Burford Capital Ltd
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
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Segments
We have two reportable segments through which we provide legal finance products and services to our clients: (i) Principal Finance and (ii) Asset Management and Other Services.
Our Principal Finance segment funds capital to legal finance assets from our balance sheet, primarily as capital provision assets, and in limited scope through interests in private funds managed by us. These capital provision assets and private fund interests generate our capital provision income, which is the most significant driver of our total revenues.
Our Asset Management and Other Services segment manages legal finance assets on behalf of third-party investors, and we provide other services to the legal industry for both of which we receive fees. These fees are primarily reflected as asset management income, which is a secondary contributor to our total revenues. As of September 30, 2025, we operated eight private funds and three “sidecar” funds as an investment adviser registered with and regulated by the SEC.
The Asset Management and Other Services segment may also reflect the financial impact of new initiatives in the legal services space, including initial diligence and start-up costs, which may impact segment-level profitability.
Unaudited condensed statements of operations for the three and nine months ended September 30, 2025, as compared to the three and nine months ended September 30, 2024
The table below sets forth the components of our income/(loss) before income taxes by segment for the periods indicated.
| Reconciliation | |||||
|---|---|---|---|---|---|
| ($ in thousands) | Principal Finance | Asset Management and Other Services | Total segments (Burford-only) | Reconciling items(1) | Consolidated |
| Total revenues | $68,741 | $(48) | $68,693 | $1,110 | $69,803 |
| Total operating expenses | 35,093 | 7,632 | 42,725 | 2,291 | 45,016 |
| Total other expenses | 41,401 | (52) | 41,349 | (67) | 41,282 |
| Income/(loss) before income taxes | (7,753) | (7,628) | (15,381) | (1,114) | (16,495) |
| Total revenues | 212,949 | 13,084 | 226,033 | 23,081 | 249,114 |
| Total operating expenses | 39,180 | 6,831 | 46,011 | 882 | 46,893 |
| Total other expenses | 32,911 | — | 32,911 | (22) | 32,889 |
| Income/(loss) before income taxes | 140,858 | 6,253 | 147,111 | 22,221 | 169,332 |
| Change | |||||
| Total revenues | (144,208) | (13,132) | (157,340) | (21,971) | (179,311) |
| Total operating expenses | (4,087) | 801 | (3,286) | 1,409 | (1,877) |
| Total other expenses | 8,490 | (52) | 8,438 | (45) | 8,393 |
| Income/(loss) before income taxes | (148,611) | (13,881) | (162,492) | (23,335) | (185,827) |
| 1. Reconciling items include the proportional operating results that are attributable to third-party limited partners and minority investors in consolidated entities, including BOF-C, the Advantage Fund, Colorado, the EP Funds and other entities. | |||||
The decrease in capital provision income, arising from lower fair value adjustments due to the relative movement of discount rates, was the main driver of the decrease in income before income taxes for the three months ended September 30, 2025, compared to the three months ended September 30, 2024 on both consolidated and total segments (Burford-only) bases.
The table below sets forth the components of our income/(loss) before income taxes by segment for the periods indicated.
| Reconciliation | |||||
|---|---|---|---|---|---|
| ($ in thousands) | Principal Finance | Asset Management and Other Services | Total segments (Burford-only) | Reconciling items(1) | Consolidated |
| Total revenues | $330,343 | $21,148 | $351,491 | $28,457 | $379,948 |
| Total operating expenses | 105,431 | 22,929 | 128,360 | 6,822 | 135,182 |
| Total other expenses | 107,177 | (52) | 107,125 | (89) | 107,036 |
| Income/(loss) before income taxes | 117,735 | (1,729) | 116,006 | 21,724 | 137,730 |
| Total revenues | 362,910 | 31,778 | 394,688 | 58,374 | 453,062 |
| Total operating expenses | 94,514 | 18,463 | 112,977 | 2,205 | 115,182 |
| Total other expenses | 100,498 | — | 100,498 | (17) | 100,481 |
| Income/(loss) before income taxes | 167,898 | 13,315 | 181,213 | 56,186 | 237,399 |
| Change | |||||
| Total revenues | (32,567) | (10,630) | (43,197) | (29,917) | (73,114) |
| Total operating expenses | 10,917 | 4,466 | 15,383 | 4,617 | 20,000 |
| Total other expenses | 6,679 | (52) | 6,627 | (72) | 6,555 |
| Income/(loss) before income taxes | (50,163) | (15,044) | (65,207) | (34,462) | (99,669) |
| 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 Advantage Fund, Colorado, the EP Funds and other entities. | |||||
The decrease in capital provision income, arising from lower net realized gains, was the main driver of the decrease in income before income taxes for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024 on both consolidated and total segments (Burford-only) bases.
An increase in operating expenses, for both consolidated and total segments (Burford-only), further contributed to the decrease in income before income taxes. In each case, the increase in operating expenses was primarily due to higher share-based and deferred compensation costs and higher case-related expenditures ineligible for inclusion in asset cost, partially offset by lower fair value driven compensation-related accruals.
An increase in other expenses, for both consolidated and total segments (Burford-only), also contributed to the decrease in income before income taxes. In each case, the increase in other expenses was primarily due to higher interest expense related to the issuance of the 2033 Notes during the three months ended September 30, 2025. The net result was $137.7 million and $116.0 million in income before income taxes for the nine months ended September 30, 2025, on a consolidated and total segments (Burford-only) bases, respectively.
For the period-over-period discussion of each of the reportable segments, refer to the specific segment sections further below.
