, require the consolidation of BOF-C and the Strategic Value Fund in the consolidated financial statements. Similarly, the Group has assessed that its shareholding in Colorado, coupled with its power over the relevant activities of Colorado through contractual agreements, requires the consolidation of Colorado in the consolidated financial statements. The Group is deemed to have a controlling financial interest in VIEs in which it is the primary beneficiary and in other entities in which it owns more than 50% of the outstanding voting shares and other shareholders do not have substantive rights to participate in management. For entities the Group controls but does not wholly own, the Group generally records a non-controlling interest within shareholders’ equity for the portion of the entity’s equity attributed to the non-controlling ownership interests. Accordingly, third-party share of net income or losses relating to non-controlling interests in consolidated entities is treated as a reduction or increase, respectively, of net income in the consolidated statements of comprehensive income. With respect to Colorado, an entity the Group controls but does not wholly own, the Group records a financial liability within financial liabilities related to third-party interests in capital provision assets for the portion of the entity’s equity held by third parties. The third-party share of income or losses is included in income/(expense) relating to third-party interests in capital provision assets in the consolidated statements of comprehensive income. All significant intercompany balances, transactions and unrealized gains and losses on such transactions are eliminated in consolidation. COVID-19 and global economic market conditions The Covid-19 pandemic and restrictions on certain non-essential businesses have caused disruption in the United States and global economies. Although an economic recovery is partially underway, it continues to be gradual, uneven and characterized by meaningful dispersion across sectors and regions. The estimates and assumptions underlying the consolidated financial statements are based on the information available at December 31, 2021, including judgments about the financial market and economic conditions which may change over time. Cash and cash equivalents The Group considers all highly liquid short-term investments with original maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents include funds held by depository institutions, money market funds and US Treasury securities with original maturities of three months or less when purchased. Interest income from cash and cash equivalents is recorded in marketable securities income in the consolidated statements of comprehensive income. The carrying values of the money market funds and US Treasury securities were $21 million and $5 million at December 31, 2021 and 2020, respectively, which represent their fair values due to their short-term nature and are categorized as Level 1 within the fair value hierarchy. Substantially all of the Group’s cash on deposit is in interest bearing accounts with major financial institutions that exceed insured limits. Marketable securities, at fair value Marketable securities include US Treasury bills with original maturities greater than three months when purchased and corporate bonds, mutual funds and asset-backed securities Fair value of financial instruments The Group’s capital provision assets meet the definition of a financial instrument under ASC 825 Financial Instruments. Single case, portfolio, portfolio with equity risk, and legal risk management capital provision assets meet the definition of a derivative instrument under ASC 815 Derivatives and hedging and are accounted for at fair value. The Group has elected the fair value option for the Group’s equity method investments, marketable securities, due from settlement of capital provision assets and capital provision asset subparticipations. Such election is irrevocable and is applied to financial instruments on an individual basis at initial recognition. The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. Except for the Group’s debt obligations, financial instruments are generally recorded at fair value or at amounts, the carrying values of which approximate fair value. Fair value hierarchy US GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values as follows: ▪ Level 1 —quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date ▪ Level 2 —inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly ▪ Level 3 —unobservable inputs for the asset or liability All transfers into and out of these levels are recognized as if they have taken place at the beginning of each reporting period. Valuation processes The Group’s senior professionals are responsible for developing the policies and procedures for fair value measurement of assets and liabilities. Following origination and at each reporting date, the movements in the values of assets and liabilities are required to be reassessed in accordance with the Group’s accounting policies. For this analysis, the reasonableness of material estimates and assumptions underlying the valuation is discussed and the major inputs applied are verified by comparing the information in the valuation computation to contracts, asset status and progress information and other relevant documents . Valuation methodology for Level 1 investments Level 1 assets and liabilities are comprised of listed instruments, including equities, fixed income securities, investment funds and financial liabilities at fair value through profit or loss. All Level 1 assets and liabilities are valued at the quoted market price at the reporting date. Valuation methodology for Level 2 investments Level 2 assets are comprised of debt and equity securities that are not actively traded and are valued at the last quoted or traded price at the reporting date, provided there is evidence that the price is not assessed as significantly stale so as to warrant a Level 3 classification. Valuation methodology for Level 3 investments Fair value represents the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The methods and procedures to determine fair value of assets and liabilities may include, among others, (i) obtaining information provided by third parties when available, (ii) obtaining valuation-related information from the issuers or counterparties (or their advisors), (iii) performing comparisons of comparable or similar assets, (iv) calculating the present value of future cash flows, (v) assessing other analytical data and information relating to the asset that is an indication of value, (vi) reviewing the amounts funded in the assets, (vii) evaluating financial information provided by the asset counterparties and (viii) entering into a market transaction with an arm’s-length counterparty. The material estimates and assumptions used in the analyses of fair value include the status and risk profile of the risks underlying the asset, the timing and expected amount of cash flows based on the asset structure and agreement, the appropriateness of any discount rates used and, in some cases, the timing of, and estimated minimum proceeds from, a favorable outcome. Significant judgment and estimation go into the assumptions which underlie the analyses, and the actual values realized with respect to assets could be materially different from values obtained based on the use of those estimates. The Group operates under a valuation policy that relies on objective events to drive valuation changes. For the vast majority of the Group’s capital provision assets, the objective events considered under the valuation policy relate to the litigation process. When the objective event in question is a court ruling, the Group discounts the potential impact of that ruling, commensurate with the remaining litigation risk. The policy assigns valuation changes in fixed ranges based on, among other things: ▪ A significant positive ruling or other objective event but where there is not yet a trial court judgment ▪ A favorable trial court judgment ▪ A favorable judgment on the first appeal ▪ The exhaustion of as-of-right appeals ▪ In arbitration cases, where there are limited opportunities for appeal, issuance of a tribunal award ▪ An objective negative event at various stages in a litigation In a small number of instances, the Group has the benefit of a secondary sale of a portion of an asset. When that occurs, the market evidence is factored into the valuation process and, the more robust the market testing of value is, the more weight is accorded to the market price. Third-party interests in capital provision assets Third-party interests in capital provision assets include the financial liability relating to the third-party interests in Colorado as well as financial liabilities relating to third-party interests resulting from capital provision asset subparticipations recognized at fair value. Colorado holds a single financial asset and has no broader business activity. Accordingly, it does not meet the definition of a business and the third-party interest in the entity is accounted for as a collateralized borrowing rather than a non-controlling interest in shareholders’ equity. Amounts included in the consolidated statements of financial position represent the fair value of the third-parties’ interests in the related capital provision assets, and the amounts included in the consolidated statements of comprehensive income represent the third parties’ share of any gain and losses for the reporting period. Non-controlling interests For entities that are consolidated, but not wholly owned, a portion of the income or loss and corresponding equity is allocated to owners other than the Company. The aggregate of the income or loss and corresponding equity that is not owned by the Company is included in non-controlling interests in the consolidated financial statements. Non-controlling interests also include ownership interests in certain consolidated funds and VIEs. Non-controlling interests are presented as a separate component of shareholders’ equity in the consolidated statements of financial position. The primary components of non-controlling interests are separately presented in the consolidated statements of changes in equity to clearly distinguish the interest in the Group and other ownership interests in the consolidated entities. Net income includes the net income attributable to the holders of non-controlling interests in the consolidated statements of comprehensive income. Profits and losses are allocated to non-controlling interests in proportion to their relative ownership interests regardless of their basis. Non-controlling interests exclude the third-party interests in Colorado as it represents a consolidated entity that holds a single financial asset and no broader business activity. Asset management income Asset management income is derived from the governing agreements in place with various funds under management. The rate or amount at which fees are charged, the basis on which such fees are calculated, and the timing of payment vary across funds and, as to a particular fund, may also vary across investment options available to underlying investors in, or members of, the fund. Management fees are generally based on an agreed percentage of a fund’s commitments and amounts committed or deployed depending on the fund agreements. Management fees are recognized over time as the services are provided. Performance fees are earned when contractually agreed performance levels are exceeded within specified performance measurement periods. Performance fees are recognized when a reliable estimate of the performance fee can be made, and it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Insurance activities The Group (i) acts as an administrator in the sale of legal expenses insurance policies issued in the name of Great Lakes Reinsurance (UK) plc, a subsidiary of MunichRe, under a binding authority agreement, and (ii) underwrites legal expenses insurance policies through its wholly owned Guernsey insurer, Burford Worldwide Insurance Limited. Insurance administration Income earned from acting as an insurance administrator represents commissions receivable, which are calculated based on the premium earned, net of reinsurance and insurance premium tax, less an allowance for claims, sales commissions, fees and the other direct insurance related costs, such as Financial Services Compensation Scheme Levy. The payment of premiums is often contingent on a case being won or settled, and the Group recognizes the associated income only at this point, while a deduction is made for claims estimated to be paid on all policies in force. This income is separately identified as “ Insurance administrator commission Liabilities and income from insurance contracts” Insurance underwriting Insurance policies written by Burford Worldwide Insurance Limited are subject to contractual reinsurance arrangements that transfer a significant portion of the insurance risk to the reinsurers with Burford Worldwide Insurance Limited retaining a portion of the insurance risk of each contract. Contracts are typically written with an upfront premium payable and may also include a conditional premium. The payment of conditional premiums is often contingent on a case being won or settled, and the Group recognizes the associated conditional premium amount only at this point. Premiums written relate to insurance business incepted during the reporting period. Full account is taken of premiums receivable and reinsurance premiums payable during the reporting period. Unearned premiums represent the proportion of premiums written during the reporting period that relate to unexpired terms of policies in force at the reporting date, calculated on a time apportionment basis. Provision is made for all outstanding loss reserves as notified by the insured. The level of the provision is determined on the basis of the information available, including potential loss claims which have been intimated to the Group, experience of the development of similar claims and case law. While the Group considers that the provision for these claims is fairly stated on the basis of the information currently available, the ultimate liability may vary as a result of subsequent information and events and may result in adjustments to the amounts provided. Adjustments to the amounts provided are reflected in the consolidated financial statements for the reporting period in which the adjustments are made. Claims are recorded in the reporting period in which they are incurred. Leases At the inception of any arrangement, the Group determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. The Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. In calculating the present value, the Group uses its incremental borrowing rate at the lease commencement date as the interest rate implicit in the lease is not readily determinable. The lease agreements generally contain lease and non-lease components. Non-lease components primarily include payments for maintenance and utilities. The Group combines fixed payments for non-lease components with its lease payments and accounts for them together as a single lease component which increases the amount of its lease assets and liabilities. Payments under the lease arrangements are primarily fixed. Variable rents, if any, are expensed as incurred. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the consolidated statements of comprehensive income over the period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. The right-of-use asset and associated lease liability are derecognized on the termination of a lease agreement. The Group has elected to not recognize leases with an original term of one year or less on the consolidated statements of financial position. The Group typically only includes an initial lease term in its assessment of a lease arrangement, whereas options to renew a lease are not included in this assessment unless there is a reasonable certainty that the lease will be renewed. Right-of-use assets are included within property and equipment in the consolidated statements of financial position. Shares held in employee benefit trust The Company’s ordinary shares held by the Burford Capital Limited Employee Benefit Trust are held for the purposes of employee equity-based compensation schemes. Such ordinary shares are deducted from shareholders’ equity. No gain or loss is recognized on the purchase, sale, cancellation or issue of such ordinary shares and any consideration paid or received is recognized directly in shareholders’ equity. Compensation and benefits Salaries and benefits Salaries and benefits include base salaries and employee benefits. Incentive compensation Incentive compensation includes discretionary and non-discretionary annual bonuses that are generally accrued over the related service period. Under certain non-discretionary arrangements, the Company may require that a portion of the incentive compensation to be distributed to its employees be allocated as restricted stock units under the Company’s equity compensation plan. Such equity-based awards are recorded as equity-based compensation expense over the relevant service period once granted. Equity compensation Share-based compensation primarily consists of restricted stock units with service and market or performance conditions. The fair value of these awards is estimated using the Monte-Carlo model at the grant date. The Group recognizes stock compensation expense ratably over the relevant service period and accounts for forfeitures based on its estimates. Forfeiture estimates are trued-up at the end of the vesting period in order to ensure that compensation expense is recognized only for those awards that ultimately vest. In order to satisfy the vesting requirements, ordinary shares (which are either repurchased on the open market or newly issued) are released to employees net of applicable income tax withholding. Legacy asset recovery incentive compensation including accruals and long-term incentive compensation including accruals Incentive compensation expenses and incentive compensation payables primarily consist of a portion of gains on capital provision assets or performance fees earned from certain funds that are allocated to employees. Incentive compensation amounts are generally not paid until the related gains on capital provision assets or performance fees has been realized in cash by the Group. Incentive compensation amounts are recognized as the related fair value gains or losses on capital provision assets or performance fees are recognized. Accordingly, incentive compensation amounts can be reversed during periods when there is a decline in fair value or performance revenues that were previously recognized. Segment reporting Management considers that there are two operating business segments and a corporate segment: (i) capital provision, which comprises provision of capital to the legal industry or in connection with legal matters, both directly and through investment in the Group’s managed funds; (ii) asset management and other services, which includes the provision of services to the legal industry, including litigation insurance; and (iii) other corporate. Business combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at fair value on the acquisition date. Acquisition-related costs are expensed as incurred and included in the consolidated statements of comprehensive income. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions at the acquisition date. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes in the fair value of contingent consideration classified as an asset or liability are reflected in the consolidated statements of comprehensive income. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Goodwill Goodwill arises as a result of the acquisition of subsidiaries and represents the excess of the purchase consideration over the fair value of the Group’s share of the assets acquired and the liabilities assumed on the acquisition date. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purposes of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s reporting units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. The Group tests goodwill acquired in a business combination annually for impairment. Intangible asset Intangible assets arise as a result of a business combination and are recognized at fair value on the acquisition date. The Group had one intangible asset, which represented an assessment of the value of the acquiree’s future asset management income and was fully amortized at December 31, 2020. See note 15 (“ Goodwill and intangible asset” Foreign currency translation Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “ functional currency presentation currency Certain subsidiaries operate and prepare financial statements denominated in pounds sterling and euros. For the purposes of preparing consolidated financial statements, those subsidiaries’ assets and liabilities are translated at exchange rates prevailing at each applicable reporting date. Income and expense items are translated at average exchange rates for the reporting period. Non-monetary items are measured using the exchange rate at the date of the initial transaction. Any exchange rate-related differences are recognized in other comprehensive income. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rate prevailing at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies, including intragroup balances, are recognized in the consolidated statements of comprehensive income as part of the profit or loss for the period. See note 6 (“ Capital provision assets” Since April 2016, certain intragroup balances have been considered as part of a net investment in a foreign operation. Gains and losses on such balances are recognized in other comprehensive income, with a gain of $432,000 recognized for the year ended December 31, 2021 (2020: gain of $1,120,000; 2019: gain of $1,125,000). Bank interest income Bank interest income is recognized on an accruals basis and included in marketable securities income and bank interest. Expenses All expenses are accounted for on an accruals basis. Finance costs Finance costs represent interest and issue expenses of outstanding indebtedness calculated using the effective interest rate method recognized in the consolidated statements of comprehensive income. Loss on debt repurchases Repurchases of debt issued by the Group are accounted for as an extinguishment of the debt issued. Loss on debt repurchases represents a gain or loss arising from the difference between the amortized cost, and cost of repurchasing the debt on the repurchase date is recognized in the consolidated statements of comprehensive income. Income taxes The Group computes income taxes using the asset and liability method, under which deferred income taxes are recognized based on the differences between the carrying amounts and the respective tax bases of the Group’s assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the periods in which the Group expects the temporary differences to reverse. The effect of a change in tax rates on deferred taxes is recognized in income in the period that includes the enactment date. The Group routinely evaluates the likelihood of realizing the benefit of its deferred tax assets and may record a valuation allowance if, based on all available evidence, it determines that some portion of the tax benefit will not be realized. In evaluating the Group’s ability to recover its deferred tax assets within the jurisdictions from which they arise, the Group considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies and results of recent operations. If the Group determines that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, the Group would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Group evaluates its exposures associated with its various tax filing positions and recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the relevant taxing authorities, including resolutions of any related appeals or litigation processes, based on the technical merits of the Group’s tax filing position. The tax benefits recognized in the consolidated financial statements from a tax filing position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Group adjusts its unrecognized tax benefit liability and income tax expense in the period in which the uncertain tax position is effectively settled, the statute of limitations expires for the relevant taxing authority to examine the tax position or when new information becomes available. Interest and penalties related to income tax matters are recorded in other expenses in the consolidated statements of comprehensive income. Accrued interest and penalties are included within the related tax balances on the consolidated statements of financial position. Dividends Dividends paid during the period are recorded as a reduction to retained earnings in the consolidated statements of changes in equity. Property and equipment Property and equipment are recorded at cost less accumulated depreciation and provision for impairment. Depreciation is provided to write off the cost less estimated residual value in equal instalments over the estimated useful lives of the assets. The table below sets forth the expected useful lives of the various assets: ​ ​ ​ ​ Property and equipment Useful life Right-of-use assets Life of lease Leasehold improvements Life of lease Fixtures, fitting and equipment 5 years Computer hardware and software 3 years ​ The gain or loss arising on the dis

Supplemental Cash Flow Data

Supplemental Cash Flow Data	12 Months Ended
	Dec. 31, 2021
Supplemental Cash Flow Data
Supplemental Cash Flow Data	3. Supplemental cash flow data The following tables set forth supplemental information with respect to the cash inflows and outflows for capital provision-direct assets and capital provision-indirect assets for the years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ $ in thousands Capital provision- Capital provision- ​ For the year ended December 31, 2021 ​ direct assets indirect assets ​ Total Proceeds ​ 338,098 ​ 58,317 ​ 396,415 Decrease in payable for capital provision assets ​ (256) ​ - ​ (256) New funding ​ (672,931) ​ - ​ (672,931) ​ ​ ​ ​ ​ ​ ​ ​ ​ $ in thousands Capital provision- Capital provision- ​ For the year ended December 31, 2020 ​ direct assets indirect assets ​ Total Proceeds 354,884 203,029 557,913 Increase in payable for capital provision assets 220 - 220 New funding (297,143) - (297,143) ​ ​ ​ ​ ​ ​ ​ ​ ​ $ in thousands Capital provision- Capital provision- ​ For the year ended December 31, 2019 ​ direct assets indirect assets ​ Total Proceeds 108,521 284,085 392,606 Increase in payable for capital provision assets ​ 36 ​ - ​ 36 New funding (347,630) (224,156) (571,786) ​ Capital provision-direct assets represent those assets in which the Group has provided financing directly to a client or to fund a principal position in a legal finance asset. BOF-C is included in capital provision-direct assets because the Group does not invest any capital in BOF-C. Capital provision-indirect assets represent those assets in which the Group’s capital is provided through a fund as a limited partner contribution. At December 31, 2021 and 2020, capital provision-indirect assets consisted entirely of assets held through the Strategic Value Fund.

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2021
Income taxes
Income taxes	4. Income taxes The Company is incorporated in Guernsey and qualifies for exemption from income tax in Guernsey under the Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989, as amended. This exemption is applied for annually and has been granted for the year ended December 31, 2021. In certain cases, a subsidiary of the Company may elect to make use of transaction structures that are subject to income tax in a jurisdiction related to the capital provision asset. The Company’s subsidiaries in Ireland, Singapore, the United Kingdom and the United States are subject to taxation in such jurisdictions as determined in accordance with relevant tax legislation. The table below sets forth domestic and foreign income (loss) before income taxes for the years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ 2021 2020 2019 Domestic 15,035 22,711 39,158 Foreign (74,478) 187,528 170,530 Income (loss) before income taxes (59,443) 210,239 209,688 ​ The table below sets forth a reconciliation of the tax charge based on the domestic Guernsey statutory rate to the effective income tax expense (benefit) on pre-tax income (loss) for the years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ 2021 2020 2019 Statutory rate - ​ - ​ - Foreign rate differential (9,433) 41,362 (3,604) Compensation 5,554 1,451 - Valuation allowance 14,971 (7,810) 12,979 Non-deductible interest - - - Withholding tax 49 238 534 Non-deductible taxes - 415 78 Prior period adjustments 1,763 (670) 2,334 Impairment ​ (39) ​ 955 ​ 693 Non-taxable Income (15,541) - - Other, net (339) 996 403 (Benefit from)/provision for income taxes (3,015) 36,937 13,417 ​ The table below sets forth an analysis for the foreign tax differential for the years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ 2021 2020 2019 US subsidiaries at statutory tax rate (23,703) 45,700 (4,051) Singapore subsidiaries at statutory tax rate 140 8 (335) Irish subsidiaries at statutory tax rate 584 (936) 2,588 UK Subsidiaries at statutory tax rate 13,535 (3,410) (1,806) Other ​ 11 ​ - ​ - Total (9,433) 41,362 (3,604) ​ The tables below set forth the (benefit from)/provision for income taxes for the years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (S in thousands) ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ Current Domestic (Guernsey) 50 239 424 Foreign - US federal & state (984) 2,151 (83) Foreign - other (952) 45 3,671 Total current (benefit from)/provision for income taxes (1,886) 2,435 4,012 ​ ​ ​ ​ ​ ​ ​ Deferred ​ Domestic (Guernsey) - - - Foreign - US federal & state (2,753) 34,499 9,476 Foreign - other 1,624 3 (71) Total deferred income tax (benefit from)/provision for (1,129) 34,502 9,405 ​ ​ ​ ​ ​ ​ ​ (Benefit from)/provision for income taxes (3,015) 36,937 13,417 ​ The tables below set forth the tax effect of temporary differences and carryforwards that comprise significant portions of deferred tax assets and liabilities for the years ended December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) 2021 ​ 2020 ​ ​ Deferred tax assets: ​ ​ ​ ​ Compensation and benefit accruals not currently deductible ​ 8,602 ​ 6,945 ​ ​ Net operating loss carryforwards ​ 3,177 ​ 1,164 ​ ​ Non-deductible and excess interest ​ 17,237 ​ 4,605 ​ ​ Unrealized loss ​ 6,530 ​ 1,469 ​ ​ Acquisition costs ​ 515 ​ 567 ​ ​ Capital lease ​ 164 ​ 836 ​ ​ Other ​ 1,003 ​ 948 ​ ​ Total deferred tax assets ​ 37,228 ​ 16,534 ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities: ​ ​ ​ ​ ​ Compensation and benefit accruals not currently deductible ​ 40 ​ - ​ ​ Depreciation and amortization ​ (405) ​ (541) ​ ​ Goodwill ​ (7,952) ​ (5,493) ​ ​ Unrealized gain ​ (31,005) ​ (27,805) ​ ​ Total deferred tax liabilities ​ (39,322) ​ (33,839) ​ ​ Net deferred tax position ​ (2,094) ​ (17,305) ​ ​ Valuation allowance ​ (20,717) ​ (7,181) ​ ​ Net deferred tax liabilities ​ (22,811) ​ (24,486) ​ ​ ​ The valuation allowances at December 31, 2021 and 2020, were primarily related to net operating losses and other deferred tax assets of consolidated foreign subsidiaries. At December 31, 2021, the Group had US federal net operating loss carryforwards of $21 million, which had an indefinite carryforward period, US state net operating loss carryforwards of $31 million which will begin to expire in fiscal 2038 and foreign net operating loss carryforwards of $8 million which have indefinite carryforward periods. Cash taxes paid for the year were $1 million. At December 31, 2021 and 2020, gross deferred tax assets were $37 million and $17 million, respectively. The Group has recorded valuation allowances of $21 million and $7 million at December 31, 2021 and 2020, respectively, primarily related to foreign and state net operating loss carryforwards and other deferred tax assets. The Group has performed an assessment of positive and negative evidence, including the nature, frequency and severity of cumulative financial reporting losses in recent years, the future reversal of existing temporary differences, predictability of future taxable income exclusive of reversing temporary differences of the character necessary to realize the asset, relevant carryforward periods, taxable income in carry-back years if carry-back is permitted under tax law, and prudent and feasible tax planning strategies that would be implemented, if necessary, to protect against the loss of deferred tax assets that would otherwise expire. Although realization is not assured, based on the Group’s assessment, the Group has concluded that it is more likely than not that the remaining gross deferred tax assets will be realized and, accordingly, no additional valuation allowance has been provided.

