Burford Capital Limited (BUR) 10-K 3 Mar 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 24, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition 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
Entity Address, Address Line Two	Hirzel Street
Entity Address, City or Town	St. Peter Port
Entity Address, Country	GG
Entity Address, Postal Zip Code	GY1 2NP
Country Region	+44
City Area Code	1481
Local Phone Number	723 450
Title of 12(b) Security	Ordinary shares, no par value
Trading Symbol	BUR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 2,601,352,143
Entity Common Stock, Shares Outstanding		219,421,904
Documents Incorporated by Reference	The information required by Part III of this Annual Report on Form 10-K for the year ended December 31, 2024 (this “ 2024 Form 10-K ”), to the extent not set forth in this 2024 Form 10-K, is incorporated herein by reference from the registrant’s definitive proxy statement relating to the annual general meeting of shareholders to be held in 2025, which definitive proxy statement shall be filed with the US Securities and Exchange Commission within 120 days of December 31, 2024.
Entity Central Index Key	0001714174
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	New York, New York

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Marketable securities income/(loss) and interest	$ 25,014	$ 12,208	$ (7,744)
Other income/(loss)	3,051	4,392	(759)
Total revenues	546,087	1,086,902	319,227
Compensation and benefits
Salaries and benefits	42,418	39,788	34,207
Annual incentive compensation	29,210	32,697	24,338
Share-based and deferred compensation	8,822	21,128	11,201
Long-term incentive compensation including accruals	43,209	127,471	16,600
General, administrative and other	31,025	33,656	29,681
Case-related expenditures ineligible for inclusion in asset cost	801	16,496	8,245
Total operating expenses	155,485	271,236	124,272
Operating income/(loss)	390,602	815,666	194,955
Other expenses
Finance costs	135,593	99,135	78,264
Foreign currency transactions (gains)/losses	1,421	(21,752)	7,674
Total other expenses	137,014	77,383	85,938
Income/(loss) before income taxes	253,588	738,283	109,017
Provision for/(benefit from) income taxes	24,005	20,084	11,558
Net income/(loss)	229,583	718,199	97,459
Net income/(loss) attributable to non-controlling interests	83,099	107,677	66,953
Net income/(loss) attributable to Burford Capital Limited shareholders	$ 146,484	$ 610,522	$ 30,506
Net income/(loss) attributable to Burford Capital Limited shareholders per ordinary share
Basic (in dollars per share)	$ 0.67	$ 2.79	$ 0.14
Diluted (in dollars per share)	$ 0.66	$ 2.74	$ 0.14
Weighted average ordinary shares outstanding
Basic (in shares)	219,231,837	218,865,816	218,757,232
Diluted (in shares)	223,231,672	223,014,890	221,802,486
Capital provision income/(loss)
Revenues
Capital provision income/(loss)	$ 552,066	$ 1,341,923	$ 319,108
Other expenses
Foreign currency transactions (gains)/losses	15,701	(8,012)	6,357
Plus/(Less): Third-party interests in capital provision assets
Revenues
Capital provision income/(loss)	(42,384)	(279,263)	(494)
Asset management income/(loss)
Revenues
Asset management income/(loss)	$ 8,340	$ 7,642	$ 9,116

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income/(loss)	$ 229,583	$ 718,199	$ 97,459
Other comprehensive income/(loss)
Foreign currency translation adjustment	2,808	(39,737)	44,089
Comprehensive income/(loss)	232,391	678,462	141,548
(Plus)/Less: Comprehensive income/(loss) attributable to non-controlling interests	83,099	107,677	66,953
Comprehensive income/(loss) attributable to Burford Capital Limited shareholders	$ 149,292	$ 570,785	$ 74,595

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 469,930	$ 220,549
Marketable securities	79,020	107,561
Other assets	61,006	63,464
Due from settlement of capital provision assets	183,858	265,540
Capital provision assets	5,243,917	5,045,388
Goodwill	133,948	133,965
Deferred tax asset	3,346	927
Total assets	6,175,025	5,837,394
Liabilities
Debt interest payable	12,097	34,416
Other liabilities	141,973	122,199
Long-term incentive compensation payable	217,552	183,134
Carrying value (at amortized cost)	1,763,612	1,534,730
Financial liabilities relating to third-party interests in capital provision assets	747,053	704,196
Deferred tax liability	35,903	50,939
Total liabilities	2,918,190	2,629,614
Commitments and contingencies (Note 20)
Shareholders' equity
Ordinary shares, no par value; unlimited shares authorized; 220,091,851 ordinary shares issued and 219,421,904 ordinary shares outstanding as of December 31, 2024 and 219,313,388 ordinary shares issued and 218,962,441 ordinary shares outstanding as of December 31, 2023	610,037	602,238
Additional paid-in capital	42,409	36,545
Accumulated other comprehensive income	10,120	7,312
Treasury shares; 669,947 ordinary shares at $14.28 cost as of December 31, 2024, and 350,947 ordinary shares at $12.76 cost as of December 31, 2023	(9,569)	(4,479)
Retained earnings	1,766,435	1,649,242
Total Burford Capital Limited equity	2,419,432	2,290,858
Non-controlling interests	837,403	916,922
Total shareholders' equity	3,256,835	3,207,780
Total liabilities and shareholders' equity	$ 6,175,025	$ 5,837,394
Ordinary shares outstanding (in shares)	219,421,904	218,962,441

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Ordinary shares issued (in shares)	220,091,851	219,313,388
Ordinary shares outstanding (in shares)	219,421,904	218,962,441
Treasury shares (in shares)	669,947	350,947
Treasury shares per share (in dollars per share)	$ 14.28	$ 12.76

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income/(loss)	$ 229,583	$ 718,199	$ 97,459
Adjustments to reconcile net income/(loss) to net cash provided/(used) by operating activities:
(Income)/loss on marketable securities	(4,069)	(5,599)	10,736
Other (income)/loss	(3,051)	(4,392)	759
Share-based and deferred compensation	8,686	8,747	7,782
Deferred tax (benefit)/expense	(16,877)	5,863	9,356
Other	8,331	(7,624)	17,991
Changes in operating assets and liabilities:
Proceeds from capital provision assets	991,292	559,362	387,786
(Funding) of capital provision assets	(555,088)	(682,027)	(727,298)
Net proceeds/(funding) of marketable securities	32,577	34,471	27,866
Net proceeds/(funding) from financial liabilities at fair value through profit or loss	(2,583)	0	3,333
Proceeds from other income	3,625	7,875	3,186
Proceeds from break fee income	0	650	0
(Increase)/decrease in other assets	(1,502)	(3,613)	(5,511)
Increase/(decrease) in other liabilities	35,010	156,338	19,088
Net increase/(decrease) on financial liability to third-party investment	42,857	278,991	471
Net cash provided by/(used in) operating activities	216,725	(274,682)	(466,104)
Cash flows from investing activities:
Purchases of property and equipment	(661)	(3,212)	(407)
Net cash provided by/(used in) investing activities	(661)	(3,212)	(407)
Cash flows from financing activities:
Debt issuance, including original issue premium	284,969	394,464	357,271
Debt issuance costs	(6,283)	(8,461)	(7,912)
Debt extinguishment	(49,819)	(129,970)	(79,911)
Dividends paid on ordinary shares	(27,327)	(27,499)	(27,665)
Acquisition of ordinary shares held in treasury	(5,090)	(3,759)	(3,749)
Acquisition of ordinary shares to meet share-based payment obligations	0	0	(4,291)
Third-party net capital contribution/(distribution)	(162,618)
Third-party net capital contribution/(distribution)		164,759	165,388
Net cash provided by/(used in) financing activities	33,832	389,534	399,131
Net increase/(decrease) in cash and cash equivalents	249,896	111,640	(67,380)
Cash and cash equivalents at beginning of period	220,549	107,658	180,255
Effect of exchange rate changes on cash and cash equivalents	(515)	1,251	(5,217)
Cash and cash equivalents at end of period	469,930	220,549	107,658
Supplemental disclosure
Cash received from interest and dividend income	20,992	6,438	3,462
Cash paid for debt interest	(154,093)	(77,210)	(70,781)
Cash received from income tax refund	229	729	1,199
Cash paid for income taxes	(19,504)	(14,050)	(1,840)
Capital provision income/(loss)
Adjustments to reconcile net income/(loss) to net cash provided/(used) by operating activities:
Total revenues	$ (552,066)	$ (1,341,923)	$ (319,108)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Total Burford Capital Limited equity	Ordinary shares	Treasury shares	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income/(loss)	Non-controlling interests
Changes in equity
Ordinary shares issued (in shares)			219,049,877
Ordinary shares, beginning balance (in shares) at Dec. 31, 2021			219,049,877
Treasury shares, beginning balance (in shares) at Dec. 31, 2021				0
Balance at the beginning at Dec. 31, 2021	$ 2,108,017	$ 1,695,872	$ 598,813	$ 0	$ 26,366	$ 1,067,773	$ 2,920	$ 412,145
Changes in equity
Net income/(loss)	97,459	30,506				30,506		66,953
Foreign currency translation adjustment	44,089	44,089					44,089
Acquisition of ordinary shares held in treasury (shares)				(468,000)
Acquisition of ordinary shares held in treasury	(3,749)	(3,749)		$ (3,749)
Ordinary shares purchased by the Burford Capital Employee Benefit Trust	(4,291)	(4,291)			(4,291)
Ordinary shares distributed by the Burford Capital Employee Benefit Trust	(2,495)	(2,495)				(2,495)
Transfer of share-based awards on vesting	0	0			(6,047)	6,047
Share-based and deferred compensation	10,277	10,277			10,277
Dividends paid	(27,665)	(27,665)				(27,665)
Third-party net capital contribution/(distribution)	165,388							165,388
Other	40	40					40
Ordinary shares, ending balance (in shares) at Dec. 31, 2022			219,049,877
Treasury shares, ending balance (in shares) at Dec. 31, 2022				(468,000)
Balance at the end at Dec. 31, 2022	2,387,070	1,742,584	$ 598,813	$ (3,749)	26,305	1,074,166	47,049	644,486
Changes in equity
Ordinary shares issued (in shares)			219,049,877
Net income/(loss)	718,199	610,522				610,522		107,677
Foreign currency translation adjustment	(39,737)	(39,737)					(39,737)
Issuance of ordinary shares for vested RSU awards (in shares)			263,511
Issuance of new ordinary shares to satisfy vested share-based awards	0		$ 3,425		(3,425)
Acquisition of ordinary shares held in treasury (shares)				(261,000)
Acquisition of ordinary shares held in treasury	(3,759)	(3,759)		$ (3,759)
Distribution of ordinary shares for vested RSU awards (shares)				378,053
Distribution of ordinary shares for vested share-based awards	0			$ 3,029	(3,029)
Transfer of share-based awards on vesting	(5,358)	(5,358)			2,589	(7,947)
Share-based and deferred compensation	14,105	14,105			14,105
Dividends paid	(27,499)	(27,499)				(27,499)
Third-party net capital contribution/(distribution)	$ 164,759							164,759
Ordinary shares, ending balance (in shares) at Dec. 31, 2023	219,313,388		219,313,388
Treasury shares, ending balance (in shares) at Dec. 31, 2023	(350,947)			(350,947)
Balance at the end at Dec. 31, 2023	$ 3,207,780	2,290,858	$ 602,238	$ (4,479)	36,545	1,649,242	7,312	916,922
Changes in equity
Ordinary shares issued (in shares)	219,313,388		219,313,388
Net income/(loss)	$ 229,583	146,484				146,484		83,099
Foreign currency translation adjustment	2,808	2,808					2,808
Issuance of ordinary shares for vested RSU awards (in shares)			569,772
Issuance of new ordinary shares to satisfy vested share-based awards	0		$ 4,786		(4,786)
Issuance of new ordinary shares to satisfy distributions under the Deferred Compensation Plan (in shares)			208,691
Issuance of new ordinary shares to satisfy distributions under the NQDC Plan	3,013	3,013	$ 3,013
Acquisition of ordinary shares held in treasury (shares)				(319,000)
Acquisition of ordinary shares held in treasury	(5,090)	(5,090)		$ (5,090)
Transfer of share-based awards on vesting	(4,340)	(4,340)			(2,376)	(1,964)
Share-based and deferred compensation	13,026	13,026			13,026
Dividends paid	(27,327)	(27,327)				(27,327)
Third-party net capital contribution/(distribution)	$ (162,618)							(162,618)
Ordinary shares, ending balance (in shares) at Dec. 31, 2024	220,091,851		220,091,851
Treasury shares, ending balance (in shares) at Dec. 31, 2024	(669,947)			(669,947)
Balance at the end at Dec. 31, 2024	$ 3,256,835	$ 2,419,432	$ 610,037	$ (9,569)	$ 42,409	$ 1,766,435	$ 10,120	$ 837,403
Changes in equity
Ordinary shares issued (in shares)	220,091,851		220,091,851

Organization

Organization	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Burford Capital Limited (the “ Company ”) and its consolidated subsidiaries (collectively with the Company, the “ Group ”) provide legal finance products and services and are engaged in the asset management business. 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 that are traded on the Main Market of the London Stock Exchange and unregistered senior notes in private placement transactions pursuant to Rule 144A and Regulation S under the Securities Act.

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of significant accounting policies	Summary of significant accounting policies Basis of presentation The Group’s audited consolidated financial statements as of and for the year ended December 31, 2024, and comparative periods have been prepared in accordance with US GAAP. Use of estimates The preparation of the Group’s consolidated financial statements requires management to make estimates that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities, in each case, as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Such estimates include, among others, the valuation of capital provision assets (which requires the use of Level 3 valuation inputs) 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 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 ”) and for which the Company is considered the primary beneficiary and (iv) certain entities that are not considered VIEs but that the Company controls through a majority voting interest. In connection with private 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 Accounting Standards Codification (“ 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, (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 the Group’s involvement with the entity result in a change to the VIE designation or a change to the Group’s consolidation conclusion. The most significant judgments relate to the assessment of the Group’s exposure or rights to variable returns in Burford Opportunity Fund C LP (“ BOF-C ”), Burford Advantage Master Fund LP (the “ Advantage Fund ”), Colorado Investments Limited (“ Colorado ”) and, prior to its liquidation in the fourth quarter of 2023, BCIM Strategic Value Master Fund, LP (the “ Strategic Value Fund ”). 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 and the Advantage Fund, coupled with its power over the relevant activities as the fund manager, require the consolidation of BOF-C, the Strategic Value Fund and the Advantage 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, require 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. The assets of these consolidated VIEs are not available to the Company, and the creditors of these consolidated VIEs do not have recourse to the Company. 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 loss relating to non-controlling interests in consolidated entities is treated as a reduction or increase, respectively, of net income or loss in the consolidated statements of operations. With respect to Colorado, an entity the Group controls but does not wholly own, the Group records a financial liability within financial liabilities relating to third-party interests in capital provision assets for the portion of Colorado’s equity held by third parties. The third-party share of income or loss is included in third-party interests in capital provision assets in the consolidated statements of operations. All significant intercompany balances, transactions and unrealized gains and losses on such transactions are eliminated on consolidation. Third-party interests in capital provision assets Third-party interests in capital provision assets include the financial liability relating to 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 does not have any other business activity. Accordingly, Colorado does not meet the definition of a business, and the third-party interests in Colorado are accounted for as a collateralized borrowing rather than non-controlling interests in shareholders’ equity. Amounts included in the consolidated statements of financial condition represent the fair value of the third-party interests in the related capital provision assets, and the amounts included in the consolidated statements of operations represent the third-party share of any gain or loss during the reporting period. Gains in the underlying capital provision asset result in increased financial liabilities to third-party interests in capital provision assets in the consolidated statement of financial condition and negative adjustments in the consolidated statement of operations, presented as “(Less): Third-party interests in capital provision assets”. Conversely, losses in the underlying capital provision asset result in decreased financial liabilities to third-party interests in capital provision assets in the consolidated statement of financial condition and positive adjustments in the consolidated statement of operations, presented as “Plus: Third-party interests in capital provision assets”. During the year ended December 31, 2023, the Group has renamed the line item in the consolidated statements of operations from “Gain/(loss) relating to third-party interests in capital provision assets” to “Plus/(Less): Third-party interests in capital provision assets” and has changed the order to include this line item directly beneath the line item “Capital provision income/(loss)”. Reclassifications Certain reclassifications of the amounts for the prior periods have been made to conform to the presentation of the current period, such as incorporating the “Legacy asset recovery incentive compensation including accruals” line item into the “Long-term incentive compensation including accruals” line item within the consolidated statements of operations and moving the legacy asset recovery incentive compensation payable out of the “Other liabilities” line item into the “Long-term incentive compensation payable” line item within the consolidated statements of financial condition. In addition, within the consolidated statements of operations, we also incorporated the deferred compensation expense from the "Salaries and benefits" line item into the "Share-based and deferred compensation" line item, the "(Gains)/losses on debt extinguishment" line item into the "Finance costs" line item and combined the “Insurance income/(loss)” and “Services income/(loss)” line items under the “Other income/(loss)” line item. These reclassifications have no effect on previously reported results of operations or total shareholders’ equity. Covid-19 pandemic 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 the clearing of court backlogs is 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 as of December 31, 2024 and 2023, and for the years ended December 31, 2024, 2023 and 2022, include judgments about the financial markets and economic conditions, which may change over time. Among estimates and assumptions, certain inputs to the valuation of the Group’s capital provision assets were impacted as a result of the Covid-19 pandemic, including expected timing and amount of cash flows in the Group’s cash flow forecasts and applicable discount rates. As a result of the Russian Federation’s invasion of Ukraine in February 2022 (the “ Ukraine War ”), various nations, including the United States, have instituted economic sanctions and other responsive measures, which have resulted in an increased level of global economic and political uncertainty. As of and for the years ended December 31, 2024, 2023 and 2022, the effects of the Ukraine War, including international sanctions imposed on Russian businesses and individuals, have not had a material impact on the Group’s consolidated financial statements. In addition, in October 2023, an armed conflict began in Israel, Gaza and surrounding areas, which has resulted in an increased level of global economic and political uncertainty. As of and for the year ended December 31, 2024, the effects of the conflict in Israel and Gaza have not had a material impact on the Group’s consolidated financial statements. Cash and cash equivalents Cash and cash equivalents include funds held by depository institutions, money market funds and government securities with original maturities of three months or less when purchased. Interest income from cash and cash equivalents is recorded in marketable securities income/(loss) and interest in the consolidated statements of operations. The fair values of the money market funds included in cash and cash equivalents were $319.9 million and $13.0 million as of December 31, 2024 and 2023, respectively, which represented their fair values due to their short-term nature and were 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. Statement of cash flows The core business purpose of the Group is the provision of capital and expertise, to clients or as a principal, in connection with (i) the underlying asset value of litigation claims and the enforcement of settlements, judgments and awards, (ii) the amount paid to law firms as legal fees and expenses and (iii) the value of assets affected by litigation. These contractual arrangements are presented as capital provision assets in the consolidated statements of financial condition, and the returns on those capital provision assets form the principal source of revenue earned by the Group. The cash flows associated with capital provision assets are reported within cash flows from operating activities because the ongoing management of the capital provision assets is a key operating activity for the Group. Marketable securities Marketable securities primarily consist of government securities, investment grade corporate bonds, asset-backed securities and mutual funds. Marketable securities are recorded at fair value. Interest income on marketable securities is included in the overall change in fair value which is recognized in marketable securities income/(loss) and interest in the consolidated statements of operations. Dividend and interest Dividend and interest is recognized on an accruals basis and included in marketable securities income/(loss) and interest. 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 financial liabilities relating to third-party interests in capital provision assets to provide a consistent fair value measurement approach for all capital provision related activity. Such election is irrevocable and is applied to financial instruments on an individual basis at initial recognition. Financial instruments are recorded at fair value. 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. Fair value hierarchy US GAAP establishes a hierarchical disclosure framework that 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 as of 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 as of 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 assets and liabilities Level 1 assets and liabilities are comprised of listed instruments, including equities, fixed income securities and investment funds. All Level 1 assets and liabilities are valued at the quoted market price as of the reporting date. Valuation methodology for Level 2 assets and liabilities Level 2 assets and liabilities are comprised of debt and equity securities that are not actively traded and are generally valued at the last quoted or traded price as of the reporting date, provided there is evidence that the price is not assessed as significantly stale to warrant a Level 3 classification. Valuation methodology for Level 3 assets and liabilities 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 based on unobservable inputs as of 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 respective advisors), (iii) performing comparisons of comparable or similar assets or liabilities, as applicable, (iv) calculating the present value of future cash flows, (v) assessing other analytical data and information relating to the asset or liability, as applicable, that is an indication of value, (vi) evaluating financial information provided by or otherwise available with respect to the counterparties or other relevant entities and (vii) 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 underlying asset or liability and, as applicable, the timing and expected amount of cash flows based on the structure and agreement of the asset or liability, the appropriateness of any discount rates used and the timing of and estimated minimum proceeds from a favorable outcome. Discount rates and a discounted cash flow basis for estimating fair value are applied to assets and liabilities measured at fair value, as applicable, most notably the Group’s capital provision assets. Significant judgment and estimation go into the assumptions that underlie the analyses, and the actual values realized with respect to assets or liabilities, as applicable, could be materially different from values obtained based on the use of those estimates. Capital provision assets are fair valued using an income approach. The income approach estimates fair value based on estimated, risk-adjusted future cash flows, using a discount rate to reflect the funding risk of deploying capital for financing capital provision assets. The income approach requires management to make a series of assumptions, such as discount rate, the timing and amount of both expected cash inflows and additional financings and a risk-adjustment factor reflecting the uncertainty inherent in the cash flows primarily driven by litigation risk, which changes as a result of observable litigation events. These assumptions are considered unobservable Level 3 inputs that reflect the Company's own assumptions about the inputs that a market participant would use. A cash flow forecast is developed for each capital provision asset based on the anticipated financing commitments, damages or settlement estimates and the Group’s contractual entitlement. Cash flow forecasts incorporate management’s assumptions related to creditworthiness of the counterparty and collectability. In cases where cash flows are denominated in a foreign currency, forecasts are developed in the applicable foreign currency and translated to US dollars. Capital provision assets are recorded at initial fair value, which is equivalent to the initial transaction price for a given capital provision asset, based on an assessment that it is an arm’s-length transaction between independent third parties and an orderly transaction between market participants. Using the cash flow forecast and a discount rate, an appropriate risk-adjustment factor is calculated to be applied to the forecast cash inflows to calibrate the valuation model to the initial transaction price. Each reporting period, the cash flow forecast is updated based on the best available information on damages or settlement estimates and it is determined whether there has been an objective event in the underlying litigation process, which would change the litigation risk and thus the risk-adjustment factor associated with the capital provision asset. The risk-adjustment factor as adjusted for any objective events in the underlying litigation process is referred to as the adjusted risk premium. For example, assume the risk premium at inception is calculated to be 65%, which is held constant until there is a milestone event. Assuming there is a favorable trial court ruling one year later for which the applicable milestone factor is 50%, then the risk premium would be adjusted to 32.5%, effectively releasing 50% of the original 65% risk premium haircut that was applied. Conversely, assuming there is a negative event one year later for which the applicable milestone factor is (50%) then the risk premium would be adjusted to 82.5%, effectively closing the gap between the original risk premium of 65% and 100% by 50%. These objective events could include, among others: ▪ A significant positive ruling or other objective event prior to any 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 the litigation process Each reporting period, the updated risk-adjusted cash flow forecast is discounted at the then current discount rate to measure fair value. See note 14 ( Fair value of assets and liabilities ) to our consolidated financial statements for additional information. In a small number of instances, the Group has the benefit of a secondary sale of a portion of an asset or liability. When this occurs, the market evidence is factored into the valuation process to maximize the use of relevant observable inputs. Secondary sales are evaluated for relevance, including whether such transactions are orderly, and weight is attributed to the market price accordingly, which may include calibrating the valuation model to observed market price. 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 private funds and VIEs. Non-controlling interests are presented as a separate component of shareholders’ equity in the consolidated statements of financial condition. 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/(loss) includes the net income/(loss) 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 does not have any other business activity. Asset management income Asset management income is derived from the governing agreements in place with the Group’s private funds. The rate or amount at which fees are charged, the basis on which such fees are calculated and the timing of payments vary across private funds and, as to a particular private fund, may also vary across investment options available to underlying investors in, or members of, the private fund. Management fees are generally based on an agreed percentage of a private fund’s commitments and/or amounts committed or deployed, depending on the private fund agreement. Management fees are recognized over time as the services are provided. In addition, the Group receives performance fees from its private funds, which are earned when contractually agreed performance levels are exceeded within specified performance measurement periods. The Group’s private funds (other than BOF-C and the Advantage Fund) use a so-called “European” structure for the payment of performance fees, whereby the manager is not paid any performance fees until private 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. 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 maturity and the terms of the applicable distribution waterfall for each of our private funds impacts this timing. 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. Income earned from acting as insurance administrator and underwriting legal expenses insurance policies is included in “Other income”. 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 as of 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 as of 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 operations 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 upon the termination of a lease agreement. The Group has elected to not recognize leases with an original term of one year or less in the consolidated statements of financial condition. 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. In the consolidated statements of financial condition, right-of-use assets are included within other assets, and lease liabilities are included in other liabilities. Compensation and benefits Salaries and benefits Salaries and benefits include base salaries and employee benefits. Annual incentive compensation Annual 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 distributed to its employees be allocated as RSUs under the LTIP. Such awards are recorded as share-based compensation expenses ratably over the relevant service period once granted. Share-based and deferred compensation Share-based compensation consists of RSUs with service-based conditions and PSUs with service-based conditions as well as performance- and/or market-based conditions. The fair value of PSUs is estimated using the Monte-Carlo model as of the grant date while the fair value of RSUs is estimated based on the share price as of the grant date. The Group recognizes share-based compensation expenses ratably over the relevant service period and accounts for forfeitures based on its estimates. Forfeiture estimates are estimated at issuance and are trued up as of the end of the vesting period to ensure that share-based compensation expense is recognized only for those share-based awards that ultimately vest. Upon vesting of a share-based award, ordinary shares (which are either purchased on the open market or newly issued) are released to employees net of any applicable income tax withholding. Deferred compensation relates to certain non-employee directors and a specified group of employees electing to defer a portion of their compensation until a future date. In addition, the Group may in its sole discretion make a matching contribution to the participant’s deferral account to the extent cash deferrals are notionally invested in the Group’s ordinary shares. The Group records the compensation deferred including its matching contribution as an expense and adjusts for any movement in the fair value of the cash compensation deferred. Long-term incentive compensation including accruals Incentive compensation, which includes the “phantom carry pool” program, primarily consists of a portion of gains on capital provision assets or performance fees earned from certain of the Group’s private funds that are allocated to employees. Incentive compensation amounts are not paid until the related gains on capital provision assets or performance fees have been realized in cash by the Group. Incentive compensation amounts are recorded 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 recorded. 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 operations. 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 as of the acquisition date. Any contingent consideration to be transferred by the acquirer will be recognized at fair value as of 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 operations. Contingent consideration classified as equity is not remeasured, and its subsequent settlement is accounted for within shareholders’ 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 a

