Emergent Capital (EMGC) 10-Q 3 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 02, 2016
Document And Entity Information [Abstract]
Entity Registrant Name	Emergent Capital, Inc..
Entity Central Index Key	1,494,448
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Trading Symbol	IFT
Entity Common Stock, Shares Outstanding (shares)		27,785,535

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents		$ 15,408	$ 12,946	[1]
Certificates of deposit		7,504	2,501
Prepaid expenses and other assets		1,632	1,017	[1]
Deposits - other		1,347	1,347	[1]
Life settlements, at estimated fair value	[1]	12,348	11,946
Fixed assets, net		279	322	[1]
Investment in affiliates	[1]	2,384	2,384
Total assets		524,753	508,060	[1]
Liabilities
Accounts payable and accrued expenses		3,212	3,051	[1]
Other liabilities		411	360	[1]
Total liabilities		321,691
Commitments and Contingencies (Note 16)				[1]
Stockholders’ Equity
Common stock (par value $0.01 per share, 80,000,000 authorized at June 30, 2016 and December 31, 2015; 28,393,535 issued and 27,785,535 outstanding as of June 30, 2016; 28,130,508 issued and 27,522,508 outstanding at December 31, 2015)		284	281	[1]
Preferred stock (par value $0.01 per share, 40,000,000 authorized; 0 issued and outstanding as of June 30, 2016 and December 31, 2015)		0	0	[1]
Treasury Stock, net of cost (608,000 shares as of June 30, 2016 and December 31, 2015)		(2,534)	(2,534)	[1]
Additional paid-in-capital		305,567	305,450	[1]
Accumulated deficit		(100,255)	(82,840)	[1]
Total stockholders’ equity		203,062	220,357
Total liabilities and stockholders’ equity		524,753	508,060	[1]
Primary Beneficiary Variable Interest Entity
Assets
Cash and cash equivalents		8,648	7,395	[1]
Deposits - other		210	0	[1]
Life settlements, at estimated fair value		460,698	449,979	[1]
Receivable for maturity of life settlements (VIE Note 4)		14,295	18,223	[1]
Liabilities
Accounts payable and accrued expenses		458	419	[1]
Revolving Credit Facility
Liabilities
Credit Facility, at estimated fair value (VIE Note 4)		55,082	55,658	[1]
Revolving Credit Facility | Primary Beneficiary Variable Interest Entity
Liabilities
Credit Facility, at estimated fair value (VIE Note 4)		172,361	169,131	[1]
8.50% Senior Unsecured Convertible Notes Due 2019
Liabilities
Interest payable		2,272	2,272	[1]
Convertible Notes, net of discount and deferred debt costs (Note 11)		58,570	56,812
15.0% Senior Secured Notes
Liabilities
Interest payable		200	0	[1]
Senior Secured Notes, net of discount and deferred debt costs (Note 12)		29,125	$ 0	[1]
Revolving Credit Facility
Liabilities
Credit Facility, at estimated fair value (VIE Note 4)		$ 172,361
[1]	Derived from audited consolidated financial statements.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	80,000,000	80,000,000
Common stock, shares issued (shares)	28,393,535	28,130,508
Common stock, shares outstanding (shares)	27,785,535	27,522,508
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares)	40,000,000	40,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Treasury Stock (shares)	608,000	608,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income
Change in fair value of life settlements (Notes 8 & 14)	$ (15,813)	$ 28,002	$ (7,425)	$ 40,914
Other income	27	32	93	101
Total income (loss)	(15,786)	28,034	(7,332)	41,015
Expenses
Interest expense	7,385	6,600	13,435	12,877
Change in fair value of Revolving Credit Facilities (Notes 9, 10 & 14)	(19,667)	13,552	(15,570)	17,692
Personnel costs	2,274	1,752	3,830	3,480
Legal fees	1,710	3,214	3,528	6,975
Professional fees	1,568	1,382	3,211	3,705
Insurance	194	312	438	658
Other selling, general and administrative expenses	525	578	1,017	1,086
Total expenses	(6,011)	27,390	9,889	46,473
Income (loss) from continuing operations before income taxes	(9,775)	644	(17,221)	(5,458)
Benefit for income taxes	0	322	0	2,260
Net income (loss) from continuing operations	(9,775)	966	(17,221)	(3,198)
Discontinued Operations:
Income (loss) from discontinued operations before income taxes	(127)	(236)	(194)	(492)
(Benefit) provision for income taxes	0	(91)	0	(190)
Net income (loss) from discontinued operations	(127)	(145)	(194)	(302)
Net income (loss)	$ (9,902)	$ 821	$ (17,415)	$ (3,500)
Basic and diluted income (loss) per share:
Continuing operations (usd per share)	$ (0.36)	$ 0.04	$ (0.63)	$ (0.15)
Discontinued operations (usd per share)	0	0	(0.01)	(0.01)
Basic and diluted income (loss) per share available to common shareholders (usd per share)	$ (0.36)	$ 0.04	$ (0.64)	$ (0.16)
Weighted average shares outstanding:
Weighted average shares outstanding, basic (shares)	27,491,768	21,961,034	27,486,508	21,663,137
Weighted average shares outstanding, diluted (shares)	27,491,768	21,964,904	27,486,508	21,663,137