Segment reporting

Segment reporting	12 Months Ended
	Dec. 31, 2021
Segment reporting
Segment reporting	5. Segment reporting Management considers that there are two operating business segments and a corporate segment: (i) capital provision, which comprises provision of capital to the legal industry or in connection with legal matters, both directly and through investment in the Group’s managed funds; (ii) asset management and other services, which includes the provision of services to the legal industry, including litigation insurance; and (iii) other corporate. The tables on the following pages set forth financial data for the Group’s reportable business segments for the years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Total Adjustment for ​ ($ in thousands) ​ Capital management and Other Burford-only third-party Total December 31, 2021 provision other services corporate segments interests (1) consolidated Capital provision income 99,754 - - 99,754 27,795 127,549 Management fee income - 10,510 - 10,510 (1,843) 8,667 Performance fee income - 5,729 - 5,729 - 5,729 Income from BOF-C - 9,798 - 9,798 (9,798) - Other services income - 6,320 774 7,094 1,091 8,185 Income/(expense) relating to third-party interests in capital provision assets ​ - - - - 2,028 2,028 Total segment income* 99,754 32,357 774 132,885 19,273 152,158 ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses (87,420) (33,280) (21,488) (142,188) (3,635) (145,823) Total segment expenses (87,420) (33,280) (21,488) (142,188) (3,635) (145,823) ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) from operations 12,334 (923) (20,714) (9,303) 15,638 6,335 ​ ​ ​ ​ ​ ​ ​ ​ Other expense ​ ​ ​ ​ ​ ​ Finance costs (52,537) (1,360) (4,750) (58,647) - (58,647) Loss on debt buyback ​ (1,477) (38) (134) (1,649) - (1,649) Foreign currency transactions gains/(losses), net - - (5,482) (5,482) - (5,482) Loss before taxation (41,680) (2,321) (31,080) (75,081) 15,638 (59,443) Benefit from (provision for) income taxes 11,060 3,089 (11,134) 3,015 - 3,015 Net loss after taxation (30,620) 768 (42,214) (72,066) 15,638 (56,428) Net income attributable to non-controlling interests - - - - (15,638) (15,638) Net loss ​ (30,620) 768 (42,214) (72,066) - (72,066) Change in foreign currency translation adjustments ​ - - (2,443) (2,443) - (2,443) Comprehensive loss per segment ​ (30,620) 768 (44,657) (74,509) - (74,509) *Includes the following revenue from contracts with customers for Services transferred over time ​ 32,357 ​ 32,357 ​ 32,357 ​ ​ ​ ​ ​ ​ ​ ​ (1) (1) Adjusts for third-party interests in non-wholly owned consolidated entities which include BOF-C and the Strategic Value Fund, Colorado and several other entities in which Burford holds investments and there is a third-party partner in or owner of those entities. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Total Adjustment for ​ ($ in thousands) ​ Capital management and Other Burford-only third-party Total December 31, 2020 provision other services corporate segments interests (1) consolidated Capital provision income 320,023 - - 320,023 20,080 340,103 Management fee income - 11,454 - 11,454 (2,748) 8,706 Performance fee income - 6,400 - 6,400 - 6,400 Income from BOF-C - 6,630 - 6,630 (6,630) - Other services income - 2,585 315 2,900 65 2,965 Unrealized gain/(loss) relating to third-party interests in capital provision assets ​ - - - - 947 947 Total segment income* 320,023 27,069 315 347,407 11,714 359,121 ​ ​ ​ ​ ​ ​ - Operating expenses (55,139) (24,254) (37,228) (116,621) (3,959) (120,580) Total segment expenses (55,139) (24,254) (37,228) (116,621) (3,959) (120,580) ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) from operations 264,884 2,815 (36,913) 230,786 7,755 238,541 ​ ​ ​ ​ ​ ​ ​ ​ Other income (expense) ​ ​ ​ ​ ​ ​ Finance costs (36,316) - (2,732) (39,048) - (39,048) Foreign currency transactions gains/(losses), net - - 10,314 10,314 432 10,746 Income/(loss) before taxation 228,568 2,815 (29,331) 202,052 8,187 210,239 Income tax expense (35,080) (2,647) 790 (36,937) - (36,937) Net income/(loss) after taxation 193,488 168 (28,541) 165,115 8,187 173,302 Net income attributable to non-controlling interests ​ - - - - (8,187) (8,187) Net income/(loss) ​ 193,488 168 (28,541) 165,115 - 165,115 Change in foreign currency translation adjustments - - (10,206) (10,206) - (10,206) Comprehensive income/(loss) per segment 193,488 168 (38,747) 154,909 - 154,909 *Includes the following revenue from contracts with customers for Services transferred over time - 27,069 - 27,069 - 27,069 (1) Adjusts for third-party interests in non-wholly owned consolidated entities which include BOF-C and the Strategic Value Fund, Colorado and several other entities in which Burford holds investments and there is a third-party partner in or owner of those entities. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Total Adjustment for ​ ($ in thousands) ​ Capital management and Other Burford-only third-party Total December 31, 2019 provision other services corporate segments interests (1) consolidated Capital provision income 316,823 - - 316,823 92,333 409,156 Management fee income - 18,399 - 18,399 (3,239) 15,160 Performance fee income - 594 - 594 (594) - Income from BOF-C - 7,137 - 7,137 (7,137) - Other services income - 5,678 6,070 11,748 606 12,354 Unrealized gain/(loss) relating to third-party interests in capital provision assets ​ - - - - (57,500) (57,500) Total segment income** ​ 316,823 31,808 6,070 354,701 24,469 379,170 ​ ​ ​ ​ ​ ​ ​ Operating expenses (72,252) (23,704) (27,635) (123,591) (9,100) (132,691) Total segment expenses (72,252) (23,704) (27,635) (123,591) (9,100) (132,691) ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) from operations 244,571 8,104 (21,565) 231,110 15,369 246,479 ​ ​ ​ ​ ​ ​ ​ ​ Other income/(expense) ​ ​ ​ ​ ​ ​ Finance costs (36,423) - (2,324) (38,747) - (38,747) Foreign currency transactions gains (losses), net - - 2,016 2,016 (60) 1,956 Income/(loss) before taxation 208,148 8,104 (21,873) 194,379 15,309 209,688 Income tax expense (10,826) 89 (2,680) (13,417) - (13,417) Net income/(loss) after taxation 197,322 8,193 (24,553) 180,962 15,309 196,271 Net income attributable to non-controlling interests ​ - - - - (15,309) (15,309) Net income/(loss) ​ 197,322 8,193 (24,553) 180,962 - 180,962 Change in foreign currency translation adjustments - - (17,525) (17,525) - (17,525) Comprehensive income/(loss) per segment 197,322 8,193 (42,078) 163,437 - 163,437 *Includes the following revenue from contracts with customers for Services transferred over time - 31,808 - 31,808 - 31,808 (1) Adjusts for third-party interests in non-wholly owned consolidated entities which includes BOF-C and the Strategic Value Fund, Colorado and several other entities in which Burford holds investments and there is a third-party partner in or owner of those entities The table below sets forth a reconciliation of total consolidated income to the total segment income and expenses for the years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset ​ ​ ($ in thousands) ​ Capital ​ management and ​ Other ​ Total For the year ended December 31, 2021 ​ provision ​ other services ​ corporate ​ segments Reconciliation: Income ​ ​ ​ ​ ​ ​ ​ ​ Total consolidated income ​ 129,577 ​ 20,716 ​ 1,865 ​ 152,158 Adjustment for third-party interests ​ (29,823) ​ 11,641 ​ (1,091) ​ (19,273) Total segment income 99,754 ​ 32,357 ​ 774 ​ 132,885 ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation: Expense ​ ​ ​ ​ ​ ​ ​ ​ Total consolidated expenses (91,055) ​ (33,280) ​ (21,488) ​ (145,823) Adjustment for third-party interests ​ 3,635 ​ - ​ - ​ 3,635 Total segment expenses (87,420) ​ (33,280) ​ (21,488) ​ (142,188) ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation: Income ​ ​ ​ ​ Total consolidated income ​ 341,050 ​ 17,691 ​ 380 ​ 359,121 Adjustment for third-party interests ​ (21,027) ​ 9,378 ​ (65) ​ (11,714) Total segment income 320,023 ​ 27,069 ​ 315 ​ 347,407 ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation: Expense ​ ​ ​ ​ Total consolidated expenses (59,098) ​ (24,254) ​ (37,228) ​ (120,580) Adjustment for third-party interests ​ 3,959 ​ - ​ - ​ 3,959 Total segment expenses (55,139) ​ (24,254) ​ (37,228) ​ (116,621) ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation: Income ​ ​ ​ ​ Total consolidated income ​ 351,656 ​ 20,838 ​ 6,676 ​ 379,170 Adjustment for third-party interests ​ (34,833) ​ 10,970 ​ (606) ​ (24,469) Total segment income 316,823 ​ 31,808 ​ 6,070 ​ 354,701 ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation: Expense ​ ​ ​ ​ Total consolidated expenses (81,352) ​ (23,704) ​ (27,635) ​ (132,691) Adjustment for third-party interests ​ 9,100 ​ - ​ - ​ 9,100 Total segment expenses (72,252) ​ (23,704) ​ (27,635) ​ (123,591) ​ The tables below set forth the Group’s assets and liabilities by reporting segment at December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Total Adjustment for ​ ($ in thousands) ​ Capital management and Other segments third-party Total For the year ended December 31, 2021 ​ provision other services corporate (Burford-only) interests consolidated Assets ​ ​ ​ ​ Cash and cash equivalents 90,497 9,446 39,735 139,678 40,577 180,255 Marketable securities - - 175,336 175,336 - 175,336 Other assets 20,749 25,081 5,506 51,336 (16,163) 35,173 Due from settlement of capital provision assets 63,447 - - 63,447 22,864 86,311 Capital provision assets 2,159,453 - - 2,159,453 741,012 2,900,465 Property and equipment 9,173 3,896 - 13,069 - 13,069 Goodwill & intangible asset 107,991 25,020 1,008 134,019 - 134,019 Deferred tax asset ​ - - 78 78 - 78 Total assets 2,451,310 63,443 221,663 2,736,416 788,290 3,524,706 ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ Debt interest payable ​ 12,468 323 1,127 13,918 - 13,918 Other liabilities 83,521 26,719 15,022 125,262 795 126,057 Bonds Payable 916,017 23,708 82,832 1,022,557 - 1,022,557 Capital provision asset subparticipations - - - - - - Financial liabilities related to third-party interests in capital provision assets - - - - 398,595 398,595 Deferred tax liability 17,101 - 5,788 22,889 - 22,889 Total liabilities 1,029,107 50,750 104,769 1,184,626 399,390 1,584,016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Total Adjustment for ​ ($ in thousands) ​ Capital management and Other segments third-party Total For the year ended December 31, 2020 ​ provision other services corporate (Burford-only) interests consolidated Assets ​ Cash and cash equivalents 170,573 6,926 142,087 319,586 2,499 322,085 Marketable securities - - 16,594 16,594 - 16,594 Other assets 23,194 16,994 5,025 45,213 (10,842) 34,371 Due from settlement of capital provision assets 30,708 - - 30,708 - 30,708 Capital provision assets 1,906,191 - - 1,906,191 658,551 2,564,742 Property and equipment 13,041 - 2,184 15,225 - 15,225 Goodwill & intangible asset 107,991 25,020 1,021 134,032 - 134,032 Deferred tax asset - - 256 256 - 256 Total assets 2,251,698 48,940 167,167 2,467,805 650,208 3,118,013 ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ Debt interest payable 8,887 - 669 9,556 - 9,556 Other liabilities 38,474 577 64,430 103,481 6,266 109,747 Debt issued 621,067 - 46,747 667,814 - 667,814 Capital provision asset subparticipations - - - - - - Financial liabilities related to third-party interests in capital provision assets - - - - 400,660 400,660 Deferred tax liability 17,695 - 7,047 24,742 - 24,742 Total liabilities 686,123 577 118,893 805,593 406,926 1,212,519 ​ The table below sets forth a reconciliation of total consolidated assets to the total segment assets and liabilities at December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset ​ ​ ($ in thousands) ​ Capital ​ management and ​ Other ​ Total For the year ended December 31, 2021 ​ provision ​ other services ​ corporate ​ segments Reconciliation: Assets ​ ​ ​ ​ ​ ​ ​ ​ Total consolidated assets ​ 3,255,763 ​ 47,280 ​ 221,663 ​ 3,524,706 Adjustment for third-party interests ​ (804,453) ​ 16,163 ​ - ​ (788,290) Total segment assets 2,451,310 ​ 63,443 ​ 221,663 ​ 2,736,416 ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation: Liabilities ​ ​ ​ ​ ​ ​ ​ ​ Total consolidated liabilities 1,428,497 ​ 50,750 ​ 104,769 ​ 1,584,016 Adjustment for third-party interests ​ (399,390) ​ - ​ - ​ (399,390) Total segment liabilities 1,029,107 ​ 50,750 ​ 104,769 ​ 1,184,626 ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation: Assets ​ ​ ​ ​ Total consolidated assets ​ 2,912,748 ​ 38,098 ​ 167,167 ​ 3,118,013 Adjustment for third-party interests ​ (661,050) ​ 10,842 ​ - ​ (650,208) Total segment assets 2,251,698 ​ 48,940 ​ 167,167 ​ 2,467,805 ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation: Liabilities ​ ​ ​ ​ Total consolidated liabilities 1,093,049 ​ 577 ​ 118,893 ​ 1,212,519 Adjustment for third-party interests ​ (406,926) ​ - ​ - ​ (406,926) Total segment liabilities 686,123 ​ 577 ​ 118,893 ​ 805,593 ​

Capital provision assets

Capital provision assets	12 Months Ended
	Dec. 31, 2021
Capital provision assets.
Capital provision assets	6. Capital provision assets Capital provision assets are financial assets held at fair value through profit or loss that relate to the provision of capital in connection with legal finance. Capital provision-direct assets represent those assets in which the Group has provided financing directly to a client or to fund a principal position in a legal finance asset. BOF-C is included in capital provision-direct assets because the Group does not invest any capital in BOF-C. Capital provision-indirect assets represent those assets in which the Group’s capital is provided through a fund as a limited partner contribution. At December 31, 2021 and 2020, capital provision-indirect assets consisted entirely of assets held through the Strategic Value Fund as no deployments had been made to the Advantage Fund at December 31, 2021. The table below sets forth the changes in capital provision assets for the years ended December 31, 2021 and 2020: ​ ​ ​ ​ ​ ($ in thousands) 2021 2020 At January 1 ​ 2,564,742 ​ 2,447,266 Additions ​ 673,965 ​ 297,143 Realizations (455,148) (540,294) Income for the period 131,819 343,393 Foreign exchange gains/(losses) (14,913) 17,234 At December 31 2,900,465 2,564,742 Unrealized fair value at December 31, ​ 1,306,380 ​ 1,329,313 ​ The table below sets forth the breakdown of the capital provision-direct assets and capital provision-indirect assets at December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ($ in thousands) 2021 2020 Capital provision assets are comprised of: Capital provision-direct assets 2,887,610 2,479,576 Capital provision-indirect assets 12,855 85,166 Total capital provision assets 2,900,465 2,564,742 ​ The table below sets forth the components of the capital provision income for the years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) 2021 2020 2019 Realized gains relative to cost 153,607 208,157 146,922 Previous unrealized gains transferred to realized gains (54,017) (15,263) (85,536) Fair value adjustment in the period 32,229 148,102 351,800 Interest income on certain capital provision-indirect assets - 2,397 15,006 Income on capital provision assets 131,819 343,393 428,192 Interest and other income/(loss) 160 199 (1,213) Impairment of other asset ​ (500) ​ - ​ (1,000) Foreign exchange gains/(losses) ​ (3,930) ​ 1,312 ​ 34 Loss on investment subparticipation ​ - ​ - ​ - Net gain on derivative financial instruments - - 2,846 Loss on financial liabilities at fair value through profit or loss - (4,779) (20,872) Gain/(loss) on equity securities - (22) 1,169 Total capital provision income as reported on the consolidated statement of comprehensive income 127,549 340,103 409,156 ​ Foreign exchange (losses)/gains on capital provision assets are reported in either capital provision income or foreign currency transactions (losses)/gains in the consolidated statements of comprehensive income. Exchange differences arising from non-US dollar denominated capital provision assets held by US dollar functional currency entities are recognized in capital provision income in the consolidated statements of comprehensive income. All other foreign exchange translation differences arising from capital provision assets held by non-US dollar functional currency entities are recognized in other comprehensive income in the consolidated statements of comprehensive income. The Group generally relies on privileged information to determine its asset valuations and, as a result, is precluded from disclosing individual asset valuations publicly. However, the Group’s sale during the year ended December 31, 2019 of a part of its entitlement to proceeds in the YPF-related Petersen matter was uniquely of such a size and breadth (including third-party sales organized by the Group’s financial adviser as part of the same transaction, resulting in the total sale of 15% of the entitlement to proceeds) that it was appropriate to use the sale price alone, without consideration of privileged information, to set the Group’s valuation of its YPF-related assets during the year ended December 31, 2019, which remained the same during the years ended December 31, 2020 and 2021. The carrying value of the YPF-related assets (both Petersen and Eton Park combined) on our consolidated balance sheet was $1,160 million with $1,103 million of unrealized gains at December 31, 2021. There have been no transfers of unrealized to realized gains, so the fair value adjustment remains $1,103 million. Loss on financial liabilities at fair value through profit or loss reflects losses on assets and liabilities used to hedge certain capital provision-indirect assets. Gains that would correspond to the hedge losses are included in income on capital provision assets. On a consolidated basis, the capital provision-indirect assets represent solely the equity securities and related claims in the Strategic Value Fund. ​

Due from settlement of capital

Due from settlement of capital provision assets	12 Months Ended
	Dec. 31, 2021
Due from settlement of capital provision assets.
Due from settlement of capital provision assets	7. Due from settlement of capital provision assets Amounts due from settlement of assets relate to the recovery of capital provision assets that have successfully concluded and where there is no longer any litigation risk remaining. The settlement terms and duration vary by capital provision asset. The majority of settlement balances are received shortly after the period end, and all of settlement balances are generally expected to be received within 12 months. The table below sets forth the changes in due from settlement of capital provision assets and the breakdown between current and non-current due from settlement of capital provision assets for the years ended December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ 2021 2020 At January 1, 30,708 48,128 Transfer of realizations from capital provision assets 455,148 540,294 Interest and other income 160 199 Proceeds received (396,415) (557,913) Asset received in kind (3,290) - At December 31, 86,311 30,708 Split ​ Current assets ​ 82,561 26,958 Non-current assets 3,750 3,750 Total due from settlement of capital provision assets 86,311 30,708 ​

Asset management income

Asset management income	12 Months Ended
	Dec. 31, 2021
Asset management income.
Asset management income	8. Asset management income The Group receives regular management fees on its managed funds, calculated as a percentage of capital committed by the fund investors or as a percentage of capital committed by the fund, depending upon the status of the fund. In addition, the Group receives performance fees from the funds. The Group’s managed funds (other than the Strategic Value Fund and BOF-C) use a so-called “European” structure for the payment of performance fees, whereby the manager is not paid any performance fees until fund investors have had their entire capital investment repaid. This contrasts with a so-called “American” structure for the payment of performance fees, whereby the performance fees are paid on profitable resolutions as they occur. The impact of the “European” structure is to delay the receipt of the performance fees. As a result, while many fund assets have already successfully and profitably concluded, few of the related performance fees have been paid. Performance fees are recognized when a reliable estimate of the performance fee can be made, and it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. The table below sets forth the components of the asset management income for the years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) 2021 2020 2019 Management fee income 8,667 8,706 15,160 Performance fee income 5,729 6,400 - Total asset management income 14,396 15,106 15,160 ​

Liabilities arising from insura

Liabilities arising from insurance contracts	12 Months Ended
	Dec. 31, 2021
Liabilities arising from insurance contracts
Liabilities arising from insurance contracts	9. Liabilities and income from insurance contracts The tables below set forth the balances related to the Group’s insurance activity at December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ($ in thousands) ​ Gross ​ Reinsurance ​ Net Unearned premiums 10,138 ​ (8,315) ​ 1,823 Claims incurred but not reported reserve 4,292 ​ (3,410) ​ 882 Total 14,430 ​ (11,725) ​ 2,705 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ($ in thousands) ​ Gross ​ Reinsurance ​ Net Unearned premiums 10,903 ​ (8,723) ​ 2,180 Claims incurred but not reported reserve 1,693 ​ (1,354) ​ 339 Total 12,596 (10,077) 2,519 ​ ​ The table below sets forth the components of total insurance income for the years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ ​ ​ ​ ​ Income statement ​ 2021 2020 2019 Gross premiums written ​ 2,384 ​ 7,203 ​ 4,707 Gross ceded reinsurance premiums (1,874) (5,762) ​ (3,766) Movement in net unearned premium 337 (1,195) ​ (862) Net premium earned 847 246 79 Change in insurance claims reserves (558) (241) (79) Net income on insurance contracts 289 5 - Insurance underwriting commission 381 172 56 Insurance administrator commission 4,473 1,604 3,489 Total insurance income 5,143 1,781 3,545 ​ There were no claims reported during the year ended December 31, 2021, or outstanding loss reserve relating to reported claims at December 31, 2021 and 2020.

Property and equipment

Property and equipment	12 Months Ended
	Dec. 31, 2021
Property and equipment
Property and equipment	10. Property and equipment The table below sets forth the components of property and equipment at December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ($ in thousands) 2021 2020 Leasehold improvements ​ 2,620 ​ 2,600 Fixtures, fittings and equipment ​ 3,024 ​ 2,787 Computer, hardware and software ​ 287 ​ 287 Right of use asset (property leases) 15,163 ​ 15,209 Property and equipment 21,094 20,883 Accumulated depreciation (8,025) (5,658) Property and equipment, net 13,069 15,225 ​

Marketable securities

Marketable securities	12 Months Ended
	Dec. 31, 2021
Marketable securities.
Marketable securities	11. Marketable securities The table below sets forth the changes in marketable securities for the years ended December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ($ in thousands) 2021 2020 At January 1 16,594 ​ 69,362 Purchase 569,885 ​ 3,172 Proceeds on disposal (409,525) (54,923) Net realized gains/(losses) on disposal (3,760) (1,898) Fair value movement 1,919 795 Change in accrued interest 274 (3) Foreign exchange gain/(losses) (51) 89 Balance at December 31 175,336 16,594 ​ The table below sets forth the components of the total marketable securities income and bank interest for the years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) 2021 2020 2019 Realized gains/(losses) (see above) (3,760) (1,898) 65 Fair value movement (see above) 1,919 795 (211) Interest and dividend income 2,615 1,096 1,987 Bank interest income 1,091 387 4,835 Total marketable securities income and bank interest 1,865 380 6,676 ​

Other assets

Other assets	12 Months Ended
	Dec. 31, 2021
Other assets.
Other assets	12. Other assets The table below sets forth the components of total other assets at December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ($ in thousands) 2021 2020 Reinsurance assets 11,726 ​ 10,077 Prepayments 1,192 1,954 Tax receivable 2,161 10,100 Other receivables 20,094 12,240 Total other assets 35,173 34,371 ​

Other liabilities

Other liabilities	12 Months Ended
	Dec. 31, 2021
Other liabilities.
Other liabilities	13. Other liabilities The table below sets forth the components of total other liabilities at December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ 2021 ​ 2020 Audit fees payable ​ 3,372 ​ 2,333 General expenses payable ​ 42,474 ​ 42,810 Payable for capital provision assets ​ - ​ 256 Lease liabilities ​ 11,896 ​ 13,520 Insurance liabilities ​ 14,430 ​ 12,596 Long-term incentive compensation including accruals ​ 41,270 ​ 38,232 Legacy asset recovery incentive compensation including accruals ​ 12,615 ​ - Total other liabilities ​ 126,057 ​ 109,747 ​ The table below sets forth the changes in lease liabilities for the years ended December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ($ in thousands) 2021 2020 At January 1 13,520 ​ 19,389 Disposals - (4,282) Lease liabilities interest expense 864 1,252 Payments of lease liabilities during the year (2,456) (2,943) Exchange differences (32) 104 At December 31 11,896 13,520 ​

Debt issued

Debt issued	12 Months Ended
	Dec. 31, 2021
Debt issued
Debt issued	14. Debt issued The table below sets forth certain information with respect to the Group’s indebtedness outstanding at December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal amount ​ Balance sheet (at amortized cost) at ​ ​ ​ ​ ​ ​ USD ​ Currently ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ equivalent ​ outstanding ​ Currently ​ ​ ​ ​ ​ ​ ​ ​ Issuance ​ Maturity ​ face value at ​ (in local ​ outstanding ​ ​ ​ ​ ​ ($ in thousands) ​ date date ​ issuance ​ currency) ​ (in USD)* ​ ​ 2021 ​ 2020 Burford Capital PLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ £90,000,000 issued at 6.50% fixed rate ​ 8/19/2014 8/19/2022 ​ $ 143,176 £ 62,028 ​ $ 83,595 ​ $ 83,396 ​ $ 117,082 £100,000,000 issued at 6.125% fixed rate ​ 4/26/2016 10/26/2024 ​ $ 144,020 £ 100,000 ​ $ 134,770 ​ $ 134,092 ​ $ 135,561 £175,000,000 issued at 5.00% fixed rate ​ 6/1/2017 12/1/2026 ​ $ 225,803 £ 175,000 ​ $ 235,848 ​ $ 234,153 ​ $ 236,794 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Burford Capital Finance LLC ​ ​ ​ ​ ​ ​ ​ $180,000,000 issued at 6.125% fixed rate ​ 2/12/2018 8/12/2025 ​ $ 180,000 ​ $ 180,000 ​ $ 180,000 ​ $ 178,728 ​ $ 178,377 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Burford Capital Global Finance LLC ​ ​ ​ ​ ​ ​ ​ $400,000,000 issued at 6.25% fixed rate callable notes ​ 4/5/2021 4/15/2028 ​ $ 400,000 ​ $ 400,000 ​ $ 400,000 ​ $ 392,188 ​ $ - Total debt ​ ​ ​ ​ ​ ​ $ 1,022,557 ​ $ 667,814 * Converted using exchange rate at December 31, 2021 of 1.3477 USD/GBP . The following is a summary of the agreements governing the Group’s indebtedness outstanding at December 31, 2021 and 2020: Trust Deed, dated as of August 19, 2014, by and among Burford Capital PLC, as issuer, Burford Capital Limited, Burford Capital Finance LLC and Burford Capital Global Finance LLC, as guarantor, and U.S. Bank Trustees Limited, as trustee On August 19, 2014, Burford Capital PLC issued £90 million aggregate principal amount of 6.500% notes due 2022 (the “ 2022 Notes The 2022 Notes bear interest at a rate of 6.500% per annum, payable semiannually in arrears on February 19 and August 19 of each year. Burford Capital PLC may redeem the 2022 Notes, in whole, but not in part, at any time at the greater of (x) the principal amount and (y) an amount calculated by reference to the then-current yield of the UK 4.00% Treasury Gilt 2022 plus 1.0%, in each case, plus accrued and unpaid interest. Burford Capital PLC may redeem the 2022 Notes for certain tax reasons, in whole, but not in part, at any time at the principal amount, plus accrued and unpaid interest. The trust deed relating to the 2022 Notes contains certain covenants, including (i) a restriction on the creation of any security interest by Burford Capital PLC, Burford Capital Limited, Burford Capital Finance LLC or Burford Capital Global Finance LLC with respect to their respective businesses, undertakings, assets or revenues to secure certain financial indebtedness unless the 2022 Notes are secured equally, subject to certain exemptions, and (ii) a requirement that Burford Capital Limited maintains a level of consolidated net debt that is less than 50% of the level of its tangible assets. The 2022 Notes are governed by English law. At December 31, 2021, the Group was in compliance with the covenants set forth in the trust deed relating to the 2022 Notes. Trust Deed, dated as of April 26, 2016, by and among Burford Capital PLC, as issuer, Burford Capital Limited, Burford Capital Finance LLC and Burford Capital Global Finance LLC, as guarantor, and U.S. Bank Trustees Limited, as trustee On April 26, 2016, Burford Capital PLC issued £100 million aggregate principal amount of 6.125% notes due 2024 (the “ 2024 Notes The 2024 Notes bear interest at a rate of 6.125% per annum, payable semiannually in arrears on April 26 and October 26 of each year. Burford Capital PLC may redeem the 2024 Notes, in whole, but not in part, at any time at the greater of (x) the principal amount and (y) an amount calculated by reference to the then-current yield of the UK 2.75% Treasury Gilt 2024 plus 1.0%, in each case, plus accrued and unpaid interest. Burford Capital PLC may redeem the 2024 Notes for certain tax reasons, in whole, but not in part, at any time at the principal amount, plus accrued and unpaid interest. The trust deed relating to the 2024 Notes contains certain covenants, including (i) a restriction on the creation of any security interest by Burford Capital PLC, Burford Capital Limited, Burford Capital Finance LLC, or Burford Capital Global Finance LLC with respect to their respective businesses, undertakings, assets or revenues to secure certain financial indebtedness unless the 2024 Notes are secured equally, subject to certain exemptions, and (ii) a requirement that Burford Capital Limited maintains a level of consolidated net debt that is less than 50% of the level of its tangible assets. The 2024 Notes are governed by English law. At December 31, 2021, the Group was in compliance with the covenants set forth in the trust deed relating to the 2024 Notes. Trust Deed, dated as of June 1, 2017, by and among Burford Capital PLC, as issuer, Burford Capital Limited, Burford Capital Finance LLC and Burford Capital Global Finance LLC, as guarantor, and U.S. Bank Trustees Limited, as trustee On June 1, 2017, Burford Capital PLC issued £175 million aggregate principal amount of 5.000% notes due 2026 (the “ 2026 Notes The 2026 Notes bear interest at a rate of 5.000% per annum, payable semiannually in arrears on December 1 and June 1 of each year. Burford Capital PLC may redeem the 2026 Notes, in whole, but not in part, at any time at the greater of (x) the principal amount and (y) an amount calculated by reference to the then-current yield of the UK 1.5% Treasury Gilt 2026 plus 1.0%, in each case, plus accrued and unpaid interest. Burford Capital PLC may redeem the 2026 Notes for certain tax reasons, in whole, but not in part, at any time at the principal amount, plus accrued and unpaid interest. The trust deed relating to the 2026 Notes contains certain covenants, including (i) a restriction on the creation of any security interest by Burford Capital PLC, Burford Capital Limited, Burford Capital Finance LLC or Burford Capital Global Finance LLC with respect to their respective businesses, undertakings, assets or revenues to secure certain financial indebtedness unless the 2026 Notes are secured equally, subject to certain exemptions, and (ii) a requirement that Burford Capital Limited maintains a level of consolidated net debt that is less than 50% of the level of its tangible assets. The 2026 Notes are governed by English law. At December 31, 2021, the Group was in compliance with the covenants set forth in the trust deed relating to the 2026 Notes. Trust Deed, dated as of February 12, 2018, by and among Burford Capital Finance LLC, as issuer, Burford Capital Limited, Burford Capital PLC and Burford Capital Global Finance LLC, as guarantors, and U.S. Bank Trustees Limited, as trustee On February 12, 2018, Burford Capital Finance LLC issued $180 million aggregate principal amount of 6.125% notes due 2025 (the “ 2025 Notes The 2025 Notes bear interest at a rate of 6.125% per annum, payable semiannually in arrears on February 12 and August 12 of each year. Burford Capital Finance LLC may redeem the 2025 Notes for certain tax reasons, in whole, but not in part, at any time at the principal amount, plus accrued and unpaid interest. The trust deed relating to the 2025 Notes contains certain covenants, including (i) a restriction on the creation of any security interest by Burford Capital Finance LLC, Burford Capital Limited, Burford Capital PLC or Burford Capital Global Finance LLC with respect to their respective businesses, undertakings, assets or revenues to secure certain financial indebtedness unless the 2025 Notes are secured equally, subject to certain exemptions, and (ii) a requirement that Burford Capital Limited maintains a level of consolidated net debt that is less than 50% of the level of its tangible assets. The 2025 Notes are governed by English law. At December 31, 2021, the Group was in compliance with the covenants set forth in the trust deed relating to the 2025 Notes. Indenture, dated as of April 5, 2021, by and among Burford Capital Global Finance LLC, as issuer, Burford Capital Limited, as parent guarantor, the other guarantors party thereto from time to time and U.S. Bank Trust Company, National Association, as trustee On April 5, 2021, Burford Capital Global Finance LLC issued $400 million aggregate principal amount of 6.250% senior notes due 2028 (the “ 2028 Notes The 2028 Notes bear interest at a rate of 6.250% per annum, payable semiannually in arrears on April 15 and October 15 of each year. Burford Capital Global Finance LLC may redeem some or all of the 2028 Notes on or after April 15, 2024, at the redemption prices set forth in the indenture relating to the 2028 Notes, plus accrued and unpaid interest. Burford Capital Global Finance LLC may redeem some or all of the 2028 Notes at any time before April 15, 2024, at a redemption price equal to 100% of the aggregate principal amount of the 2028 Notes redeemed, plus a make-whole premium and accrued and unpaid interest. In addition, prior to April 15, 2024, Burford Capital Global Finance LLC may redeem at its option up to 40% of the aggregate principal amount of the 2028 Notes with the proceeds of certain equity offerings at the redemption price set forth in the indenture relating to the 2028 Notes, provided that at least 50% of the aggregate principal amount of the 2028 Notes remains outstanding. Furthermore, Burford Capital Global Finance LLC will be required to make an offer to repurchase all of the 2028 Notes upon the occurrence of certain events constituting a change of control at a price equal to 101% of the principal amount of the 2028 Notes, plus accrued and unpaid interest. If Burford Capital Global Finance LLC sells certain assets and the net cash proceeds are not applied as permitted under the indenture relating to the 2028 Notes, Burford Capital Global Finance LLC may be required to use such proceeds to offer to purchase some of the 2028 Notes at 100% of the aggregate principal amount of the 2028 Notes repurchased, plus accrued and unpaid interest. The indenture relating to the 2028 Notes contains certain customary covenants, including restrictions on the ability of Burford Capital Limited and its restricted subsidiaries to (i) incur or guarantee additional indebtedness, (ii) pay cash dividends or make other cash distributions in respect of, or repurchase or redeem, capital stock or make other restricted payments (including restricted investments), (iii) create or incur certain liens, (iv) merge or consolidate with another company or sell all or substantially all of their assets and (v) enter into transactions with affiliates. The 2028 Notes are governed by the laws of the State of New York. At December 31, 2021, the Group was in compliance with the covenants set forth in the indenture relating to the 2028 Notes. The table below sets forth a summary of the changes in the outstanding indebtedness due to cash flows and non-cash changes for the years ended December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ($ in thousands) ​ ​ ​ ​ Debt issued 2021 2020 At January 1 ​ 677,370 ​ 665,342 Debt issued ​ 400,000 ​ - Amortized debt issue costs ​ (8,742) ​ - Interest expense ​ 58,647 ​ 39,048 Interest paid ​ (51,270) ​ (37,890) Foreign exchange (loss)/gain ​ (5,601) ​ 15,834 Debt buyback ​ (33,929) ​ (4,964) At period end ​ 1,036,475 ​ 677,370 Split: ​ ​ Debt issued ​ 1,022,557 ​ 667,814 Debt interest payable ​ 13,918 ​ 9,556 Total debt issued ​ 1,036,475 ​ 677,370 ​ The table below sets forth unamortized issuance costs of the outstanding indebtedness at December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ($ in thousands) 2021 2020 6.5% due Aug 2022 199 515 6.125% due Oct 2024 678 929 6.125% due Aug 2025 1,272 1,623 5.0% due Dec 2026 1,695 2,063 6.25% due Apr 2028 7,812 - ​ The table below sets forth the components of total finance costs of the outstanding indebtedness for the years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (S in thousands) 2021 ​ 2020 ​ 2019 Debt interest expense 56,454 37,814 37,528 Debt issue costs incurred as finance costs 2,193 1,234 1,219 Total finance costs 58,647 39,048 38,747 ​

Goodwill and Intangible assets

Goodwill and Intangible assets	12 Months Ended
	Dec. 31, 2021
Goodwill and intangible assets
Goodwill and Intangible assets	15. Goodwill and intangible asset Goodwill arises on the acquisition of subsidiaries and represents the excess of the purchase consideration over the fair value of the Group’s share of the assets acquired and the liabilities assumed on the acquisition date. The Group’s goodwill primarily relates to the acquisition of BCIM Holdings LLC on December 14, 2016. The tables below set forth the allocation of the carrying value of goodwill to each of the Group’s operating business segments at December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset ​ ​ ​ ​ ​ ​ ​ ​ management ​ ​ ​ ​ ​ ​ Capital ​ and other ​ Other ​ ​ ($ in thousands) provision services Corporate Total At January 1, 2021 ​ 107,991 ​ 25,020 ​ 1,021 ​ 134,032 Foreign exchange (losses) ​ - ​ - ​ (13) ​ (13) At December 31, 2021 ​ 107,991 ​ 25,020 ​ 1,008 ​ 134,019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset ​ ​ ​ ​ ​ ​ ​ ​ management ​ ​ ​ ​ ​ ​ Capital ​ and other ​ Other ​ ​ ($ in thousands) ​ provision ​ services ​ Corporate ​ Total At January 1, 2020 107,991 25,020 988 133,999 Foreign exchange gains - - 33 33 At December 31, 2020 107,991 25,020 1,021 134,032 ​ At December 31, 2021 and 2020, management has determined there was no evidence of goodwill impairment. In connection with the acquisition of BCIM Holdings LLC, the Group recorded an intangible asset of $39,666,000 representing an assessment, for accounting purposes, of the value of BCIM Holdings LLC’s future asset management income at the acquisition date. The intangible asset became fully amortized in 2020 and was being amortized in accordance with revenue generated from asset management income, therefore there is no amortization expense in 2021 (2020: $8,703,000; 2019: $9,495,000). There were no impairments of the intangible asset during the years ended December 31, 2021, 2020 and 2019.