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income taxes	Income taxes The Company qualifies for exemption from income tax in Guernsey under the Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989, as amended. This exemption has to be applied for annually and has been applied for, and granted, with respect to the year ended December 31, 2024. The Company’s operating subsidiaries in Australia, Ireland, Singapore, the United Kingdom and the United States are subject to taxation in such jurisdictions as determined in accordance with relevant tax legislation. In certain cases, an operating subsidiary of the Company may elect a transaction structure that could be subject to income tax in a country related to the transaction creating the capital provision asset. The Group's effective tax rate was 9%, 3% and 11% for the years ended December 31, 2024, 2023 and 2022, respectively. The variability in the Group’s effective tax rate from period to period reflects the differing portions of the Group’s overall income and losses reported to each relevant taxing jurisdiction, and the differing tax rates in effect for such taxing jurisdictions at which such income and losses are taxed. During the year ended December 31, 2024, a substantial portion of the Group’s income was recognized in low tax jurisdictions. Another significant factor in the determination of the effective tax rate is the change in the Group’s valuation allowance against its deferred tax asset, largely arising from currently nondeductible interest expense. The table below sets forth the domestic and foreign income/(loss) before income taxes for the periods indicated. Years ended December 31, ($ in thousands) 2024 2023 2022 Domestic $ 26,717 $ 11,695 $ 10,735 Foreign 226,871 726,588 98,282 Income/(loss) before income taxes 253,588 738,283 109,017 The table below sets forth the components of the tax charge reconciling the domestic statutory tax rate to the provision for/(benefit from) income taxes for the periods indicated. Years ended December 31, ($ in thousands) 2024 2023 2022 Statutory rate $ — $ — $ — Foreign rate differential (7,565) 4,800 10,916 Compensation 9,295 23,848 5,245 Valuation allowance 13,478 446 (3,918) Withholding tax 2,349 1,928 1,082 Non-deductible taxes — — (802) Prior period adjustments 6,413 (468) 129 Impairment — — — Non-taxable income — (1,984) — Other, net 35 (8,486) (1,094) Provision for/(benefit from) income taxes 24,005 20,084 11,558 The table below sets forth a detailed analysis of the foreign tax differential for the periods indicated. Years ended December 31, ($ in thousands) 2024 2023 2022 US subsidiaries at statutory tax rate $ (4,726) $ 1,884 $ 12,428 Singapore subsidiaries at statutory tax rate (590) (570) (586) Irish subsidiaries at statutory tax rate (2) 6 (11) UK subsidiaries at statutory tax rate (2,251) 3,487 (942) Other 4 (7) 27 Total (7,565) 4,800 10,916 The table below sets forth the current and deferred components of the provision for/(benefit from) income taxes for the periods indicated. Years ended December 31, ($ in thousands) 2024 2023 2022 Current: Domestic (Guernsey) $ — $ — $ — Foreign - US federal and state 35,759 12,417 3,844 Foreign - other and withholding 5,123 1,804 (1,642) Total current provision for/(benefit from) income taxes 40,882 14,221 2,202 Deferred: Domestic (Guernsey) — — — Foreign - US federal and state (15,033) 8,982 6,728 Foreign - other (1,844) (3,119) 2,628 Total deferred provision for/(benefit from) income taxes (16,877) 5,863 9,356 Total provision for/(benefit from) income taxes 24,005 20,084 11,558 The table below sets forth the tax effect of temporary tax-related differences and carryforwards that comprise significant portions of gross deferred tax assets and liabilities as of the dates indicated. December 31, ($ in thousands) 2024 2023 Deferred tax assets: Compensation and benefit accruals $ 20,699 $ 22,443 Net operating loss carryforwards 12,045 3,692 Non-deductible and excess interest 37,655 32,260 Unrealized loss 2,358 — Acquisition costs 359 411 Capital lease 157 153 Other 928 1,236 Total deferred tax assets (1) 74,201 60,195 Deferred tax liabilities: Compensation and benefit accruals — — Depreciation and amortization (1,041) (772) Goodwill (15,333) (12,873) Unrealized gain (55,558) (77,310) Total deferred tax liabilities (1) (71,932) (90,955) Net deferred tax position 2,269 (30,760) Valuation allowance (34,826) (19,252) Net deferred tax liabilities (32,557) (50,012) 1. Total deferred tax assets and liabilities in this table are shown on a gross basis. Deferred tax assets and liabilities as shown in the consolidated statements of financial condition are offset within each tax jurisdiction, to the extent that they relate to the same taxable entity. The table below sets forth the net operating loss carryforwards as of the dates indicated. US net operating loss carryforwards reported in the Group’s consolidated financial statements reflect the US federal statutory tax rate and an estimated blended state tax rate. The actual effective state tax rate in a particular year may differ from the estimated blended state tax rate. Years ended December 31, ($ in thousands) 2024 2023 2022 US federal (1) $ — $ — $ — US state (2) 35,204 9,427 22,624 Foreign (1) 24,119 3,692 17,018 1. US federal and foreign net operating losses have indefinite carryforward periods. 2. US state operating losses is comprised of amounts which will expire on various dates ranging from 2038 through 2042. The table below sets forth the valuation allowances as of the dates indicated. December 31, ($ in thousands) 2024 2023 US $ 18,805 $ 6,319 UK 13,308 10,827 Singapore 2,521 1,932 Other 192 174 Total 34,826 19,252 The Group’s valuation allowance against its deferred tax assets primarily relates to interest expense, foreign net operating loss carryforwards and other deferred tax assets. In determining its valuation allowance for its deferred 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 tax assets, relevant carryforward periods, taxable income in carryback periods if carryback is permitted under applicable tax laws and prudent and feasible tax planning strategies that would be implemented, if necessary, to protect against the loss of certain deferred tax assets that would otherwise expire (e.g., net operating losses). 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, as such, no additional valuation allowance has been provided. The calculation of the Group’s global tax liabilities involves dealing with uncertainties in the application of case law, complex tax laws and regulations in a multitude of taxing jurisdictions across the Group’s global operations. ASC 740 states that a tax benefit from an uncertain tax position shall be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. In accordance with the guidelines established by ASC 740, the Group believes it does not have any uncertain tax positions for either the 2024 tax year or for any prior tax year which currently remains open under an applicable statute of limitations in the corresponding taxing jurisdiction. The Group continues to monitor its global tax positions and, if necessary, updates its position under ASC 740 regarding any uncertain tax positions based on any relevant case law, tax law and regulatory developments in an applicable taxing jurisdiction. The Group is not currently subject to audit by any tax authority. Certain affiliates of the Group file a US federal income tax return, along with various state and local income tax returns, which are subject to examination by the relevant taxing authorities for the years 2021 and onwards.

Segment reporting

Segment reporting	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment reporting	Segment reporting ASC Subtopic 280-10, “Segment Reporting,” establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available. The chief operating decision maker (“CODM”), who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Chief Executive Officer and Chief Financial Officer, collectively. The CODM assesses the performance of the operating segments based on segment income/(loss) before income taxes which consists of the significant measures of the reportable segments’ financial performance that includes segment revenues, consisting of capital provision income plus/ less third-party interests in capital provision income, asset management income, marketable securities income and interest and other income, less segment expenses, consisting of compensation and benefits, case related expenditures ineligible for inclusion in asset cost and general, administrative and other expenses. The CODM uses this metric to assess operating segment performance, for purposes of making operating decisions and assessing financial performance, which informs the CODMs allocation of resources. The Group excludes the proportional operating results that are attributable to third-party limited partners in our private funds, partners and minority investors, as the CODM does not consider them for the purposes of making decisions to allocate resources among segments or to assess segment performance. Although these amounts are excluded from segment income/(loss) before income taxes, they are included in reported consolidated income/(loss) before income taxes and are included in the reconciliation that follows. The Group’s computation of segment income/(loss) before income taxes may not be comparable to other similarly titled measures computed by other companies because all companies do not calculate segment income/(loss) before income taxes in the same fashion. Operating revenues directly associated with each segment are included in determining its operating results. Operating and other expenses that are not directly attributable to a particular segment are based upon allocation methodologies, including time estimates and other relevant usage measures. Due to the integrated structure of the Group’s business, certain costs incurred by one segment may benefit the other segment. A segment may use the information produced by another segment without incurring an intersegment charge or an intersegment income. The CODM does not review information regarding total assets on an operating segment basis but rather on a total segments (Burford-only) basis. The accounting policies for segment reporting are the same as for the Group as a whole. The Group has two operating segments which are also its reportable segments and provide legal finance products and services to its clients: (i) Principal Finance and (ii) Asset Management and Other Services. The Principal Finance segment allocates capital to legal finance assets from Burford’s balance sheet, primarily as capital provision assets, and in limited scope through interests in private funds managed by Burford. The Asset Management and Other Services segment manages legal finance assets on behalf of third-party investors, and Burford provides other services to the legal industry for both of which it receives fees. Beginning for the year ended December 31, 2024, the Group renamed its Capital Provision segment to Principal Finance and allocated revenue, expenses and assets from other corporate to the Group’s two reportable segments with no change to the Group’s total segments (Burford-only) numbers. The change in our allocation methodology as of December 31, 2024, was due to the amounts relating to these operating and non-operating activities previously presented as other corporate forming part of what is used internally to measure and evaluate the performance of the reportable segments. As a result of this change, the Group also recast certain previously reported amounts to conform with the change in allocation of revenue, expenses and assets to each reportable segment as noted below. The tables below set forth certain information with respect to the Group’s consolidated statements of operations by reportable segment for the periods indicated. Year ended December 31, 2024 Reconciliation ($ in thousands) Principal Finance Asset Total Reconciling items (1) Total Capital provision income/(loss) $ 388,124 $ — $ 388,124 $ 163,942 $ 552,066 Plus/(Less): Third-party interests in capital provision assets — — — (42,384) (42,384) Asset management income/(loss) — 44,627 44,627 (36,287) 8,340 Marketable securities income/(loss) and interest 24,578 — 24,578 436 25,014 Other income/(loss) — 3,051 3,051 — 3,051 Total revenues 412,702 47,678 460,380 85,707 546,087 Compensation and benefits 101,758 21,901 123,659 — 123,659 General, administrative and other 25,012 5,440 30,452 573 31,025 Case-related expenditures ineligible for inclusion in asset cost (1,057) — (1,057) 1,858 801 Operating expenses 125,713 27,341 153,054 2,431 155,485 Other expenses Finance costs 135,593 — 135,593 — 135,593 Foreign currency transactions (gains)/losses 1,244 — 1,244 177 1,421 Total other expenses 136,837 — 136,837 177 137,014 Income/(loss) before income taxes 150,152 20,337 170,489 83,099 253,588 1. Reconciling items include the proportional operating results that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Strategic Value Fund, the Advantage Fund and Colorado. Year ended December 31, 2023 Reconciliation ($ in thousands) Principal Finance Asset Total Reconciling items (1) Total Capital provision income/(loss) $ 896,371 $ — $ 896,371 $ 445,552 $ 1,341,923 Plus/(Less): Third-party interests in capital provision assets — — — (279,263) (279,263) Asset management income/(loss) — 63,712 63,712 (56,070) 7,642 Marketable securities income/(loss) and interest 12,067 — 12,067 141 12,208 Other income/(loss) — 4,392 4,392 — 4,392 Total revenues 908,438 68,104 976,542 110,360 1,086,902 Compensation and benefits 196,623 24,461 221,084 — 221,084 General, administrative and other 29,219 3,564 32,783 873 33,656 Case-related expenditures ineligible for inclusion in asset cost 14,671 — 14,671 1,825 16,496 Operating expenses 240,513 28,025 268,538 2,698 271,236 Other expenses Finance costs 99,136 — 99,136 (1) 99,135 Foreign currency transactions (gains)/losses (21,737) — (21,737) (15) (21,752) Total other expenses 77,399 — 77,399 (16) 77,383 Income/(loss) before income taxes 590,526 40,079 630,605 107,678 738,283 1. Reconciling items include the proportional operating results that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Strategic Value Fund, the Advantage Fund and Colorado. For the year ended December 31, 2023, the Group recast $12.1 million of marketable securities income/(loss) and interest, $43.0 million of operating expenses, $2.7 million of finance costs and $(21.7) million of foreign currency transactions (gains)/losses from other corporate to its Principal Finance segment. In addition, the Group also recast $9.3 million of operating expenses from other corporate to its Asset Management and Other Services segment and $1.8 million of finance costs from Asset Management and Other Services segment to its Principal Finance segment. Year ended December 31, 2022 Reconciliation ($ in thousands) Principal Finance Asset Total Reconciling items (1) Total Capital provision income/(loss) $ 202,878 $ — $ 202,878 $ 116,230 $ 319,108 Plus/(Less): Third-party interests in capital provision assets — — — (494) (494) Asset management income/(loss) — 56,080 56,080 (46,964) 9,116 Marketable securities income/(loss) and interest (7,594) — (7,594) (150) (7,744) Other income/(loss) — (759) (759) — (759) Total revenues 195,284 55,321 250,605 68,622 319,227 Compensation and benefits 62,659 23,687 86,346 — 86,346 General, administrative and other 14,673 14,040 28,713 968 29,681 Case-related expenditures ineligible for inclusion in asset cost 7,637 — 7,637 608 8,245 Operating expenses 84,969 37,727 122,696 1,576 124,272 Other expenses Finance costs 78,264 — 78,264 — 78,264 Foreign currency transactions (gains)/losses 7,581 — 7,581 93 7,674 Total other expenses 85,845 — 85,845 93 85,938 Income/(loss) before income taxes 24,470 17,594 42,064 66,953 109,017 1. Reconciling items include the proportional operating results that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Strategic Value Fund, the Advantage Fund and Colorado. For the year ended December 31, 2022, the Group recast $(7.6) million of marketable securities income/(loss) and interest, $12.5 million of operating expenses, $3.9 million of finance costs and $7.6 million of foreign currency transactions (gains)/losses from other Corporate to its Principal Finance segment. In addition, the Group also recast $9.8 million of operating expenses from other Corporate to its Asset Management and Other Services segment and $1.8 million of finance costs from Asset Management and Other Services segment to its Principal Finance segment. The table below sets forth specified line items with respect to the Group’s consolidated statements of financial condition by reportable segment as of the dates indicated. Year ended December 31, 2024 Reconciliation ($ in thousands) Principal Finance Asset Total Reconciling items (1) Total Cash and cash equivalents and marketable securities $ 508,031 $ 12,650 $ 520,681 $ 28,269 $ 548,950 Other assets $ 23,711 $ 151,770 $ 175,481 $ (114,475) $ 61,006 Due from settlement of capital provision assets $ 183,651 $ — $ 183,651 $ 207 $ 183,858 Capital provision assets $ 3,571,224 $ — $ 3,571,224 $ 1,672,693 $ 5,243,917 Total assets $ 4,397,954 $ 190,377 $ 4,588,331 $ 1,586,694 $ 6,175,025 1. Reconciling items include the proportional operating results that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Strategic Value Fund, the Advantage Fund and Colorado. Year ended December 31, 2023 Reconciliation ($ in thousands) Principal Finance Asset Total Reconciling items (1) Total Cash and cash equivalents and marketable securities $ 291,386 $ 12,090 $ 303,476 $ 24,634 $ 328,110 Other assets $ 26,165 $ 133,952 $ 160,117 $ (96,653) $ 63,464 Due from settlement of capital provision assets $ 185,267 $ — $ 185,267 $ 80,273 $ 265,540 Capital provision assets $ 3,432,112 $ — $ 3,432,112 $ 1,613,276 $ 5,045,388 Total assets 4,043,848 172,016 4,215,864 1,621,530 5,837,394 1. Reconciling items include the proportional operating results that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Strategic Value Fund, the Advantage Fund and Colorado. As of December 31, 2023, the Group recast total assets of $114.4 million and $0.9 million from other Corporate to its Principal Finance and Asset Management and Other Services segments, respectively. In addition, the Group also recast total assets of $96.5 million from its Principal Finance segment to its Asset Management and Other Services segment.

Capital provision assets

Capital provision assets	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Capital provision assets	Capital provision assets Capital provision assets are financial instruments that relate to the provision of capital in connection with legal finance, which include the Advantage Fund and, prior to its liquidation in the fourth quarter of 2023, equity securities and related claims in the Strategic Value Fund. The table below sets forth the changes in capital provision assets as of the beginning and end of the relevant reporting periods. Years ended December 31, ($ in thousands) 2024 2023 Beginning of period $ 5,045,388 $ 3,735,556 Deployments 555,088 682,027 Realizations (907,042) (708,293) Income/(loss) for the period 567,646 1,333,262 Foreign exchange gains/(losses) (17,163) 2,836 End of period 5,243,917 5,045,388 Deployed cost, end of period 2,341,377 2,280,563 Unrealized fair value, end of period 2,902,540 2,764,825 Capital provision assets 5,243,917 5,045,388 The table below sets forth the components of the capital provision income/(loss) for the periods indicated. Years ended December 31, ($ in thousands) 2024 2023 2022 Net realized gains/(losses) $ 439,665 $ 251,618 $ 161,707 Fair value adjustment during the period, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses) 127,981 1,081,644 169,104 Income/(loss) on capital provision assets 567,646 1,333,262 330,811 Interest and other income/(loss) — — 2,651 Foreign exchange gains/(losses) (15,701) 8,012 (6,357) Net income/(loss) from due from settlement of capital provision assets 2,704 (1) (11,330) Net gains/(losses) on financial liabilities at fair value through profit or loss (2,583) — 3,333 Break fee income — 650 — Total capital provision income as reported in the consolidated statements of operations 552,066 1,341,923 319,108

Due from settlement of capital

Due from settlement of capital provision assets	12 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
Due from settlement of capital provision assets	Due from settlement of capital provision assets Amounts due from settlement of capital provision assets relate to the realization of capital provision assets that have successfully concluded and where there is no longer any litigation risk remaining. The settlement terms and timing of realizations vary by capital provision asset. The majority of settlement balances are received shortly after the respective period ends in which the capital provision assets have concluded, and all settlement balances are generally expected to be received within 12 months after the capital provision assets have concluded. 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 as of the beginning and end of the relevant reporting periods.

Asset management income

Asset management income	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Asset management income	Asset management income The table below sets forth the components of the asset management income for the periods indicated. Years ended December 31, ($ in thousands) 2024 2023 2022 Management fee income $ 6,840 $ 7,642 $ 7,321 Performance fee income 1,500 — 1,795 Total asset management income (1) 8,340 7,642 9,116 1. Relates to revenue from contracts with customers for services transferred over time.

Long-term incentive compensatio

Long-term incentive compensation payable	12 Months Ended
	Dec. 31, 2024
Payables and Accruals [Abstract]
Long-term incentive compensation payable	Long-term incentive compensation payable The table below sets forth the changes in the long-term incentive compensation payable as of the beginning and end of the relevant reporting periods. Years ended December 31, ($ in thousands) 2024 2023 Beginning of period $ 183,134 $ 71,412 Long-term incentive compensation including accruals 43,209 127,471 Transfer to short-term payable within general expenses payable — (3,656) Cash paid (8,367) (13,073) Foreign exchange gains/(losses) (424) 980 End of period 217,552 183,134 Aggregate employee carried interest on cash proceeds from net realized gains on capital provision assets will be approximately 8% for the 2015 to 2017 vintage years, approximately 9% for the 2018 vintage year, approximately 10% for the 2019 vintage year, approximately 11% for the 2020 to 2021 vintage years, approximately 12% for the 2022 to 2023 vintage years and approximately 11% for the 2024 vintage year. These percentages reflect the new employment agreements entered into on January 1, 2024 for Mr. Bogart, our Chief Executive Officer, and Mr. Molot, our Chief Investment Officer. Historically, Mr. Bogart’s and Mr. Molot’s annual incentive compensation was entirely formulaic and based solely on the generation of cash proceeds, the majority of which was paid as an annual bonus. Under the new employment agreements, the amount of their compensation that is formulaic and tied to our income, excluding the impact of any fair value adjustments, will now be paid entirely through the carry plan.

Marketable securities

Marketable securities	12 Months Ended
	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Marketable securities	Marketable securities The table below sets forth the changes in marketable securities as of the beginning and end of the relevant reporting periods. Years ended December 31, ($ in thousands) 2024 2023 Beginning of period $ 107,561 $ 136,358 Purchases 103,124 40,404 Proceeds on disposal (135,701) (74,875) Net realized gains/(losses) on disposal 1,864 (415) Fair value movement 2,158 6,185 Change in accrued interest 47 (171) Foreign exchange gains/(losses) (33) 75 End of period 79,020 107,561 The table below sets forth the components of the total marketable securities income/(loss) and interest for the periods indicated. Years ended December 31, ($ in thousands) 2024 2023 2022 Net realized gains/(losses) on disposal $ 1,864 $ (415) $ (1,647) Changes in fair value 2,158 6,185 (9,682) Interest and dividend income 2,986 2,453 2,812 Bank interest(1) 18,006 3,985 773 Total marketable securities income/(loss) and interest 25,014 12,208 (7,744) 1. Bank interest is earned on cash and cash equivalents.

Other assets

Other assets	12 Months Ended
	Dec. 31, 2024
Other Assets [Abstract]
Other assets	Other assets The table below sets forth the components of total other assets as of the dates indicated. December 31 ($ in thousands) 2024 2023 Reinsurance assets $ 17,463 $ 15,371 R ight-of-use assets 12,796 13,851 Property and equipment 3,426 3,561 Prepayments 10,220 9,150 Other receivables 17,101 21,531 Total other assets 61,006 63,464

Other liabilities

Other liabilities	12 Months Ended
	Dec. 31, 2024
Other Liabilities Disclosure [Abstract]
Other liabilities	Other liabilities The table below sets forth the components of total other liabilities as of the dates indicated. December 31, ($ in thousands) 2024 2023 General expenses payable $ 66,966 $ 74,527 Insurance liabilities 21,991 22,465 L ease liabilities 14,821 15,853 Audit fees payable 2,996 2,163 Tax payable 21,144 4,226 Payable for capital provision assets 14,055 2,965 Total other liabilities 141,973 122,199

Debt

Debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt The table below sets forth certain information with respect to the Group’s debt securities outstanding as of the dates indicated. Debt securities denominated in pound sterling have been converted to US dollar using GBP/USD exchange rates of $1.2529 and $1.2747 as December 31, 2024 and 2023, respectively. Outstanding at Carrying value (at amortized cost) at Fair value (1) at ($ in thousands) December 31, December 31, December 31, December 31, December 31, Burford Capital PLC 5.000% Bonds due December 1, 2026 (22) $219,258 $ 218,640 $ 222,117 $ 212,706 $ 209,048 Burford Capital Finance LLC 6.125% Bonds due August 12, 2025 (3) $129,432 $ 129,275 $ 179,432 $ 129,641 $ 175,797 Burford Capital Global Finance LLC 6.250% Senior Notes due April 15, 2028 $ 400,000 $ 395,913 $ 394,672 $ 399,012 $ 384,228 6.875% Senior Notes due April 15, 2030 $ 360,000 $ 352,961 $ 351,631 $ 360,220 $ 352,350 9.250% Senior Notes due July 1, 2031 (4) $ 675,000 $ 666,823 $ 386,878 $ 717,748 $ 424,568 Total debt $1,783,690 $1,763,612 $ 1,534,730 $1,819,327 $1,545,991 1. The Group’s outstanding indebtedness is held at amortized cost in the consolidated financial statements and these values represent the fair value equivalent amounts. The Group’s debt securities are classified as Level 2 with in the fair value hierarchy. 2. On June 1, 2017, Burford Capital PLC issued £175.0 million ($225.8 million) aggregate principal amount of 5.000% notes due 2026. 3. During the year ended December 31, 2024, Burford Capital Finance LLC purchased in open market transactions approximately $50.6 million of the 2025 Bonds (as defined below). See “—Purchases of 2025 Bonds” for additional information with respect to the purchases of the 2025 Bonds. 4. On January 30, 2024, Burford Capital Global Finance LLC issued $275.0 million aggregate principal amount of the Additional 2031 Notes (as defined below). See “—Issuance of Additional 2031 Notes ” for additional information with respect to the issuance of the 2031 Additional Notes. The table below sets forth a summary of the changes in the outstanding indebtedness due to cash flows and non-cash changes as of the beginning and end of the relevant reporting periods. Years ended December 31, ($ in thousands) 2024 2023 Beginning of period $ 1,569,146 $ 1,269,085 Debt issuance, including original issue premium 284,969 394,464 Debt issuance costs (6,283) (8,461) Debt extinguishment (49,819) (129,970) Finance costs 135,717 99,135 Interest paid (154,093) (77,210) Foreign exchange (gain)/loss (3,928) 22,103 End of period 1,775,709 1,569,146 Debt payable 1,763,612 1,534,730 Debt interest payable 12,097 34,416 Total debt and interest payable 1,775,709 1,569,146 The table below sets forth unamortized issuance costs of the outstanding debt securities as of the dates indicated. December 31, ($ in thousands) 2024 2023 6.125% Bonds due 2025 157 568 5.000% Bonds due 2026 618 956 6.250% Senior Notes due 2028 4,087 5,328 6.875% Senior Notes due 2030 5,234 6,223 9.250% Senior Notes due 2031 12,319 7,932 The table below sets forth the components of total finance costs of the outstanding indebtedness for the periods indicated. Years ended December 31, (S in thousands) 2024 2023 2022 Debt interest expense (1) $ 131,022 $ 94,605 $ 74,991 Debt issuance costs incurred as finance costs 4,571 4,530 3,273 Total finance costs 135,593 99,135 78,264 1. Includes (gains)/losses on debt extinguishment of $(0.1) million, $nil million and $0.9 million, for the years ended December 31, 2024, 2023 and 2022, respectively. Description of debt securities All of the Group’s outstanding debt securities have a fixed interest rate payable semi-annually in arrears and are unsecured, unsubordinated obligations of the respective issuer that are fully and unconditionally guaranteed by the Company and certain of its wholly owned indirect subsidiaries. As of December 31, 2024, the Group was in compliance with the covenants set forth in the respective agreements governing its debt securities. The Company is required to provide certain information pursuant to the indentures governing the 2028 Notes, the 2030 Notes and the 2031 Notes. The tables below set forth the total assets and third-party indebtedness as of the dates indicated and total revenues for the periods indicated, in each case, of (i) the Company and its Restricted Subsidiaries (as defined in the indentures governing the 2028 Notes, the 2030 Notes and the 2031 Notes, as applicable) and (ii) the Company’s Unrestricted Subsidiaries (as defined in the indentures governing the 2028 Notes, the 2030 Notes and the 2031 Notes, as applicable). December 31, ($ in thousands) 2024 2023 Company and its Restricted Subsidiaries Total assets $ 5,335,289 $ 4,922,451 Third-party indebtedness 1,763,612 1,534,730 Unrestricted Subsidiaries Total assets 839,736 914,943 Third-party indebtedness — — Years ended December 31, (S in thousands) 2024 2023 2022 Company and its Restricted Subsidiaries Total revenues $ 460,352 $ 973,461 $ 245,383 Unrestricted Subsidiaries Total revenues 85,735 113,441 73,844 Issuance of Additional 2031 Notes On January 30, 2024, Burford Capital Global Finance LLC issued $275.0 million aggregate principal amount of additional 9.250% Senior Notes due 2031 (the “ Additional 2031 Notes ”) at an offering price equal to 103.625% of the principal amount thereof, plus accrued interest from January 1, 2024. The Additional 2031 Notes were issued as “Additional Notes” under the indenture governing the $400.0 million aggregate principal amount of the 9.250% Senior Notes due 2031 (the “ Initial 2031 Notes ”), have identical terms to the Initial 2031 Notes (other than with respect to the date of issuance, the issue price and the first interest payment date) and are treated as a single class for all purposes under the indenture governing the Initial 2031 Notes. Purchases of 2025 Bonds During the year ended December 31, 2024, Burford Capital Finance LLC, a wholly owned indirect subsidiary of the Company, purchased in open market transactions and cancelled approximately $50.6 million in aggregate principal amount of the 6.125% Bonds due 2025 (the “2025 Bonds”), which resulted in a gain on early extinguishment of debt of $0.1 million.

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
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. The Group’s goodwill primarily relates to the acquisition of BCIM Holdings LLC in December 2016. The tables below set forth the allocation of the carrying value of goodwill to each of the Group’s reportable segments as of the beginning and end of the relevant reporting periods. ($ in thousands) Principal Finance Asset Total December 31, 2022 $ 108,892 $ 25,020 $ 133,912 Foreign exchange gains/(losses) 53 — 53 December 31, 2023 108,945 25,020 133,965 Foreign exchange gains/(losses) (17) — (17) December 31, 2024 108,928 25,020 133,948 Management has determined there was no evidence of goodwill impairment as of December 31, 2024 and 2023.