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - 6 months ended Jun. 30, 2016 - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	(Accumulated Deficit)
Beginning Balance (shares) at Dec. 31, 2015		28,130,508	608,000
Beginning Balance at Dec. 31, 2015	$ 220,357	$ 281	$ (2,534)	$ 305,450	$ (82,840)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(17,415)				(17,415)
Stock-based compensation (shares)		265,212
Stock-based compensation	128	$ 3		125
Retirement of common stock (shares)		(2,185)
Retirement of common stock	(8)			(8)
Ending Balance (shares) at Jun. 30, 2016		28,393,535	608,000
Ending Balance at Jun. 30, 2016	$ 203,062	$ 284	$ (2,534)	$ 305,567	$ (100,255)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities
Net income (loss)	$ (17,415)	$ (3,500)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	52	49
Stock-based compensation expense	128	368
Finance cost and fees withheld by borrower	420	3,688
Change in fair value of life settlements	7,425	(40,914)
Unrealized change in fair value of structured settlements	0	(16)
Change in fair value of Revolving Credit Facilities	(15,570)	17,692
Interest income	(23)	(64)
Deferred income tax	0	(2,450)
Change in assets and liabilities:
Deposits - other	(210)	(654)
Structured settlement receivables	0	100
Prepaid expenses and other assets	(461)	(359)
Accounts payable and accrued expenses	186	(1,431)
Other liabilities	65	(805)
Net cash used in operating activities	(23,269)	(26,148)
Cash flows from investing activities
Purchase of fixed assets, net of disposals	(7)	(10)
Certificate of deposit	(5,000)	0
Purchase of life settlements	(1,390)	(25,905)
Premiums paid on life settlements	(34,336)	(31,417)
Proceeds from maturity of life settlements	20,980	19,187
Deposits on purchase of life settlements	0	(808)
Net cash used in investing activities	(19,753)	(38,953)
Cash flows from financing activities
Proceeds from rights offering	0	38,458
Payment under finance lease obligations	(17)	(17)
Net cash provided by financing activities	46,737	65,834
Net increase in cash and cash equivalents	3,715	733
Cash and cash equivalents, at beginning of the period	20,341	54,917
Cash and cash equivalents, at end of the period	24,056	55,650
Supplemental disclosures of cash flow information:
Cash paid for interest during the period	11,294	7,408
Supplemental disclosures of non-cash financing activities:
Interest payment and fees withheld from borrowings by lender	420	3,688
Convertible Notes
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Amortization of discount and deferred cost for notes	1,758	1,464
Change in assets and liabilities:
Interest Payable	0	143
Senior Secured Notes
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Amortization of discount and deferred cost for notes	176	0
Change in assets and liabilities:
Interest Payable	200	0
Cash flows from financing activities
Proceeds from Secured Notes, net	30,000	0
12.875% Secured Notes deferred costs	(1,051)	0
Secured Notes
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Amortization of discount and deferred cost for notes	0	541
Cash flows from financing activities
Proceeds from Secured Notes, net	0	23,750
12.875% Secured Notes deferred costs	0	(5)
Revolving Credit Facility
Cash flows from financing activities
Borrowings from revolving credit facility	25,238	22,225
Repayment of borrowings under revolving credit facility	(7,952)	(18,577)
Red Falcon Trust | Revolving Credit Facility
Cash flows from financing activities
Borrowings from revolving credit facility	8,533	0
Repayment of borrowings under revolving credit facility	$ (8,014)	$ 0

Description of Business

Description of Business	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Founded in December 2006 as a Florida limited liability company, Imperial Holdings, LLC, converted into Imperial Holdings, Inc. on February 3, 2011, in connection with the Company’s initial public offering. Effective September 1, 2015, the Company changed its name to Emergent Capital, Inc. (with its subsidiary companies, the “Company” or “Emergent Capital”). Incorporated in Florida, Emergent Capital, through its subsidiary companies, owns a portfolio of 625 life insurance policies, also referred to as life settlements, with a fair value of $473.0 million and an aggregate death benefit of approximately $3.0 billion at June 30, 2016 . The Company primarily earns income on these policies from changes in their fair value and through death benefits. 433 of these policies, with an aggregate death benefit of approximately $2.2 billion and a fair value of approximately $340.6 million at June 30, 2016 are pledged under a $250.0 million , revolving credit agreement (the “White Eagle Revolving Credit Facility”) entered into by the Company’s indirect subsidiary, White Eagle Asset Portfolio, LP (“White Eagle”). Additionally, 152 policies, with an aggregate death benefit of approximately $599.9 million and a fair value of approximately $120.1 million at June 30, 2016 were pledged as collateral under a $110.0 million , revolving credit agreement (the “Red Falcon Revolving Credit Facility” and, together with the White Eagle Revolving Credit Facility, the “Revolving Credit Facilities”) entered into by Red Falcon Trust (“Red Falcon”), a Delaware statutory trust formed by one of our subsidiary companies. At June 30, 2016 , 40 policies owned by the Company, with an aggregate death benefit of approximately $186.3 million and a fair value of $12.3 million were not pledged as collateral under either of the Revolving Credit Facilities.

Principles of Consolidation and

Principles of Consolidation and Basis of Presentation	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company, all of its wholly-owned subsidiary companies and its special purpose entities, with the exception of Imperial Settlements Financing 2010, LLC (“ISF 2010”), an unconsolidated special purpose entity which is accounted for using the cost method of accounting. The special purpose entity has been created to fulfill specific objectives. All significant intercompany balances and transactions have been eliminated in consolidation, including income from services performed by subsidiary companies in connection with the Revolving Credit Facilities. Notwithstanding consolidation, as referenced above, White Eagle is the owner of 433 policies, with an aggregate death benefit of approximately $2.2 billion and an estimated fair value of approximately $340.6 million and Red Falcon is the owner of 152 policies with an aggregate death benefit of approximately $599.9 million and an estimated fair value of approximately $120.1 million , in each case, at June 30, 2016 . The unaudited consolidated financial statements have been prepared in conformity with the rules and regulations of the SEC for Form 10-Q and therefore do not include certain information, accounting policies, and footnote disclosures information or footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with generally accepted accounting principles. However, all adjustments (consisting of normal recurring accruals), which, in the opinion of management, are necessary for a fair presentation of the financial statements, have been included. Operating results for the three months and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for future periods or for the year ended December 31, 2016 . These interim financial statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in Emergent Capital's Annual Report on Form 10-K for the fiscal year ended December 31, 2015 . Discontinued Operations On October 25, 2013, the Company sold substantially all of the assets comprising its structured settlement business for $12.0 million . As a result, the Company has discontinued segment reporting and classified its operating results of the structured settlement business, net of income taxes, as discontinued operations. The accompanying consolidated balance sheets of the Company as of June 30, 2016 and December 31, 2015 , and the related consolidated statements of operations for the three months and six months ended June 30, 2016 and 2015 , and the related notes to the consolidated financial statements reflect the classification of its structured settlement business operating results, net of tax, as discontinued operations. See Note 7 , “ Discontinued Operations ,” for further information. Unless otherwise noted, the following notes refer to the Company’s continuing operations. Derivative Instrument In February 2014, the Company issued and sold $70.7 million in aggregate principal amount of 8.50% senior unsecured convertible notes due 2019 (the "Convertible Notes"). Prior to shareholder approval on June 5, 2014 to issue shares of common stock upon conversion of the Convertible Notes in excess of New York Stock Exchange limits for share issuances without shareholder approval, the Convertible Notes contained an embedded derivative feature. In accordance with Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging , derivative instruments are recognized as either assets or liabilities on the Company’s balance sheet and are measured at fair value with gains or losses recognized in earnings. Embedded derivatives that are not clearly and closely related to the host contract, such as the Convertible Notes, are bifurcated and recognized at fair value with changes in fair value recognized as either a gain or loss in earnings if they can be reliably measured. The Company determined the fair value of its embedded derivative based upon available market data and unobservable inputs using a Black Scholes pricing model. In accordance with ASC 815, upon receipt of shareholder approval on June 5, 2014, the Company reclassified the embedded derivative to equity along with unamortized transaction costs proportionate to the allocation of the initial debt discount and the principal amount of the Convertible Notes. The Convertible Notes are recorded at accreted value and will continue to be accreted up to the par value of the Convertible Notes at maturity. See Note 11 , " 8.50% Senior Unsecured Convertible Notes ." Foreign Currency The Company owns certain foreign subsidiary companies formed under the laws of Ireland, Bahamas and Bermuda. These foreign subsidiary companies utilize the U.S. dollar as their functional currency. The foreign subsidiary companies' financial statements are denominated in U.S. dollars and therefore, there are no translation gains and losses resulting from translating the financial statements at exchange rates other than the functional currency. Any gains and losses resulting from foreign currency transactions (transactions denominated in a currency other than the subsidiary companies' functional currency) are included in income. These gains and losses are immaterial to the Company’s financial statements. Use of Estimates The preparation of consolidated financial statements, in conformity with accounting principles generally accepted in the United States of America (“GAAP”), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates and such differences could be material. Significant estimates made by management include income taxes, the valuation of life settlements, the valuation of the debt owing under the Revolving Credit Facilities, the valuation of equity awards and the valuation of the conversion derivative liability formerly embedded within the Convertible Notes. Reclassification Certain reclassification of the prior period amounts and presentation have been made to conform to the presentation of the current period. This reclassification relates primarily to the adoption of ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30)” which provides guidance on the balance sheet presentation for debt issuance costs and impacts the Convertible Notes. Change in Accounting Principle and Accounting for Debt Issuance Costs The Company adopted ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30)” on January 1, 2016. Upon adoption of ASU No. 2015-03, deferred debt issuance costs related to the Convertible Notes previously presented in the Company's consolidated balance sheet as an asset have been reclassified as a direct deduction to the carrying amount of the liability. The adoption of this ASU did not result in changes to the consolidated statements of operations, stockholders' equity, or statement of cash flows. In transitioning the application of this guidance, retrospective application to all periods presented in the consolidated financial statements has been performed as follows (in thousands): As reported under previous accounting guidance As reported under ASU 2015-03 Effect of change Balance Sheet December 31, 2015 Assets: Deferred debt costs $ 1,797 $ — $ (1,797 ) Total assets $ 509,857 $ 508,060 $ (1,797 ) Liabilities: Convertible Notes, net of discount 58,609 56,812 (1,797 ) Total liabilities 289,500 287,703 (1,797 ) Total stockholders' equity 220,357 220,357 — Total liabilities and stockholders' equity $ 509,857 $ 508,060 $ (1,797 ) Net effect $ — $ — $ —

