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The following discussion and analysis of our financial condition and results of operations is intended to convey management’s perspective with respect to our operating and financial performance for the three and six months ended June 30, 2026 and 2025. It should be read in conjunction with the unaudited condensed consolidated financial statements and the accompanying notes thereto contained elsewhere in this Form 10-Q and the audited consolidated financial statements and the accompanying notes thereto contained in the 2025 Form 10-K. The following discussion and analysis also contains a discussion of certain unaudited non-GAAP financial measures and KPIs that are used by management to monitor our financial condition and results of operations. These non-GAAP financial measures and KPIs are supplemental and should not be considered in isolation from, as substitutes for, or superior to, our consolidated financial condition or results of operations as reported under US GAAP. See “Non-GAAP financial measures and KPIs” and “—Reconciliations” for additional information with respect to non-GAAP financial measures and KPIs and the applicable reconciliations. In addition, the following discussion and analysis contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to such differences include those identified below and those discussed under “Risk Factors” in this Form 10-Q, the 2025 Form 10-K and the Q126 Form 10-Q. Company overview We are the world’s largest dedicated provider of capital, based on portfolio size, against the underlying value of litigation and legal assets, which we colloquially call legal finance. We are a global firm that serves the legal industry by providing an array of financial products and services. Our largest business is providing capital to clients engaged in ongoing legal disputes, which they can use both to pay the legal fees and expenses associated with disputes and to monetize the expected future value of disputes. Our focus is on large, complex disputes, not on small-scale litigation typically pursued by consumers or small businesses. YPF-related assets Our largest individual asset was our interest in the proceeds of claims brought by the Petersen and Eton Park entities against the Republic of Argentina and YPF S.A. that have been the subject of extensive disclosure in prior reports. On September 15, 2023, judgment was entered in favor of the plaintiffs resulting in a substantial increase in the balance sheet fair value of the YPF-related assets, and that value increased further in the year ended December 31, 2024 when the court ordered the turnover of certain YPF S.A.’s shares to plaintiffs. However, the balance sheet fair value of the YPF-related assets has been significantly reduced as a result of the YPF Judgment Reversal. Further proceedings with respect to the YPF-related assets are ongoing in the US courts and the plaintiffs are also likely to pursue relief through international arbitration proceedings. Economic and market conditions Our portfolio returns are driven by judicial activity, and we believe these returns are generally uncorrelated to market conditions or the performance of the overall economy. The most direct impact of economic and market conditions on our business relates to our cost of debt and ease of access to corporate debt capital markets, as well as movements in market rates that cause adjustments to the discount rates applied in the fair value of our assets and that impact our quarterly revenue recognition in accordance with US GAAP. Overall, we believe our business model is particularly resilient to economic and market cycles due to the nature of the assets that drive our revenues and cash flow. More broadly, economic conditions can have an impact on the volume and type of litigation that we may consider financing. For example, increased rates of corporate insolvencies can lead to opportunities to finance litigation relating to or arising out of insolvencies and bankruptcies; higher interest rates or other forms of financial or economic stress can cause businesses to act illegally (such as to conspire to fix prices) leading to financeable claims; and pressure from shareholders and other market participants can lead to the commission of securities fraud and other similar acts, again resulting in financeable claims. During the three and six months ended June 30, 2026, military action in the Middle East, geopolitical tensions and ongoing disruption to global trade drove significant volatility in global financial markets. We do not expect this volatility to have a significant impact on the performance of our legal finance portfolio or our financial results. More generally, tighter financial conditions and a weakening of gross domestic product 45 Table of Contents would typically cause the incidence of corporate disputes and associated litigation to increase, although it is usual for any impact to occur with a lag. See “Risk factors—Risks relating to our business and industry—We are subject to credit risk relating to our various legal finance assets that could adversely affect our business, financial condition, results of operations and/or liquidity” and “Risk factors—Risks relating to our business and industry—Legal, political and economic uncertainty surrounding the effects, severity and duration of public health threats could adversely affect our business, financial condition, results of operations and/or liquidity” in the 2025 Form 10-K. Covid-19 Court systems and other forms of adjudication have returned to functionality in the aftermath of the Covid-19 pandemic. In general, courts have continued to work through the case backlog caused by the Covid-19 pandemic and, during the three and six months ended June 30, 2026, we have observed continuing portfolio activity. Nevertheless, some court systems continue to face backlogs, delaying adjudication. Inevitably, some of our matters (and thus our cash realizations from them) in jurisdictions impacted by court backlogs have been slowed by these dynamics, and we saw impact from that in our financial results for the year ended December 31, 2025 as extensions of expected duration reduced the fair value of certain assets. In some cases, we are protected on duration risk, because some of our assets have time-based terms that increase our absolute returns as time passes. We have not seen the discontinuance of any matters. Of our concluded matters since June 2021, we have observed a higher incidence of pre-adjudication settlements as a proportion of aggregate realizations in comparison to the period from our inception to June 2021. We do not yet know whether this is an effect of the Covid-19 pandemic or a lasting trend. See “Risk factors—Risks relating to our business and industry—Legal, political and economic uncertainty surrounding the effects, severity and duration of public health threats could adversely affect our business, financial condition, results of operations and/or liquidity” in the 2025 Form 10-K. Inflation The effect of inflation on our revenues is mitigated to a significant extent by a number of factors, including the high returns generated by capital provision assets and their relatively short weighted average lives. Furthermore, inflationary increases in legal case fees and expenses can increase the size of commitments, deployments and damages sought. Because returns on most of our assets are at least partially based upon a multiple of those fees and expenses, our returns on successful cases should also increase in such circumstances. To the degree that inflation drives higher interest rates and to the extent that pre- and post-judgment interest rates in a particular jurisdiction are tied to market interest rates, higher inflation would result in increases in awards by the relevant courts. The effect of inflation on our expenses would predominantly be through employee costs, which represent the majority of our operating expenses, although a significant portion of compensation-related expenses are performance-based. Our Principal Finance costs include interest expenses associated with our outstanding debt securities, although these are fixed coupon and non-adjustable, regardless of the rate of inflation. Party solvency Litigation outcomes stand apart from the remainder of the conventional credit universe because they do not arise as a result of a contractual relationship between the judgment debtor and creditor, unlike essentially all other forms of credit obligation. Thus, for example, a debtholder seeking recovery on a defaulted debt must take many steps, typically involving notice, a cure period and usually a subsequent judicial or insolvency proceeding that will generally sweep in other creditors, resulting in a meaningful risk of the debt being impaired or compromised. By contrast, a judgment creditor has immediate and unfettered rights of action, for example, to seize assets and garnish cash flows, meaning that a judgment creditor often has substantial leverage and ability to secure payment of a judgment against even a financially distressed judgment debtor as long as the judgment debtor does not seek protection from creditors in a formal insolvency proceeding. To the extent that the claimant in a matter we are financing becomes insolvent, insolvency proceedings typically provide for the continued prosecution of claims given that the claim is a valuable contingent asset, the recovery of which is in the best interests of the claimant’s stakeholders, and we are often a secured creditor with respect to the litigation we are financing. Nevertheless, a claimant’s insolvency may delay the underlying litigation while the insolvency process unfolds. Judgment creditors are typically unsecured creditors and, should the defendant in a matter we are financing become insolvent, the risk to our recovery is dependent on the financial condition of the judgment debtor and the availability of assets for unsecured creditors. 46 Table of Contents Other items There were no material developments with respect to, or changes from, our disclosure in the 2025 Form 10-K relating to the international sanctions on Russian businesses and individuals. Results of operations and financial condition Set forth below is a discussion of our unaudited condensed consolidated results of operations for the three and six months ended June 30, 2026 and 2025 and our unaudited condensed consolidated financial condition as of June 30, 2026 and December 31, 2025, in each case, on a consolidated basis, unless otherwise noted. In this section, any references to 2026 refer to the three or six months ended June 30, 2026, as applicable, and any references to 2025 refer to the three or six months ended June 30, 2025, as applicable. Unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 Overview The table below sets forth a summary of our unaudited condensed consolidated statements of operations for the periods indicated. Three months ended June 30, Six months ended June 30, ($ in thousands) 2026 2025 Change % change 2026 2025 Change % change Total revenues $ 110,683 $ 191,286 $ (80,603) (42) % $ (1,609,691) $ 310,145 $ (1,919,836) NM Total operating expenses 47,441 49,065 (1,624) (3) % (102,655) 90,166 (192,821) NM Operating income/(loss) 63,242 142,221 (78,979) (56) % (1,507,036) 219,979 (1,727,015) NM Total other expenses 49,276 32,474 16,802 52 % 114,562 65,754 48,808 74 % Income/(loss) before income taxes 13,966 109,747 (95,781) (87) % (1,621,598) 154,225 (1,775,823) NM Provision for/(benefit from) income taxes 4,486 4,594 (108) (2) % 2,069 12,162 (10,093) (83) % Net income/(loss) 9,480 105,153 (95,673) (91) % (1,623,667) 142,063 (1,765,730) NM Net income/(loss) attributable to non-controlling interests 7,276 16,857 (9,581) (57) % 6,198 22,838 (16,640) (73) % Net income/(loss) attributable to Burford Capital Limited shareholders 2,204 88,296 (86,092) (98) % (1,629,865) 119,225 (1,749,090) NM Note: “NM” denotes not meaningful. Changes from negative to positive amounts and positive to negative amounts, increases or decreases from zero and changes greater than 700% are not considered meaningful. Total revenues decreased 42% for the three months ended June 30, 2026, partially offset by a 3% decrease in total operating expenses. The decrease in total revenues was primarily due to a decrease in capital provision income arising mostly from lower fair value adjustments as described below, while the decrease in total operating expenses was primarily due to lower compensation and benefits costs related to lower fair value driven compensation-related accruals, partially offset by an increase in case-related expenditures ineligible for inclusion in asset cost. The net result was $2.2 million in net income attributable to Burford Capital Limited shareholders for the three months ended June 30, 2026 as compared to net income of $88.3 million for the three months ended June 30, 2025. Total revenues decreased for the six months ended June 30, 2026, partially offset by a decrease in total operating expenses. The decrease in both total revenues and total operating expenses was primarily due to the YPF Judgment Reversal, which resulted in (i) with respect to total revenues, a capital provision loss, net of third-party interest, of $1.7 billion and (ii) with respect to total operating expenses, a decrease in long-term incentive compensation including accruals of $124.5 million and a decrease in case-related expenditures ineligible for inclusion in asset cost of $66.9 million. Furthermore, total revenues decreased due to a decrease in capital provision income arising mostly from lower fair value adjustments as described below, while the decrease in total operating expenses as described above was partially offset by an increase in other 47 Table of Contents case-related expenditures ineligible for inclusion in asset cost and an increase in compensation and benefits costs. The net result was $1.6 billion in net loss attributable to Burford Capital Limited shareholders for the six months ended June 30, 2026 as compared to net income of $119.2 million for the six months ended June 30, 2025. Revenues The table below sets forth the components of our total revenues for the periods indicated. Three months ended June 30, Six months ended June 30, ($ in thousands) 2026 2025 Change % change 2026 2025 Change % change Capital provision income/(loss) $ 101,479 $ 224,164 $ (122,685) (55) % $ (2,397,286) $ 355,680 $ (2,752,966) NM Plus/(Less): Third-party interests in capital provision assets 1,112 (43,257) 44,369 NM 773,007 (64,053) 837,060 NM Asset management income/(loss) 289 1,349 (1,060) (79) % 573 2,887 (2,314) (80) % Marketable securities income/(loss) and interest 6,981 8,597 (1,616) (19) % 13,393 15,384 (1,991) (13) % Other income/(loss) 822 433 389 90 % 622 247 375 152 % Total revenues 110,683 191,286 (80,603) (42) % (1,609,691) 310,145 (1,919,836) NM Capital provision income/(loss) Three months ended June 30, 2026 as compared to three months ended June 30, 2025 The table below sets forth the components of our capital provision income for the periods indicated. Three months ended June 30, ($ in thousands) 2026 2025 Change % change Net realized gains/(losses) $ 65,655 $ 40,296 $ 25,359 63 % Fair value adjustment during the period, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses) 40,124 170,890 (130,766) (77) % Foreign exchange gains/(losses) (2,514) 10,966 (13,480) NM Other (1,786) 2,012 (3,798) NM Total capital provision income/(loss) 101,479 224,164 (122,685) (55) % For the three months ended June 30, 2026, net realized gains were $65.7 million, comprising $97.8 million of gross realized gains, offset by gross realized losses of $32.1 million. For the three months ended June 30, 2025, net realized gains were $40.3 million, comprising $53.1 million of gross realized gains, offset by gross realized losses of $12.8 million. The increase in net realized gains was due to higher individual favorable