The table below sets forth the components of our operating expenses by consolidated and total segments (Burford-only) for the periods indicated.
| Reconciliation | |||
|---|---|---|---|
| ($ in thousands) | Total segments (Burford-only) | Reconciling items(1) | Consolidated |
| Compensation and benefits | |||
| Salaries and benefits | $11,215 | $— | $11,215 |
| Annual incentive compensation | 5,091 | — | 5,091 |
| Share-based and deferred compensation | 6,922 | — | 6,922 |
| Long-term incentive compensation including accruals | 7,468 | — | 7,468 |
| General, administrative and other | 10,443 | 84 | 10,527 |
| Case-related expenditures ineligible for inclusion in asset cost | 1,586 | 2,207 | 3,793 |
| Total operating expenses | 42,725 | 2,291 | 45,016 |
| Compensation and benefits | |||
| Salaries and benefits | 10,194 | — | 10,194 |
| Annual incentive compensation | 4,792 | — | 4,792 |
| Share-based and deferred compensation | 3,083 | — | 3,083 |
| Long-term incentive compensation including accruals | 18,559 | — | 18,559 |
| General, administrative and other | 9,203 | 127 | 9,330 |
| Case-related expenditures ineligible for inclusion in asset cost | 180 | 755 | 935 |
| Total operating expenses | 46,011 | 882 | 46,893 |
| Change | |||
| Compensation and benefits | |||
| Salaries and benefits | 1,021 | — | 1,021 |
| Annual incentive compensation | 299 | — | 299 |
| Share-based and deferred compensation | 3,839 | — | 3,839 |
| Long-term incentive compensation including accruals | (11,091) | — | (11,091) |
| General, administrative and other | 1,240 | (43) | 1,197 |
| Case-related expenditures ineligible for inclusion in asset cost | 1,406 | 1,452 | 2,858 |
| Total operating expenses | (3,286) | 1,409 | (1,877) |
| 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 Advantage Fund, Colorado, the EP Funds and other entities. | |||
Total operating expenses, for the three months ended September 30, 2025, decreased $1.9 million on a consolidated basis and $3.3 million on a total segments (Burford-only) basis. In each case, the decrease in total operating expenses was primarily due to lower fair value driven compensation-related accruals, mainly related to lower capital provision income in 2025 as compared to 2024. The decrease in total operating expenses was, in each case, partially offset by higher share-based and deferred compensation costs and higher case-related expenditures ineligible for inclusion in asset cost mainly related to the consolidation of the EP Funds. The higher share-based and deferred compensation costs were primarily attributable to an increase in deferred compensation expense due to the expense acceleration of awards to staff who have met the service conditions of the awards, partially offset by the decrease in the price of Burford shares.
The table below sets forth the components of our operating expenses by consolidated and total segments (Burford-only) for the periods indicated.
| Reconciliation | |||
|---|---|---|---|
| ($ in thousands) | Total segments (Burford-only) | Reconciling items(1) | Consolidated |
| Compensation and benefits | |||
| Salaries and benefits | $35,359 | $— | $35,359 |
| Annual incentive compensation | 14,410 | — | 14,410 |
| Share-based and deferred compensation | 16,986 | — | 16,986 |
| Long-term incentive compensation including accruals | 27,208 | — | 27,208 |
| General, administrative and other | 28,229 | 300 | 28,529 |
| Case-related expenditures ineligible for inclusion in asset cost | 6,168 | 6,522 | 12,690 |
| Total operating expenses | 128,360 | 6,822 | 135,182 |
| Compensation and benefits | |||
| Salaries and benefits | 32,760 | — | 32,760 |
| Annual incentive compensation | 14,503 | — | 14,503 |
| Share-based and deferred compensation | 7,150 | — | 7,150 |
| Long-term incentive compensation including accruals | 33,213 | — | 33,213 |
| General, administrative and other | 23,950 | 572 | 24,522 |
| Case-related expenditures ineligible for inclusion in asset cost | 1,401 | 1,633 | 3,034 |
| Total operating expenses | 112,977 | 2,205 | 115,182 |
| Change | |||
| Compensation and benefits | |||
| Salaries and benefits | 2,599 | — | 2,599 |
| Annual incentive compensation | (93) | — | (93) |
| Share-based and deferred compensation | 9,836 | — | 9,836 |
| Long-term incentive compensation including accruals | (6,005) | — | (6,005) |
| General, administrative and other | 4,279 | (272) | 4,007 |
| Case-related expenditures ineligible for inclusion in asset cost | 4,767 | 4,889 | 9,656 |
| Total operating expenses | 15,383 | 4,617 | 20,000 |
| 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 Advantage Fund, Colorado, the EP Funds and other entities. | |||
Total operating expenses, for the nine months ended September 30, 2025, increased $20.0 million on a consolidated basis and $15.4 million on a total segments (Burford-only) basis. In each case, the increase in total operating expenses was driven mainly by higher share-based and deferred compensation costs, primarily attributable to an increase in deferred compensation expense due to the expense acceleration of awards to staff who have met the service conditions of the awards, partially offset by the decrease in the price of Burford shares. The increase in total operating expenses was also driven by higher case-related expenditures ineligible for inclusion in asset cost related to the consolidation of the EP Funds, partially offset by lower fair value driven compensation-related accruals, mainly due to a decrease in capital provision income.
Unaudited condensed statements of financial condition as of September 30, 2025, as compared to December 31, 2024
The table below sets forth the components of our unaudited condensed consolidated statements of financial condition by segment as of the dates indicated.
| Reconciliation | |||||
|---|---|---|---|---|---|
| ($ in thousands) | Principal Finance | Asset Management and Other Services | Total segments (Burford-only) | Reconciling items(1) | Consolidated |
| Cash and cash equivalents and marketable securities | $727,154 | $12,899 | $740,053 | $16,682 | $756,735 |
| Other assets | $24,642 | $171,102 | $195,744 | $(116,849) | $78,895 |
| Due from settlement of capital provision assets | $96,760 | $— | $96,760 | $— | $96,760 |
| Capital provision assets | $3,902,667 | $— | $3,902,667 | $1,712,638 | $5,615,305 |
| Total assets | $4,862,940 | $210,026 | $5,072,966 | $1,612,471 | $6,685,437 |
| 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 |
| Change | |||||
| Cash and cash equivalents and marketable securities | $219,123 | $249 | $219,372 | $(11,587) | $207,785 |
| Other assets | $931 | $19,332 | $20,263 | $(2,374) | $17,889 |
| Due from settlement of capital provision assets | $(86,891) | $— | $(86,891) | $(207) | $(87,098) |
| Capital provision assets | $331,443 | $— | $331,443 | $39,945 | $371,388 |
| Total assets | $464,986 | $19,649 | $484,635 | $25,777 | $510,412 |
| 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 Advantage Fund, Colorado, the EP Funds and other entities. | |||||
Total assets, as of September 30, 2025, increased $510.4 million on a consolidated basis and increased $484.6 million on a total segments (Burford-only) basis. In each case, the increase in total assets is mainly attributable to an increase in capital provision assets and by increases in cash and cash equivalents and marketable securities, partially offset by a decrease in due from settlement of capital provision assets. See “—Unaudited condensed consolidated statements of financial condition as of September 30, 2025 as compared to December 31, 2024” above for additional information on the components of our unaudited condensed consolidated statements of financial condition. For the period-over-period discussion of each of the reportable segments, refer to the specific segment sections further below.