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2016
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers," which converges the FASB and the International Accounting Standards Board (“IASB”) standard on revenue recognition. Areas of revenue recognition that will be affected include, but are not limited to, transfer of control, variable consideration, allocation of transfer pricing, licenses, time value of money, contract costs and disclosures. In April 2015, the FASB voted to defer the effective date of the new revenue recognition standard by one year. As a result, the provisions of this ASU are effective for interim and annual periods beginning after December 15, 2017. Following the deferral, in March 2016 the FASB issued ASU No. 2016-08, "Principal versus Agent Considerations (Reporting Revenue Gross versus Net)" which aims to clarify the implementation guidance on principal versus agent considerations. The amendments in this Update do not change the core principle of the guidance in No. 2014-09. The effective date and transition requirements of ASU No. 2016-08 are the same as the effective date and transitions requirements of Update 2014-09. The Company does not expect that this guidance will have a material impact on its financial position, results of operations or cash flows. In August 2014, the FASB issued ASU No. 2014-15, "Disclosures of Uncertainties About an Entity’s Ability to Continue as a Going Concern." The standard provides guidance around management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. The Company does not expect that this guidance will have a material impact on its financial position, results of operations or cash flows. In February 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis." This guidance focuses on a reporting company’s consolidation evaluation to determine whether they should consolidate certain legal entities. This guidance is effective for annual periods beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company has determined that this guidance does not have an impact on its consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, "Interest—Imputation of Interest (Subtopic 835-30)." This standard provides guidance on the balance sheet presentation for debt issuance costs and debt discounts and debt premiums. To simplify the presentation of debt issuance costs, this standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. This ASU is effective for fiscal years beginning after December 15, 2015. The Company adopted this guidance on January 1, 2016. The adoption of this ASU did not result in changes to the consolidated statements of operations, stockholders' equity, or statement of cash flows. In transitioning the application of this guidance, retrospective application to all periods presented in the consolidated financial statements has been performed. In November 2015, the FASB issued ASU No. 2015-17, "Income Taxes (Topic 740): Balance Sheet Classifications of Deferred Taxes," which aligns the FASB and the IASB standard for financial statement presentation of deferred income taxes. To simplify the presentation of deferred income taxes, this standard requires that deferred tax assets and liabilities be presented as noncurrent on the balance sheet. This ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted, including adoption in an interim period. The Company does not expect that this guidance will have a material impact on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-06, "Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments." Topic 815 requires that embedded derivatives be separated from the host contract and accounted for separately as derivatives if certain criteria are met. One of those criteria is that the economic characteristics and risks of the embedded derivatives are not clearly and closely related to the economic characteristics and risks of the host contract (the "clearly and closely related" criterion). The guidance in this ASU intends to resolve the diversity in practice resulting from the application of the existing four-step decision sequence defined in ASC 815-15-25-42 to call (put) options that can accelerate the repayment of principal on a debt instrument if they meet the clearly and closely related criterion by clarifying that an entity is required to perform only the four-step decision sequence. The entity does not have to separately assess whether the event that triggers its ability to exercise the contingent option is itself indexed only to interest rates or credit risk. This ASU is effective for annual periods beginning after December 15, 2017, and interim periods beginning after December 15, 2018. Early adoption is permitted including adoption in an interim period, as long as any adjustment is reflected as of the beginning of the fiscal year that includes the interim period. We are currently evaluating the impact that the adoption of ASU 2016-06 will have on our consolidated financial statements or related disclosures. In March 2016, the FASB issued ASU No. 2016-09, "Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" as part of its Simplification Initiative. The guidance simplifies several aspects of the accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public business entities, these amendments are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted including adoption in an interim period, as long as any adjustment is reflected as of the beginning of the fiscal year that includes the interim period. We are currently evaluating the impact that the adoption of ASU 2016-09 will have on our consolidated financial statements or related disclosures.