conclusions in 2026 as compared to 2025 with no single asset significantly impacting the result. Overall, net realized gains resulted from $149.0 million in realizations for the three months ended June 30, 2026 as compared to $90.1 million in realizations for the three months ended June 30, 2025. Fair value adjustments during the period, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses), were affected by a number of factors, including changes in discount rate, duration and litigation risk premium, the reversal of previously recognized unrealized gains/(losses) upon conclusion of a matter and their transfer to realized gains/(losses) and actual performance of matters as they pass through milestones. All of those factors contributed to the unrealized gain of $40.1 million for the three months ended June 30, 2026 as compared to the unrealized gain of $170.9 million for the three months ended June 30, 2025, with the reduction in YPF-related assets contributing to the lower unrealized gain value in 2026. As part of our fair value methodology, we discount the expected future cash flows. If discount rates had remained unchanged from March 31, 2026, applying those same discount rates to the portfolio as of June 30, 2026, fair value would have been approximately $8.1 million higher than as reported. The weighted average discount rate across the portfolio increased to 6.7% as of June 30, 2026 from 6.6% as of March 31, 2026, and interest sensitivities of the portfolio to assumed basis point changes in discount rates as of each period end are disclosed in note 11 (Fair value of assets and liabilities ) to our unaudited condensed consolidated 48 Table of Contents financial statements contained in this Form 10-Q. Fair value is also impacted by changes in the adjusted risk premium, which was up at 48.6% as of June 30, 2026 from 47.8% as of March 31, 2026. Contributing to the higher risk premium during the period was the addition of newly acquired or originated capital provision assets (as capital provision assets generally have higher risk premiums at their outset). Six months ended June 30, 2026 as compared to six months ended June 30, 2025 The table below sets forth the components of our capital provision income for the periods indicated. Six months ended June 30, ($ in thousands) 2026 2025 Change % change Net realized gains/(losses) $ 97,825 $ 107,915 $ (10,090) (9) % Fair value adjustment during the period, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses) (2,491,296) 228,839 (2,720,135) NM Foreign exchange gains/(losses) (5,847) 16,376 (22,223) NM Other 2,032 2,550 (518) (20) % Total capital provision income/(loss) (2,397,286) 355,680 (2,752,966) NM For the six months ended June 30, 2026, net realized gains were $97.8 million, comprising $146.2 million of gross realized gains, offset by gross realized losses of $48.4 million. For the six months ended June 30, 2025, net realized gains were $107.9 million, comprising $136.9 million of gross realized gains, offset by gross realized losses of $29.0 million. Net realized gains remained consistent in 2026 as compared to 2025, with no single asset significantly impacting the result. Overall, net realized gains resulted from $250.3 million in realizations for the six months ended June 30, 2026, as compared to $378.9 million in realizations for the six months ended June 30, 2025. Fair value adjustments during the period, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses), were affected by a number of factors, including changes in discount rate, duration and litigation risk premium, the reversal of previously recognized unrealized gains/(losses) upon conclusion of a matter and their transfer to realized gains/(losses) and actual performance of matters as they pass through milestones. All of those factors contributed to the net reduction in fair value of $2.5 billion for the six months ended June 30, 2026, of which $2.4 billion was attributable to the YPF-related assets, primarily due to the impact of the YPF Judgment Reversal. As part of our fair value methodology, we discount the expected future cash flows. If discount rates had remained unchanged from December 31, 2025, applying those same rates to the portfolio at June 30, 2026, fair value would have been approximately $57.7 million higher than as reported. The weighted average discount rate across the portfolio increased to 6.7% as of June 30, 2026, from 6.1% as of December 31, 2025, and interest sensitivities of the portfolio to assumed basis point changes in rates at each period end are disclosed in note 11 (Fair value of assets and liabilities ) to our unaudited condensed consolidated financial statements contained in this Form 10-Q. Fair value is also impacted by changes in the adjusted risk premium, which was up at 48.6% as of June 30, 2026, from 31.1% as of December 31, 2025. Contributing to the higher risk premium during the period was the addition of newly acquired or originated capital provision assets (as capital provision assets generally have higher risk premiums at their outset) and the negative milestone for the YPF-related assets. Plus/(Less): Third-party interests in capital provision assets Third-party interests in capital provision assets increased capital provision income by $1.1 million for the three months ended June 30, 2026, as compared to a reduction of $43.3 million to capital provision income for the three months ended June 30, 2025. The period-over-period change reflected the proportionate decrease in the unrealized gain related to the YPF-related assets, mainly associated with the YPF Judgment Reversal. Third-party interests in capital provision assets reduced capital provision loss by $0.8 billion for the six months ended June 30, 2026, as compared to a reduction of $64.1 million to capital provision income for the six months ended June 30, 2025, of which $0.8 billion was for the YPF-related assets for the six months ended June 30, 2026. Asset management income/(loss) Asset management income decreased 79% and 80% for the three and six months ended June 30, 2026, respectively, as our remaining private funds are in run off and are therefore earning less management fee 49 Table of Contents income period-over-period. As BOF-C and the Advantage Fund are consolidated entities, asset management income from these private funds is eliminated on a consolidated basis and is not reflected here. See “—Asset Management and Other Services segment” for a discussion of our asset management income, reflecting the impact of the income from BOF-C and the Advantage Fund. Marketable securities income/(loss) and interest Marketable securities income and interest decreased 19% and 13% for the three and six months ended June 30, 2026, respectively, primarily due to the fact that in 2025 interest income benefited from the appreciation of the pound sterling against the US dollar in our non-USD holdings, which were liquidated in January 2026 to fund the redemption of the 2026 Bonds. Operating expenses The table below sets forth the components of our total operating expenses for the periods indicated. Three months ended June 30, Six months ended June 30, ($ in thousands) 2026 2025 Change % change 2026 2025 Change % change Salaries and benefits $ 18,152 $ 11,749 $ 6,403 54 % $ 31,316 $ 24,144 $ 7,172 30 % Annual incentive compensation 4,118 5,074 (956) (19) % 9,541 9,319 222 2 % Share-based and deferred compensation 2,230 7,265 (5,035) (69) % (2,995) 10,064 (13,059) NM Long-term incentive compensation including accruals 6,292 12,865 (6,573) (51) % (123,402) 19,740 (143,142) NM Total compensation and benefits 30,792 36,953 (6,161) (17) % (85,540) 63,267 (148,807) NM General, administrative and other 8,612 7,792 820 11 % 17,200 18,002 (802) (4) % Case-related expenditures ineligible for inclusion in asset cost 8,037 4,320 3,717 86 % (34,315) 8,897 (43,212) NM Total operating expenses 47,441 49,065 (1,624) (3) % (102,655) 90,166 (192,821) NM Total operating expenses decreased 3% for the three months ended June 30, 2026, primarily due to lower compensation and benefits costs, mainly due to lower fair value driven compensation-related accruals offset by the impact from employee departures. The decrease in total operating expenses was also partially offset by higher case-related expenditures ineligible for inclusion in asset cost. Total operating expenses decreased to a credit of $102.7 million for the six months ended June 30, 2026, primarily due to lower fair value driven compensation-related accruals and lower case-related expenditures ineligible for inclusion in asset cost. Fair value driven compensation-related accruals decreased for the six months ended June 30, 2026, primarily due to a $124.5 million credit to long-term incentive compensation including accruals as a result of the YPF Judgment Reversal. Case-related expenditures ineligible for inclusion in asset cost increased for the three months ended June 30, 2026 and decreased for the six months ended June 30, 2026. The period-over-period changes reflect the level of such expenses and instances where we incur legal or other related expenses that are directly attributable to a capital provision asset but that do not form part of the deployed amount under a capital provision agreement, such as when we bear incremental legal expenses in cases. Claimant in litigation expenses Claimant in litigation expenses include situations where we are effectively the claimant in a litigation matter due to the acquisition of assets or the assignment of a claim. Such expenditures accounted for $6.0 million and $2.9 million of the total case-related expenditures ineligible for inclusion in asset cost for the three months ended June 30, 2026 and 2025, respectively, and a credit of $36.7 million and an expense of $7.2 million for the six months ended June 30, 2026 and 2025, respectively. The decrease for the six months ended June 30, 2026 was primarily due to a $66.9 million credit associated with the YPF Judgment Reversal related to accrued contingent fee arrangements associated with the EP Funds, partially offset by an increase in other case costs. Such other case costs include $23.0 million relating to the correction of certain costs that had been previously included within capital provision assets but that did not meet the applicable criteria for inclusion in the fair value of those assets. The impact of this correction was not material to 2026 or any prior periods. While we report these costs as expenses for 50 Table of Contents accounting purposes, we treat them for purposes of return and performance metrics as part of the asset’s cost basis in the same way that we treat traditional legal finance arrangements. As of June 30, 2026, we have deployed a cumulative $35.0 million of such costs in respect of capital provision assets that remain ongoing. Other case-related expenses Other case-related expenditures ineligible for inclusion in asset cost include fees paid to third parties when we have sought our own legal advice or expert opinion with respect to matters related to a capital provision asset. These expenses are expected to fluctuate period-over-period and accounted for $2.0 million and $1.4 million of total case-related expenditures ineligible for inclusion in asset cost for the three months ended June 30, 2026 and 2025, respectively, and $2.4 million and $1.7 million for the six months ended June 30, 2026 and 2025, respectively. Other expenses The table below sets forth the components of our total other expenses for the periods indicated. Three months ended June 30, Six months ended June 30, ($ in thousands) 2026 2025 Change % change 2026 2025 Change % change Finance costs 49,626 33,979 $ 15,647 46 % 99,268 67,859 31,409 46 % Foreign currency transactions (gains)/losses and other expenses (350) (1,505) 1,155 (77) % 15,294 (2,105) 17,399 NM Total other expenses 49,276 32,474 16,802 52 % 114,562 65,754 48,808 74 % Finance costs Finance costs increased 46% and 46% for the three and six months ended June 30, 2026, respectively, primarily due to interest expense related to the issuance of the 2033 Notes in July 2025 and the 2034 Notes in January 2026, partially offset by the repayment at scheduled maturity of the aggregate outstanding principal amount of the 6.125% bonds due 2025 in August 2025 and the early redemption of the aggregate outstanding principal amount of the 2026 Bonds in January 2026. Foreign currency transactions (gains)/losses and other expenses Foreign currency transactions (gains)/losses and other expenses were gains of $0.4 million for the three months ended June 30, 2026, due to the minimal impact of foreign currency exchange rate movements. Foreign currency transactions (gains)/losses and other expenses were losses of $15.3 million for the six months ended June 30, 2026. The period-over-period change was primarily driven by the realization during the three months ended March 31, 2026, upon the redemption of the 2026 Bonds, of accumulated foreign currency losses previously recorded in other comprehensive income. Provision for/(benefit from) income taxes The table below sets forth our provision for/(benefit from) income taxes for the periods indicated. Three months ended June 30, Six months ended June 30, ($ in thousands) 2026 2025 Change % change 2026 2025 Change % change Provision for/(benefit from) income taxes $ 4,486 $ 4,594 $ (108) (2) % $ 2,069 $ 12,162 $ (10,093) (83) % Provision from income taxes decreased 2% for the three months ended June 30, 2026, primarily reflecting changes in the mix of earnings across taxing jurisdictions and the related tax effects, including changes in the valuation allowance. Cash taxes paid were $6.4 million and $20.8 million for the three months ended June 30, 2026 and 2025, respectively. Provision for income taxes decreased 83% for the six months ended June 30, 2026, primarily reflecting changes in the mix of earnings across taxing jurisdictions and the related tax effects, including changes in the valuation allowance. Cash taxes paid were $7.3 million and $21.2 million for the six months ended June 30, 2026 and 2025, respectively. 