Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-14

Burford Capital (BUR)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$11,424,139
Christopher Bogart total, FY2025
43rd
CEO pay percentile vs peers
37:1
CEO-to-median pay ratio
72.92%
Say-on-pay support, latest vote
Companies that benchmark against BUR
No companies currently name BUR as a compensation peer in their most recent disclosure.

This is the complete answer, not a partial one — the list is never padded.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Christopher Bogart$1,400,000$0$3,176,660$0$0$0$6,847,479$11,424,139
Co-Founder and Chief Executive Officer
Jonathan Molot1,400,00002,871,2400006,293,22210,564,462
Co-Founder and Chief Investment Officer
Elizabeth O’Connell600,0000705,30501,520,0000469,3363,294,641
Chief Strategy Officer
Craig Arnott600,0000298,99601,520,0000321,4352,740,431
Chief Investment Officer -- International
Jordan Licht600,0000311,61401,520,0000235,2082,666,822
Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Christopher Bogart$11,424,139
Jonathan Molot10,564,462
Elizabeth O’Connell3,294,641
Craig Arnott2,740,431
Jordan Licht2,666,822

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Christopher Bogart Co-Founder andRSU2025-03-06181,338$2,486,144
Jonathan Molot Co-Founder andRSU2025-08-2121,760295,936
Craig ArnottRSU2025-05-1411,373134,884
Craig ArnottRSU2025-05-1411,373164,112
Jordan LichtRSU2025-05-142323,348
Jordan LichtRSU2025-03-072493,354
Elizabeth O’ConnellRSU2025-05-1411,373164,112
Christopher Bogart Co-Founder andRSU2025-08-2122,302303,307
Christopher Bogart Co-Founder andRSU2025-03-0728,746387,209
Jonathan Molot Co-Founder andRSU2025-03-06159,4012,185,388
Jonathan Molot Co-Founder andRSU2025-03-0728,947389,916
Jordan LichtRSU2025-08-214355,916
Elizabeth O’ConnellRSU2025-05-1411,373134,884
Jordan LichtRSU2025-05-1411,373134,884
Jordan LichtRSU2025-05-1411,373164,112
Elizabeth O’ConnellRSU2025-03-0730,164406,309
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Christopher Bogart Co-Founder and$3,176,660$0$00.0%
Jonathan Molot Co-Founder and2,871,240000.0%
Craig Arnott298,996000.0%
Jordan Licht311,614000.0%
Elizabeth O’Connell705,305000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Craig ArnottPSU18,437$164,458
Craig ArnottRSU18,437164,458
Elizabeth O’ConnellPSU12,291109,639
Jordan LichtPSU18,437164,458
Jordan LichtRSU18,437164,458
Jordan LichtPSU10,27491,644
Jordan LichtPSU11,373101,447
Jordan LichtRSU11,373101,447
Elizabeth O’ConnellPSU11,373101,447
Craig ArnottPSU11,373101,447
Craig ArnottRSU11,373101,447
Jordan LichtRSU10,27491,644
Craig ArnottPSU10,27491,644
Jordan LichtRSU2322,069
Craig ArnottRSU10,27491,644
Elizabeth O’ConnellPSU6,84961,096
Jordan LichtRSU4353,880
Jordan LichtRSU2492,221
05

Incentive-plan design — the Compensation Discussion & Analysis

Compensation is designed to attract, retain, and motivate senior management and other key employees, aligning their interests with those of shareholders through a mix of cash and equity-based incentives.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultant
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-1395,786,29935,562,7644,740,93072.92%Passed
20252025-05-14107,651,82053,540,2571,461,16566.78%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-1372.92%a
20252025-05-1466.78%b

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)37 : 1
CEO total compensation
Median employee compensation$308,625
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
John SievwrightIndependent · Compensation (Chair)$150,000$139,942$0$0$0$289,942
Christopher HalmyIndependent · Board Chair · Audit (Chair) · Compensation125,00097,757000222,757
Robert GillespieIndependent · Audit · Nominating and Corporate Governance (Chair)90,00048,897000138,897
Pamela CorrieIndependent · Audit · Nominating and Corporate Governance90,00048,879000138,879
Rukia Baruti DamesIndependent · Nominating and Corporate Governance · Compensation90,00048,879000138,879
Christopher BogartEmployee director000000
09