Group-wide portfolio
Group-wide portfolio refers to the totality of assets managed by us, which includes assets financed by our balance sheet through our Principal Finance segment and assets financed by third-party capital through our Asset Management and Other Services segment. The table below sets forth the components of our portfolio by segment as of the dates indicated.
| ($ in thousands) | September 30, 2025 | December 31, 2024 | Change | % change |
|---|---|---|---|---|
| Capital provision assets - Principal Finance segment | ||||
| Fair value | $3,902,667 | $3,571,224 | $331,443 | 9% |
| Undrawn commitments | 1,701,559 | 1,632,856 | 68,703 | 4% |
| Total portfolio value - Principal Finance segment | 5,604,226 | 5,204,080 | 400,146 | 8% |
| Capital provision assets (funded by third parties) - Asset Management and Other Services segment | ||||
| Fair value | 1,218,184 | 1,353,893 | (135,709) | (10)% |
| Undrawn commitments | 431,278 | 491,186 | (59,908) | (12)% |
| Total | 1,649,462 | 1,845,079 | (195,617) | (11)% |
| Post-settlement | ||||
| Fair value | 202,797 | 272,424 | (69,627) | (26)% |
| Undrawn commitments | 27,501 | 67,961 | (40,460) | (60)% |
| Total | 230,298 | 340,385 | (110,087) | (32)% |
| Total portfolio value - Asset Management and Other Services segment | 1,879,760 | 2,185,464 | (305,704) | (14)% |
| Capital provision assets - group-wide portfolio | ||||
| Fair value | 5,323,648 | 5,197,541 | 126,107 | 2% |
| Undrawn commitments | 2,160,338 | 2,192,003 | (31,665) | (1)% |
| Total group-wide portfolio | 7,483,986 | 7,389,544 | 94,442 | 1.3% |
For the period-over-period discussion of each of the reportable segments, refer to the specific segment sections further below.
Group-wide new commitments
New commitments reflect new contractual financing agreements, which are inflows to the portfolio, and serve as one indicator for new business activity. When referring to new commitments for our combined business segments, we use the term “group-wide”, as opposed to total segments (Burford-only) which we use for our financial results, due to the third-party nature of the capital in our asset management business. The table below sets forth the components of our group-wide new commitments of capital provision assets by segment for the periods indicated.
| Three months ended September 30, | Nine months ended September 30, | |||||||
|---|---|---|---|---|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | Change | % change | 2025 | 2024 | Change | % change |
| Principal Finance segment (Burford-only) | $114,545 | $100,861 | $13,684 | 14% | $515,119 | $443,451 | $71,668 | 16% |
| Asset Management and Other Services segment (funded by third-parties) | 25,543 | 31,627 | (6,084) | (19)% | 62,245 | 143,888 | (81,643) | (57)% |
| Group-wide new commitments | 140,088 | 132,488 | 7,600 | 6% | 577,364 | 587,339 | (9,975) | (2)% |
Principal Finance segment
Our Principal Finance segment allocates capital to legal finance assets from Burford’s balance sheet, primarily as capital provision assets, and in limited scope through interests in private funds managed by Burford. These capital provision assets and private fund interests generate capital provision income, which is the most significant driver of our total revenues.
Given the direct balance sheet exposure in our Principal Finance segment, we generate capital provision income directly from the gross returns of the portfolio, which are driven by the outcomes of litigation and related legal activity. Recognition of capital provision income is based on our fair value methodology, see note 2 (Summary of significant accounting policies) to our unaudited condensed consolidated financial statements contained in this Form 10-Q, for each asset in the portfolio, which we apply quarterly, and the resulting change in fair value across the Principal Finance segment portfolio.
Unaudited condensed statements of operations for the three and nine months ended September 30, 2025 as compared to the three and nine months ended September 30, 2024
The table below sets forth the components of our income/(loss) before income taxes for our Principal Finance segment for the periods indicated.
| Principal Finance segment | Three months ended September 30, | Nine months ended September 30, | ||||||
|---|---|---|---|---|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | Change | % change | 2025 | 2024 | Change | % change |
| Capital provision income/(loss) | $62,060 | $204,961 | $(142,901) | (70)% | $308,420 | $342,224 | $(33,804) | (10)% |
| Marketable securities income/(loss) and interest | 6,681 | 7,988 | (1,307) | (16)% | 21,923 | 20,686 | 1,237 | 6% |
| Total revenues | 68,741 | 212,949 | (144,208) | (68)% | 330,343 | 362,910 | (32,567) | (9)% |
| Compensation and benefits | 24,930 | 31,457 | (6,527) | (21)% | 76,077 | 73,481 | 2,596 | 4% |
| General, administrative and other | 8,578 | 7,543 | 1,035 | 14% | 23,186 | 19,632 | 3,554 | 18% |
| Case-related expenditures ineligible for inclusion in asset cost | 1,586 | 180 | 1,406 | NM | 6,168 | 1,401 | 4,767 | 340% |
| Total operating expenses | 35,093 | 39,180 | (4,087) | (10)% | 105,431 | 94,514 | 10,917 | 12% |
| Finance costs | 41,549 | 34,399 | 7,150 | 21% | 109,408 | 101,432 | 7,976 | 8% |
| Foreign currency transactions (gains)/losses and other expenses | (148) | (1,488) | 1,340 | (90)% | (2,231) | (934) | (1,297) | 139% |
| Total other expenses | 41,401 | 32,911 | 8,490 | 26% | 107,177 | 100,498 | 6,679 | 7% |
| Income/(loss) before income taxes | (7,753) | 140,858 | (148,611) | NM | 117,735 | 167,898 | (50,163) | (30)% |
Total revenues decreased 68% for the three months ended September 30, 2025, mainly due to a decrease in capital provision income, which was primarily driven by lower fair value adjustments.
