Short answer
Burford Capital Ltd (BUR) filed its Q1 2026 10-Q quarterly report on May 8, 2026 for the quarter ended Mar 31, 2026.
Q1 2026 key financials · XBRL
- Net income
- −$1.6B
- −5376.8% YoY
- EPS (diluted)
- −$7.46
- −5428.6% YoY
Source: XBRL data from the Burford Capital Ltd (BUR) Q1 2026 10-Q on SEC EDGAR. USD.
Burford Capital Ltd Q1 2026 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $(1.72)B vs $118.9M YoY, driven by $1.7B YPF-related capital provision loss
- Operating margin 91.3% loss vs 65.4% profit YoY, with operating loss $(1.57)B vs income $77.8M
- Worst-performing YPF-related assets: $2.4B fair-value reduction after judgment reversal
- Cash $702.6M, up 24% from $566.4M; marketable securities $52.1M, down 42%
- Capital deployment continued amid geopolitical volatility; management expects limited portfolio impact but court backlogs may delay realizations
Risk Factors
- Newly amended valuation risk triggered by March 2026 YPF Judgment Reversal
- YPF-related assets comprised 46% of capital provision fair value at December 31, 2025
- Fair-value write-down risk from illiquid assets, discounted-cash-flow sensitivity, and litigation uncertainty
- Non-cash income risk, including $2.4 billion of unrealized YPF-related gains at December 31, 2025
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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