Board fee structure and ownership guideline

Annual cash retainer$90,000
Annual equity retainer$47,500
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 10,000
Stock ownership guideline$360,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$545,000
Equity awards (grant-date value)$384,354
All other compensation$0
Total cost of the board$929,354

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Burford Capital names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Burford Capital.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Moelis Company2025Navid Mahmoodzadegan$400,000$34,120,701$0$0$42,846,376
2Janus Henderson Group plc2025Ali Dibadj725,00027,665,1150035,038,727
3SoFi Technologies, Inc.2025Anthony Noto1,000,00025,308,94102,760,00030,275,733
4TPG Inc.2025Jon Winkelried500,00013,607,7770029,897,761
5Blue Owl Capital Inc.2025Douglas Ostrover500,00027,994,1880029,237,055
6Affiliated Managers Group, Inc.2025Jay Horgen750,0008,967,00006,525,00016,311,950
7Walker Dunlop, Inc.2025William Walker1,000,00013,170,93101,324,82115,500,252
8PennyMac Financial Services, Inc.2025David Spector1,483,3335,437,4442,025,6873,608,25012,660,536
9Burford Capital2025Christopher Bogart1,400,0003,176,6600011,424,139
10Houlihan Lokey, Inc.2025Scott Adelson500,0000010,500,00011,329,033
11The Carlyle Group Inc.2025Harvey Schwartz1,000,0006,000,0007,149,859
12Artisan Partners Asset Management Inc.2025Jason Gottlieb300,0001,548,40003,570,0005,482,136
13Esquire Financial Holdings, Inc.2025Andrew Sagliocca825,0001,501,28301,275,0003,769,054
14LegalZoom.com, Inc.2025Jeffrey Stibel575,00000745,7751,334,775
15PJT Partners Inc.2025Paul Taubman1,000,0000001,031,350

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Burford Capitalnot disclosednot disclosednot disclosednot disclosed
Affiliated Managers Group, Inc.134%PSU 75 · RSU 25NoSemler Brossy Consulting Group, LLC
Artisan Partners Asset Management Inc.not disclosedRSU 100not disclosedMcLagan
Blue Owl Capital Inc.not disclosedOther 100not disclosednot disclosed
Esquire Financial Holdings, Inc.134%RSU 50 · PSU 50NoFrederic W. Cook & Co., Inc.
Houlihan Lokey, Inc.2100%not disclosedNoWTW
Janus Henderson Group plcnot disclosedPSU 60 · RSU 40NoMeridian Compensation Partners
LegalZoom.com, Inc.129.7%PSU 70 · RSU 30YesExequity LLP
Moelis Companynot disclosednot disclosedYes — TSR Performance ConditionWillis Towers Watson
PennyMac Financial Services, Inc.84.9%PSU 50 · RSU 25 · Options 25NoPearl Meyer
PJT Partners Inc.not disclosednot disclosedNoWillis Towers Watson
SoFi Technologies, Inc.138%RSU 50 · PSU 50NoCompensia, Inc.
The Carlyle Group Inc.200%not disclosedNoPay Governance
TPG Inc.not disclosednot disclosedNoSemler Brossy
Walker Dunlop, Inc.132%not disclosedNoPay Governance