Fair value of assets and liabil

Fair value of assets and liabilities	12 Months Ended
	Dec. 31, 2021
Fair value of assets and liabilities
Fair value of assets and liabilities (Does not include BOF-C)	16. Fair value of assets and liabilities Valuation methodology The table below sets forth the fair value of financial instruments grouped by the fair value level of hierarchy and techniques described in note 2 ( Summary of significant accounting policies ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Total Assets ​ Capital provision assets ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instrument ​ ​ ​ ​ ​ ​ ​ ​ Single case ​ - ​ - ​ 617,088 ​ 617,088 Portfolio ​ - ​ - ​ 1,618,963 ​ 1,618,963 Portfolio with equity risk ​ - ​ - ​ 200,484 ​ 200,484 Legal risk management ​ - ​ - ​ 2,550 ​ 2,550 Non-derivative/financial asset ​ ​ ​ ​ ​ ​ ​ ​ Joint ventures and equity method investments ​ - ​ - ​ 139,964 ​ 139,964 Other - ​ - ​ 2,083 2,083 ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets of consolidated investment companies ​ ​ ​ ​ ​ ​ ​ Complex strategies ​ - ​ - ​ 12,855 ​ 12,855 Litigation finance (BOF-C) - ​ - ​ 306,478 306,478 ​ ​ ​ ​ ​ ​ ​ ​ ​ Due from settlement ​ ​ ​ ​ ​ 86,311 ​ 86,311 ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable securities ​ ​ ​ ​ ​ ​ ​ - Asset backed securities ​ - ​ 56,285 ​ - ​ 56,285 Corporate bonds ​ - ​ 84,003 ​ - ​ 84,003 Mutual funds ​ 10,636 ​ 8,912 ​ - ​ 19,548 US treasuries & commercial paper ​ 15,500 ​ - ​ - ​ 15,500 Total assets 26,136 149,200 2,986,776 3,162,112 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ Debt issued, at fair value* 648,754 422,872 - 1,071,626 Financial liabilities related to third-party interests in capital provision assets ​ - ​ - ​ 398,595 ​ 398,595 Total liabilities 648,754 422,872 ​ 398,595 1,470,221 Net total (622,618) (273,672) 2,588,181 1,691,891 * Debt issued is held at amortized cost in the consolidated financial statements, and the figures disclosed in the above tables represent the fair value equivalent amounts. The Group has elected the fair value option for certain equity method investments, due from settlements of capital provision assets and financial liabilities relating to third-party interests in capital provision assets. Interest and dividend income on these assets are recognized as income when they are earned. There were no gains or losses The key risk and sensitivity across all of the capital provision assets relates to the underlying litigation associated with each case that is underwritten and financed. The sensitivity to this Level 3 input is therefore considered to be similar across the different types of capital provision assets and is expressed as a portfolio-wide stress. The table below sets forth the components of the total assets and liabilities at each fair value level at December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Total Assets ​ Capital provision assets ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instrument ​ ​ ​ ​ ​ ​ Single case ​ - ​ - ​ 594,502 ​ 594,502 Portfolio ​ - ​ - ​ 1,581,794 ​ 1,581,794 Legal risk management ​ - ​ - ​ 2,213 ​ 2,213 Non-derivative/Financial asset ​ ​ ​ ​ ​ ​ ​ ​ Joint ventures and equity method investments ​ - ​ - ​ 130,557 ​ 130,557 Other ​ - ​ - ​ 2,083 ​ 2,083 ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets of consolidated investment companies ​ ​ ​ ​ ​ ​ Complex strategies - ​ - ​ 85,166 85,166 Litigation finance (BOF-C) ​ - ​ - ​ 168,427 ​ 168,427 ​ ​ ​ ​ ​ ​ ​ ​ ​ Due from settlement ​ - ​ - ​ 30,708 ​ 30,708 ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable securities ​ ​ ​ ​ ​ ​ ​ ​ Corporate bonds ​ - ​ 5,137 ​ - ​ 5,137 Mutual funds ​ 11,457 ​ - ​ - ​ 11,457 Total assets 11,457 5,137 2,595,450 2,612,044 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ Debt issued, at fair value* ​ 646,083 ​ - ​ - ​ 646,083 Financial liabilities for third-party interests in capital provision assets ​ - ​ - ​ 400,660 ​ 400,660 Total liabilities 646,083 - - 400,660 1,046,743 Net total (634,626) 5,137 2,194,790 1,565,301 * Debt issued is held at amortized cost in the consolidated financial statements, and the figures disclosed in the above tables represent the fair value equivalent amounts. Movements in Level 3 fair value assets and liabilities The table below sets forth the analysis of the movements in the level 3 financial assets and liabilities for the year ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transfers ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ At January 1, ​ Transfers ​ between ​ ​ ​ ​ ​ Income for ​ exchange ​ At December 31, ($ in thousands) ​ 2021 ​ into level 3 ​ types ​ Additions ​ Realizations ​ the period ​ gains/(losses) ​ 2021 Single case ​ 594,502 ​ - ​ (2,727) ​ 133,131 ​ (206,573) ​ 99,346 ​ (591) ​ 617,088 Portfolio ​ 1,581,794 ​ - ​ 2,727 ​ 84,074 ​ (59,070) ​ 12,703 ​ (3,265) ​ 1,618,963 Legal risk management ​ 2,213 ​ - ​ - ​ 156 ​ - ​ 375 ​ (194) ​ 2,550 Portfolio with equity risk ​ - ​ - ​ - ​ 212,384 ​ - ​ (11,900) ​ - ​ 200,484 Joint ventures and equity method investments ​ 130,557 ​ - ​ - ​ 19,327 ​ (1,799) ​ 2,742 ​ (10,863) ​ 139,964 Other ​ 2,083 ​ - ​ - ​ - ​ - ​ - ​ - ​ 2,083 Complex strategies ​ 85,166 ​ - ​ - ​ - ​ (81,022) ​ 8,711 ​ - ​ 12,855 Litigation finance (BOF-C) ​ 168,427 ​ - ​ - ​ 224,893 ​ (106,684) ​ 19,842 ​ - ​ 306,478 Total capital provision assets ​ 2,564,742 ​ - ​ - ​ 673,965 ​ (455,148) ​ 131,819 ​ (14,913) ​ 2,900,465 Due from settlement ​ 30,708 ​ - ​ - ​ 455,148 ​ (399,705) ​ 160 ​ ​ ​ 86,311 Total level 3 assets ​ 2,595,450 ​ - ​ - ​ 1,129,113 ​ (854,853) ​ 131,979 ​ (14,913) ​ 2,986,776 Financial liabilities for third-party interests in capital provision assets ​ 400,660 ​ - ​ - ​ - ​ (37) ​ (2,028) ​ - ​ 398,595 Total level 3 liabilities ​ 400,660 ​ - ​ - ​ - ​ (37) ​ (2,028) ​ - ​ 398,595 ​ The table below sets forth the analysis of the movements in the level 3 financial assets and liabilities for the year ended December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transfers ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ At January 1, ​ Transfers ​ between ​ ​ ​ ​ ​ Income for ​ exchange ​ At December 31, ($ in thousands) ​ 2020 ​ into level 3 ​ types ​ Additions ​ Realizations ​ the period ​ gains/(losses) ​ 2020 Single case ​ 412,167 ​ - ​ 47,597 ​ 125,463 ​ (166,461) ​ 172,405 ​ 3,331 ​ 594,502 Portfolio ​ 1,469,926 ​ - ​ 38,531 ​ 89,119 ​ (172,925) ​ 154,134 ​ 3,009 ​ 1,581,794 Legal risk management ​ 1,619 ​ - ​ - ​ - ​ - ​ 414 ​ 180 ​ 2,213 Asset recovery ​ 86,128 ​ - ​ (86,128) ​ - ​ - ​ - ​ - ​ - Joint ventures and equity method investments ​ 110,608 ​ - ​ - ​ 11,373 ​ (1,314) ​ (824) ​ 10,714 ​ 130,557 Other ​ 2,083 ​ - ​ - ​ - ​ - ​ - ​ - ​ 2,083 Complex strategies ​ 192,356 ​ 49,950 ​ - ​ - ​ (173,049) ​ 15,909 ​ - ​ 85,166 Litigation finance (BOF-C) ​ 106,599 ​ - ​ - ​ 71,188 ​ (19,663) ​ 10,303 ​ - ​ 168,427 Total capital provision assets ​ 2,381,486 ​ 49,950 ​ - ​ 297,143 ​ (533,412) ​ 352,341 ​ 17,234 ​ 2,564,742 Due from settlement ​ 52,514 ​ - ​ - ​ 526,588 ​ (548,593) ​ 199 ​ - ​ 30,708 Total level 3 assets ​ 2,434,000 ​ 49,950 ​ - ​ 823,731 ​ (1,082,005) ​ 352,540 ​ 17,234 ​ 2,595,450 Financial liabilities for third-party interests in capital provision assets ​ 401,444 ​ - ​ - ​ 224 ​ - ​ (1,008) ​ - ​ 400,660 Total level 3 liabilities ​ 401,444 ​ - ​ - ​ 224 ​ - ​ (1,008) ​ - ​ 400,660 ​ There were no gains or losses recognized in other comprehensive income with respect to these assets and liabilities. All transfers into and out of Level 3 are recognized as if they have taken place at the beginning of each reporting period. There were no transfers into Level 3 during the year ended December 31, 2021, and transfers into Level 3 during the year ended December 31, 2020, of $49,950,000 related to assets where the underlying asset no longer has a quoted price and becomes subject to the Group’s valuation methodology for Level 3 financial instruments as set forth in the accounting policies in note 2 ( Summary of significant accounting policies Sensitivity of Level 3 valuations For the vast majority of the Group’s legal finance assets, valuation relates to objective events in the litigation process. If there have been no objective events, the Group typically assesses the fair value of its legal finance assets to be equivalent to the cost of the assets in line with its valuation policy and the absence of an objective event impacting valuation assessment. The valuation policy assigns valuation changes in fixed ranges based on these objective events. The valuation policy discounts the impact of the objective events commensurate with the remaining litigation risk, including both the likelihood of a positive outcome and the time required to reach that outcome. Because the Group’s legal finance assets are typically relatively short in tenor (two to three years), no additional discounting explicitly for the time value of money is usually applied. Instead, the potential impact of timing is encompassed in the applicable value range. In a small number of instances, the Group has the benefit of a secondary sale of a portion of an asset. When that occurs, the market evidence is factored into the valuation process, and results on portfolios with multiple fair value factors are presented based on whether the portfolios are in an overall positive or negative fair value position. The more robust the market testing of value is, the more weight that is accorded to the market price. The tables below set forth a stratification of the Group’s capital provision direct and indirect Level 3 assets into different categories of fair valuation factors (reflecting the objective litigation events) that underlie the valuation of those assets at December 31, 2021 and 2020: At December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Positive fair value adjustments Negative fair value adjustments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Total ​ ​ ​ Aggregate ​ ​ ​ average (2) Total ​ ​ Aggregate ​ ​ ​ ​ ​ average ​ ​ ($ in thousands) Unobservable carrying ​ ​ ​ FV ​ ​ ​ FV ​ carrying ​ ​ FV ​ ​ ​ ​ ​ FV ​ ​ Asset fair valuation factors inputs value ​ Cost ​ adjustment Range ​ adjustment % (1) value ​ Cost adjustment ​ ​ Range ​ adjustment % (5) ​ ​ Market transactions (4) Litigation risk ​ 1,160,354 ​ ​ 57,128 ​ ​ 1,103,225 ​ NA (3) NA (3) - ​ - - ​ ​ NA (3) ​ NA (3) ​ ​ Ruling or other objective pre-trial event Litigation risk ​ 161,718 ​ ​ 103,059 ​ ​ 58,659 ​ 30% to 50% ​ 31% ​ 6,742 ​ 10,783 (4,041) ​ ​ -32% to 60% ​ ​ (33)% ​ ​ ​ Trial court judgment or tribunal award Litigation risk ​ 78,938 ​ ​ 41,879 ​ ​ 37,059 ​ 50% to 60% ​ 47% ​ 669 ​ 1,505 (836) ​ ​ -80% to -80% ​ ​ 0% ​ ​ ​ Appeal judgment Litigation risk ​ 24,776 ​ ​ 16,620 ​ ​ 8,156 ​ 17% to 80% ​ 20% ​ - ​ - - ​ ​ -100% to -100% ​ ​ 0% ​ ​ ​ Settlements Litigation risk ​ 95,788 ​ ​ 63,148 ​ ​ 32,640 ​ 10% to 100% ​ 43% ​ 9,653 ​ 23,898 (14,245) ​ ​ -9% to -170% ​ ​ 0% ​ ​ ​ Held at cost Litigation risk ​ 818,805 ​ ​ 795,988 ​ ​ 22,818 ​ 0% ​ NA*** ​ 1,018 ​ 5,954 (4,936) ​ ​ 0 ​ ​ NA (3) ​ ​ Portfolios with multiple FV factors (6) Litigation risk ​ 283,643 ​ ​ 194,608 ​ ​ 89,035 ​ -100% to 80% ​ (53)% ​ 7,248 ​ 14,282 (7,034) ​ ​ -60% to -60% ​ ​ 0% ​ ​ ​ Priced at cost plus accrued interest Litigation risk ​ - ​ ​ - ​ ​ - ​ 0% ​ 0% ​ 12,855 ​ 11,156 1,699 ​ ​ 0 ​ ​ NA (3) ​ ​ Discounted cash flow Discount rate ​ - ​ ​ - ​ ​ - ​ 0% ​ 0% ​ 235,212 ​ 250,797 (15,585) ​ ​ 12.9% ​ ​ 12.9% ​ ​ ​ Discounted cash flow Resolution timing ​ - ​ ​ - ​ ​ - ​ 0% ​ 0% ​ - ​ - - ​ ​ 9 to 69 months ​ ​ 38 months ​ ​ ​ Discounted cash flow Conversion ratio ​ - ​ ​ - ​ ​ - ​ 0% ​ 0% ​ - ​ - - ​ ​ 5.4 ​ ​ 5.4 ​ ​ ​ Other Litigation risk ​ 2,551 ​ ​ - ​ ​ 2,551 ​ -100% to 80% ​ 100% ​ 495 ​ 3,280 (2,785) ​ ​ -100% to -100% ​ ​ 0% ​ ​ Total capital provision assets ​ 2,626,573 ​ 1,272,430 ​ 1,354,143 273,892 321,655 (47,763) ​ ​ ​ Due from settlement: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held at cost ​ ​ 86,311 ​ ​ - ​ ​ 86,311 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total level 3 assets ​ 2,712,884 ​ 1,272,430 ​ 1,440,454 273,892 321,655 (47,763) ​ ​ ​ (1) As percentage of expected recovery above cost. (2) Weighted by fair value of asset. (3) Not valued based on a percentage of expected recovery. (4) Although market transactions are a significant input into the valuation of these assets, the nature of these market transactions and the influence of other factors on valuation causes these assets to be characterized as Level 3 rather than Levels 1 or 2. (5) As percentage of cost. (6) Portfolios where the underlying cases have multiple FV factors: If a portfolio’s cases have only one FV factor, the portfolio is categorized with that factor. FV adjustment statistics for portfolios represent the weighted average, maximum and minimum adjustments for the underlying cases in those portfolios. (7) Weighted by cost of asset. ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ ​ ​ ​ ​ Total capital provision level 3 assets ​ Carrying value Cost Unrealized gain Capital provision-direct ​ 2,887,610 ​ 1,582,929 ​ 1,304,681 Capital provision-indirect ​ 12,855 ​ 11,156 ​ 1,699 Total capital provision ​ 2,900,465 ​ 1,594,085 ​ 1,306,380 ​ At December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Positive fair value adjustments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Negative fair value adjustments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Total ​ ​ ​ Aggregate ​ ​ ​ average (2) Total ​ ​ Aggregate ​ ​ ​ ​ ​ average (7) ​ ($ in thousands) Unobservable carrying ​ ​ ​ FV ​ ​ ​ FV ​ carrying ​ ​ FV ​ ​ ​ ​ ​ FV ​ ​ Asset fair valuation factors inputs value ​ Cost ​ adjustment Range ​ adjustment % (1) value ​ Cost adjustment ​ ​ Range ​ adjustment % (5) ​ Market transactions (4) Litigation risk ​ 1,159,533 ​ ​ 47,988 ​ ​ 1,111,545 ​ NA (3) NA*** (3) - ​ - - ​ ​ NA (3) ​ NA (3) ​ Ruling or other objective pre-trial event Litigation risk ​ 227,252 ​ ​ 148,840 ​ ​ 78,412 0%-50% % 33 % 6,413 ​ 10,198 (3,785) ​ -32% to -60% ​ ​ (37) % ​ Trial court judgment or tribunal award Litigation risk ​ 67,252 ​ ​ 35,910 ​ ​ 31,342 35%-60% % 50 % 196 ​ 980 (784) ​ -80% to -80% ​ ​ (80) % ​ Appeal judgment Litigation risk ​ 32,148 ​ ​ 21,242 ​ ​ 10,906 20%-80% % 37 % 500 ​ 1,000 (500) ​ (50)% ​ ​ (50) % ​ Settlements Litigation risk ​ 88,827 ​ ​ 64,091 ​ ​ 24,736 11%-80% % 40 % 12,000 ​ 29,875 (17,875) ​ -9% to -70% ​ ​ (62) % ​ Held at cost Litigation risk ​ 580,190 ​ ​ 580,190 ​ ​ - NA (3) NA (3) - ​ - - ​ NA (3) ​ NA (3) ​ Portfolios with multiple FV factors (6) Litigation risk ​ 296,405 ​ ​ 202,832 ​ ​ 93,573 -100%-60% % 36 % 6,152 ​ 13,186 (7,034) ​ (60)% ​ ​ (60) % ​ Priced at cost plus accrued interest Litigation risk ​ 72,038 ​ ​ 60,991 ​ ​ 11,047 NA (3) NA (3) 13,128 ​ 14,826 (1,698) ​ NA (3) ​ NA (3) ​ Other Litigation risk ​ 2,213 ​ ​ - ​ ​ 2,213 100%-100% % 100 % 495 ​ 3,280 (2,785) ​ (85)% ​ ​ (85) % ​ Total capital provision assets ​ $ 2,525,858 ​ $ 1,162,084 ​ $ 1,363,774 ​ $ 38,884 ​ 73,345 (34,461) ​ ​ ​ ​ ​ Due from settlement: ​ ​ ​ ​ ​ ​ ​ ​ Held at cost ​ 30,708 ​ - ​ 30,708 ​ ​ ​ ​ - ​ - - ​ ​ ​ ​ ​ ​ ​ Total level 3 assets ​ $ 2,556,566 ​ $ 1,162,084 ​ $ 1,394,482 38,884 ​ 73,345 (34,461) ​ ​ ​ (1) As percentage of expected recovery above cost. (2) Weighted by fair value of asset. (3) Not valued based on a percentage of expected recovery. (4) Although market transactions are a significant input into the valuation of these assets, the nature of these market transactions and the influence of other factors on valuation causes these assets to be characterized as Level 3 rather than Levels 1 or 2. (5) As percentage of cost. (6) Portfolios where the underlying cases have multiple FV factors: If a portfolio’s cases have only one FV factor, the portfolio is categorized with that factor. FV adjustment statistics for portfolios represent the weighted average, maximum and minimum adjustments for the underlying cases in those portfolios. (7) Weighted by cost of asset. ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ ​ ​ ​ ​ Total capital provision level 3 assets ​ Carrying value Cost Unrealized gain Capital provision-direct 2,479,576 1,159,612 1,319,964 Capital provision-indirect 85,166 75,817 9,349 Total capital provision 2,564,742 1,235,429 1,329,313 ​ Following origination, the Group engages in a review of each capital provision asset’s fair value in connection with the preparation of the consolidated financial statements. At December 31, 2021, should the value of those instruments have been 10% higher or lower than provided for in the Group’s fair value estimation, while all other variables remained constant, the Group’s income and net assets would have increased and decreased respectively by $258,818,000 (2020: $219,479,000). The sensitivity impact has been provided on a pre-tax basis on both income and net assets as the Group considers the fluctuation in the Group’s effective tax rate from period to period could indicate changes in sensitivity not driven by the valuation that are difficult to follow and detract from the comparability of this information. Reasonably possible alternative assumptions The determination of fair value for capital provision assets, derivative financial liabilities and asset subparticipations involves significant judgments and estimates. While the potential range of outcomes for the assets is wide, the Group’s fair value estimation is its best assessment of the current fair value of each asset. Such estimate is inherently subjective, being based largely on an assessment of how individual events have changed the possible outcomes of the asset and their relative probabilities and hence the extent to which the fair value has altered. The aggregate of the fair values selected falls within a wide range of reasonably possible estimates. In the Group’s opinion, there is no useful alternative valuation that would better quantify the market risk inherent in the portfolio and there are no inputs or variables to which the values of the assets are correlated.

Variable interest entities

Variable interest entities	12 Months Ended
	Dec. 31, 2021
Variable interest entities
Variable interest entities	17. Variable interest entities Consolidated VIEs Pursuant to US GAAP consolidation guidance, the Group consolidates certain VIEs for which it is considered the primary beneficiary, either directly or indirectly, through a consolidated entity or affiliate. See note 2 (“ Summary of significant accounting policies—Consolidation” Consolidated VIEs include entities relating to the Group’s investment funds (BOF-C, Strategic Value and the Burford Advantage Fund), investment vehicles for sale and resale of the participation interests (Colorado) and acquisition of interests in secured promissory notes (Forest Hills Investments LLC). The purpose of the investment funds is to provide strategy specific investment opportunities for investors in exchange for management and performance-based fees. The investment strategies of the funds differ by product, but the fundamental risks are similar, including loss of invested capital and loss of management and performance-based fees. Colorado is an exempted company established to receive a portion of the Group’s interest in the YPF-related Petersen claims and provide a vehicle for the sale and resale of the participation interests. The Group, together with BCIM Partners III, LP and BCIM Credit Opportunities LP acquired interest in certain secured promissory notes through Forest Hills Investments LLC. The secured promissory notes are legal finance investments with proceeds payable out of two underlying litigation matters. This structure provides for the sharing of the economics, interest payments and settlement cash flows among the Group, BCIM Partners III, LP and BCIM Credit Opportunities LP. In prior periods, consolidated VIEs also included certain “carry pools” entities that were governed by a partnership agreement between the Company as the general partner and certain employees of the Group as limited partners. Limited partners were invited to join the partnership to acquire an interest in a portion of potential realized profits from qualifying capital provision assets held by the Group. The “carry pools” program was terminated during the year ended December 31, 2021, and replaced with the “phantom carry pool” program that no longer requires the use of a separate legal entity. The Group provides revolving credit facilities to certain managed funds for capital calls as required. These revolving credit facilities are entirely discretionary insofar as the Group is not obligated to provide funding under the revolving credit facilities. There was no amount outstanding under the revolving credit facilities at December 31, 2021 and 2020, respectively. The table below sets forth assets and liabilities of the consolidated VIEs at December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ($ in thousands) ​ ​ 2021 2020 Total assets ​ ​ 887,719 776,289 Total liabilities ​ ​ (5,199) (16,971) ​ The table below sets forth the income, proceeds, funding and cash balances of the consolidated VIEs at December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ 2021 2020 2019 Total income ​ 13,167 609 123,859 Cash flows: ​ ​ ​ ​ Proceeds ​ (139,825) (32,943) 9,220 Funding ​ 224,893 20,557 165,864 Cash balance ​ 40,547 2,101 10,008 Restricted cash ​ - - 95,226 ​ The Group provides revolving credit facilities to certain managed funds for capital calls as required. These revolving credit facilities are entirely discretionary insofar as the Group is not obligated to provide funding under the revolving credit facilities. There was no amount outstanding under the revolving credit facilities at December 31, 2021 and 2020, respectively. Unconsolidated VIEs The Group’s maximum exposure to loss from the unconsolidated VIEs is the sum of capital provision assets, fee receivables, accrued income and loans to the unconsolidated VIEs and was $22,733,000 at December 31, 2021 (2020: $23,845,000). The table below sets forth the Group’s maximum exposure to loss due to its involvement with the unconsolidated VIEs at December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ 2021 ​ 2020 Total on balance sheet exposure ​ 16,355 ​ 14,910 Off-balance sheet - undrawn commitments ​ 6,378 ​ 8,935 Maximum exposure to loss ​ 22,733 23,845 ​

Joint ventures and equity metho

Joint ventures and equity method investments	12 Months Ended
	Dec. 31, 2021
Joint ventures and equity method investments.
Joint ventures and equity method investments	18. Joint ventures and associate investments The Group holds certain of its capital provision assets through joint ventures that are accounted for at fair value through profit or loss. See note 16 (“ Fair value of assets and liabilities” At December 31, 2021, the Group’s share of commitments for these joint ventures and associate investments was $84,590,000 and $16,402,000, respectively (2020: $116,029,000 and $16,242,000, respectively), and was included in the commitment amounts relating to asset agreements. See note 22 (“ Financial commitments and contingent liabilities”

Shareholders equity

Shareholders equity	12 Months Ended
	Dec. 31, 2021
Shareholders' equity
Shareholders' equity	19. Shareholders’ equity Shareholder rights and dividends All of the Company’s issued and outstanding ordinary shares are fully paid. Holders of the Company’s ordinary shares do not have conversion or redemption rights. There are no provisions in the Company’s memorandum of incorporation or articles of incorporation discriminating against a shareholder as a result of such shareholder’s ownership of a particular number of the Company’s ordinary shares. Each holder of the Company’s ordinary shares who is present in person (including any corporation by its duly authorized representative) or by proxy at a general meeting will have one vote on a show of hands and, on a poll, if present in person or by proxy, will have one vote for every ordinary share held by such holder. Ordinary resolutions require approval by a simple majority of the votes at a general meeting at which a quorum is present. The Board may provide for classes of shares other than ordinary shares, including series of preferred shares. If any preferred shares are issued, the rights, preferences and privileges of the Company’s ordinary shares will be subject to, and may be adversely affected by, the rights of holders of the Company’s preferred shares. The rights attached to any class of shares may be varied only with the consent in writing of the holders of a majority of the issued shares of such class or with the sanction of an ordinary resolution passed by a majority of the votes cast at a separate meeting of the holders of the shares of such class. If the Company is liquidated, the liquidator may, with the authority of a special resolution, divide among the shareholders, in the form specified, the whole or any part of the Company’s assets. For such purpose, the liquidator may set the value of any assets and determine how the division will be carried out between the shareholders or different classes of shareholders. The Company's memorandum of incorporation and articles of incorporation do not impose limitations on the rights of persons to own the Company's securities, including rights of non-resident or foreign shareholders to hold or exercise voting rights with respect to the Company’s securities. There are no provisions in the Company’s memorandum of incorporation or articles of incorporation that would have the effect of delaying, deferring or preventing a change in control of the Company and that would operate only with respect to a merger, acquisition or corporate restructuring involving the Company or any of its subsidiaries. Dividends Dividends on the Company’s issued and outstanding ordinary shares are payable at the discretion of the Board. Each year, once the prior year’s results of operation are known, the Board reviews the Company’s profits, cash generation and cash needs and recommends a dividend level to shareholders for consideration at the Company’s annual general meeting. The Company may declare dividends by ordinary resolution at a general meeting in accordance with the respective rights of any class of shares. No dividend may exceed the amount recommended by the Board. Subject to the provisions of the Guernsey Companies Law, the Board may, if it thinks fit, from time to time pay interim dividends if it appears to the Board they are justified by the assets of the Company. Subject to rights which may attach to any other class of shares, holders of the Company’s ordinary shares are entitled to receive ratably all dividends, if any, that are declared. Dividends may be paid in any currency that the Board determines. The declaration and payment of dividends and distributions, if any, is subject to the discretion of the Board and the requirements of Guernsey law (including, among others, satisfaction of a statutory solvency test). The timing and amount of any dividends or distributions declared depends on, among others, the Company’s cash flows from operations and available liquidity, its earnings and financial position and any applicable contractual restrictions. Any dividend that has not been claimed after a period of 12 years from the date it became due for payment will, if the Board so resolves, be forfeited. The table below sets forth dividends for the years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ Record date 2020 Record date 2019 Record date Interim dividend 6.25 ¢ November 12, 2021 - 4.17 ¢ November 15, 2019 Final dividend 6.25 ¢ May 27, 2022 12.50 ¢ May 28, 2021 - ​ Total dividend 12.50 ¢ 12.50 ¢ 4.17 ¢ ​ Employee benefit trust The Burford Capital Limited Employee Benefit Trust was established to assist in the Group’s administration of the LTIP. While the Group does not have legal ownership of the Burford Capital Limited Employee Benefit Trust and the Group’s ability to influence the actions of the Burford Capital Limited Employee Benefit Trust is limited by the trust deed, the Burford Capital Limited Employee Benefit Trust is treated as being controlled by the Group for accounting purposes and, therefore, is consolidated. Shares held in the Burford Capital Limited Employee Benefit Trust at the period end are included in issued shares. Contingent share capital The acquisition of BCIM Holdings LLC in December 2016 included $15,000,000 of contingent equity consideration. In calculating the fair value of the contingent equity consideration, a discount of 10% was applied for non-performance risk, hence the contingent equity consideration was valued at $13,500,000 at the acquisition date. 2,461,682 ordinary shares will be issued after BCIM Holdings LLC’s investment funds contribute more than $100 million in performance fee income (and, in certain instances, fee income from new funds or other capital provision income) to the Group. If the $100 million income target is not achieved, no contingent equity consideration will be payable.