Total operating expenses decreased 10% for the three months ended September 30, 2025, primarily due to lower fair value driven compensation-related accruals as a result of lower capital provision income in 2025 as compared to 2024.
Total other expenses increased 26% for the three months ended September 30, 2025, primarily due to higher interest expense related to the issuance of the 2033 Notes during the three months ended September 30, 2025.
As a result of the factors described above, income/(loss) before income taxes decreased for the three months ended September 30, 2025.
Total revenues decreased 9% for the nine months ended September 30, 2025, mainly due to decrease in capital provision income, arising from lower net realized gains.
Total operating expenses increased 12% for the nine months ended September 30, 2025, driven primarily by higher case-related expenditures ineligible for inclusion in asset cost, related to the consolidation of the EP Funds.
Total other expenses increased 7% for the nine months ended September 30, 2025, primarily due to higher interest expense related to the issuance of the 2033 Notes during the three months ended September 30, 2025.
As a result of the factors described above, income/(loss) before income taxes decreased 30% for the nine months ended September 30, 2025.
Gains from capital provision asset portfolio
The table below sets forth the components of our total capital provision income for the periods indicated.
| Principal Finance segment | Three months ended September 30, | Nine months ended September 30, | ||||||
|---|---|---|---|---|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | Change | % change | 2025 | 2024 | Change | % change |
| Net realized gains/(losses) | $31,939 | $56,490 | $(24,551) | (43)% | $93,115 | $185,537 | $(92,422) | (50)% |
| Fair value adjustment during the period, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses) | 23,943 | 144,719 | (120,776) | (83)% | 191,347 | 154,494 | 36,853 | 24% |
| Foreign exchange gains/(losses) | 1,990 | 91 | 1,899 | NM | 17,220 | (4,039) | 21,259 | NM |
| Other | 4,188 | 3,661 | 527 | 14% | 6,738 | 6,232 | 506 | 8% |
| Total capital provision income | 62,060 | 204,961 | (142,901) | (70)% | 308,420 | 342,224 | (33,804) | (10)% |
Realized gains
Net realized gains on capital provision assets decreased 43% for the three months ended September 30, 2025, which were comprised of $49.5 million in gross realized gains, offset by $17.6 million in gross realized losses. For the three months ended September 30, 2024, net realized gains on capital provision assets were comprised of $61.3 million in gross realized gains, offset by $4.8 million in gross realized losses. While there was more case activity in 2025 as compared to 2024, we did not have a large realized gain in 2025 of the size we experienced in 2024 which thus impacted our net realized gains. As a percentage of average capital provision assets at cost during the three months ended September 30, 2025, gross realized losses were 3.8% (annualized) as compared to 2.8% for the year ended December 31, 2024.
Net realized gains on capital provision assets decreased 50% for the nine months ended September 30, 2025, which were comprised of $130.3 million in gross realized gains, offset by $37.2 million in gross realized losses. For the nine months ended September 30, 2024, net realized gains on capital provision assets were comprised of $213.0 million in gross realized gains, offset by $27.5 million in gross realized losses. While there was more case activity in 2025 as compared to 2024, we had two large realized gains in 2024 that we did not experience in 2025 which thus impacted our net realized gains. As a percentage of average capital provision assets at cost during the nine months ended September 30, 2025, gross realized losses were 2.8% (annualized) as compared to 2.8% for the year ended December 31, 2024.
Unrealized gains
Unrealized gains consist of fair value adjustments during the period, which may be offset by the transfer of unrealized gains/(losses) to realized gains/(losses) upon realization of an asset. Fair value adjustments, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses), on capital provision assets decreased to $23.9 million for the three months ended September 30, 2025, with the relative movement in discount rates and passage of time having the largest impacts on the change period over period. No single asset had a significant impact on the results relating to other input changes. Fair value adjustments, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses), on capital provision assets increased to $191.3 million for the nine months ended September 30, 2025, mainly due to the impact of the Turnover Order.
See“—Unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2025 as compared to the three and nine months ended September 30, 2024—Revenues—Capital provision income/(loss)” above for additional information with respect to the year-over-year change of fair value adjustment, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses).
Unaudited condensed statements of financial condition as of September 30, 2025, as compared to September 30, 2024
The table below sets forth the components of our unaudited condensed consolidated statements of financial condition for our Principal Finance segment as of the dates indicated.
| Principal Finance segment | ||||
|---|---|---|---|---|
| ($ in thousands) | September 30, 2025 | December 31, 2024 | Change | % change |
| Cash and cash equivalents and marketable securities | $727,154 | $508,031 | $219,123 | 43% |
| Due from settlement of capital provision assets | 96,760 | 183,651 | (86,891) | (47)% |
| Capital provision assets | 3,902,667 | 3,571,224 | 331,443 | 9% |
| Total assets | 4,862,940 | 4,397,954 | 464,986 | 11% |
Total assets increased 11% as of September 30, 2025, due to an increase in capital provision assets and increases in cash and cash equivalents and marketable securities, partially offset by a decrease in due from settlement of capital provision assets. See“—Unaudited condensed consolidated statements of financial condition as of September 30, 2025 as compared to December 31, 2024”above for additional information.
Portfolio value – Principal Finance segment
The table below sets forth the components of our portfolio for our Principal Finance segment as of the dates indicated.
| Principal Finance segment | ||||
|---|---|---|---|---|
| ($ in thousands) | September 30, 2025 | December 31, 2024 | Change | % change |
| Capital provision assets | ||||
| Fair value | $3,902,667 | $3,571,224 | $331,443 | 9% |
| Undrawn commitments | 1,701,559 | 1,632,856 | 68,703 | 4% |
| Total portfolio | 5,604,226 | 5,204,080 | 400,146 | 8% |
Total portfolio increased 8% as of September 30, 2025, driven by increases in fair value of capital provision assets resulting from greater financing and unrealized gains in 2025 plus an increase in undrawn commitments due to new commitments added in the same period. Capital provision assets include our investment in the Advantage Fund which makes up less than 1% of the total portfolio as of September 30, 2025.