Consolidation of Variable Inter

Consolidation of Variable Interest Entities	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation of Variable Interest Entities	Consolidation of Variable Interest Entities The Company evaluates its interests in variable interest entities ("VIEs") on an ongoing basis and consolidates those VIEs in which it has a controlling financial interest and is thus deemed to be the primary beneficiary. A controlling financial interest has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact its economic performance; and (ii) the obligation to absorb losses of the VIE that could potentially be significant to it or the right to receive benefits from the VIE that could be potentially significant to the VIE. The following table presents the consolidated assets and consolidated liabilities of VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated in the Company’s financial statements as of June 30, 2016 as well as non-consolidated VIEs for which the Company has determined it is not the primary beneficiary (in thousands): Primary Beneficiary Not Primary Beneficiary Consolidated VIEs Non-consolidated VIEs Assets Liabilities Total Assets Maximum Exposure To Loss June 30, 2016 $ 483,851 $ 227,901 $ 2,384 $ 2,384 December 31, 2015 $ 475,597 $ 225,208 $ 2,384 $ 2,384 As of June 30, 2016 , 433 life insurance policies owned by White Eagle with an aggregate death benefit of approximately $2.2 billion and an estimated fair value of approximately $340.6 million were pledged as collateral under the White Eagle Revolving Credit Facility. In accordance with ASC 810, Consolidation , the Company consolidated White Eagle in its financial statements for the six months ended June 30, 2016 and 2015 , and the year ended December 31, 2015 . As of June 30, 2016 , 152 life insurance policies owned by Red Falcon with an aggregate death benefit of approximately $599.9 million and an estimated fair value of approximately $120.1 million were pledged as collateral under the Red Falcon Revolving Credit Facility. In accordance with ASC 810, Consolidation , the Company consolidated Red Falcon in its financial statements for the six months ended June 30, 2016 and the year ended December 31, 2015 .

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share As of June 30, 2016 and 2015 , there were 28,393,535 and 28,130,508 shares of common stock issued, respectively, and 27,785,535 and 28,130,508 shares of common stock outstanding, respectively. Outstanding shares as of June 30, 2016 have been adjusted to reflect 608,000 treasury shares. There were no treasury shares as of June 30, 2015 . Basic net income per share is computed by dividing the net earnings attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding, increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. Conversion or exercise of the potential common shares is not reflected in diluted earnings per share unless the effect is dilutive. The dilutive effect, if any, of outstanding common share equivalents is reflected in diluted earnings per share by application of the treasury stock method, as applicable. The following table reconciles actual basic and diluted earnings per share for the three months and six months ended June 30, 2016 and 2015 (in thousands except share and per share data). For the Three Months Ended For the Six Months Ended June 30, 2016(1) 2015(2) 2016(1) 2015(3) Income (loss) per share: Numerator: Net income (loss) from continuing operations $ (9,775 ) $ 966 $ (17,221 ) $ (3,198 ) Net income (loss) from discontinued operations (127 ) (145 ) (194 ) (302 ) Net income (loss) $ (9,902 ) $ 821 $ (17,415 ) $ (3,500 ) Basic and diluted income (loss) per common share: Basic and diluted income (loss) from continuing operations $ (0.36 ) $ 0.04 $ (0.63 ) $ (0.15 ) Basic and diluted income (loss) from discontinued operations — — (0.01 ) (0.01 ) Basic and diluted income (loss) per share available to common shareholders $ (0.36 ) $ 0.04 $ (0.64 ) $ (0.16 ) Denominator: Basic 27,491,768 21,961,034 27,486,508 21,663,137 Add: Restricted stock — 3,870 — — Diluted 27,491,768 21,964,904 27,486,508 21,663,137 (1) The computation of diluted EPS does not include 265,212 shares of restricted stock, 763,594 options, 6,240,521 warrants, up to 10,738,165 shares of underlying common stock issuable upon conversion of the Convertible Notes, as the effect of their inclusion would have been anti-dilutive. (2) The computation of diluted EPS includes 3,870 incremental shares of restricted stock, but does not include 794,617 options, 6,240,521 warrants, up to 10,738,165 shares of underlying common stock issuable upon conversion of the Convertible Notes and 323,500 performance shares for the three months ended June 30, 2015 , as the effect of their inclusion would have been anti-dilutive. (3) The computation of diluted EPS did not include 41,259 shares of restricted stock, 794,617 options, 6,240,521 warrants, up to 10,738,165 shares of underlying common stock issuable upon conversion of the Convertible Notes and 323,500 performance shares, as the effect of their inclusion would have been anti-dilutive.