Share-based compensation

Share-based compensation	12 Months Ended
	Dec. 31, 2021
Share-based compensation
Share-based compensation	20. Share-based compensation In 2016, shareholders approved the LTIP, which was amended and extended by shareholder approval on May 13, 2020. The LTIP creates alignment between participants in the LTIP and public shareholders and creates a long-term retention vehicle. All of the Group’s employees may be granted awards under the LTIP, and the Group typically makes an initial LTIP grant to each new employee and periodic grants thereafter. The LTIP is administered by the Compensation Committee of the Board. The Compensation Committee has discretion to select plan participants, determine the type and the number of awards and set the performance targets or adjust them in certain circumstances; provided the Group to exceed 10% of the Company’s issued ordinary share capital at the proposed date of grant. The satisfaction of awards through the purchase of shares on the open market will be treated as an issuance of ordinary shares for the purposes of the above limit for so long as institutional shareholder guidelines recommend this. If awards are satisfied through a transfer of existing ordinary shares, the percentage limit stated above will not apply. Awards under the LTIP are typically conditional share awards, which entitle participants to the right to acquire or receive shares for no or only a nominal payment or as phantom awards for tax and legal purposes. Vesting of awards is subject to satisfaction of service-based conditions, requiring that the participant remains employed by the Group at the time of vesting, and may also require satisfaction of performance-based conditions set by the Compensation Committee at the time of grant and including total shareholder return over a three to five year period. The LTIP awards granted in 2020 and prior years included both service- and performance-based conditions. Beginning in 2021, the LTIP awards have continued to have service-based conditions while at least 50% of the awards granted to the employees who are part of the Company’s senior management must also have a performance-based condition. Awards generally cliff vest three years from the grant date, and each performance-based condition is measured over the three financial years beginning with the financial year in which the award was granted. In the event of a participant’s termination of employment for any reason prior to vesting, other than death, disability or, in certain circumstances, at the discretion of the Compensation Committee (i.e., good leavers), all outstanding awards will be forfeited. In the event of the participant’s death, disability or, in certain circumstances, at the discretion of the Compensation Committee, outstanding awards will continue to vest until the end of the performance period and will be prorated based on the number of full months the participant was employed during the performance period. In special circumstances, the Compensation Committee has the discretion to accelerate vesting of the awards or alter proration or performance targets for outstanding awards. Awards granted under the LTIP are subject to clawback provisions for up to five years from the vesting date in the following circumstances: (i) a material financial misstatement or miscalculation of the Group’s audited financial statements; (ii) the assessment of any performance-based condition on vesting which was based on error, misleading information or inaccurate assumptions; or (iii) the gross misconduct of a participant. The Compensation Committee has the discretion, in relation to the performance-based conditions, to adjust the vesting level if it considers that the performance-based conditions would have been met to a greater or lesser extent at the end of the full performance period. The Compensation Committee also has the discretion to modify award proration if it considers that the contribution of the Company’s management team to the creation of shareholder value during the applicable performance or vesting period would not otherwise be properly recognized. During the period since the LTIP’s inception, the Group has issued awards in respect of approximately 2.3% of the Company issued ordinary share capital and, at December 31, 2021, there was a total of approximately 5.1 million awards issued under the LTIP. Awards granted under the LTIP may be satisfied with new issue shares, a transfer of treasury shares or shares purchased on the open market. At December 31, 2021, approximately 17.8 million ordinary shares remained available for future grants under the LTIP through 2030. The table below sets forth the LTIP activity for the years ended December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average ​ ​ ​ ​ grant date fair value (Shares in thousands) ​ Shares ​ per share Unvested awards at January 1, 2020 1,346 ​ $ 13.97 Granted 1,715 ​ $ 4.16 Earned/vested (384) ​ $ 9.01 Forfeited (21) ​ $ 14.68 Unvested awards at December 31, 2020 2,656 ​ $ 8.35 Granted 1,895 ​ $ 8.74 Earned/vested (156) ​ $ 16.24 Forfeited (301) ​ $ 12.22 Unvested awards at December 31, 2021 4,094 ​ $ 7.94 ​ The estimated grant date fair value of the LTIP awards granted during the year ended December 31, 2021 was $16,557,000 (2020: $7,132,000; 2019: $11,053,000). The weighted-average remaining contractual term of unvested LTIP awards was 1.7 years at December 31, 2021. At December 31, 2021, the compensation cost related to non-vested awards not yet recognized was $18,820,000 (2020: $13,151,000; 2019: $12,574,000) For the years ended December 31, 2021, 2020 and 2019, the Group used the Monte-Carlo model to estimate the fair value of the LTIP awards granted during such periods. The table below sets forth the fair values and key assumptions used for valuing the LTIP awards made during the years December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 ​ Dividend yield 0.48 % 0.48 % 1.00 % Expected volatility 54.70 % 53.70 % 40.80 % Risk-free interest rate 0.34 % (0.02) % 0.63 % Expected term of awards (years) 3.00 3.00 3.00 ​ Weighted-average fair value ($) 8.74 4.16 15.85 ​ Weighted-average share price ($) 9.10 6.37 16.78 ​ ​ The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the LTIP awards is indicative of future trends, which may not necessarily be the actual outcome.

Earnings per ordinary share

Earnings per ordinary share	12 Months Ended
	Dec. 31, 2021
Earnings per ordinary share
Earnings per ordinary share	21. Earnings per ordinary share The table below sets forth the computation for basic and diluted net income per ordinary share for the years ending December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands, except share data) 2021 2020 2019 Net (loss)/income attributable to ordinary shares ​ (72,066) 165,115 180,962 Weighted-average shares outstanding: ​ ​ ​ ​ ​ ​ Basic ​ 219,049,877 218,919,822 218,649,877 Dilutive effect of share-based awards ​ 649,582 ​ - ​ 412,122 Diluted ​ 219,699,459 218,919,822 219,061,999 Net (loss)/income per share (in cents): ​ ​ ​ ​ ​ ​ Basic ​ (33) 75 83 Diluted ​ (33) 75 83 ​

Financial commitments and conti

Financial commitments and contingent liabilities	12 Months Ended
	Dec. 31, 2021
Financial commitments and contingent liabilities
Financial commitments and contingent liabilities	22. Financial commitments and contingent liabilities The table below sets forth the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments at December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ Less than 3 3 to 6 6 to 12 1 to 5 Greater than No contractual undiscounted ($ in thousands) ​ months months months years 5 years maturity date cash outflows Leases 601 601 1,207 8,057 4,393 - 14,859 Debt interest payable 8,229 22,524 30,753 196,754 37,500 - 295,760 Other liabilities 41,249 - - 4,805 - 53,884 99,938 Debt issued - - 83,595 550,617 400,000 - 1,034,212 Financial liabilities related to third-party interests in capital provision assets - - - - - 398,595 398,595 ​ Commitments to financing arrangements As a normal part of its business, the Group routinely enters into financing agreements that may require the Group to provide continuing funding over time, whereas other financing agreements provide for the immediate funding of the total commitment. The terms of the former type of financing agreements vary widely— e.g. incremental capital and failure to do so would typically result in adverse contractual consequences (such as a dilution in our returns or the loss of our funded capital in a case). The Group’s commitments are capped at a fixed amount in its financing agreements. At December 31, 2021, the Group had outstanding commitments of $1,404,524,000 (2020: $1,160,642,000). In addition, at December 31, 2021, the Group had $88,260,000 (2020: $93,970,000) of exposure to assets where the Group provided some form of legal risk arrangement pursuant to which the Group does not generally expect to deploy the full committed capital unless there is a failure of the claim, such as providing an indemnity for adverse legal costs (assuming the GBP to USD exchange rate of 1.3477 at December 31, 2021). Leases Leases consist primarily of the Group’s leased office space in (i) New York, New York, (ii) Chicago, Illinois, (iii) Washington, DC, (iv) London, United Kingdom, (v) Singapore, Singapore, (vi) Hong Kong, China and (vii) Sydney, Australia, which we have determined to be operating leases under US GAAP. The table below sets forth right-of-use assets and lease liabilities at December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ($ in thousands) 2021 2020 Right-of-use assets: ​ ​ ​ ​ Property and equipment 10,948 12,386 Lease liabilities: ​ ​ ​ ​ Other current liabilities 11,896 13,520 ​ The table below sets forth the components of lease costs for the years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease Cost 2021 2020 2019 Operating lease cost ​ $ 2,273 ​ $ 3,005 ​ $ 2,220 Net lease cost ​ $ 2,273 ​ $ 3,005 ​ $ 2,220 ​ The table below sets forth future total lease payments and total lease liabilities under the operating leases at December 31, 2021: ​ ​ ​ ​ ($ in thousands) Payments 2022 ​ 2,450 2023 ​ 2,181 2024 ​ 2,090 2025 ​ 1,735 2026 ​ 2,188 Thereafter ​ 4,393 Total lease payments ​ 15,037 Less: Interest ​ (3,141) Total lease liability ​ 11,896 ​ The table below sets forth future operating cash flows from operating leases for the years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) 2021 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 2,456 ​ $ 2,943 $ 1,433 ​ The table below sets forth weighted-average remaining lease term and weighted average discount rate for the operating leases at December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 ​ Weighted-average remaining lease term (years) ​ ​ ​ ​ ​ Operating leases 7.1 ​ 7.9 ​ Weighted-average discount rate ​ ​ ​ ​ ​ Operating leases 6.7% ​ 6.7% ​ ​ Litigation Given the nature of the Group’s business, the Group may from time to time receive claims against it or be subject to inbound litigation. Having considered the legal merits of any relevant claims or progressed litigation and having received relevant legal advice (including any legal advice from external advisers), the Group considers there to be no material contingent liability in respect of any such litigation requiring disclosure in the consolidated financial statements.

Related party transactions

Related party transactions	12 Months Ended
	Dec. 31, 2021
Related party transactions
Related party transactions	23. Related party transactions The Group holds investments in associates and joint ventures. See note 18 (“ Joint ventures and equity method investments”

Credit risk from financial inst

Credit risk from financial instruments	12 Months Ended
	Dec. 31, 2021
Credit risk from financial instruments
Credit Risk from Financial Instruments	24. Credit risk from financial instruments The Group is exposed to credit risk in various asset structures (see note 2), most of which involve financing sums recoverable only out of successful capital provision assets with a concomitant risk of loss of invested cost. Upon becoming contractually entitled to proceeds, depending on the structure of the particular capital provision asset, the Group could be a creditor of, and subject to direct or indirect credit risk from, a claimant, a defendant and/or other parties, or a combination thereof. Moreover, the Group may be indirectly subject to credit risk to the extent a defendant does not pay a claimant immediately notwithstanding successful adjudication of a claim in the claimant’s favor. The Group’s credit risk is uncertain given that its entitlement pursuant to its assets is generally not established until a successful resolution of claims, and its potential credit risk is mitigated by the diversity of its counterparties and indirect creditors. The Group is also exposed to credit risk in respect of the marketable securities and cash and cash equivalents. The credit risk of the cash and cash equivalents is mitigated as all cash is placed with reputable banks with a sound credit rating (A-2 or higher by S&P and P-2 or higher by Moody’s). Marketable securities principally consist of investment grade corporate bonds and asset-backed securities, as well as investment in investment funds and US treasuries. In addition, the Group is exposed to credit risk from opponents in litigation insurance. The underwriting process includes an assessment of counterparty credit risk, and there is a large diversification of counterparties. The maximum credit risk exposure represented by cash, cash equivalents, marketable securities, due from settlement of capital provision assets and capital provision assets is specified in the consolidated statements of financial position. Further, the Group is exposed to credit risk on financial assets held at amortized cost and receivables in other assets. The maximum credit exposure for such amounts is the carrying value at December 31, 2021 of $22,255,000 (2020: $22,340,000). The Group reviews the lifetime expected credit loss based on historical collection performance, the specific provisions of any settlement agreement and a forward-looking assessment of macro-economic factors. Based on this review, the Group has not identified any material expected credit loss relating to the financial assets held at amortized cost except for as set out in note 6, the Group recognized $500,000 of impairment during the year ended December 31, 2021 (2020: $nil; 2019: $1,000,000). The Group is not exposed to concentration of credit risk from a particular region or customer.

Subsequent events

Subsequent events	12 Months Ended
	Dec. 31, 2021
Subsequent events
Subsequent events	25. Subsequent events There have been no significant subsequent events.

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2021
Summary of significant accounting policies
Basis of presentation	Basis of presentation The consolidated financial statements have been prepared in accordance with US GAAP. The consolidated financial statements include the accounts of (i) the Company, (ii) its wholly owned or majority-owned subsidiaries, (iii) the consolidated entities that are considered to be variable interest entities ( VIEs
Use of estimates	Use of estimates The preparation of the consolidated financial statements requires management to make estimates that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting periods. Such estimates include, among other things, the valuation of capital provision assets and other financial instruments, the measurement of deferred tax balances (including valuation allowances) and the accounting for goodwill. Actual results could differ from those estimates, and such differences could be material.
Consolidation	Consolidation In connection with investment funds and other related entities where the Group does not own 100% of the relevant entity, the Group makes judgments about whether it is required to consolidate such entities by applying the factors set forth in US GAAP for VIEs or voting interest entities under ASC 810 Consolidation. VIEs are entities that, by design, either (i) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties or (ii) have equity investors that (A) do not have the ability to make significant decisions relating to the entity’s operations through voting rights, (B) do not have the obligation to absorb the expected losses or (C) do not have the right to receive the residual returns of the entity, or (iii) have equity investors’ voting rights that are not proportional to the economics, and substantially all of the activities of the entity either involve or are conducted on behalf of an investor that has disproportionately few voting rights. An entity is deemed to be the primary beneficiary of the VIE if such entity has both (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. In determining whether the Group is the primary beneficiary of a VIE, the Group considers both qualitative and quantitative factors regarding the nature, size and form of its involvement with the VIE, such as its role establishing the VIE and its ongoing rights and responsibilities, the design of the VIE, its economic interests, servicing fees and servicing responsibilities and certain other factors. The Group performs ongoing reassessments to evaluate whether changes in the entity’s capital structure or changes in the nature of its involvement with the entity result in a change to the VIE designation or a change to its consolidation conclusion. The most significant judgments relate to the assessment of the Group’s exposure or rights to variable returns in the BOF-C, the Strategic Value Fund and Colorado. The Group has assessed that its economic interest in the income generated from BOF-C and its investment as a limited partner in the Strategic Value Fund, coupled with its power over the relevant activities as the fund manager, require the consolidation of BOF-C and the Strategic Value Fund in the consolidated financial statements. Similarly, the Group has assessed that its shareholding in Colorado, coupled with its power over the relevant activities of Colorado through contractual agreements, requires the consolidation of Colorado in the consolidated financial statements. The Group is deemed to have a controlling financial interest in VIEs in which it is the primary beneficiary and in other entities in which it owns more than 50% of the outstanding voting shares and other shareholders do not have substantive rights to participate in management. For entities the Group controls but does not wholly own, the Group generally records a non-controlling interest within shareholders’ equity for the portion of the entity’s equity attributed to the non-controlling ownership interests. Accordingly, third-party share of net income or losses relating to non-controlling interests in consolidated entities is treated as a reduction or increase, respectively, of net income in the consolidated statements of comprehensive income. With respect to Colorado, an entity the Group controls but does not wholly own, the Group records a financial liability within financial liabilities related to third-party interests in capital provision assets for the portion of the entity’s equity held by third parties. The third-party share of income or losses is included in income/(expense) relating to third-party interests in capital provision assets in the consolidated statements of comprehensive income. All significant intercompany balances, transactions and unrealized gains and losses on such transactions are eliminated in consolidation.
COVID 19 and global economic market conditions	COVID-19 and global economic market conditions The Covid-19 pandemic and restrictions on certain non-essential businesses have caused disruption in the United States and global economies. Although an economic recovery is partially underway, it continues to be gradual, uneven and characterized by meaningful dispersion across sectors and regions. The estimates and assumptions underlying the consolidated financial statements are based on the information available at December 31, 2021, including judgments about the financial market and economic conditions which may change over time.
Cash and cash equivalents	Cash and cash equivalents The Group considers all highly liquid short-term investments with original maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents include funds held by depository institutions, money market funds and US Treasury securities with original maturities of three months or less when purchased. Interest income from cash and cash equivalents is recorded in marketable securities income in the consolidated statements of comprehensive income. The carrying values of the money market funds and US Treasury securities were $21 million and $5 million at December 31, 2021 and 2020, respectively, which represent their fair values due to their short-term nature and are categorized as Level 1 within the fair value hierarchy. Substantially all of the Group’s cash on deposit is in interest bearing accounts with major financial institutions that exceed insured limits.
Marketable securities, at fair value	Marketable securities, at fair value Marketable securities include US Treasury bills with original maturities greater than three months when purchased and corporate bonds, mutual funds and asset-backed securities
Fair value of financial instruments	Fair value of financial instruments The Group’s capital provision assets meet the definition of a financial instrument under ASC 825 Financial Instruments. Single case, portfolio, portfolio with equity risk, and legal risk management capital provision assets meet the definition of a derivative instrument under ASC 815 Derivatives and hedging and are accounted for at fair value. The Group has elected the fair value option for the Group’s equity method investments, marketable securities, due from settlement of capital provision assets and capital provision asset subparticipations. Such election is irrevocable and is applied to financial instruments on an individual basis at initial recognition. The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. Except for the Group’s debt obligations, financial instruments are generally recorded at fair value or at amounts, the carrying values of which approximate fair value. Fair value hierarchy US GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values as follows: ▪ Level 1 —quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date ▪ Level 2 —inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly ▪ Level 3 —unobservable inputs for the asset or liability All transfers into and out of these levels are recognized as if they have taken place at the beginning of each reporting period. Valuation processes The Group’s senior professionals are responsible for developing the policies and procedures for fair value measurement of assets and liabilities. Following origination and at each reporting date, the movements in the values of assets and liabilities are required to be reassessed in accordance with the Group’s accounting policies. For this analysis, the reasonableness of material estimates and assumptions underlying the valuation is discussed and the major inputs applied are verified by comparing the information in the valuation computation to contracts, asset status and progress information and other relevant documents . Valuation methodology for Level 1 investments Level 1 assets and liabilities are comprised of listed instruments, including equities, fixed income securities, investment funds and financial liabilities at fair value through profit or loss. All Level 1 assets and liabilities are valued at the quoted market price at the reporting date. Valuation methodology for Level 2 investments Level 2 assets are comprised of debt and equity securities that are not actively traded and are valued at the last quoted or traded price at the reporting date, provided there is evidence that the price is not assessed as significantly stale so as to warrant a Level 3 classification. Valuation methodology for Level 3 investments Fair value represents the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The methods and procedures to determine fair value of assets and liabilities may include, among others, (i) obtaining information provided by third parties when available, (ii) obtaining valuation-related information from the issuers or counterparties (or their advisors), (iii) performing comparisons of comparable or similar assets, (iv) calculating the present value of future cash flows, (v) assessing other analytical data and information relating to the asset that is an indication of value, (vi) reviewing the amounts funded in the assets, (vii) evaluating financial information provided by the asset counterparties and (viii) entering into a market transaction with an arm’s-length counterparty. The material estimates and assumptions used in the analyses of fair value include the status and risk profile of the risks underlying the asset, the timing and expected amount of cash flows based on the asset structure and agreement, the appropriateness of any discount rates used and, in some cases, the timing of, and estimated minimum proceeds from, a favorable outcome. Significant judgment and estimation go into the assumptions which underlie the analyses, and the actual values realized with respect to assets could be materially different from values obtained based on the use of those estimates. The Group operates under a valuation policy that relies on objective events to drive valuation changes. For the vast majority of the Group’s capital provision assets, the objective events considered under the valuation policy relate to the litigation process. When the objective event in question is a court ruling, the Group discounts the potential impact of that ruling, commensurate with the remaining litigation risk. The policy assigns valuation changes in fixed ranges based on, among other things: ▪ A significant positive ruling or other objective event but where there is not yet a trial court judgment ▪ A favorable trial court judgment ▪ A favorable judgment on the first appeal ▪ The exhaustion of as-of-right appeals ▪ In arbitration cases, where there are limited opportunities for appeal, issuance of a tribunal award ▪ An objective negative event at various stages in a litigation In a small number of instances, the Group has the benefit of a secondary sale of a portion of an asset. When that occurs, the market evidence is factored into the valuation process and, the more robust the market testing of value is, the more weight is accorded to the market price.
Third-party interests in capital provision assets and Non-controlling interests	Third-party interests in capital provision assets Third-party interests in capital provision assets include the financial liability relating to the third-party interests in Colorado as well as financial liabilities relating to third-party interests resulting from capital provision asset subparticipations recognized at fair value. Colorado holds a single financial asset and has no broader business activity. Accordingly, it does not meet the definition of a business and the third-party interest in the entity is accounted for as a collateralized borrowing rather than a non-controlling interest in shareholders’ equity. Amounts included in the consolidated statements of financial position represent the fair value of the third-parties’ interests in the related capital provision assets, and the amounts included in the consolidated statements of comprehensive income represent the third parties’ share of any gain and losses for the reporting period. Non-controlling interests For entities that are consolidated, but not wholly owned, a portion of the income or loss and corresponding equity is allocated to owners other than the Company. The aggregate of the income or loss and corresponding equity that is not owned by the Company is included in non-controlling interests in the consolidated financial statements. Non-controlling interests also include ownership interests in certain consolidated funds and VIEs. Non-controlling interests are presented as a separate component of shareholders’ equity in the consolidated statements of financial position. The primary components of non-controlling interests are separately presented in the consolidated statements of changes in equity to clearly distinguish the interest in the Group and other ownership interests in the consolidated entities. Net income includes the net income attributable to the holders of non-controlling interests in the consolidated statements of comprehensive income. Profits and losses are allocated to non-controlling interests in proportion to their relative ownership interests regardless of their basis. Non-controlling interests exclude the third-party interests in Colorado as it represents a consolidated entity that holds a single financial asset and no broader business activity.
Asset management income	Asset management income Asset management income is derived from the governing agreements in place with various funds under management. The rate or amount at which fees are charged, the basis on which such fees are calculated, and the timing of payment vary across funds and, as to a particular fund, may also vary across investment options available to underlying investors in, or members of, the fund. Management fees are generally based on an agreed percentage of a fund’s commitments and amounts committed or deployed depending on the fund agreements. Management fees are recognized over time as the services are provided. Performance fees are earned when contractually agreed performance levels are exceeded within specified performance measurement periods. Performance fees are recognized when a reliable estimate of the performance fee can be made, and it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur.
Insurance activities	Insurance activities The Group (i) acts as an administrator in the sale of legal expenses insurance policies issued in the name of Great Lakes Reinsurance (UK) plc, a subsidiary of MunichRe, under a binding authority agreement, and (ii) underwrites legal expenses insurance policies through its wholly owned Guernsey insurer, Burford Worldwide Insurance Limited. Insurance administration Income earned from acting as an insurance administrator represents commissions receivable, which are calculated based on the premium earned, net of reinsurance and insurance premium tax, less an allowance for claims, sales commissions, fees and the other direct insurance related costs, such as Financial Services Compensation Scheme Levy. The payment of premiums is often contingent on a case being won or settled, and the Group recognizes the associated income only at this point, while a deduction is made for claims estimated to be paid on all policies in force. This income is separately identified as “ Insurance administrator commission Liabilities and income from insurance contracts” Insurance underwriting Insurance policies written by Burford Worldwide Insurance Limited are subject to contractual reinsurance arrangements that transfer a significant portion of the insurance risk to the reinsurers with Burford Worldwide Insurance Limited retaining a portion of the insurance risk of each contract. Contracts are typically written with an upfront premium payable and may also include a conditional premium. The payment of conditional premiums is often contingent on a case being won or settled, and the Group recognizes the associated conditional premium amount only at this point. Premiums written relate to insurance business incepted during the reporting period. Full account is taken of premiums receivable and reinsurance premiums payable during the reporting period. Unearned premiums represent the proportion of premiums written during the reporting period that relate to unexpired terms of policies in force at the reporting date, calculated on a time apportionment basis. Provision is made for all outstanding loss reserves as notified by the insured. The level of the provision is determined on the basis of the information available, including potential loss claims which have been intimated to the Group, experience of the development of similar claims and case law. While the Group considers that the provision for these claims is fairly stated on the basis of the information currently available, the ultimate liability may vary as a result of subsequent information and events and may result in adjustments to the amounts provided. Adjustments to the amounts provided are reflected in the consolidated financial statements for the reporting period in which the adjustments are made. Claims are recorded in the reporting period in which they are incurred.
Leases	Leases At the inception of any arrangement, the Group determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. The Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. In calculating the present value, the Group uses its incremental borrowing rate at the lease commencement date as the interest rate implicit in the lease is not readily determinable. The lease agreements generally contain lease and non-lease components. Non-lease components primarily include payments for maintenance and utilities. The Group combines fixed payments for non-lease components with its lease payments and accounts for them together as a single lease component which increases the amount of its lease assets and liabilities. Payments under the lease arrangements are primarily fixed. Variable rents, if any, are expensed as incurred. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the consolidated statements of comprehensive income over the period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. The right-of-use asset and associated lease liability are derecognized on the termination of a lease agreement. The Group has elected to not recognize leases with an original term of one year or less on the consolidated statements of financial position. The Group typically only includes an initial lease term in its assessment of a lease arrangement, whereas options to renew a lease are not included in this assessment unless there is a reasonable certainty that the lease will be renewed. Right-of-use assets are included within property and equipment in the consolidated statements of financial position. Shares held in employee benefit trust The Company’s ordinary shares held by the Burford Capital Limited Employee Benefit Trust are held for the purposes of employee equity-based compensation schemes. Such ordinary shares are deducted from shareholders’ equity. No gain or loss is recognized on the purchase, sale, cancellation or issue of such ordinary shares and any consideration paid or received is recognized directly in shareholders’ equity.
Compensation and benefits	Compensation and benefits Salaries and benefits Salaries and benefits include base salaries and employee benefits. Incentive compensation Incentive compensation includes discretionary and non-discretionary annual bonuses that are generally accrued over the related service period. Under certain non-discretionary arrangements, the Company may require that a portion of the incentive compensation to be distributed to its employees be allocated as restricted stock units under the Company’s equity compensation plan. Such equity-based awards are recorded as equity-based compensation expense over the relevant service period once granted. Equity compensation Share-based compensation primarily consists of restricted stock units with service and market or performance conditions. The fair value of these awards is estimated using the Monte-Carlo model at the grant date. The Group recognizes stock compensation expense ratably over the relevant service period and accounts for forfeitures based on its estimates. Forfeiture estimates are trued-up at the end of the vesting period in order to ensure that compensation expense is recognized only for those awards that ultimately vest. In order to satisfy the vesting requirements, ordinary shares (which are either repurchased on the open market or newly issued) are released to employees net of applicable income tax withholding. Legacy asset recovery incentive compensation including accruals and long-term incentive compensation including accruals Incentive compensation expenses and incentive compensation payables primarily consist of a portion of gains on capital provision assets or performance fees earned from certain funds that are allocated to employees. Incentive compensation amounts are generally not paid until the related gains on capital provision assets or performance fees has been realized in cash by the Group. Incentive compensation amounts are recognized as the related fair value gains or losses on capital provision assets or performance fees are recognized. Accordingly, incentive compensation amounts can be reversed during periods when there is a decline in fair value or performance revenues that were previously recognized.
Segment reporting	Segment reporting Management considers that there are two operating business segments and a corporate segment: (i) capital provision, which comprises provision of capital to the legal industry or in connection with legal matters, both directly and through investment in the Group’s managed funds; (ii) asset management and other services, which includes the provision of services to the legal industry, including litigation insurance; and (iii) other corporate.
Business combinations	Business combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at fair value on the acquisition date. Acquisition-related costs are expensed as incurred and included in the consolidated statements of comprehensive income. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions at the acquisition date. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes in the fair value of contingent consideration classified as an asset or liability are reflected in the consolidated statements of comprehensive income. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity.
Goodwill	Goodwill Goodwill arises as a result of the acquisition of subsidiaries and represents the excess of the purchase consideration over the fair value of the Group’s share of the assets acquired and the liabilities assumed on the acquisition date. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purposes of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s reporting units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. The Group tests goodwill acquired in a business combination annually for impairment.
Intangible asset	Intangible asset Intangible assets arise as a result of a business combination and are recognized at fair value on the acquisition date. The Group had one intangible asset, which represented an assessment of the value of the acquiree’s future asset management income and was fully amortized at December 31, 2020. See note 15 (“ Goodwill and intangible asset”
Foreign currency translation	Foreign currency translation Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “ functional currency presentation currency Certain subsidiaries operate and prepare financial statements denominated in pounds sterling and euros. For the purposes of preparing consolidated financial statements, those subsidiaries’ assets and liabilities are translated at exchange rates prevailing at each applicable reporting date. Income and expense items are translated at average exchange rates for the reporting period. Non-monetary items are measured using the exchange rate at the date of the initial transaction. Any exchange rate-related differences are recognized in other comprehensive income. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rate prevailing at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies, including intragroup balances, are recognized in the consolidated statements of comprehensive income as part of the profit or loss for the period. See note 6 (“ Capital provision assets” Since April 2016, certain intragroup balances have been considered as part of a net investment in a foreign operation. Gains and losses on such balances are recognized in other comprehensive income, with a gain of $432,000 recognized for the year ended December 31, 2021 (2020: gain of $1,120,000; 2019: gain of $1,125,000).
Bank interest income	Bank interest income Bank interest income is recognized on an accruals basis and included in marketable securities income and bank interest.
Expenses	Expenses All expenses are accounted for on an accruals basis.
Finance costs	Finance costs Finance costs represent interest and issue expenses of outstanding indebtedness calculated using the effective interest rate method recognized in the consolidated statements of comprehensive income.
Loss on debt repurchases	Loss on debt repurchases Repurchases of debt issued by the Group are accounted for as an extinguishment of the debt issued. Loss on debt repurchases represents a gain or loss arising from the difference between the amortized cost, and cost of repurchasing the debt on the repurchase date is recognized in the consolidated statements of comprehensive income.
Income taxes	Income taxes The Group computes income taxes using the asset and liability method, under which deferred income taxes are recognized based on the differences between the carrying amounts and the respective tax bases of the Group’s assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the periods in which the Group expects the temporary differences to reverse. The effect of a change in tax rates on deferred taxes is recognized in income in the period that includes the enactment date. The Group routinely evaluates the likelihood of realizing the benefit of its deferred tax assets and may record a valuation allowance if, based on all available evidence, it determines that some portion of the tax benefit will not be realized. In evaluating the Group’s ability to recover its deferred tax assets within the jurisdictions from which they arise, the Group considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies and results of recent operations. If the Group determines that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, the Group would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Group evaluates its exposures associated with its various tax filing positions and recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the relevant taxing authorities, including resolutions of any related appeals or litigation processes, based on the technical merits of the Group’s tax filing position. The tax benefits recognized in the consolidated financial statements from a tax filing position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Group adjusts its unrecognized tax benefit liability and income tax expense in the period in which the uncertain tax position is effectively settled, the statute of limitations expires for the relevant taxing authority to examine the tax position or when new information becomes available. Interest and penalties related to income tax matters are recorded in other expenses in the consolidated statements of comprehensive income. Accrued interest and penalties are included within the related tax balances on the consolidated statements of financial position.
Dividends	Dividends Dividends paid during the period are recorded as a reduction to retained earnings in the consolidated statements of changes in equity.
Property and equipment	Property and equipment Property and equipment are recorded at cost less accumulated depreciation and provision for impairment. Depreciation is provided to write off the cost less estimated residual value in equal instalments over the estimated useful lives of the assets. The table below sets forth the expected useful lives of the various assets: ​ ​ ​ ​ Property and equipment Useful life Right-of-use assets Life of lease Leasehold improvements Life of lease Fixtures, fitting and equipment 5 years Computer hardware and software 3 years ​ The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the net sales proceeds and the carrying amount of the asset and is recognized in income in the consolidated statements of comprehensive income.
Prepayments and other payables	Prepayments and other payables Prepayments and other payables are recognized at nominal value and are non-interest-bearing and are recorded within other assets and other liabilities on the consolidated statement of financial position.
Shareholders' equity	Shareholders’ equity Ordinary shares are classified as equity in shareholders’ equity. Contingent shares are classified as equity in shareholders’ equity, where contingent shares will be issued and converted to ordinary shares only after the specified conditions have been satisfied. Additional paid-in capital includes the obligation for the issuance of ordinary shares to the Group’s employees under the long-term incentive plan (“ LTIP”
Net income per ordinary share	Net income per ordinary share The Group presents basic and diluted net income or loss per share for ordinary shares. Basic net income or loss per ordinary share excludes potential dilution and is computed by dividing net income attributable to ordinary shares by the weighted-average number of ordinary shares outstanding for the period. Diluted income or loss per ordinary share reflects the potential dilution that could occur if ordinary shares were issued pursuant to the Group’s share-based compensation awards. The potential dilution from awards of ordinary shares is computed using the treasury stock method based on the average market value of ordinary shares during the period.
Recently issued accounting standards and Recently adopted accounting standards	Recently issued or adopted accounting standards There have been no recently issued or adopted accounting pronouncements that had a material impact on the consolidated financial statements and related disclosures.