The table below sets forth our deployments and realizations for our Principal Finance segment for the periods indicated.
| Principal Finance segment | Three months ended September 30, | Nine months ended September 30, | ||||||
|---|---|---|---|---|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | Change | % change | 2025 | 2024 | Change | % change |
| Deployments | $118,624 | $73,703 | $44,921 | 61% | $323,721 | $270,494 | $53,227 | 20% |
| Realizations | 82,456 | 162,980 | (80,524) | (49)% | 300,974 | 391,230 | (90,256) | (23)% |
The table below sets forth our deployments and realizations, for the periods indicated, adjusted primarily to (i) include case-related expenditures ineligible for inclusion in asset cost for our deployments and (ii) include (a) realizations arising from income on due from settlement of capital provision assets and (b) in cases where our interest is held through a private fund, adjust to reflect realizations based on the timing of occurrence with the capital provision asset and not when distributed out by the private fund for our realizations. See“—Reconciliations—Deployments reconciliations” and “—Reconciliations—Realizations reconciliations” for additional information with respect to the difference between the Principal Finance segment and the Burford-only basis tables.
| Adjusted Burford-only | Three months ended September 30, | Nine months ended September 30, | ||||||
|---|---|---|---|---|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | Change | % change | 2025 | 2024 | Change | % change |
| Deployments | $118,732 | $73,840 | $44,892 | 61% | $329,419 | $274,454 | $54,965 | 20% |
| Realizations | 85,288 | 168,416 | (83,128) | (49)% | 310,322 | 387,699 | (77,377) | (20)% |
For both the Principal Finance segment and the adjusted Burford-only basis, total deployments increased by 61% for the three months ended September 30, 2025. The increase in deployments for both the Principal Finance segment and the adjusted Burford-only basis was primarily from $35.3 million of monetizations related to three deals.
For both the Principal Finance segment and the adjusted Burford-only basis, total deployments increased by 20% for the nine months ended September 30, 2025. The increase in deployments for both the Principal Finance segment and the adjusted Burford-only basis was primarily from more than $100.0 million of monetizations related to five deals.
We count each of our contractual relationships as an “asset”, although many such relationships are composed of multiple underlying litigation matters that are often cross collateralized rather than reliant on the performance of a single matter. As of September 30, 2025, our Principal Finance portfolio consisted of 236 assets funded directly by our balance sheet and six additional assets held through the Advantage Fund. As of December 31, 2024, our Principal Finance portfolio consisted of 227 assets funded directly by our balance sheet and nine additional assets held through the Advantage Fund.
For both the Principal Finance segment and the adjusted Burford-only basis, total realizations decreased by 49% for the three months ended September 30, 2025. Total realizations decreased by 23% for the Principal Finance segment and by 20% for the adjusted Burford-only basis for the nine months ended September 30, 2025. The decrease in realizations was primarily due to a single large asset generating $114.5 million on both the Principal Finance segment and the adjusted Burford-only basis ($181.0 million in realizations on a Group-wide basis) in 2024 that was not replicated at such volume in 2025. Realization volumes can be quite variable on a quarter-to-quarter comparison.
Undrawn commitments – Principal Finance segment
The table below sets forth the components of our total capital provision undrawn commitments for our Principal Finance segment as of the dates indicated.
| Principal Finance segment | ||||
|---|---|---|---|---|
| ($ in thousands) | September 30, 2025 | December 31, 2024 | Change | % change |
| Definitive | $1,029,478 | $773,673 | $255,805 | 33% |
| Discretionary | 625,073 | 817,865 | (192,792) | (24)% |
| Legal risk (definitive) | 47,008 | 41,318 | 5,690 | 14% |
| Total capital provision undrawn commitments | 1,701,559 | 1,632,856 | 68,703 | 4% |
As of September 30, 2025, approximately 63% of our legal finance undrawn commitments related to definitive commitments and approximately 37% related to discretionary, as compared to 50% and 50%, respectively as of December 31, 2024. The period-over-period increase in undrawn commitments is due to new definitive commitments added during the nine months ended September 30, 2025, partially offset by the cancellation of unfunded discretionary commitments related to a single asset in the same period.
Portfolio tenor
The timing of realizations is difficult to forecast and is rarely in our control. The reality of litigation is that most cases settle and pay proceeds in a relatively short period of time, and a minority of cases go on to adjudication, which takes longer. Adjudication timing is subject to a myriad of factors, including delaying tactics by litigation opponents and court dockets and schedules, and the Covid-19 pandemic added to this uncertainty. However, we are now seeing the impacts from the Covid-19 pandemic subsiding. We believe that the impact of the Covid-19 pandemic delaying trial dates also caused a delay in settlement timing, as an impending trial often can be a catalyst for a settlement. We do not believe there is a correlation between asset life and asset quality and endeavor to structure our asset pricing to compensate us if assets take longer to resolve.
We provide extensive data about the WAL of our concluded portfolio, although this data may not be predictive of the ultimate WAL of our existing portfolio. The WAL of our concluded portfolio may lengthen over time if the longer-tenor assets in our existing portfolio account for a greater share of future concluded cases. Conversely, if our larger, more recently originated cases conclude relatively quickly, the WAL of our concluded portfolio could decrease.
In calculating the WAL of our portfolio, we compute a weighted average of the WALs of individual assets. On that basis, we assess the weighted average lives (beginning at the point of average deployment) of the concluded portfolio, weighted both by deployed cost and realizations. Weighting by deployed cost provides a view on how long on average a dollar of capital is deployed, while weighting by realizations provides a view on how long on average it takes to recover a dollar of return.