Fair value of assets and liabil

Fair value of assets and liabilities	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair value of assets and liabilities	Fair value of assets and liabilities The tables below set forth the fair value of financial instruments grouped by the fair value level as of the dates indicated. December 31, 2024 ($ in thousands) Level 1 Level 2 Level 3 Total Assets: Capital provision assets Derivative financial assets Single case $ — $ — $ 1,052,519 $ 1,052,519 Portfolio — — 3,053,800 3,053,800 Portfolio with equity risk — — 65,041 65,041 Legal risk management — — 6,442 6,442 Non-derivative financial assets Joint ventures and equity method investments — — 154,220 154,220 Single case with equity risk 8,711 — — 8,711 Assets of consolidated investment companies Core legal finance (BOF-C) 8,581 — 705,315 713,896 Lower risk legal finance (Advantage Fund) — — 189,288 189,288 Due from settlement of capital provision assets — — 183,858 183,858 Marketable securities Government securities — 40,405 — 40,405 Corporate bonds — 20,077 — 20,077 Asset-backed securities — 1,971 — 1,971 Mutual funds 10,654 — — 10,654 Certificates of deposit 5,913 — — 5,913 Total assets 33,859 62,453 5,410,483 5,506,795 Liabilities: Financial liabilities relating to third-party interests in capital provision assets — — 747,053 747,053 Total liabilities — — 747,053 747,053 Net total 33,859 62,453 4,663,430 4,759,742 December 31, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Assets: Capital provision assets Derivative financial assets Single case $ — $ — $ 934,131 $ 934,131 Portfolio — — 2,875,881 2,875,881 Portfolio with equity risk — — 142,659 142,659 Legal risk management — — 3,523 3,523 Non-derivative financial assets Joint ventures and equity method investments — — 178,628 178,628 Single case with equity risk 10,051 — — 10,051 Assets of consolidated investment companies Core legal finance (BOF-C) 9,914 — 705,092 715,006 Lower risk legal finance (Advantage Fund) — — 185,509 185,509 Due from settlement of capital provision assets — — 265,540 265,540 Marketable securities Government securities 8,004 14,333 — 22,337 Corporate bonds — 53,001 — 53,001 Asset-backed securities — 20,047 — 20,047 Mutual funds 6,529 — — 6,529 Certificates of deposit 5,647 — — 5,647 Total assets 40,145 87,381 5,290,963 5,418,489 Liabilities: Financial liabilities relating to third-party interests in capital provision assets — — 704,196 704,196 Total liabilities — — 704,196 704,196 Net total 40,145 87,381 4,586,767 4,714,293 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 financial liabilities relating to third-party interests in capital provision assets to provide a consistent fair value measurement approach for all capital provision related activity. Realized gains and losses, unrealized gains and losses and interest and dividend income on these assets are recognized as income/(loss) and presented in the consolidated statements of operations when they are earned. The key risk and sensitivity across all the capital provision assets relate 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. Movements in Level 3 fair value assets and liabilities The tables below set forth the analysis of the movements in the Level 3 financial assets and liabilities for the periods indicated. Year ended December 31, 2024 ($ in thousands) Beginning Transfers Transfers Deployments Realizations Income/(loss) Foreign End of Single case $ 934,131 $ — $ (4,132) $ 224,641 $ (258,797) $ 161,784 $ (5,108) $ 1,052,519 Portfolio 2,875,881 — 4,132 153,251 (240,566) 265,675 (4,573) 3,053,800 Portfolio with equity risk 142,659 — — 363 (117,040) 39,059 — 65,041 Legal risk management 3,523 — — — — 3,275 (356) 6,442 Joint ventures and equity method investments 178,628 — — 9,667 (1,660) (25,868) (6,547) 154,220 Core legal finance (BOF-C) 705,092 — — 98,391 (180,406) 82,238 — 705,315 Lower risk legal finance (Advantage Fund) 185,509 — — 68,775 (99,196) 34,200 — 189,288 Total capital provision assets 5,025,423 — — 555,088 (897,665) 560,363 (16,584) 5,226,625 Due from settlement of capital provision assets 265,540 — — 907,042 (991,292) 2,704 (136) 183,858 Total Level 3 assets 5,290,963 — — 1,462,130 (1,888,957) 563,067 (16,720) 5,410,483 Financial liabilities relating to third-party interests in capital provision assets 704,196 — — 513 (40) 42,384 — 747,053 Total Level 3 liabilities 704,196 — — 513 (40) 42,384 — 747,053 Year ended December 31, 2023 ($ in thousands) Beginning Transfers Transfers Deployments Realizations Income/(loss) Foreign End of Single case $ 792,745 $ — $ (403) $ 111,958 $ (184,998) $ 215,707 $ (878) $ 934,131 Portfolio 2,022,406 — 403 261,853 (301,610) 893,113 (284) 2,875,881 Portfolio with equity risk 99,406 — — 361 — 42,892 — 142,659 Legal risk management 3,201 — — — (944) 115 1,151 3,523 Joint ventures and equity method investments 159,225 — — 5,556 (10,440) 22,007 2,280 178,628 Complex strategies (Strategic Value Fund) 12,657 — — — (15,000) 2,343 — — Core legal finance (BOF-C) 526,575 — — 126,164 (66,499) 118,852 — 705,092 Lower risk legal finance (Advantage Fund) 100,596 — — 176,135 (128,802) 37,580 — 185,509 Total capital provision assets 3,716,811 — — 682,027 (708,293) 1,332,609 2,269 5,025,423 Due from settlement of capital provision assets 116,582 — — 708,293 (559,362) (1) 28 265,540 Total Level 3 assets 3,833,393 — — 1,390,320 (1,267,655) 1,332,608 2,297 5,290,963 Financial liabilities relating to third-party interests in capital provision assets 425,205 — — 230 (502) 279,263 — 704,196 Total Level 3 liabilities 425,205 — — 230 (502) 279,263 — 704,196 All transfers into and out of Level 3 are recognized as if they have taken place as of the beginning of each reporting period. There were no transfers into or out of Level 3 during the years ended December 31, 2024 and 2023. Key unobservable inputs for Level 3 valuations The Group’s valuation policy for capital provision assets provides for ranges of percentages to be applied against the risk-adjustment factor to more than 70 discrete objective litigation events across five principal different types of litigation in order to calculate the adjusted risk premium. The range for each event is ten percentage points. The Company typically marks assets at the middle of that range unless there are specific factors that cause the Group’s valuation committee to select a different point in the range and, on an exceptional basis, the Group’s valuation committee may also select a point outside the range. To decide which percentage to apply to a given asset, the Group’s valuation committee considers the kind and degree of legal, procedural or other investment-specific circumstances that may be present. See note 2 ( Summary of significant accounting policies—Fair value of financial instruments ) to the Group’s consolidated financial statements for additional information with respect to the Group’s valuation approach. The tables below set forth each of the key unobservable inputs used to value the Group’s capital provision assets and the applicable ranges and weighted average by relative fair value for such inputs as of the dates indicated. ($ in thousands) December 31, 2024 Type: Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C) (1) , Financial liabilities relating to third party interests in capital provision assets Principal value technique: Discounted cash flow Unobservable input: Cost Unrealized Fair value Minimum Maximum Weighted average Discount rate 4.8% 7.6% 6.9% Duration (2) (years) 0.2 14.0 2.9 Adjusted risk premium 0% 100.0% 31.4% Positive case milestone factor: Significant ruling or other objective event prior to trial court judgment $ 184,540 $ 109,991 $ 294,531 5% 50% 23% Trial court judgment or tribunal award 86,880 98,453 185,333 25% 60% 54% Appeal judgment 61,192 67,177 128,369 69% 80% 70% Asset freeze 2,401 512 2,913 4% 4% 4% Exhaustion of all appeals 78,093 66,664 144,757 100% 100% 100% Settlement 1,911 4,889 6,800 40% 80% 60% Portfolios with multiple factors 555,828 424,005 979,833 0% 100% 23% Other 307 (165) 142 100% 100% 100% Negative case milestone factor: Significant ruling or other objective event prior to trial court judgment 17,209 (16,343) 866 (50) % (60) % (57) % Trial court judgment or tribunal award 44,973 (24,439) 20,534 (10) % (60) % (57) % Appeal judgment 11,825 (11,506) 319 (80) % (100) % (80) % Portfolios with multiple factors 59,877 (28,404) 31,473 (10) % (60) % (39) % No case milestone: 924,530 28,112 952,642 YPF-related assets: 69,576 1,395,899 1,465,475 2,099,142 2,114,845 4,213,987 Type: Lower risk legal finance (Advantage Fund) Principal value technique: Discounted cash flow Unobservable input: Cost Unrealized Fair value Minimum Maximum Weighted average Discount rate 159,816 29,472 189,288 12.1% 21.0% 17.2% Duration (2) (years) 0.2 4.0 1.3 Type: Portfolio with equity risk, Core legal finance (BOF-C) (1) Principal value technique: Discounted cash flow Unobservable input: Cost Unrealized Fair value Minimum Maximum Weighted average Discount rate 45,741 30,556 76,297 14.0% 14.0% 14.0% Resolution timing (years) 0.8 3.8 1.4 Conversion ratio 1.0 1.0 1.0 Type: Due from settlement of capital provision assets Principal value technique: Discounted cash flow Unobservable input: Cost Unrealized Fair value Minimum Maximum Weighted average Discount rate 182,657 1,201 183,858 6.8% 6.8% 6.8% Collection risk 0.0% 0.0% 0.0% Level 3 assets and liabilities, net 2,487,356 2,176,074 4,663,430 1. Includes the proportional participation in these capital provision assets held by BOF-C. 2. Duration refers to the expected timing of a favorable outcome. See note 2 ( Summary of significant accounting policies—Fair value of financial instruments ) to the Group’s consolidated financial statements for additional information with respect to the valuation methodology for Level 3 assets. ($ in thousands) December 31, 2023 Type: Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C) (1) , Financial liabilities relating to third party interests in capital provision assets Principal value technique: Discounted cash flow Unobservable input: Cost Unrealized Fair value Minimum Maximum Weighted average Discount rate 5.3% 7.3% 7.0% Duration (2) (years) 0.5 7.2 3.4 Adjusted risk premium 0.0% 100.0% 30.2% Positive case milestone factor: Significant ruling or other objective event prior to trial court judgment $81,244 $50,667 $131,911 5% 40% 23% Trial court judgment or tribunal award 130,529 61,175 191,704 25% 60% 54% Appeal judgment 60,402 57,472 117,874 71% 80% 72% Asset freeze 16,621 10,528 27,149 20% 20% 20% Exhaustion of as-of-right appeals 34,318 61,828 96,146 80% 80% 80% Exhaustion of all appeals 76,872 66,039 142,911 100% 100% 100% Settlement 5,877 17,380 23,257 40% 80% 49% Portfolios with multiple factors 498,296 405,078 903,374 1% 100% 22% Other 338 (171) 167 100% 100% 100% Negative case milestone factor: Significant ruling or other objective event prior to trial court judgment 34,305 (28,057) 6,248 (10) % (60) % (43) % Trial court judgment or tribunal award 41,950 (23,577) 18,373 (10) % (60) % (59) % Appeal judgment 7,989 (7,989) — (100) % (100) % (100) % Portfolios with multiple factors 29,636 (13,479) 16,157 (13) % (60) % (43) % No case milestone: 865,568 55,868 921,436 YPF-related assets: 60,338 1,311,319 1,371,657 1,944,283 2,024,081 3,968,364 Type: Lower risk legal finance (Advantage Fund) Principal value technique: Discounted cash flow Unobservable input: Cost Unrealized Fair value Minimum Maximum Weighted average Discount rate 164,259 21,250 185,509 12.4% 21.4% 17.5% Duration (2) (years) 1.0 2.7 1.9 Type: Portfolio with equity risk, Core legal finance (BOF-C) (2) Principal value technique: Discounted cash flow Unobservable input: Cost Unrealized Fair value Minimum Maximum Weighted average Discount rate 123,069 44,285 167,354 15.0% 15.0% 15.0% Resolution timing (years) 0.8 4.8 1.7 Conversion ratio 2.6 2.6 2.6 Type: Due from settlement of capital provision assets Principal value technique: Discounted cash flow Unobservable input: Cost Unrealized Fair value Minimum Maximum Weighted average Collection risk 265,540 — 265,540 0% 100% 0% Level 3 assets and liabilities, net 2,497,151 2,089,616 4,586,767 1. Includes the proportional participation in these capital provision assets held by BOF-C. 2. Duration refers to the expected timing of a favorable outcome. See note 2 ( Summary of significant accounting policies—Fair value of financial instruments ) to the Group’s consolidated financial statements contained in this 2024 Form 10-K for additional information with respect to the valuation methodology for Level 3 assets. Sensitivity of Level 3 valuations 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. Should the prices of the Level 3 due from settlement of capital provision assets, capital provision assets and financial liabilities relating to third-party interests in capital provision assets have been 10% higher or lower, while all other variables remained constant, the Group’s consolidated income and net assets would have increased or decreased, respectively, by $466.3 million and $458.7 million as of December 31, 2024 and 2023, respectively (the comparative data as of December 31, 2023, has been amended for immaterial differences). In addition, as of December 31, 2024 and 2023, should interest rates have been 50 or 100 basis points lower or higher, as applicable, than the actual interest rates used in the fair value estimates, while all other variables remained constant, the Group’s consolidated income and net assets would have increased or decreased, respectively, by the following amounts. December 31, ($ in thousands) 2024 2023 +100 bps interest rates $ (153,241) $ (161,110) +50 bps interest rates (77,644) (81,745) -50 bps interest rates 78,514 82,724 -100 bps interest rates 159,169 167,944 Furthermore, as of December 31, 2024 and 2023, should duration have been six December 31, ($ in thousands) 2024 2023 +12 months duration (1) $ (396,845) $ (363,901) +6 months duration (1) (200,908) (188,718) -6 months duration (1) 196,721 203,442 -12 months duration (1) 405,926 393,248 1. Duration refers to the expected timing of a favorable outcome. See note 2 ( Summary of significant accounting policies—Fair value of financial instruments ) to the Group’s consolidated financial statements contained in this 2024 Form 10-K for additional information with respect to the valuation methodology for Level 3 assets. The sensitivity impact has been provided on a pre-tax basis for both the Group’s consolidated income and net assets as the Group considers the fluctuation in its 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, due from settlement of capital provision assets and financial liabilities relating to third-party interests in capital provision assets 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 or liability, as applicable. Such estimate is inherently subjective, being based largely on an assessment of how individual events have changed the possible outcomes of the asset or liability, as applicable, 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 other than interest rates which impact the discount rates applied.

Variable interest entities

Variable interest entities	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable interest entities	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 ) to the Group’s consolidated financial statements contained in this 2024 Form 10-K for additional information with respect to the Group’s consolidation. Consolidated VIEs include entities relating to the Group’s private funds (e.g., BOF-C, the Advantage Fund and, prior to its liquidation in the fourth quarter of 2023, the Strategic Value Fund), investment vehicles for sale and resale of the participation interests (e.g., Colorado) and acquisition of interests in secured promissory notes (e.g., Mellor Investments LLC, formerly known as Forest Hills Investments LLC). The purpose of the private funds is to provide strategy-specific investment opportunities for investors in exchange for management-based and performance-based fees. The investment strategies of the private funds differ by product, but the fundamental risks are similar. 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 COLP, acquired interest in certain secured promissory notes through Mellor 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 COLP. The Group provides revolving credit facilities to certain of its private funds for capital calls as required. These revolving credit facilities are entirely discretionary insofar as the Group is not obligated to fund under the revolving credit facilities. There were no amounts outstanding under the revolving credit facilities as of December 31, 2024 and 2023, respectively. The table below sets forth assets and liabilities of the consolidated VIEs as of the dates indicated. December 31, ($ in thousands) 2024 2023 Total assets $ 1,833,592 $ 1,865,344 Total liabilities 8,711 4,716 The table below sets forth the total revenues and certain information relating to cash flows of the consolidated VIEs for the periods indicated. Years ended December 31, ($ in thousands) 2024 2023 2022 Total revenues $ 141,994 $ 470,216 $ 73,480 Cash flows Proceeds 369,144 150,775 92,080 (Funding) (170,358) (304,348) (291,046) Cash balance as of period end 30,828 24,613 32,966 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. The table below sets forth the Group’s maximum exposure to loss from the unconsolidated VIEs as of the dates indicated. December 31, ($ in thousands) 2024 2023 On-balance sheet exposure $ 26,603 $ 22,426 Off-balance sheet exposure - undrawn commitments 4,788 2,768 Maximum exposure to loss 31,391 25,194

Joint ventures and equity metho

Joint ventures and equity method investments	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Joint ventures and equity method investments	Joint ventures and equity method 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 14 ( Fair value of assets and liabilities ) to the Group’s consolidated financial statements contained in this 2024 Form 10-K for additional information with respect to the Group’s valuation of its capital provision assets. The table below sets forth the fair value of the Group’s interest in joint ventures and equity method investments, which are included in capital provision assets in the Group’s consolidated statements of financial condition as of the dates indicated. December 31, ($ in thousands) 2024 2023 Interest in joint ventures $ 152,347 $ 172,958 Interest in equity method investments — 468 None of these joint ventures or equity method investments is individually material to the Group, and there are no significant restrictions on the ability of the joint ventures to make cash distributions or repayment of advances to the Group. The table below sets forth the fair value of the Group’s share of commitments for the joint ventures and equity method investments, which are included in the commitment amounts relating to asset agreements, as of the dates indicated. See note 20 ( Financial commitments and contingent liabilities ) to the Group’s consolidated financial statements contained in this 2024 Form 10-K for additional information with respect to the Group’s commitments and contingencies. December 31, ($ in thousands) 2024 2023 Commitments for joint ventures $ 112,679 $ 139,753 Commitments for equity method investments 15,248 15,513

Shareholders' equity

Shareholders' equity	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Shareholders' equity	Shareholders' equity Shareholder rights All 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 of Directors 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. Share repurchases On July 5, 2023, the Group's shareholders approved a resolution for the purchase of up to 21,895,721 ordinary shares of the Company on the open market, which authority expired as of the close of the Group's annual general meeting held on May 15, 2024. The Group's shareholders approved a new resolution on May 15, 2024 for the purchase of up to 21,864,608 ordinary shares of the Company on the open market, which authority is set to expire the earlier of (i) the close of the Group's annual general meeting to be held in 2025 and (ii) September 26, 2025. As of December 31, 2024, there were 21,845,323 ordinary shares of available authorization remaining. Dividends Dividends on the Company’s issued and outstanding ordinary shares are payable at the discretion of the Board of Directors. Each year, once the prior year’s results of operations are known, the Board of Directors reviews the Company’s revenues, net income/(loss), 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 of Directors. Subject to the provisions of the Guernsey Companies Law, the Board of Directors may, if it thinks fit, from time to time pay interim dividends if it appears to the Board of Directors 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 of Directors determines. The declaration and payment of dividends and distributions, if any, is subject to the discretion of the Board of Directors 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 results of operations and financial condition 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 of Directors so resolves, be forfeited. The table below sets forth dividends and their respective record dates for the periods indicated. ($ in cents) Cash dividend per ordinary share Record date 2024 year First half $ 6.25 November 1, 2024 Second half 6.25 May 23, 2025 Total for the year ended December 31, 2024 12.50 2023 year First half 6.25 November 10, 2023 Second half 6.25 May 24, 2024 Total for the year ended December 31, 2023 12.50 2022 year First half 6.25 November 4, 2022 Second half 6.25 May 26, 2023 Total for the year ended December 31, 2022 12.50 On February 28 , 2025, th e Board of Directors has declared, subject to shareholder approval at the annual general meeting to b e held on May 14, 2025, a final dividend of 6.25¢ per ordinary share to be paid on June 13, 2025 to shareholders of record on May 23, 2025. Burford Capital Employee Benefit Trust The Burford Capital Employee Benefit Trust was established for the purpose of holding the Company’s ordinary shares in connection with the LTIP. It was treated as being controlled by the Group for accounting purposes and, therefore, was consolidated. The Company’s ordinary shares held in the Burford Capital Employee Benefit Trust as of the period end were included in issued and outstanding share capital and were deducted from shareholders’ equity. No gain or loss was recognized on the purchase, sale, cancellation or issue of such ordinary shares and any consideration paid or received was recognized directly in shareholders’ equity. As of December 31, 2024, the Company no longer used the Burford Capital Employee Benefit Trust in connection with administration of the LTIP, and the Burford Capital Employee Benefit Trust was liquidated on May 2, 2024. Contingent share capital The acquisition of BCIM Holdings LLC in December 2016 included contingent equity consideration. 2,461,682 ordinary shares will be issued after BCIM Holdings LLC’s private funds contribute more than $100.0 million in performance fee income (and, in certain instances, fee income from new private funds or other capital provision income) to the Group. If the $100.0 million income target is not achieved, no contingent equity consideration will be payable.

Share-based and deferred compen

Share-based and deferred compensation	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-based and deferred compensation	Share-based and deferred compensation Share-based awards granted to the employees as compensation consist of RSUs with service-based conditions and PSUs with service-based conditions as well as performance- and/or market-based conditions. All share-based awards are measured based on the grant date fair value of the award. Share-based awards that do not require future service are expensed immediately. Share-based awards subject to service- or performance-based conditions are expensed over the relevant service period to the extent the performance conditions are met or deemed probable to be met. PSUs with service-based and market-based conditions are expensed over the relevant service period regardless of whether the market condition is met. LTIP In 2016, the Company’s 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 grant to each new employee and periodic grants thereafter. The LTIP is administered by the compensation committee of the Board of Directors (the “ Compensation Committee ”). 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 that, in the period from 2016 to 2030, awards may not be granted under the LTIP if such grant (together with any other grant made at the same time) would cause the number of ordinary shares that have been issued or could be issued under the LTIP or any other equity-based plan adopted by the Group to exceed 10% of the Company’s issued ordinary share capital at the proposed date of grant. Awards under the LTIP are granted in the form of share-based awards, which are treated as phantom awards for tax and legal purposes. Both RSU and PSU awards are subject to satisfaction of service-based conditions, requiring that the participant remains employed by the Group through the date of vesting, and PSUs also require satisfaction of performance-based conditions determined by the Compensation Committee at the time of grant, including total shareholder return over different measuring periods. Share-based awards granted prior to January 1, 2021 included both service-based and performance-based conditions. Share-based awards granted on and after January 1, 2021, have continued to have service-based conditions, while at least 50% of share-based awards granted to the Company’s senior management must also have a performance-based condition. Share-based awards generally vest in full on the third anniversary of the grant date (which is the maximum contractual term), and for PSUs, each performance-based condition (as applicable) is measured over the three three In the event of a participant’s termination of employment for any reason prior to vesting, other than death, disability or retirement, all outstanding share-based awards will be forfeited. In the event of the participant’s death, disability, retirement or, in certain circumstances, at the discretion of the Compensation Committee (e.g., good leavers), outstanding share-based awards will continue to be eligible to vest as of the end of the service period and, if applicable, the performance period and may be prorated (other than in the case of retirement) based on the number of full months the participant was employed during the service and, if applicable, performance period. In special circumstances, the Compensation Committee has the discretion to accelerate vesting of awards or alter proration or performance targets for outstanding awards. Certain awards granted under the LTIP are subject to clawback provisions in accordance with applicable law and pursuant to, and in accordance with, the Company’s clawback policy for incentive-based executive compensation, effective October 2, 2023, which is intended to meet the scope of the SEC Rule 10D-1 and the associated NYSE listing exchange rules. Awards granted under the LTIP are also subject to clawback at the discretion of the Compensation Committee in accordance with the terms of the LTIP 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. During the period since the LTIP’s inception through December 31, 2024, the Group has issued share-based awards in respect of approximately 4.2% of the Company’s issued and outstanding ordinary share capital and, as of December 31, 2024, there was a total of approximately 9.3 million share-based awards issued under the LTIP since its inception. Share-based awards may be satisfied with newly issued ordinary shares, a transfer of treasury shares or ordinary shares purchased on the open market. As of December 31, 2024, approximately 13.8 million ordinary shares remained available for future grants under the LTIP through 2030. The table below sets forth the grant, vesting and forfeiture of share-based awards for the year ended December 31, 2024, and the number of unvested share-based awards as of the beginning and end of the relevant period. (Ordinary shares in thousands) Number of Weighted average Unvested share-based awards as of December 31, 2023 4,672 $ 8.09 Granted (1) 1,077 $ 14.34 Vested (2) (1,684) $ 8.66 Forfeited (413) $ 8.49 Unvested share-based awards as of December 31, 2024 3,652 $ 9.61 1. The aggregate grant date fair value of share-based awards granted during the years ended December 31, 2024, 2023 and 2022 was $15.4 million, $11.9 million and $12.2 million, respectively. The associated weighted average grant date fair value per ordinary share for share-based awards granted during the years ended December 31, 2024, 2023 and 2022, was $14.34, $6.89 and $8.90, respectively. 2. The aggregate fair value of share-based awards that vested during the years ended December 31, 2024, 2023 and 2022, was $14.6 million, $6.9 million and $9.9 million, respectively. The Group used the Monte-Carlo model to estimate the fair value of PSUs granted during the years ended December 31, 2024, 2023 and 2022. If applicable, the Group would adjust the grant date fair value of PSUs for material nonpublic information existing at the grant date that could affect the fair value of PSUs, consistent with ASC 718 and the SEC staff guidance in SAB 120. The weighted average remaining contractual term of the unvested share-based awards was 1.2 years and 1.3 years as of December 31, 2024 and 2023, respectively. The compensation cost related to the unvested share-based awards not yet recognized was $17.0 million, $15.4 million and $16.5 million as of December 31, 2024, 2023 and 2022, respectively. The table below separately sets forth the key assumptions used for valuing PSUs as well as share-based awards granted as of the dates indicated. December 31, 2024 2023 2022 PSUs Dividend yield 0.82% 0.72% 0.72% Expected volatility 25.35% 46.70% 52.90% Risk-free interest rate 4.36% 3.67% 2.65% Expected term (years) 3.0 3.0 3.0 Share-based awards Weighted average fair value per ordinary share ($) 14.34 6.89 8.90 Weighted average price per ordinary share ($) 15.05 7.19 9.37 The expected volatility reflects the assumption that the historical volatility over a period similar to the life of PSUs is indicative of future trends, which may not necessarily be the actual outcome. NQDC Plan In 2021, the Group established the NQDC Plan, under which the non-employee directors and a specified group of employees can elect to defer a portion of their compensation until a future date. Participants may elect to defer base salary, bonuses, payments under the “phantom carry pools” program and share-based awards granted under the LTIP. The deferral period is a minimum of three years (five years following grant in the case of share-based awards granted under the LTIP), and deferral distributions may be elected to be received in a lump sum or in annual installments. During the deferral period, the participant elects for their deferral account to be notionally invested in various mutual funds or the Company’s ordinary shares. In addition, the Company may in its sole discretion make a matching contribution to the participant’s deferral account to the extent cash deferrals are notionally invested in the Company’s ordinary shares. The Company’s matching contribution is accounted for as share-based compensation and vests after a two-year service period. Distributions from the NQDC Plan will be made in accordance with the timing and form selected by the individual participant when the deferral is first elected. The NQDC Plan is administered and maintained by an independent third party. For the years ended December 31, 2024 and 2023, the Group granted 127,193 matching contributions of notional shares at a weighted average grant date fair value of $15.13 per ordinary share and 77,281 matching contributions of notional shares at a weighted average grant date fair value of $13.14 per ordinary share, respectively. The weighted average remaining contractual term of matched notional shares under the NQDC Plan was 0.6 years and 0.8 years as of December 31, 2024 and 2023, respectively. The compensation cost related to matched notional shares under the NQDC Plan not yet recognized was $1.5 million and $1.0 million as of December 31, 2024 and 2023, respectively. From time to time, we may purchase mutual fund investments or the Company’s ordinary shares to minimize our exposure resulting from the elections of the participants in the NQDC Plan. The outstanding deferred compensation liability to participants was $24.4 million and $19.4 million as of December 31, 2024 and 2023, respectively. The outstanding deferred compensation liability includes amounts notionally invested in the Company’s ordinary shares from both employee deferrals and matching contributions by the Company. NED Plan In 2021, the Group established the NED Plan, under which non-executive directors are eligible to receive grants of the Company’s ordinary shares in connection with their service on the Board of Directors, subject to transfer and sale restrictions until the earlier of (i) the third anniversary of the grant date or (ii) the date on which the director no longer serves as a member of the Board of Directors. Employee directors are not eligible for grants under the NED Plan. For the years ended December 31, 2024, 2023 and 2022, the Group purchased on the open market on AIM 19,285, 17,403 and 23,066, respectively of the Company's ordinary shares to satisfy grants of awards under the NED Plan.