51 Table of Contents Net income/(loss) attributable to non-controlling interests The table below sets forth our net income/(loss) attributable to non-controlling interests for the periods indicated. Three months ended June 30, Six months ended June 30, ($ in thousands) 2026 2025 Change % change 2026 2025 Change % change Net income/(loss) attributable to non-controlling interests: $ 7,276 $ 16,857 $ (9,581) (57) % $ 6,198 $ 22,838 $ (16,640) (73) % We consolidate certain entities that have other shareholders and/or investors, including the Advantage Fund and BOF-C. The Advantage Fund does not have a traditional management and performance fee structure, but instead we retain any excess returns after the first 10% of annual simple returns are remitted to the Advantage Fund’s investors. With respect to BOF-C, under the co-investing arrangement with the sovereign wealth fund, we (in our capacity as the appointed investment adviser) receive reimbursement of expenses from BOF-C up to a certain level before we or the sovereign wealth fund, as applicable, receive a return of capital. After the repayment of capital, we then receive a portion of the return generated from the assets held by BOF-C. We include 100% of the Advantage Fund’s and BOF-C’s income and expenses in the applicable line items in our unaudited condensed consolidated statements of operations (for example, 100% of the income on the Advantage Fund’s and BOF-C’s capital provision assets is included in capital provision income in our unaudited condensed consolidated statements of operations), and the net amount of those income and expense line items that relate to third-party interests is included in net income/(loss) attributable to non-controlling interests. In turn, this net amount is deducted from net income/(loss) to arrive at net income/(loss) attributable to Burford Capital Limited shareholders in our unaudited condensed consolidated statements of operations. Net income/(loss) attributable to non-controlling interests does not include Colorado and the EP Funds. See note 2 (Summary of significant accounting policies—Consolidation) to our unaudited condensed consolidated financial statements contained in this Form 10-Q for additional information with respect to our consolidation policies. Net income/(loss) attributable to non-controlling interests decreased 57% for the three months ended June 30, 2026, primarily reflecting non-controlling interests’ share of the decrease in capital provision income period-over-period. See “Capital provision income/(loss)” above for additional information with respect to the period-over-period change in the different components of capital provision income. Net income/(loss) attributable to non-controlling interests decreased 73% for the six months ended June 30, 2026, primarily reflecting period-over-period non-controlling interests’ share of (i) the decrease in capital provision income and (ii) the increase in operating expense. See “Capital provision income/(loss)” above for additional information with respect to the period-over-period change in the different components of capital provision income. Unaudited condensed consolidated statements of financial condition as of June 30, 2026 as compared to December 31, 2025 The table below sets forth specified line items from our unaudited condensed consolidated statements of financial condition as of the dates indicated. ($ in thousands) June 30, 2026 December 31, 2025 Change % change Cash and cash equivalents $ 696,899 $ 566,437 $ 130,462 23 % Marketable securities 50,361 89,486 (39,125) (44) % Other assets 82,042 73,743 8,299 11 % Due from settlement of capital provision assets 122,370 164,804 (42,434) (26) % Capital provision assets 3,184,677 5,609,949 (2,425,272) (43) % Cash and cash equivalents and marketable securities Cash and cash equivalents increased 23% and marketable securities decreased 44%, in each case, as of June 30, 2026. The net increase in cash and cash equivalents and marketable securities primarily reflects the issuance of the 2034 Notes and the proceeds received from capital provision assets, partially offset by (i) the 52 Table of Contents redemption of the 2026 Bonds, (ii) the funding of capital provision assets and (iii) the impact from third-party net capital distributions. Other assets Other assets increased 11% as of June 30, 2026, primarily due to tax prepayments and the acquisitions of equity method and other investments. Due from settlement of capital provision assets Due from settlement of capital provision assets decreased 26% as of June 30, 2026, primarily due to the relative level of new realizations, offset by the collection of receivables, during the six months ended June 30, 2026. Of the $164.8 million of due from settlement of capital provision assets receivables outstanding as of December 31, 2025, 62% was collected in cash during 2026. Capital provision assets Capital provision assets decreased 43% as of June 30, 2026, primarily due to the YPF Judgment Reversal and the impact of realizations, partially offset by continued deployments into capital provision assets. Fair value of capital provision assets Valuation policy See note 2 (Summary of significant accounting policies—Fair value of financial instruments) to our unaudited condensed consolidated financial statements contained in this Form 10-Q for a description of our valuation policy for capital provision assets. Fair value of capital provision assets The table below sets forth the fair value of capital provision assets, comprised of deployed cost and unrealized gains/(losses), for the YPF-related assets and other assets as of the dates indicated. June 30, 2026 December 31, 2025 Total Total Third-party segments Third-party segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Capital provision assets $ 3,184,677 $ (865,180) $ 2,319,497 $ 5,609,949 $ (1,697,755) $ 3,912,194 Deployed cost 2,566,282 (664,343) 1,901,939 2,498,463 (640,630) 1,857,833 Deployed cost on YPF-related assets 201,609 (75,986) 125,623 193,564 (75,987) 117,577 Deployed cost on non-YPF-related assets 2,364,673 (588,357) 1,776,316 2,304,899 (564,643) 1,740,256 Unrealized gains/(losses) 618,395 (200,837) 417,558 3,111,486 (1,057,125) 2,054,361 Unrealized gains/(losses) on YPF-related assets (41,223) 16,664 (24,559) 2,390,155 (818,374) 1,571,781 Unrealized gains/(losses) on non-YPF-related assets 659,618 (217,501) 442,117 721,331 (238,751) 482,580 On a consolidated basis, the aggregate fair value of our capital provision assets was $3.2 billion, the aggregate deployed cost was $2.6 billion and the aggregate unrealized gains were $0.6 billion, in each case, as of June 30, 2026. The increase of $67.8 million in deployed cost resulted from deployments during 2026, offset by the return of capital from realizations. See “—Unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025—Revenues” above for additional information with respect to the change in unrealized gains, which was driven by this period’s fair value adjustment, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses). Within total segments (Burford-only), the aggregate fair value of our capital provision assets was $2.3 billion, the aggregate deployed cost was $1.9 billion and the aggregate unrealized gains were $0.4 billion, in each case, as of June 30, 2026. The increase of $44.1 million in deployed cost resulted from deployments during 2026, offset by the return of capital from realizations. See “—Segments—Principal Finance segment—Gains from capital provision asset portfolio” for additional information with respect to the change in unrealized gains, which was driven by this period’s fair value adjustment, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses). 53 Table of Contents Fair value of YPF-related assets The determination of the fair value of the YPF-related assets is based on the same methodology that we use to value all our other capital provision assets. On a consolidated basis, the fair value of the YPF-related assets (both Petersen and Eton Park combined) was $160.4 million as of June 30, 2026. During 2026, our cost basis increased $8.0 million to $201.6 million and the unrealized gains decreased $2.4 billion to an unrealized loss of $41.2 million. The increase in the cost basis was due to continued deployments, while the decrease in unrealized gains was driven by the impact of the YPF Judgment Reversal. Within total segments (Burford-only), the fair value of the YPF-related assets (both Petersen and Eton Park combined) was $101.1 million as of June 30, 2026. During 2026, our cost basis increased $8.0 million to $125.6 million and the unrealized gains decreased $1.6 billion to an unrealized loss of $24.6 million. The increase in the cost basis was due to continued deployments, while the decrease in unrealized gains was driven by the impact of the YPF Judgment Reversal. Given the much-reduced value of the YPF-related assets, we no longer intend to provide YPF-specific financial information unless the YPF-related assets again become individually financially significant, nor will we continue to provide financial information about our business on an ex-YPF basis other than as needed to understand historical financial information. Undrawn commitments Undrawn commitments are unfunded commitments, which are attributable to our capital provision asset portfolio and can be divided into two categories: definitive and discretionary. ▪Definitive commitments are those where we are contractually obligated to advance incremental capital and failure to do so would typically result in adverse contractual consequences (such as a dilution in our returns or the loss of our deployed capital in a case). ▪Discretionary commitments are those where we retain a considerable degree of discretion over whether to advance capital and generally would not suffer an adverse financial consequence from not doing so. The table below sets forth the components of our total capital provision undrawn commitments as of the dates indicated. ($ in thousands) June 30, 2026 December 31, 2025 Change % change Definitive $ 1,295,753 $ 1,269,708 $ 26,045 2 % Discretionary 725,669 793,533 (67,864) (9) % Legal risk (definitive) 46,915 47,235 (320) (1) % Total capital provision undrawn commitments 2,068,337 2,110,476 (42,139) (2) % As of each of June 30, 2026 and December 31, 2025, approximately 65% of our undrawn commitments related to definitive commitments and approximately 35% related to discretionary commitments. 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 through private funds and provides 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 June 30, 2026, 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. 54 Table of Contents Unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 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 Three months ended June 30, 2026 Total revenues $ 92,237 $ 11,182 $ 103,419 $ 7,264 $ 110,683 Total operating expenses 43,666 3,817 47,483 (42) 47,441 Total other expenses 49,410 (164) 49,246 30 49,276 Income/(loss) before income taxes (839) 7,529 6,690 7,276 13,966 Three months ended June 30, 2025 Total revenues 163,952 7,545 171,497 19,789 191,286 Total operating expenses 37,875 8,237 46,112 2,953 49,065 Total other expenses 32,495 — 32,495 (21) 32,474 Income/(loss) before income taxes 93,582 (692) 92,890 16,857 109,747 Change Total revenues (71,715) 3,637 (68,078) (12,525) (80,603) Total operating expenses 5,791 (4,420) 1,371 (2,995) (1,624) Total other expenses 16,915 (164) 16,751 51 16,802 Income/(loss) before income taxes (94,421) 8,221 (86,200) (9,581) (95,781) 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, mainly reflecting the reduction in YPF-related assets which contributed to the lower unrealized gain, was the main driver of the decrease in income before income taxes for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025 on both consolidated and total segments (Burford-only) bases. 55 Table of Contents 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 Six months ended June 30, 2026 Total revenues $ (1,570,528) $ 16,264 $ (1,554,264) $ (55,427) $ (1,609,691) Total operating expenses (53,218) 12,222 (40,996) (61,659) (102,655) Total other expenses 115,235 (707) 114,528 34 114,562 Income/(loss) before income taxes (1,632,545) 4,749 (1,627,796) 6,198 (1,621,598) Six months ended June 30, 2025 Total revenues 261,602 21,196 282,798 27,347 310,145 Total operating expenses 70,338 15,297 85,635 4,531 90,166 Total other expenses 65,776 — 65,776 (22) 65,754 Income/(loss) before income taxes 125,488 5,899 131,387 22,838 154,225 Change Total revenues (1,832,130) (4,932) (1,837,062) (82,774) (1,919,836) Total operating expenses (123,556) (3,075) (126,631) (66,190) (192,821) Total other expenses 49,459 (707) 48,752 56 48,808 Income/(loss) before income taxes (1,758,033) (1,150) (1,759,183) (16,640) (1,775,823) 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 revenues and total operating expenses decreased, both primarily due to the YPF Judgment Reversal, which was the main driver of the decrease in income/(loss) before income taxes for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 on both consolidated and total segments (Burford-only) bases. In addition, on both consolidated and total segments (Burford-only) bases, revenues decreased due to a decrease in capital provision income arising mostly from lower fair value adjustments, as described below, and the decrease in operating expenses was partially offset by an increase in compensation and benefits costs and an increase in case-related expenditures ineligible for inclusion in asset cost. Refer to the specific segment sections below for the period-over-period discussion of each of the reportable segments. 56 Table of Contents Unaudited condensed consolidated statements of financial condition as of June 30, 2026 as compared to December 31, 2025 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 June 30, 2026 Cash and cash equivalents and marketable securities $ 716,636 $ 16,219 $ 732,855 $ 14,405 $ 747,260 Other assets $ 33,009 $ 178,478 $ 211,487 $ (129,445) $ 82,042 Due from settlement of capital provision assets $ 122,370 $ — $ 122,370 $ — $ 122,370 Capital provision assets $ 2,319,497 $ — $ 2,319,497 $ 865,180 $ 3,184,677 Total assets $ 3,302,299 $ 219,699 $ 3,521,998 $ 750,140 $ 4,272,138 December 31, 2025 Cash and cash equivalents and marketable securities $ 599,011 $ 21,666 $ 620,677 $ 35,246 $ 655,923 Other assets $ 24,348 $ 167,309 $ 191,657 $ (117,914) $ 73,743 Due from settlement of capital provision assets $ 164,804 $ — $ 164,804 $ — $ 164,804 Capital provision assets $ 3,912,194 $ — $ 3,912,194 $ 1,697,755 $ 5,609,949 Total assets $ 4,811,081 $ 215,004 $ 5,026,085 $ 1,615,087 $ 6,641,172 Change Cash and cash equivalents and marketable securities $ 117,625 $ (5,447) $ 112,178 $ (20,841) $ 91,337 Other assets $ 8,661 $ 11,169 $ 19,830 $ (11,531) $ 8,299 Due from settlement of capital provision assets $ (42,434) $ — $ (42,434) $ — $ (42,434) Capital provision assets $ (1,592,697) $ — $ (1,592,697) $ (832,575) $ (2,425,272) Total assets $ (1,508,782) $ 4,695 $ (1,504,087) $ (864,947) $ (2,369,034) 1. Reconciling items include the proportional balances 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. As of June 30, 2026, total assets decreased $2.4 billion on a consolidated basis and decreased $1.5 billion on a total segments (Burford-only) basis. In each case, the decrease in total assets was mainly attributable to a decrease in capital provision assets. See “—Unaudited condensed consolidated statements of financial condition as of June 30, 2026 as compared to December 31, 2025” above for additional information on the components of our unaudited condensed consolidated statements of financial condition. Refer to the specific segment sections below for the period-over-period discussion of each of the reportable segments. 