Summary of significant accoun_3

Summary of significant accounting policies (Tables)	12 Months Ended
	Dec. 31, 2021
Summary of significant accounting policies
Schedule of expected useful lives of property, plant and equipment	​ ​ ​ ​ Property and equipment Useful life Right-of-use assets Life of lease Leasehold improvements Life of lease Fixtures, fitting and equipment 5 years Computer hardware and software 3 years

Supplemental Cash Flow Data (Ta

Supplemental Cash Flow Data (Tables)	12 Months Ended
	Dec. 31, 2021
Supplemental Cash Flow Data
Schedule of supplemental breakout of the cash inflows and outflows for capital provision assets	​ ​ ​ ​ ​ ​ ​ ​ $ in thousands Capital provision- Capital provision- ​ For the year ended December 31, 2021 ​ direct assets indirect assets ​ Total Proceeds ​ 338,098 ​ 58,317 ​ 396,415 Decrease in payable for capital provision assets ​ (256) ​ - ​ (256) New funding ​ (672,931) ​ - ​ (672,931) ​ ​ ​ ​ ​ ​ ​ ​ ​ $ in thousands Capital provision- Capital provision- ​ For the year ended December 31, 2020 ​ direct assets indirect assets ​ Total Proceeds 354,884 203,029 557,913 Increase in payable for capital provision assets 220 - 220 New funding (297,143) - (297,143) ​ ​ ​ ​ ​ ​ ​ ​ ​ $ in thousands Capital provision- Capital provision- ​ For the year ended December 31, 2019 ​ direct assets indirect assets ​ Total Proceeds 108,521 284,085 392,606 Increase in payable for capital provision assets ​ 36 ​ - ​ 36 New funding (347,630) (224,156) (571,786)

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income taxes
Schedule of domestic and foreign pre-tax income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ 2021 2020 2019 Domestic 15,035 22,711 39,158 Foreign (74,478) 187,528 170,530 Income (loss) before income taxes (59,443) 210,239 209,688
Schedule of reconciliation of taxes from statutory rate to the income tax (benefit) on pre-tax income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ 2021 2020 2019 Statutory rate - ​ - ​ - Foreign rate differential (9,433) 41,362 (3,604) Compensation 5,554 1,451 - Valuation allowance 14,971 (7,810) 12,979 Non-deductible interest - - - Withholding tax 49 238 534 Non-deductible taxes - 415 78 Prior period adjustments 1,763 (670) 2,334 Impairment ​ (39) ​ 955 ​ 693 Non-taxable Income (15,541) - - Other, net (339) 996 403 (Benefit from)/provision for income taxes (3,015) 36,937 13,417
Schedule of foreign income tax rate differential	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ 2021 2020 2019 US subsidiaries at statutory tax rate (23,703) 45,700 (4,051) Singapore subsidiaries at statutory tax rate 140 8 (335) Irish subsidiaries at statutory tax rate 584 (936) 2,588 UK Subsidiaries at statutory tax rate 13,535 (3,410) (1,806) Other ​ 11 ​ - ​ - Total (9,433) 41,362 (3,604)
Schedule of provision (benefit) for income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (S in thousands) ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ Current Domestic (Guernsey) 50 239 424 Foreign - US federal & state (984) 2,151 (83) Foreign - other (952) 45 3,671 Total current (benefit from)/provision for income taxes (1,886) 2,435 4,012 ​ ​ ​ ​ ​ ​ ​ Deferred ​ Domestic (Guernsey) - - - Foreign - US federal & state (2,753) 34,499 9,476 Foreign - other 1,624 3 (71) Total deferred income tax (benefit from)/provision for (1,129) 34,502 9,405 ​ ​ ​ ​ ​ ​ ​ (Benefit from)/provision for income taxes (3,015) 36,937 13,417
Schedule of deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) 2021 ​ 2020 ​ ​ Deferred tax assets: ​ ​ ​ ​ Compensation and benefit accruals not currently deductible ​ 8,602 ​ 6,945 ​ ​ Net operating loss carryforwards ​ 3,177 ​ 1,164 ​ ​ Non-deductible and excess interest ​ 17,237 ​ 4,605 ​ ​ Unrealized loss ​ 6,530 ​ 1,469 ​ ​ Acquisition costs ​ 515 ​ 567 ​ ​ Capital lease ​ 164 ​ 836 ​ ​ Other ​ 1,003 ​ 948 ​ ​ Total deferred tax assets ​ 37,228 ​ 16,534 ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities: ​ ​ ​ ​ ​ Compensation and benefit accruals not currently deductible ​ 40 ​ - ​ ​ Depreciation and amortization ​ (405) ​ (541) ​ ​ Goodwill ​ (7,952) ​ (5,493) ​ ​ Unrealized gain ​ (31,005) ​ (27,805) ​ ​ Total deferred tax liabilities ​ (39,322) ​ (33,839) ​ ​ Net deferred tax position ​ (2,094) ​ (17,305) ​ ​ Valuation allowance ​ (20,717) ​ (7,181) ​ ​ Net deferred tax liabilities ​ (22,811) ​ (24,486) ​ ​

Segment reporting (Tables)

Segment reporting (Tables)	12 Months Ended
	Dec. 31, 2021
Segment reporting
Schedule of Burford's reportable business segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Total Adjustment for ​ ($ in thousands) ​ Capital management and Other Burford-only third-party Total December 31, 2021 provision other services corporate segments interests (1) consolidated Capital provision income 99,754 - - 99,754 27,795 127,549 Management fee income - 10,510 - 10,510 (1,843) 8,667 Performance fee income - 5,729 - 5,729 - 5,729 Income from BOF-C - 9,798 - 9,798 (9,798) - Other services income - 6,320 774 7,094 1,091 8,185 Income/(expense) relating to third-party interests in capital provision assets ​ - - - - 2,028 2,028 Total segment income* 99,754 32,357 774 132,885 19,273 152,158 ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses (87,420) (33,280) (21,488) (142,188) (3,635) (145,823) Total segment expenses (87,420) (33,280) (21,488) (142,188) (3,635) (145,823) ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) from operations 12,334 (923) (20,714) (9,303) 15,638 6,335 ​ ​ ​ ​ ​ ​ ​ ​ Other expense ​ ​ ​ ​ ​ ​ Finance costs (52,537) (1,360) (4,750) (58,647) - (58,647) Loss on debt buyback ​ (1,477) (38) (134) (1,649) - (1,649) Foreign currency transactions gains/(losses), net - - (5,482) (5,482) - (5,482) Loss before taxation (41,680) (2,321) (31,080) (75,081) 15,638 (59,443) Benefit from (provision for) income taxes 11,060 3,089 (11,134) 3,015 - 3,015 Net loss after taxation (30,620) 768 (42,214) (72,066) 15,638 (56,428) Net income attributable to non-controlling interests - - - - (15,638) (15,638) Net loss ​ (30,620) 768 (42,214) (72,066) - (72,066) Change in foreign currency translation adjustments ​ - - (2,443) (2,443) - (2,443) Comprehensive loss per segment ​ (30,620) 768 (44,657) (74,509) - (74,509) *Includes the following revenue from contracts with customers for Services transferred over time ​ 32,357 ​ 32,357 ​ 32,357 ​ ​ ​ ​ ​ ​ ​ ​ (1) (1) Adjusts for third-party interests in non-wholly owned consolidated entities which include BOF-C and the Strategic Value Fund, Colorado and several other entities in which Burford holds investments and there is a third-party partner in or owner of those entities. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Total Adjustment for ​ ($ in thousands) ​ Capital management and Other Burford-only third-party Total December 31, 2020 provision other services corporate segments interests (1) consolidated Capital provision income 320,023 - - 320,023 20,080 340,103 Management fee income - 11,454 - 11,454 (2,748) 8,706 Performance fee income - 6,400 - 6,400 - 6,400 Income from BOF-C - 6,630 - 6,630 (6,630) - Other services income - 2,585 315 2,900 65 2,965 Unrealized gain/(loss) relating to third-party interests in capital provision assets ​ - - - - 947 947 Total segment income* 320,023 27,069 315 347,407 11,714 359,121 ​ ​ ​ ​ ​ ​ - Operating expenses (55,139) (24,254) (37,228) (116,621) (3,959) (120,580) Total segment expenses (55,139) (24,254) (37,228) (116,621) (3,959) (120,580) ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) from operations 264,884 2,815 (36,913) 230,786 7,755 238,541 ​ ​ ​ ​ ​ ​ ​ ​ Other income (expense) ​ ​ ​ ​ ​ ​ Finance costs (36,316) - (2,732) (39,048) - (39,048) Foreign currency transactions gains/(losses), net - - 10,314 10,314 432 10,746 Income/(loss) before taxation 228,568 2,815 (29,331) 202,052 8,187 210,239 Income tax expense (35,080) (2,647) 790 (36,937) - (36,937) Net income/(loss) after taxation 193,488 168 (28,541) 165,115 8,187 173,302 Net income attributable to non-controlling interests ​ - - - - (8,187) (8,187) Net income/(loss) ​ 193,488 168 (28,541) 165,115 - 165,115 Change in foreign currency translation adjustments - - (10,206) (10,206) - (10,206) Comprehensive income/(loss) per segment 193,488 168 (38,747) 154,909 - 154,909 *Includes the following revenue from contracts with customers for Services transferred over time - 27,069 - 27,069 - 27,069 (1) Adjusts for third-party interests in non-wholly owned consolidated entities which include BOF-C and the Strategic Value Fund, Colorado and several other entities in which Burford holds investments and there is a third-party partner in or owner of those entities. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Total Adjustment for ​ ($ in thousands) ​ Capital management and Other Burford-only third-party Total December 31, 2019 provision other services corporate segments interests (1) consolidated Capital provision income 316,823 - - 316,823 92,333 409,156 Management fee income - 18,399 - 18,399 (3,239) 15,160 Performance fee income - 594 - 594 (594) - Income from BOF-C - 7,137 - 7,137 (7,137) - Other services income - 5,678 6,070 11,748 606 12,354 Unrealized gain/(loss) relating to third-party interests in capital provision assets ​ - - - - (57,500) (57,500) Total segment income** ​ 316,823 31,808 6,070 354,701 24,469 379,170 ​ ​ ​ ​ ​ ​ ​ Operating expenses (72,252) (23,704) (27,635) (123,591) (9,100) (132,691) Total segment expenses (72,252) (23,704) (27,635) (123,591) (9,100) (132,691) ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) from operations 244,571 8,104 (21,565) 231,110 15,369 246,479 ​ ​ ​ ​ ​ ​ ​ ​ Other income/(expense) ​ ​ ​ ​ ​ ​ Finance costs (36,423) - (2,324) (38,747) - (38,747) Foreign currency transactions gains (losses), net - - 2,016 2,016 (60) 1,956 Income/(loss) before taxation 208,148 8,104 (21,873) 194,379 15,309 209,688 Income tax expense (10,826) 89 (2,680) (13,417) - (13,417) Net income/(loss) after taxation 197,322 8,193 (24,553) 180,962 15,309 196,271 Net income attributable to non-controlling interests ​ - - - - (15,309) (15,309) Net income/(loss) ​ 197,322 8,193 (24,553) 180,962 - 180,962 Change in foreign currency translation adjustments - - (17,525) (17,525) - (17,525) Comprehensive income/(loss) per segment 197,322 8,193 (42,078) 163,437 - 163,437 *Includes the following revenue from contracts with customers for Services transferred over time - 31,808 - 31,808 - 31,808 (1) Adjusts for third-party interests in non-wholly owned consolidated entities which includes BOF-C and the Strategic Value Fund, Colorado and several other entities in which Burford holds investments and there is a third-party partner in or owner of those entities
Reconciles total consolidated income to the total segment income and expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset ​ ​ ($ in thousands) ​ Capital ​ management and ​ Other ​ Total For the year ended December 31, 2021 ​ provision ​ other services ​ corporate ​ segments Reconciliation: Income ​ ​ ​ ​ ​ ​ ​ ​ Total consolidated income ​ 129,577 ​ 20,716 ​ 1,865 ​ 152,158 Adjustment for third-party interests ​ (29,823) ​ 11,641 ​ (1,091) ​ (19,273) Total segment income 99,754 ​ 32,357 ​ 774 ​ 132,885 ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation: Expense ​ ​ ​ ​ ​ ​ ​ ​ Total consolidated expenses (91,055) ​ (33,280) ​ (21,488) ​ (145,823) Adjustment for third-party interests ​ 3,635 ​ - ​ - ​ 3,635 Total segment expenses (87,420) ​ (33,280) ​ (21,488) ​ (142,188) ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation: Income ​ ​ ​ ​ Total consolidated income ​ 341,050 ​ 17,691 ​ 380 ​ 359,121 Adjustment for third-party interests ​ (21,027) ​ 9,378 ​ (65) ​ (11,714) Total segment income 320,023 ​ 27,069 ​ 315 ​ 347,407 ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation: Expense ​ ​ ​ ​ Total consolidated expenses (59,098) ​ (24,254) ​ (37,228) ​ (120,580) Adjustment for third-party interests ​ 3,959 ​ - ​ - ​ 3,959 Total segment expenses (55,139) ​ (24,254) ​ (37,228) ​ (116,621) ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation: Income ​ ​ ​ ​ Total consolidated income ​ 351,656 ​ 20,838 ​ 6,676 ​ 379,170 Adjustment for third-party interests ​ (34,833) ​ 10,970 ​ (606) ​ (24,469) Total segment income 316,823 ​ 31,808 ​ 6,070 ​ 354,701 ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation: Expense ​ ​ ​ ​ Total consolidated expenses (81,352) ​ (23,704) ​ (27,635) ​ (132,691) Adjustment for third-party interests ​ 9,100 ​ - ​ - ​ 9,100 Total segment expenses (72,252) ​ (23,704) ​ (27,635) ​ (123,591)
Schedule of Burford's assets and liabilities by reporting segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Total Adjustment for ​ ($ in thousands) ​ Capital management and Other segments third-party Total For the year ended December 31, 2021 ​ provision other services corporate (Burford-only) interests consolidated Assets ​ ​ ​ ​ Cash and cash equivalents 90,497 9,446 39,735 139,678 40,577 180,255 Marketable securities - - 175,336 175,336 - 175,336 Other assets 20,749 25,081 5,506 51,336 (16,163) 35,173 Due from settlement of capital provision assets 63,447 - - 63,447 22,864 86,311 Capital provision assets 2,159,453 - - 2,159,453 741,012 2,900,465 Property and equipment 9,173 3,896 - 13,069 - 13,069 Goodwill & intangible asset 107,991 25,020 1,008 134,019 - 134,019 Deferred tax asset ​ - - 78 78 - 78 Total assets 2,451,310 63,443 221,663 2,736,416 788,290 3,524,706 ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ Debt interest payable ​ 12,468 323 1,127 13,918 - 13,918 Other liabilities 83,521 26,719 15,022 125,262 795 126,057 Bonds Payable 916,017 23,708 82,832 1,022,557 - 1,022,557 Capital provision asset subparticipations - - - - - - Financial liabilities related to third-party interests in capital provision assets - - - - 398,595 398,595 Deferred tax liability 17,101 - 5,788 22,889 - 22,889 Total liabilities 1,029,107 50,750 104,769 1,184,626 399,390 1,584,016 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Total Adjustment for ​ ($ in thousands) ​ Capital management and Other segments third-party Total For the year ended December 31, 2020 ​ provision other services corporate (Burford-only) interests consolidated Assets ​ Cash and cash equivalents 170,573 6,926 142,087 319,586 2,499 322,085 Marketable securities - - 16,594 16,594 - 16,594 Other assets 23,194 16,994 5,025 45,213 (10,842) 34,371 Due from settlement of capital provision assets 30,708 - - 30,708 - 30,708 Capital provision assets 1,906,191 - - 1,906,191 658,551 2,564,742 Property and equipment 13,041 - 2,184 15,225 - 15,225 Goodwill & intangible asset 107,991 25,020 1,021 134,032 - 134,032 Deferred tax asset - - 256 256 - 256 Total assets 2,251,698 48,940 167,167 2,467,805 650,208 3,118,013 ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ Debt interest payable 8,887 - 669 9,556 - 9,556 Other liabilities 38,474 577 64,430 103,481 6,266 109,747 Debt issued 621,067 - 46,747 667,814 - 667,814 Capital provision asset subparticipations - - - - - - Financial liabilities related to third-party interests in capital provision assets - - - - 400,660 400,660 Deferred tax liability 17,695 - 7,047 24,742 - 24,742 Total liabilities 686,123 577 118,893 805,593 406,926 1,212,519
Reconciles total consolidated assets to the total segment assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset ​ ​ ($ in thousands) ​ Capital ​ management and ​ Other ​ Total For the year ended December 31, 2021 ​ provision ​ other services ​ corporate ​ segments Reconciliation: Assets ​ ​ ​ ​ ​ ​ ​ ​ Total consolidated assets ​ 3,255,763 ​ 47,280 ​ 221,663 ​ 3,524,706 Adjustment for third-party interests ​ (804,453) ​ 16,163 ​ - ​ (788,290) Total segment assets 2,451,310 ​ 63,443 ​ 221,663 ​ 2,736,416 ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation: Liabilities ​ ​ ​ ​ ​ ​ ​ ​ Total consolidated liabilities 1,428,497 ​ 50,750 ​ 104,769 ​ 1,584,016 Adjustment for third-party interests ​ (399,390) ​ - ​ - ​ (399,390) Total segment liabilities 1,029,107 ​ 50,750 ​ 104,769 ​ 1,184,626 ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation: Assets ​ ​ ​ ​ Total consolidated assets ​ 2,912,748 ​ 38,098 ​ 167,167 ​ 3,118,013 Adjustment for third-party interests ​ (661,050) ​ 10,842 ​ - ​ (650,208) Total segment assets 2,251,698 ​ 48,940 ​ 167,167 ​ 2,467,805 ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation: Liabilities ​ ​ ​ ​ Total consolidated liabilities 1,093,049 ​ 577 ​ 118,893 ​ 1,212,519 Adjustment for third-party interests ​ (406,926) ​ - ​ - ​ (406,926) Total segment liabilities 686,123 ​ 577 ​ 118,893 ​ 805,593

Capital provision assets (Table

Capital provision assets (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Schedule of reconciliation of capital provision assets	The table below sets forth the changes in capital provision assets for the years ended December 31, 2021 and 2020: ​ ​ ​ ​ ​ ($ in thousands) 2021 2020 At January 1 ​ 2,564,742 ​ 2,447,266 Additions ​ 673,965 ​ 297,143 Realizations (455,148) (540,294) Income for the period 131,819 343,393 Foreign exchange gains/(losses) (14,913) 17,234 At December 31 2,900,465 2,564,742 Unrealized fair value at December 31, ​ 1,306,380 ​ 1,329,313
Schedule of capital provision assets	​ ​ ​ ​ ​ ​ ($ in thousands) 2021 2020 Capital provision assets are comprised of: Capital provision-direct assets 2,887,610 2,479,576 Capital provision-indirect assets 12,855 85,166 Total capital provision assets 2,900,465 2,564,742
Schedule of capital provision income on consolidated statement of comprehensive income	​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) 2021 2020 2019 Realized gains relative to cost 153,607 208,157 146,922 Previous unrealized gains transferred to realized gains (54,017) (15,263) (85,536) Fair value adjustment in the period 32,229 148,102 351,800 Interest income on certain capital provision-indirect assets - 2,397 15,006 Income on capital provision assets 131,819 343,393 428,192 Interest and other income/(loss) 160 199 (1,213) Impairment of other asset ​ (500) ​ - ​ (1,000) Foreign exchange gains/(losses) ​ (3,930) ​ 1,312 ​ 34 Loss on investment subparticipation ​ - ​ - ​ - Net gain on derivative financial instruments - - 2,846 Loss on financial liabilities at fair value through profit or loss - (4,779) (20,872) Gain/(loss) on equity securities - (22) 1,169 Total capital provision income as reported on the consolidated statement of comprehensive income 127,549 340,103 409,156
Elimination of third-party interests
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Schedule of capital provision income on consolidated statement of comprehensive income	6. Capital provision assets Capital provision assets are financial assets held at fair value through profit or loss that relate to the provision of capital in connection with legal finance. Capital provision-direct assets represent those assets in which the Group has provided financing directly to a client or to fund a principal position in a legal finance asset. BOF-C is included in capital provision-direct assets because the Group does not invest any capital in BOF-C. Capital provision-indirect assets represent those assets in which the Group’s capital is provided through a fund as a limited partner contribution. At December 31, 2021 and 2020, capital provision-indirect assets consisted entirely of assets held through the Strategic Value Fund as no deployments had been made to the Advantage Fund at December 31, 2021. The table below sets forth the changes in capital provision assets for the years ended December 31, 2021 and 2020: ​ ​ ​ ​ ​ ($ in thousands) 2021 2020 At January 1 ​ 2,564,742 ​ 2,447,266 Additions ​ 673,965 ​ 297,143 Realizations (455,148) (540,294) Income for the period 131,819 343,393 Foreign exchange gains/(losses) (14,913) 17,234 At December 31 2,900,465 2,564,742 Unrealized fair value at December 31, ​ 1,306,380 ​ 1,329,313 ​ The table below sets forth the breakdown of the capital provision-direct assets and capital provision-indirect assets at December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ($ in thousands) 2021 2020 Capital provision assets are comprised of: Capital provision-direct assets 2,887,610 2,479,576 Capital provision-indirect assets 12,855 85,166 Total capital provision assets 2,900,465 2,564,742 ​ The table below sets forth the components of the capital provision income for the years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) 2021 2020 2019 Realized gains relative to cost 153,607 208,157 146,922 Previous unrealized gains transferred to realized gains (54,017) (15,263) (85,536) Fair value adjustment in the period 32,229 148,102 351,800 Interest income on certain capital provision-indirect assets - 2,397 15,006 Income on capital provision assets 131,819 343,393 428,192 Interest and other income/(loss) 160 199 (1,213) Impairment of other asset ​ (500) ​ - ​ (1,000) Foreign exchange gains/(losses) ​ (3,930) ​ 1,312 ​ 34 Loss on investment subparticipation ​ - ​ - ​ - Net gain on derivative financial instruments - - 2,846 Loss on financial liabilities at fair value through profit or loss - (4,779) (20,872) Gain/(loss) on equity securities - (22) 1,169 Total capital provision income as reported on the consolidated statement of comprehensive income 127,549 340,103 409,156 ​ Foreign exchange (losses)/gains on capital provision assets are reported in either capital provision income or foreign currency transactions (losses)/gains in the consolidated statements of comprehensive income. Exchange differences arising from non-US dollar denominated capital provision assets held by US dollar functional currency entities are recognized in capital provision income in the consolidated statements of comprehensive income. All other foreign exchange translation differences arising from capital provision assets held by non-US dollar functional currency entities are recognized in other comprehensive income in the consolidated statements of comprehensive income. The Group generally relies on privileged information to determine its asset valuations and, as a result, is precluded from disclosing individual asset valuations publicly. However, the Group’s sale during the year ended December 31, 2019 of a part of its entitlement to proceeds in the YPF-related Petersen matter was uniquely of such a size and breadth (including third-party sales organized by the Group’s financial adviser as part of the same transaction, resulting in the total sale of 15% of the entitlement to proceeds) that it was appropriate to use the sale price alone, without consideration of privileged information, to set the Group’s valuation of its YPF-related assets during the year ended December 31, 2019, which remained the same during the years ended December 31, 2020 and 2021. The carrying value of the YPF-related assets (both Petersen and Eton Park combined) on our consolidated balance sheet was $1,160 million with $1,103 million of unrealized gains at December 31, 2021. There have been no transfers of unrealized to realized gains, so the fair value adjustment remains $1,103 million. Loss on financial liabilities at fair value through profit or loss reflects losses on assets and liabilities used to hedge certain capital provision-indirect assets. Gains that would correspond to the hedge losses are included in income on capital provision assets. On a consolidated basis, the capital provision-indirect assets represent solely the equity securities and related claims in the Strategic Value Fund.

