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Burford Capital Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Strong business growth with portfolio activity and realizations exceeding targets needed to double the platform by 2030, supported by 61 assets generating proceeds year-to-date and a record-high rolling three-year realization level.
The YPF litigation remains a significant focus, with a $16.1 billion judgment against Argentina under appeal, but the broader business continues to perform well and is not dependent on this case.
Management and board emphasize prudent capital allocation, favoring business growth over share buybacks due to unpredictable cash flows and conservative leverage management.
Appointment of Bank of America as joint corporate broker, signaling further market maturity and leadership.
The business model remains resilient to economic cycles, with portfolio returns largely uncorrelated to market conditions.
Financial highlights
Deployments in the third quarter increased 61% year-over-year, with new definitive commitments up 52% to $637 million in YTD25 and $329 million deployed, up 20%.
Realizations reached $310 million year-to-date, with 61 assets realizing value, and rolling three-year realizations at their highest level ever.
GAAP consolidated net income was $(20) million in Q3 2025 and $122 million in YTD25; net income attributable to shareholders was $(19.2) million in Q3 2025 and $100.1 million in YTD25.
IRRs on concluded assets remain steady at 26%, and cumulative ROIC is 83%.
Book value per share was $11.41 and tangible book value per share was $10.80 as of September 30, 2025.
Outlook and guidance
Management remains confident in achieving the 2030 plan to double the business, citing strong organic and inorganic growth and robust realization activity.
The portfolio base (deployed cost plus commitments, ex-YPF) is up 15% in YTD25, exceeding the growth rate required for the 2030 goal.
Realizations are expected to remain robust, with more events, trials, and hearings scheduled in the next 12 months than the prior year.
The company anticipates maintaining its annual dividend of 12.5¢ per share, payable semi-annually.
Explain 3Q25 non-YPF unrealized losses drivers
Justify capital allocation favoring portfolio over buybacks
Why retain AIM listing despite ISL preference?
YPF Forum non conveniens risk assessment
Rationale for not pursuing a share buyback
Explain realization volume vs. gain numbers
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Next Burford Capital earnings date
Q4 20254 Mar, 2026
Next Burford Capital earnings date
Q4 20254 Mar, 2026
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Burford Capital Limited, together with its subsidiaries, provides investment capital, asset management, financing, and risk solutions for the legal sector in Guernsey and internationally. The company offers litigation finance investment products. It also offers portfolio management services.
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