57 Table of Contents Group-wide portfolio Group-wide portfolio refers to the totality of assets managed by us, which includes assets financed by our balance sheet through our Principal Finance segment and assets funded by third parties through our Asset Management and Other Services segment. The table below sets forth the components of our portfolio by segment as of the dates indicated. ($ in thousands) June 30, 2026 December 31, 2025 Change % change Capital provision assets - Principal Finance segment Fair value $ 2,319,497 $ 3,912,194 $ (1,592,697) (41) % Undrawn commitments 1,778,576 1,783,320 (4,744) — % Total portfolio value - Principal Finance segment 4,098,073 5,695,514 (1,597,441) (28) % Capital provision assets (funded by third parties) - Asset Management and Other Services segment Fair value 1,033,600 1,151,341 (117,741) (10) % Undrawn commitments 368,064 410,339 (42,275) (10) % Total 1,401,664 1,561,680 (160,016) (10) % Post-settlement Fair value 185,687 200,206 (14,519) (7) % Undrawn commitments 19,082 20,005 (923) (5) % Total 204,769 220,211 (15,442) (7) % Total portfolio value - Asset Management and Other Services segment 1,606,433 1,781,891 (175,458) (10) % Capital provision assets - group-wide portfolio Fair value 3,538,784 5,263,741 (1,724,957) (33) % Undrawn commitments 2,165,722 2,213,664 (47,942) (2) % Total group-wide portfolio 5,704,506 7,477,405 (1,772,899) (23.7) % Refer to the specific segment sections below for the period-over-period discussion of each of the reportable segments. Group-wide new definitive commitments New definitive commitments serve as one indicator of new business activity and reflect new contractual financing agreements, which are inflows to the portfolio or transfers of existing discretionary commitments. Discretionary commitments, which are also included in undrawn commitments as a component of the portfolio, are not included within new definitive commitments. When referring to new definitive commitments for our combined business segments, we use the term “group-wide” as opposed to the term “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 definitive commitments of capital provision assets by segment for the periods indicated. Three months ended June 30, Six months ended June 30, ($ in thousands) 2026 2025 Change % change 2026 2025 Change % change Principal Finance segment (Burford-only) $ 148,021 $ 361,125 $ (213,104) (59) % $ 280,554 $ 519,624 $ (239,071) (46) % Asset Management and Other Services segment (funded by third parties) 27,110 24,168 2,942 12 % 47,325 65,701 (18,376) (28) % Group-wide new definitive commitments 175,131 385,293 (210,162) (55) % 327,879 585,326 (257,447) (44) % 58 Table of Contents Group-wide new definitive commitments decreased 55% and 44% for the three and six months ended June 30, 2026, respectively, primarily driven by a shift in the size mix of new definitive commitments originated during 2026, with fewer large commitments than in 2025, while the overall volume of new definitive commitments remained broadly consistent. Principal Finance segment Our Principal Finance segment allocates 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 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 six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 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 June 30, Six months ended June 30, ($ in thousands) 2026 2025 Change % change 2026 2025 Change % change Capital provision income/(loss) $ 85,302 $ 155,410 $ (70,108) (45) % $ (1,583,781) $ 246,360 $ (1,830,141) NM Marketable securities income/(loss) and interest 6,935 8,542 (1,607) (19) % 13,253 15,242 (1,989) (13) % Total revenues 92,237 163,952 (71,715) (44) % (1,570,528) 261,602 (1,832,130) NM Compensation and benefits 28,458 30,085 (1,627) (5) % (94,552) 51,147 (145,699) NM General, administrative and other 7,097 6,297 800 13 % 13,933 14,609 (676) (5) % Case-related expenditures ineligible for inclusion in asset cost 8,111 1,493 6,618 443 % 27,401 4,582 22,819 498 % Total operating expenses 43,666 37,875 5,791 15 % (53,218) 70,338 (123,556) NM Finance costs 49,626 33,979 15,647 46 % 99,268 67,859 31,409 46 % Foreign currency transactions (gains)/losses and other expenses (216) (1,484) 1,268 (85) % 15,967 (2,083) 18,050 NM Total other expenses 49,410 32,495 16,915 52 % 115,235 65,776 49,459 75 % Income/(loss) before income taxes (839) 93,582 (94,421) NM (1,632,545) 125,488 (1,758,033) NM Total revenues decreased 44% for the three months ended June 30, 2026, mainly due to a decrease in capital provision income, which was primarily driven by lower fair value adjustments as described below. Total operating expenses increased 15% for the three months ended June 30, 2026, mainly due to higher case-related expenditures ineligible for inclusion in asset cost. Total other expenses increased 52% for the three months ended June 30, 2026, primarily due to interest expense related to the issuance of the 2033 Notes in July 2025 and the 2034 Notes in January 2026, partially offset by the repayment at scheduled maturity of the aggregate principal amount of the 6.125% bonds due 2025 in August 2025 and the early redemption of the 2026 Bonds in January 2026. 59 Table of Contents As a result of the factors described above, income/(loss) before income taxes decreased for the three months ended June 30, 2026. Total revenues decreased for the six months ended June 30, 2026, partially offset by a decrease in total operating expenses. The decrease in both total revenues and total operating expenses was primarily due to the YPF Judgment Reversal, which resulted in (i) with respect to total revenues, a capital provision loss, net of third-party interest, of $1.6 billion and (ii) with respect to total operating expenses, a decrease in long-term incentive compensation including accruals of $124.5 million. Furthermore, total revenues decreased due to a decrease in capital provision income arising mostly from lower fair value adjustments, as described below, while the decrease in total operating expenses as described above was partially offset by an increase in case-related expenditures ineligible for inclusion in asset cost. Case-related expenditures ineligible for inclusion in asset cost include costs associated with ongoing capital provision assets that are not eligible for inclusion in the fair value of those assets and are therefore expensed as incurred. As of June 30, 2026, the Company has recognized a cumulative $29.3 million of such costs in respect of capital provision assets that remain ongoing. The increase in this line item for the six months ended June 30, 2026 is mainly related to $17.8 million arising from the correction in 2026 of certain costs that had been previously included within capital provision assets but which did not meet the applicable criteria for inclusion in the fair value of those assets. The impact of this correction was not material to 2026 or any prior periods. Total other expenses increased 75% for the six months ended June 30, 2026, primarily due to higher interest expense related to the issuance of the 2033 Notes in July 2025 and the 2034 Notes in January 2026, partially offset by the repayment at scheduled maturity of the aggregate principal amount of the 6.125% bonds due 2025 in August 2025 and the early redemption of the 2026 Bonds in January 2026. In addition, the increase in other expenses was also primarily driven by the realization during the three months ended March 31, 2026, upon the redemption of the 2026 Bonds, of accumulated foreign currency losses previously recorded in other comprehensive income. As a result of the factors described above, income/(loss) before income taxes decreased for the six months ended June 30, 2026. Gains from capital provision asset portfolio The table below sets forth the components of our total capital provision income for the periods indicated. Principal Finance segment Three months ended June 30, Six months ended June 30, ($ in thousands) 2026 2025 Change % change 2026 2025 Change % change Net realized gains/(losses) $ 34,909 $ 26,592 $ 8,317 31 % $ 63,303 $ 61,176 $ 2,127 3 % Fair value adjustment during the period, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses) 54,839 116,639 (61,800) (53) % (1,643,234) 167,404 (1,810,638) NM Foreign exchange gains/(losses) (2,660) 10,167 (12,827) NM (5,882) 15,230 (21,112) NM Other (1,786) 2,012 (3,798) NM 2,032 2,550 (518) (20) % Total capital provision income 85,302 155,410 (70,108) (45) % (1,583,781) 246,360 (1,830,141) NM Realized gains Net realized gains on capital provision assets increased 31% for the three months ended June 30, 2026, which were comprised of $60.4 million in gross realized gains, offset by $25.5 million in gross realized losses. For the three months ended June 30, 2025, net realized gains on capital provision assets were comprised of $35.1 million in gross realized gains, offset by $8.5 million in gross realized losses. The increase in net realized gains was due to higher individual favorable conclusions in 2026 as compared to 2025 with no single asset significantly impacting the result. As a percentage of average capital provision assets at cost during the three months ended June 30, 2026, gross realized losses were 5.3% (annualized) as compared to 3.1% for the year ended December 31, 2025. Net realized gains on capital provision assets increased 3% for the six months ended June 30, 2026, which were comprised of $99.8 million in gross realized gains, offset by $36.5 million in gross realized losses. For 60 Table of Contents the six months ended June 30, 2025, net realized gains on capital provision assets were comprised of $81.4 million in gross realized gains, offset by $20.2 million in gross realized losses. Overall, net realized gains remained consistent in 2026 as compared to 2025, with no single asset significantly impacting the result. As a percentage of average capital provision assets at cost during the six months ended June 30, 2026, gross realized losses were 3.9% (annualized) as compared to 3.1% for the year ended December 31, 2025. 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 $54.8 million for the three months ended June 30, 2026, with the reduction in YPF-related assets contributing to the lower unrealized gain value in 2026. In addition, the period-over-period change was also impacted by the relative movement in passage of time and discount rates. Fair value adjustments, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses), on capital provision assets decreased to a loss of $1.6 billion for the six months ended June 30, 2026, with the YPF Judgment Reversal having the largest impact from an individual matter during the period. See “—Unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025—Revenues—Capital provision income/(loss)” above for additional information with respect to the year-over-year change of fair value adjustment, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses). Unaudited condensed statements of financial condition as of June 30, 2026 as compared to December 31, 2025 The table below sets forth the components of our unaudited condensed statements of financial condition for our Principal Finance segment as of the dates indicated. Principal Finance segment ($ in thousands) June 30, 2026 December 31, 2025 Change % change Cash and cash equivalents and marketable securities $ 716,636 $ 599,011 $ 117,625 20 % Due from settlement of capital provision assets 122,370 164,804 (42,434) (26) % Capital provision assets 2,319,497 3,912,194 (1,592,697) (41) % Total assets 3,302,299 4,811,081 (1,508,782) (31) % Total assets decreased 31% as of June 30, 2026, primarily due to a decrease in capital provision assets. See “—Unaudited condensed consolidated statements of financial condition as of June 30, 2026 as compared to December 31, 2025” 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) June 30, 2026 December 31, 2025 Change % change Capital provision assets Fair value $ 2,319,497 $ 3,912,194 $ (1,592,697) (41) % Undrawn commitments 1,778,576 1,783,320 (4,744) — % Total portfolio 4,098,073 5,695,514 (1,597,441) (28) % Total portfolio decreased 28% as of June 30, 2026, driven by decreases in fair value of capital provision assets, primarily resulting from the YPF Judgment Reversal. Capital provision assets include our investment in the Advantage Fund which makes up less than 1% of the total portfolio as of June 30, 2026. The table below sets forth our deployments and realizations for our Principal Finance segment for the periods indicated. 61 Table of Contents Principal Finance segment Three months ended June 30, Six months ended June 30, ($ in thousands) 2026 2025 Change % change 2026 2025 Change % change Deployments $ 88,961 $ 79,279 $ 9,682 12 % $ 202,110 $ 205,097 $ (2,987) (1) % Realizations 86,879 55,613 31,266 56 % 182,658 218,518 (35,860) (16) % 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 June 30, Six months ended June 30, ($ in thousands) 2026 2025 Change % change 2026 2025 Change % change Deployments $ 87,391 $ 80,776 $ 6,615 8 % $ 195,075 $ 210,687 $ (15,612) (7) % Realizations 94,323 61,886 32,437 52 % 191,460 225,034 (33,574) (15) % For both the Principal Finance segment and the adjusted Burford-only basis, total deployments increased by 12% and 8%, respectively, for the three months ended June 30, 2026. For both the Principal Finance segment and the adjusted Burford-only basis, total deployments decreased by 1% and 7%, respectively, for the six months ended June 30, 2026. The timing of deployments varies quarter to quarter but overall, deployment levels remained fairly consistent in 2026 as compared to 2025. 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 June 30, 2026, our Principal Finance portfolio consisted of 237 assets funded directly by our balance sheet and four additional assets held through the Advantage Fund. As of December 31, 2025, our Principal Finance portfolio consisted of 237 assets funded directly by our balance sheet and four additional assets held through the Advantage Fund. For both the Principal Finance segment and the adjusted Burford-only bases, total realizations increased by 56% and 52%, respectively, for the three months ended June 30, 2026. The increase in realizations was mainly due to 2026 having assets with higher realizations as compared to 2025 with no single asset significantly impacting the result. For both the Principal Finance segment and the adjusted Burford-only bases, total realizations decreased by 16% and 15%, respectively, for the six months ended June 30, 2026. The decrease in realizations was largely due to a single asset that generated $93.8 million in 2025 for both the Principal Finance segment and the adjusted Burford-only basis, that did not recur in 2026. 62 Table of Contents Undrawn commitments – Principal Finance segment The table below sets forth the components of our total capital provision undrawn commitments for our Principal Finance segment by type for the periods indicated. ($ in thousands) Definitive Discretionary Legal Risk (definitive) Total Balance as of March 31, 2025 $ 793,714 $ 692,421 $ 42,969 $ 1,529,104 New commitments originated during the period 282,803 15,000 — 297,803 New commitments transferred during the period 78,322 (78,322) — — Cancelled or retired (7,779) — — (7,779) Deployments (80,776) — — (80,776) FX and other (1,101) 13,349 3,430 15,678 Balance as of June 30, 2025 1,065,183 642,448 46,399 1,754,030 Balance as of March 31, 2026 1,109,482 608,359 46,474 1,764,315 New commitments originated during the period 132,507 15,877 — 148,385 New commitments transferred during the period 15,514 (16,222) 708 — Cancelled or retired (17,148) (31,256) — (48,404) Deployments (87,391) — — (87,391) FX and other 2,089 (150) (267) 1,671 Balance as of June 30, 2026 1,155,053 576,608 46,915 1,778,576 ($ in thousands) Definitive Discretionary Legal Risk (definitive) Total Balance as of December 31, 2024 $ 773,673 $ 817,865 $ 41,318 $ 1,632,856 New commitments originated during the period 385,612 15,000 — 400,612 New commitments transferred during the period 134,013 (134,013) — — Cancelled or retired (14,944) (78,052) — (92,997) Deployments (210,687) — — (210,687) FX and other (2,483) 21,648 5,081 24,246 Balance as of June 30, 2025 1,065,183 642,448 46,399 1,754,030 Balance as of December 31, 2025 1,108,059 628,026 47,235 1,783,320 New commitments originated during the period 242,372 21,027 — 263,399 New commitments transferred during the period 38,182 (39,151) 969 — Cancelled or retired (24,859) (36,256) — (61,115) Deployments (195,075) — — (195,075) FX and other (13,626) 2,962 (1,289) (11,953) Balance as of June 30, 2026 1,155,053 576,608 46,915 1,778,576 Undrawn commitments increased 1% for the three and six months ended June 30, 2026, primarily due to higher new definitive commitments originated during the period, partially offset by deployments and retirements. 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 63 Table of Contents 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 a dollar of capital is deployed on average, while weighting by realizations provides a view on how long it takes to recover a dollar of return on average. The WALs of the 293 concluded assets as of June 30, 2026 were flat as compared to the WALs of the 277 concluded assets as of December 31, 2025. 