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Burford Capital (NYSE: BUR) CDO nets shares from RSU vesting

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(Neutral)
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Form Type
4

Rhea-AI Filing Summary

Burford Capital Ltd Chief Development Officer Travis Lenkner reported routine equity compensation activity. On March 26, 2026, one-third of a restricted share unit ("RSU") award granted on March 13, 2025 vested, converting 1,100 RSUs into 1,100 Ordinary Shares on a one-for-one basis. To satisfy tax withholding obligations, 517 Ordinary Shares were net settled at $7.70 per share, leaving the remainder delivered as stock. Following these transactions, Lenkner directly holds 25,866 Ordinary Shares.

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Insider Lenkner Travis
Role Chief Development Officer
Type Security Shares Price Value
Exercise RSUs 1,100 $0.00 --
Exercise Ordinary shares, no par value ("Ordinary Shares") 1,100 $0.00 --
Tax Withholding Ordinary Shares 517 $7.70 $4K
Holdings After Transaction: RSUs — 254,246.5 shares (Direct); Ordinary shares, no par value ("Ordinary Shares") — 26,383 shares (Direct); Ordinary Shares — 25,866 shares (Direct)
Footnotes (1)
  1. Represents vesting of one-third of an award of restricted share units ("RSUs") granted on March 13, 2025. Each RSU converts into an Ordinary Share on a one-for-one basis. Represents satisfaction of tax withholding obligations by net settlement of Ordinary Shares upon vesting of RSUs.
RSUs vested 1,100 units One-third of RSU award granted on March 13, 2025
Shares withheld for taxes 517 shares at $7.70 Net share settlement to satisfy tax withholding on RSU vesting
Direct Ordinary Shares after transactions 25,866 shares Direct holdings of Travis Lenkner following March 26, 2026 activity
RSU conversion ratio 1 RSU : 1 Ordinary Share Each RSU converts into one Burford Capital Ordinary Share
restricted share units ("RSUs") financial
"Represents vesting of one-third of an award of restricted share units ("RSUs") granted on March 13, 2025."
tax withholding obligations financial
"Represents satisfaction of tax withholding obligations by net settlement of Ordinary Shares upon vesting of RSUs."
net settlement financial
"Represents satisfaction of tax withholding obligations by net settlement of Ordinary Shares upon vesting of RSUs."
Ordinary Shares financial
"Each RSU converts into an Ordinary Share on a one-for-one basis."
Ordinary shares are a type of ownership stake in a company, giving shareholders a right to participate in the company’s profits and decision-making through voting. They are similar to owning a piece of a business, and their value can rise or fall based on the company's performance. Investors buy ordinary shares to potentially earn dividends and benefit from the company's growth over time.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Lenkner Travis
(Last)(First)(Middle)
C/O BURFORD CAPITAL LIMITED
OAK HOUSE, HIRZEL STREET
(Street)
ST. PETER PORTGY1 2NP
(City)(State)(Zip)
GUERNSEY
(Country)		2. Issuer Name and Ticker or Trading Symbol
Burford Capital Ltd [ BUR ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director10% Owner
XOfficer (give title below)Other (specify below)
Chief Development Officer
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
03/26/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Ordinary shares, no par value ("Ordinary Shares")03/26/2026M1,100(1)A$026,383D
Ordinary Shares03/26/2026F517(2)D$7.725,866D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
RSUs(1)03/26/2026M1,100 (1) (1)Ordinary Shares1,100$0254,246.5D
Explanation of Responses:
1. Represents vesting of one-third of an award of restricted share units ("RSUs") granted on March 13, 2025. Each RSU converts into an Ordinary Share on a one-for-one basis.
2. Represents satisfaction of tax withholding obligations by net settlement of Ordinary Shares upon vesting of RSUs.
Remarks:
/s/ Mark N. Klein, as attorney-in-fact03/30/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Burford Capital (BUR) report for Travis Lenkner?

Burford Capital reported that Chief Development Officer Travis Lenkner had 1,100 restricted share units vest into Ordinary Shares. As part of this vesting, a portion of the shares was withheld to cover tax obligations through net settlement rather than an open-market sale.

How many Burford Capital RSUs vested for Travis Lenkner on March 26, 2026?

On March 26, 2026, 1,100 restricted share units vested for Travis Lenkner. These RSUs represent one-third of an award originally granted on March 13, 2025 and converted into Burford Capital Ordinary Shares on a one-for-one basis under the company’s equity compensation program.

Why were 517 Burford Capital shares withheld from Travis Lenkner at $7.70?

Burford Capital withheld 517 Ordinary Shares from Travis Lenkner at $7.70 per share to satisfy tax withholding obligations. Instead of paying cash for the taxes due on the RSU vesting, the obligation was met by delivering a portion of the vested shares back.

How many Burford Capital Ordinary Shares does Travis Lenkner hold after these transactions?

After the March 26, 2026 transactions, Travis Lenkner directly holds 25,866 Burford Capital Ordinary Shares. This figure reflects the RSUs that vested into shares and the subsequent net share settlement used to cover tax withholding obligations associated with the vesting event.

What RSU award is linked to Travis Lenkner’s March 26, 2026 vesting at Burford Capital (BUR)?

The March 26, 2026 vesting relates to an RSU award granted to Travis Lenkner on March 13, 2025. The filing notes that the 1,100 vested RSUs correspond to one-third of that award, with each RSU converting into one Ordinary Share of Burford Capital.