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based Compensation	Stock-based Compensation On May 28, 2015, the Company amended and restated its 2010 Omnibus Incentive Plan (the “Omnibus Plan”). Awards under the Omnibus Plan may consist of incentive awards, stock options, stock appreciation rights, performance shares, performance units, and shares of common stock, restricted stock, restricted stock units or other stock-based awards as determined by the compensation committee of the Company's board of directors. The Omnibus Plan provides for an aggregate of 2,700,000 shares of common stock to be reserved for issuance under the Omnibus Plan, subject to adjustment as provided in the Omnibus Plan. Options As of December 31, 2015 , all options to purchase shares of common stock issued by the Company were fully vested. The Company recognized approximately $104,000 and $237,000 in stock-based compensation expense relating to stock options during the three months and six months ended June 30, 2015 , respectively. As of June 30, 2016 , options to purchase 763,594 shares of common stock were outstanding under the Omnibus Plan at a weighted average exercise price of $8.52 per share. The following table presents the activity of the Company’s outstanding stock options of common stock for the six months ended June 30, 2016 : Common Stock Options Number of Shares Weighted Average Price per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options outstanding, January 1, 2016 774,394 $ 8.50 3.47 $ — Options granted — Options exercised — Options forfeited (10,800 ) $ 7.22 — Options expired — Options outstanding, June 30, 2016 763,594 $ 8.52 2.97 $ — Exercisable at June 30, 2016 763,594 $ 8.52 2.97 Unvested at June 30, 2016 — — — $ — As of June 30, 2016 , all outstanding stock options had an exercise price above the fair market value of the common stock on that date. There are no remaining unamortized amounts to be recognized on these options. Restricted Stock The Company incurred additional stock-based compensation expense of approximately $68,000 and $71,000 relating to restricted stock granted to its board of directors and certain employees during the three months ended June 30, 2016 and 2015 , respectively, and approximately $128,000 and $131,000 during the six months ended June 30, 2016 and 2015 , respectively. Under the Omnibus Plan, 41,060 shares of restricted stock granted to the Company’s directors during 2014 vested during the quarter ended June 30, 2015 . The fair value of the vested restricted stock was approximately $255,000 based on the closing price of the Company’s shares on the day prior to the grant date. The Company incurred additional stock-based compensation expense of approximately $49,000 and $108,000 , respectively, related to these 41,060 shares of restricted stock during the three months and six months ended June 30, 2015 . Under the Omnibus Plan, 41,259 shares of restricted stock granted to the Company’s directors during 2015 vested during the quarter ended June 30, 2016 . The fair value of the vested restricted stock was valued at approximately $255,000 based on the closing price of the Company’s shares on the day prior to the grant date. The Company incurred stock-based compensation expense of approximately $43,000 and $22,000 related to these 41,259 shares of restricted stock during the three months ended June 30, 2016 and 2015 , respectively, and $103,000 and $22,000 during the six months ended June 30, 2016 and 2015 , respectively. During the quarter ended June 30, 2016 , the Company granted 65,212 shares of restricted stock to its directors under the Omnibus Plan, which are subject to a one year vesting period that commenced on the date of grant. The fair value of the unvested restricted stock was valued at approximately $255,000 based on the closing price of the Company’s shares on the day prior to the grant date. The Company incurred stock-based compensation expense of approximately $19,000 related to these 65,212 shares of restricted stock during the three months and six months ended June 30, 2016 . During the quarter ended June 30, 2016 , the Company granted 200,000 shares of restricted stock units to certain employees under the Omnibus Plan, which are subject to a two year vesting period that commenced on the date of grant. The fair value of the unvested restricted stock was valued at approximately $674,000 based on the closing price of the Company’s shares on the day prior to the grant date. The Company incurred stock-based compensation expense of approximately $6,000 , related to these 200,000 shares of restricted stock during the three months and six months ended June 30, 2016 . The following table presents the activity of the Company’s unvested shares of restricted stock for the six months ended June 30, 2016 : Common Unvested Shares Number of Shares Outstanding January 1, 2016 41,259 Granted 265,212 Vested (41,259 ) Forfeited — Outstanding June 30, 2016 265,212 The aggregate intrinsic value of the awards of 65,212 and 200,000 is $218,000 and $672,000 , respectively, and the remaining weighted average life of these awards is 0.92 years and 1.98 years, respectively as of June 30, 2016 . Performance Shares During 2014, the Company awarded 323,500 target performance shares for restricted common stock to its directors and certain employees, of which 150,000 shares were subject to shareholder approval of the Omnibus Plan, which was obtained at the Company’s 2015 annual meeting on May 28, 2015. The issuance of the performance shares was contingent on the Company’s financial performance, as well as the performance of the Company’s common stock through June 30, 2016, with the actual shares to be issued ranging between 0 – 150% of the target performance shares. During the year ended December 31, 2015 , 4,000 of the performance shares were forfeited. At June 30, 2016 and 2015 , the Company determined that it was not probable that the performance conditions would be achieved and no related expense was recognized for the three months and six months ended June 30, 2016 and 2015 , respectively. Given that the Company's financial performance goal was not achieved at June 30, 2016 , the performance shares have been forfeited. The following table presents the activity of the Company’s performance share awards for the six months ended June 30, 2016 : Performance Shares Number of Shares Outstanding January 1, 2016 319,500 Awarded — Vested — Forfeited (319,500 ) Outstanding June 30, 2016 — Warrants On February 11, 2011, three shareholders received warrants that may be exercised for up to a total of 4,240,521 shares of the Company’s common stock at a weighted average exercise price of $14.51 per share. The warrants will expire seven years after the date of issuance and are exercisable as they are fully vested. At June 30, 2016 , all 4,240,521 warrants remained outstanding. In connection with a settlement of class action litigation arising in connection with the investigation by the U.S. Attorney's Office for District of New Hampshire ("USAO") into the Company's now legacy premium finance business (the "USAO Investigation"), the Company issued warrants to purchase two million shares of the Company’s stock into an escrow account in April of 2014. The estimated fair value as of the measurement date of such warrants was $5.4 million , which is included in stockholders’ equity. The warrants were distributed in October 2014 and have a five -year term from the date they were distributed to the class participants with an exercise price of $10.75 . The Company is obligated to file a registration statement to register the shares underlying the warrants with the SEC if shares of the Company’s common stock have an average daily trading closing price of at least $8.50 per share for a 45 day period. The warrants will be exercisable upon effectiveness of the registration statement.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations On October 25, 2013, the Company sold substantially all of the operating assets comprising its structured settlement business to Majestic Opco L.L.C pursuant to an Asset Purchase Agreement. No structured settlement receivables were sold and no on-balance sheet liabilities were transferred in connection with the sale. As a result of the sale of its structured settlements business, the Company reclassified its structured settlement business operating results as discontinued operations in the accompanying Consolidated Statements of Operations for all periods presented. Operating results related to the Company’s discontinued structured settlement business are as follows: Three Months Ended Six Months Ended 2016 2015 2016 2015 Total income (loss) $ 3 $ 38 $ 6 $ 73 Total expenses (130 ) (274 ) (200 ) (565 ) Income (loss) before income taxes (127 ) (236 ) (194 ) (492 ) Income tax benefit — (91 ) — (190 ) Net income (loss) from discontinued operations, net of income taxes $ (127 ) $ (145 ) $ (194 ) $ (302 )