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Christopher BogartDEF 14A2026-04-020001714174-26-000055Section “Summary compensation table” · page 51. As printed: 11,424,139. Filing ↗machine: r2 · c27 · span 623273–623283
2Section 01, Jonathan MolotDEF 14A2026-04-020001714174-26-000055Section “Summary compensation table” · page 51. As printed: 10,564,462. Filing ↗
3Section 01, Elizabeth O’ConnellDEF 14A2026-04-020001714174-26-000055Section “Summary compensation table” · page 51. As printed: 3,294,641. Filing ↗machine: r11 · c27 · span 642664–642673
4Section 01, Craig ArnottDEF 14A2026-04-020001714174-26-000055Section “Summary compensation table” · page 51. As printed: 2,740,431. Filing ↗machine: r14 · c27 · span 649471–649480
5Section 01, Jordan LichtDEF 14A2026-04-020001714174-26-000055Section “Summary compensation table” · page 51. As printed: 2,666,822. Filing ↗machine: r8 · c27 · span 636205–636214
6Section 03, Christopher Bogart Co-Founder and RSUDEF 14A2026-04-020001714174-26-000055Section “Grants of plan-based awards” · grants of plan-based awards table. Filing ↗machine: span 698579–698588
7Section 03, Jonathan Molot Co-Founder and RSUDEF 14A2026-04-020001714174-26-000055Section “Grants of plan-based awards” · grants of plan-based awards table. Filing ↗machine: span 717237–717244
8Section 03, Craig Arnott RSUDEF 14A2026-04-020001714174-26-000055Section “Grants of plan-based awards” · grants of plan-based awards table. Filing ↗machine: span 751618–751625
9Section 03, Craig Arnott RSUDEF 14A2026-04-020001714174-26-000055Section “Grants of plan-based awards” · grants of plan-based awards table. Filing ↗machine: span 755685–755692
10Section 03, Jordan Licht RSUDEF 14A2026-04-020001714174-26-000055Section “Grants of plan-based awards” · grants of plan-based awards table. Filing ↗machine: span 724943–724948
11Section 03, Jordan Licht RSUDEF 14A2026-04-020001714174-26-000055Section “Grants of plan-based awards” · grants of plan-based awards table. Filing ↗machine: span 721307–721312
12Section 03, Elizabeth O’Connell RSUDEF 14A2026-04-020001714174-26-000055Section “Grants of plan-based awards” · grants of plan-based awards table. Filing ↗machine: span 747194–747201
13Section 03, Christopher Bogart Co-Founder and RSUDEF 14A2026-04-020001714174-26-000055Section “Grants of plan-based awards” · grants of plan-based awards table. Filing ↗machine: span 705862–705869
14Section 03, Christopher Bogart Co-Founder and RSUDEF 14A2026-04-020001714174-26-000055Section “Grants of plan-based awards” · grants of plan-based awards table. Filing ↗machine: span 702221–702228
15Section 03, Jonathan Molot Co-Founder and RSUDEF 14A2026-04-020001714174-26-000055Section “Grants of plan-based awards” · grants of plan-based awards table. Filing ↗machine: span 709954–709963
16Section 03, Jonathan Molot Co-Founder and RSUDEF 14A2026-04-020001714174-26-000055Section “Grants of plan-based awards” · grants of plan-based awards table. Filing ↗machine: span 713596–713603
17Section 03, Jordan Licht RSUDEF 14A2026-04-020001714174-26-000055Section “Grants of plan-based awards” · grants of plan-based awards table. Filing ↗machine: span 728579–728584
18Section 03, Elizabeth O’Connell RSUDEF 14A2026-04-020001714174-26-000055Section “Grants of plan-based awards” · grants of plan-based awards table. Filing ↗machine: span 743569–743576
19Section 03, Jordan Licht RSUDEF 14A2026-04-020001714174-26-000055Section “Grants of plan-based awards” · grants of plan-based awards table. Filing ↗machine: span 732202–732209
20Section 03, Jordan Licht RSUDEF 14A2026-04-020001714174-26-000055Section “Grants of plan-based awards” · grants of plan-based awards table. Filing ↗machine: span 735827–735834