Earnings per ordinary share

Earnings per ordinary share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings per ordinary share	Earnings per ordinary share Basic earnings per ordinary share is computed by dividing net income/(loss) attributable to Burford Capital Limited shareholders by the weighted average number of ordinary shares issued and outstanding during the period. Diluted earnings per ordinary share was computed using the treasury stock method which reflects the assumed conversion of all dilutive securities, including, when applicable, RSUs and PSUs. There were 358,199, 17,631 and 88,330 potential ordinary shares related to the Company’s share-based awards excluded from diluted weighted average ordinary shares for each of the years ended December 31, 2024, 2023 and 2022, respectively, as their inclusion would have had an anti-dilutive effect. The table below sets forth the computation for basic and diluted net income/(loss) attributable to Burford Capital Limited per ordinary share for the periods indicated. Years ended December 31, ($ in thousands, except share data) 2024 2023 2022 Net income/(loss) attributable to Burford Capital Limited shareholders $ 146,484 $ 610,522 $ 30,506 Net income/(loss) attributable to Burford Capital Limited shareholders per ordinary share: Basic $0.67 $2.79 $0.14 Diluted $0.66 $2.74 $0.14 Weighted average ordinary shares outstanding: Basic 219,231,837 218,865,816 218,757,232 Dilutive effect of share-based awards 3,999,835 4,149,074 3,045,254 Diluted 223,231,672 223,014,890 221,802,486

Financial commitments and conti

Financial commitments and contingent liabilities	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Financial commitments and contingent liabilities	Financial commitments and contingent liabilities The table below sets forth the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments as of the date indicated. December 31, 2024 ($ in thousands) Leases Debt payable Debt interest payable Other liabilities Long-term incentive Financial liabilities relating to third-party 2025 $ 3,011 $ 129,432 $ 131,078 $ 83,822 $ — $ — 2026 2,913 219,258 123,150 8,611 — — 2027 1,862 — 112,188 4,761 — — 2028 1,743 400,000 99,688 5,506 — — 2029 1,751 — 87,188 804 — — Thereafter 4,137 1,035,000 137,250 1,657 — — No contractual maturity date — — — — 217,552 747,053 Total undiscounted cash flows 15,417 1,783,690 690,542 105,161 217,552 747,053 Lease present value adjustment (596) Lease liabilities 14,821 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 financing over time, whereas other financing agreements provide for immediate financing of the total commitment. The terms of the former type of financing agreements vary widely—e.g., in cases of discretionary commitments, the Group is not contractually obligated to advance capital and generally would not suffer adverse financial consequences from not doing so and, therefore, has broad discretion as to each incremental financing of a continuing capital provision asset, while in cases of definitive commitments, the Group is contractually obligated to advance incremental capital and failure to do so would typically result in adverse contractual consequences (such as a dilution in the Group’s returns or the loss of the Group’s deployed capital in a case). The Group’s commitments are capped at a fixed amount in its financing agreements. In addition, as of December 31, 2024 and 2023, the Group had 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. The table below sets forth the components of undrawn commitments as of the dates indicated (assuming the GBP/USD exchange rate of $1.2529 and $1.2747 as of December 31, 2024 and 2023, respectively). December 31, ($ in thousands) 2024 2023 Definitive $ 962,808 $ 839,973 Discretionary 1,032,433 977,733 Legal risk (definitive) 41,318 55,583 Total capital provision undrawn commitments 2,036,559 1,873,289 Leases Leases consist primarily of the Group’s leased office space in (i) New York, New York, United States, (ii) Chicago, Illinois, United States, (iii) London, United Kingdom, (iv) Dubai, United Arab Emirates and (v) Singapore, Singapore, which the Group has determined to be operating leases under US GAAP. The table below sets forth the components of lease costs for the periods indicated. Years ended December 31, ($ in thousands) 2024 2023 2022 Operating lease cost $ 2,678 $ 2,729 $ 2,280 Cash paid for amounts included in the measurement of operating lease liabilities 2,564 2,175 2,384 The table below sets forth right-of-use assets, lease liabilities, weighted average remaining lease term and weighted average discount rate for the operating leases as of the dates indicated. December 31, ($ in thousands) 2024 2023 Right-of-use assets $ 12,796 $ 13,851 Operating lease liabilities 14,821 15,853 Weighted average remaining lease term (years) 6.7 7.8 Weighted average discount rate 6.6% 6.7% The Group’s leases have remaining lease terms of up to approximately 8 years. None of these leases have options to extend. One of these leases has an option for early termination which, if exercised, would shorten the remaining lease term by up to 3 years. The Group does not currently intend to early terminate this lease. Legal proceedings From time to time, the Group may be involved in various legal (including judicial, regulatory, administrative or arbitration) proceedings, lawsuits and claims incidental to the conduct of its business. Some of these proceedings, lawsuits or claims may be material and involve highly complex issues that are subject to substantial uncertainties and could result in damages, fines, penalties, non-monetary sanctions or relief. In addition, the Group’s business and operations are subject to extensive regulation, which may result in regulatory proceedings against the Group. At the date of this 2024 Form 10-K, having considered the legal merits of any relevant proceedings, lawsuits or claims and having received relevant legal advice (including any legal advice from outside counsel), the Group considers there to be no material contingent liability in respect of any such proceedings, lawsuits or claims requiring disclosure in the Group’s consolidated financial statements. However, given the potentially large and/or indeterminate relief that may be sought and the inherent unpredictability of legal proceedings, lawsuits or claims, it is possible that an adverse outcome in certain matters could have a material adverse effect on the Group’s business, financial condition, results of operations or liquidity in any future period. In addition, there can be no assurance that material losses will not be incurred from claims that have not yet been asserted or those where potential losses have not yet been determined to be probable or possible and reasonably estimable.

Related party transactions

Related party transactions	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Related party transactions	Related party transactions The Group has interests in joint ventures and equity method investments. See note 16 ( Joint ventures and equity method investments ) to the Group’s consolidated financial statements contained in this 2024 Form 10-K for additional information with respect to the balances held with joint ventures and equity method investments. The table below sets forth the fundings and proceeds from joint ventures and equity method investments for the periods indicated. Years ended December 31, ($ in thousands) 2024 2023 2022 Fundings of joint ventures and equity method investments $ 9,717 $ 9,285 $ 7,864 Proceeds from joint ventures and equity method investments 7,164 16,141 5,917

Credit risk from financial inst

Credit risk from financial instruments	12 Months Ended
	Dec. 31, 2024
Credit Loss [Abstract]
Credit risk from financial instruments	Credit risk from financial instruments The Group is exposed to credit risk in various asset structures that are set forth in note 2 ( Summary of significant accounting policies ) to the Group’s consolidated financial statements contained in this 2024 Form 10-K, most of which involve financing sums recoverable only out of successful capital provision assets with a concomitant risk of loss of deployed 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 parties and indirect creditors, and due to a judgment creditor (in contrast to a conventional debtholder and in the absence of an actual bankruptcy of the counterparty) having immediate and unfettered rights of action to, for example, seize assets and garnish cash flows. The Group is also exposed to credit risk in respect of the cash and cash equivalents and marketable securities. The credit risk of the cash and cash equivalents is mitigated as all cash is placed with reputable banks with a sound credit rating. Marketable securities primarily consist of government securities, investment grade corporate bonds, asset-backed securities and mutual funds, all of which can be redeemed on short notice or be sold on an active trading market. 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 condition. In addition, the Group is exposed to credit risk on financial assets and receivables in other assets, all of which are held at amortized cost. The maximum credit exposure for such amounts was the carrying value of $17.1 million and $17.8 million as of December 31, 2024 and 2023, respectively. 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 macroeconomic factors. Based on this review, the Group has not identified any material expected credit loss relating to the financial assets held at amortized cost. The Group recognized no impairment for the years ended December 31, 2024, 2023 and 2022 . 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, 2024
Subsequent Events [Abstract]
Subsequent events	Subsequent events There have been no events since December 31, 2024 to the date of this 2024 Form 10-K that require recognition or disclosure in the consolidated financial statements.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 146,484	$ 610,522	$ 30,506

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We strive to create a pervasive culture of cybersecurity and information systems security, focusing particularly on the tone set by our senior management. We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity and availability of our critical information systems and data. Our cybersecurity risk management program leverages certain practices from the National Institute of Standards and Technology Cybersecurity Framework, the Center for Internet Security Top 20 Critical Security Controls and the Control Objectives for Information and Related Technologies. This does not imply that we meet any particular technical standards, specifications or requirements, only that we use these frameworks and controls as a guide to help us identify, assess and manage cybersecurity risks relevant to our business. Our cybersecurity risk management program is integrated into our overall enterprise risk management program and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational and financial risk areas. To provide for the resilience of critical information systems and data, maintain legal and regulatory compliance, manage our material risks from cybersecurity threats and protect against, detect and respond to cybersecurity incidents, our cybersecurity risk management program includes the following key elements: ▪ 24x7x365 security operations monitoring of our information systems and services to detect and act on weaknesses and potential intrusions ▪ Cloud-based platform operations that allow us to store our data on the servers of technology companies, with built-in disaster recovery protection and regular backups ▪ Regular internal and external security audits, penetration tests and risk assessments designed to help identify significant cybersecurity risks to our critical information systems and data ▪ Collaboration with third-party service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls ▪ Testing of new products and services to identify potential security vulnerabilities before release ▪ Regular network and endpoint monitoring ▪ Business resiliency planning with disaster recovery and business continuity testing ▪ Role-based access controls to identify, authenticate and authorize individuals to access information systems based on their job responsibilities ▪ Protection, including encryption, for the secure communication of sensitive data ▪ Monitoring of emerging data protection laws and implementation of changes to our processes designed to comply therewith as well as regular review of best practices from both the legal and financial services industries and engaging in a program of continuous improvement ▪ Regular review of policies, procedures and standards related to cybersecurity ▪ Cybersecurity awareness training of our employees and senior management at regular intervals ▪ Cross-functional approach to addressing cybersecurity risk, involving senior representatives from all our offices in business, information technology, finance and legal and compliance functions ▪ Cybersecurity incident response plan that sets forth procedures for responding to cybersecurity incidents, including processes designed to triage, assess severity, escalate, contain, investigate and remediate such cybersecurity incidents, as well as to comply with potentially applicable legal and regulatory obligations and mitigate reputational damage ▪ Third-party risk management process for certain service providers based on our assessment of their criticality to our business and risk profile ▪ Strong access controls for platforms and devices, including multi-factor authentication and conditional access As part of the above processes and procedures, we regularly engage with assessors, consultants and other third parties, including by having a third-party consultant review our cybersecurity risk management program on an annual basis to help identify areas for continued focus, improvement and compliance. Our cybersecurity risk management program also addresses cybersecurity risks associated with our use of third-party service providers, including those who have access to our employee data or our information systems. Cybersecurity considerations affect the selection and oversight of our third-party service providers, and we perform diligence on third-party service providers that have access to our information systems, data or facilities that house such information systems or data. In addition, we distribute a cybersecurity survey to all major third-party service providers on an annual basis to assess their adherence to our cybersecurity requirements. During the years ended December 31, 2024, 2023 and 2022, we have not identified any material cybersecurity incidents and have not identified any material risks from cybersecurity threats that have materially affected or are reasonably likely to materially affect our business strategy, results of operations or financial condition, and the expenses we have incurred from any cybersecurity incidents were immaterial. There can be no assurance that our cybersecurity risk management program, including our policies, processes, controls and procedures, will be fully implemented, complied with or effective in protecting our systems and information. See “ Risk factors—Risks relating to cybersecurity, third-party service providers, information systems and data privacy and protection
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity risk management program is integrated into our overall enterprise risk management program and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational and financial risk areas.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Board of Directors considers cybersecurity risks as part of its risk management and oversight function and has oversight of our enterprise risk management program, including cybersecurity and other information systems risks. At each of its quarterly meetings, members of the Board of Directors receive a comprehensive risk presentation and review the key risks across the global enterprise focusing, among other things, on cybersecurity and other information systems risks. In addition, from time to time, the Board of Directors receives presentations on various cybersecurity topics from our Chief Information Officer, including relating to our efforts to improve our cybersecurity risk management program and comparison of our cybersecurity risk management program to those of other companies in the legal and financial services industries.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board of Directors considers cybersecurity risks as part of its risk management and oversight function and has oversight of our enterprise risk management program, including cybersecurity and other information systems risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	At each of its quarterly meetings, members of the Board of Directors receive a comprehensive risk presentation and review the key risks across the global enterprise focusing, among other things, on cybersecurity and other information systems risks. In addition, from time to time, the Board of Directors receives presentations on various cybersecurity topics from our Chief Information Officer, including relating to our efforts to improve our cybersecurity risk management program and comparison of our cybersecurity risk management program to those of other companies in the legal and financial services industries.
Cybersecurity Risk Role of Management [Text Block]	The Chief Information Officer and the cybersecurity committee have the responsibility for our overall cybersecurity risk management program. Our Chief Information Officer has primary responsibility for assessing and managing material risks from cybersecurity threats, and has over 20 years of cybersecurity work experience, including at major financial institutions and consulting firms and involving the management of information security and the development of cybersecurity strategy, and who has relevant degrees and certifications, including a Bachelor’s degree in Computer Science from Cornell University. Our Chief Information Officer supervises both our internal information technology team and our external cybersecurity consultants and other third-party service providers. Our Chief Information Officer meets regularly with our internal cybersecurity committee, composed of senior representatives from all our offices in business, information technology, finance and legal and compliance functions, including, among others, our Chief Financial Officer and our Chief Compliance Officer. With assistance from our internal information technology team, our Chief Information Officer conducts cybersecurity and other information systems risk assessments on at least an annual basis and reports the results of these assessments, as well as any material cybersecurity and other information systems risks, to the cybersecurity committee. The cybersecurity committee focuses on assessing processes and procedures to assist with prevention and detection of cybersecurity incidents, whereas our Chief Information Officer, with assistance from our internal information technology team, is responsible for mitigation and remediation of cybersecurity incidents. In addition, we engage third-party vendors to (i) perform a yearly cybersecurity assessment to identify any weaknesses and address them, including performing yearly penetration tests to determine if there are any vulnerabilities, and (ii) monitor our cloud environment 24/7, identify threats and respond to them by shutting down any activity that is deemed potentially harmful. Our cybersecurity policies specify escalation points for reporting potential cybersecurity incidents to our Chief Information Officer and our Chief Compliance Officer, and we have adopted a cybersecurity incident response plan that sets forth procedures for responding to cybersecurity incidents. If applicable, the Board of Directors receives briefings from management on our cybersecurity risk management program and any significant cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Chief Information Officer and the cybersecurity committee have the responsibility for our overall cybersecurity risk management program.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Chief Information Officer has primary responsibility for assessing and managing material risks from cybersecurity threats, and has over 20 years of cybersecurity work experience, including at major financial institutions and consulting firms and involving the management of information security and the development of cybersecurity strategy, and who has relevant degrees and certifications, including a Bachelor’s degree in Computer Science from Cornell University
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Chief Information Officer meets regularly with our internal cybersecurity committee, composed of senior representatives from all our offices in business, information technology, finance and legal and compliance functions, including, among others, our Chief Financial Officer and our Chief Compliance Officer. With assistance from our internal information technology team, our Chief Information Officer conducts cybersecurity and other information systems risk assessments on at least an annual basis and reports the results of these assessments, as well as any material cybersecurity and other information systems risks, to the cybersecurity committee. The cybersecurity committee focuses on assessing processes and procedures to assist with prevention and detection of cybersecurity incidents, whereas our Chief Information Officer, with assistance from our internal information technology team, is responsible for mitigation and remediation of cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The Group’s audited consolidated financial statements as of and for the year ended December 31, 2024, and comparative periods have been prepared in accordance with US GAAP.
Use of estimates	Use of estimates The preparation of the Group’s consolidated financial statements requires management to make estimates that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities, in each case, as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Such estimates include, among others, the valuation of capital provision assets (which requires the use of Level 3 valuation inputs) 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 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 ”) and for which the Company is considered the primary beneficiary and (iv) certain entities that are not considered VIEs but that the Company controls through a majority voting interest. In connection with private 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 Accounting Standards Codification (“ 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, (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 the Group’s involvement with the entity result in a change to the VIE designation or a change to the Group’s consolidation conclusion. The most significant judgments relate to the assessment of the Group’s exposure or rights to variable returns in Burford Opportunity Fund C LP (“ BOF-C ”), Burford Advantage Master Fund LP (the “ Advantage Fund ”), Colorado Investments Limited (“ Colorado ”) and, prior to its liquidation in the fourth quarter of 2023, BCIM Strategic Value Master Fund, LP (the “ Strategic Value Fund ”). 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 and the Advantage Fund, coupled with its power over the relevant activities as the fund manager, require the consolidation of BOF-C, the Strategic Value Fund and the Advantage 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, require 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. The assets of these consolidated VIEs are not available to the Company, and the creditors of these consolidated VIEs do not have recourse to the Company. 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 loss relating to non-controlling interests in consolidated entities is treated as a reduction or increase, respectively, of net income or loss in the consolidated statements of operations. With respect to Colorado, an entity the Group controls but does not wholly own, the Group records a financial liability within financial liabilities relating to third-party interests in capital provision assets for the portion of Colorado’s equity held by third parties. The third-party share of income or loss is included in third-party interests in capital provision assets in the consolidated statements of operations. All significant intercompany balances, transactions and unrealized gains and losses on such transactions are eliminated on consolidation.
Third-party interests in capital provision assets	Third-party interests in capital provision assets Third-party interests in capital provision assets include the financial liability relating to 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 does not have any other business activity. Accordingly, Colorado does not meet the definition of a business, and the third-party interests in Colorado are accounted for as a collateralized borrowing rather than non-controlling interests in shareholders’ equity. Amounts included in the consolidated statements of financial condition represent the fair value of the third-party interests in the related capital provision assets, and the amounts included in the consolidated statements of operations represent the third-party share of any gain or loss during the reporting period. Gains in the underlying capital provision asset result in increased financial liabilities to third-party interests in capital provision assets in the consolidated statement of financial condition and negative adjustments in the consolidated statement of operations, presented as “(Less): Third-party interests in capital provision assets”. Conversely, losses in the underlying capital provision asset result in decreased financial liabilities to third-party interests in capital provision assets in the consolidated statement of financial condition and positive adjustments in the consolidated statement of operations, presented as “Plus: Third-party interests in capital provision assets”. During the year ended December 31, 2023, the Group has renamed the line item in the consolidated statements of operations from “Gain/(loss) relating to third-party interests in capital provision assets” to “Plus/(Less): Third-party interests in capital provision assets” and has changed the order to include this line item directly beneath the line item “Capital provision income/(loss)”.
Reclassifications	Reclassifications Certain reclassifications of the amounts for the prior periods have been made to conform to the presentation of the current period, such as incorporating the “Legacy asset recovery incentive compensation including accruals” line item into the “Long-term incentive compensation including accruals” line item within the consolidated statements of operations and moving the legacy asset recovery incentive compensation payable out of the “Other liabilities” line item into the “Long-term incentive compensation payable” line item within the consolidated statements of financial condition. In addition, within the consolidated statements of operations, we also incorporated the deferred compensation expense from the "Salaries and benefits" line item into the "Share-based and deferred compensation" line item, the "(Gains)/losses on debt
Covid-19 pandemic and global economic market conditions	Covid-19 pandemic 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 the clearing of court backlogs is 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 as of December 31, 2024 and 2023, and for the years ended December 31, 2024, 2023 and 2022, include judgments about the financial markets and economic conditions, which may change over time. Among estimates and assumptions, certain inputs to the valuation of the Group’s capital provision assets were impacted as a result of the Covid-19 pandemic, including expected timing and amount of cash flows in the Group’s cash flow forecasts and applicable discount rates. As a result of the Russian Federation’s invasion of Ukraine in February 2022 (the “ Ukraine War ”), various nations, including the United States, have instituted economic sanctions and other responsive measures, which have resulted in an increased level of global economic and political uncertainty. As of and for the years ended December 31, 2024, 2023 and 2022, the effects of the Ukraine War, including international sanctions imposed on Russian businesses and individuals, have not had a material impact on the Group’s consolidated financial statements.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents include funds held by depository institutions, money market funds and government securities with original maturities of three months or less when purchased. Interest income from cash and cash equivalents is recorded in marketable securities income/(loss) and interest in the consolidated statements of operations. The fair values of the money market funds included in cash and cash equivalents were $319.9 million and $13.0 million as of December 31, 2024 and 2023, respectively, which represented their fair values due to their short-term nature and were 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.
Statement of cash flows	Statement of cash flows The core business purpose of the Group is the provision of capital and expertise, to clients or as a principal, in connection with (i) the underlying asset value of litigation claims and the enforcement of settlements, judgments and awards, (ii) the amount paid to law firms as legal fees and expenses and (iii) the value of assets affected by litigation. These contractual arrangements are presented as capital provision assets in the consolidated statements of financial condition, and the returns on those capital provision assets form the principal source of revenue earned by the Group. The cash flows associated with capital provision assets are reported within cash flows from operating activities because the ongoing management of the capital provision assets is a key operating activity for the Group.
Marketable securities	Marketable securities Marketable securities primarily consist of government securities, investment grade corporate bonds, asset-backed securities and mutual funds. Marketable securities are recorded at fair value. Interest income on marketable securities is included in the overall change in fair value which is recognized in marketable securities income/(loss) and interest in the consolidated statements of operations.
Dividend and interest	Dividend and interest Dividend and interest is recognized on an accruals basis and included in marketable securities income/(loss) and interest.
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 financial liabilities relating to third-party interests in capital provision assets to provide a consistent fair value measurement approach for all capital provision related activity. Such election is irrevocable and is applied to financial instruments on an individual basis at initial recognition. Financial instruments are recorded at fair value. 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. Fair value hierarchy US GAAP establishes a hierarchical disclosure framework that 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 as of 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 as of 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 assets and liabilities Level 1 assets and liabilities are comprised of listed instruments, including equities, fixed income securities and investment funds. All Level 1 assets and liabilities are valued at the quoted market price as of the reporting date. Valuation methodology for Level 2 assets and liabilities Level 2 assets and liabilities are comprised of debt and equity securities that are not actively traded and are generally valued at the last quoted or traded price as of the reporting date, provided there is evidence that the price is not assessed as significantly stale to warrant a Level 3 classification. Valuation methodology for Level 3 assets and liabilities 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 based on unobservable inputs as of 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 respective advisors), (iii) performing comparisons of comparable or similar assets or liabilities, as applicable, (iv) calculating the present value of future cash flows, (v) assessing other analytical data and information relating to the asset or liability, as applicable, that is an indication of value, (vi) evaluating financial information provided by or otherwise available with respect to the counterparties or other relevant entities and (vii) 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 underlying asset or liability and, as applicable, the timing and expected amount of cash flows based on the structure and agreement of the asset or liability, the appropriateness of any discount rates used and the timing of and estimated minimum proceeds from a favorable outcome. Discount rates and a discounted cash flow basis for estimating fair value are applied to assets and liabilities measured at fair value, as applicable, most notably the Group’s capital provision assets. Significant judgment and estimation go into the assumptions that underlie the analyses, and the actual values realized with respect to assets or liabilities, as applicable, could be materially different from values obtained based on the use of those estimates. Capital provision assets are fair valued using an income approach. The income approach estimates fair value based on estimated, risk-adjusted future cash flows, using a discount rate to reflect the funding risk of deploying capital for financing capital provision assets. The income approach requires management to make a series of assumptions, such as discount rate, the timing and amount of both expected cash inflows and additional financings and a risk-adjustment factor reflecting the uncertainty inherent in the cash flows primarily driven by litigation risk, which changes as a result of observable litigation events. These assumptions are considered unobservable Level 3 inputs that reflect the Company's own assumptions about the inputs that a market participant would use. A cash flow forecast is developed for each capital provision asset based on the anticipated financing commitments, damages or settlement estimates and the Group’s contractual entitlement. Cash flow forecasts incorporate management’s assumptions related to creditworthiness of the counterparty and collectability. In cases where cash flows are denominated in a foreign currency, forecasts are developed in the applicable foreign currency and translated to US dollars. Capital provision assets are recorded at initial fair value, which is equivalent to the initial transaction price for a given capital provision asset, based on an assessment that it is an arm’s-length transaction between independent third parties and an orderly transaction between market participants. Using the cash flow forecast and a discount rate, an appropriate risk-adjustment factor is calculated to be applied to the forecast cash inflows to calibrate the valuation model to the initial transaction price. Each reporting period, the cash flow forecast is updated based on the best available information on damages or settlement estimates and it is determined whether there has been an objective event in the underlying litigation process, which would change the litigation risk and thus the risk-adjustment factor associated with the capital provision asset. The risk-adjustment factor as adjusted for any objective events in the underlying litigation process is referred to as the adjusted risk premium. For example, assume the risk premium at inception is calculated to be 65%, which is held constant until there is a milestone event. Assuming there is a favorable trial court ruling one year later for which the applicable milestone factor is 50%, then the risk premium would be adjusted to 32.5%, effectively releasing 50% of the original 65% risk premium haircut that was applied. Conversely, assuming there is a negative event one year later for which the applicable milestone factor is (50%) then the risk premium would be adjusted to 82.5%, effectively closing the gap between the original risk premium of 65% and 100% by 50%. These objective events could include, among others: ▪ A significant positive ruling or other objective event prior to any 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 the litigation process Each reporting period, the updated risk-adjusted cash flow forecast is discounted at the then current discount rate to measure fair value. See note 14 ( Fair value of assets and liabilities ) to our consolidated financial statements for additional information. In a small number of instances, the Group has the benefit of a secondary sale of a portion of an asset or liability. When this occurs, the market evidence is factored into the valuation process to maximize the use of relevant observable inputs. Secondary sales are evaluated for relevance, including whether such transactions are orderly, and weight is attributed to the market price accordingly, which may include calibrating the valuation model to observed market price.
Non-controlling interests	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 private funds and VIEs. Non-controlling interests are presented as a separate component of shareholders’ equity in the consolidated statements of financial condition.
Asset management income	Asset management income Asset management income is derived from the governing agreements in place with the Group’s private funds. The rate or amount at which fees are charged, the basis on which such fees are calculated and the timing of payments vary across private funds and, as to a particular private fund, may also vary across investment options available to underlying investors in, or members of, the private fund. Management fees are generally based on an agreed percentage of a private fund’s commitments and/or amounts committed or deployed, depending on the private fund agreement. Management fees are recognized over time as the services are provided. In addition, the Group receives performance fees from its private funds, which are earned when contractually agreed performance levels are exceeded within specified performance measurement periods. The Group’s private funds (other than BOF-C and the Advantage Fund) use a so-called “European” structure for the payment of performance fees, whereby the manager is not paid any performance fees until private 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. 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 maturity and the terms of the applicable distribution waterfall for each of our private funds impacts this timing.
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. Income earned from acting as insurance administrator and underwriting legal expenses insurance policies is included in “Other income”.
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 as of 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 as of 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 operations 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 upon the termination of a lease agreement. The Group has elected to not recognize leases with an original term of one year or less in the consolidated statements of financial condition. 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. In the consolidated statements of financial condition, right-of-use assets are included within other assets, and lease liabilities are included in other liabilities.
Compensation and benefits	Compensation and benefits Salaries and benefits Salaries and benefits include base salaries and employee benefits. Annual incentive compensation Annual 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 distributed to its employees be allocated as RSUs under the LTIP. Such awards are recorded as share-based compensation expenses ratably over the relevant service period once granted. Share-based and deferred compensation Share-based compensation consists of RSUs with service-based conditions and PSUs with service-based conditions as well as performance- and/or market-based conditions. The fair value of PSUs is estimated using the Monte-Carlo model as of the grant date while the fair value of RSUs is estimated based on the share price as of the grant date. The Group recognizes share-based compensation expenses ratably over the relevant service period and accounts for forfeitures based on its estimates. Forfeiture estimates are estimated at issuance and are trued up as of the end of the vesting period to ensure that share-based compensation expense is recognized only for those share-based awards that ultimately vest. Upon vesting of a share-based award, ordinary shares (which are either purchased on the open market or newly issued) are released to employees net of any applicable income tax withholding. Deferred compensation relates to certain non-employee directors and a specified group of employees electing to defer a portion of their compensation until a future date. In addition, the Group may in its sole discretion make a matching contribution to the participant’s deferral account to the extent cash deferrals are notionally invested in the Group’s ordinary shares. The Group records the compensation deferred including its matching contribution as an expense and adjusts for any movement in the fair value of the cash compensation deferred. Long-term incentive compensation including accruals
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 operations. 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 as of the acquisition date. Any contingent consideration to be transferred by the acquirer will be recognized at fair value as of 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 operations. Contingent consideration classified as equity is not remeasured, and its subsequent settlement is accounted for within shareholders’ 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 for impairment on an annual basis on October 1 st .
Foreign currency translation	Foreign currency translation Functional and reporting 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 such entity operates (the “ functional currency ”). The functional currency of the Company, as determined in accordance with US GAAP, is the US dollar, because this is the currency that best reflects the economic substance of the underlying events and circumstances of the Company. The consolidated financial statements are presented in US dollar (the “ reporting currency ”). Certain subsidiaries operate and prepare financial statements denominated in pound sterling and Australian dollar. For the purposes of preparing consolidated financial statements, those subsidiaries’ assets and liabilities are translated at exchange rates prevailing as of 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 as of the date of the initial transaction. Any exchange rate-related differences are recognized in other comprehensive income/(loss). Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rate prevailing at the transaction date. 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 operations as part of the income or loss, as applicable, for the period. See note 5 ( Capital provision assets ) to the Group’s consolidated financial statements contained in this 2024 Form 10-K for additional information with respect to the treatment of capital provision assets.
Expenses	Expenses All expenses are accounted for on an accruals basis.
Finance costs	Finance costs Finance costs represent interest and issuance expenses of outstanding indebtedness calculated using the effective interest rate method recognized in the consolidated statements of operations.
Gain/(loss) on debt extinguishment	Gain/(loss) on debt extinguishment Gain/(loss) on debt extinguishment represents a gain or loss arising from the difference between the amortized cost and the cost of extinguishing the debt on the extinguishment date and is recognized in the consolidated statements of operations.
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/(loss) before income taxes in the consolidated statements of operations for 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 a 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 tax 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 tax 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 operations. Accrued interest and penalties are included within the related tax balances in the consolidated statements of financial condition.
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 and are included in other assets in the consolidated statements of financial condition. Depreciation is provided to write off the cost less estimated residual value in equal installments over the estimated useful lives of the assets. The table below sets forth the expected useful lives of the Group’s various assets. Property and equipment Useful life Leasehold improvements Life of lease Fixtures, fittings 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/(loss) before income taxes in the consolidated statements of operations.
Prepayments and other payables	Prepayments and other payables Prepayments and other payables are recognized at nominal value, are non-interest-bearing and are recorded in other assets and other liabilities, as applicable, in the consolidated statements of financial condition.
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 LTIP. Incremental costs directly attributable to the issuance of new ordinary shares are deducted from equity in shareholders’ equity.
Net income/(loss) per ordinary share	Net income/(loss) per ordinary share
Recently issued or adopted accounting pronouncements	Recently issued or adopted accounting pronouncements In October 2023, the Financial Accounting Standards Board (the “ FASB ”) issued Accounting Standards Update 2023-06, Disclosure Improvements (“ ASU 2023-06 ”). ASU 2023-06 aims to clarify or improve disclosure and presentation requirements of a variety of topics and align the requirements in the FASB’s accounting standard codification with the SEC’s regulations. The amendments set forth in ASU 2023-06 will be effective on the date on which the related disclosures are removed from Regulation S-X or Regulation S-K by the SEC and will no longer be effective if the SEC has not removed the applicable disclosure requirement by June 30, 2027. The Group has evaluated the impact of ASU 2023-06 and expects the impact on the consolidated financial statements to be immaterial. In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740) (“ ASU 2023-09 ”). ASU 2023-09 relates to improvements in income tax disclosures to enhance their transparency and decision usefulness. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Group is currently evaluating the impact of ASU 2023-09 and expects the impact on the consolidated financial statements to be immaterial. In March 2024, the FASB issued Accounting Standards Update 2024-01, Compensation—Stock Compensation (“ ASU 2024-01 ”). ASU 2024-01 aims to clarify how an entity determines whether it is required to account for profits interest awards (and similar awards) in accordance with ASC 718 or other guidance. ASU 2024-01 provides specific examples on when a profits interest award should be accounted for as a share-based payment arrangement under ASC 718 or in a manner similar to a cash bonus or profit-sharing arrangement under ASC 710 or other ASC topics. ASU 2024-01 is effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Group has evaluated the impact of ASU 2024-01 and expects no impact on the consolidated financial statements. In November 2024, the FASB issued Accounting Standards Update 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (“ ASU 2024-03 ”). ASU 2024-03 aims to improve disclosures related to expenses and provide more detailed information about the types of expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Group is currently evaluating the impact of ASU 2024-03 on its consolidated financial statements. In March 2024, the SEC adopted final rules under SEC Release No. 33-11275 and No. 34-99678, The Enhancement and Standardization of Climate-Related Disclosures for Investors (the “ Final Rules ”), which will require registrants to provide certain climate-related information in their registration statements and annual reports. The Final Rules will require, among other things, certain disclosures in the Group’s audited consolidated financial statements related to severe weather events and other natural conditions, subject to certain thresholds, as well as information related to carbon offsets and renewable energy credits. The financial statement disclosure requirements of the Final Rules will begin phasing in for the Group for the fiscal year ending December 31, 2025. In April 2024, the SEC stayed the effectiveness of the Final Rules. The Group is currently evaluating the impact of the Final Rules on its consolidated financial statements. In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280) (“ ASU 2023-07 ”). ASU 2023-07 relates to improvements in disclosures about a public entity’s reportable segments and provision of more detailed information about a reportable segment’s expenses. The Group adopted ASU 2023-07 on January 1, 2024, on a retrospective basis with immaterial impact to the consolidated financial statements upon adoption.