Life Settlements (Life Insuranc

Life Settlements (Life Insurance Policies)	6 Months Ended
	Jun. 30, 2016
Investments, All Other Investments [Abstract]
Life Settlements (Life Insurance Policies)	Life Settlements (Life Insurance Policies) The Company accounts for policies it acquires using the fair value method in accordance with ASC 325-30-50 Investments-Other-Investment in Insurance Contracts . Under the fair value method, the Company recognizes the initial investment at the purchase price. For policies that were relinquished in satisfaction of premium finance loans at maturity, the initial investment is the loan carrying value. For policies purchased in the secondary or tertiary markets, the initial investment is the amount of cash outlay at the time of purchase. At each reporting period, the Company re-measures the investment at fair value in its entirety and recognizes changes in the Statements of Operations in the periods in which the changes occur. As of June 30, 2016 and December 31, 2015 , the Company owned 625 and 632 policies, respectively, with an aggregate estimated fair value of life settlements of $473.0 million and $461.9 million , respectively. The weighted average life expectancy calculated based on death benefit of insureds in the policies owned by the Company at June 30, 2016 was 9.4 years. The following table describes the Company’s life settlements as of June 30, 2016 (dollars in thousands): Remaining Life Expectancy (In Years)* Number of Life Settlement Contracts Estimated Fair Value Face Value 0 - 1 2 $ 9,657 $ 11,631 1 - 2 18 52,326 77,733 2 - 3 10 27,945 48,890 3 - 4 25 29,125 82,332 4 - 5 36 50,540 146,546 Thereafter 534 303,453 2,599,256 Total 625 $ 473,046 $ 2,966,388 *Based on remaining life expectancy at June 30, 2016 derived from reports of third party life expectancy providers, and does not indicate the timing of expected death benefits. See Note 14, "Fair Value Measurements—Life Settlements." The weighted average life expectancy calculated based on death benefit of insureds in the policies owned by the Company at December 31, 2015 was 9.9 years. The following table describes the Company’s life settlements as of December 31, 2015 (dollars in thousands): Remaining Life Expectancy (In Years)* Number of Life Settlement Contracts Estimated Fair Value Face Value 0-1 — $ — $ — 1-2 12 28,873 42,988 2-3 17 47,272 84,497 3-4 18 24,450 58,154 4-5 31 42,304 124,720 Thereafter 554 319,026 2,668,993 Total 632 $ 461,925 $ 2,979,352 *Based on remaining life expectancy at December 31, 2015 derived from reports of third party life expectancy providers, and does not indicate the timing of expected death benefits. See Note 14, "Fair Value Measurements—Life Settlements." Estimated premiums to be paid for each of the five succeeding fiscal years and thereafter to keep the life insurance policies in force as of June 30, 2016 , are as follows (in thousands): Remainder of 2016 $ 36,830 2017 80,448 2018 83,506 2019 90,751 2020 95,012 Thereafter 972,026 $ 1,358,573 The amount of $1.36 billion noted above represents the estimated total future premium payments required to keep the life insurance policies in force during the life expectancies of all the underlying insured lives and does not give effect to projected receipt of death benefits. The estimated total future premium payments could increase or decrease significantly to the extent that insurance carriers increase the cost of insurance on their issued policies or that actual mortalities of insureds differs from the estimated life expectancies.