The WALs of the 270 concluded assets as of September 30, 2025 was relatively flat as compared to the WALs of the 248 concluded assets as of December 31, 2024. The table below sets forth the WALs, weighted by deployed cost and realizations, of the concluded assets, excluding the impact of our interest in private funds, as of the dates indicated.
| (in years) | September 30, 2025 | December 31, 2024 |
|---|---|---|
| WAL weighted by deployed cost | 2.4 | 2.5 |
| WAL weighted by realizations | 2.6 | 2.6 |
The age of our ongoing portfolio is reflected in the WAL of active deployed capital in the table below. Although we provide information for our portfolio by vintage years, the deployed costs for each vintage are generally financed across multiple years and the WAL of active deployed capital calculates the length of time our deployments have been outstanding based on the date when capital was deployed.
| (in years) | September 30, 2025 | December 31, 2024 |
|---|---|---|
| WAL of active deployed capital | 3.3 | 3.1 |
Returns on concluded portfolio
The table below sets forth our ROIC, IRR and cumulative realizations on concluded and partially concluded assets in our capital provision portfolio, excluding balance sheet allocations through private funds, as of the dates indicated since inception on a Burford-only basis.
| ($ in thousands) | September 30, 2025 | December 31, 2024 |
|---|---|---|
| ROIC | 83% | 87% |
| IRR | 26% | 26% |
| Cumulative realizations | $3,623,369 | $3,331,356 |
Our ROIC declined from 87% as of December 31, 2024 to 83% as of September 30, 2025 because we had a fast resolution in one large matter that originated in the 2024 vintage and resolved within eight months—we generated $93.8 million of realizations and $18.8 million in realized gains, amounting to a 40% IRR. The speed of the resolution meant that our nominal returns were lower (25% ROIC), causing a reduction in our overall cumulative ROIC (83% ROIC). Our total returns from this matter were higher than expressed here given the participation of other pools of capital outside the Principal Finance portfolio.
As our older vintages conclude, we may see IRR decrease slightly as the impact from the Covid-19 pandemic caused delays in settlement timing. In addition to legal finance assets funded directly through our balance sheet, our Principal Finance segment also selectively allocates balance sheet capital through interests in select private funds, which tend to target a lower overall risk return profile.
We do not consider cases to be concluded (and therefore part of these return metrics on our concluded portfolio) until there is no longer any litigation risk remaining. Return metrics on our concluded portfolio do not include fair value adjustments, either positive or negative. As a result, these return figures do not include the positive or negative impact of developments on matters while they remain pending.
The table below sets forth the deployments by vintage for the periods indicated.
| Three months ended September 30, | Nine months ended September 30, | |||
|---|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | 2025 | 2024 |
| 2009 vintage(1) | $— | $— | $— | $— |
| 2010 vintage | 94 | 83 | 205 | 1,404 |
| 2011 vintage | — | — | — | — |
| 2012 vintage(1) | — | — | — | — |
| 2013 vintage | — | — | — | — |
| 2014 vintage | — | 180 | 240 | 660 |
| 2015 vintage | 5,873 | 3,791 | 10,346 | 11,793 |
| 2016 vintage | 552 | 4,298 | 41,435 | 7,354 |
| 2017 vintage | 958 | 657 | 2,254 | 5,095 |
| 2018 vintage | 1,667 | 959 | 9,578 | 7,686 |
| 2019 vintage | 6,729 | 3,857 | 14,251 | 11,007 |
| 2020 vintage | 2,025 | 1,937 | 8,390 | 6,801 |
| 2021 vintage | 3,642 | 7,769 | 17,818 | 22,596 |
| 2022 vintage | 10,224 | 11,956 | 33,452 | 32,204 |
| 2023 vintage | 8,250 | 10,994 | 25,486 | 48,400 |
| 2024 vintage | 23,838 | 25,796 | 66,447 | 108,103 |
| 2025 vintage | 54,789 | — | 99,268 | — |
| Total deployments | 118,641 | 72,277 | 329,171 | 263,103 |
| 1. As of the date of this Form 10-Q, all assets within this vintage have fully concluded and, as a result, no further activity is expected to occur. | ||||
Total capital provision asset deployments were $118.6 million during the three months ended September 30, 2025. Of the total capital deployed during 2025, 15% was related to the vintage year 2020 and earlier vintage years.
Total capital provision asset deployments were $329.2 million during the nine months ended September 30, 2025. Of the total capital deployed during 2025, 26% was related to the vintage year 2020 and earlier vintage years.
The table below sets forth the realizations by vintage for the periods indicated.
| Three months ended September 30, | Nine months ended September 30, | |||
|---|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | 2025 | 2024 |
| 2009 vintage(1) | $— | $— | $— | $— |
| 2010 vintage | — | — | — | — |
| 2011 vintage | — | — | — | — |
| 2012 vintage(1) | — | — | — | — |
| 2013 vintage | — | — | 107 | 230 |
| 2014 vintage | — | — | 49 | — |
| 2015 vintage | 329 | 11 | 6,282 | 1,711 |
| 2016 vintage | — | — | — | — |
| 2017 vintage | 2,726 | 12,131 | 16,984 | 24,092 |
| 2018 vintage | 2,922 | 12,451 | 5,613 | 52,246 |
| 2019 vintage | 5,128 | 640 | 10,601 | 47,483 |
| 2020 vintage | (162) | 4,419 | 20,896 | 6,413 |
| 2021 vintage | 52,430 | 120,356 | 71,192 | 146,316 |
| 2022 vintage | 4,806 | 10,041 | 24,629 | 93,012 |
| 2023 vintage | 11,002 | 1,291 | 25,690 | 5,575 |
| 2024 vintage | 1,745 | 3,364 | 100,786 | 3,364 |
| 2025 vintage | 3,825 | — | 8,874 | — |
| Total realizations | 84,752 | 164,704 | 291,705 | 380,442 |
| 1. As of the date of this Form 10-Q, all assets within this vintage have fully concluded and, as a result, no further activity is expected to occur. | ||||
Total capital provision asset realizations were $84.8 million during the three months ended September 30, 2025. Of the total realizations during 2025, 13% was related to the vintage year 2020 and earlier vintage years.
