Burford Capital: Conference Meeting Highlights - Refocusing on the Core

Research evidence excerpt

Burford Capital: Conference Meeting Highlights - Refocusing on the Core

28 May 2026

Burford Capital

Court System & Settlements

• Judicial Bottlenecks: The primary driver of delays is court congestion,

which management equates to the pandemic effectively driving "4 lanes

of traffic into 2" in the courts from a throughput perspective. Criminal

cases taking priority over civil cases exacerbates this.

• Settlement Trends: Judges are increasingly pushing for settlements to

manage court backlogs, which has contributed to higher settlement

volumes. It's unclear if this is a sustainable trend.

YPF Case Update

• Investor Focus: With the YPF case now caried at less than $100MM,

investor attention is turning back to Burford's core business operations.

• Second Circuit Outlook: While BUR has requested an en banc hearing

before the 2nd Circuit, it still believes that it is highly unlikely the request

will be granted and also believes a successful appeal to SCOTUS is

unlikely as well.

• Arbitration as Primary Path: Burford emphasizes that the alternative path

to US litigation is arbitration. Argentina has a poor track record in

litigation.

• Timeline & Settlement: While the YPF case could add years to the

calendar, management believes there's a strong chance of winning and

recovering value through arbitration.

• Valuation Basis: The fair value of the YPF case is almost entirely based

on an arbitration outcome as opposed to an en banc hearing.

Financial & Capital Management

• Leverage Reduction: Management intends to manage leverage down

over time. While they have sufficient cash to redeem the 2028 notes now,

they prioritize investing in the strong pipeline for future business growth.

With that said, they continue to consider the potential refinancing costs