White Eagle Revolving Credit Fa

White Eagle Revolving Credit Facility	6 Months Ended
	Jun. 30, 2016
White Eagle | Revolving Credit Facility
Debt Instrument [Line Items]
White Eagle Revolving Credit Facility	White Eagle Revolving Credit Facility Effective April 29, 2013 , White Eagle entered into a 15 -year revolving credit agreement with LNV Corporation, as initial lender, Imperial Finance & Trading, LLC, as servicer and portfolio manager and CLMG Corp., as administrative agent. Proceeds from the initial advance under the facility were used, in part, to retire a bridge facility and to fund a payment to the lender protection insurance provider to release subrogation rights in certain of the policies pledged as collateral for the White Eagle Revolving Credit Facility. On May 16, 2014, White Eagle Asset Portfolio, LLC converted from a Delaware limited liability company to White Eagle Asset Portfolio, LP, a Delaware limited partnership (the “Conversion”) and all of its ownership interests were transferred to an indirect, wholly-owned Irish subsidiary of the Company. In connection with the Conversion, the White Eagle Revolving Credit Facility was amended and restated among White Eagle, as borrower, Imperial Finance and Trading, LLC, as the initial servicer, the initial portfolio manager and guarantor, Lamington Road Bermuda Ltd., as portfolio manager, LNV Corporation, as initial lender, the other financial institutions party thereto as lenders, and CLMG Corp., as administrative agent for the lenders. On November 9, 2015, the White Eagle Revolving Credit Facility ("White Eagle Amendment") was amended. As amended, the White Eagle Revolving Credit Facility may provide earlier participation in the portfolio cash flows if certain loan to value (“LTV”) ratios are achieved as more fully described below under “Amortization & Distributions.” Additionally, the maximum facility limit was reduced from $300.0 million to $250.0 million , and will generally be reduced annually by $25.0 million beginning on April 29, 2019. Additionally, the interest rate under the facility was increased by 50 basis point s. General & Security . The White Eagle Revolving Credit Facility provides for an asset-based revolving credit facility backed by White Eagle’s portfolio of life insurance policies with an aggregate lender commitment of up to $250.0 million , subject to borrowing base availability. 433 life insurance policies with an aggregate death benefit of approximately $2.2 billion and an estimated fair value of approximately $340.6 million are pledged as collateral under the White Eagle Revolving Credit Facility at June 30, 2016 . In addition, the equity interests in White Eagle have been pledged under the White Eagle Revolving Credit Facility. Borrowing Base. Borrowing availability under the White Eagle Revolving Credit Facility is subject to a borrowing base, which at any time is equal to the lesser of (A) the sum of all of the following amounts that have been funded or are to be funded through the next distribution date (i) the initial advance and all additional advances to acquire additional pledged policies or that are not for ongoing maintenance advances, plus (ii) 100% of the sum of the ongoing maintenance costs, plus (iii) 100% of accrued and unpaid interest on borrowings (excluding the rate floor portion described below), plus (iv) 100% of any other fees and expenses funded and to be funded as approved by the required lenders, less (v) any required payments of principal and interest previously distributed and to be distributed through the next distribution date; (B) 75% of the valuation of the policies pledged as collateral as determined by the lenders; (C) 50% of the aggregate face amount of the policies pledged as collateral (excluding certain specified life insurance policies); and (D) the then applicable facility limit. At June 30, 2016 , $60.3 million was undrawn and $2.8 million was available to borrow under the White Eagle Revolving Credit Facility. This amount available to borrow is calculated based on and limited to the premium payments and expenses if any, that are due as of the calculation date. In essence, what is available, is what is required to pay expenses and keep the policies in force as of the calculation date. Amortization & Distributions. Proceeds from the maturity of the policies pledged as collateral under the White Eagle Revolving Credit Facility are distributed pursuant to a waterfall. After premium payments, fees to service providers and payments of interest, a percentage of the collections from policy proceeds are to be paid to the lenders, which will vary depending on the then LTV ratio as follows: (1) if the LTV is equal to or greater than 50% , all remaining proceeds will be directed to the lenders to repay the then outstanding principal balance; (2) if the LTV is less than 50% but greater than or equal to 25% , 65% of the remaining proceeds will be directed to the lenders to repay the then outstanding principal balance; or (3) if the LTV is less than 25% , 35% of the remaining proceeds will be directed to the lenders to repay the then outstanding principal balance, in each case, with remaining proceeds (“Excess LTV Payments”) directed to White Eagle for so long as the “Net Total Investment Percentage” exceeds 15% and there are at least 75 policies pledged under the White Eagle Revolving Credit Facility representing 75 distinct insured with any such proceeds to White Eagle decreasing the $76.1 million preference amount (the “preference amount”) that would have been distributed to White Eagle prior to the November 9, 2015 amendment upon the pay down of outstanding indebtedness. Following the satisfaction of the remaining preference payment, 50% of the remaining proceeds will generally be directed to the lenders with the remainder paid to White Eagle and for any unpaid fees to service providers. As of any calculation date, the “Net Total Investment Percentage” is determined by dividing the difference between the preference amount and the aggregate Excess LTV Payments by the outstanding principal amount under the White Eagle Revolving Credit Facility. With respect to approximately 25% of the face amount of policies pledged as collateral under the White Eagle Revolving Credit Facility, White Eagle has agreed that if policy proceeds that are otherwise due are not paid by an insurance carrier, the foregoing distributions will be altered such that the lenders will receive any “catch-up” payments with respect to amounts that they would have received in the waterfall prior to distributions being made to White Eagle. During the continuance of events of default or unmatured events of default, the amounts from collections of policy proceeds that might otherwise be paid to White Eagle will instead be held in a designated account controlled by the lenders and may be applied to fund operating and third party expenses, interest and principal, “catch-up” payments or percentage payments that would go to the lenders as described above. Use of Proceeds. Generally, ongoing advances may be made for paying premiums on the life insurance policies pledged as collateral and to pay the fees of service providers. Effective with the White Eagle Amendment on November 9, 2015, ongoing advances may no longer be used to pay interest, which will now be paid by White Eagle if there is not otherwise sufficient amounts available from policy proceeds to be distributed to pay interest expense pursuant to the waterfall described above in "Amortization and Distributions." Subsequent advances and the use of proceeds from those advances in respect of newly pledged policies are at the discretion of the lenders. Interest. Borrowings under the White Eagle Revolving Credit Facility bear interest at a rate equal to LIBOR or, if LIBOR is unavailable, the base rate, in each case plus an applicable margin of 4.50% , which was increased from 4.00% pursuant to the November 9, 2015 amendment, and subject to a rate floor component equal to the greater of LIBOR (or the applicable rate) and 1.5% . The base rate under the White Eagle Revolving Credit Facility equals the sum of (i) the weighted average of the interest rates on overnight federal funds transactions or, if unavailable, the average of three federal funds quotations received by the Agent plus 0.75% and (ii) 0.5% . The effective rate at June 30, 2016 and 2015 was 6.0% and 5.5% , respectively. Interest paid during the period is recorded in the Company’s consolidated financial statements. Accrued interest is reflected as a component of the estimated fair value of the White Eagle Revolving Credit Facility debt. Effective with the White Eagle Amendment on November 9, 2015, interest is no longer withheld from borrowings by the lender and, therefore, $2.8 million was paid by White Eagle during the three months ended June 30, 2016 compared to interest expense of $2.3 million during the three months ended June 30, 2015 , which included $1.7 million withheld from borrowings by the lender and $622,000 paid by White Eagle. During the six months ended June 30, 2016 , approximately $5.2 million in interest expense was paid by White Eagle, compared to interest expense of $4.6 million for the six months ended June 30, 2015 which included $3.3 million withheld from borrowings by the lender and $1.2 million paid by White Eagle. Maturity. The term of the White Eagle Revolving Credit Facility expires April 28, 2028 , which is also the scheduled commitment termination date (though the lenders’ commitments to fund borrowings may terminate earlier in an event of default). The lenders’ interests in and rights to a portion of the proceeds of the policies does not terminate with the repayment of the principal borrowed and interest accrued thereon, the termination of the White Eagle Revolving Credit Facility or expiration of the lenders’ commitments. Covenants/Events of Defaults . The White Eagle Revolving Credit Facility contains covenants and events of default that are customary for asset-based credit agreements of this type, but also include cross defaults under the servicing, account control, contribution and pledge agreements entered into in connection with the White Eagle Revolving Credit Facility (including in relation to breaches by third parties thereunder), certain changes in law, changes in control of or insolvency or bankruptcy of the Company and relevant subsidiary companies and performance of certain obligations by certain relevant subsidiary companies, White Eagle and third parties. The White Eagle Revolving Credit Facility does not contain any financial covenants, but does contain certain tests relating to asset maintenance, performance and valuation, the satisfaction of which will be determined by the lenders with a high degree of discretion. Remedies. The White Eagle Revolving Credit Facility and ancillary transaction documents afford the lenders a high degree of discretion in their selection and implementation of remedies, including strict foreclosure, in relation to any event of default, including a high degree of discretion in determining whether to foreclose upon and liquidate all or any pledged policies, the interests in White Eagle, and the manner of any such liquidation. White Eagle has limited ability to cure events of default through the sale of policies or the procurement of replacement financing. The Company elected to account for the debt under the White Eagle Revolving Credit Facility, which includes the 50% interest in policy proceeds to the lender, using the fair value method. The fair value of the debt is the amount the Company would have to pay to transfer the debt to a market participant in an orderly transaction. The Company calculated the fair value of the debt using a discounted cash flow model taking into account the stated interest rate of the credit facility and probabilistic cash flows from the pledged policies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the Company’s estimates are not necessarily indicative of the amounts that the Company, or holders of the instruments, could realize in a current market exchange. The most significant assumptions are the estimates of life expectancy of the insured and the discount rate. The use of different assumptions and/or estimation methodologies could have a material effect on the estimated fair values. At June 30, 2016 , the fair value of the outstanding debt was $172.4 million and the borrowing base was approximately $192.4 million , which includes $189.7 million of outstanding principal. There are no scheduled repayments of principal prior to maturity although payments are due upon the next distribution date following the receipt of death benefits and distributed pursuant to the waterfall as described above. At June 30, 2016 , approximately $5.5 million included in restricted cash was on account with White Eagle waiting distribution through the waterfall.