Summary of significant accoun_3

Summary of significant accounting policies (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Schedule of Expected Useful Lives of Property, Plant and Equipment	The table below sets forth the expected useful lives of the Group’s various assets. Property and equipment Useful life Leasehold improvements Life of lease Fixtures, fittings and equipment 5 years Computer hardware and software 3 years

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Domestic and Foreign Pre-Tax Income	The table below sets forth the domestic and foreign income/(loss) before income taxes for the periods indicated. Years ended December 31, ($ in thousands) 2024 2023 2022 Domestic $ 26,717 $ 11,695 $ 10,735 Foreign 226,871 726,588 98,282 Income/(loss) before income taxes 253,588 738,283 109,017
Schedule of Reconciliation of Taxes From Statutory Rate to the Income Tax (Benefit) on Pre-Tax Income (Loss)	The table below sets forth the components of the tax charge reconciling the domestic statutory tax rate to the provision for/(benefit from) income taxes for the periods indicated. Years ended December 31, ($ in thousands) 2024 2023 2022 Statutory rate $ — $ — $ — Foreign rate differential (7,565) 4,800 10,916 Compensation 9,295 23,848 5,245 Valuation allowance 13,478 446 (3,918) Withholding tax 2,349 1,928 1,082 Non-deductible taxes — — (802) Prior period adjustments 6,413 (468) 129 Impairment — — — Non-taxable income — (1,984) — Other, net 35 (8,486) (1,094) Provision for/(benefit from) income taxes 24,005 20,084 11,558
Schedule of Foreign Income Tax Rate Differential	The table below sets forth a detailed analysis of the foreign tax differential for the periods indicated. Years ended December 31, ($ in thousands) 2024 2023 2022 US subsidiaries at statutory tax rate $ (4,726) $ 1,884 $ 12,428 Singapore subsidiaries at statutory tax rate (590) (570) (586) Irish subsidiaries at statutory tax rate (2) 6 (11) UK subsidiaries at statutory tax rate (2,251) 3,487 (942) Other 4 (7) 27 Total (7,565) 4,800 10,916
Schedule of Provision (Benefit) for Income Taxes	The table below sets forth the current and deferred components of the provision for/(benefit from) income taxes for the periods indicated. Years ended December 31, ($ in thousands) 2024 2023 2022 Current: Domestic (Guernsey) $ — $ — $ — Foreign - US federal and state 35,759 12,417 3,844 Foreign - other and withholding 5,123 1,804 (1,642) Total current provision for/(benefit from) income taxes 40,882 14,221 2,202 Deferred: Domestic (Guernsey) — — — Foreign - US federal and state (15,033) 8,982 6,728 Foreign - other (1,844) (3,119) 2,628 Total deferred provision for/(benefit from) income taxes (16,877) 5,863 9,356 Total provision for/(benefit from) income taxes 24,005 20,084 11,558
Schedule of Deferred Tax Assets and Liabilities	The table below sets forth the tax effect of temporary tax-related differences and carryforwards that comprise significant portions of gross deferred tax assets and liabilities as of the dates indicated. December 31, ($ in thousands) 2024 2023 Deferred tax assets: Compensation and benefit accruals $ 20,699 $ 22,443 Net operating loss carryforwards 12,045 3,692 Non-deductible and excess interest 37,655 32,260 Unrealized loss 2,358 — Acquisition costs 359 411 Capital lease 157 153 Other 928 1,236 Total deferred tax assets (1) 74,201 60,195 Deferred tax liabilities: Compensation and benefit accruals — — Depreciation and amortization (1,041) (772) Goodwill (15,333) (12,873) Unrealized gain (55,558) (77,310) Total deferred tax liabilities (1) (71,932) (90,955) Net deferred tax position 2,269 (30,760) Valuation allowance (34,826) (19,252) Net deferred tax liabilities (32,557) (50,012) 1. Total deferred tax assets and liabilities in this table are shown on a gross basis. Deferred tax assets and liabilities as shown in the consolidated statements of financial condition are offset within each tax jurisdiction, to the extent that they relate to the same taxable entity.
Schedule of Net Operating Loss Carryforwards	The table below sets forth the net operating loss carryforwards as of the dates indicated. US net operating loss carryforwards reported in the Group’s consolidated financial statements reflect the US federal statutory tax rate and an estimated blended state tax rate. The actual effective state tax rate in a particular year may differ from the estimated blended state tax rate. Years ended December 31, ($ in thousands) 2024 2023 2022 US federal (1) $ — $ — $ — US state (2) 35,204 9,427 22,624 Foreign (1) 24,119 3,692 17,018 1. US federal and foreign net operating losses have indefinite carryforward periods. 2. US state operating losses is comprised of amounts which will expire on various dates ranging from 2038 through 2042.
Summary of Valuation Allowance	The table below sets forth the valuation allowances as of the dates indicated. December 31, ($ in thousands) 2024 2023 US $ 18,805 $ 6,319 UK 13,308 10,827 Singapore 2,521 1,932 Other 192 174 Total 34,826 19,252

Segment reporting (Tables)

Segment reporting (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Reportable Business Segments	The tables below set forth certain information with respect to the Group’s consolidated statements of operations by reportable segment for the periods indicated. Year ended December 31, 2024 Reconciliation ($ in thousands) Principal Finance Asset Total Reconciling items (1) Total Capital provision income/(loss) $ 388,124 $ — $ 388,124 $ 163,942 $ 552,066 Plus/(Less): Third-party interests in capital provision assets — — — (42,384) (42,384) Asset management income/(loss) — 44,627 44,627 (36,287) 8,340 Marketable securities income/(loss) and interest 24,578 — 24,578 436 25,014 Other income/(loss) — 3,051 3,051 — 3,051 Total revenues 412,702 47,678 460,380 85,707 546,087 Compensation and benefits 101,758 21,901 123,659 — 123,659 General, administrative and other 25,012 5,440 30,452 573 31,025 Case-related expenditures ineligible for inclusion in asset cost (1,057) — (1,057) 1,858 801 Operating expenses 125,713 27,341 153,054 2,431 155,485 Other expenses Finance costs 135,593 — 135,593 — 135,593 Foreign currency transactions (gains)/losses 1,244 — 1,244 177 1,421 Total other expenses 136,837 — 136,837 177 137,014 Income/(loss) before income taxes 150,152 20,337 170,489 83,099 253,588 1. Reconciling items include the proportional operating results that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Strategic Value Fund, the Advantage Fund and Colorado. Year ended December 31, 2023 Reconciliation ($ in thousands) Principal Finance Asset Total Reconciling items (1) Total Capital provision income/(loss) $ 896,371 $ — $ 896,371 $ 445,552 $ 1,341,923 Plus/(Less): Third-party interests in capital provision assets — — — (279,263) (279,263) Asset management income/(loss) — 63,712 63,712 (56,070) 7,642 Marketable securities income/(loss) and interest 12,067 — 12,067 141 12,208 Other income/(loss) — 4,392 4,392 — 4,392 Total revenues 908,438 68,104 976,542 110,360 1,086,902 Compensation and benefits 196,623 24,461 221,084 — 221,084 General, administrative and other 29,219 3,564 32,783 873 33,656 Case-related expenditures ineligible for inclusion in asset cost 14,671 — 14,671 1,825 16,496 Operating expenses 240,513 28,025 268,538 2,698 271,236 Other expenses Finance costs 99,136 — 99,136 (1) 99,135 Foreign currency transactions (gains)/losses (21,737) — (21,737) (15) (21,752) Total other expenses 77,399 — 77,399 (16) 77,383 Income/(loss) before income taxes 590,526 40,079 630,605 107,678 738,283 1. Reconciling items include the proportional operating results that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Strategic Value Fund, the Advantage Fund and Colorado. For the year ended December 31, 2023, the Group recast $12.1 million of marketable securities income/(loss) and interest, $43.0 million of operating expenses, $2.7 million of finance costs and $(21.7) million of foreign currency transactions (gains)/losses from other corporate to its Principal Finance segment. In addition, the Group also recast $9.3 million of operating expenses from other corporate to its Asset Management and Other Services segment and $1.8 million of finance costs from Asset Management and Other Services segment to its Principal Finance segment. Year ended December 31, 2022 Reconciliation ($ in thousands) Principal Finance Asset Total Reconciling items (1) Total Capital provision income/(loss) $ 202,878 $ — $ 202,878 $ 116,230 $ 319,108 Plus/(Less): Third-party interests in capital provision assets — — — (494) (494) Asset management income/(loss) — 56,080 56,080 (46,964) 9,116 Marketable securities income/(loss) and interest (7,594) — (7,594) (150) (7,744) Other income/(loss) — (759) (759) — (759) Total revenues 195,284 55,321 250,605 68,622 319,227 Compensation and benefits 62,659 23,687 86,346 — 86,346 General, administrative and other 14,673 14,040 28,713 968 29,681 Case-related expenditures ineligible for inclusion in asset cost 7,637 — 7,637 608 8,245 Operating expenses 84,969 37,727 122,696 1,576 124,272 Other expenses Finance costs 78,264 — 78,264 — 78,264 Foreign currency transactions (gains)/losses 7,581 — 7,581 93 7,674 Total other expenses 85,845 — 85,845 93 85,938 Income/(loss) before income taxes 24,470 17,594 42,064 66,953 109,017 1. Reconciling items include the proportional operating results that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Strategic Value Fund, the Advantage Fund and Colorado. For the year ended December 31, 2022, the Group recast $(7.6) million of marketable securities income/(loss) and interest, $12.5 million of operating expenses, $3.9 million of finance costs and $7.6 million of foreign currency transactions (gains)/losses from other Corporate to its Principal Finance segment. In addition, the Group also recast $9.8 million of operating expenses from other Corporate to its Asset Management and Other Services segment and $1.8 million of finance costs from Asset Management and Other Services segment to its Principal Finance segment. The table below sets forth specified line items with respect to the Group’s consolidated statements of financial condition by reportable segment as of the dates indicated. Year ended December 31, 2024 Reconciliation ($ in thousands) Principal Finance Asset Total Reconciling items (1) Total Cash and cash equivalents and marketable securities $ 508,031 $ 12,650 $ 520,681 $ 28,269 $ 548,950 Other assets $ 23,711 $ 151,770 $ 175,481 $ (114,475) $ 61,006 Due from settlement of capital provision assets $ 183,651 $ — $ 183,651 $ 207 $ 183,858 Capital provision assets $ 3,571,224 $ — $ 3,571,224 $ 1,672,693 $ 5,243,917 Total assets $ 4,397,954 $ 190,377 $ 4,588,331 $ 1,586,694 $ 6,175,025 1. Reconciling items include the proportional operating results that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Strategic Value Fund, the Advantage Fund and Colorado. Year ended December 31, 2023 Reconciliation ($ in thousands) Principal Finance Asset Total Reconciling items (1) Total Cash and cash equivalents and marketable securities $ 291,386 $ 12,090 $ 303,476 $ 24,634 $ 328,110 Other assets $ 26,165 $ 133,952 $ 160,117 $ (96,653) $ 63,464 Due from settlement of capital provision assets $ 185,267 $ — $ 185,267 $ 80,273 $ 265,540 Capital provision assets $ 3,432,112 $ — $ 3,432,112 $ 1,613,276 $ 5,045,388 Total assets 4,043,848 172,016 4,215,864 1,621,530 5,837,394 1. Reconciling items include the proportional operating results that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Strategic Value Fund, the Advantage Fund and Colorado. As of December 31, 2023, the Group recast total assets of $114.4 million and $0.9 million from other Corporate to its Principal Finance and Asset Management and Other Services segments, respectively. In addition, the Group also recast total assets of $96.5 million from its Principal Finance segment to its Asset Management and Other Services segment.

Capital provision assets (Table

Capital provision assets (Tables)	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Reconciliation of Capital Provision Assets	The table below sets forth the changes in capital provision assets as of the beginning and end of the relevant reporting periods. Years ended December 31, ($ in thousands) 2024 2023 Beginning of period $ 5,045,388 $ 3,735,556 Deployments 555,088 682,027 Realizations (907,042) (708,293) Income/(loss) for the period 567,646 1,333,262 Foreign exchange gains/(losses) (17,163) 2,836 End of period 5,243,917 5,045,388 Deployed cost, end of period 2,341,377 2,280,563 Unrealized fair value, end of period 2,902,540 2,764,825 Capital provision assets 5,243,917 5,045,388
Schedule of Capital Provision Income on Consolidated Statement of Comprehensive Income	The table below sets forth the components of the capital provision income/(loss) for the periods indicated. Years ended December 31, ($ in thousands) 2024 2023 2022 Net realized gains/(losses) $ 439,665 $ 251,618 $ 161,707 Fair value adjustment during the period, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses) 127,981 1,081,644 169,104 Income/(loss) on capital provision assets 567,646 1,333,262 330,811 Interest and other income/(loss) — — 2,651 Foreign exchange gains/(losses) (15,701) 8,012 (6,357) Net income/(loss) from due from settlement of capital provision assets 2,704 (1) (11,330) Net gains/(losses) on financial liabilities at fair value through profit or loss (2,583) — 3,333 Break fee income — 650 — Total capital provision income as reported in the consolidated statements of operations 552,066 1,341,923 319,108

Due from settlement of capita_2

Due from settlement of capital provision assets (Tables)	12 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
Schedule of Due From Settlement of Capital Provision Assets	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 as of the beginning and end of the relevant reporting periods. Years ended December 31, ($ in thousands) 2024 2023 Beginning of period $ 265,540 $ 116,582 Transfer of realizations from capital provision assets 907,042 708,293 Net realized gains/(losses) (1) — (11,330) Unrealized gains/(losses) on due from settlement of capital provision assets, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses) — 11,329 Other income/(loss) 2,704 — Proceeds from capital provision assets (991,292) (559,362) Foreign exchange gains/(losses) (136) 28 End of period 183,858 265,540 Current assets 170,570 260,370 Non-current assets 13,288 5,170 Total due from settlement of capital provision assets 183,858 265,540 1. The net realized loss of $11.3 million represents the realization of a previously recognized $11.3 million unrealized loss as described in the 2023 Annual Report. The net impact for the year ended December 31, 2024 is $1,000 reported as net loss on due from settlement of capital provision assets in note 5 (Capital provision assets) to our consolidated financial statements contained in this 2024 Form 10-K.

Asset management income (Tables

Asset management income (Tables)	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Asset Management Income	The table below sets forth the components of the asset management income for the periods indicated. Years ended December 31, ($ in thousands) 2024 2023 2022 Management fee income $ 6,840 $ 7,642 $ 7,321 Performance fee income 1,500 — 1,795 Total asset management income (1) 8,340 7,642 9,116 1. Relates to revenue from contracts with customers for services transferred over time.

Long-term incentive compensat_2

Long-term incentive compensation payable (Tables)	12 Months Ended
	Dec. 31, 2024
Payables and Accruals [Abstract]
Schedule of Changes in Long-Term Incentive Compensation Payable	The table below sets forth the changes in the long-term incentive compensation payable as of the beginning and end of the relevant reporting periods. Years ended December 31, ($ in thousands) 2024 2023 Beginning of period $ 183,134 $ 71,412 Long-term incentive compensation including accruals 43,209 127,471 Transfer to short-term payable within general expenses payable — (3,656) Cash paid (8,367) (13,073) Foreign exchange gains/(losses) (424) 980 End of period 217,552 183,134

Marketable securities (Tables)

Marketable securities (Tables)	12 Months Ended
	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Marketable Securities	The table below sets forth the changes in marketable securities as of the beginning and end of the relevant reporting periods. Years ended December 31, ($ in thousands) 2024 2023 Beginning of period $ 107,561 $ 136,358 Purchases 103,124 40,404 Proceeds on disposal (135,701) (74,875) Net realized gains/(losses) on disposal 1,864 (415) Fair value movement 2,158 6,185 Change in accrued interest 47 (171) Foreign exchange gains/(losses) (33) 75 End of period 79,020 107,561 The table below sets forth the components of the total marketable securities income/(loss) and interest for the periods indicated. Years ended December 31, ($ in thousands) 2024 2023 2022 Net realized gains/(losses) on disposal $ 1,864 $ (415) $ (1,647) Changes in fair value 2,158 6,185 (9,682) Interest and dividend income 2,986 2,453 2,812 Bank interest(1) 18,006 3,985 773 Total marketable securities income/(loss) and interest 25,014 12,208 (7,744) 1. Bank interest is earned on cash and cash equivalents.

Other assets (Tables)

Other assets (Tables)	12 Months Ended
	Dec. 31, 2024
Other Assets [Abstract]
Schedule of Other Assets	The table below sets forth the components of total other assets as of the dates indicated. December 31 ($ in thousands) 2024 2023 Reinsurance assets $ 17,463 $ 15,371 R ight-of-use assets 12,796 13,851 Property and equipment 3,426 3,561 Prepayments 10,220 9,150 Other receivables 17,101 21,531 Total other assets 61,006 63,464

Other liabilities (Tables)

Other liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Other Liabilities Disclosure [Abstract]
Schedule of Other Liabilities	The table below sets forth the components of total other liabilities as of the dates indicated. December 31, ($ in thousands) 2024 2023 General expenses payable $ 66,966 $ 74,527 Insurance liabilities 21,991 22,465 L ease liabilities 14,821 15,853 Audit fees payable 2,996 2,163 Tax payable 21,144 4,226 Payable for capital provision assets 14,055 2,965 Total other liabilities 141,973 122,199

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The table below sets forth certain information with respect to the Group’s debt securities outstanding as of the dates indicated. Debt securities denominated in pound sterling have been converted to US dollar using GBP/USD exchange rates of $1.2529 and $1.2747 as December 31, 2024 and 2023, respectively. Outstanding at Carrying value (at amortized cost) at Fair value (1) at ($ in thousands) December 31, December 31, December 31, December 31, December 31, Burford Capital PLC 5.000% Bonds due December 1, 2026 (22) $219,258 $ 218,640 $ 222,117 $ 212,706 $ 209,048 Burford Capital Finance LLC 6.125% Bonds due August 12, 2025 (3) $129,432 $ 129,275 $ 179,432 $ 129,641 $ 175,797 Burford Capital Global Finance LLC 6.250% Senior Notes due April 15, 2028 $ 400,000 $ 395,913 $ 394,672 $ 399,012 $ 384,228 6.875% Senior Notes due April 15, 2030 $ 360,000 $ 352,961 $ 351,631 $ 360,220 $ 352,350 9.250% Senior Notes due July 1, 2031 (4) $ 675,000 $ 666,823 $ 386,878 $ 717,748 $ 424,568 Total debt $1,783,690 $1,763,612 $ 1,534,730 $1,819,327 $1,545,991 1. The Group’s outstanding indebtedness is held at amortized cost in the consolidated financial statements and these values represent the fair value equivalent amounts. The Group’s debt securities are classified as Level 2 with in the fair value hierarchy. 2. On June 1, 2017, Burford Capital PLC issued £175.0 million ($225.8 million) aggregate principal amount of 5.000% notes due 2026. 3. During the year ended December 31, 2024, Burford Capital Finance LLC purchased in open market transactions approximately $50.6 million of the 2025 Bonds (as defined below). See “—Purchases of 2025 Bonds” for additional information with respect to the purchases of the 2025 Bonds. 4. On January 30, 2024, Burford Capital Global Finance LLC issued $275.0 million aggregate principal amount of the Additional 2031 Notes (as defined below). See “—Issuance of Additional 2031 Notes ” for additional information with respect to the issuance of the 2031 Additional Notes.
Schedule of Changes from Cash Flows and Non-cash Changes of Debt Issued, Unamortized Issuance Costs and Total Finance Costs	The table below sets forth a summary of the changes in the outstanding indebtedness due to cash flows and non-cash changes as of the beginning and end of the relevant reporting periods. Years ended December 31, ($ in thousands) 2024 2023 Beginning of period $ 1,569,146 $ 1,269,085 Debt issuance, including original issue premium 284,969 394,464 Debt issuance costs (6,283) (8,461) Debt extinguishment (49,819) (129,970) Finance costs 135,717 99,135 Interest paid (154,093) (77,210) Foreign exchange (gain)/loss (3,928) 22,103 End of period 1,775,709 1,569,146 Debt payable 1,763,612 1,534,730 Debt interest payable 12,097 34,416 Total debt and interest payable 1,775,709 1,569,146 The table below sets forth unamortized issuance costs of the outstanding debt securities as of the dates indicated. December 31, ($ in thousands) 2024 2023 6.125% Bonds due 2025 157 568 5.000% Bonds due 2026 618 956 6.250% Senior Notes due 2028 4,087 5,328 6.875% Senior Notes due 2030 5,234 6,223 9.250% Senior Notes due 2031 12,319 7,932 The table below sets forth the components of total finance costs of the outstanding indebtedness for the periods indicated. Years ended December 31, (S in thousands) 2024 2023 2022 Debt interest expense (1) $ 131,022 $ 94,605 $ 74,991 Debt issuance costs incurred as finance costs 4,571 4,530 3,273 Total finance costs 135,593 99,135 78,264 1. Includes (gains)/losses on debt extinguishment of $(0.1) million, $nil million and $0.9 million, for the years ended December 31, 2024, 2023 and 2022, respectively.
Schedule of Total Assets, Third-party Indebtedness and Revenues	The tables below set forth the total assets and third-party indebtedness as of the dates indicated and total revenues for the periods indicated, in each case, of (i) the Company and its Restricted Subsidiaries (as defined in the indentures governing the 2028 Notes, the 2030 Notes and the 2031 Notes, as applicable) and (ii) the Company’s Unrestricted Subsidiaries (as defined in the indentures governing the 2028 Notes, the 2030 Notes and the 2031 Notes, as applicable). December 31, ($ in thousands) 2024 2023 Company and its Restricted Subsidiaries Total assets $ 5,335,289 $ 4,922,451 Third-party indebtedness 1,763,612 1,534,730 Unrestricted Subsidiaries Total assets 839,736 914,943 Third-party indebtedness — — Years ended December 31, (S in thousands) 2024 2023 2022 Company and its Restricted Subsidiaries Total revenues $ 460,352 $ 973,461 $ 245,383 Unrestricted Subsidiaries Total revenues 85,735 113,441 73,844