Due from settlement of capita_2

Due from settlement of capital provision assets (Tables)	12 Months Ended
	Dec. 31, 2021
Due from settlement of capital provision assets.
Schedule of due from settlement of capital provision assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ 2021 2020 At January 1, 30,708 48,128 Transfer of realizations from capital provision assets 455,148 540,294 Interest and other income 160 199 Proceeds received (396,415) (557,913) Asset received in kind (3,290) - At December 31, 86,311 30,708 Split ​ Current assets ​ 82,561 26,958 Non-current assets 3,750 3,750 Total due from settlement of capital provision assets 86,311 30,708

Asset management income (Tables

Asset management income (Tables)	12 Months Ended
	Dec. 31, 2021
Asset management income.
Schedule of asset management income	​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) 2021 2020 2019 Management fee income 8,667 8,706 15,160 Performance fee income 5,729 6,400 - Total asset management income 14,396 15,106 15,160

Liabilities arising from insu_2

Liabilities arising from insurance contracts (Tables)	12 Months Ended
	Dec. 31, 2021
Liabilities arising from insurance contracts
Schedule of liabilities arising from insurance contracts	​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ($ in thousands) ​ Gross ​ Reinsurance ​ Net Unearned premiums 10,138 ​ (8,315) ​ 1,823 Claims incurred but not reported reserve 4,292 ​ (3,410) ​ 882 Total 14,430 ​ (11,725) ​ 2,705 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ($ in thousands) ​ Gross ​ Reinsurance ​ Net Unearned premiums 10,903 ​ (8,723) ​ 2,180 Claims incurred but not reported reserve 1,693 ​ (1,354) ​ 339 Total 12,596 (10,077) 2,519
Schedule of insurance income	​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ ​ ​ ​ ​ Income statement ​ 2021 2020 2019 Gross premiums written ​ 2,384 ​ 7,203 ​ 4,707 Gross ceded reinsurance premiums (1,874) (5,762) ​ (3,766) Movement in net unearned premium 337 (1,195) ​ (862) Net premium earned 847 246 79 Change in insurance claims reserves (558) (241) (79) Net income on insurance contracts 289 5 - Insurance underwriting commission 381 172 56 Insurance administrator commission 4,473 1,604 3,489 Total insurance income 5,143 1,781 3,545

Property and equipment (Tables)

Property and equipment (Tables)	12 Months Ended
	Dec. 31, 2021
Property and equipment
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ($ in thousands) 2021 2020 Leasehold improvements ​ 2,620 ​ 2,600 Fixtures, fittings and equipment ​ 3,024 ​ 2,787 Computer, hardware and software ​ 287 ​ 287 Right of use asset (property leases) 15,163 ​ 15,209 Property and equipment 21,094 20,883 Accumulated depreciation (8,025) (5,658) Property and equipment, net 13,069 15,225

Marketable securities (Tables)

Marketable securities (Tables)	12 Months Ended
	Dec. 31, 2021
Marketable securities.
Schedule of marketable securities	​ ​ ​ ​ ​ ​ ($ in thousands) 2021 2020 At January 1 16,594 ​ 69,362 Purchase 569,885 ​ 3,172 Proceeds on disposal (409,525) (54,923) Net realized gains/(losses) on disposal (3,760) (1,898) Fair value movement 1,919 795 Change in accrued interest 274 (3) Foreign exchange gain/(losses) (51) 89 Balance at December 31 175,336 16,594
Schedule of marketable securities and bank interest income	​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) 2021 2020 2019 Realized gains/(losses) (see above) (3,760) (1,898) 65 Fair value movement (see above) 1,919 795 (211) Interest and dividend income 2,615 1,096 1,987 Bank interest income 1,091 387 4,835 Total marketable securities income and bank interest 1,865 380 6,676

Other assets (Tables)

Other assets (Tables)	12 Months Ended
	Dec. 31, 2021
Other assets.
Schedule of other assets	​ ​ ​ ​ ​ ​ ($ in thousands) 2021 2020 Reinsurance assets 11,726 ​ 10,077 Prepayments 1,192 1,954 Tax receivable 2,161 10,100 Other receivables 20,094 12,240 Total other assets 35,173 34,371

Other liabilities (Tables)

Other liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Other liabilities.
Schedule of other liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ 2021 ​ 2020 Audit fees payable ​ 3,372 ​ 2,333 General expenses payable ​ 42,474 ​ 42,810 Payable for capital provision assets ​ - ​ 256 Lease liabilities ​ 11,896 ​ 13,520 Insurance liabilities ​ 14,430 ​ 12,596 Long-term incentive compensation including accruals ​ 41,270 ​ 38,232 Legacy asset recovery incentive compensation including accruals ​ 12,615 ​ - Total other liabilities ​ 126,057 ​ 109,747
Schedule of movement in lease liabilities	​ ​ ​ ​ ​ ​ ($ in thousands) 2021 2020 At January 1 13,520 ​ 19,389 Disposals - (4,282) Lease liabilities interest expense 864 1,252 Payments of lease liabilities during the year (2,456) (2,943) Exchange differences (32) 104 At December 31 11,896 13,520

Debt issued (Tables)

Debt issued (Tables)	12 Months Ended
	Dec. 31, 2021
Debt issued
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal amount ​ Balance sheet (at amortized cost) at ​ ​ ​ ​ ​ ​ USD ​ Currently ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ equivalent ​ outstanding ​ Currently ​ ​ ​ ​ ​ ​ ​ ​ Issuance ​ Maturity ​ face value at ​ (in local ​ outstanding ​ ​ ​ ​ ​ ($ in thousands) ​ date date ​ issuance ​ currency) ​ (in USD)* ​ ​ 2021 ​ 2020 Burford Capital PLC ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ £90,000,000 issued at 6.50% fixed rate ​ 8/19/2014 8/19/2022 ​ $ 143,176 £ 62,028 ​ $ 83,595 ​ $ 83,396 ​ $ 117,082 £100,000,000 issued at 6.125% fixed rate ​ 4/26/2016 10/26/2024 ​ $ 144,020 £ 100,000 ​ $ 134,770 ​ $ 134,092 ​ $ 135,561 £175,000,000 issued at 5.00% fixed rate ​ 6/1/2017 12/1/2026 ​ $ 225,803 £ 175,000 ​ $ 235,848 ​ $ 234,153 ​ $ 236,794 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Burford Capital Finance LLC ​ ​ ​ ​ ​ ​ ​ $180,000,000 issued at 6.125% fixed rate ​ 2/12/2018 8/12/2025 ​ $ 180,000 ​ $ 180,000 ​ $ 180,000 ​ $ 178,728 ​ $ 178,377 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Burford Capital Global Finance LLC ​ ​ ​ ​ ​ ​ ​ $400,000,000 issued at 6.25% fixed rate callable notes ​ 4/5/2021 4/15/2028 ​ $ 400,000 ​ $ 400,000 ​ $ 400,000 ​ $ 392,188 ​ $ - Total debt ​ ​ ​ ​ ​ ​ $ 1,022,557 ​ $ 667,814 * Converted using exchange rate at December 31, 2021 of 1.3477 USD/GBP .
Schedule of changes from cash flows and non-cash changes of debt issued	​ ​ ​ ​ ​ ​ ($ in thousands) ​ ​ ​ ​ Debt issued 2021 2020 At January 1 ​ 677,370 ​ 665,342 Debt issued ​ 400,000 ​ - Amortized debt issue costs ​ (8,742) ​ - Interest expense ​ 58,647 ​ 39,048 Interest paid ​ (51,270) ​ (37,890) Foreign exchange (loss)/gain ​ (5,601) ​ 15,834 Debt buyback ​ (33,929) ​ (4,964) At period end ​ 1,036,475 ​ 677,370 Split: ​ ​ Debt issued ​ 1,022,557 ​ 667,814 Debt interest payable ​ 13,918 ​ 9,556 Total debt issued ​ 1,036,475 ​ 677,370 ​ The table below sets forth unamortized issuance costs of the outstanding indebtedness at December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ($ in thousands) 2021 2020 6.5% due Aug 2022 199 515 6.125% due Oct 2024 678 929 6.125% due Aug 2025 1,272 1,623 5.0% due Dec 2026 1,695 2,063 6.25% due Apr 2028 7,812 - ​ The table below sets forth the components of total finance costs of the outstanding indebtedness for the years ended December 31, 2021, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (S in thousands) 2021 ​ 2020 ​ 2019 Debt interest expense 56,454 37,814 37,528 Debt issue costs incurred as finance costs 2,193 1,234 1,219 Total finance costs 58,647 39,048 38,747

Goodwill and intangible assets

Goodwill and intangible assets (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and intangible assets
Schedule of carrying value of goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset ​ ​ ​ ​ ​ ​ ​ ​ management ​ ​ ​ ​ ​ ​ Capital ​ and other ​ Other ​ ​ ($ in thousands) provision services Corporate Total At January 1, 2021 ​ 107,991 ​ 25,020 ​ 1,021 ​ 134,032 Foreign exchange (losses) ​ - ​ - ​ (13) ​ (13) At December 31, 2021 ​ 107,991 ​ 25,020 ​ 1,008 ​ 134,019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset ​ ​ ​ ​ ​ ​ ​ ​ management ​ ​ ​ ​ ​ ​ Capital ​ and other ​ Other ​ ​ ($ in thousands) ​ provision ​ services ​ Corporate ​ Total At January 1, 2020 107,991 25,020 988 133,999 Foreign exchange gains - - 33 33 At December 31, 2020 107,991 25,020 1,021 134,032

Fair value of assets and liab_2

Fair value of assets and liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Fair value of assets and liabilities
Fair value of financial instruments, grouped by the fair value level of hierarchy and techniques	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Total Assets ​ Capital provision assets ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instrument ​ ​ ​ ​ ​ ​ ​ ​ Single case ​ - ​ - ​ 617,088 ​ 617,088 Portfolio ​ - ​ - ​ 1,618,963 ​ 1,618,963 Portfolio with equity risk ​ - ​ - ​ 200,484 ​ 200,484 Legal risk management ​ - ​ - ​ 2,550 ​ 2,550 Non-derivative/financial asset ​ ​ ​ ​ ​ ​ ​ ​ Joint ventures and equity method investments ​ - ​ - ​ 139,964 ​ 139,964 Other - ​ - ​ 2,083 2,083 ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets of consolidated investment companies ​ ​ ​ ​ ​ ​ ​ Complex strategies ​ - ​ - ​ 12,855 ​ 12,855 Litigation finance (BOF-C) - ​ - ​ 306,478 306,478 ​ ​ ​ ​ ​ ​ ​ ​ ​ Due from settlement ​ ​ ​ ​ ​ 86,311 ​ 86,311 ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable securities ​ ​ ​ ​ ​ ​ ​ - Asset backed securities ​ - ​ 56,285 ​ - ​ 56,285 Corporate bonds ​ - ​ 84,003 ​ - ​ 84,003 Mutual funds ​ 10,636 ​ 8,912 ​ - ​ 19,548 US treasuries & commercial paper ​ 15,500 ​ - ​ - ​ 15,500 Total assets 26,136 149,200 2,986,776 3,162,112 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ Debt issued, at fair value* 648,754 422,872 - 1,071,626 Financial liabilities related to third-party interests in capital provision assets ​ - ​ - ​ 398,595 ​ 398,595 Total liabilities 648,754 422,872 ​ 398,595 1,470,221 Net total (622,618) (273,672) 2,588,181 1,691,891 * Debt issued is held at amortized cost in the consolidated financial statements, and the figures disclosed in the above tables represent the fair value equivalent amounts. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ Level 1 ​ Level 2 ​ Level 3 ​ Total Assets ​ Capital provision assets ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instrument ​ ​ ​ ​ ​ ​ Single case ​ - ​ - ​ 594,502 ​ 594,502 Portfolio ​ - ​ - ​ 1,581,794 ​ 1,581,794 Legal risk management ​ - ​ - ​ 2,213 ​ 2,213 Non-derivative/Financial asset ​ ​ ​ ​ ​ ​ ​ ​ Joint ventures and equity method investments ​ - ​ - ​ 130,557 ​ 130,557 Other ​ - ​ - ​ 2,083 ​ 2,083 ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets of consolidated investment companies ​ ​ ​ ​ ​ ​ Complex strategies - ​ - ​ 85,166 85,166 Litigation finance (BOF-C) ​ - ​ - ​ 168,427 ​ 168,427 ​ ​ ​ ​ ​ ​ ​ ​ ​ Due from settlement ​ - ​ - ​ 30,708 ​ 30,708 ​ ​ ​ ​ ​ ​ ​ ​ ​ Marketable securities ​ ​ ​ ​ ​ ​ ​ ​ Corporate bonds ​ - ​ 5,137 ​ - ​ 5,137 Mutual funds ​ 11,457 ​ - ​ - ​ 11,457 Total assets 11,457 5,137 2,595,450 2,612,044 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ Debt issued, at fair value* ​ 646,083 ​ - ​ - ​ 646,083 Financial liabilities for third-party interests in capital provision assets ​ - ​ - ​ 400,660 ​ 400,660 Total liabilities 646,083 - - 400,660 1,046,743 Net total (634,626) 5,137 2,194,790 1,565,301 * Debt issued is held at amortized cost in the consolidated financial statements, and the figures disclosed in the above tables represent the fair value equivalent amounts.
Schedule of analysis of the movements in the level 3 financial assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transfers ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ At January 1, ​ Transfers ​ between ​ ​ ​ ​ ​ Income for ​ exchange ​ At December 31, ($ in thousands) ​ 2021 ​ into level 3 ​ types ​ Additions ​ Realizations ​ the period ​ gains/(losses) ​ 2021 Single case ​ 594,502 ​ - ​ (2,727) ​ 133,131 ​ (206,573) ​ 99,346 ​ (591) ​ 617,088 Portfolio ​ 1,581,794 ​ - ​ 2,727 ​ 84,074 ​ (59,070) ​ 12,703 ​ (3,265) ​ 1,618,963 Legal risk management ​ 2,213 ​ - ​ - ​ 156 ​ - ​ 375 ​ (194) ​ 2,550 Portfolio with equity risk ​ - ​ - ​ - ​ 212,384 ​ - ​ (11,900) ​ - ​ 200,484 Joint ventures and equity method investments ​ 130,557 ​ - ​ - ​ 19,327 ​ (1,799) ​ 2,742 ​ (10,863) ​ 139,964 Other ​ 2,083 ​ - ​ - ​ - ​ - ​ - ​ - ​ 2,083 Complex strategies ​ 85,166 ​ - ​ - ​ - ​ (81,022) ​ 8,711 ​ - ​ 12,855 Litigation finance (BOF-C) ​ 168,427 ​ - ​ - ​ 224,893 ​ (106,684) ​ 19,842 ​ - ​ 306,478 Total capital provision assets ​ 2,564,742 ​ - ​ - ​ 673,965 ​ (455,148) ​ 131,819 ​ (14,913) ​ 2,900,465 Due from settlement ​ 30,708 ​ - ​ - ​ 455,148 ​ (399,705) ​ 160 ​ ​ ​ 86,311 Total level 3 assets ​ 2,595,450 ​ - ​ - ​ 1,129,113 ​ (854,853) ​ 131,979 ​ (14,913) ​ 2,986,776 Financial liabilities for third-party interests in capital provision assets ​ 400,660 ​ - ​ - ​ - ​ (37) ​ (2,028) ​ - ​ 398,595 Total level 3 liabilities ​ 400,660 ​ - ​ - ​ - ​ (37) ​ (2,028) ​ - ​ 398,595 ​ The table below sets forth the analysis of the movements in the level 3 financial assets and liabilities for the year ended December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transfers ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ At January 1, ​ Transfers ​ between ​ ​ ​ ​ ​ Income for ​ exchange ​ At December 31, ($ in thousands) ​ 2020 ​ into level 3 ​ types ​ Additions ​ Realizations ​ the period ​ gains/(losses) ​ 2020 Single case ​ 412,167 ​ - ​ 47,597 ​ 125,463 ​ (166,461) ​ 172,405 ​ 3,331 ​ 594,502 Portfolio ​ 1,469,926 ​ - ​ 38,531 ​ 89,119 ​ (172,925) ​ 154,134 ​ 3,009 ​ 1,581,794 Legal risk management ​ 1,619 ​ - ​ - ​ - ​ - ​ 414 ​ 180 ​ 2,213 Asset recovery ​ 86,128 ​ - ​ (86,128) ​ - ​ - ​ - ​ - ​ - Joint ventures and equity method investments ​ 110,608 ​ - ​ - ​ 11,373 ​ (1,314) ​ (824) ​ 10,714 ​ 130,557 Other ​ 2,083 ​ - ​ - ​ - ​ - ​ - ​ - ​ 2,083 Complex strategies ​ 192,356 ​ 49,950 ​ - ​ - ​ (173,049) ​ 15,909 ​ - ​ 85,166 Litigation finance (BOF-C) ​ 106,599 ​ - ​ - ​ 71,188 ​ (19,663) ​ 10,303 ​ - ​ 168,427 Total capital provision assets ​ 2,381,486 ​ 49,950 ​ - ​ 297,143 ​ (533,412) ​ 352,341 ​ 17,234 ​ 2,564,742 Due from settlement ​ 52,514 ​ - ​ - ​ 526,588 ​ (548,593) ​ 199 ​ - ​ 30,708 Total level 3 assets ​ 2,434,000 ​ 49,950 ​ - ​ 823,731 ​ (1,082,005) ​ 352,540 ​ 17,234 ​ 2,595,450 Financial liabilities for third-party interests in capital provision assets ​ 401,444 ​ - ​ - ​ 224 ​ - ​ (1,008) ​ - ​ 400,660 Total level 3 liabilities ​ 401,444 ​ - ​ - ​ 224 ​ - ​ (1,008) ​ - ​ 400,660
Schedule of stratification of our capital provision direct and indirect Level 3 assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Positive fair value adjustments Negative fair value adjustments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Total ​ ​ ​ Aggregate ​ ​ ​ average (2) Total ​ ​ Aggregate ​ ​ ​ ​ ​ average ​ ​ ($ in thousands) Unobservable carrying ​ ​ ​ FV ​ ​ ​ FV ​ carrying ​ ​ FV ​ ​ ​ ​ ​ FV ​ ​ Asset fair valuation factors inputs value ​ Cost ​ adjustment Range ​ adjustment % (1) value ​ Cost adjustment ​ ​ Range ​ adjustment % (5) ​ ​ Market transactions (4) Litigation risk ​ 1,160,354 ​ ​ 57,128 ​ ​ 1,103,225 ​ NA (3) NA (3) - ​ - - ​ ​ NA (3) ​ NA (3) ​ ​ Ruling or other objective pre-trial event Litigation risk ​ 161,718 ​ ​ 103,059 ​ ​ 58,659 ​ 30% to 50% ​ 31% ​ 6,742 ​ 10,783 (4,041) ​ ​ -32% to 60% ​ ​ (33)% ​ ​ ​ Trial court judgment or tribunal award Litigation risk ​ 78,938 ​ ​ 41,879 ​ ​ 37,059 ​ 50% to 60% ​ 47% ​ 669 ​ 1,505 (836) ​ ​ -80% to -80% ​ ​ 0% ​ ​ ​ Appeal judgment Litigation risk ​ 24,776 ​ ​ 16,620 ​ ​ 8,156 ​ 17% to 80% ​ 20% ​ - ​ - - ​ ​ -100% to -100% ​ ​ 0% ​ ​ ​ Settlements Litigation risk ​ 95,788 ​ ​ 63,148 ​ ​ 32,640 ​ 10% to 100% ​ 43% ​ 9,653 ​ 23,898 (14,245) ​ ​ -9% to -170% ​ ​ 0% ​ ​ ​ Held at cost Litigation risk ​ 818,805 ​ ​ 795,988 ​ ​ 22,818 ​ 0% ​ NA*** ​ 1,018 ​ 5,954 (4,936) ​ ​ 0 ​ ​ NA (3) ​ ​ Portfolios with multiple FV factors (6) Litigation risk ​ 283,643 ​ ​ 194,608 ​ ​ 89,035 ​ -100% to 80% ​ (53)% ​ 7,248 ​ 14,282 (7,034) ​ ​ -60% to -60% ​ ​ 0% ​ ​ ​ Priced at cost plus accrued interest Litigation risk ​ - ​ ​ - ​ ​ - ​ 0% ​ 0% ​ 12,855 ​ 11,156 1,699 ​ ​ 0 ​ ​ NA (3) ​ ​ Discounted cash flow Discount rate ​ - ​ ​ - ​ ​ - ​ 0% ​ 0% ​ 235,212 ​ 250,797 (15,585) ​ ​ 12.9% ​ ​ 12.9% ​ ​ ​ Discounted cash flow Resolution timing ​ - ​ ​ - ​ ​ - ​ 0% ​ 0% ​ - ​ - - ​ ​ 9 to 69 months ​ ​ 38 months ​ ​ ​ Discounted cash flow Conversion ratio ​ - ​ ​ - ​ ​ - ​ 0% ​ 0% ​ - ​ - - ​ ​ 5.4 ​ ​ 5.4 ​ ​ ​ Other Litigation risk ​ 2,551 ​ ​ - ​ ​ 2,551 ​ -100% to 80% ​ 100% ​ 495 ​ 3,280 (2,785) ​ ​ -100% to -100% ​ ​ 0% ​ ​ Total capital provision assets ​ 2,626,573 ​ 1,272,430 ​ 1,354,143 273,892 321,655 (47,763) ​ ​ ​ Due from settlement: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held at cost ​ ​ 86,311 ​ ​ - ​ ​ 86,311 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total level 3 assets ​ 2,712,884 ​ 1,272,430 ​ 1,440,454 273,892 321,655 (47,763) ​ ​ ​ (1) As percentage of expected recovery above cost. (2) Weighted by fair value of asset. (3) Not valued based on a percentage of expected recovery. (4) Although market transactions are a significant input into the valuation of these assets, the nature of these market transactions and the influence of other factors on valuation causes these assets to be characterized as Level 3 rather than Levels 1 or 2. (5) As percentage of cost. (6) Portfolios where the underlying cases have multiple FV factors: If a portfolio’s cases have only one FV factor, the portfolio is categorized with that factor. FV adjustment statistics for portfolios represent the weighted average, maximum and minimum adjustments for the underlying cases in those portfolios. (7) Weighted by cost of asset. ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ ​ ​ ​ ​ Total capital provision level 3 assets ​ Carrying value Cost Unrealized gain Capital provision-direct ​ 2,887,610 ​ 1,582,929 ​ 1,304,681 Capital provision-indirect ​ 12,855 ​ 11,156 ​ 1,699 Total capital provision ​ 2,900,465 ​ 1,594,085 ​ 1,306,380 ​ At December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Positive fair value adjustments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Negative fair value adjustments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Total ​ ​ ​ Aggregate ​ ​ ​ average (2) Total ​ ​ Aggregate ​ ​ ​ ​ ​ average (7) ​ ($ in thousands) Unobservable carrying ​ ​ ​ FV ​ ​ ​ FV ​ carrying ​ ​ FV ​ ​ ​ ​ ​ FV ​ ​ Asset fair valuation factors inputs value ​ Cost ​ adjustment Range ​ adjustment % (1) value ​ Cost adjustment ​ ​ Range ​ adjustment % (5) ​ Market transactions (4) Litigation risk ​ 1,159,533 ​ ​ 47,988 ​ ​ 1,111,545 ​ NA (3) NA*** (3) - ​ - - ​ ​ NA (3) ​ NA (3) ​ Ruling or other objective pre-trial event Litigation risk ​ 227,252 ​ ​ 148,840 ​ ​ 78,412 0%-50% % 33 % 6,413 ​ 10,198 (3,785) ​ -32% to -60% ​ ​ (37) % ​ Trial court judgment or tribunal award Litigation risk ​ 67,252 ​ ​ 35,910 ​ ​ 31,342 35%-60% % 50 % 196 ​ 980 (784) ​ -80% to -80% ​ ​ (80) % ​ Appeal judgment Litigation risk ​ 32,148 ​ ​ 21,242 ​ ​ 10,906 20%-80% % 37 % 500 ​ 1,000 (500) ​ (50)% ​ ​ (50) % ​ Settlements Litigation risk ​ 88,827 ​ ​ 64,091 ​ ​ 24,736 11%-80% % 40 % 12,000 ​ 29,875 (17,875) ​ -9% to -70% ​ ​ (62) % ​ Held at cost Litigation risk ​ 580,190 ​ ​ 580,190 ​ ​ - NA (3) NA (3) - ​ - - ​ NA (3) ​ NA (3) ​ Portfolios with multiple FV factors (6) Litigation risk ​ 296,405 ​ ​ 202,832 ​ ​ 93,573 -100%-60% % 36 % 6,152 ​ 13,186 (7,034) ​ (60)% ​ ​ (60) % ​ Priced at cost plus accrued interest Litigation risk ​ 72,038 ​ ​ 60,991 ​ ​ 11,047 NA (3) NA (3) 13,128 ​ 14,826 (1,698) ​ NA (3) ​ NA (3) ​ Other Litigation risk ​ 2,213 ​ ​ - ​ ​ 2,213 100%-100% % 100 % 495 ​ 3,280 (2,785) ​ (85)% ​ ​ (85) % ​ Total capital provision assets ​ $ 2,525,858 ​ $ 1,162,084 ​ $ 1,363,774 ​ $ 38,884 ​ 73,345 (34,461) ​ ​ ​ ​ ​ Due from settlement: ​ ​ ​ ​ ​ ​ ​ ​ Held at cost ​ 30,708 ​ - ​ 30,708 ​ ​ ​ ​ - ​ - - ​ ​ ​ ​ ​ ​ ​ Total level 3 assets ​ $ 2,556,566 ​ $ 1,162,084 ​ $ 1,394,482 38,884 ​ 73,345 (34,461) ​ ​ ​ (1) As percentage of expected recovery above cost. (2) Weighted by fair value of asset. (3) Not valued based on a percentage of expected recovery. (4) Although market transactions are a significant input into the valuation of these assets, the nature of these market transactions and the influence of other factors on valuation causes these assets to be characterized as Level 3 rather than Levels 1 or 2. (5) As percentage of cost. (6) Portfolios where the underlying cases have multiple FV factors: If a portfolio’s cases have only one FV factor, the portfolio is categorized with that factor. FV adjustment statistics for portfolios represent the weighted average, maximum and minimum adjustments for the underlying cases in those portfolios. (7) Weighted by cost of asset. ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ ​ ​ ​ ​ Total capital provision level 3 assets ​ Carrying value Cost Unrealized gain Capital provision-direct 2,479,576 1,159,612 1,319,964 Capital provision-indirect 85,166 75,817 9,349 Total capital provision 2,564,742 1,235,429 1,329,313

Variable interest entities (Tab

Variable interest entities (Tables)	12 Months Ended
	Dec. 31, 2021
Variable interest entities
Schedule of variable interest entities	​ ​ ​ ​ ​ ​ ($ in thousands) ​ ​ 2021 2020 Total assets ​ ​ 887,719 776,289 Total liabilities ​ ​ (5,199) (16,971) ​ ​ ​ ​ ​ ​ ($ in thousands) ​ 2021 2020 2019 Total income ​ 13,167 609 123,859 Cash flows: ​ ​ ​ ​ Proceeds ​ (139,825) (32,943) 9,220 Funding ​ 224,893 20,557 165,864 Cash balance ​ 40,547 2,101 10,008 Restricted cash ​ - - 95,226 ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) ​ 2021 ​ 2020 Total on balance sheet exposure ​ 16,355 ​ 14,910 Off-balance sheet - undrawn commitments ​ 6,378 ​ 8,935 Maximum exposure to loss ​ 22,733 23,845

Shareholders equity (Tables)

Shareholders equity (Tables)	12 Months Ended
	Dec. 31, 2021
Shareholders' equity
Schedule of dividends	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ Record date 2020 Record date 2019 Record date Interim dividend 6.25 ¢ November 12, 2021 - 4.17 ¢ November 15, 2019 Final dividend 6.25 ¢ May 27, 2022 12.50 ¢ May 28, 2021 - ​ Total dividend 12.50 ¢ 12.50 ¢ 4.17 ¢

Share-based compensation (Table

Share-based compensation (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based compensation
Schedule of summarized activity related to the LTIP awards	The table below sets forth the LTIP activity for the years ended December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average ​ ​ ​ ​ grant date fair value (Shares in thousands) ​ Shares ​ per share Unvested awards at January 1, 2020 1,346 ​ $ 13.97 Granted 1,715 ​ $ 4.16 Earned/vested (384) ​ $ 9.01 Forfeited (21) ​ $ 14.68 Unvested awards at December 31, 2020 2,656 ​ $ 8.35 Granted 1,895 ​ $ 8.74 Earned/vested (156) ​ $ 16.24 Forfeited (301) ​ $ 12.22 Unvested awards at December 31, 2021 4,094 ​ $ 7.94
Schedule of fair values and key assumptions used for valuing grants made under the LTIP	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 ​ Dividend yield 0.48 % 0.48 % 1.00 % Expected volatility 54.70 % 53.70 % 40.80 % Risk-free interest rate 0.34 % (0.02) % 0.63 % Expected term of awards (years) 3.00 3.00 3.00 ​ Weighted-average fair value ($) 8.74 4.16 15.85 ​ Weighted-average share price ($) 9.10 6.37 16.78 ​

Earnings per ordinary share (Ta

Earnings per ordinary share (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings per ordinary share
Schedule of computation for basic and diluted net income per ordinary share	​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands, except share data) 2021 2020 2019 Net (loss)/income attributable to ordinary shares ​ (72,066) 165,115 180,962 Weighted-average shares outstanding: ​ ​ ​ ​ ​ ​ Basic ​ 219,049,877 218,919,822 218,649,877 Dilutive effect of share-based awards ​ 649,582 ​ - ​ 412,122 Diluted ​ 219,699,459 218,919,822 219,061,999 Net (loss)/income per share (in cents): ​ ​ ​ ​ ​ ​ Basic ​ (33) 75 83 Diluted ​ (33) 75 83

Financial commitments and con_2

Financial commitments and contingent liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Financial commitments and contingent liabilities
Schedule of maturity profile of the Group's financial liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ Less than 3 3 to 6 6 to 12 1 to 5 Greater than No contractual undiscounted ($ in thousands) ​ months months months years 5 years maturity date cash outflows Leases 601 601 1,207 8,057 4,393 - 14,859 Debt interest payable 8,229 22,524 30,753 196,754 37,500 - 295,760 Other liabilities 41,249 - - 4,805 - 53,884 99,938 Debt issued - - 83,595 550,617 400,000 - 1,034,212 Financial liabilities related to third-party interests in capital provision assets - - - - - 398,595 398,595
Schedule of right-of-use assets and the related liabilities	​ ​ ​ ​ ​ ​ ($ in thousands) 2021 2020 Right-of-use assets: ​ ​ ​ ​ Property and equipment 10,948 12,386 Lease liabilities: ​ ​ ​ ​ Other current liabilities 11,896 13,520
Schedule of components of lease expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease Cost 2021 2020 2019 Operating lease cost ​ $ 2,273 ​ $ 3,005 ​ $ 2,220 Net lease cost ​ $ 2,273 ​ $ 3,005 ​ $ 2,220 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ($ in thousands) 2021 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 2,456 ​ $ 2,943 $ 1,433 ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 ​ Weighted-average remaining lease term (years) ​ ​ ​ ​ ​ Operating leases 7.1 ​ 7.9 ​ Weighted-average discount rate ​ ​ ​ ​ ​ Operating leases 6.7% ​ 6.7% ​
Schedule of future lease payments	​ ​ ​ ​ ($ in thousands) Payments 2022 ​ 2,450 2023 ​ 2,181 2024 ​ 2,090 2025 ​ 1,735 2026 ​ 2,188 Thereafter ​ 4,393 Total lease payments ​ 15,037 Less: Interest ​ (3,141) Total lease liability ​ 11,896