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) June 30, 2026 December 31, 2025 WAL weighted by deployed cost 2.5 2.5 WAL weighted by realizations 2.7 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 cost 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) June 30, 2026 December 31, 2025 WAL of active deployed capital 3.5 3.3 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 and post-settlement deals, as of the dates indicated since inception on a Burford-only basis. ($ in thousands) June 30, 2026 December 31, 2025 ROIC 82 % 83 % IRR 25 % 26 % Cumulative realizations $ 3,936,917 $ 3,766,819 As our older vintages conclude, we may see IRR decrease 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 certain private funds, which tend to target a lower overall risk return profile. Returns from these concluded or partially concluded assets invested through private funds and post-settlement deals are not included in the ROICs and IRRs in the table above. For the concluded or partially concluded assets from the balance sheet’s interest in Advantage Fund and post-settlement deals, these assets generated $86.0 million of realizations, resulting in a ROIC of 20% and IRR of 27%. We do not consider matters to be concluded (and therefore part of these return metrics on our concluded portfolio) until there is no longer any litigation risk remaining. Return metrics on our concluded portfolio do not include fair value adjustments, either positive or negative. As a result, these return metrics do not include the positive or negative impact of developments on matters while they remain pending. 64 Table of Contents Portfolio by vintage The table below sets forth a summary by vintage of every legal finance asset that we have funded directly by our balance sheet as of the date indicated since inception. Refer to our website for a table setting forth the information on all of the individual vintages. June 30, 2026 Number of Commitment Deployed Realized Concluded (fully and partially) ($ in millions) assets amount(1)(2) costs(1) proceeds(1) ROIC IRR Concluded 87 576 475 754 103 % — % Partially realized - concluded — (3) 50 39 287 Partially realized - ongoing 7 241 154 — Ongoing 3 21 21 — Pre-2016 Total 97 888 689 1,041 Concluded 89 919 713 1,245 80 % 24 % Partially realized - concluded — (3) 335 296 573 Partially realized - ongoing 38 536 370 — Ongoing 39 556 341 — 2016-2020 Total 166 2,346 1,720 1,818 Concluded 12 52 41 73 73 % 29 % Partially realized - concluded — (3) 206 203 349 Partially realized - ongoing 12 174 115 — Ongoing 13 110 81 — 2021 Total 37 542 440 422 Concluded 9 90 50 70 83 % 30 % Partially realized - concluded — (3) 86 85 176 Partially realized - ongoing 13 261 138 — Ongoing 17 235 172 — 2022 Total 39 672 445 246 Concluded 7 274 136 192 57 % 47 % Partially realized - concluded — (3) 28 23 56 Partially realized - ongoing 8 107 75 — Ongoing 9 264 53 — 2023 Total 24 673 287 248 Concluded 3 96 75 94 36 % 49 % Partially realized - concluded — (3) 18 12 25 Partially realized - ongoing 3 47 15 — Ongoing 30 507 170 — 2024 Total 36 668 272 119 Concluded — — — — 175 % 301 % Partially realized - concluded — (3) 14 14 39 Partially realized - ongoing 4 91 84 — Ongoing 31 519 114 — 2025 Total 35 624 212 39 65 Table of Contents Concluded — — — — — % — % Partially realized - concluded — (3) 4 4 4 Partially realized - ongoing 1 28 7 — Ongoing 9 148 6 — 2026 Total 10 180 17 4 Total portfolio: Concluded 207 2,007 1,490 2,428 82 % 25 % Partially realized - concluded(4) 86 741 676 1,509 Total concluded portion 293 2,748 2,166 3,937 Partially realized – ongoing portion(4) 86 1,485 958 — Ongoing 151 2,360 958 — Total ongoing portion 237 3,845 1,916 — Total portfolio 444 6,593 4,082 3,937 1. Amounts in currencies other than US dollar are reported in this table at the foreign exchange rates in effect at the time of the historical transaction, i.e., when the commitment or deployment was made or when proceeds were realized, respectively. Amounts related to those transactions (such as undrawn commitments or deployed cost) reflected elsewhere in this “Management's discussion and analysis of financial condition and results of operations” or in our unaudited condensed consolidated financial statements contained in this Form 10-Q may be reported based on the foreign exchange rates in effect as of the end of the applicable period and, therefore, may differ from the amounts in this table. 2. A portion of certain ongoing assets’ undrawn commitments are no longer an obligation. This table presents an asset’s gross original commitments, so it does not reflect a reduction in commitment for the portion that is no longer an obligation. This will result in a difference when compared to undrawn commitments in note 15 (Financial commitments and contingent liabilities) to our unaudited condensed consolidated financial statements contained in this Form 10-Q. 3. The number of assets for partially realized concluded transactions is listed under the number of assets for partially realized ongoing transactions as these are the concluded and ongoing portions of the same transactions. 4. As of June 30, 2026 there were 86 capital provision assets with partial realizations. We repeat the number with partial realizations in total concluded and total ongoing. Asset Management and Other Services segment Our Asset Management and Other Services segment manages legal finance assets on behalf of third-party investors through private funds and provides 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 private 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 fund 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 June 30, 2026. 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. 66 Table of Contents Unaudited condensed statements of operations for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 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 June 30, Six months ended June 30, ($ in thousands) 2026 2025 Change % change 2026 2025 Change % change Asset management income/(loss) $ 10,360 $ 7,112 $ 3,248 46 % $ 15,642 $ 20,949 $ (5,307) (25) % Other income/(loss) 822 433 389 90 % 622 247 375 152 % Total revenues 11,182 7,545 3,637 48 % 16,264 21,196 (4,932) (23) % Compensation and benefits 2,334 6,868 (4,534) (66) % 9,012 12,120 (3,108) (26) % General, administrative and other 1,483 1,369 114 8 % 3,210 3,177 33 1 % Total operating expenses 3,817 8,237 (4,420) (54) % 12,222 15,297 (3,075) (20) % Foreign currency transactions (gains)/losses and other expenses (164) — (164) NM (707) — (707) NM Total other expenses (164) — (164) NM (707) — (707) NM Income/(loss) before income taxes 7,529 (692) 8,221 NM 4,749 5,899 (1,150) (19) % Total revenues increased 48% for the three months ended June 30, 2026, primarily driven from higher asset management income, reflecting an increase in capital provision income earned by BOF-C and, therefore, more profit-sharing income from BOF-C contributing to asset management income for 2026. Total operating expenses decreased 54% for the three months ended June 30, 2026, primarily due to decrease in compensation and benefits costs. As a result of the factors described above, income/(loss) before income taxes increased for the three months ended June 30, 2026. Total revenues decreased 23% for the six months ended June 30, 2026, primarily driven by lower performance fee income and lower management fee income from our private funds as they are in run off and are therefore earning less income period-over-period. Total operating expenses decreased 20% for the six months ended June 30, 2026, primarily due to a decrease in compensation and benefits costs. As a result of the factors described above, income/(loss) before income taxes decreased for the six months ended June 30, 2026. 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) profit sharing income, which represents income from bespoke profit-sharing agreements with third-party investors, such as our strategic sovereign wealth fund partner or (iii) performance fees, which are fees paid to Burford contingent on satisfying certain performance thresholds as designated by each fund waterfall. The timing of the recognition of performance fees is variable as they are recognized when a reliable estimate of the performance fees 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. The table below sets forth the components of our asset management income for the periods indicated. 67 Table of Contents Asset Management and Other Services segment Three months ended June 30, Six months ended June 30, ($ in thousands) 2026 2025 Change % change 2026 2025 Change % change Management fee income $ 289 $ 1,349 $ (1,060) (79) % $ 573 $ 2,887 $ (2,314) (80) % Performance fee income — — — NM 1,200 4,400 (3,200) (73) % Profit sharing income from private funds 10,071 5,763 4,308 75 % 13,869 13,662 207 2 % Total asset management income 10,360 7,112 3,248 46 % 15,642 20,949 (5,307) (25) % Asset management income increased 46% for the three months ended June 30, 2026, primarily due to higher profit-sharing income from BOF-C, mainly from higher total revenues related to BOF-C's capital provision assets primarily reflecting higher unrealized fair value adjustments. Asset management income decreased 25% for the six months ended June 30, 2026, primarily driven by lower performance income and lower management fee income from our private funds as they are in run off and are therefore earning less income period-over-period. Starting December 1, 2025, the management fee rate for the remaining active fund, BOF, dropped from 2.0% to 0.5% per annum. Unaudited condensed statements of financial condition as of June 30, 2026 as compared to December 31, 2025 The table below sets forth the components of our unaudited condensed 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) June 30, 2026 December 31, 2025 Change % change Cash and cash equivalents and marketable securities $ 16,219 $ 21,666 $ (5,447) (25) % Other assets 178,478 167,309 11,169 7 % Total assets 219,699 215,004 4,695 2 % Total assets increased 2% as of June 30, 2026, primarily from the related receivable of the performance fee income from the Advantage Fund and the acquisition of an equity method investment. 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) June 30, 2026 December 31, 2025 Change % change Capital provision assets - funded by third parties Fair value $ 1,033,600 $ 1,151,341 $ (117,741) (10) % Undrawn commitments 368,064 410,339 (42,275) (10) % Total 1,401,664 1,561,680 (160,016) (10) % Post-settlement Fair value 185,687 200,206 (14,519) (7) % Undrawn commitments 19,082 20,005 (923) (5) % Total 204,769 220,211 (15,442) (7) % Total portfolio value 1,606,433 1,781,891 (175,458) (10) % Total portfolio value, funded by third parties, decreased 10% as of June 30, 2026. The decrease in our total portfolio was driven by lower fair value adjustments and the impact of realizations in 2026, without offsetting new deployments in certain private funds for which the investment period has ended. 68 Table of Contents Private funds As of June 30, 2026, 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. June 30, 2026 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 $ 190 $ 124 Class A: 2%/20%; Class B: 0%/50% European 12/15/2015 BCIM Partners III, LP Core legal finance 412 447 336 358 2%/20% European 1/1/2020(3) Burford Opportunity Fund LP & Burford Opportunity Fund B LP (BOF) Core legal finance 300 418 327 255 0.5%/20% European 12/31/2021(4) BCIM Credit Opportunities, LP (COLP) Post-settlement 488 699 695 390 1% on undrawn/ 2% on funded and 20% incentive European 9/30/2019(3) Burford Alternative Income Fund LP (BAIF)(2) Post-settlement 327 678 664 251 1.5%/10% European 4/4/2022 Burford Alternative Income Fund II LP (BAIF II) Post-settlement 350 380 336 378 1.5%/12.5% European 9/11/2025 Burford Advantage Master Fund LP (Advantage Fund) Lower risk legal finance 360 370 368 288 Profit split(5) American 12/24/2024 Burford Opportunity Fund C LP (BOF-C)(2) Core legal finance 766 1,320 888 943 Expense reimbursement + profit share Hybrid 12/31/2024 Total 3,263 4,565 3,804 2,987 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, BAIF and BAIF II. 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. Our total AUM was $3.0 billion and $3.2 billion as of June 30, 2026 and December 31, 2025, 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 individual capital vehicles. The total portfolio value shown for our Asset Management and Other Services segment of $1.6 billion reflects the fair value of portfolio assets plus the undrawn commitments to portfolio assets, but excludes the balance sheet’s interest in the Advantage Fund, which is reflected in the portfolio value for our Principal Finance segment. Liquidity and capital resources Overview The table below sets forth our cash and cash equivalents and marketable securities as of the dates indicated. June 30, 2026 December 31, 2025 Total Total Third-party segments Third-party segments ($ in thousands) Consolidated interests (Burford-only) Consolidated interests (Burford-only) Cash and cash equivalents $ 696,899 $ (14,405) $ 682,494 $ 566,437 $ (35,246) $ 531,191 Marketable securities 50,361 — 50,361 89,486 — 89,486 Total 747,260 (14,405) 732,855 655,923 (35,246) 620,677 As of June 30, 2026, our cash and cash equivalents and marketable securities increased 14% on a consolidated basis and increased 18% on a total segments (Burford-only) basis. The net increase in cash and cash equivalents and marketable securities on both the consolidated and total segments (Burford-only) bases 69 Table of Contents primarily reflects the issuance of the 2034 Notes and the proceeds received from capital provision assets, partially offset by (i) the redemption of the 2026 Bonds and (ii) the funding of capital provision assets. On the consolidated basis, the net increase in cash and cash equivalents and marketable securities was also impacted by third-party net capital distributions. Our marketable securities primarily consist of short-duration and generally investment-grade fixed income assets, the bulk of which are held in separately managed accounts, managed by a third-party asset manager that specializes in short-duration and money market investments. Debt During the six months ended June 30, 2026, we issued the 2034 Notes and redeemed in full the remaining 2026 Bonds. As of June 30, 2026, we had five series of debt securities outstanding, all of which were issued through private placement transactions under Rule 144A and Regulation S under the Securities Act. See note 10 (Debt) to our unaudited condensed consolidated financial statements contained in this Form 10-Q for additional information with respect to our outstanding debt securities. As of June 30, 2026, Moody’s affirmed our credit rating and changed the outlook to negative, while S&P lowered our credit rating but assigned a stable outlook. We manage our business with appropriate levels of leverage and have laddered debt maturities with an overall weighted average maturity in excess of the expected weighted average life of our legal finance assets. As of June 30, 2026, the weighted average maturity of our outstanding debt securities of 5.2 years continued to be longer than the weighted average life of our concluded assets, weighted by realizations, of 2.7 years. Going forward, we expect to continue to be an opportunistic issuer of debt securities and may issue new debt securities from time to time to fund our growth, or refinance future debt maturities, among other things. In addition, from time to time, we may acquire our debt securities through open market purchases, redemptions, privately negotiated transactions, tender offers, exchange offers or otherwise, upon such terms and at such prices as we may from time to time determine, for cash or other consideration. The indentures governing our outstanding debt securities contain certain restrictive covenants that, among other things, limit our ability to incur additional indebtedness (but generally do not limit our ability to refinance our existing indebtedness) or undertake certain other specific actions, such as making restricted payments. These restrictive covenants have many exceptions, referred to as “baskets”, including certain “baskets” that are based on our debt to equity ratio. As of the date of this Quarterly Report, while our debt to equity ratio impairs our use of some “baskets” based on that ratio, we continue to have other “baskets” available to us that are not predicated on our debt to equity ratio that we believe provide us with adequate flexibility to manage our business