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The tables below set forth the allocation of the carrying value of goodwill to each of the Group’s reportable segments as of the beginning and end of the relevant reporting periods. ($ in thousands) Principal Finance Asset Total December 31, 2022 $ 108,892 $ 25,020 $ 133,912 Foreign exchange gains/(losses) 53 — 53 December 31, 2023 108,945 25,020 133,965 Foreign exchange gains/(losses) (17) — (17) December 31, 2024 108,928 25,020 133,948

Fair value of assets and liab_2

Fair value of assets and liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Instruments	The tables below set forth the fair value of financial instruments grouped by the fair value level as of the dates indicated. December 31, 2024 ($ in thousands) Level 1 Level 2 Level 3 Total Assets: Capital provision assets Derivative financial assets Single case $ — $ — $ 1,052,519 $ 1,052,519 Portfolio — — 3,053,800 3,053,800 Portfolio with equity risk — — 65,041 65,041 Legal risk management — — 6,442 6,442 Non-derivative financial assets Joint ventures and equity method investments — — 154,220 154,220 Single case with equity risk 8,711 — — 8,711 Assets of consolidated investment companies Core legal finance (BOF-C) 8,581 — 705,315 713,896 Lower risk legal finance (Advantage Fund) — — 189,288 189,288 Due from settlement of capital provision assets — — 183,858 183,858 Marketable securities Government securities — 40,405 — 40,405 Corporate bonds — 20,077 — 20,077 Asset-backed securities — 1,971 — 1,971 Mutual funds 10,654 — — 10,654 Certificates of deposit 5,913 — — 5,913 Total assets 33,859 62,453 5,410,483 5,506,795 Liabilities: Financial liabilities relating to third-party interests in capital provision assets — — 747,053 747,053 Total liabilities — — 747,053 747,053 Net total 33,859 62,453 4,663,430 4,759,742 December 31, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Assets: Capital provision assets Derivative financial assets Single case $ — $ — $ 934,131 $ 934,131 Portfolio — — 2,875,881 2,875,881 Portfolio with equity risk — — 142,659 142,659 Legal risk management — — 3,523 3,523 Non-derivative financial assets Joint ventures and equity method investments — — 178,628 178,628 Single case with equity risk 10,051 — — 10,051 Assets of consolidated investment companies Core legal finance (BOF-C) 9,914 — 705,092 715,006 Lower risk legal finance (Advantage Fund) — — 185,509 185,509 Due from settlement of capital provision assets — — 265,540 265,540 Marketable securities Government securities 8,004 14,333 — 22,337 Corporate bonds — 53,001 — 53,001 Asset-backed securities — 20,047 — 20,047 Mutual funds 6,529 — — 6,529 Certificates of deposit 5,647 — — 5,647 Total assets 40,145 87,381 5,290,963 5,418,489 Liabilities: Financial liabilities relating to third-party interests in capital provision assets — — 704,196 704,196 Total liabilities — — 704,196 704,196 Net total 40,145 87,381 4,586,767 4,714,293
Schedule of Analysis of the Movements in the Level 3 Financial Assets and Liabilities	The tables below set forth the analysis of the movements in the Level 3 financial assets and liabilities for the periods indicated. Year ended December 31, 2024 ($ in thousands) Beginning Transfers Transfers Deployments Realizations Income/(loss) Foreign End of Single case $ 934,131 $ — $ (4,132) $ 224,641 $ (258,797) $ 161,784 $ (5,108) $ 1,052,519 Portfolio 2,875,881 — 4,132 153,251 (240,566) 265,675 (4,573) 3,053,800 Portfolio with equity risk 142,659 — — 363 (117,040) 39,059 — 65,041 Legal risk management 3,523 — — — — 3,275 (356) 6,442 Joint ventures and equity method investments 178,628 — — 9,667 (1,660) (25,868) (6,547) 154,220 Core legal finance (BOF-C) 705,092 — — 98,391 (180,406) 82,238 — 705,315 Lower risk legal finance (Advantage Fund) 185,509 — — 68,775 (99,196) 34,200 — 189,288 Total capital provision assets 5,025,423 — — 555,088 (897,665) 560,363 (16,584) 5,226,625 Due from settlement of capital provision assets 265,540 — — 907,042 (991,292) 2,704 (136) 183,858 Total Level 3 assets 5,290,963 — — 1,462,130 (1,888,957) 563,067 (16,720) 5,410,483 Financial liabilities relating to third-party interests in capital provision assets 704,196 — — 513 (40) 42,384 — 747,053 Total Level 3 liabilities 704,196 — — 513 (40) 42,384 — 747,053 Year ended December 31, 2023 ($ in thousands) Beginning Transfers Transfers Deployments Realizations Income/(loss) Foreign End of Single case $ 792,745 $ — $ (403) $ 111,958 $ (184,998) $ 215,707 $ (878) $ 934,131 Portfolio 2,022,406 — 403 261,853 (301,610) 893,113 (284) 2,875,881 Portfolio with equity risk 99,406 — — 361 — 42,892 — 142,659 Legal risk management 3,201 — — — (944) 115 1,151 3,523 Joint ventures and equity method investments 159,225 — — 5,556 (10,440) 22,007 2,280 178,628 Complex strategies (Strategic Value Fund) 12,657 — — — (15,000) 2,343 — — Core legal finance (BOF-C) 526,575 — — 126,164 (66,499) 118,852 — 705,092 Lower risk legal finance (Advantage Fund) 100,596 — — 176,135 (128,802) 37,580 — 185,509 Total capital provision assets 3,716,811 — — 682,027 (708,293) 1,332,609 2,269 5,025,423 Due from settlement of capital provision assets 116,582 — — 708,293 (559,362) (1) 28 265,540 Total Level 3 assets 3,833,393 — — 1,390,320 (1,267,655) 1,332,608 2,297 5,290,963 Financial liabilities relating to third-party interests in capital provision assets 425,205 — — 230 (502) 279,263 — 704,196 Total Level 3 liabilities 425,205 — — 230 (502) 279,263 — 704,196
Schedule of Key Unobservable Inputs	The tables below set forth each of the key unobservable inputs used to value the Group’s capital provision assets and the applicable ranges and weighted average by relative fair value for such inputs as of the dates indicated. ($ in thousands) December 31, 2024 Type: Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C) (1) , Financial liabilities relating to third party interests in capital provision assets Principal value technique: Discounted cash flow Unobservable input: Cost Unrealized Fair value Minimum Maximum Weighted average Discount rate 4.8% 7.6% 6.9% Duration (2) (years) 0.2 14.0 2.9 Adjusted risk premium 0% 100.0% 31.4% Positive case milestone factor: Significant ruling or other objective event prior to trial court judgment $ 184,540 $ 109,991 $ 294,531 5% 50% 23% Trial court judgment or tribunal award 86,880 98,453 185,333 25% 60% 54% Appeal judgment 61,192 67,177 128,369 69% 80% 70% Asset freeze 2,401 512 2,913 4% 4% 4% Exhaustion of all appeals 78,093 66,664 144,757 100% 100% 100% Settlement 1,911 4,889 6,800 40% 80% 60% Portfolios with multiple factors 555,828 424,005 979,833 0% 100% 23% Other 307 (165) 142 100% 100% 100% Negative case milestone factor: Significant ruling or other objective event prior to trial court judgment 17,209 (16,343) 866 (50) % (60) % (57) % Trial court judgment or tribunal award 44,973 (24,439) 20,534 (10) % (60) % (57) % Appeal judgment 11,825 (11,506) 319 (80) % (100) % (80) % Portfolios with multiple factors 59,877 (28,404) 31,473 (10) % (60) % (39) % No case milestone: 924,530 28,112 952,642 YPF-related assets: 69,576 1,395,899 1,465,475 2,099,142 2,114,845 4,213,987 Type: Lower risk legal finance (Advantage Fund) Principal value technique: Discounted cash flow Unobservable input: Cost Unrealized Fair value Minimum Maximum Weighted average Discount rate 159,816 29,472 189,288 12.1% 21.0% 17.2% Duration (2) (years) 0.2 4.0 1.3 Type: Portfolio with equity risk, Core legal finance (BOF-C) (1) Principal value technique: Discounted cash flow Unobservable input: Cost Unrealized Fair value Minimum Maximum Weighted average Discount rate 45,741 30,556 76,297 14.0% 14.0% 14.0% Resolution timing (years) 0.8 3.8 1.4 Conversion ratio 1.0 1.0 1.0 Type: Due from settlement of capital provision assets Principal value technique: Discounted cash flow Unobservable input: Cost Unrealized Fair value Minimum Maximum Weighted average Discount rate 182,657 1,201 183,858 6.8% 6.8% 6.8% Collection risk 0.0% 0.0% 0.0% Level 3 assets and liabilities, net 2,487,356 2,176,074 4,663,430 1. Includes the proportional participation in these capital provision assets held by BOF-C. 2. Duration refers to the expected timing of a favorable outcome. See note 2 ( Summary of significant accounting policies—Fair value of financial instruments ) to the Group’s consolidated financial statements for additional information with respect to the valuation methodology for Level 3 assets. ($ in thousands) December 31, 2023 Type: Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C) (1) , Financial liabilities relating to third party interests in capital provision assets Principal value technique: Discounted cash flow Unobservable input: Cost Unrealized Fair value Minimum Maximum Weighted average Discount rate 5.3% 7.3% 7.0% Duration (2) (years) 0.5 7.2 3.4 Adjusted risk premium 0.0% 100.0% 30.2% Positive case milestone factor: Significant ruling or other objective event prior to trial court judgment $81,244 $50,667 $131,911 5% 40% 23% Trial court judgment or tribunal award 130,529 61,175 191,704 25% 60% 54% Appeal judgment 60,402 57,472 117,874 71% 80% 72% Asset freeze 16,621 10,528 27,149 20% 20% 20% Exhaustion of as-of-right appeals 34,318 61,828 96,146 80% 80% 80% Exhaustion of all appeals 76,872 66,039 142,911 100% 100% 100% Settlement 5,877 17,380 23,257 40% 80% 49% Portfolios with multiple factors 498,296 405,078 903,374 1% 100% 22% Other 338 (171) 167 100% 100% 100% Negative case milestone factor: Significant ruling or other objective event prior to trial court judgment 34,305 (28,057) 6,248 (10) % (60) % (43) % Trial court judgment or tribunal award 41,950 (23,577) 18,373 (10) % (60) % (59) % Appeal judgment 7,989 (7,989) — (100) % (100) % (100) % Portfolios with multiple factors 29,636 (13,479) 16,157 (13) % (60) % (43) % No case milestone: 865,568 55,868 921,436 YPF-related assets: 60,338 1,311,319 1,371,657 1,944,283 2,024,081 3,968,364 Type: Lower risk legal finance (Advantage Fund) Principal value technique: Discounted cash flow Unobservable input: Cost Unrealized Fair value Minimum Maximum Weighted average Discount rate 164,259 21,250 185,509 12.4% 21.4% 17.5% Duration (2) (years) 1.0 2.7 1.9 Type: Portfolio with equity risk, Core legal finance (BOF-C) (2) Principal value technique: Discounted cash flow Unobservable input: Cost Unrealized Fair value Minimum Maximum Weighted average Discount rate 123,069 44,285 167,354 15.0% 15.0% 15.0% Resolution timing (years) 0.8 4.8 1.7 Conversion ratio 2.6 2.6 2.6 Type: Due from settlement of capital provision assets Principal value technique: Discounted cash flow Unobservable input: Cost Unrealized Fair value Minimum Maximum Weighted average Collection risk 265,540 — 265,540 0% 100% 0% Level 3 assets and liabilities, net 2,497,151 2,089,616 4,586,767 1. Includes the proportional participation in these capital provision assets held by BOF-C. 2. Duration refers to the expected timing of a favorable outcome. See note 2 ( Summary of significant accounting policies—Fair value of financial instruments ) to the Group’s consolidated financial statements contained in this 2024 Form 10-K for additional information with respect to the valuation methodology for Level 3 assets.
Schedule of Increase (Decrease) in Consolidated Income and Net Assets Due to Change in Actual Interest Rates	In addition, as of December 31, 2024 and 2023, should interest rates have been 50 or 100 basis points lower or higher, as applicable, than the actual interest rates used in the fair value estimates, while all other variables remained constant, the Group’s consolidated income and net assets would have increased or decreased, respectively, by the following amounts. December 31, ($ in thousands) 2024 2023 +100 bps interest rates $ (153,241) $ (161,110) +50 bps interest rates (77,644) (81,745) -50 bps interest rates 78,514 82,724 -100 bps interest rates 159,169 167,944
Schedule of Increase (Decrease) in Consolidated Income or Net Assets Due to Expected Timing of Favorable Outcome	Furthermore, as of December 31, 2024 and 2023, should duration have been six December 31, ($ in thousands) 2024 2023 +12 months duration (1) $ (396,845) $ (363,901) +6 months duration (1) (200,908) (188,718) -6 months duration (1) 196,721 203,442 -12 months duration (1) 405,926 393,248 1. Duration refers to the expected timing of a favorable outcome. See note 2 ( Summary of significant accounting policies—Fair value of financial instruments ) to the Group’s consolidated financial statements contained in this 2024 Form 10-K for additional information with respect to the valuation methodology for Level 3 assets.

Variable interest entities (Tab

Variable interest entities (Tables)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The table below sets forth assets and liabilities of the consolidated VIEs as of the dates indicated. December 31, ($ in thousands) 2024 2023 Total assets $ 1,833,592 $ 1,865,344 Total liabilities 8,711 4,716 The table below sets forth the total revenues and certain information relating to cash flows of the consolidated VIEs for the periods indicated. Years ended December 31, ($ in thousands) 2024 2023 2022 Total revenues $ 141,994 $ 470,216 $ 73,480 Cash flows Proceeds 369,144 150,775 92,080 (Funding) (170,358) (304,348) (291,046) Cash balance as of period end 30,828 24,613 32,966 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. The table below sets forth the Group’s maximum exposure to loss from the unconsolidated VIEs as of the dates indicated. December 31, ($ in thousands) 2024 2023 On-balance sheet exposure $ 26,603 $ 22,426 Off-balance sheet exposure - undrawn commitments 4,788 2,768 Maximum exposure to loss 31,391 25,194

Joint ventures and equity met_2

Joint ventures and equity method investments (Tables)	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Fair Value of the Group's Interest in Joint Ventures and Equity Method Investments	The table below sets forth the fair value of the Group’s interest in joint ventures and equity method investments, which are included in capital provision assets in the Group’s consolidated statements of financial condition as of the dates indicated. December 31, ($ in thousands) 2024 2023 Interest in joint ventures $ 152,347 $ 172,958 Interest in equity method investments — 468
Schedule of Fair Value of the Group's Share of Commitments for the Joint Ventures and Equity Method Investments	The table below sets forth the fair value of the Group’s share of commitments for the joint ventures and equity method investments, which are included in the commitment amounts relating to asset agreements, as of the dates indicated. See note 20 ( Financial commitments and contingent liabilities ) to the Group’s consolidated financial statements contained in this 2024 Form 10-K for additional information with respect to the Group’s commitments and contingencies. December 31, ($ in thousands) 2024 2023 Commitments for joint ventures $ 112,679 $ 139,753 Commitments for equity method investments 15,248 15,513

Shareholders' equity (Tables)

Shareholders' equity (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Dividends	The table below sets forth dividends and their respective record dates for the periods indicated. ($ in cents) Cash dividend per ordinary share Record date 2024 year First half $ 6.25 November 1, 2024 Second half 6.25 May 23, 2025 Total for the year ended December 31, 2024 12.50 2023 year First half 6.25 November 10, 2023 Second half 6.25 May 24, 2024 Total for the year ended December 31, 2023 12.50 2022 year First half 6.25 November 4, 2022 Second half 6.25 May 26, 2023 Total for the year ended December 31, 2022 12.50

Share-based and deferred comp_2

Share-based and deferred compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Nonvested Share Activity	The table below sets forth the grant, vesting and forfeiture of share-based awards for the year ended December 31, 2024, and the number of unvested share-based awards as of the beginning and end of the relevant period. (Ordinary shares in thousands) Number of Weighted average Unvested share-based awards as of December 31, 2023 4,672 $ 8.09 Granted (1) 1,077 $ 14.34 Vested (2) (1,684) $ 8.66 Forfeited (413) $ 8.49 Unvested share-based awards as of December 31, 2024 3,652 $ 9.61 1. The aggregate grant date fair value of share-based awards granted during the years ended December 31, 2024, 2023 and 2022 was $15.4 million, $11.9 million and $12.2 million, respectively. The associated weighted average grant date fair value per ordinary share for share-based awards granted during the years ended December 31, 2024, 2023 and 2022, was $14.34, $6.89 and $8.90, respectively. 2. The aggregate fair value of share-based awards that vested during the years ended December 31, 2024, 2023 and 2022, was $14.6 million, $6.9 million and $9.9 million, respectively. The table below separately sets forth the key assumptions used for valuing PSUs as well as share-based awards granted as of the dates indicated. December 31, 2024 2023 2022 PSUs Dividend yield 0.82% 0.72% 0.72% Expected volatility 25.35% 46.70% 52.90% Risk-free interest rate 4.36% 3.67% 2.65% Expected term (years) 3.0 3.0 3.0 Share-based awards Weighted average fair value per ordinary share ($) 14.34 6.89 8.90 Weighted average price per ordinary share ($) 15.05 7.19 9.37

Earnings per ordinary share (Ta

Earnings per ordinary share (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Computation for Basic and Diluted Net Income Per Ordinary Share	The table below sets forth the computation for basic and diluted net income/(loss) attributable to Burford Capital Limited per ordinary share for the periods indicated. Years ended December 31, ($ in thousands, except share data) 2024 2023 2022 Net income/(loss) attributable to Burford Capital Limited shareholders $ 146,484 $ 610,522 $ 30,506 Net income/(loss) attributable to Burford Capital Limited shareholders per ordinary share: Basic $0.67 $2.79 $0.14 Diluted $0.66 $2.74 $0.14 Weighted average ordinary shares outstanding: Basic 219,231,837 218,865,816 218,757,232 Dilutive effect of share-based awards 3,999,835 4,149,074 3,045,254 Diluted 223,231,672 223,014,890 221,802,486

Financial commitments and con_2

Financial commitments and contingent liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Maturity Profile of the Group's Financial Liabilities	The table below sets forth the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments as of the date indicated. December 31, 2024 ($ in thousands) Leases Debt payable Debt interest payable Other liabilities Long-term incentive Financial liabilities relating to third-party 2025 $ 3,011 $ 129,432 $ 131,078 $ 83,822 $ — $ — 2026 2,913 219,258 123,150 8,611 — — 2027 1,862 — 112,188 4,761 — — 2028 1,743 400,000 99,688 5,506 — — 2029 1,751 — 87,188 804 — — Thereafter 4,137 1,035,000 137,250 1,657 — — No contractual maturity date — — — — 217,552 747,053 Total undiscounted cash flows 15,417 1,783,690 690,542 105,161 217,552 747,053 Lease present value adjustment (596) Lease liabilities 14,821
Schedule of Capital Provisions for Undrawn Commitments	The table below sets forth the components of undrawn commitments as of the dates indicated (assuming the GBP/USD exchange rate of $1.2529 and $1.2747 as of December 31, 2024 and 2023, respectively). December 31, ($ in thousands) 2024 2023 Definitive $ 962,808 $ 839,973 Discretionary 1,032,433 977,733 Legal risk (definitive) 41,318 55,583 Total capital provision undrawn commitments 2,036,559 1,873,289
Schedule of Components of Lease Expense	The table below sets forth the components of lease costs for the periods indicated. Years ended December 31, ($ in thousands) 2024 2023 2022 Operating lease cost $ 2,678 $ 2,729 $ 2,280 Cash paid for amounts included in the measurement of operating lease liabilities 2,564 2,175 2,384
Schedule of Right-of-use Assets and Liabilities	The table below sets forth right-of-use assets, lease liabilities, weighted average remaining lease term and weighted average discount rate for the operating leases as of the dates indicated. December 31, ($ in thousands) 2024 2023 Right-of-use assets $ 12,796 $ 13,851 Operating lease liabilities 14,821 15,853 Weighted average remaining lease term (years) 6.7 7.8 Weighted average discount rate 6.6% 6.7%

Related party transactions (Tab

Related party transactions (Tables)	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Schedule of Fundings and Proceeds from Joint Ventures and Equity Method Investments	The table below sets forth the fundings and proceeds from joint ventures and equity method investments for the periods indicated. Years ended December 31, ($ in thousands) 2024 2023 2022 Fundings of joint ventures and equity method investments $ 9,717 $ 9,285 $ 7,864 Proceeds from joint ventures and equity method investments 7,164 16,141 5,917

Summary of significant accoun_4

Summary of significant accounting policies - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Carrying values short-term investments	$ 319.9	$ 13

Summary of significant accoun_5

Summary of significant accounting policies - Useful Life of Property, Plant and Equipment (Details)	Dec. 31, 2024
Fixtures, fittings and equipment
Property, Plant and Equipment
Useful life (in years)	5 years
Computer hardware and software
Property, Plant and Equipment
Useful life (in years)	3 years

Income taxes - Net Income (Loss

Income taxes - Net Income (Loss) before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Effective tax rates	(9.00%)	(3.00%)	(11.00%)
Domestic	$ 26,717	$ 11,695	$ 10,735
Foreign	226,871	726,588	98,282
Income/(loss) before income taxes	$ 253,588	$ 738,283	$ 109,017

Income taxes - Reconciliation o

Income taxes - Reconciliation of Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Statutory rate	$ 0	$ 0	$ 0
Foreign rate differential	(7,565)	4,800	10,916
Compensation	9,295	23,848	5,245
Valuation allowance	13,478	446	(3,918)
Withholding tax	2,349	1,928	1,082
Non-deductible taxes	0	0	(802)
Prior period adjustments	6,413	(468)	129
Impairment	0	0	0
Non-taxable income	0	(1,984)	0
Other, net	35	(8,486)	(1,094)
Provision for/(benefit from) income taxes	$ 24,005	$ 20,084	$ 11,558

Income taxes - Reconciliation_2

Income taxes - Reconciliation of Foreign Rate Differential (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Line Items]
Foreign rate differential	$ (7,565)	$ 4,800	$ 10,916
US subsidiaries at statutory tax rate
Income Tax Disclosure [Line Items]
Foreign rate differential	(4,726)	1,884	12,428
Singapore subsidiaries at statutory tax rate
Income Tax Disclosure [Line Items]
Foreign rate differential	(590)	(570)	(586)
Irish subsidiaries at statutory tax rate
Income Tax Disclosure [Line Items]
Foreign rate differential	(2)	6	(11)
UK subsidiaries at statutory tax rate
Income Tax Disclosure [Line Items]
Foreign rate differential	(2,251)	3,487	(942)
Other
Income Tax Disclosure [Line Items]
Foreign rate differential	$ 4	$ (7)	$ 27

Income taxes - Provision (Benef

Income taxes - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Domestic (Guernsey)	$ 0	$ 0	$ 0
Total current provision for/(benefit from) income taxes	40,882	14,221	2,202
Deferred:
Domestic (Guernsey)	0	0	0
Total deferred provision for/(benefit from) income taxes	(16,877)	5,863	9,356
Provision for/(benefit from) income taxes	24,005	20,084	11,558
Foreign - US federal and state
Current:
Foreign	35,759	12,417	3,844
Deferred:
Foreign	(15,033)	8,982	6,728
Foreign - other and withholding
Current:
Foreign	5,123	1,804	(1,642)
Deferred:
Foreign	$ (1,844)	$ (3,119)	$ 2,628

Income taxes - Deferred Tax Ass

Income taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Compensation and benefit accruals	$ 20,699	$ 22,443
Net operating loss carryforwards	12,045	3,692
Non-deductible and excess interest	37,655	32,260
Unrealized loss	2,358	0
Acquisition costs	359	411
Capital lease	157	153
Other	928	1,236
Total deferred tax assets	74,201	60,195
Deferred tax liabilities:
Compensation and benefit accruals	0	0
Depreciation and amortization	(1,041)	(772)
Goodwill	(15,333)	(12,873)
Unrealized gain	(55,558)	(77,310)
Total deferred tax liabilities	(71,932)	(90,955)
Net deferred tax position	2,269	(30,760)
Valuation allowance	(34,826)	(19,252)
Net deferred tax liabilities	$ (32,557)	$ (50,012)

Income taxes - Net Operating Lo

Income taxes - Net Operating Loss Carryforward (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Foreign Tax Jurisdiction, Federal
Operating Loss Carryforwards
Operating loss carryforwards	$ 0	$ 0	$ 0
Foreign Tax Jurisdiction, State And Local
Operating Loss Carryforwards
Operating loss carryforwards	35,204	9,427	22,624
Foreign
Operating Loss Carryforwards
Operating loss carryforwards	$ 24,119	$ 3,692	$ 17,018

Income taxes - Valuation Allowa

Income taxes - Valuation Allowances (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Valuation Allowance [Line Items]
Total	$ 34,826	$ 19,252
US
Valuation Allowance [Line Items]
Total	18,805	6,319
UK
Valuation Allowance [Line Items]
Total	13,308	10,827
Singapore
Valuation Allowance [Line Items]
Total	2,521	1,932
Other
Valuation Allowance [Line Items]
Total	$ 192	$ 174

Segment reporting - Narrative (

Segment reporting - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment	2
Segment reporting
Marketable securities income/(loss) and interest	$ 25,014	$ 12,208	$ (7,744)
Operating expenses	155,485	271,236	124,272
Finance costs	135,593	99,135	78,264
Foreign currency transactions (gains)/losses	1,421	(21,752)	7,674
Total assets	6,175,025	5,837,394
Operating Segments
Segment reporting
Marketable securities income/(loss) and interest	24,578	12,067	(7,594)
Operating expenses	153,054	268,538	122,696
Finance costs	135,593	99,136	78,264
Foreign currency transactions (gains)/losses	1,244	(21,737)	7,581
Total assets	4,588,331	4,215,864
Operating Segments | Principal Finance
Segment reporting
Marketable securities income/(loss) and interest	24,578	12,067	(7,594)
Operating expenses	125,713	240,513	84,969
Finance costs	135,593	99,136	78,264
Foreign currency transactions (gains)/losses	1,244	(21,737)	7,581
Total assets	4,397,954	4,043,848
Operating Segments | Asset Management and Other Services
Segment reporting
Marketable securities income/(loss) and interest	0	0	0
Operating expenses	27,341	28,025	37,727
Finance costs	0	0	0
Foreign currency transactions (gains)/losses	0	0	0
Total assets	$ 190,377	172,016
Operating Segments | Revision of Prior Period, Adjustment | Principal Finance
Segment reporting
Finance costs		1,800	1,800
Total assets		(96,500)
Operating Segments | Revision of Prior Period, Adjustment | Principal Finance | Reclassification, Corporate to Personal Finance
Segment reporting
Marketable securities income/(loss) and interest		12,100	(7,600)
Operating expenses		43,000	12,500
Finance costs		2,700	3,900
Foreign currency transactions (gains)/losses		(21,700)	(7,600)
Total assets		114,400
Operating Segments | Revision of Prior Period, Adjustment | Asset Management and Other Services
Segment reporting
Finance costs		(1,800)	(1,800)
Total assets		96,500
Operating Segments | Revision of Prior Period, Adjustment | Asset Management and Other Services | Reclassification, Corporate to Asset Management and Other Services
Segment reporting
Operating expenses		9,300	9,800
Total assets		900
Reconciling items | Revision of Prior Period, Adjustment | Reclassification, Corporate to Personal Finance
Segment reporting
Marketable securities income/(loss) and interest		(12,100)	(7,600)
Operating expenses		(43,000)	(12,500)
Finance costs		(2,700)	(3,900)
Foreign currency transactions (gains)/losses		(21,700)	7,600
Total assets		(114,400)
Reconciling items | Revision of Prior Period, Adjustment | Reclassification, Corporate to Asset Management and Other Services
Segment reporting
Operating expenses		(9,300)	$ (9,800)
Total assets		$ (900)