Summary of significant accoun_4

Summary of significant accounting policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Summary of significant accounting policies
Percentage of outstanding voting shares	50.00%
Carrying values short-term investments	$ 21,000,000	$ 5,000,000
Gain (loss) on purchase, sale, cancellation or issue of own shares	$ 0
Number of operating segments | segment	2
Intragroup foreign currency transaction gains (losses)	$ 432,000	$ 1,120,000	$ 1,125,000

Summary of significant accoun_5

Summary of significant accounting policies - Useful Life of Property, plant and equipment (Details)	12 Months Ended
	Dec. 31, 2021
Fixtures, fitting and equipment
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years
Computer hardware and software
Property, Plant and Equipment [Line Items]
Useful life (in years)	3 years

Supplemental Cash Flow Data (De

Supplemental Cash Flow Data (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplemental Cash Flow Data
Capital provision-direct assets	$ 338,098	$ 354,884	$ 108,521
Capital provision-indirect assets	58,317	203,029	284,085
Total Proceeds	396,415	557,913	392,606
Increase (decrease) in payable for capital provision-direct assets	(256)	220	36
Total Increase (decrease) in payable for capital provision assets	(256)	220	36
New funding Capital provision-direct assets	(672,931)	(297,143)	(347,630)
New funding Capital provision-indirect assets			(224,156)
Total New funding	$ (672,931)	$ (297,143)	$ (571,786)

Income taxes - Net income (loss

Income taxes - Net income (loss) before income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income taxes
Domestic	$ 15,035	$ 22,711	$ 39,158
Foreign	(74,478)	187,528	170,530
Net (loss)/income before income taxes	$ (59,443)	$ 210,239	$ 209,688

Income taxes - Reconciliation o

Income taxes - Reconciliation of taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income taxes
Foreign rate differential	$ (9,433)	$ 41,362	$ (3,604)
Compensation	5,554	1,451
Valuation Allowance	14,971	(7,810)	12,979
Non deductible interest	39
Withholding Tax	49	238	534
Non deductible Taxes		415	78
Prior period Adjustments	1,763	(670)	2,334
Impairment		955	693
Non-taxable Income	(15,541)
Other, net	(339)	996	403
(Benefit from)/provision for income taxes	$ (3,015)	$ 36,937	$ 13,417

Income taxes - Reconciliation_2

Income taxes - Reconciliation of foreign rate differential (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Line Items]
Foreign rate differential	$ (9,433)	$ 41,362	$ (3,604)
US
Income Tax Disclosure [Line Items]
Foreign rate differential	(23,703)	45,700	(4,051)
Singapore
Income Tax Disclosure [Line Items]
Foreign rate differential	140	8	(335)
Irish
Income Tax Disclosure [Line Items]
Foreign rate differential	584	(936)	2,588
UK
Income Tax Disclosure [Line Items]
Foreign rate differential	13,535	$ (3,410)	$ (1,806)
Other
Income Tax Disclosure [Line Items]
Foreign rate differential	$ 11

Income taxes - Provision (benef

Income taxes - Provision (benefit) for income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current
Domestic (Guernsey)	$ 50	$ 239	$ 424
Foreign - US Federal	(984)	2,151	(83)
Foreign - other	(952)	45	3,671
Total current (benefit from)/provision for income taxes	(1,886)	2,435	4,012
Deferred
Foreign - US Federal	(2,753)	34,499	9,476
Foreign - other	1,624	3	(71)
Total deferred income tax (benefit from)/provision for	(1,129)	34,502	9,405
(Benefit from)/provision for income taxes	$ 3,015	$ (36,937)	$ (13,417)

Income taxes - Deferred tax ass

Income taxes - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Compensation and benefit accruals not currently deductible	$ 8,602	$ 6,945
Net operating loss carryforwards	3,177	1,164
Non deductible and excess interest	17,237	4,605
Unrealized Loss	6,530	1,469
Acquisition costs	515	567
Capital Lease	164	836
Other	1,003	948
Total deferred tax assets	37,228	16,534
Deferred tax liabilities:
Compensation and benefit accruals not currently deductible	40
Depreciation and amortization	(405)	(541)
Goodwill	(7,952)	(5,493)
Unrealized Gain	(31,005)	(27,805)
Total deferred tax liabilities	(39,322)	(33,839)
Net deferred tax position	(2,094)	(17,305)
Valuation allowance	(20,717)	(7,181)
Net deferred tax (liabilities)	$ (22,811)	$ (24,486)

Income taxes - Narrative (Detai

Income taxes - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Operating Loss Carryforwards [Line Items]
Cash taxes paid	$ 1
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards indefinitely	21
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	31
Foreign
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards indefinitely	$ 8

Segment reporting (Details)

Segment reporting (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Segment reporting
Total segment income	$ 152,158	$ 359,121	$ 379,170
Unrealized gain/(loss) relating to third-party interests in capital provision assets	2,028	947	(57,500)
General, administrative and other	(30,467)	(21,468)	(22,447)
Case-related expenditures ineligible for inclusion in asset cost	(5,300)	(4,841)	(11,246)
Amortization of intangible assets		8,703	9,495
Total operating expenses	(145,823)	(120,580)	(132,691)
Income/(loss) from operations	6,335	238,541	246,479
Finance costs	(58,647)	(39,048)	(38,747)
Foreign currency transactions gains (losses), net	(5,482)	10,746	1,956
Net income (loss) before taxation	(59,443)	210,239	209,688
Benefit from (provision for) income taxes	3,015	(36,937)	(13,417)
Net income (loss) after taxation	(56,428)	173,302	196,271
Net income attributable to non-controlling interests	15,638	8,187	15,309
Net (loss)/income	(72,066)	165,115	180,962
Change in foreign currency translation adjustments	(2,443)	(10,206)	(17,525)
Comprehensive income (loss) per segment	$ (74,509)	154,909	163,437
Number of operating segments | segment	2
Capital provision income
Segment reporting
Total segment income	$ 127,549	340,103	409,156
Management fee income
Segment reporting
Total segment income	8,667	8,706	15,160
Performance fee income
Segment reporting
Total segment income	5,729	6,400
Total Burford-only segments
Segment reporting
Total segment income	132,885	347,407	354,701
Total operating expenses	(142,188)	(116,621)	(123,591)
Income/(loss) from operations	(9,303)	230,786	231,110
Finance costs	(58,647)	(39,048)	(38,747)
Loss on debt buyback	(1,649)
Foreign currency transactions gains (losses), net	(5,482)	10,314	2,016
Net income (loss) before taxation	(75,081)	202,052	194,379
Benefit from (provision for) income taxes	3,015	(36,937)	13,417
Net income (loss) after taxation	(72,066)	165,115	180,962
Net (loss)/income	(72,066)	165,115	180,962
Change in foreign currency translation adjustments	(2,443)	(10,206)	(17,525)
Comprehensive income (loss) per segment	(74,509)	154,909	163,437
Total Burford-only segments | Includes the following revenue from contracts with customers for Services transferred over time
Segment reporting
Total segment income	32,357	27,069	31,808
Total Burford-only segments | Capital provision income
Segment reporting
Total segment income	99,754	320,023	316,823
Total Burford-only segments | Management fee income
Segment reporting
Total segment income	10,510	11,454	18,399
Total Burford-only segments | Performance fee income
Segment reporting
Total segment income	5,729	6,400	594
Total Burford-only segments | Income from BOF-C
Segment reporting
Total segment income	9,798	6,630	7,137
Total Burford-only segments | Other services income
Segment reporting
Total segment income	7,094	2,900	11,748
Capital provision
Segment reporting
Total segment income	99,754	320,023	316,823
Total operating expenses	(87,420)	(55,139)	(72,252)
Income/(loss) from operations	12,334	264,884	244,571
Finance costs	(52,537)	(36,316)	(36,423)
Loss on debt buyback	(1,477)
Net income (loss) before taxation	(41,680)	228,568	208,148
Benefit from (provision for) income taxes	11,060	(35,080)	10,826
Net income (loss) after taxation	(30,620)	193,488	197,322
Net (loss)/income	(30,620)	193,488	197,322
Comprehensive income (loss) per segment	(30,620)	193,488	197,322
Capital provision | Capital provision income
Segment reporting
Total segment income	99,754	320,023	316,823
Asset Management and other services
Segment reporting
Total segment income	32,357	27,069	31,808
Total operating expenses	(33,280)	(24,254)	(23,704)
Income/(loss) from operations	(923)	2,815	8,104
Finance costs	(1,360)
Loss on debt buyback	(38)
Net income (loss) before taxation	(2,321)	2,815	8,104
Benefit from (provision for) income taxes	3,089	(2,647)	(89)
Net income (loss) after taxation	768	168	8,193
Net (loss)/income	768	168	8,193
Comprehensive income (loss) per segment	768	168	8,193
Asset Management and other services | Includes the following revenue from contracts with customers for Services transferred over time
Segment reporting
Total segment income	32,357	27,069	31,808
Asset Management and other services | Management fee income
Segment reporting
Total segment income	10,510	11,454	18,399
Asset Management and other services | Performance fee income
Segment reporting
Total segment income	5,729	6,400	594
Asset Management and other services | Income from BOF-C
Segment reporting
Total segment income	9,798	6,630	7,137
Asset Management and other services | Other services income
Segment reporting
Total segment income	6,320	2,585	5,678
Other Corporate
Segment reporting
Total segment income	774	315	6,070
Total operating expenses	(21,488)	(37,228)	(27,635)
Income/(loss) from operations	(20,714)	(36,913)	(21,565)
Finance costs	(4,750)	(2,732)	(2,324)
Loss on debt buyback	(134)
Foreign currency transactions gains (losses), net	(5,482)	10,314	2,016
Net income (loss) before taxation	(31,080)	(29,331)	(21,873)
Benefit from (provision for) income taxes	(11,134)	790	2,680
Net income (loss) after taxation	(42,214)	(28,541)	(24,553)
Net (loss)/income	(42,214)	(28,541)	(24,553)
Change in foreign currency translation adjustments	(2,443)	(10,206)	(17,525)
Comprehensive income (loss) per segment	(44,657)	(38,747)	(42,078)
Other Corporate | Other services income
Segment reporting
Total segment income	774	315	6,070
Total Consolidated
Segment reporting
Total segment income	152,158	359,121	379,170
Unrealized gain/(loss) relating to third-party interests in capital provision assets	2,028	947	(57,500)
Total operating expenses	(145,823)	(120,580)	(132,691)
Income/(loss) from operations	6,335	238,541	246,479
Finance costs	(58,647)	(39,048)	(38,747)
Loss on debt buyback	(1,649)
Foreign currency transactions gains (losses), net	(5,482)	10,746	1,956
Net income (loss) before taxation	(59,443)	210,239	209,688
Benefit from (provision for) income taxes	3,015	(36,937)	13,417
Net income (loss) after taxation	(56,428)	173,302	196,271
Net income attributable to non-controlling interests	(15,638)	(8,187)	(15,309)
Net (loss)/income	(72,066)	165,115	180,962
Change in foreign currency translation adjustments	(2,443)	(10,206)	(17,525)
Comprehensive income (loss) per segment	(74,509)	154,909	163,437
Total Consolidated | Includes the following revenue from contracts with customers for Services transferred over time
Segment reporting
Total segment income	32,357	27,069	31,808
Total Consolidated | Capital provision income
Segment reporting
Total segment income	127,549	340,103	409,156
Total Consolidated | Management fee income
Segment reporting
Total segment income	8,667	8,706	15,160
Total Consolidated | Performance fee income
Segment reporting
Total segment income	5,729	6,400
Total Consolidated | Other services income
Segment reporting
Total segment income	8,185	2,965	12,354
Total Consolidated | Capital provision
Segment reporting
Total segment income	129,577	341,050	351,656
Total operating expenses	(91,055)	(59,098)	(81,352)
Total Consolidated | Asset Management and other services
Segment reporting
Total segment income	20,716	17,691	20,838
Total operating expenses	(33,280)	(24,254)	(23,704)
Total Consolidated | Other Corporate
Segment reporting
Total segment income	1,865	380	6,676
Total operating expenses	(21,488)	(37,228)	(27,635)
Adjustment for third-party interests
Segment reporting
Total segment income	19,273	11,714	24,469
Unrealized gain/(loss) relating to third-party interests in capital provision assets	2,028	947	(57,500)
Total operating expenses	(3,635)	(3,959)	(9,100)
Income/(loss) from operations	15,638	7,755	15,369
Foreign currency transactions gains (losses), net		432	(60)
Net income (loss) before taxation	15,638	8,187	15,309
Net income (loss) after taxation	15,638	8,187	15,309
Net income attributable to non-controlling interests	(15,638)	(8,187)	(15,309)
Adjustment for third-party interests | Capital provision income
Segment reporting
Total segment income	27,795	20,080	92,333
Adjustment for third-party interests | Management fee income
Segment reporting
Total segment income	(1,843)	(2,748)	(3,239)
Adjustment for third-party interests | Performance fee income
Segment reporting
Total segment income			(594)
Adjustment for third-party interests | Income from BOF-C
Segment reporting
Total segment income	(9,798)	(6,630)	(7,137)
Adjustment for third-party interests | Other services income
Segment reporting
Total segment income	1,091	65	606
Adjustment for third-party interests | Capital provision
Segment reporting
Total segment income	29,823	21,027	34,833
Total operating expenses	(3,635)	(3,959)	(9,100)
Adjustment for third-party interests | Asset Management and other services
Segment reporting
Total segment income	(11,641)	(9,378)	(10,970)
Adjustment for third-party interests | Other Corporate
Segment reporting
Total segment income	$ 1,091	$ 65	$ 606

Segment reporting - Reconciles

Segment reporting - Reconciles total consolidated revenues to the total segment revenues and expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment reporting
Total segment income	$ 152,158	$ 359,121	$ 379,170
Segment expenses	(145,823)	(120,580)	(132,691)
Total Burford-only segments
Segment reporting
Total segment income	132,885	347,407	354,701
Segment expenses	(142,188)	(116,621)	(123,591)
Capital provision
Segment reporting
Total segment income	99,754	320,023	316,823
Segment expenses	(87,420)	(55,139)	(72,252)
Asset Management and other services
Segment reporting
Total segment income	32,357	27,069	31,808
Segment expenses	(33,280)	(24,254)	(23,704)
Other Corporate
Segment reporting
Total segment income	774	315	6,070
Segment expenses	(21,488)	(37,228)	(27,635)
Total Consolidated
Segment reporting
Total segment income	152,158	359,121	379,170
Segment expenses	(145,823)	(120,580)	(132,691)
Total Consolidated | Capital provision
Segment reporting
Total segment income	129,577	341,050	351,656
Segment expenses	(91,055)	(59,098)	(81,352)
Total Consolidated | Asset Management and other services
Segment reporting
Total segment income	20,716	17,691	20,838
Segment expenses	(33,280)	(24,254)	(23,704)
Total Consolidated | Other Corporate
Segment reporting
Total segment income	1,865	380	6,676
Segment expenses	(21,488)	(37,228)	(27,635)
Adjustment for third-party interests
Segment reporting
Total segment income	19,273	11,714	24,469
Segment expenses	(3,635)	(3,959)	(9,100)
Adjustment for third-party interests | Capital provision
Segment reporting
Total segment income	29,823	21,027	34,833
Segment expenses	(3,635)	(3,959)	(9,100)
Adjustment for third-party interests | Asset Management and other services
Segment reporting
Total segment income	(11,641)	(9,378)	(10,970)
Adjustment for third-party interests | Other Corporate
Segment reporting
Total segment income	$ 1,091	$ 65	$ 606

Segment reporting - Burfords as

Segment reporting - Burfords assets and liabilities by reporting segment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets
Cash balance	$ 180,255	$ 322,085	$ 178,177
Restricted cash			95,226
Marketable securities	175,336	16,594	69,362
Other assets	35,173	34,371
Due from settlement of capital provision assets	86,311	30,708	48,128
Capital provision assets	2,900,465	2,564,742	2,447,266
Property and equipment	13,069	15,225
Goodwill & Intangible asset	134,019	134,032
Deferred tax asset	78	256
Total assets	3,524,706	3,118,013
Liabilities
Debt interest payable	13,918	9,556
Other liabilities	126,057	109,747
Bonds Payable	1,036,475	677,370	$ 665,342
Financial liabilities related to third party interests in capital provision assets	398,595	400,660
Deferred tax liability	22,889	24,742
Total liabilities	1,584,016	1,212,519
Total Burford-only segments
Assets
Cash balance	139,678	319,586
Marketable securities	175,336	16,594
Other assets	51,336	45,213
Due from settlement of capital provision assets	63,447	30,708
Capital provision assets	2,159,453	1,906,191
Property and equipment	13,069	15,225
Goodwill & Intangible asset	134,019	134,032
Deferred tax asset	78	256
Total assets	2,736,416	2,467,805
Liabilities
Debt interest payable	13,918	9,556
Other liabilities	125,262	103,481
Bonds Payable	1,022,557	667,814
Deferred tax liability	22,889	24,742
Total liabilities	1,184,626	805,593
Capital provision
Assets
Cash balance	90,497	170,573
Other assets	20,749	23,194
Due from settlement of capital provision assets	63,447	30,708
Capital provision assets	2,159,453	1,906,191
Property and equipment	9,173	13,041
Goodwill & Intangible asset	107,991	107,991
Total assets	2,451,310	2,251,698
Liabilities
Debt interest payable	12,468	8,887
Other liabilities	83,521	38,474
Bonds Payable	916,017	621,067
Deferred tax liability	17,101	17,695
Total liabilities	1,029,107	686,123
Asset Management and other services
Assets
Cash balance	9,446	6,926
Other assets	25,081	16,994
Property and equipment	3,896
Goodwill & Intangible asset	25,020	25,020
Total assets	63,443	48,940
Liabilities
Debt interest payable	323
Other liabilities	26,719	577
Bonds Payable	23,708
Total liabilities	50,750	577
Other Corporate
Assets
Cash balance	39,735	142,087
Marketable securities	175,336	16,594
Other assets	5,506	5,025
Property and equipment		2,184
Goodwill & Intangible asset	1,008	1,021
Deferred tax asset	78	256
Total assets	221,663	167,167
Liabilities
Debt interest payable	1,127	669
Other liabilities	15,022	64,430
Bonds Payable	82,832	46,747
Deferred tax liability	5,788	7,047
Total liabilities	104,769	118,893
Total Consolidated
Assets
Cash balance	180,255	322,085
Marketable securities	175,336	16,594
Other assets	35,173	34,371
Due from settlement of capital provision assets	86,311	30,708
Capital provision assets	2,900,465	2,564,742
Property and equipment	13,069	15,225
Goodwill & Intangible asset	134,019	134,032
Deferred tax asset	78	256
Total assets	3,524,706	3,118,013
Liabilities
Debt interest payable	13,918	9,556
Other liabilities	126,057	109,747
Bonds Payable	1,022,557	667,814
Financial liabilities related to third party interests in capital provision assets	398,595	400,660
Deferred tax liability	22,889	24,742
Total liabilities	1,584,016	1,212,519
Total Consolidated | Capital provision
Assets
Total assets	3,255,763	2,912,748
Liabilities
Total liabilities	1,428,497	1,093,049
Total Consolidated | Asset Management and other services
Assets
Total assets	47,280	38,098
Liabilities
Total liabilities	50,750	577
Total Consolidated | Other Corporate
Assets
Total assets	221,663	167,167
Liabilities
Total liabilities	104,769	118,893
Adjustment for third-party interests
Assets
Cash balance	40,577	2,499
Other assets	(16,163)	(10,842)
Due from settlement of capital provision assets	22,864
Capital provision assets	741,012	658,551
Total assets	788,290	650,208
Liabilities
Other liabilities	795	6,266
Financial liabilities related to third party interests in capital provision assets	398,595	400,660
Total liabilities	399,390	406,926
Adjustment for third-party interests | Capital provision
Assets
Total assets	804,453	661,050
Liabilities
Total liabilities	399,390	406,926
Adjustment for third-party interests | Asset Management and other services
Assets
Total assets	$ (16,163)	$ (10,842)

Segment reporting - Reconcile_2

Segment reporting - Reconciles total consolidated assets to the total segment assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Segment reporting
Total assets	$ 3,524,706	$ 3,118,013
Assets	(3,524,706)	(3,118,013)
Total liabilities	1,584,016	1,212,519
Liabilities	(1,584,016)	(1,212,519)
Total Burford-only segments
Segment reporting
Total assets	2,736,416	2,467,805
Assets	(2,736,416)	(2,467,805)
Total liabilities	1,184,626	805,593
Liabilities	(1,184,626)	(805,593)
Capital provision
Segment reporting
Total assets	2,451,310	2,251,698
Assets	(2,451,310)	(2,251,698)
Total liabilities	1,029,107	686,123
Liabilities	(1,029,107)	(686,123)
Asset Management and other services
Segment reporting
Total assets	63,443	48,940
Assets	(63,443)	(48,940)
Total liabilities	50,750	577
Liabilities	(50,750)	(577)
Other Corporate
Segment reporting
Total assets	221,663	167,167
Assets	(221,663)	(167,167)
Total liabilities	104,769	118,893
Liabilities	(104,769)	(118,893)
Total Consolidated
Segment reporting
Total assets	3,524,706	3,118,013
Assets	(3,524,706)	(3,118,013)
Total liabilities	1,584,016	1,212,519
Liabilities	(1,584,016)	(1,212,519)
Total Consolidated | Capital provision
Segment reporting
Total assets	3,255,763	2,912,748
Assets	(3,255,763)	(2,912,748)
Total liabilities	1,428,497	1,093,049
Liabilities	(1,428,497)	(1,093,049)
Total Consolidated | Asset Management and other services
Segment reporting
Total assets	47,280	38,098
Assets	(47,280)	(38,098)
Total liabilities	50,750	577
Liabilities	(50,750)	(577)
Total Consolidated | Other Corporate
Segment reporting
Total assets	221,663	167,167
Assets	(221,663)	(167,167)
Total liabilities	104,769	118,893
Liabilities	(104,769)	(118,893)
Adjustment for third-party interests
Segment reporting
Total assets	788,290	650,208
Assets	(788,290)	(650,208)
Total liabilities	399,390	406,926
Liabilities	(399,390)	(406,926)
Adjustment for third-party interests | Capital provision
Segment reporting
Total assets	804,453	661,050
Assets	(804,453)	(661,050)
Total liabilities	399,390	406,926
Liabilities	(399,390)	(406,926)
Adjustment for third-party interests | Asset Management and other services
Segment reporting
Total assets	(16,163)	(10,842)
Assets	$ 16,163	$ 10,842

Capital provision assets (Detai

Capital provision assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Capital provision assets.
At January 1	$ 2,564,742	$ 2,447,266
Additions	673,965	297,143
Realizations	(455,148)	(540,294)
Income on capital provision assets	131,819	343,393	$ 428,192
Foreign exchange gains/(losses)	(14,913)	17,234
At December 31	$ 2,900,465	$ 2,564,742	$ 2,447,266

Capital provision assets - Comp

Capital provision assets - Comprised in Direct and Indirect assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Capital provision assets.
Capital provision-direct assets	$ 2,887,610	$ 2,479,576
Capital provision-indirect assets	12,855	85,166
Total capital provision assets	$ 2,900,465	$ 2,564,742

Capital provision assets - Capi

Capital provision assets - Capital provision income on the face of the consolidated statement of comprehensive income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Income on capital provision assets	$ 131,819	$ 343,393	$ 428,192
Interest and other income	160	199	(1,213)
Net gain on derivative financial instruments			2,846
Unrealized fair value	$ 1,306,380	1,329,313
Percentage of entitlement proceeds	15.00%
Capital provision assets | YPF
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unrealized fair value	$ 1,160,000
Unrealized Gain On Capital Provision Assets	1,103,000
Capital provision assets | Consolidated total
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Realized gains/(losses) relative to cost	153,607	208,157	146,922
Previous unrealized (gains)/losses transferred to realized gains/(losses)	(54,017)	(15,263)	(85,536)
Fair value adjustment in the period	32,229	148,102	351,800
Interest income on certain indirect capital provision assets		2,397	15,006
Income on capital provision assets	131,819	343,393	428,192
Interest and other income	160	199	(1,213)
Impairment of other asset	(500)		(1,000)
Foreign exchange gains (losses)	(3,930)	1,312	34
Net gain on derivative financial instruments			2,846
Loss on financial liabilities at fair value through profit or loss		(4,779)	(20,872)
Gain/(loss) on equity securities		(22)	1,169
Total capital provision income as reported on the consolidated statement of comprehensive income	$ 127,549	$ 340,103	$ 409,156

Due from settlement of capita_3

Due from settlement of capital provision assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Due from settlement of capital provision assets.
At January 1,	$ 30,708	$ 48,128
Transfer of realizations from capital provision assets	455,148	540,294
Interest and other income	160	199
Proceeds received	(396,415)	(557,913)
Asset received in kind	(3,290)
At December 31,	86,311	30,708
Current assets	82,561	26,958
Non-current assets	3,750	3,750
Total due from settlement of capital provision assets	$ 86,311	$ 30,708

Asset management income (Detail

Asset management income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Asset management income
Revenue	$ 152,158	$ 359,121	$ 379,170
Asset management income
Asset management income
Revenue	14,396	15,106	15,160
Management fee income
Asset management income
Revenue	8,667	8,706	$ 15,160
Performance fee income
Asset management income
Revenue	$ 5,729	$ 6,400

Liabilities arising from insu_3

Liabilities arising from insurance contracts (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Liabilities arising from insurance contracts
Unearned premiums, Gross	$ 10,138	$ 10,903
Unearned premiums, Reinsurance	(8,315)	(8,723)
Unearned premiums, Net	1,823	2,180
Claims incurred but not reported reserve, Gross	4,292	1,693
Claims incurred but not reported reserve, Reinsurance	(3,410)	(1,354)
Claims incurred but not reported reserve, Net	882	339
Liabilities arising from insurance contracts, Gross	14,430	12,596
Liabilities arising from insurance contracts, Reinsurance	(11,725)	(10,077)
Liabilities arising from insurance contracts, Net	$ 2,705	$ 2,519

Liabilities arising from insu_4

Liabilities arising from insurance contracts - Insurance income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Liabilities arising from insurance contracts
Gross premiums written	$ 2,384,000	$ 7,203,000	$ 4,707,000
Gross ceded reinsurance premiums	(1,874,000)	(5,762,000)	(3,766,000)
Movement in net unearned premium	337,000	(1,195,000)	(862,000)
Net premium earned	847,000	246,000	79,000
Change in insurance claims reserves	(558,000)	(241,000)	(79,000)
Net income on insurance contracts	289,000	5,000
Insurance underwriting commission	381,000	172,000	56,000
Insurance administrator commission	4,473,000	1,604,000	3,489,000
Total insurance income	$ 5,143,000	$ 1,781,000	$ 3,545,000
Number of claims reported	0	0

Property and equipment (Details

Property and equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment gross	$ 21,094	$ 20,883
Accumulated depreciation	(8,025)	(5,658)
Property and equipment, net	13,069	15,225
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment gross	2,620	2,600
Computer, hardware and software
Property, Plant and Equipment [Line Items]
Property and equipment gross	3,024	2,787
Fixtures, fitting and equipment
Property, Plant and Equipment [Line Items]
Property and equipment gross	287	287
Right of use asset (property leases)
Property, Plant and Equipment [Line Items]
Property and equipment gross	$ 15,163	$ 15,209

Marketable securities (Details)

Marketable securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Marketable securities.
Beginning Balance	$ 16,594	$ 69,362
Purchase	569,885	3,172
Proceeds on disposal	(409,525)	(54,923)
Net realized gains/(losses) on disposal	(3,760)	(1,898)	$ 65
Fair value movement	1,919	795	(211)
Change in accrued interest	(274)	3
Foreign exchange gain (losses)	(51)	89
Ending Balance	$ 175,336	$ 16,594	$ 69,362

Marketable securities - Marketa

Marketable securities - Marketable Securities and Bank Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Marketable securities.
Realized gains/(losses)	$ (3,760)	$ (1,898)	$ 65
Fair value movement	1,919	795	(211)
Interest and dividend income	2,615	1,096	1,987
Bank interest income	1,091	387	4,835
Total marketable securities income and bank interest	$ 1,865	$ 380	$ 6,676

Other assets (Details)

Other assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other assets.
Reinsurance assets	$ 11,726	$ 10,077
Prepayments	1,192	1,954
Tax receivable	2,161	10,100
Other receivables	20,094	12,240
Total other assets	$ 35,173	$ 34,371

Other liabilities (Details)

Other liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other liabilities.
Audit fees payable	$ 3,372	$ 2,333
General expenses payable	42,474	42,810
Payable for capital provision assets		256
Lease liabilities	11,896	13,520	$ 19,389
Insurance liabilities	14,430	12,596
Long-term incentive compensation including accruals	41,270	38,232
Legacy asset recovery incentive compensation including accruals	12,615
Total other liabilities	$ 126,057	$ 109,747
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total other liabilities	Total other liabilities	Total other liabilities

Other liabilities - Movement in

Other liabilities - Movement in lease liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other liabilities.
At January 1	$ 13,520	$ 19,389
Disposals		(4,282)
Lease liabilities interest expense	864	1,252
Payments of lease liabilities during the year	2,456	2,943	$ 1,433
Exchange differences	(32)	104
At December 31	$ 11,896	$ 13,520	$ 19,389