operations. We are required to provide certain information pursuant to the indentures governing the 2028 Notes, the 2030 Notes, the 2031 Notes, the 2033 Notes and the 2034 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) us and our Restricted Subsidiaries (as defined in the indentures governing the 2028 Notes, the 2030 Notes, the 2031 Notes, the 2033 Notes and the 2034 Notes, as applicable) and (ii) our Unrestricted Subsidiaries (as defined in the indentures governing the 2028 Notes, the 2030 Notes, the 2031 Notes, the 2033 Notes and the 2034 Notes, as applicable). ($ in thousands) June 30, 2026 December 31, 2025 Burford Capital Limited and its Restricted Subsidiaries Total assets $ 3,603,517 $ 5,941,410 Third-party indebtedness 2,403,336 2,127,829 Unrestricted Subsidiaries Total assets 668,621 699,762 Third-party indebtedness — — 70 Table of Contents Three months ended June 30, Six months ended June 30, ($ in thousands) 2026 2025 2026 2025 Burford Capital Limited and its Restricted Subsidiaries Total revenues $ 103,271 $ 172,056 $ (1,618,026) $ 282,847 Unrestricted Subsidiaries Total revenues 7,412 19,230 8,335 27,298 Dividends On February 25, 2026, the Board of Directors declared a final dividend of 6.25¢ per ordinary share, and the Company’s shareholders approved the final dividend at the annual general meeting held on May 13, 2026. The final dividend was paid on June 12, 2026 to shareholders of record as of the close of business on May 22, 2026. We do not intend to declare an interim dividend for the year ending December 31, 2026; we will evaluate the potential for future dividends as our portfolio matures and our leverage level reduces. See “Risk factors—Risks relating to our ordinary shares—There can be no assurance that we will pay dividends or distributions” in the 2025 Form 10-K for additional information with respect to our declaration and payment of dividends. Cash flows We primarily generate revenues and cash flows from our capital provision assets. Based on our historical experience and current expectations, we believe that our existing liquidity, together with cash generated from our business operations, will be sufficient to meet our anticipated operating expenses, debt service obligations and other working capital requirements for at least the next 12 months. Over the longer term, we expect to continue to fund our business operations principally through proceeds realized from our capital provision assets, supplemented as appropriate by access to the capital markets and other financing arrangements. Our expected primary uses of cash over the next 12 months include: •funding new and existing investments to support the growth of our business; •paying operating expenses, including compensation and general and administrative costs; •servicing our indebtedness, including interest payments; •paying taxes; and •repurchasing ordinary shares. Our expected primary uses of cash over the longer term include: •continuing to support the growth of our business and expansion of our portfolio; •pursuing strategic investment opportunities; •servicing and repaying outstanding indebtedness; •paying cash dividends, as declared; and •repurchasing ordinary shares. We believe that the growth of our portfolio will, over time, generate increased revenues and cash flows sufficient to meet our long-term liquidity requirements. Set forth below is a discussion of our cash flows for the periods indicated on a consolidated basis, unless noted otherwise. The table below sets forth the components of our cash flows for the periods indicated. Six months ended June 30, ($ in thousands) 2026 2025 Net cash provided by/(used in) operating activities $ (84,653) $ 70,939 Net cash provided by/(used in) investing activities (3,058) (127) Net cash provided by/(used in) financing activities 218,477 (170,528) Net increase/(decrease) in cash and cash equivalents 130,766 (99,716) 71 Table of Contents Net cash provided by/(used in) operating activities The table below sets forth the components of our net cash provided by/(used in) operating activities for the periods indicated. Six months ended June 30, ($ in thousands) 2026 2025 Net cash provided by/(used in) operating activities before proceeds from/(funding of) operating activities $ (170,902) $ (61,913) Net proceeds from/(funding of) marketable securities 41,891 1,820 Proceeds from capital provision assets 294,381 447,812 Funding of capital provision assets (250,023) (316,780) Net cash provided by/(used in) operating activities (84,653) 70,939 Net cash used in operating activities was $84.7 million for the six months ended June 30, 2026. The period-over-period change in net cash provided by/(used in) operating activities reflects primarily lower proceeds received from capital provision assets. Net cash provided by/(used in) investing activities Net cash used in investing activities was $3.1 million for the six months ended June 30, 2026. The period-over-period change in net cash provided by/(used in) investing activities was primarily due to the acquisitions of equity method and other investments. Net cash provided by/(used in) financing activities Net cash provided by financing activities was $218.5 million for the six months ended June 30, 2026. The period-over-period change in net cash provided by/(used in) financing activities was primarily due to the issuance of the 2034 Notes in 2026, partially offset by the redemption of the 2026 Bonds and the impact from third-party net distributions. Cash receipts (non-GAAP financial measure) Cash receipts represent cash generated during the reporting period from our capital provision assets, asset management income and certain other items, before any deployments into financing existing or new assets. See “Non-GAAP financial measures and KPIs—KPIs and non-GAAP financial measures relating to our operating and financial performance—Non-GAAP financial measures—Cash receipts” for additional information with respect to our cash receipts. See “—Cash flows” for a discussion of our cash flows on a consolidated basis prepared in accordance with US GAAP. The table below sets forth the components of our cash receipts for the periods indicated on a Burford-only basis. Burford-only (non-GAAP) Six months ended June 30, ($ in thousands) 2026 2025 Proceeds from capital provision assets $ 226,760 $ 287,198 Proceeds from asset management income 5,273 8,613 Proceeds from other items(1) 15,076 10,040 Cash receipts 247,109 305,851 1. See “—Reconciliations—Cash receipts reconciliations” for additional information with respect to the components of this line item. On a Burford-only basis, our cash receipts decreased 19% for the six months ended June 30, 2026, reflecting primarily lower cash receipts from realizations during 2026 as compared to 2025. Of the $164.8 million of due from settlement of capital provision assets receivables as of December 31, 2025, 62% was collected in cash during 2026. See “—Reconciliations—Cash receipts reconciliations” for a reconciliation of cash receipts to proceeds from capital provision assets, the most comparable measure calculated in accordance with US GAAP. Off-balance sheet arrangements As of June 30, 2026 and December 31, 2025, we had off-balance sheet arrangements relating to legal finance assets with structured entities that aggregate claims from multiple parties in the amount of $22.2 million and $23.4 million, respectively. See note 12 (Variable interest entities) to our unaudited condensed consolidated 72 Table of Contents financial statements contained in this Form 10-Q for additional information with respect to structured entities. Critical accounting estimates The preparation of our unaudited condensed consolidated financial statements in accordance with US GAAP requires our management to make estimates, judgments and assumptions that affect the reported amounts of capital provision assets. Our management bases these estimates and judgments on available information, historical experience and other assumptions that we believe are reasonable under the circumstances. However, these estimates, judgments and assumptions are often subjective and may be impacted negatively based on changing circumstances or changes in our analyses. We believe that our critical accounting policies could potentially produce materially different results if we were to change underlying estimates, judgments and/or assumptions. Set forth below are certain aspects of our critical accounting policy. For a full discussion of this critical accounting policy and other significant accounting policies, see note 2 (Summary of significant accounting policies) to our unaudited condensed consolidated financial statements contained in this Form 10-Q. Fair value of capital provision assets The determination of fair value for capital provision assets and financial liabilities relating to third-party interests in capital provision assets involves significant estimates and judgments. While the potential range of outcomes for the assets is wide, our fair value estimation is our best assessment of the current fair value of each asset or liability. Such an estimate is inherently subjective, being based largely on management’s estimate of forecasted cash flows, an assigned discount rate and an assessment of how individual events have changed the possible outcomes of the asset 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 our management’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 that impact the discount rates applied. See note 11 (Fair value of assets and liabilities) to our unaudited condensed consolidated financial statements contained in this Form 10-Q and “—Fair value of capital provision assets” for additional information with respect to fair value. As of June 30, 2026 and December 31, 2025, should management’s estimate of the value of those instruments have been 10% higher or lower than provided for in our fair value estimates, while all other variables remained constant, our unaudited condensed consolidated income and net assets would have increased or decreased, as applicable, by $321.0 million and $491.1 million, respectively. Furthermore, as of June 30, 2026 and December 31, 2025, should interest rates have been 50 or 100 basis points lower or higher than the actual interest rates used in the fair value estimates, while all other variables remained constant, our unaudited condensed consolidated income and net assets and the Principal Finance segment’s unaudited condensed consolidated income and net assets would have increased or decreased, as applicable, by the amounts set forth below. Consolidated (GAAP) ($ in thousands) June 30, 2026 December 31, 2025 +100 bps interest rates $ (118,337) $ (166,466) +50 bps interest rates (59,576) (83,662) -50 bps interest rates 63,554 87,423 -100 bps interest rates 128,098 175,812 Principal Finance segment ($ in thousands) June 30, 2026 December 31, 2025 +100 bps interest rates $ (98,435) $ (124,625) +50 bps interest rates (49,741) (62,755) -50 bps interest rates 52,575 65,276 -100 bps interest rates 106,355 131,524 73 Table of Contents As of June 30, 2026 and December 31, 2025, should duration have been six or 12 months lower or higher than the actual duration used in the fair value estimates, while all other variables remained constant, our unaudited condensed consolidated income and net assets and the Principal Finance segment’s unaudited condensed consolidated income and net assets would have increased or decreased, as applicable, by the amounts set forth below. Consolidated (GAAP) ($ in thousands) June 30, 2026 December 31, 2025 +12 months duration(1) $ (257,236) $ (422,303) +6 months duration(1) (129,030) (229,491) -6 months duration(1) 134,128 199,038 -12 months duration(1) 269,242 383,172 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 unaudited condensed consolidated financial statements contained in this Form 10-Q for additional information with respect to the valuation methodology for Level 3 assets. Principal Finance segment ($ in thousands) June 30, 2026 December 31, 2025 +12 months duration(1) $ (199,062) $ (299,693) +6 months duration(1) (100,676) (161,827) -6 months duration(1) 105,149 143,208 -12 months duration(1) 209,694 278,437 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 unaudited condensed consolidated financial statements contained in this Form 10-Q 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 our consolidated income and net assets because the fluctuation in our effective tax rate from period to period could indicate changes in sensitivity not driven by the valuation that we consider difficult to follow and detract from the comparability of this information. Reconciliations The tables below set forth the reconciliations of (i) the unaudited condensed consolidated operating expenses to total segments (Burford-only) operating expenses for the periods indicated and (ii) the unaudited condensed consolidated statements of financial condition to total segments (Burford-only) unaudited condensed statements of financial condition as of the dates indicated. See “Non-GAAP financial measures and KPIs—Non-GAAP financial measures relating to our business structure” for additional information. The first column in the tables below sets forth our results of operations on a consolidated basis as reported in our unaudited condensed consolidated financial statements prepared in accordance with US GAAP. These results of operations include investments in a number of entities that are not wholly owned subsidiaries of Burford Capital Limited and, therefore, contain third-party capital, including BOF-C, the Advantage Fund, Colorado, the EP Funds and other entities. The presentation of our results of operations on a consolidated basis requires a line-by-line consolidation of 100% of each non-wholly owned entity’s assets and liabilities. The portion of the net assets that is attributable to the third-party interests are then presented separately as single line items within the unaudited condensed consolidated statements of financial condition. We believe it is helpful to exclude the interests of investors other than Burford in our discussion of our results of operations, and we have therefore, as an alternative presentation, excluded from our presentation of our results of operations the non-Burford portion of the individual assets and liabilities relating to such third-party capital. The reconciliations eliminate the line-by-line consolidation of all the applicable entities’ individual assets and liabilities required by US GAAP to present Burford’s investment in the non-wholly owned entities and Burford’s share of the gain or loss earned on such investment. 