Segment reporting - Revenue (De

Segment reporting - Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment reporting
Marketable securities income/(loss) and interest	$ 25,014	$ 12,208	$ (7,744)
Other income/(loss)	3,051	4,392	(759)
Total revenues	546,087	1,086,902	319,227
Compensation and benefits	123,659	221,084	86,346
General, administrative and other	31,025	33,656	29,681
Case-related expenditures ineligible for inclusion in asset cost	801	16,496	8,245
Total operating expenses	155,485	271,236	124,272
Other expenses
Finance costs	135,593	99,135	78,264
Foreign currency transactions (gains)/losses	1,421	(21,752)	7,674
Total other expenses	137,014	77,383	85,938
Income/(loss) before income taxes	253,588	738,283	109,017
Capital provision income/(loss)
Segment reporting
Capital provision income/(loss)	552,066	1,341,923	319,108
Other expenses
Foreign currency transactions (gains)/losses	15,701	(8,012)	6,357
Asset management income/(loss)
Segment reporting
Asset management income/(loss)	8,340	7,642	9,116
Plus/(Less): Third-party interests in capital provision assets
Segment reporting
Capital provision income/(loss)	(42,384)	(279,263)	(494)
Operating Segments
Segment reporting
Marketable securities income/(loss) and interest	24,578	12,067	(7,594)
Other income/(loss)	3,051	4,392	(759)
Total revenues	460,380	976,542	250,605
Compensation and benefits	123,659	221,084	86,346
General, administrative and other	30,452	32,783	28,713
Case-related expenditures ineligible for inclusion in asset cost	(1,057)	14,671	7,637
Total operating expenses	153,054	268,538	122,696
Other expenses
Finance costs	135,593	99,136	78,264
Foreign currency transactions (gains)/losses	1,244	(21,737)	7,581
Total other expenses	136,837	77,399	85,845
Income/(loss) before income taxes	170,489	630,605	42,064
Operating Segments | Capital provision income/(loss)
Segment reporting
Capital provision income/(loss)	388,124	896,371	202,878
Operating Segments | Asset management income/(loss)
Segment reporting
Asset management income/(loss)	44,627	63,712	56,080
Operating Segments | Plus/(Less): Third-party interests in capital provision assets
Segment reporting
Capital provision income/(loss)	0	0	0
Operating Segments | Principal Finance
Segment reporting
Marketable securities income/(loss) and interest	24,578	12,067	(7,594)
Other income/(loss)	0	0	0
Total revenues	412,702	908,438	195,284
Compensation and benefits	101,758	196,623	62,659
General, administrative and other	25,012	29,219	14,673
Case-related expenditures ineligible for inclusion in asset cost	(1,057)	14,671	7,637
Total operating expenses	125,713	240,513	84,969
Other expenses
Finance costs	135,593	99,136	78,264
Foreign currency transactions (gains)/losses	1,244	(21,737)	7,581
Total other expenses	136,837	77,399	85,845
Income/(loss) before income taxes	150,152	590,526	24,470
Operating Segments | Principal Finance | Capital provision income/(loss)
Segment reporting
Capital provision income/(loss)	388,124	896,371	202,878
Operating Segments | Principal Finance | Asset management income/(loss)
Segment reporting
Asset management income/(loss)	0	0	0
Operating Segments | Principal Finance | Plus/(Less): Third-party interests in capital provision assets
Segment reporting
Capital provision income/(loss)	0	0	0
Operating Segments | Asset Management and Other Services
Segment reporting
Marketable securities income/(loss) and interest	0	0	0
Other income/(loss)	3,051	4,392	(759)
Total revenues	47,678	68,104	55,321
Compensation and benefits	21,901	24,461	23,687
General, administrative and other	5,440	3,564	14,040
Case-related expenditures ineligible for inclusion in asset cost	0	0	0
Total operating expenses	27,341	28,025	37,727
Other expenses
Finance costs	0	0	0
Foreign currency transactions (gains)/losses	0	0	0
Total other expenses	0	0	0
Income/(loss) before income taxes	20,337	40,079	17,594
Operating Segments | Asset Management and Other Services | Capital provision income/(loss)
Segment reporting
Capital provision income/(loss)	0	0	0
Operating Segments | Asset Management and Other Services | Asset management income/(loss)
Segment reporting
Asset management income/(loss)	44,627	63,712	56,080
Operating Segments | Asset Management and Other Services | Plus/(Less): Third-party interests in capital provision assets
Segment reporting
Capital provision income/(loss)	0	0	0
Reconciling items
Segment reporting
Marketable securities income/(loss) and interest	436	141	(150)
Other income/(loss)	0	0	0
Total revenues	85,707	110,360	68,622
Compensation and benefits	0	0	0
General, administrative and other	573	873	968
Case-related expenditures ineligible for inclusion in asset cost	1,858	1,825	608
Total operating expenses	2,431	2,698	1,576
Other expenses
Finance costs	0	(1)	0
Foreign currency transactions (gains)/losses	177	(15)	93
Total other expenses	177	(16)	93
Income/(loss) before income taxes	83,099	107,678	66,953
Reconciling items | Capital provision income/(loss)
Segment reporting
Capital provision income/(loss)	163,942	445,552	116,230
Reconciling items | Asset management income/(loss)
Segment reporting
Asset management income/(loss)	(36,287)	(56,070)	(46,964)
Reconciling items | Plus/(Less): Third-party interests in capital provision assets
Segment reporting
Capital provision income/(loss)	$ (42,384)	$ (279,263)	$ (494)

Segment reporting - Group's Tot

Segment reporting - Group's Total Assets by Reporting Segments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment reporting
Cash and cash equivalents and marketable securities	$ 548,950	$ 328,110
Other assets	61,006	63,464
Due from settlement of capital provision assets	183,858	265,540	$ 116,582
Capital provision assets	5,243,917	5,045,388	$ 3,735,556
Total assets	6,175,025	5,837,394
Operating Segments
Segment reporting
Cash and cash equivalents and marketable securities	520,681	303,476
Other assets	175,481	160,117
Due from settlement of capital provision assets	183,651	185,267
Capital provision assets	3,571,224	3,432,112
Total assets	4,588,331	4,215,864
Operating Segments | Principal Finance
Segment reporting
Cash and cash equivalents and marketable securities	508,031	291,386
Other assets	23,711	26,165
Due from settlement of capital provision assets	183,651	185,267
Capital provision assets	3,571,224	3,432,112
Total assets	4,397,954	4,043,848
Operating Segments | Asset Management and Other Services
Segment reporting
Cash and cash equivalents and marketable securities	12,650	12,090
Other assets	151,770	133,952
Due from settlement of capital provision assets	0	0
Capital provision assets	0	0
Total assets	190,377	172,016
Reconciling items
Segment reporting
Cash and cash equivalents and marketable securities	28,269	24,634
Other assets	(114,475)	(96,653)
Due from settlement of capital provision assets	207	80,273
Capital provision assets	1,672,693	1,613,276
Total assets	$ 1,586,694	$ 1,621,530

Capital provision assets - Chan

Capital provision assets - Change in Capital Provision Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Derivative Assets [Roll Forward]
Beginning of period	$ 5,045,388	$ 3,735,556
Deployments	555,088	682,027
Realizations	(907,042)	(708,293)
Income/(loss) for the period	567,646	1,333,262
Foreign exchange gains/(losses)	(17,163)	2,836
End of period	5,243,917	5,045,388
Deployed cost, end of period	2,341,377	2,280,563
Unrealized fair value, end of period	2,902,540	2,764,825
Capital provision assets	$ 5,243,917	$ 5,045,388

Capital provision assets - Capi

Capital provision assets - Capital Provision Income on the Consolidated Statement of Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Income/(loss) on capital provision assets	$ 567,646	$ 1,333,262
Foreign exchange gains/(losses)	(1,421)	21,752	$ (7,674)
Net income/(loss) from due from settlement of capital provision assets		(1,000)
Capital provision income/(loss)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net realized gains/(losses)	439,665	251,618	161,707
Fair value adjustment during the period, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses)	127,981	1,081,644	169,104
Income/(loss) on capital provision assets	567,646	1,333,262	330,811
Interest and other income/(loss)	0	0	2,651
Foreign exchange gains/(losses)	(15,701)	8,012	(6,357)
Net income/(loss) from due from settlement of capital provision assets	2,704	(1)	(11,330)
Net gains/(losses) on financial liabilities at fair value through profit or loss	(2,583)	0	3,333
Break fee income	0	650	0
Total capital provision income as reported in the consolidated statements of operations	$ 552,066	$ 1,341,923	$ 319,108

Due from settlement of capita_3

Due from settlement of capital provision assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Derivative Assets [Roll Forward]
Beginning of period	$ 265,540	$ 116,582
Transfer of realizations from capital provision assets	907,042	708,293
Net realized gains / (losses)	0	(11,330)
Unrealized gains/(losses) on due from settlement of capital provision assets, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses)	0	11,329
Other income/(loss)	2,704	0
Proceeds from capital provision assets	(991,292)	(559,362)
Foreign exchange gains/(losses)	(136)	28
End of period	183,858	265,540
Current assets	170,570	260,370
Non-current assets	13,288	5,170
Total due from settlement of capital provision assets	$ 183,858	265,540
Net income/(loss) from due from settlement of capital provision assets		$ 1,000

Asset management income (Detail

Asset management income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Asset management income/(loss)
Asset management income
Asset management income/(loss)	$ 8,340	$ 7,642	$ 9,116
Management fee income
Asset management income
Asset management income/(loss)	6,840	7,642	7,321
Performance fee income
Asset management income
Asset management income/(loss)	$ 1,500	$ 0	$ 1,795

Long-term incentive compensat_3

Long-term incentive compensation payable - Changes in compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accrued Bonuses [Roll Forward]
Beginning of period	$ 183,134	$ 71,412
Long-term incentive compensation including accruals	43,209	127,471	$ 16,600
Transfer to short-term payable within general expenses payable	0	(3,656)
Cash paid	(8,367)	(13,073)
Foreign exchange gains/(losses)	(424)	980
End of period	$ 217,552	$ 183,134	$ 71,412

Long-term incentive compensat_4

Long-term incentive compensation payable - Narrative (Details)	Dec. 31, 2024
Vintage Years, 2015 Through 2017
Accrued Bonus [Line Items]
Employee carried interest from net realized gains on capital provision assets, percentage	8%
Vintage Year, 2018
Accrued Bonus [Line Items]
Employee carried interest from net realized gains on capital provision assets, percentage	9%
Vintage Year, 2019
Accrued Bonus [Line Items]
Employee carried interest from net realized gains on capital provision assets, percentage	10%
Vintage Year, 2020 Through 2021
Accrued Bonus [Line Items]
Employee carried interest from net realized gains on capital provision assets, percentage	11%
Vintage Year, 2022 Through 2023
Accrued Bonus [Line Items]
Employee carried interest from net realized gains on capital provision assets, percentage	12%
Vintage Year, 2024
Accrued Bonus [Line Items]
Employee carried interest from net realized gains on capital provision assets, percentage	11%

Marketable securities - Changes

Marketable securities - Changes in Marketable Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Change In Marketable Securities [Roll Forward]
Beginning of period	$ 107,561	$ 136,358
Purchases	103,124	40,404
Proceeds on disposal	(135,701)	(74,875)
Net realized gains/(losses) on disposal	1,864	(415)	$ (1,647)
Fair value movement	2,158	6,185	(9,682)
Change in accrued interest	47	(171)
Foreign exchange gains/(losses)	(33)	75
End of period	$ 79,020	$ 107,561	$ 136,358

Marketable securities - Marketa

Marketable securities - Marketable Securities and Bank Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Net realized gains/(losses) on disposal	$ 1,864	$ (415)	$ (1,647)
Changes in fair value	2,158	6,185	(9,682)
Interest and dividend income	2,986	2,453	2,812
Bank interest	18,006	3,985	773
Total marketable securities income/(loss) and interest	$ 25,014	$ 12,208	$ (7,744)

Other assets (Details)

Other assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Other Assets [Abstract]
Reinsurance assets	$ 17,463	$ 15,371
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total other assets	Total other assets
Right-of-use assets	$ 12,796	$ 13,851
Property and equipment	3,426	3,561
Prepayments	10,220	9,150
Other receivables	17,101	21,531
Total other assets	$ 61,006	$ 63,464

Other liabilities (Details)

Other liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
General expenses payable	$ 66,966	$ 74,527
Insurance liabilities	$ 21,991	$ 22,465
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total other liabilities	Total other liabilities
Lease liabilities	$ 14,821	$ 15,853
Audit fees payable	2,996	2,163
Tax payable	21,144	4,226
Payable for capital provision assets	14,055	2,965
Total other liabilities	$ 141,973	$ 122,199

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) £ in Thousands	Dec. 31, 2024 USD ($)	Dec. 31, 2024 £ / $	Dec. 31, 2024 GBP (£)	Dec. 31, 2024	Jan. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 £ / $	Dec. 31, 2023	Jun. 01, 2017 USD ($)	Jun. 01, 2017 GBP (£)
Debt Instrument [Line Items]
Exchange rate		1.2529		1.2529			1.2747	1.2747
Outstanding at	$ 1,783,690,000
Carrying value (at amortized cost)	1,763,612,000					$ 1,534,730,000
Fair value	1,819,327,000					1,545,991,000
5.000% Bonds due 2026 | Burford Capital PLC | Bonds
Debt Instrument [Line Items]
Interest rate				5%					5%	5%
Outstanding at	219,258,000
Carrying value (at amortized cost)			£ 218,640			222,117,000
Fair value	212,706,000					209,048,000
Principal value									$ 225,800,000	£ 175,000
6.125% Bonds due 2025 | Burford Capital Finance LLC | Bonds
Debt Instrument [Line Items]
Interest rate				6.125%
Outstanding at	129,432,000
Carrying value (at amortized cost)	129,275,000					179,432,000
Fair value	129,641,000					175,797,000
Principal value	50,600,000
6.250% Senior Notes due 2028 | Burford Capital Global Finance LLC | Senior Notes
Debt Instrument [Line Items]
Interest rate				6.25%
Outstanding at	400,000,000
Carrying value (at amortized cost)	395,913,000					394,672,000
Fair value	399,012,000					384,228,000
6.875% Senior Notes due 2030 | Burford Capital Global Finance LLC | Senior Notes
Debt Instrument [Line Items]
Interest rate				6.875%
Outstanding at	360,000,000
Carrying value (at amortized cost)	352,961,000					351,631,000
Fair value	360,220,000					352,350,000
9.250% Senior Notes due 2031 | Burford Capital Global Finance LLC | Senior Notes
Debt Instrument [Line Items]
Interest rate				9.25%
Outstanding at	675,000,000
Carrying value (at amortized cost)	666,823,000					386,878,000
Fair value	$ 717,748,000					$ 424,568,000
Additional Notes 2031 | Burford Capital Global Finance LLC | Senior Notes
Debt Instrument [Line Items]
Principal value					$ 275,000,000

Debt - Changes from Cash Flows

Debt - Changes from Cash Flows and Non-cash Changes of Debt Issued (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Changes In Long-Term Debt [Roll Forward]
Beginning of period	$ 1,569,146	$ 1,269,085
Debt issuance, including original issue premium	284,969	394,464	$ 357,271
Debt issuance costs	(6,283)	(8,461)	(7,912)
Debt extinguishment	(49,819)	(129,970)
Finance costs	135,717	99,135
Interest paid	(154,093)	(77,210)	(70,781)
Foreign exchange (gain)/loss	(3,928)	22,103
End of period	1,775,709	1,569,146	1,269,085
Debt payable	1,763,612	1,534,730
Debt interest payable	12,097	34,416
Total debt and interest payable	$ 1,775,709	$ 1,569,146	$ 1,269,085

Debt - Summary of Unamortized I

Debt - Summary of Unamortized Issuance Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
6.125% Bonds due 2025 | Bonds
Debt Instrument [Line Items]
Unamortized issuance costs	$ 157	$ 568
5.000% Bonds due 2026 | Bonds
Debt Instrument [Line Items]
Unamortized issuance costs	618	956
6.250% Senior Notes due 2028 | Senior Notes
Debt Instrument [Line Items]
Unamortized issuance costs	4,087	5,328
6.875% Senior Notes due 2030 | Senior Notes
Debt Instrument [Line Items]
Unamortized issuance costs	5,234	6,223
9.250% Senior Notes due 2031 | Senior Notes
Debt Instrument [Line Items]
Unamortized issuance costs	$ 12,319	$ 7,932

Debt - Maturities (Details)

Debt - Maturities (Details)	Dec. 31, 2024	Jun. 01, 2017
6.125% Bonds due 2025 | Bonds | Burford Capital Finance LLC
Debt Instrument [Line Items]
Interest rate	6.125%
5.000% Bonds due 2026 | Bonds | Burford Capital PLC
Debt Instrument [Line Items]
Interest rate	5%	5%
6.250% Senior Notes due 2028 | Senior Notes | Burford Capital Global Finance LLC
Debt Instrument [Line Items]
Interest rate	6.25%
6.875% Senior Notes due 2030 | Senior Notes | Burford Capital Global Finance LLC
Debt Instrument [Line Items]
Interest rate	6.875%
9.250% Senior Notes due 2031 | Senior Notes | Burford Capital Global Finance LLC
Debt Instrument [Line Items]
Interest rate	9.25%

Debt - Components of Total Fina

Debt - Components of Total Finance Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt interest expense	$ 131,022	$ 94,605	$ 74,991
Debt issuance costs incurred as finance costs	4,571	4,530	3,273
Total finance costs	135,593	99,135	78,264
Gain (loss) on debt extinguishment	$ (100)	$ 0	$ 900

Debt - Total Assets and Third-p

Debt - Total Assets and Third-party Indebtedness (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total assets	$ 6,175,025	$ 5,837,394
Carrying value (at amortized cost)	1,763,612	1,534,730
Asset management income/(loss)	546,087	1,086,902	$ 319,227
Indentures governing the 2028 Notes, the 2030 Notes and the 2031 Notes | Company and its Restricted Subsidiaries | Senior Notes
Debt Instrument [Line Items]
Total assets	5,335,289	4,922,451
Carrying value (at amortized cost)	1,763,612	1,534,730
Asset management income/(loss)	460,352	973,461	245,383
Indentures governing the 2028 Notes, the 2030 Notes and the 2031 Notes | Unrestricted Subsidiaries | Senior Notes
Debt Instrument [Line Items]
Total assets	839,736	914,943
Carrying value (at amortized cost)	0	0
Asset management income/(loss)	$ 85,735	$ 113,441	$ 73,844

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jan. 30, 2024
Debt Instrument [Line Items]
Gain (loss) on debt extinguishment	$ (100,000)	$ 0	$ 900,000
Senior Notes | Additional Notes 2031 | Burford Capital Global Finance LLC
Debt Instrument [Line Items]
Principal value				$ 275,000,000
Offering price as a percentage of principal				103.625%
Senior Notes | 9.250% Senior Notes due 2031 | Burford Capital Global Finance LLC
Debt Instrument [Line Items]
Interest rate	9.25%
Senior Notes | Initial Notes 2031 | Burford Capital Global Finance LLC
Debt Instrument [Line Items]
Principal value	$ 400,000,000
Bonds | 6.125% Bonds due 2025 | Burford Capital Finance LLC
Debt Instrument [Line Items]
Principal value	$ 50,600,000
Interest rate	6.125%

Goodwill (Details)

Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 133,965,000	$ 133,912,000
Foreign exchange gains/(losses)	(17,000)	53,000
Goodwill, ending balance	133,948,000	133,965,000
Goodwill impairment	0	0
Principal Finance
Goodwill [Roll Forward]
Goodwill, beginning balance	108,945,000	108,892,000
Foreign exchange gains/(losses)	(17,000)	53,000
Goodwill, ending balance	108,928,000	108,945,000
Asset Management and Other Services
Goodwill [Roll Forward]
Goodwill, beginning balance	25,020,000	25,020,000
Foreign exchange gains/(losses)	0	0
Goodwill, ending balance	$ 25,020,000	$ 25,020,000

Fair value of assets and liab_3

Fair value of assets and liabilities - Financial Instruments Grouped by Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Capital provision assets
Derivative financial assets	$ 5,243,917	$ 5,045,388	$ 3,735,556
Assets of consolidated investment companies
Due from settlement of capital provision assets	183,858	265,540
Marketable securities	79,020	107,561	$ 136,358
Total assets	5,506,795	5,418,489
Liabilities:
Financial liabilities relating to third-party interests in capital provision assets	747,053	704,196
Total liabilities	747,053	704,196
Net total	4,759,742	4,714,293
Single case
Capital provision assets
Derivative financial assets	1,052,519	934,131
Portfolio
Capital provision assets
Derivative financial assets	3,053,800	2,875,881
Portfolio with equity risk
Capital provision assets
Derivative financial assets	65,041	142,659
Legal risk management
Capital provision assets
Derivative financial assets	6,442	3,523
Joint ventures and equity method investments
Capital provision assets
Non-derivative financial assets	154,220	178,628
Single case with equity risk
Capital provision assets
Non-derivative financial assets	8,711	10,051
Core legal finance (BOF-C)
Assets of consolidated investment companies
Assets of consolidated investment companies	713,896	715,006
Lower risk legal finance (Advantage Fund)
Assets of consolidated investment companies
Assets of consolidated investment companies	189,288	185,509
Government securities
Assets of consolidated investment companies
Marketable securities	40,405	22,337
Corporate bonds
Assets of consolidated investment companies
Marketable securities	20,077	53,001
Asset-backed securities
Assets of consolidated investment companies
Marketable securities	1,971	20,047
Mutual funds
Assets of consolidated investment companies
Marketable securities	10,654	6,529
Certificates of deposit
Assets of consolidated investment companies
Marketable securities	5,913	5,647
Level 1
Assets of consolidated investment companies
Due from settlement of capital provision assets	0	0
Total assets	33,859	40,145
Liabilities:
Financial liabilities relating to third-party interests in capital provision assets	0	0
Total liabilities	0	0
Net total	33,859	40,145
Level 1 | Single case
Capital provision assets
Derivative financial assets	0	0
Level 1 | Portfolio
Capital provision assets
Derivative financial assets	0	0
Level 1 | Portfolio with equity risk
Capital provision assets
Derivative financial assets	0	0
Level 1 | Legal risk management
Capital provision assets
Derivative financial assets	0	0
Level 1 | Joint ventures and equity method investments
Capital provision assets
Non-derivative financial assets	0	0
Level 1 | Single case with equity risk
Capital provision assets
Non-derivative financial assets	8,711	10,051
Level 1 | Core legal finance (BOF-C)
Assets of consolidated investment companies
Assets of consolidated investment companies	8,581	9,914
Level 1 | Lower risk legal finance (Advantage Fund)
Assets of consolidated investment companies
Assets of consolidated investment companies	0	0
Level 1 | Government securities
Assets of consolidated investment companies
Marketable securities	0	8,004
Level 1 | Corporate bonds
Assets of consolidated investment companies
Marketable securities	0	0
Level 1 | Asset-backed securities
Assets of consolidated investment companies
Marketable securities	0	0
Level 1 | Mutual funds
Assets of consolidated investment companies
Marketable securities	10,654	6,529
Level 1 | Certificates of deposit
Assets of consolidated investment companies
Marketable securities	5,913	5,647
Level 2
Assets of consolidated investment companies
Due from settlement of capital provision assets	0	0
Total assets	62,453	87,381
Liabilities:
Financial liabilities relating to third-party interests in capital provision assets	0	0
Total liabilities	0	0
Net total	62,453	87,381
Level 2 | Single case
Capital provision assets
Derivative financial assets	0	0
Level 2 | Portfolio
Capital provision assets
Derivative financial assets	0	0
Level 2 | Portfolio with equity risk
Capital provision assets
Derivative financial assets	0	0
Level 2 | Legal risk management
Capital provision assets
Derivative financial assets	0	0
Level 2 | Joint ventures and equity method investments
Capital provision assets
Non-derivative financial assets	0	0
Level 2 | Single case with equity risk
Capital provision assets
Non-derivative financial assets	0	0
Level 2 | Core legal finance (BOF-C)
Assets of consolidated investment companies
Assets of consolidated investment companies	0	0
Level 2 | Lower risk legal finance (Advantage Fund)
Assets of consolidated investment companies
Assets of consolidated investment companies	0	0
Level 2 | Government securities
Assets of consolidated investment companies
Marketable securities	40,405	14,333
Level 2 | Corporate bonds
Assets of consolidated investment companies
Marketable securities	20,077	53,001
Level 2 | Asset-backed securities
Assets of consolidated investment companies
Marketable securities	1,971	20,047
Level 2 | Mutual funds
Assets of consolidated investment companies
Marketable securities	0	0
Level 2 | Certificates of deposit
Assets of consolidated investment companies
Marketable securities	0	0
Level 3
Assets of consolidated investment companies
Due from settlement of capital provision assets	183,858	265,540
Total assets	5,410,483	5,290,963
Liabilities:
Financial liabilities relating to third-party interests in capital provision assets	747,053	704,196
Total liabilities	747,053	704,196
Net total	4,663,430	4,586,767
Level 3 | Single case
Capital provision assets
Derivative financial assets	1,052,519	934,131
Level 3 | Portfolio
Capital provision assets
Derivative financial assets	3,053,800	2,875,881
Level 3 | Portfolio with equity risk
Capital provision assets
Derivative financial assets	65,041	142,659
Level 3 | Legal risk management
Capital provision assets
Derivative financial assets	6,442	3,523
Level 3 | Joint ventures and equity method investments
Capital provision assets
Non-derivative financial assets	154,220	178,628
Level 3 | Single case with equity risk
Capital provision assets
Non-derivative financial assets	0	0
Level 3 | Core legal finance (BOF-C)
Assets of consolidated investment companies
Assets of consolidated investment companies	705,315	705,092
Level 3 | Lower risk legal finance (Advantage Fund)
Assets of consolidated investment companies
Assets of consolidated investment companies	189,288	185,509
Level 3 | Government securities
Assets of consolidated investment companies
Marketable securities	0	0
Level 3 | Corporate bonds
Assets of consolidated investment companies
Marketable securities	0	0
Level 3 | Asset-backed securities
Assets of consolidated investment companies
Marketable securities	0	0
Level 3 | Mutual funds
Assets of consolidated investment companies
Marketable securities	0	0
Level 3 | Certificates of deposit
Assets of consolidated investment companies
Marketable securities	$ 0	$ 0

