伯福德资本 2025年季度报告

FORM10-Q_________________________ (Mark one) xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period endedMarch 31, 2025ORoTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from toCommission file number001-39511_________________________ BURFORD CAPITAL LIMITED +441481723 450(Registrant’s telephone number, including area code)___________________________ Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject tosuch filing requirements for the past 90 days.Yesx Noo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submitsuch files).Yesx Noo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company,or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and "emerginggrowth company" in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yeso NoxAs ofApril 30, 2025, there were218,662,589ordinary shares, no par value, issued and outstanding. Table of contents Table of contents Part I. Financial information7Item 1. Financial statements7Item 2. Management's discussion and analysis of financial condition and results of operations36Item 3. Quantitative and qualitative disclosures about market risk71Item 4. Controls and procedures74Part II. Other information75Item 1. Legal proceedings75Item 1A. Risk factors75Item 2. Unregistered sales of equity securities and use of proceeds75Item 5. Other information76Item 6. Exhibits76Signatures77 Forward-looking statements This Quarterly Report on Form 10-Q for the three months ended March 31, 2025 (this “Form 10-Q”), contains “forward-looking statements” within the meaning of Section 27A of the US Securities Act of 1933, as amended (the “SecuritiesAct”), and Section 21E of the US Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are intendedto be covered by the safe harbor provided for under these sections. In some cases, words such as “aim”, “anticipate”,“believe”, “continue”, “could”, “estimate”, “expect”, “forecast”, “guidance”, “intend”, “may”, “plan”, “potential”,“predict”, “projected”, “should” or “will”, or the negative of such terms or other comparable terminology, areintended to identify forward-looking statements. Although we believe that the assumptions, expectations, projections,intentions and beliefs about future results and events reflected in forward-looking statements have a reasonable basisand are expressed in good faith, forward-looking statements involve known and unknown risks, uncertainties and otherfactors, which could cause our actual results and events to differ materially from (and be more negative than) futureresults and events expressed, projected or implied by these forward-looking statements. Factors that might causefuture results and events to differ include, among others, the following: ▪Adverse litigation outcomes and timing of resolution of litigation matters▪Our ability to identify and select suitable legal finance assets▪Improper use or disclosure of, or access to, privileged information under our control due to cybersecuritybreaches, unauthorized use or theft▪Inaccuracy or failure of the probabilistic model and decision science tools, including machine learningtechnology and generative artificial intelligence (collectively, “AI technologies”), we use to predict the returnson our legal finance assets and in our operations▪Changes and uncertainty in laws, regulations and rules relating to the legal finance industry, including thoserelating to privileged information and/or disclosure and enforceability of legal finance arrangements▪Inadequacies in our due diligence process or unforeseen developments▪Credit risk and concentration risk relating to our legal finance assets▪Lack of liquidity of our legal finance assets and commitments in excess of our available capital▪Our ability to obtain attractive external capital, refinance our outstanding indebtedness or raise cap