Total capital provision asset realizations were $291.7 million during the nine months ended September 30, 2025. Of the total realizations during 2025, 21% was related to the vintage year 2020 and earlier vintage years.
Asset Management and Other Services segment
Our Asset Management and Other Services segment manages legal finance assets on behalf of third-party investors, and we provide other services to the legal industry for both of which we receive fees. These fees are primarily reflected as asset management income, which is a secondary contributor to our total revenues.
Our internal allocation policy strictly prescribes the allocation of third-party private fund capital by fund based on the risk/return profile of assets, thus removing any potential allocation conflicts of interest with our Principal Finance segment.
We generally conduct our private funds activities through limited partnerships. Each private fund that is a limited partnership has a Burford-owned general partner that is responsible for the management and operation of the private fund’s affairs and makes all policy and asset selection decisions relating to the conduct of the private fund’s business. Except as required by law or as specified in a private fund’s governing documents, the limited partners of the private funds take no part in the conduct or control of the business of the private funds, have no right or authority to act for or bind the private funds, have limited visibility and input into the actions and decisions of the general partner and have no influence over the voting or disposition of the securities or other assets held by the private funds. Each private fund engages an investment adviser. BCIM serves as the investment adviser for all of our private funds and is registered under the Investment Advisers Act.
In addition, we operate certain “sidecar” funds pertaining to specific assets and had three active “sidecar” funds as of September 30, 2025. A “sidecar” fund is a pooled investment vehicle through which certain investors co-invest directly in specific assets alongside our private funds. Except as required by law or as specified in a “sidecar” fund’s governing documents, the investors in the “sidecar” funds take no part in the conduct or control of the business of the “sidecar” funds, have no right or authority to act for or bind the “sidecar” funds, have limited visibility and input into the actions and decisions of the general partner or manager of the “sidecar” funds and have no influence over the voting or disposition of the securities or other assets held by the “sidecar” funds. Our interest in the “sidecar” funds is generally limited to the opportunity to earn incentive fees, if any. The discussion of our private funds ignores “sidecar” funds unless specifically included, and we collapse fund structures into overall strategies, ignoring, for example, onshore and offshore separations and parallel funds.
Unaudited condensed statements of operations for the three and nine months ended September 30, 2025 as compared to the three and nine months ended September 30, 2024
The table below sets forth the components of our income/(loss) before income taxes for our Asset Management and Other Services segment for the periods indicated.
| Asset Management and Other Services segment | Three months ended September 30, | Nine months ended September 30, | ||||||
|---|---|---|---|---|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | Change | % change | 2025 | 2024 | Change | % change |
| Asset management income/(loss) | $(168) | $11,110 | $(11,278) | NM | $20,781 | $29,270 | $(8,489) | (29)% |
| Other income/(loss) | 120 | 1,974 | (1,854) | (94)% | 367 | 2,508 | (2,141) | (85)% |
| Total revenues | (48) | 13,084 | (13,132) | NM | 21,148 | 31,778 | (10,630) | (33)% |
| Compensation and benefits | 5,766 | 5,171 | 595 | 12% | 17,886 | 14,145 | 3,741 | 26% |
| General, administrative and other | 1,865 | 1,660 | 205 | 12% | 5,043 | 4,318 | 725 | 17% |
| Total operating expenses | 7,632 | 6,831 | 801 | 12% | 22,929 | 18,463 | 4,466 | 24% |
| Foreign currency transactions (gains)/losses and other expenses | (52) | — | (52) | NM | (52) | — | (52) | NM |
| Total other expenses | (52) | — | (52) | NM | (52) | — | (52) | NM |
| Income/(loss) before income taxes | (7,628) | 6,253 | (13,881) | NM | (1,729) | 13,315 | (15,044) | NM |
Total revenues decreased for the three months ended September 30, 2025, primarily driven from lower asset management income, reflecting a decrease in capital provision income earned by BOF-C and, therefore, less profit-sharing income from BOF-C contributing to asset management income for 2025.
Total operating expenses increased 12% for the three months ended September 30, 2025, primarily due to an increase in compensation and benefits costs.
As a result of the factors described above, income/(loss) before income taxes decreased for the three months ended September 30, 2025.
Total revenues decreased 33% for the nine months ended September 30, 2025, primarily driven from lower asset management income, reflecting a decrease in capital provision income earned by BOF-C and, therefore, less profit-sharing income from BOF-C contributing to asset management income for 2025. The decrease in total revenues was partially offset by the performance fee income from the Advantage Fund.
Total operating expenses increased 24% for the nine months ended September 30, 2025, primarily due to an increase in compensation and benefits costs.
As a result of the factors described above, income/(loss) before income taxes decreased for the nine months ended September 30, 2025.
Asset management income
Asset management income is generally categorized as either (i) management fees, which are recurring fees paid to Burford for investment management services and typically being a rate of 2% or less charged on the basis of some component of assets under management in each fund, (ii) performance fees, which are fees paid to Burford contingent on satisfying certain performance thresholds as designated by each fund waterfall, or (iii) profit sharing income, which represents income from bespoke profit-sharing agreements with third-party investors, such as our strategic sovereign wealth fund partner.
The table below sets forth the components of our asset management income for the periods indicated.
| Asset Management and Other Services segment | Three months ended September 30, | Nine months ended September 30, | ||||||
|---|---|---|---|---|---|---|---|---|
| ($ in thousands) | 2025 | 2024 | Change | % change | 2025 | 2024 | Change | % change |
| Management fee income | $1,347 | $1,647 | $(300) | (18)% | $4,234 | $5,154 | $(920) | (18)% |
| Performance fee income | 1,200 | 1,500 | (300) | (20)% | 5,600 | 1,500 | 4,100 | 273% |
| Profit sharing income from private funds | (2,715) | 7,963 | (10,678) | NM | 10,947 | 22,616 | (11,669) | (52)% |
| Total asset management income | (168) | 11,110 | (11,278) | NM | 20,781 | 29,270 | (8,489) | (29)% |
Asset management income decreased for the three months ended September 30, 2025, primarily reflecting lower profit-sharing income from BOF-C, mainly from lower total revenues related to BOF-C's capital provision assets, primarily due to lower unrealized fair value adjustments.