Fair value of assets and liab_4

Fair value of assets and liabilities - Movements in Level 3 Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	$ 5,290,963	$ 3,833,393
Transfers into Level 3	0	0
Transfers between types	0	0
Deployments	1,462,130	1,390,320
Realizations	$ (1,888,957)	$ (1,267,655)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Capital provision income/(loss)	Capital provision income/(loss)
Income/(loss) for the period	$ 563,067	$ 1,332,608
Foreign exchange gains/(losses)	(16,720)	2,297
End of period	5,410,483	5,290,963
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	704,196	425,205
Transfers into Level 3	0	0
Transfers between types	0	0
Deployments	513	230
Realizations	$ (40)	$ (502)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Capital provision income/(loss)	Capital provision income/(loss)
Income/(loss) for the period	$ 42,384	$ 279,263
Foreign exchange gains/(losses)	0	0
End of period	747,053	704,196
Single case
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	934,131	792,745
Transfers into Level 3	0	0
Transfers between types	(4,132)	(403)
Deployments	224,641	111,958
Realizations	(258,797)	(184,998)
Income/(loss) for the period	161,784	215,707
Foreign exchange gains/(losses)	(5,108)	(878)
End of period	1,052,519	934,131
Portfolio
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	2,875,881	2,022,406
Transfers into Level 3	0	0
Transfers between types	4,132	403
Deployments	153,251	261,853
Realizations	(240,566)	(301,610)
Income/(loss) for the period	265,675	893,113
Foreign exchange gains/(losses)	(4,573)	(284)
End of period	3,053,800	2,875,881
Portfolio with equity risk
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	142,659	99,406
Transfers into Level 3	0	0
Transfers between types	0	0
Deployments	363	361
Realizations	(117,040)	0
Income/(loss) for the period	39,059	42,892
Foreign exchange gains/(losses)	0	0
End of period	65,041	142,659
Legal risk management
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	3,523	3,201
Transfers into Level 3	0	0
Transfers between types	0	0
Deployments	0	0
Realizations	0	(944)
Income/(loss) for the period	3,275	115
Foreign exchange gains/(losses)	(356)	1,151
End of period	6,442	3,523
Joint ventures and equity method investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	178,628	159,225
Transfers into Level 3	0	0
Transfers between types	0	0
Deployments	9,667	5,556
Realizations	(1,660)	(10,440)
Income/(loss) for the period	(25,868)	22,007
Foreign exchange gains/(losses)	(6,547)	2,280
End of period	154,220	178,628
Complex strategies (Strategic Value Fund)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	0	12,657
Transfers into Level 3		0
Transfers between types		0
Deployments		0
Realizations		(15,000)
Income/(loss) for the period		2,343
Foreign exchange gains/(losses)		0
End of period		0
Core legal finance (BOF-C)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	705,092	526,575
Transfers into Level 3	0	0
Transfers between types	0	0
Deployments	98,391	126,164
Realizations	(180,406)	(66,499)
Income/(loss) for the period	82,238	118,852
Foreign exchange gains/(losses)	0	0
End of period	705,315	705,092
Lower risk legal finance (Advantage Fund)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	185,509	100,596
Transfers into Level 3	0	0
Transfers between types	0	0
Deployments	68,775	176,135
Realizations	(99,196)	(128,802)
Income/(loss) for the period	34,200	37,580
Foreign exchange gains/(losses)	0	0
End of period	189,288	185,509
Total capital provision assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	5,025,423	3,716,811
Transfers into Level 3	0	0
Transfers between types	0	0
Deployments	555,088	682,027
Realizations	(897,665)	(708,293)
Income/(loss) for the period	560,363	1,332,609
Foreign exchange gains/(losses)	(16,584)	2,269
End of period	5,226,625	5,025,423
Due from settlement of capital provision assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	265,540	116,582
Transfers into Level 3	0	0
Transfers between types	0	0
Deployments	907,042	708,293
Realizations	(991,292)	(559,362)
Income/(loss) for the period	2,704	(1)
Foreign exchange gains/(losses)	(136)	28
End of period	183,858	265,540
Financial liabilities relating to third-party interests in capital provision assets
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning of period	704,196	425,205
Transfers into Level 3	0	0
Transfers between types	0	0
Deployments	513	230
Realizations	(40)	(502)
Income/(loss) for the period	42,384	279,263
Foreign exchange gains/(losses)	0	0
End of period	$ 747,053	$ 704,196

Fair value of assets and liab_5

Fair value of assets and liabilities - Level 3 Measurement Inputs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets	$ 5,243,917	$ 5,045,388	$ 3,735,556
Due from settlement of capital provision assets	183,858	265,540
Asset (liability) fair value	4,759,742	4,714,293
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Due from settlement of capital provision assets	183,858	265,540
Asset (liability) cost	2,487,356	2,497,151
Asset (Liability) unrealized	2,176,074	2,089,616
Asset (liability) fair value	4,663,430	4,586,767
Discount rate | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Due from settlement of capital provision assets, Cost	182,657
Due from settlement of capital provision assets, Unrealized	1,201
Due from settlement of capital provision assets	$ 183,858
Discount rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Due from settlement of capital provision assets, measurement input	0.068
Discount rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Due from settlement of capital provision assets, measurement input	0.068
Discount rate | Discounted cash flow | Weighted average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Due from settlement of capital provision assets, measurement input	0.068
Collection risk | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Due from settlement of capital provision assets, Cost		265,540
Due from settlement of capital provision assets, Unrealized		0
Due from settlement of capital provision assets		$ 265,540
Collection risk | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Due from settlement of capital provision assets, measurement input	0	0
Collection risk | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Due from settlement of capital provision assets, measurement input	0	1
Collection risk | Discounted cash flow | Weighted average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Due from settlement of capital provision assets, measurement input	0	0
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, Cost	$ 2,099,142	$ 1,944,283
Capital provision assets, Unrealized	2,114,845	2,024,081
Capital provision assets	4,213,987	3,968,364
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | No case milestone: | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, Cost	924,530	865,568
Capital provision assets, Unrealized	28,112	55,868
Capital provision assets	952,642	921,436
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | YPF-related assets: | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, Cost	69,576	60,338
Capital provision assets, Unrealized	1,395,899	1,311,319
Capital provision assets	$ 1,465,475	$ 1,371,657
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Discount rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	0.048	0.053
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Discount rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	0.076	0.073
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Discount rate | Discounted cash flow | Weighted average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	0.069	0.070
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Duration (years) | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	0.2	0.5
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Duration (years) | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	14	7.2
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Duration (years) | Discounted cash flow | Weighted average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	2.9	3.4
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Adjusted risk premium | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	0	0
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Adjusted risk premium | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	1	1
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Adjusted risk premium | Discounted cash flow | Weighted average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	0.314	0.302
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Significant ruling or other objective event prior to trial court judgment | Positive case milestone factor: | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, Cost	$ 184,540	$ 81,244
Capital provision assets, Unrealized	109,991	50,667
Capital provision assets	$ 294,531	$ 131,911
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Significant ruling or other objective event prior to trial court judgment | Positive case milestone factor: | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	0.05	0.05
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Significant ruling or other objective event prior to trial court judgment | Positive case milestone factor: | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	0.50	0.40
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Significant ruling or other objective event prior to trial court judgment | Positive case milestone factor: | Discounted cash flow | Weighted average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	0.23	0.23
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Significant ruling or other objective event prior to trial court judgment | Negative case milestone factor: | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, Cost	$ 17,209	$ 34,305
Capital provision assets, Unrealized	(16,343)	(28,057)
Capital provision assets	$ 866	$ 6,248
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Significant ruling or other objective event prior to trial court judgment | Negative case milestone factor: | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	(0.50)	(0.10)
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Significant ruling or other objective event prior to trial court judgment | Negative case milestone factor: | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	(0.60)	(0.60)
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Significant ruling or other objective event prior to trial court judgment | Negative case milestone factor: | Discounted cash flow | Weighted average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	(0.57)	(0.43)
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Trial court judgment or tribunal award | Positive case milestone factor: | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, Cost	$ 86,880	$ 130,529
Capital provision assets, Unrealized	98,453	61,175
Capital provision assets	$ 185,333	$ 191,704
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Trial court judgment or tribunal award | Positive case milestone factor: | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	0.25	0.25
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Trial court judgment or tribunal award | Positive case milestone factor: | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	0.60	0.60
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Trial court judgment or tribunal award | Positive case milestone factor: | Discounted cash flow | Weighted average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	0.54	0.54
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Trial court judgment or tribunal award | Negative case milestone factor: | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, Cost	$ 44,973	$ 41,950
Capital provision assets, Unrealized	(24,439)	(23,577)
Capital provision assets	$ 20,534	$ 18,373
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Trial court judgment or tribunal award | Negative case milestone factor: | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	(0.10)	(0.10)
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Trial court judgment or tribunal award | Negative case milestone factor: | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	(0.60)	(0.60)
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Trial court judgment or tribunal award | Negative case milestone factor: | Discounted cash flow | Weighted average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	(0.57)	(0.59)
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Appeal judgment | Positive case milestone factor: | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, Cost	$ 61,192	$ 60,402
Capital provision assets, Unrealized	67,177	57,472
Capital provision assets	$ 128,369	$ 117,874
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Appeal judgment | Positive case milestone factor: | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	0.69	0.71
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Appeal judgment | Positive case milestone factor: | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	0.80	0.80
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Appeal judgment | Positive case milestone factor: | Discounted cash flow | Weighted average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	0.70	0.72
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Appeal judgment | Negative case milestone factor: | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, Cost	$ 11,825	$ 7,989
Capital provision assets, Unrealized	(11,506)	(7,989)
Capital provision assets	$ 319	$ 0
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Appeal judgment | Negative case milestone factor: | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	(0.80)	(1)
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Appeal judgment | Negative case milestone factor: | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	(1)	(1)
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Appeal judgment | Negative case milestone factor: | Discounted cash flow | Weighted average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	(0.80)	(1)
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Asset freeze | Positive case milestone factor: | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, Cost	$ 2,401	$ 16,621
Capital provision assets, Unrealized	512	10,528
Capital provision assets	$ 2,913	$ 27,149
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Asset freeze | Positive case milestone factor: | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	0.04	0.20
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Asset freeze | Positive case milestone factor: | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	0.04	0.20
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Asset freeze | Positive case milestone factor: | Discounted cash flow | Weighted average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	0.04	0.20
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Exhaustion of as-of-right appeals | Positive case milestone factor: | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, Cost		$ 34,318
Capital provision assets, Unrealized		61,828
Capital provision assets		$ 96,146
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Exhaustion of as-of-right appeals | Positive case milestone factor: | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input		0.80
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Exhaustion of as-of-right appeals | Positive case milestone factor: | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input		0.80
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Exhaustion of as-of-right appeals | Positive case milestone factor: | Discounted cash flow | Weighted average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input		0.80
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Exhaustion of all appeals | Positive case milestone factor: | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, Cost	$ 78,093	$ 76,872
Capital provision assets, Unrealized	66,664	66,039
Capital provision assets	$ 144,757	$ 142,911
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Exhaustion of all appeals | Positive case milestone factor: | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	1	1
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Exhaustion of all appeals | Positive case milestone factor: | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	1	1
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Exhaustion of all appeals | Positive case milestone factor: | Discounted cash flow | Weighted average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	1	1
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Settlement | Positive case milestone factor: | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, Cost	$ 1,911	$ 5,877
Capital provision assets, Unrealized	4,889	17,380
Capital provision assets	$ 6,800	$ 23,257
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Settlement | Positive case milestone factor: | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	0.40	0.40
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Settlement | Positive case milestone factor: | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	0.80	0.80
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Settlement | Positive case milestone factor: | Discounted cash flow | Weighted average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	0.60	0.49
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Portfolios with multiple factors | Positive case milestone factor: | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, Cost	$ 555,828	$ 498,296
Capital provision assets, Unrealized	424,005	405,078
Capital provision assets	$ 979,833	$ 903,374
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Portfolios with multiple factors | Positive case milestone factor: | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	0	0.01
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Portfolios with multiple factors | Positive case milestone factor: | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	1	1
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Portfolios with multiple factors | Positive case milestone factor: | Discounted cash flow | Weighted average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	0.23	0.22
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Portfolios with multiple factors | Negative case milestone factor: | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, Cost	$ 59,877	$ 29,636
Capital provision assets, Unrealized	(28,404)	(13,479)
Capital provision assets	$ 31,473	$ 16,157
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Portfolios with multiple factors | Negative case milestone factor: | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	(0.10)	(0.13)
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Portfolios with multiple factors | Negative case milestone factor: | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	(0.60)	(0.60)
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Portfolios with multiple factors | Negative case milestone factor: | Discounted cash flow | Weighted average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	(0.39)	(0.43)
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Other | Positive case milestone factor: | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, Cost	$ 307	$ 338
Capital provision assets, Unrealized	(165)	(171)
Capital provision assets	$ 142	$ 167
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Other | Positive case milestone factor: | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	1	1
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Other | Positive case milestone factor: | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	1	1
Single case, Portfolio, Joint ventures and equity method investments, Legal risk management, Core legal finance (BOF-C)(1), Financial liabilities relating to third party interests in capital provision assets | Other | Positive case milestone factor: | Discounted cash flow | Weighted average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Capital provision assets, measurement input	1	1
Lower risk legal finance (Advantage Fund)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets of consolidated investment companies	$ 189,288	$ 185,509
Lower risk legal finance (Advantage Fund) | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets of consolidated investment companies	189,288	185,509
Lower risk legal finance (Advantage Fund) | Discount rate | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets of consolidated investment companies, Cost	159,816	164,259
Assets of consolidated investment companies, Unrealized	29,472	21,250
Assets of consolidated investment companies	$ 189,288	$ 185,509
Lower risk legal finance (Advantage Fund) | Discount rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets of consolidated investment companies, measurement input	0.121	0.124
Lower risk legal finance (Advantage Fund) | Discount rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets of consolidated investment companies, measurement input	0.210	0.214
Lower risk legal finance (Advantage Fund) | Discount rate | Discounted cash flow | Weighted average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets of consolidated investment companies, measurement input	0.172	0.175
Lower risk legal finance (Advantage Fund) | Duration (years) | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets of consolidated investment companies, measurement input	0.2	1
Lower risk legal finance (Advantage Fund) | Duration (years) | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets of consolidated investment companies, measurement input	4	2.7
Lower risk legal finance (Advantage Fund) | Duration (years) | Discounted cash flow | Weighted average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets of consolidated investment companies, measurement input	1.3	1.9
Portfolio with equity risk, Core legal finance (BOF-C) | Discount rate | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets of consolidated investment companies, Cost	$ 45,741	$ 123,069
Assets of consolidated investment companies, Unrealized	30,556	44,285
Assets of consolidated investment companies	$ 76,297	$ 167,354
Portfolio with equity risk, Core legal finance (BOF-C) | Discount rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets of consolidated investment companies, measurement input	0.140	0.150
Portfolio with equity risk, Core legal finance (BOF-C) | Discount rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets of consolidated investment companies, measurement input	0.140	0.150
Portfolio with equity risk, Core legal finance (BOF-C) | Discount rate | Discounted cash flow | Weighted average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets of consolidated investment companies, measurement input	0.140	0.150
Portfolio with equity risk, Core legal finance (BOF-C) | Resolution timing (years) | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets of consolidated investment companies, measurement input	0.8	0.8
Portfolio with equity risk, Core legal finance (BOF-C) | Resolution timing (years) | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets of consolidated investment companies, measurement input	3.8	4.8
Portfolio with equity risk, Core legal finance (BOF-C) | Resolution timing (years) | Discounted cash flow | Weighted average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets of consolidated investment companies, measurement input	1.4	1.7
Portfolio with equity risk, Core legal finance (BOF-C) | Conversion ratio | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets of consolidated investment companies, measurement input	1	2.6
Portfolio with equity risk, Core legal finance (BOF-C) | Conversion ratio | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets of consolidated investment companies, measurement input	1	2.6
Portfolio with equity risk, Core legal finance (BOF-C) | Conversion ratio | Discounted cash flow | Weighted average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets of consolidated investment companies, measurement input	1	2.6

Fair value of assets and liab_6

Fair value of assets and liabilities - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) lawsuit litigation_type	Dec. 31, 2023 USD ($)
Fair Value Disclosures [Abstract]
Increase in income and net assets due to decrease in interest rate | $	$ 466.3	$ 458.7
Number of litigation events | lawsuit	70
Number of litigation types | litigation_type	5
Percentage of discrete objective litigation events	10%

Fair value of assets and liab_7

Fair value of assets and liabilities - Interest Rate Sensitivity of Level 3 Valuations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Increase in income and net assets due to decrease in interest rate	$ 466,300	$ 458,700
Interest rate 100bps
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Increase in interest rate (percent)	1%	1%
Decrease in income and net assets due to increase in interest rate	$ (153,241)	$ (161,110)
Decrease in interest rate (percent)	1%	1%
Increase in income and net assets due to decrease in interest rate	$ 159,169	$ 167,944
Interest rate 50bps
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Increase in interest rate (percent)	0.50%	0.50%
Decrease in income and net assets due to increase in interest rate	$ (77,644)	$ (81,745)
Decrease in interest rate (percent)	0.50%	0.50%
Increase in income and net assets due to decrease in interest rate	$ 78,514	$ 82,724

Fair value of assets and liab_8

Fair value of assets and liabilities - Expected Timing Sensitivity of Level 3 Valuations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
12 months duration
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Increase in expected timing of a favorable outcome	12 months	12 months
Decrease in consolidated income and net assets due to increase in expected timing of a favorable outcome	$ (396,845)	$ (363,901)
Decrease in expected timing of a favorable outcome	12 months	12 months
Increase in consolidated income and net assets due to decrease in expected timing of a favorable outcome	$ 405,926	$ 393,248
6 months duration
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Increase in expected timing of a favorable outcome	6 months	6 months
Decrease in consolidated income and net assets due to increase in expected timing of a favorable outcome	$ (200,908)	$ (188,718)
Decrease in expected timing of a favorable outcome	6 months	6 months
Increase in consolidated income and net assets due to decrease in expected timing of a favorable outcome	$ 196,721	$ 203,442

Variable interest entities - Na

Variable interest entities - Narrative (Details) - VIE primary beneficiary	12 Months Ended
	Dec. 31, 2024 USD ($) lawsuit	Dec. 31, 2023 USD ($)
Variable interest entities
Number of underlying litigation matters | lawsuit	2
Line of credit | $	$ 0	$ 0

Variable interest entities - As

Variable interest entities - Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Variable interest entities
Total assets	$ 6,175,025	$ 5,837,394
Total liabilities	2,918,190	2,629,614
VIE primary beneficiary
Variable interest entities
Total assets	1,833,592	1,865,344
Total liabilities	$ 8,711	$ 4,716

Variable interest entities - In

Variable interest entities - Income, Proceeds, Funding and Cash Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Variable interest entities
Total revenues	$ 546,087	$ 1,086,902	$ 319,227
Cash flows
Cash balance as of period end	469,930	220,549
VIE primary beneficiary
Variable interest entities
Total revenues	141,994	470,216	73,480
Cash flows
Proceeds	369,144	150,775	92,080
(Funding)	(170,358)	(304,348)	(291,046)
Cash balance as of period end	$ 30,828	$ 24,613	$ 32,966

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Unconsolidated Variable Interest Entities (Details) - VIE not primary beneficiary - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Variable interest entities
On-balance sheet exposure	$ 26,603	$ 22,426
Off-balance sheet exposure - undrawn commitments	4,788	2,768
Maximum exposure to loss	$ 31,391	$ 25,194

Joint ventures and equity met_3

Joint ventures and equity method investments - Fair Value of Interest in Joint Ventures and Equity Method Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Interest in joint ventures	$ 152,347	$ 172,958
Interest in equity method investments	$ 0	$ 468

Joint ventures and equity met_4

Joint ventures and equity method investments - Group's Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Commitments for joint ventures	$ 112,679	$ 139,753
Commitments for equity method investments	$ 15,248	$ 15,513

Shareholders' equity - Narrativ

Shareholders' equity - Narrative (Details)		1 Months Ended	12 Months Ended
	Feb. 28, 2025 $ / shares	Dec. 31, 2016 USD ($) shares	Dec. 31, 2024 USD ($) segment $ / shares shares	Dec. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares	May 15, 2024 shares	Jul. 05, 2023 shares
Shareholders' equity
Common stock voting rights | segment			1
Authorized repurchase amount (in shares)						21,864,608	21,895,721
Remaining authorized repurchase amount (in shares)			21,845,323
Dividend forfeiture period			12 years
Dividend (in dollars per share) | $ / shares			$ 12.50	$ 12.50	$ 12.50
Gain or loss recognized on purchase, sale, cancellation or issue of ordinary shares held in Burford Capital Employee Benefit Trust | $			$ 0
Subsequent events
Shareholders' equity
Dividend (in dollars per share) | $ / shares	$ 6.25
BCIM Holdings LLC
Shareholders' equity
Shares to be issued as consideration (in shares)		2,461,682
Threshold limit of performance fee income (more than) | $		$ 100,000,000

Shareholders' equity - Dividend

Shareholders' equity - Dividends (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Shareholders' equity
Dividend (in dollars per share)	$ 12.50	$ 12.50	$ 12.50
O 2024 H1 Dividends
Shareholders' equity
Dividend (in dollars per share)	6.25
O 2024 H2 Dividends
Shareholders' equity
Dividend (in dollars per share)	$ 6.25
O 2023 H1 Dividends
Shareholders' equity
Dividend (in dollars per share)		6.25
O 2023 H2 Dividends
Shareholders' equity
Dividend (in dollars per share)		$ 6.25
O 2022 H1 Dividends
Shareholders' equity
Dividend (in dollars per share)			6.25
O 2022 H2 Dividends
Shareholders' equity
Dividend (in dollars per share)			$ 6.25

Share-based and deferred comp_3

Share-based and deferred compensation - Narrative (Details) - USD ($) $ in Millions	12 Months Ended			108 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of outstanding maximum stock, maximum	10%
LTIP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares available for grant	13,800,000			13,800,000
LTIP | PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Performance period	3 years
LTIP | Share-based awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of awards issued	50%
Subject to clawback from vesting date period	5 years
RSUs issued and outstanding ratio				4.20%
Shares issued (in shares)				9,300,000
Weighted-average remaining contractual term	1 year 2 months 12 days	1 year 3 months 18 days
Compensation cost not yet recognized	$ 17	$ 15.4	$ 16.5	$ 17
NED Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares purchased (in shares)	19,285	17,403	23,066

Share-based and deferred comp_4

Share-based and deferred compensation - Summarized Activity Related to RSU Activity (Details) - Share-based awards - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of ordinary shares
Unvested share-based awards, beginning balance (in shares)	4,672
Granted (in shares)	1,077
Vested (in shares)	(1,684)
Forfeited (in shares)	(413)
Unvested share-based awards, ending balance (in shares)	3,652	4,672
Weighted-average grant date fair value per share
Unvested share-based awards, beginning balance (in dollars per share)	$ 8.09
Granted (in dollars per share)	14.34	$ 6.89	$ 8.90
Vested (in dollars per share)	8.66
Forfeited (in dollars per share)	8.49
Unvested share-based awards, ending balance (in dollars per share)	$ 9.61	$ 8.09
Aggregate grant date fair value	$ 15.4	$ 11.9	$ 12.2
Fair value of RSU vested during the years	$ 14.6	$ 6.9	$ 9.9

Share-based and deferred comp_5

Share-based and deferred compensation - Fair Value Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
PSUs | LTIP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend yield	0.82%	0.72%	0.72%
Expected volatility	25.35%	46.70%	52.90%
Risk-free interest rate	4.36%	3.67%	2.65%
Expected term (years)	3 years	3 years	3 years
Share-based awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average fair value per ordinary share (in dollars per share)	$ 14.34	$ 6.89	$ 8.90
Share-based awards | LTIP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average fair value per ordinary share (in dollars per share)	14.34	6.89	8.90
Share-based awards | LTIP | Weighted average
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average price per ordinary share (in dollars per share)	$ 15.05	$ 7.19	$ 9.37

Share-based and deferred comp_6

Share-based and deferred compensation - Deferred Compensation Plan (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based awards
Deferred Compensation Arrangement with Individual, Share-Based Payments [Line Items]
Granted (in shares)	1,077,000
Granted (in dollars per share)	$ 14.34	$ 6.89	$ 8.90
Deferred Compensation Plan
Deferred Compensation Arrangement with Individual, Share-Based Payments [Line Items]
Deferral period	3 years
Deferral service period	2 years
Granted (in shares)	127,193	77,281
Granted (in dollars per share)	$ 15.13	$ 13.14
Weighted-average remaining contractual term	7 months 6 days	9 months 18 days
Compensation cost not yet recognized	$ 1.5	$ 1
Deferred compensation outstanding liability	$ 24.4	$ 19.4
Deferred Compensation Plan | Share-based awards
Deferred Compensation Arrangement with Individual, Share-Based Payments [Line Items]
Deferral period	5 years

Earnings per ordinary share (De

Earnings per ordinary share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Potential ordinary shares excluded from diluted weighted average ordinary shares	358,199	17,631	88,330
Net income/(loss) attributable to Burford Capital Limited shareholders	$ 146,484	$ 610,522	$ 30,506
Net income/(loss) attributable to Burford Capital Limited shareholders per ordinary share:
Basic (in dollars per share)	$ 0.67	$ 2.79	$ 0.14
Diluted (in dollars per share)	$ 0.66	$ 2.74	$ 0.14
Weighted average ordinary shares outstanding
Basic (in shares)	219,231,837	218,865,816	218,757,232
Dilutive effect of share-based awards (in shares)	3,999,835	4,149,074	3,045,254
Diluted (in shares)	223,231,672	223,014,890	221,802,486

Financial commitments and con_3

Financial commitments and contingent liabilities - Maturity Profile (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases
2025	$ 3,011
2026	2,913
2027	1,862
2028	1,743
2029	1,751
Thereafter	4,137
No contractual maturity date	0
Total undiscounted cash flows	15,417
Lease present value adjustment	(596)
Lease liabilities	14,821	$ 15,853
Debt payable
2025	129,432
2026	219,258
2027	0
2028	400,000
2029	0
Thereafter	1,035,000
No contractual maturity date	0
Total debt and interest payable	1,783,690
Debt interest payable
2025	131,078
2026	123,150
2027	112,188
2028	99,688
2029	87,188
Thereafter	137,250
No contractual maturity date	0
Total undiscounted cash flows	690,542
Other liabilities
2025	83,822
2026	8,611
2027	4,761
2028	5,506
2029	804
Thereafter	1,657
No contractual maturity date	0
Total undiscounted cash flows	105,161
Long-term incentive compensation payable
2025	0
2026	0
2027	0
2028	0
2029	0
Thereafter	0
No contractual maturity date	217,552
Total undiscounted cash flows	217,552	183,134	$ 71,412
Financial liabilities relating to third-party interests in capital provision assets
2025	0
2026	0
2027	0
2028	0
2029	0
Thereafter	0
No contractual maturity date	747,053
Total undiscounted cash flows	$ 747,053	$ 704,196

Financial commitments and con_4

Financial commitments and contingent liabilities - Undrawn Commitments (Details) $ in Thousands	Dec. 31, 2024 £ / $	Dec. 31, 2024	Dec. 31, 2024 USD ($)	Dec. 31, 2023 £ / $	Dec. 31, 2023	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Exchange rate	1.2529	1.2529		1.2747	1.2747
Definitive			$ 962,808			$ 839,973
Discretionary			1,032,433			977,733
Legal risk (definitive)			41,318			55,583
Total capital provision undrawn commitments			$ 2,036,559			$ 1,873,289

Financial commitments and con_5

Financial commitments and contingent liabilities - Lease Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 2,678	$ 2,729	$ 2,280
Cash paid for amounts included in the measurement of operating lease liabilities	$ 2,564	$ 2,175	$ 2,384

Financial commitments and con_6

Financial commitments and contingent liabilities - Right-of-use Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Right-of-use assets	$ 12,796	$ 13,851
Lease liabilities	$ 14,821	$ 15,853
Weighted average remaining lease term (years)	6 years 8 months 12 days	7 years 9 months 18 days
Weighted average discount rate	6.60%	6.70%

Financial commitments and con_7

Financial commitments and contingent liabilities - Narrative (Details)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Remaining lease term	8 years
Maximum lease shortened term	3 years

Related party transactions (Det

Related party transactions (Details) - Related Party - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Fundings of joint ventures and equity method investments	$ 9,717	$ 9,285	$ 7,864
Proceeds from joint ventures and equity method investments	$ 7,164	$ 16,141	$ 5,917

Credit risk from financial in_2

Credit risk from financial instruments (Details) - Credit Concentration Risk - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Credit risk from financial instruments
Maximum credit exposure	$ 17.1	$ 17.8
Impairment	$ 0	$ 0	$ 0