21Section 03, Elizabeth O’Connell RSUDEF 14A2026-04-020001714174-26-000055Section “Grants of plan-based awards” · grants of plan-based awards table. Filing ↗
22Section 07, pay ratioDEF 14A2026-04-020001714174-26-000055Section “CEO Pay Ratio”. As printed: 37 : 1. Filing ↗
23Section 08, John SievwrightDEF 14A2026-04-020001714174-26-000055Section “Director Compensation”. As printed: 289,942. Filing ↗machine: span 336135–336142
24Section 08, Christopher HalmyDEF 14A2026-04-020001714174-26-000055Section “Director Compensation”. As printed: 222,757. Filing ↗machine: span 334424–334431
25Section 08, Robert GillespieDEF 14A2026-04-020001714174-26-000055Section “Director Compensation”. As printed: 138,897. Filing ↗machine: span 332712–332719
26Section 08, Pamela CorrieDEF 14A2026-04-020001714174-26-000055Section “Director Compensation”. As printed: 138,879. Filing ↗machine: span 331002–331009
27Section 08, Rukia Baruti DamesDEF 14A2026-04-020001714174-26-000055Section “Director Compensation”. As printed: 138,879. Filing ↗machine: span 327390–327397
28Section 08, Christopher BogartDEF 14A2026-04-020001714174-26-000055Section “Director Compensation”. As printed: 0. Filing ↗
29Section 06, 2026 voteForm 8-K2026-05-140001714174-26-000071Item 5.07 · say-on-pay result. As reported: 72.92% (votes for as printed: 95,786,299). Filing ↗
30Section 06, 2025 voteForm 8-K2025-05-150001714174-25-000104Item 5.07 · say-on-pay result. As reported: 66.78% (votes for as printed: 107,651,820). Filing ↗
31Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
32Section 09b board cost (computed)ComputedcomputedCash 545,000 + equity 384,354 + all other 0 = 929,354, summed across the director compensation table rows.machine: formula: Σ = 929,354
33Moelis Company, Section 10b CEO totalDEF 14A2026-04-300001193125-26-193242CEO total compensation as printed in Moelis Company's own proxy. As printed: 42,846,376. Filing ↗machine: t240 · r10 · c16 · span 660051–660061
34Janus Henderson Group plc, Section 10b CEO totalDEF 14A2026-04-170001308179-26-000293CEO total compensation as printed in Janus Henderson Group plc's own proxy. As printed: 35,038,727. Filing ↗machine: t342 · r1 · c14 · span 863375–863385
35SoFi Technologies, Inc., Section 10b CEO totalDEF 14A2026-04-300001818874-26-000032CEO total compensation as printed in SoFi Technologies, Inc.'s own proxy. As printed: 30,275,733. Filing ↗machine: span 683389–683399
36TPG Inc., Section 10b CEO totalDEF 14A2026-04-210001193125-26-166834CEO total compensation as printed in TPG Inc.'s own proxy. As printed: 29,897,761. Filing ↗machine: r5 · c23 · span 437878–437888
37Blue Owl Capital Inc., Section 10b CEO totalDEF 14A2026-04-170001823945-26-000017CEO total compensation as printed in Blue Owl Capital Inc.'s own proxy. As printed: 29,237,055. Filing ↗machine: r2 · c21 · span 261343–261353
38Affiliated Managers Group, Inc., Section 10b CEO totalDEF 14A2026-04-170001628280-26-025798CEO total compensation as printed in Affiliated Managers Group, Inc.'s own proxy. As printed: 16,311,950. Filing ↗machine: span 1521708–1521718
39Walker Dunlop, Inc., Section 10b CEO totalDEF 14A2026-04-010001104659-26-038515CEO total compensation as printed in Walker Dunlop, Inc.'s own proxy. As printed: 15,500,252. Filing ↗machine: t197 · r6 · c14 · span 849398–849408
40PennyMac Financial Services, Inc., Section 10b CEO totalDEF 14A2026-04-200001193125-26-164086CEO total compensation as printed in PennyMac Financial Services, Inc.'s own proxy. As printed: 12,660,536. Filing ↗machine: r3 · c26 · span 1032650–1032660