Asset management income decreased 29% for the nine months ended September 30, 2025, primarily due to lower profit-sharing income from BOF-C, mainly from lower total revenues related to BOF-C's capital provision assets, partially offset by the performance fee income from the Advantage Fund.
Unaudited condensed statements of financial condition as of September 30, 2025, as compared to September 30, 2024
The table below sets forth the components of our unaudited condensed consolidated statements of financial condition for our Asset Management and Other Services segment as of the dates indicated.
| Asset Management and Other Services segment | ||||
|---|---|---|---|---|
| ($ in thousands) | September 30, 2025 | December 31, 2024 | Change | % change |
| Cash and cash equivalents and marketable securities | $12,899 | $12,650 | $249 | 2% |
| Other assets | 171,102 | 151,770 | 19,332 | 13% |
| Total assets | 210,026 | 190,377 | 19,649 | 10% |
Total assets increased 10% as of September 30, 2025, primarily from the acquisition of an equity method investment and from the related receivable of the performance fee income from the Advantage Fund.
Portfolio value – Asset Management and Other Services segment
The table below sets forth the components of our portfolio for our Asset Management and Other Services segment as of the dates indicated.
| Asset Management and Other Services segment | ||||
|---|---|---|---|---|
| ($ in thousands) | September 30, 2025 | December 31, 2024 | Change | % change |
| Capital provision assets - funded by third parties | ||||
| Fair value | $1,218,184 | $1,353,893 | $(135,709) | (10)% |
| Undrawn commitments | 431,278 | 491,186 | (59,908) | (12)% |
| Total | 1,649,462 | 1,845,079 | (195,617) | (11)% |
| Post-settlement | ||||
| Fair value | 202,797 | 272,424 | (69,627) | (26)% |
| Undrawn commitments | 27,501 | 67,961 | (40,460) | (60)% |
| Total | 230,298 | 340,385 | (110,087) | (32)% |
| Total portfolio value | 1,879,760 | 2,185,464 | (305,704) | (14)% |
Total portfolio value, funded by third parties, decreased 14% as of September 30, 2025. The decrease in our total portfolio was driven largely by the impact of robust realizations which occurred in 2025 and the conclusion of assets that will not be replaced in certain private funds for which the investment period has ended.
Private funds
As of September 30, 2025, we operated eight private funds and three “sidecar” funds as an investment adviser registered with, and regulated by, the SEC. The table below sets forth key statistics for each of our private funds as of the date indicated.
| Investor · Asset · Asset · Fee structure(1) | ||||||||
|---|---|---|---|---|---|---|---|---|
| commitments · commitments · deployments · (management/ · Investment | ||||||||
| ($ in millions) | Strategy(6) | closed | to date | to date | AUM | performance) | Waterfall | period (end) |
| BCIM Partners II, LP(2) | Core legal finance | $260 | $253 | $186 | $129 | Class A: 2%/20%; Class B: 0%/50% | European | 12/15/2015 |
| BCIM Partners III, LP | Core legal finance | 412 | 447 | 334 | 423 | 2%/20% | European | 1/1/2020(3) |
| Burford Opportunity Fund LP & Burford Opportunity Fund B LP (BOF) | Core legal finance | 300 | 402 | 308 | 352 | 2%/20% | European | 12/31/2021(4) |
| BCIM Credit Opportunities, LP (COLP) | Post-settlement | 488 | 699 | 695 | 394 | 1% on undrawn/ 2% on funded and 20% incentive | European | 9/30/2019(3) |
| Burford Alternative Income Fund LP (BAIF)(2) | Post-settlement | 327 | 678 | 664 | 258 | 1.5%/10% | European | 4/4/2022 |
| Burford Alternative Income Fund II LP (BAIF II) | Post-settlement | 350 | 380 | 329 | 389 | 1.5%/12.5% | European | 9/11/2025 |
| Burford Advantage Master Fund LP (Advantage Fund) | Lower risk legal finance | 360 | 370 | 368 | 307 | Profit split(5) | American | 12/24/2024 |
| Burford Opportunity Fund C LP (BOF-C)(2) | Core legal finance | 766 | 1,299 | 827 | 968 | Expense reimbursement + profit share | Hybrid | 12/31/2024 |
| Total | 3,263 | 4,528 | 3,711 | 3,220 | ||||
| 1. Management fees are paid to BCIM for investment management and advisory services provided to our private funds. The management fee rates set forth in the table above are annualized and applied to an asset or commitment base that typically varies between a private fund’s investment period and any subsequent periods in the fund term. We no longer earn any management fees from BCIM Partners II, LP, BCIM Partners III, LP, COLP and BAIF. Performance fees represent carried interest applied to distributions to a private fund’s limited partners after the return of capital contributions and preferred returns. | ||||||||
| 2. Includes amounts related to “sidecar” funds. | ||||||||
| 3. Ceased commitments to new legal finance assets in the fourth quarter of 2018 due to capacity. | ||||||||
| 4. Ceased commitments to new legal finance assets in the fourth quarter of 2020 due to capacity. | ||||||||
| 5. The Advantage Fund does not have a traditional management and performance fee structure, but instead provides the first 10% of annual simple returns to the fund investors while we retain any excess returns. However, if the Advantage Fund produces returns in excess of 18% (which are supranormal for this level of risk), a level of sharing with the fund investors would take effect, but we do not expect that to occur. | ||||||||
| 6. Core legal finance is a pro-rata portion of the balance sheet assets including legacy assets prior to our 2016 acquisition of GKC Holdings, LLC. | ||||||||
As of September 30, 2025, and December 31, 2024, our total AUM was $3.2 billion and $3.5 billion, respectively. AUM reflects the fair value of the capital invested in private funds and individual capital vehicles plus the capital that we are entitled to call from investors in those private funds and vehicles. The total portfolio value shown for our Asset Management and Other Services segment of $1.9 billion reflects the fair value of portfolio assets plus the undrawn commitments to portfolio assets, and also excludes the balance sheet’s interest in the Advantage Fund, which is reflected in the portfolio value for our Principal Finance segment.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.