Debt issued - Schedule of debt

Debt issued - Schedule of debt (Details)	Dec. 31, 2021USD ($)	Dec. 31, 2021GBP (£)	Apr. 05, 2021USD ($)	Dec. 31, 2020USD ($)	Feb. 12, 2018USD ($)	Jun. 01, 2017USD ($)	Jun. 01, 2017GBP (£)	Apr. 26, 2016USD ($)	Apr. 26, 2016GBP (£)	Aug. 19, 2014USD ($)	Aug. 19, 2014GBP (£)
Debt issued
Principal amount	$ 1,022,557,000			$ 667,814,000
Debt Payable	$ 1,022,557,000			667,814,000
Exchange rate	1.3477	1.3477
2022 Notes | Burford Capital Plc
Debt issued
Principal amount										$ 143,176,000	£ 90,000,000
Interest rate										6.50%	6.50%
Currently outstanding	$ 83,595,000	£ 62,028,000
Debt Payable	83,396,000			117,082,000
2024 Notes | Burford Capital Plc
Debt issued
Principal amount								$ 144,020,000	£ 100,000,000
Interest rate								6.125%	6.125%
Currently outstanding	134,770,000	100,000,000
Debt Payable	134,092,000			135,561,000
2026 Notes | Burford Capital Finance Llc
Debt issued
Principal amount | £							£ 175,000,000
Interest rate						5.00%	5.00%
2026 Notes | Burford Capital Plc
Debt issued
Principal amount						$ 225,803,000	£ 175,000,000
Interest rate						5.00%	5.00%
Currently outstanding	235,848,000	175,000,000
Debt Payable	234,153,000			236,794,000
2025 Notes | Burford Capital Finance Llc
Debt issued
Principal amount					$ 180,000,000
Interest rate					6.125%
Currently outstanding	180,000,000	180,000,000
Debt Payable	178,728,000			$ 178,377,000
2028 Notes | Burford Capital Global Finance Plc
Debt issued
Principal amount			$ 400,000,000
Interest rate			6.25%
Debt Issued At 6.25 Fixed Rate Callable Notes | Burford Capital Global Finance Plc
Debt issued
Principal amount			$ 400,000,000
Interest rate			6.25%
Currently outstanding	400,000,000	£ 400,000,000
Debt Payable	$ 392,188,000

Debt issued - Summary of bond i

Debt issued - Summary of bond issuances (Details)	Apr. 05, 2021USD ($)	Feb. 12, 2018GBP (£)	Jun. 01, 2017GBP (£)	Apr. 26, 2016GBP (£)	Aug. 19, 2014GBP (£)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Feb. 12, 2018USD ($)	Jun. 01, 2017USD ($)	Apr. 26, 2016USD ($)	Aug. 19, 2014USD ($)
Debt issued
Principal amount | $						$ 1,022,557,000	$ 667,814,000
2022 Notes | Burford Capital Plc
Debt issued
Principal amount					£ 90,000,000						$ 143,176,000
Interest rate					6.50%						6.50%
Threshold indebtedness					£ 2,000,000
Coupon rate of treasury gilt					4.00%
Margin on treasury gilt yield					1.00%
Leverage ratio					50.00%
2024 Notes | Burford Capital Plc
Debt issued
Principal amount				£ 100,000,000						$ 144,020,000
Interest rate				6.125%						6.125%
Threshold indebtedness				£ 2,000,000
Coupon rate of treasury gilt				2.75%
Margin on treasury gilt yield				1.00%
Leverage ratio				50.00%
2026 Notes | Burford Capital Finance Llc
Debt issued
Principal amount			£ 175,000,000
Interest rate			5.00%						5.00%
Threshold indebtedness			£ 2,000,000
Coupon rate of treasury gilt			1.50%
Margin on treasury gilt yield			1.00%
Leverage ratio			50.00%
2026 Notes | Burford Capital Plc
Debt issued
Principal amount			£ 175,000,000						$ 225,803,000
Interest rate			5.00%						5.00%
2025 Notes | Burford Capital Finance Llc
Debt issued
Principal amount | $								$ 180,000,000
Interest rate		6.125%						6.125%
Threshold indebtedness		£ 2,000,000
Leverage ratio		50.00%
2028 Notes | Burford Capital Global Finance Plc
Debt issued
Principal amount | $	$ 400,000,000
Interest rate	6.25%
Threshold indebtedness | $	$ 5,000,000
2028 Notes | Burford Capital Global Finance Plc | Optional redemption with maintaining threshold principal
Debt issued
Principal outstanding (as percent)	50.00%
2028 Notes | Burford Capital Global Finance Plc | Change in control
Debt issued
Redemption price	101.00%
Aggregate principal amount percentage	40.00%
2028 Notes | Burford Capital Global Finance Plc | Cash proceeds from sale of assets not applied as permitted
Debt issued
Redemption price	100.00%
2028 Notes | Burford Capital Global Finance Plc | Before April 15, 2024
Debt issued
Redemption price	100.00%

Debt issued - Changes from cash

Debt issued - Changes from cash flows and non-cash changes of debt issued (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt issued
At January 1,	$ 677,370	$ 665,342
Issue of debt	400,000
Amortized debt issue costs	(8,742)
Interest expense	58,647	39,048	$ 38,747
Interest paid	51,270	37,890
Foreign exchange (loss)/gain	(5,601)	15,834
Redemption of debt	(33,929)	(4,964)
At period end	1,036,475	677,370	665,342
Debt issued	1,022,557	667,814
Debt interest payable	13,918	9,556
Total debt issued	1,036,475	677,370	665,342
Debt interest expense	56,454	37,814	37,528
Debt issue costs incurred as finance costs	2,193	1,234	1,219
Debt finance costs (above)	$ 58,647	$ 39,048	$ 38,747

Debt issued - Summary of unamor

Debt issued - Summary of unamortized issuance costs (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
6.5% due Aug 2022
Debt Instrument [Line Items]
Unamortized issuance costs	$ 199	$ 515
Interest rate	6.50%
6.125% due Oct 2024
Debt Instrument [Line Items]
Unamortized issuance costs	$ 678	929
Interest rate	6.125%
6.125% due Aug 2025
Debt Instrument [Line Items]
Unamortized issuance costs	$ 1,272	1,623
Interest rate	6.125%
5.0% due Dec 2026
Debt Instrument [Line Items]
Unamortized issuance costs	$ 1,695	$ 2,063
Interest rate	5.00%
6.25% due Apr 2028
Debt Instrument [Line Items]
Unamortized issuance costs	$ 7,812
Interest rate	6.25%

Goodwill and intangible asset_2

Goodwill and intangible assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 14, 2016
Goodwill and Intangible assets
Amortization expense		$ 8,703,000	$ 9,495,000
Gerchen Keller Capital (GKC)
Goodwill and Intangible assets
Goodwill, beginning balance	$ 134,032,000	133,999,000
Foreign exchange gains	(13,000)	33,000
Goodwill, ending balance	134,019,000	134,032,000	133,999,000
Intangible asset acquired				$ 39,666,000
Amortization expense	0	8,703,000	9,495,000
Goodwill impairment	0	0
Impairment of intangible assets	0	0	0
Capital Provision | Gerchen Keller Capital (GKC)
Goodwill and Intangible assets
Goodwill, beginning balance	107,991,000	107,991,000
Goodwill, ending balance	107,991,000	107,991,000	107,991,000
Asset Management and Other services | Gerchen Keller Capital (GKC)
Goodwill and Intangible assets
Goodwill, beginning balance	25,020,000	25,020,000
Goodwill, ending balance	25,020,000	25,020,000	25,020,000
Other Corporate. | Gerchen Keller Capital (GKC)
Goodwill and Intangible assets
Goodwill, beginning balance	1,021,000	988,000
Foreign exchange gains	(13,000)	33,000
Goodwill, ending balance	$ 1,008,000	$ 1,021,000	$ 988,000

Fair value of assets and liab_3

Fair value of assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	$ 175,336	$ 16,594	$ 69,362
Due from settlement of capital provision assets	86,311	30,708
Total assets	3,162,112	2,612,044
Debt issued, at fair value*	1,071,626	646,083
Financial liabilities for third party interests in capital provision assets	398,595	400,660
Total liabilities	1,470,221	1,046,743
Net total	1,691,891	1,565,301
Complex strategies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities	12,855	85,166
Litigation finance (BOF-C)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities	306,478	168,427
Asset-backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	56,285
Corporate Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	84,003	5,137
Mutual Fund [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	19,548	11,457
US Treasuries & Commercial Paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	15,500
Derivative financial instrument | Single
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	617,088	594,502
Derivative financial instrument | Portfolio
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	1,618,963	1,581,794
Derivative financial instrument | Portfolio with equity risk
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	200,484
Derivative financial instrument | Legal Risk Management
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	2,550	2,213
Non-derivative/Financial asset | Joint ventures and equity method investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	139,964	130,557
Non-derivative/Financial asset | Other securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	2,083	2,083
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	26,136	11,457
Debt issued, at fair value*	648,754	646,083
Total liabilities	648,754	646,083
Net total	(622,618)	(634,626)
Level 1 | Mutual Fund [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	10,636	11,457
Level 1 | US Treasuries & Commercial Paper
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	15,500
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	149,200	5,137
Debt issued, at fair value*	422,872
Total liabilities	422,872
Net total	(273,672)	5,137
Level 2 | Asset-backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	56,285
Level 2 | Corporate Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	84,003	5,137
Level 2 | Mutual Fund [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities	8,912
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Due from settlement of capital provision assets	86,311	30,708
Total assets	2,986,776	2,595,450
Financial liabilities for third party interests in capital provision assets	398,595	400,660
Total liabilities	398,595	400,660
Net total	2,588,181	2,194,790
Level 3 | Complex strategies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities	12,855	85,166
Level 3 | Litigation finance (BOF-C)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities	306,478	168,427
Level 3 | Derivative financial instrument | Single
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	617,088	594,502
Level 3 | Derivative financial instrument | Portfolio
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	1,618,963	1,581,794
Level 3 | Derivative financial instrument | Portfolio with equity risk
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	200,484
Level 3 | Derivative financial instrument | Legal Risk Management
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	2,550	2,213
Level 3 | Non-derivative/Financial asset | Joint ventures and equity method investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	139,964	130,557
Level 3 | Non-derivative/Financial asset | Other securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	$ 2,083	$ 2,083

Fair value of assets and liab_4

Fair value of assets and liabilities - Movements in level 3 financial assets and liabilities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems
Balance beginning of the period	$ 2,595,450,000	$ 2,434,000,000
Transfers into level 3	0	49,950,000
Additions	1,129,113,000	823,731,000
Realizations	(854,853,000)	(1,082,005,000)
Income for the period	131,979,000	352,540,000
Foreign exchange gains/(losses)	(14,913,000)	17,234,000
Balance ending of the period	2,986,776,000	2,595,450,000
Balance beginning of the period	400,660,000	401,444,000
Additions		224,000
Income for the period		(1,008,000)
Balance ending of the period		400,660,000
Gains or losses recognized in other comprehensive income from Assets	0
Gains or losses recognized in other comprehensive income from liabilities	0
Capital Provision Assets
FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems
Balance beginning of the period	2,564,742,000	2,381,486,000
Transfers into level 3		49,950,000
Additions	673,965,000	297,143,000
Realizations	(455,148,000)	(533,412,000)
Income for the period	131,819,000	352,341,000
Foreign exchange gains/(losses)	(14,913,000)	17,234,000
Balance ending of the period	2,900,465,000	2,564,742,000
Single
FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems
Balance beginning of the period	594,502,000	412,167,000
Transfers between types	(2,727,000)	47,597,000
Additions	133,131,000	125,463,000
Realizations	(206,573,000)	(166,461,000)
Income for the period	99,346,000	172,405,000
Foreign exchange gains/(losses)	(591,000)	3,331,000
Balance ending of the period	617,088,000	594,502,000
Portfolio
FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems
Balance beginning of the period	1,581,794,000	1,469,926,000
Transfers between types	2,727,000	38,531,000
Additions	84,074,000	89,119,000
Realizations	(59,070,000)	(172,925,000)
Income for the period	12,703,000	154,134,000
Foreign exchange gains/(losses)	(3,265,000)	3,009,000
Balance ending of the period	1,618,963,000	1,581,794,000
Legal Risk Management
FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems
Balance beginning of the period	2,213,000	1,619,000
Additions	156,000
Income for the period	375,000	414,000
Foreign exchange gains/(losses)	(194,000)	180,000
Balance ending of the period	2,550,000	2,213,000
Portfolio with equity risk
FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems
Additions	212,384,000
Income for the period	(11,900,000)
Balance ending of the period	200,484,000
Litigation finance (BOF-C)
FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems
Balance beginning of the period	168,427,000	106,599,000
Additions	224,893,000	71,188,000
Realizations	(106,684,000)	(19,663,000)
Income for the period	19,842,000	10,303,000
Balance ending of the period	306,478,000	168,427,000
Assets Recovery
FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems
Balance beginning of the period		86,128,000
Transfers between types		(86,128,000)
Joint ventures and equity method investments
FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems
Balance beginning of the period	130,557,000	110,608,000
Additions	19,327,000	11,373,000
Realizations	(1,799,000)	(1,314,000)
Income for the period	2,742,000	(824,000)
Foreign exchange gains/(losses)	(10,863,000)	10,714,000
Balance ending of the period	139,964,000	130,557,000
Other securities
FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems
Balance beginning of the period	2,083,000	2,083,000
Balance ending of the period	2,083,000	2,083,000
Indirect Equity Securities
FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems
Balance beginning of the period	85,166,000	192,356,000
Transfers into level 3		49,950,000
Realizations	(81,022,000)	(173,049,000)
Income for the period	8,711,000	15,909,000
Balance ending of the period	12,855,000	85,166,000
Due from settlement of capital provision assets
FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems
Balance beginning of the period	30,708,000	52,514,000
Additions	455,148,000	526,588,000
Realizations	(399,705,000)	(548,593,000)
Income for the period	160,000	199,000
Balance ending of the period	86,311,000	30,708,000
Financial liability related to third party interest
FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems
Balance beginning of the period	400,660,000	401,444,000
Additions		224,000
Realizations	(37,000)
Income for the period	(2,028,000)	(1,008,000)
Balance ending of the period	$ 398,595,000	$ 400,660,000

Fair value of assets and liab_5

Fair value of assets and liabilities - Sensitivity Of Level 3 valuations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	$ 2,900,465	$ 2,564,742	$ 2,447,266
Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	86,311	2,556,566
Cost		1,162,084
Fair value adjustment in the period	86,311	1,394,482
Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets		38,884
Cost		73,345
Fair value adjustment in the period		(34,461)
Capital Provision Assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	2,900,465	2,564,742
Cost	1,594,085	1,235,429
Capital Provision Assets | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	2,551	2,525,858
Cost		1,162,084
Fair value adjustment in the period	2,551	1,363,774
Capital Provision Assets | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	495	38,884
Cost	3,280	73,345
Fair value adjustment in the period	$ (2,785)	(34,461)
Capital Provision Assets | Weighted Average | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	100.00%
Capital Provision Assets | Weighted Average | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	0.00%
Market transactions | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	$ 1,160,354	1,159,533
Cost	57,128	47,988
Fair value adjustment in the period	1,103,225	1,111,545
Ruling or other objective pre-trial event | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	161,718	227,252
Cost	103,059	148,840
Fair value adjustment in the period	58,659	78,412
Ruling or other objective pre-trial event | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	6,742	6,413
Cost	10,783	10,198
Fair value adjustment in the period	$ (4,041)	$ (3,785)
Ruling or other objective pre-trial event | Minimum | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	30.00%	0.00%
Ruling or other objective pre-trial event | Minimum | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	(32.00%)	(32.00%)
Ruling or other objective pre-trial event | Maximum | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	50.00%	50.00%
Ruling or other objective pre-trial event | Maximum | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	60.00%	(60.00%)
Ruling or other objective pre-trial event | Weighted Average | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	31.00%	33.00%
Ruling or other objective pre-trial event | Weighted Average | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	(33.00%)	(37.00%)
Trial court judgment or tribunal award | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	$ 78,938	$ 67,252
Cost	41,879	35,910
Fair value adjustment in the period	37,059	31,342
Trial court judgment or tribunal award | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	669	196
Cost	1,505	980
Fair value adjustment in the period	$ (836)	$ (784)
Trial court judgment or tribunal award | Minimum | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	50.00%	35.00%
Trial court judgment or tribunal award | Minimum | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	(80.00%)	(80.00%)
Trial court judgment or tribunal award | Maximum | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	60.00%	60.00%
Trial court judgment or tribunal award | Maximum | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	(80.00%)	(80.00%)
Trial court judgment or tribunal award | Weighted Average | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	47.00%	50.00%
Trial court judgment or tribunal award | Weighted Average | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	0.00%	(80.00%)
Appeal judgment | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	$ 24,776	$ 32,148
Cost	16,620	21,242
Fair value adjustment in the period	$ 8,156	10,906
Appeal judgment | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets		500
Cost		1,000
Fair value adjustment in the period		$ (500)
FV adjustment (as a percent)		(50.00%)
Appeal judgment | Minimum | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	17.00%	20.00%
Appeal judgment | Minimum | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	(100.00%)
Appeal judgment | Maximum | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	80.00%	80.00%
Appeal judgment | Maximum | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	(100.00%)
Appeal judgment | Weighted Average | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	20.00%	37.00%
Appeal judgment | Weighted Average | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	0.00%	(50.00%)
Settlements | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	$ 95,788	$ 88,827
Cost	63,148	64,091
Fair value adjustment in the period	32,640	24,736
Settlements | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	9,653	12,000
Cost	23,898	29,875
Fair value adjustment in the period	$ (14,245)	$ (17,875)
Settlements | Minimum | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	10.00%	11.00%
Settlements | Minimum | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	(9.00%)	(9.00%)
Settlements | Maximum | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	100.00%	80.00%
Settlements | Maximum | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	(170.00%)	(70.00%)
Settlements | Weighted Average | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	43.00%	40.00%
Settlements | Weighted Average | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	0.00%	(62.00%)
Held at cost | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	$ 818,805	$ 580,190
Cost	795,988	580,190
Fair value adjustment in the period	$ 22,818
FV adjustment (as a percent)	0.00%
Held at cost | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	$ 1,018
Cost	5,954
Fair value adjustment in the period	$ (4,936)
FV adjustment (as a percent)	0.00%
Portfolios with multiple FV factors | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	$ 283,643	296,405
Cost	194,608	202,832
Fair value adjustment in the period	89,035	93,573
Portfolios with multiple FV factors | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	7,248	6,152
Cost	14,282	13,186
Fair value adjustment in the period	$ (7,034)	$ (7,034)
FV adjustment (as a percent)		(60.00%)
Portfolios with multiple FV factors | Minimum | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	(100.00%)
Portfolios with multiple FV factors | Minimum | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	(60.00%)
Portfolios with multiple FV factors | Maximum | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	80.00%
Portfolios with multiple FV factors | Maximum | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	(60.00%)
Portfolios with multiple FV factors | Weighted Average | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	(53.00%)	36.00%
Portfolios with multiple FV factors | Weighted Average | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	0.00%	(60.00%)
Priced at cost plus accrued interest | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets		$ 72,038
Cost		60,991
Fair value adjustment in the period		11,047
FV adjustment (as a percent)	0.00%
Priced at cost plus accrued interest | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	$ 12,855	13,128
Cost	11,156	14,826
Fair value adjustment in the period	$ 1,699	$ (1,698)
FV adjustment (as a percent)	0.00%
Priced at cost plus accrued interest | Minimum | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)		(100.00%)
Priced at cost plus accrued interest | Maximum | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)		60.00%
Priced at cost plus accrued interest | Weighted Average | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	0.00%
Discounted Cash Flow, Discount rate | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	0.00%
Discounted Cash Flow, Discount rate | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	$ 235,212
Cost	250,797
Fair value adjustment in the period	$ (15,585)
FV adjustment (as a percent)	12.90%
Discounted Cash Flow, Discount rate | Weighted Average | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	0.00%
Discounted Cash Flow, Discount rate | Weighted Average | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	12.90%
Discounted Cash Flow, Resolution Timing | Minimum | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value adjustment from resolution timing	9 months
Discounted Cash Flow, Resolution Timing | Maximum | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value adjustment from resolution timing	69 months
Discounted Cash Flow, Conversion Ratio | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	0.00%
Discounted Cash Flow, Conversion Ratio | Weighted Average | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	0.00%
Discounted Cash Flow, Conversion Ratio | Weighted Average | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value adjustment from resolution timing	38 months
Other | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets		$ 2,213
Fair value adjustment in the period		2,213
Other | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets		495
Cost		3,280
Fair value adjustment in the period		$ (2,785)
FV adjustment (as a percent)		(85.00%)
Other | Minimum | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	(100.00%)
Other | Minimum | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	(100.00%)
Other | Maximum | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	80.00%
Other | Maximum | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	(100.00%)
Other | Weighted Average | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	0.00%	100.00%
Other | Weighted Average | Negative fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
FV adjustment (as a percent)	5.40%	(85.00%)
Due from settlement of capital provision assets | Positive fair value adjustments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets		$ 30,708
Aggregate FV adjustment, Liabilities		$ 30,708

Fair value of assets and liab_6

Fair value of assets and liabilities - Capital Provision Direct and Indirect Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	$ 2,900,465,000	$ 2,564,742,000	$ 2,447,266,000
Increase in income and assets due to increase in fair value of capital provision assets	258,818,000
Decrease in income and assets due to decrease in fair value of capital provision assets		(219,479,000)
Capital Provision Assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	2,900,465,000	2,564,742,000
Cost	1,594,085,000	1,235,429,000
Capital provision assets unrealized gain loss	1,306,380,000	1,329,313,000
Capital Provision Direct
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	2,887,610,000	2,479,576,000
Cost	1,582,929,000	1,159,612,000
Capital provision assets unrealized gain loss	1,304,681,000	1,319,964,000
Capital Provision Indirect
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	12,855,000	85,166,000
Cost	11,156,000	75,817,000
Capital provision assets unrealized gain loss	$ 1,699,000	$ 9,349,000

Variable interest entities (Det

Variable interest entities (Details)	12 Months Ended
	Dec. 31, 2021USD ($)lawsuit	Dec. 31, 2020USD ($)
Variable interest entities
Number of underlying litigation matters | lawsuit	2
Line of credit	$ 0	$ 0
VIE not primary beneficiary
Variable interest entities
Total on balance sheet exposure	16,355,000	14,910,000
Off-balance sheet - undrawn commitments	6,378,000	8,935,000
Maximum exposure to loss	$ 22,733,000	$ 23,845,000

Variable interest entities - As

Variable interest entities - Assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Total assets	$ 3,524,706	$ 3,118,013
Total liabilities	(1,584,016)	(1,212,519)
VIE primary beneficiary
Variable Interest Entity [Line Items]
Total assets	887,719	776,289
Total liabilities	$ (5,199)	$ (16,971)

Variable interest entities - In

Variable interest entities - Income, proceeds, funding and cash balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Total segment income	$ 152,158	$ 359,121	$ 379,170
Proceeds	(160,360)	20,376	3,346
Funding	(672,931)	(297,143)	(571,786)
Cash balance	180,255	322,085	178,177
Restricted cash			95,226
VIE primary beneficiary
Variable Interest Entity [Line Items]
Total segment income	13,167	609	123,859
Proceeds	(139,825)	(32,943)	9,220
Funding	224,893	20,557	165,864
Cash balance	$ 40,547	$ 2,101	10,008
Restricted cash			$ 95,226

Joint ventures and equity met_2

Joint ventures and equity method investments (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Joint ventures and equity method investments.
Group's interest in joint ventures	$ 137,583,000	$ 127,397,000
Group's interest in companies with equity method investments	2,380,000	3,160,000
Share of commitment of joint venture	84,590,000	116,029,000
Share of commitment of equity method investment	$ 16,402,000	$ 16,242,000

Shareholders equity - Dividends

Shareholders equity - Dividends (Details)	1 Months Ended	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2021VoteGH₵ / shares	Dec. 31, 2020GH₵ / shares	Dec. 31, 2019GH₵ / shares
Shareholders' equity
Common stock voting rights | Vote		1
Dividend forfeiture period		12 years
Dividend | GH₵ / shares		GH₵ 12.50	GH₵ 12.50	GH₵ 4.17
Gerchen Keller Capital (GKC)
Shareholders' equity
Contingent equity consideration	$ 15,000,000
Percentage of non-performance risk	10.00%
Fair value of contingent consideration	$ 13,500,000
Shares to be issued as consideration	2,461,682
Threshold limit of performance fee income	$ 100,000,000
Interim dividend
Shareholders' equity
Dividend | GH₵ / shares		6.25		GH₵ 4.17
Final dividend
Shareholders' equity
Dividend | GH₵ / shares		GH₵ 6.25	GH₵ 12.50

Share-based compensation (Detai

Share-based compensation (Details) - LTIP - shares	12 Months Ended		72 Months Ended
	Dec. 31, 2021	Dec. 31, 2016	Dec. 31, 2021
Share-based compensation
Stock issued as percentage of issued ordinary share capital		10.00%	2.30%
Expiration period		3 years
Period of clawback provisions		5 years
Number of shares available for grant	17,800,000		17,800,000
Shares issued under plan	5,100,000
Employees part of senior management | Minimum
Share-based compensation
Percentage of awards issued		50

Share-based compensation - Summ

Share-based compensation - Summarized activity related to the LTIP awards (Details) - LTIP - USD ($) $ / shares in Units, shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Shares
Unvested award, beginning balance, Shares	2,656	1,346
Granted, Shares	1,895	1,715
Earned/vested, Shares	(156)	(384)
Forfeited, Shares	(301)	(21)
Unvested award, ending balance, Shares	4,094	2,656
Weighted-average grant date fair value per share
Unvested award, beginning balance, Weighted-average grant date fair value per share	$ 8.35	$ 13.97
Granted, Weighted-average grant date fair value per share	8.74	4.16
Earned/vested, Weighted-average grant date fair value per share	16.24	9.01
Forfeited, Weighted-average grant date fair value per share	12.22	14.68
Unvested award, ending balance, Weighted-average grant date fair value per share	$ 7.94	$ 8.35
Estimated grant date fair value	$ 16,557,000	$ 7,132,000	$ 11,053,000
Weighted-average remaining contractual term	1 year 8 months 12 days
Compensation cost not yet recognized	$ 18,820,000	$ 13,151,000	$ 12,574,000

Share-based compensation - Fair

Share-based compensation - Fair value assumptions (Details) - LTIP - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based compensation
Dividend yield (%)	0.48%	0.48%	1.00%
Expected volatility (%)	54.70%	53.70%	40.80%
Risk-free interest rate (%)	0.34%		0.63%
Risk-free interest rate (%)		(0.02%)
Expected term of awards (years)	3 years	3 years	3 years
Weighted-average fair value ($)	8.74%	4.16%	15.85%
Weighted-average share price ($)	$ 9.10	$ 6.37	$ 16.78

Earnings per ordinary share (De

Earnings per ordinary share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings per ordinary share
Net (loss)/income attributable to ordinary shares	$ (72,066)	$ 165,115	$ 180,962
Weighted-average shares outstanding:
Basic	219,049,877	218,919,822	218,649,877
Dilutive effect of share-based awards	649,582		412,122
Diluted	219,699,459	218,919,822	219,061,999
Basic	$ (0.33)	$ 0.75	$ 0.83
Diluted	$ (0.33)	$ 0.75	$ 0.83

Financial commitments and con_3

Financial commitments and contingent liabilities - Maturity Profile (Details)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Commitments to financing arrangements
Outstanding commitments	$ 1,404,524,000	$ 1,160,642,000
Legal risk exposure	$ 88,260,000	$ 93,970,000
Exchange rate	1.3477
Leases
Contractual undiscounted payments
Less than 3 months	$ 601,000
3 to 6 months	601,000
6 to 12 months	1,207,000
1 to 5 years	8,057,000
Greater than 5 years	4,393,000
Total undiscounted cash outflows	14,859,000
Debt interest payable
Contractual undiscounted payments
Less than 3 months	8,229,000
3 to 6 months	22,524,000
6 to 12 months	30,753,000
1 to 5 years	196,754,000
Greater than 5 years	37,500,000
Total undiscounted cash outflows	295,760,000
Other liabilities
Contractual undiscounted payments
Less than 3 months	41,249,000
1 to 5 years	4,805,000
No contractual maturity date	53,884,000
Total undiscounted cash outflows	99,938,000
Debt Issued
Contractual undiscounted payments
6 to 12 months	83,595,000
1 to 5 years	550,617,000
Greater than 5 years	400,000,000
Total undiscounted cash outflows	1,034,212,000
Financial liability related to third party interest in capital provision assets
Contractual undiscounted payments
No contractual maturity date	398,595,000
Total undiscounted cash outflows	$ 398,595,000

Financial commitments and con_4

Financial commitments and contingent liabilities - Line-by-line Impact (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Financial commitments and contingent liabilities
Outstanding commitments	$ 1,404,524,000	$ 1,160,642,000
Legal risk (definitive)	$ 88,260,000	$ 93,970,000

Financial commitments and con_5

Financial commitments and contingent liabilities - Right-of-use Assets and Related Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial commitments and contingent liabilities
Property and equipment	$ 10,948	$ 12,386
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment	Property and equipment
Other current liabilities	$ 11,896	$ 13,520	$ 19,389
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities	Other liabilities

Financial commitments and con_6

Financial commitments and contingent liabilities - Lease Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial commitments and contingent liabilities
Operating lease cost	$ 2,273	$ 3,005	$ 2,220
Net lease cost	$ 2,273	$ 3,005	$ 2,220

Financial commitments and con_7

Financial commitments and contingent liabilities - Future Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial commitments and contingent liabilities
2022	$ 2,450
2023	2,181
2024	2,090
2025	1,735
2026	2,188
Thereafter	4,393
Total lease payments	15,037
Less: interest	(3,141)
Total lease liability	$ 11,896	$ 13,520	$ 19,389

Financial commitments and con_8

Financial commitments and contingent liabilities - Other information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 2,456	$ 2,943	$ 1,433
Weighted-average remaining lease term (years)
Operating leases	7 years 1 month 6 days	7 years 10 months 24 days
Weighted-average discount rate
Operating leases	6.70%	6.70%

Related party transactions (Det

Related party transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Related party transactions
Funded amount	$ 19,327,000	$ 11,373,000

Credit risk from financial in_2

Credit risk from financial instruments (Details) - Credit Concentration Risk [Member] - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Concentration Risk [Line Items]
Maximum credit exposure	$ 22,255,000	$ 22,340,000
Impairment against two specific financial assets	$ 500,000	$ 0	$ 1,000,000