41Burford Capital (subject), Section 10b CEO totalDEF 14A2026-04-020001714174-26-000055CEO total compensation as printed in Burford Capital's own proxy. As printed: 11,424,139. Filing ↗machine: r2 · c27 · span 623273–623283
42Houlihan Lokey, Inc., Section 10b CEO totalDEF 14A2025-07-250001302215-25-000084CEO total compensation as printed in Houlihan Lokey, Inc.'s own proxy. As printed: 11,329,033. Filing ↗machine: t36 · r2 · c14 · span 344700–344710
43The Carlyle Group Inc., Section 10b CEO totalDEF 14A2026-04-230001527166-26-000017CEO total compensation as printed in The Carlyle Group Inc.'s own proxy. As printed: 7,149,859. Filing ↗machine: span 1925524–1925533
44Artisan Partners Asset Management Inc., Section 10b CEO totalDEF 14A2026-04-170001517302-26-000079CEO total compensation as printed in Artisan Partners Asset Management Inc.'s own proxy. As printed: 5,482,136. Filing ↗machine: t65 · r2 · c9 · span 617510–617519
45Esquire Financial Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-300001104659-26-052225CEO total compensation as printed in Esquire Financial Holdings, Inc.'s own proxy. As printed: 3,769,054. Filing ↗machine: t86 · r3 · c17 · span 407036–407045
46LegalZoom.com, Inc., Section 10b CEO totalDEF 14A2026-04-220001193125-26-170325CEO total compensation as printed in LegalZoom.com, Inc.'s own proxy. As printed: 1,334,775. Filing ↗machine: r3 · c16 · span 572677–572686
47PJT Partners Inc., Section 10b CEO totalDEF 14A2026-04-290001628280-26-028424CEO total compensation as printed in PJT Partners Inc.'s own proxy. As printed: 1,031,350. Filing ↗machine: t143 · r5 · c16 · span 827753–827762
48Section 10a, PJT Partners Inc. reciprocityDEF 14A0001628280-26-028424PJT Partners Inc.'s most recent proxy was read; its disclosed peer group does not include Burford Capital. Filing ↗
49Section 10a, LegalZoom.com, Inc. reciprocityDEF 14A0001193125-26-170325LegalZoom.com, Inc.'s most recent proxy was read; its disclosed peer group does not include Burford Capital. Filing ↗
50Section 10a, Artisan Partners Asset Management Inc. reciprocityDEF 14A0001517302-26-000079Artisan Partners Asset Management Inc.'s most recent proxy was read; its disclosed peer group does not include Burford Capital. Filing ↗
51Section 10a, Janus Henderson Group plc reciprocityDEF 14A0001308179-26-000293Janus Henderson Group plc's most recent proxy was read; its disclosed peer group does not include Burford Capital. Filing ↗
52Section 10a, SoFi Technologies, Inc. reciprocityDEF 14A0001818874-26-000032SoFi Technologies, Inc.'s most recent proxy was read; its disclosed peer group does not include Burford Capital. Filing ↗
53Section 10a, Houlihan Lokey, Inc. reciprocityDEF 14A0001302215-25-000084Houlihan Lokey, Inc.'s most recent proxy was read; its disclosed peer group does not include Burford Capital. Filing ↗
54Section 10a, Affiliated Managers Group, Inc. reciprocityDEF 14A0001628280-26-025798Affiliated Managers Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Burford Capital. Filing ↗
55Section 10a, Walker Dunlop, Inc. reciprocityDEF 14A0001104659-26-038515Walker Dunlop, Inc.'s most recent proxy was read; its disclosed peer group does not include Burford Capital. Filing ↗
56Section 10a, Esquire Financial Holdings, Inc. reciprocityDEF 14A0001104659-26-052225Esquire Financial Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Burford Capital. Filing ↗
57Section 10a, Moelis Company reciprocityDEF 14A0001193125-26-193242Moelis Company's most recent proxy was read; its disclosed peer group does not include Burford Capital. Filing ↗
58Section 10a, The Carlyle Group Inc. reciprocityDEF 14A0001527166-26-000017The Carlyle Group Inc.'s most recent proxy was read; its disclosed peer group does not include Burford Capital. Filing ↗