74 Table of Contents Reconciliations of unaudited condensed consolidated operating expenses to total segments (Burford-only) unaudited condensed operating expenses The table below sets forth the reconciliations of components of the unaudited condensed consolidated operating expenses to total segments (Burford-only) unaudited condensed operating expenses for the periods indicated. ($ in thousands) Consolidated Third-party interests Total segments (Burford-only) Three months ended June 30, 2026 Compensation and benefits Salaries and benefits $ 18,152 $ — $ 18,152 Annual incentive compensation 4,118 — 4,118 Share-based and deferred compensation 2,230 — 2,230 Long-term incentive compensation including accruals 6,292 — 6,292 General, administrative and other 8,612 (32) 8,580 Case-related expenditures ineligible for inclusion in asset cost 8,037 74 8,111 Total operating expenses 47,441 42 47,483 Three months ended June 30, 2025 Compensation and benefits Salaries and benefits 11,749 — 11,749 Annual incentive compensation 5,074 — 5,074 Share-based and deferred compensation 7,265 — 7,265 Long-term incentive compensation including accruals 12,865 — 12,865 General, administrative and other 7,792 (126) 7,666 Case-related expenditures ineligible for inclusion in asset cost 4,320 (2,827) 1,493 Total operating expenses 49,065 (2,953) 46,112 ($ in thousands) Consolidated Third-party interests Total segments (Burford-only) Six months ended June 30, 2026 Compensation and benefits Salaries and benefits $ 31,316 $ — $ 31,316 Annual incentive compensation 9,541 — 9,541 Share-based and deferred compensation (2,995) — (2,995) Long-term incentive compensation including accruals (123,402) — (123,402) General, administrative and other 17,200 (57) 17,143 Case-related expenditures ineligible for inclusion in asset cost (34,315) 61,716 27,401 Total operating expenses (102,655) 61,659 (40,996) Six months ended June 30, 2025 Compensation and benefits Salaries and benefits 24,144 — 24,144 Annual incentive compensation 9,319 — 9,319 Share-based and deferred compensation 10,064 — 10,064 Long-term incentive compensation including accruals 19,740 — 19,740 General, administrative and other 18,002 (216) 17,786 Case-related expenditures ineligible for inclusion in asset cost 8,897 (4,315) 4,582 Total operating expenses 90,166 (4,531) 85,635 75 Table of Contents Reconciliations of unaudited condensed consolidated statements of financial condition to total segments (Burford-only) unaudited condensed statements of financial condition The tables below set forth the reconciliations of unaudited condensed consolidated statements of financial condition to total segments (Burford-only) unaudited condensed statements of financial condition as of the dates indicated. June 30, 2026 ($ in thousands) Consolidated Third-party interests Total segments (Burford-only) Assets Cash and cash equivalents $ 696,899 $ (14,405) $ 682,494 Marketable securities 50,361 — 50,361 Other assets 82,042 129,445 211,487 Due from settlement of capital provision assets 122,370 — 122,370 Capital provision assets 3,184,677 (865,180) 2,319,497 Goodwill 134,002 — 134,002 Deferred tax asset 1,787 — 1,787 Total assets 4,272,138 (750,140) 3,521,998 Liabilities Debt interest payable 78,181 — 78,181 Other liabilities 89,162 (7,874) 81,288 Long-term incentive compensation payable 91,191 — 91,191 Debt payable 2,403,336 — 2,403,336 Financial liabilities relating to third-party interests in capital provision assets 93,000 (93,000) — Deferred tax liability 48,943 — 48,943 Total liabilities 2,803,813 (100,874) 2,702,939 Total shareholders' equity 1,468,325 (649,266) 819,059 76 Table of Contents December 31, 2025 ($ in thousands) Consolidated Third-party interests Total segments (Burford-only) Assets Cash and cash equivalents $ 566,437 $ (35,246) $ 531,191 Marketable securities 89,486 — 89,486 Other assets 73,743 117,914 191,657 Due from settlement of capital provision assets 164,804 — 164,804 Capital provision assets 5,609,949 (1,697,755) 3,912,194 Goodwill 134,020 — 134,020 Deferred tax asset 2,733 — 2,733 Total assets 6,641,172 (1,615,087) 5,026,085 Liabilities Debt interest payable 60,033 — 60,033 Other liabilities 191,606 (76,888) 114,718 Long-term incentive compensation payable 228,366 — 228,366 Debt payable 2,127,829 — 2,127,829 Financial liabilities relating to third-party interests in capital provision assets 858,491 (858,491) — Deferred tax liability 47,117 — 47,117 Total liabilities 3,513,442 (935,379) 2,578,063 Total shareholders' equity 3,127,730 (679,708) 2,448,022 77 Table of Contents Reconciliations of capital provision assets The tables below set forth the reconciliations of components of the consolidated capital provision assets as of the beginning and end of period and deployed cost and unrealized fair value as of the end of period to total segments (Burford-only) capital provision assets as of the beginning and end of period and deployed cost and unrealized fair value as of the end of period, in each case, for the periods indicated. Three months ended June 30, 2026 Six months ended June 30, 2026 ($ in thousands) Consolidated Third-party interests Total segments (Burford-only) Consolidated Third-party interests Total segments (Burford-only) Beginning of period $ 3,120,499 $ (890,517) $ 2,229,982 $ 5,609,949 $ (1,697,755) $ 3,912,194 Transfers — — — (23,043) (1,003) (24,046) Deployments 110,076 (21,115) 88,961 250,023 (47,913) 202,110 Realizations (148,970) 62,091 (86,879) (250,279) 67,621 (182,658) Income for the period 105,779 (16,031) 89,748 (2,393,471) 813,540 (1,579,931) Foreign exchange gains/(losses) (2,707) 392 (2,315) (8,502) 330 (8,172) End of period 3,184,677 (865,180) 2,319,497 3,184,677 (865,180) 2,319,497 Deployed cost, end of period 2,566,282 (664,343) 1,901,939 2,566,282 (664,343) 1,901,939 Unrealized fair value, end of period 618,395 (200,837) 417,558 618,395 (200,837) 417,558 Capital provision assets 3,184,677 (865,180) 2,319,497 3,184,677 (865,180) 2,319,497 Three months ended June 30, 2025 Six months ended June 30, 2025 ($ in thousands) Consolidated Third-party interests Total segments (Burford-only) Consolidated Third-party interests Total segments (Burford-only) Beginning of period $ 5,305,021 $ (1,677,618) $ 3,627,403 $ 5,243,917 $ (1,672,693) $ 3,571,224 Deployments 100,304 (21,025) 79,279 316,780 (111,683) 205,097 Realizations (90,077) 34,464 (55,613) (378,925) 160,407 (218,518) Income for the period 211,186 (67,955) 143,231 336,754 (108,174) 228,580 Foreign exchange gains/(losses) 18,249 (1,279) 16,970 26,157 (1,270) 24,887 End of period 5,544,683 (1,733,413) 3,811,270 5,544,683 (1,733,413) 3,811,270 Deployed cost, end of period 2,404,992 (656,741) 1,748,251 2,404,992 (656,741) 1,748,251 Unrealized fair value, end of period 3,139,691 (1,076,672) 2,063,019 3,139,691 (1,076,672) 2,063,019 Capital provision assets 5,544,683 (1,733,413) 3,811,270 5,544,683 (1,733,413) 3,811,270 78 Table of Contents Reconciliations of capital provision income The tables below set forth the reconciliations of components of the consolidated capital provision income to total segments (Burford-only) capital provision income for the periods indicated. Three months ended June 30, 2026 Six months ended June 30, 2026 ($ in thousands) Consolidated Third-party interests Total segments (Burford-only) Consolidated Third-party interests Total segments (Burford-only) Net realized gains/(losses) $ 65,655 $ (30,746) $ 34,909 $ 97,825 $ (34,522) $ 63,303 Fair value adjustment during the period, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses) 40,124 14,715 54,839 (2,491,296) 848,062 (1,643,234) Income/(loss) on capital provision assets 105,779 (16,031) 89,748 (2,393,471) 813,540 (1,579,931) Foreign exchange gains/(losses) (2,514) (146) (2,660) (5,847) (35) (5,882) Net income/(loss) from due from settlement of capital provision assets 1,250 — 1,250 1,820 — 1,820 Other income/(loss) (3,036) — (3,036) 212 — 212 Total capital provision income 101,479 (16,177) 85,302 (2,397,286) 813,505 (1,583,781) Three months ended June 30, 2025 Six months ended June 30, 2025 ($ in thousands) Consolidated Third-party interests Total segments (Burford-only) Consolidated Third-party interests Total segments (Burford-only) Net realized gains/(losses) $ 40,296 $ (13,704) $ 26,592 $ 107,915 $ (46,739) $ 61,176 Fair value adjustment during the period, net of previously recognized unrealized gains/(losses) transferred to realized gains/(losses) 170,890 (54,251) 116,639 228,839 (61,435) 167,404 Income/(loss) on capital provision assets 211,186 (67,955) 143,231 336,754 (108,174) 228,580 Foreign exchange gains/(losses) 10,966 (799) 10,167 16,376 (1,146) 15,230 Net income/(loss) on due from settlement of capital provision assets 2,303 — 2,303 2,955 — 2,955 Other income/(loss) (291) — (291) (405) — (405) Total capital provision income 224,164 (68,754) 155,410 355,680 (109,320) 246,360 79 Table of Contents Reconciliations of due from settlement of capital provision assets The tables below set forth the reconciliations of components of the consolidated due from settlement of capital provision assets as of the beginning and end of period to total segments (Burford-only) due from settlement of capital provision assets as of the beginning and end of period for the periods indicated. Three months ended June 30, 2026 Six months ended June 30, 2026 ($ in thousands) Consolidated Third-party interests Total segments (Burford-only) Consolidated Third-party interests Total segments (Burford-only) Beginning of period $ 180,041 $ — $ 180,041 $ 164,804 $ — $ 164,804 Transfer of realizations from capital provision assets 148,970 (62,091) 86,879 250,279 (67,621) 182,658 Net income/(loss) 1,250 — 1,250 1,820 — 1,820 Proceeds from capital provision assets (208,032) 62,091 (145,941) (294,381) 67,621 (226,760) Foreign exchange gains/(losses) 141 — 141 (152) — (152) End of period 122,370 — 122,370 122,370 — 122,370 Three months ended June 30, 2025 Six months ended June 30, 2025 ($ in thousands) Consolidated Third-party interests Total segments (Burford-only) Consolidated Third-party interests Total segments (Burford-only) Beginning of period $ 102,648 $ — $ 102,648 $ 183,858 $ (207) $ 183,651 Transfer of realizations from capital provision assets 90,077 (34,464) 55,613 378,925 (160,407) 218,518 Net income/(loss) 2,303 — 2,303 2,955 — 2,955 Proceeds from capital provision assets (76,758) 34,464 (42,294) (447,812) 160,614 (287,198) Foreign exchange gains/(losses) 181 — 181 525 — 525 End of period 118,451 — 118,451 118,451 — 118,451 Reconciliations of capital provision undrawn commitments The tables below set forth the reconciliations of the consolidated capital provision undrawn commitments to total segments (Burford-only) capital provision undrawn commitments as of the dates indicated. June 30, 2026 ($ in thousands) Consolidated Third-party interests Total segments (Burford-only) Definitive $ 1,295,753 $ (140,700) $ 1,155,053 Discretionary 725,669 (149,061) 576,608 Legal risk (definitive) 46,915 — 46,915 Total capital provision undrawn commitments 2,068,337 (289,761) 1,778,576 December 31, 2025 ($ in thousands) Consolidated Third-party interests Total segments (Burford-only) Definitive $ 1,269,708 $ (161,649) $ 1,108,059 Discretionary 793,533 (165,507) 628,026 Legal risk (definitive) 47,235 — 47,235 Total capital provision undrawn commitments 2,110,476 (327,156) 1,783,320 80 Table of Contents Reconciliations of asset management income The tables below set forth the reconciliations of components of the consolidated asset management income to total segments (Burford-only) asset management income for the periods indicated. Three months ended June 30, 2026 Six months ended June 30, 2026 ($ in thousands) Consolidated Third-party interests Total segments (Burford-only) Consolidated Third-party interests Total segments (Burford-only) Management fee income $ 289 $ — $ 289 $ 573 $ — $ 573 Performance fee income — — — — 1,200 1,200 Profit sharing income from funds — 10,071 10,071 — 13,869 13,869 Total asset management income 289 10,071 10,360 573 15,069 15,642 Three months ended June 30, 2025 Six months ended June 30, 2025 ($ in thousands) Consolidated Third-party interests Total segments (Burford-only) Consolidated Third-party interests Total segments (Burford-only) Management fee income $ 1,349 $ — $ 1,349 $ 2,887 $ — $ 2,887 Performance fee income — — — — 4,400 4,400 Profit sharing income from funds — 5,763 5,763 — 13,662 13,662 Total asset management income 1,349 5,763 7,112 2,887 18,062 20,949 Deployments reconciliations The table below sets forth the reconciliations of the components of consolidated deployments to Burford-only deployments for the periods indicated. Three months ended June 30, Six months ended June 30, ($ in thousands) 2026 2025 2026 2025 Consolidated deployments $ 110,076 $ 100,304 $ 250,023 $ 316,780 Plus/(Less): Third-party interests (21,115) (21,025) (47,913) (111,683) Total segments (Burford-only) total deployments 88,961 79,279 202,110 205,097 Plus/(Less): Capital deployed to fund level but not yet invested (3,010) 48 (9,603) 59 Plus/(Less): Investment payable for capital not yet deployed (3,199) — (3,199) — Plus/(Less): Capital deployed in prior years and invested in the current year 390 1,177 390 1,850 Plus/(Less): Case-related expenditures ineligible for inclusion in asset cost 4,249 272 5,377 3,681 Adjusted Burford-only total deployments 87,391 80,776 195,075 210,687 See “Non-GAAP financial measures and KPIs—KPIs and non-GAAP financial measures relating to our operating and financial performance—KPIs” and “Glossary” for additional information with respect to certain terms useful for the understanding of our deployments information and “—Segments—Principal Finance segment—Portfolio value—Principal Finance segment” for additional information with respect to our deployments. 81 Table of Contents Realizations reconciliations The table below sets forth the reconciliations of the components of consolidated realizations to Burford-only realizations for the periods indicated. Three months ended June 30, Six months ended June 30, ($ in thousands) 2026 2025 2026 2025 Consolidated realizations $ 148,970 $ 90,077 $ 250,279 $ 378,925 Plus/(Less): Third-party interests (62,091) (34,464) (67,621) (160,407) Total segments (Burford-only) total realizations 86,879 55,613 182,658 218,518 Plus/(Less): Realizations from other income on due from settlement of capital provision assets 1,250 2,303 1,820 2,955 Plus/(Less): Reported realizations held at joint venture and not yet distributed 5,894 3,748 6,492 3,754 Plus/(Less): Reported realizations held at fund level and not yet distributed 300 222 490 13,040 Plus/(Less): Prior period realizations held at fund level and distributed in the current period — — — (13,233) Adjusted Burford-only total realizations 94,323 61,886 191,460 225,034 See “Non-GAAP financial measures and KPIs—KPIs and non-GAAP financial measures relating to our operating and financial performance—KPIs” and “Glossary” for additional information with respect to certain terms useful for the understanding of our realizations information and “—Segments—Principal Finance segment—Portfolio value – Principal Finance segment” for additional information with respect to our realizations. Cash receipts reconciliations The table below sets forth the reconciliations of Burford-only cash receipts to consolidated cash receipts, the most comparable measure calculated in accordance with US GAAP, for the periods indicated. Six months ended June 30, ($ in thousands) 2026 2025 Consolidated proceeds from capital provision assets $ 294,381 $ 447,812 Plus/(Less): Third-party interests (67,621) (160,614) Total segments (Burford-only) proceeds from capital provision assets 226,760 287,198 Consolidated asset management income 573 2,887 Plus/(Less): Eliminated income from funds 15,069 18,062 Total segments (Burford-only) asset management income 15,642 20,949 Plus/(Less): Non-cash adjustments(1) (10,369) (12,336) Burford-only proceeds from asset management income 5,273 8,613 Burford-only proceeds from marketable securities interest and dividends 12,295 8,709 Burford-only proceeds from other income 2,781 1,331 Burford-only proceeds from other items 15,076 10,040 Cash receipts 247,109 305,851 1. Adjustments for the change in asset management receivables accrued during the applicable period but not yet received as of the end of such period. See “Non-GAAP financial measures and KPIs—KPIs and non-GAAP financial measures relating to our operating and financial performance—Non-GAAP financial measures” and “—Liquidity and capital resources—Cash receipts” for additional information with respect to cash receipts. Tangible book value attributable to Burford Capital Limited and tangible book value attributable to Burford Capital Limited per ordinary share reconciliations The table below sets forth the reconciliations of tangible book value attributable to Burford Capital Limited and tangible book value attributable to Burford Capital Limited per ordinary share to total Burford Capital 82 Table of Contents Limited equity, the most comparable measure calculated in accordance with US GAAP, as of the dates indicated. ($ in thousands, except share data) June 30, 2026 December 31, 2025 Total Burford Capital Limited equity $ 819,059 $ 2,448,022 Less: Goodwill (134,002) (134,020) Tangible book value attributable to Burford Capital Limited 685,057 2,314,002 Basic ordinary shares outstanding 219,584,503 218,897,440 Tangible book value attributable to Burford Capital Limited per ordinary share 3.12 10.57 See “Non-GAAP financial measures and KPIs—KPIs and non-GAAP financial measures relating to our operating and financial performance—Non-GAAP financial measures” for additional information with respect to tangible book value attributable to Burford Capital Limited and tangible book value attributable to Burford Capital Limited per ordinary share.

