Burford Reports $135 Million in Third-Quarter 2026 Revenue

The Tip Desk · November 11, 2026 · 2 min read

Total revenues were $135 million in the three months ended September 30, 2026, and the company said adjusted total revenues would have been well over $200 million absent a non-cash rise in market discount rates.

Burford Capital Limited (BUR), the global finance and asset management firm focused on law, reported total revenues of $135 million for the three months ended September 30, 2026, and said adjusted total revenues would have been well over $200 million if not for a non-cash increase in market discount rates.

Chief Executive Officer Christopher Bogart called it the company’s strongest quarter of the year, citing robust portfolio activity and good cash generation. Adjusted total revenues is a non-GAAP measure the company uses to assess Burford-only capital provision assets.

Bogart said Burford also achieved $100 million of de-leveraging and retired its nearest-term debt maturity. Cash on hand closed the quarter at more than a half-billion dollars; Burford had reported $733 million after the second quarter.

After the quarter ended, Burford brought in a further $64 million in cash from the resolution of a 2015 vintage matter, generating a 12x return on invested capital, the company said. Return on invested capital from a concluded asset is defined as realizations in excess of financing expenditure divided by that expenditure, expressed as a percentage.

In the second quarter, Bogart had said Burford generated more cash than any since the first quarter of 2025 and that July saw strong momentum in the portfolio, with $733 million of cash on hand. In the first quarter, he had described a multi-billion-dollar portfolio of litigation assets, more than $700 million of cash on hand, and sight of around $280 million in cash so far that year from the portfolio. He had also said a YPF loss caused a very large non-cash charge to quarterly earnings with no cash impact, and that even if YPF never paid another cent the firm would still have generated $236 million in cash proceeds and more than $100 million in profit from the case.

Burford’s businesses include litigation finance and risk management, asset recovery, and a wide range of legal finance and advisory activities. The company is publicly traded on the New York Stock Exchange and the London Stock Exchange.

The full detailed presentation of 3Q26 and year-to-date 2026 results is available on the company’s investor site. A conference call for investors and analysts was scheduled for 9:00 a.m. Eastern on November 4, 2026.