Market and asset risk We are exposed to market and asset risk with respect to our marketable securities, due from settlement of capital provision assets, capital provision assets and financial liabilities relating to third-party interests in capital provision assets. With respect to our marketable securities, which primarily consist of government securities, investment grade corporate bonds, asset-backed securities, mutual funds and certificates of deposit, market risk is the risk that the fair value of marketable securities will fluctuate due to changes in market variables, such as interest rates, credit risk, security and bond prices and foreign exchange rates. As of June 30, 2026 and December 31, 2025, should the prices of the investments in corporate bonds and investment funds have been 10% higher or lower, while all other variables remained constant, our unaudited condensed consolidated income and net assets would have increased or decreased, as applicable, by $5.0 million and $8.9 million, respectively. We only finance capital provision assets upon undertaking an in-house due diligence process. However, capital provision assets involve a high degree of risk, and there can be no assurance of a particular realization on any individual capital provision asset. Certain of our capital provision assets consist of a portfolio of assets, thereby mitigating the impact of the outcome of any single capital provision asset. While the claims underlying our capital provision assets are generally diverse, we monitor and manage the portfolio for related exposures that finance different clients relative to the same or very similar claims, such that the outcomes on those related exposures are likely to be correlated. Capital provision assets include a portfolio with equity risk where the price of a listed equity security is a determinant of the ultimate amount of the realization upon the resolution of the litigation risk. As of June 30, 2026 and December 31, 2025, should the prices of the 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, our unaudited condensed consolidated income and net assets would have increased or decreased, as applicable, by $321.4 million and $491.6 million, respectively. The sensitivity impacts have been provided on a pre-tax basis for both our consolidated income and net assets as we consider the fluctuation in our 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. Liquidity risk We are exposed to liquidity risk. Our financing of capital provision assets requires capital to meet commitments, as described in note 15 (Financial commitments and contingent liabilities) to our unaudited condensed consolidated financial statements contained in this Form 10-Q, and for settlement of operating liabilities. Our capital provision assets typically require significant capital contributions with little or no immediate return and no guarantee of return or repayment. To manage liquidity risk, we finance assets with a range of anticipated lives and hold marketable securities that can be readily realized to meet those liabilities and commitments. Marketable securities primarily consist of government securities, investment 83 Table of Contents grade corporate bonds, asset-backed securities, mutual funds and certificates of deposit, all of which can be redeemed on short notice or sold on an active trading market. As of June 30, 2026 and December 31, 2025, the aggregate principal amount of our debt securities outstanding was $2.4 billion and $2.2 billion, respectively, which were issued primarily for the purpose of raising sufficient capital to help mitigate liquidity risk. As of June 30, 2026 and December 31, 2025, the future interest payments on our outstanding debt securities amounted to $1.1 billion and $859.4 million, respectively, until their respective maturities in April 2028, April 2030, July 2031, July 2033 and January 2034, at which point the respective aggregate principal amounts will be required to be repaid. See note 10 (Debt) and note 15 (Financial commitments and contingent liabilities) to our unaudited condensed consolidated financial statements contained in this Form 10-Q for additional information with respect to our debt securities, including a schedule of their respective maturities. Credit risk We are exposed to credit risk in various asset structures as described in note 2 (Summary of significant accounting policies) to our unaudited condensed consolidated financial statements contained in this Form 10-Q, 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, we 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, we 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. Our credit risk is uncertain given that our entitlement pursuant to our assets is generally not established until a successful resolution of claims, and our potential credit risk is mitigated by the diversity of our counterparties 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. See “Management's discussion and analysis of financial condition and results of operations—Economic and market conditions—Party solvency” for additional information with respect to when a claimant or defendant in a matter we are financing becomes insolvent. We are also exposed to credit risk in respect of the marketable securities and cash and cash equivalents. 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, mutual funds and certificates of deposit, 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 and cash equivalents, marketable securities, due from settlement of capital provision assets and capital provision assets is specified in our unaudited condensed consolidated statements of financial condition. In addition, we are 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 $23.1 million and $21.8 million as of June 30, 2026 and December 31, 2025, respectively. We review the lifetime expected credit loss based on historical collection performance, the specific provisions of any settlement agreement and a forward-looking assessment of macroeconomic factors. Based on this review, we have not identified any material expected credit loss relating to the financial assets held at amortized cost. We recognized no impairments for the three and six months ended June 30, 2026 and 2025. Currency risk We hold assets and liabilities denominated in currencies other than US dollar, our functional currency, including pound sterling, euro, Australian dollar, Canadian dollar and Singapore dollar. We are therefore exposed to currency risk, as values of the assets and liabilities denominated in other currencies will fluctuate due to changes in exchange rates. We may use forward exchange contracts from time to time to mitigate currency risk. As of June 30, 2026 and December 31, 2025, should pound sterling, euro, Australian dollar, Canadian dollar and Singapore dollar have strengthened or weakened by 10% against US dollar, while all other variables remained constant, our unaudited condensed consolidated capital provision assets and other assets/(liabilities) would have increased or decreased, as applicable, as set forth in the tables below. 84 Table of Contents June 30, 2026 ($ in thousands) Capitalprovisionassets Other assets/(liabilities) Currency risk exposure of 10 % US dollar $ 2,846,538 $ (1,723,762) $ — Pound sterling 26,968 (7,500) 1,947 Euro 274,135 14,264 28,840 Australian dollar 23,152 — 2,315 Canadian dollar 11,316 581 1,190 Singapore dollar 2,568 65 263 Total 3,184,677 (1,716,352) 34,555 December 31, 2025 ($ in thousands) Capitalprovisionassets Other assets/(liabilities) Currency risk exposure of 10 % US dollar $ 5,277,044 $ (2,348,798) $ — Pound sterling 21,172 (149,342) (12,817) Euro 269,939 14,475 28,441 Australian dollar 21,524 — 2,152 Canadian dollar 17,747 1,339 1,909 Singapore dollar 2,523 106 263 Total 5,609,949 (2,482,220) 19,948 Interest rate risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Our exposure to market risk for changes in floating interest rates relates primarily to our cash and cash equivalents, capital provision assets and certain marketable securities. All cash and cash equivalents bear interest at floating rates. There are certain capital provision assets, due from settlement of capital provision assets and marketable securities that earn interest based on fixed rates, but those assets do not have interest rate risk as they are not exposed to changes in market interest rates. While not interest bearing, the fair value of our capital provision assets is sensitive to changes in interest rates that impact the discount rates applied in measuring fair value. See “Management's discussion and analysis of financial condition and results of operations—Critical accounting estimates—Fair value of capital provision assets” for additional information with respect to such interest rate sensitivity. Our outstanding debt securities incur interest at a fixed rate and, therefore, are not exposed to changes in market interest rates. The interest-bearing floating rate assets and liabilities are denominated in both US dollar and pound sterling. As of June 30, 2026 and December 31, 2025, if interest rates had increased or decreased by 25 basis points, while all other variables remained constant, our unaudited condensed consolidated net income/(loss) and net assets would have increased or decreased, as applicable, by $1.7 million and $1.4 million, respectively. For fixed rate assets and liabilities, we estimated that there would be no material impact on our unaudited condensed consolidated net income/(loss) or net assets. Fixed rate liabilities include our outstanding indebtedness as described in note 10 (Debt) to our unaudited condensed consolidated financial statements contained in this Form 10-Q. 85 Table of Contents The tables below set forth respective maturity periods of our floating and fixed rate assets and liabilities as of the dates indicated. June 30, 2026 ($ in thousands) Floating Fixed Total Assets Less than 3 months $ 696,899 $ 6,711 $ 703,610 3 to 6 months — 1,627 1,627 6 to 12 months — 769 769 1 to 2 years — 13,014 13,014 Greater than 2 years — 649,333 649,333 Liabilities 1 to 2 years — 400,000 400,000 Greater than 2 years — 2,035,000 2,035,000 Net asset/(liabilities) 696,899 (1,763,546) (1,066,647) December 31, 2025 ($ in thousands) Floating Fixed Total Assets Less than 3 months $ 566,437 $ 45,109 $ 611,546 3 to 6 months — 27,946 27,946 6 to 12 months — 24,424 24,424 1 to 2 years — 189 189 Greater than 2 years — 554,026 554,026 Liabilities 1 to 2 years — 218,641 218,641 Greater than 2 years — 1,935,000 1,935,000 Net asset/(liabilities) 566,437 (1,501,947) (935,510)

The information with respect to legal proceedings is set forth in note 15 (Financial commitments and contingent liabilities—Legal proceedings) to our unaudited condensed consolidated financial statements contained in this Form 10-Q and is incorporated herein by reference.

See “Risk Factors” in the 2025 Form 10-K for a discussion of potential risks and uncertainties that could materially and adversely affect our business, financial condition, results of operations and/or liquidity. In addition, we have amended one of those risk factors in the 1Q26 Form 10-Q as set forth below. As of the date of this Form 10-Q, there have been no material changes to the risks and uncertainties disclosed in the 2025 Form 10-K and the 1Q26 Form 10-Q. The risks and uncertainties disclosed in the 2025 Form 10-K, the 1Q26 Form 10-Q and this Form 10-Q are not the only risks and uncertainties facing us, and additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, financial condition, results of operations and/or liquidity. We may disclose changes to such risks and uncertainties or disclose additional risks and uncertainties from time to time in our future periodic filings with the SEC. We report our capital provision assets at fair value, which may result in us recognizing non-cash income that may never be realized. Our capital provision assets are classified as financial instruments and are accounted for at fair value in the consolidated statements of operations in accordance with US GAAP. See note 2 (Summary of significant accounting policies—Fair value of financial instruments), note 5 (Capital provision assets) and note 14 (Fair value of assets and liabilities) to our audited consolidated financial statements contained in the 2025 Form 10-K and “Management's discussion and analysis of financial condition and results of operations—Results of operations and financial condition—Fair value of capital provision assets” for additional information with respect to our valuation policy and fair value of our capital provision assets. In addition to using a discounted cash flow model that can be sensitive to changes in interest rates, duration and other traditional valuation factors, the valuation policy assigns an updated risk adjustment in prescribed percentages to the forecasted cash inflows based on the type of case (e.g., commercial litigation or patent), geography and case milestone. As a result, when there is an objective event in the underlying litigation that would cause a change in fair value, we reflect the positive or negative impact of such objective event through a fair value adjustment. Due to the illiquid nature of our capital provision assets, there is inherent valuation uncertainty in the assessment of fair value, and our valuation methodologies require us to make significant and complex judgments about legal and other matters that are intrinsically difficult to predict. As such, there is a risk that a case underlying one of our capital provision assets could experience a negative event even after a positive event that had previously resulted in a fair value adjustment in accordance with our valuation policy. This later event, in turn, could lower the value of such capital provision asset in our consolidated statements of financial condition and negatively impact related fair value adjustments recognized in our consolidated statements of operations in future periods. Previously, certain of our individual assets represented a significant portion of the fair value of our capital provision assets. As of December 31, 2025 and 2024, respectively, one set of exposures to the YPF-related assets accounted for approximately 46% and 42% of the fair value of our capital provision assets. The fair value of the YPF-related assets (both Petersen and Eton Park combined) on our consolidated statements of financial condition was $2.6 billion and $2.2 billion as of December 31, 2025 and 2024, respectively, with unrealized gains of $2.4 billion and $2.1 billion as of December 31, 2025 and 2024, respectively. As a result of the YPF Judgment Reversal in March 2026, and consistent with our valuation policy, we recorded a substantial write-down of the fair value of the YPF assets as of March 31, 2026. See “Management's discussion and analysis of financial condition and results of operations—Results of operations and financial condition— 87 Table of Contents Fair value of capital provision assets—Fair value of YPF-related assets” for additional information with respect to the YPF-related assets. Accordingly, the application of fair value accounting to our capital provision assets may result in us recognizing non-cash income that may never be realized, which could have a material adverse effect on our business, financial condition, results of operations and/or liquidity.