Red Falcon Revolving Credit Fac

Red Falcon Revolving Credit Facility	6 Months Ended
	Jun. 30, 2016
Red Falcon Trust | Revolving Credit Facility
Debt Instrument [Line Items]
Red Falcon Revolving Credit Facility	Red Falcon Revolving Credit Facility Effective July 16, 2015 , Red Falcon Trust ("Red Falcon"), a Delaware statutory trust formed by Blue Heron Designated Activity Company (“Blue Heron”), a wholly-owned Irish subsidiary of the Company, entered into a revolving loan and security agreement (together with its ancillary documents, the “Red Falcon Revolving Credit Facility”) with LNV Corporation, as initial lender, the other lenders party thereto from time to time, Imperial Finance & Trading, LLC, as guarantor, Blue Heron as portfolio administrator and CLMG Corp., as administrative agent (the "Agent"). General & Security . The Red Falcon Revolving Credit Facility provides for a revolving credit facility backed by Red Falcon’s portfolio of life insurance policies with an initial aggregate lender commitment of up to $110.0 million , subject to borrowing base availability. As of June 30, 2016 , 152 life insurance policies owned by Red Falcon with an aggregate death benefit of approximately $599.9 million and an estimated fair value of approximately $120.1 million are pledged as collateral under the Red Falcon Revolving Credit Facility. In connection with the Red Falcon Revolving Credit Facility, the residual interests in Red Falcon have also been pledged. Borrowing Base & Availability . Revolving credit borrowings are permitted for a five -year period with the loans under the Red Falcon Revolving Credit Facility maturing on July 15, 2022. Borrowing availability under the Red Falcon Revolving Credit Facility is subject to a borrowing base, which at any time is equal to the lesser of (A) the sum of all of the following amounts that have been funded or are to be funded through the next distribution date (i) the initial advance and all additional advances in respect of newly pledged policies that are not for ongoing maintenance advances, plus (ii) 100% of the sum of the ongoing maintenance costs, less (iii) any required amortization payments previously distributed and to be distributed through the next distribution date; (B) 60% of the valuation of the policies pledged as collateral as determined by the lenders; (C) 45% of the aggregate face amount of the policies pledged as collateral; and (D) $110.0 million . At June 30, 2016 , $54.0 million was undrawn and $307,000 was available to borrow under the Red Falcon Revolving Credit Facility. The amount available to borrow is calculated based on and limited to the premium payments and expenses if any, that are due as of the calculation date. In essence, what is available, is what is required to pay expenses and keep the policies in force as of the calculation date. Amortization & Distributions. Proceeds from the policies pledged as collateral under the Red Falcon Revolving Credit Facility are distributed pursuant to a waterfall with, subject to yield maintenance provisions, 5% of policy proceeds directed to the lenders. Thereafter proceeds are directed to pay fees to service providers and premiums with any remaining proceeds directed to pay outstanding interest and required amortization of 8% per annum on the greater of the then outstanding balance of the loan or the initial advance. Generally, after payment of interest and required amortization, a percentage of the collections from policy proceeds are to be paid to the lenders, which will vary depending on the then LTV as follows: (1) if the LTV is equal to or greater than 50% , all remaining proceeds will be directed to the lenders to repay the then outstanding principal balance; (2) if the LTV is less than 50% but greater than or equal to 25% , 65% of the remaining proceeds will be directed the lenders to repay the then outstanding principal balance; or (3) if the LTV is less than 25% , 35% of the remaining proceeds will be directed to the lenders to repay the then outstanding principal balance, in each case, with remaining proceeds directed to Red Falcon. To the extent there are not sufficient remaining proceeds in the waterfall to satisfy the amount of required interest and amortization then due, Red Falcon will be required to pay any such shortfall amount. Initial Advance and Use of Proceeds. Amounts advanced to Red Falcon following effectiveness of the Red Falcon Revolving Credit Facility were approximately $54.0 million with certain of the proceeds used to pay transaction expenses and to purchase the policies pledged as collateral under the Red Falcon Revolving Credit Facility from certain affiliates of the Company, who then made a distribution to the Company which was used to redeem the Company's 12.875% Secured Notes. Generally, ongoing advances may be made for paying premiums on the life insurance policies pledged as collateral, and to pay the fees of service providers. Subsequent advances in respect of newly pledged policies are at the discretion of the lenders. Interest. Borrowings under the Red Falcon Revolving Credit Facility bear interest at a rate equal to LIBOR or, if LIBOR is unavailable, the base rate, in each case plus an applicable margin of 4.50% and subject to a rate floor of 1.0% . The base rate under the Red Falcon Revolving Credit Facility equals the sum of (i) the weighted average of the interest rates on overnight federal funds transactions or, if unavailable, the average of three federal funds quotations received by the Agent plus 0.75% and (ii) 0.5% . The effective interest rate at June 30, 2016 was 5.5% . Interest expense for the cash portion of interest paid during the period is recorded in the Company’s consolidated financial statements. Accrued interest is reflected as a component of the estimated fair value of the Red Falcon Revolving Credit Facility. Interest expense on the facility was $939,000 for the three months ended June 30, 2016 and $1.9 million for the six months ended June 30, 2016 . Maturity. The term of the Red Falcon Revolving Credit Facility expires July 15, 2022 . Covenants/Events of Defaults . The Red Falcon Revolving Credit Facility contains covenants and events of default, including those that are customary for asset-based credit facilities of this type and including cross defaults under the servicing, portfolio management and sales agreements entered into in connection with the Red Falcon Revolving Credit Facility, changes in control of or insolvency or bankruptcy of the Company and relevant subsidiary companies and performance of certain obligations by certain relevant subsidiary companies, Red Falcon and third parties. The Red Falcon Revolving Credit Facility does not contain any financial covenants, but does contain certain tests relating to asset maintenance, performance and valuation with determinations as to the satisfaction of such tests involving determinations made by the lenders with a high degree of discretion. The Company elected to account for the debt under the Red Falcon Revolving Credit Facility using the fair value method. The fair value of the debt is the amount the Company would have to pay to transfer the debt to a market participant in an orderly transaction. The Company calculated the fair value of the debt using a discounted cash flow model taking into account the stated interest rate of the credit facility and probabilistic cash flows from the pledged policies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the Company’s estimates are not necessarily indicative of the amounts that the Company, or holders of the instruments, could realize in a current market exchange. The most significant assumptions are the estimates of life expectancy of the insured and the discount rate. The use of different assumptions and/or estimation methodologies could have a material effect on the estimated fair values. At June 30, 2016 , the fair value of the outstanding debt was $55.1 million and the borrowing base was approximately $56.3 million , which includes $56.0 million of outstanding principal. Subsequent to the quarter end, Red Falcon entered into an amendment to its revolving loan and security agreement. Pursuant to the amendment, six additional policies and additional portions of 20 policies that were previously pledged in part as collateral under the initial credit agreement were pledged in an additional policy advance. See Note 19, "Subsequent Event."

8.50% Senior Unsecured Converti

8.50% Senior Unsecured Convertible Notes	6 Months Ended
	Jun. 30, 2016
8.50% Senior Unsecured Convertible Notes Due 2019
Debt Instrument [Line Items]
Senior Notes	8.50% Senior Unsecured Convertible Notes In February 2014, the Company issued $70.7 million in an aggregate principal amount of 8.50% senior unsecured convertible notes due 2019 . The Convertible Notes were issued pursuant to an indenture dated February 21, 2014 , between the Company and U.S. Bank National Association, as trustee. Two members of the Company’s Board of Directors, Messrs. Dakos and Goldstein, are affiliated with Bulldog Investors, LLC, who purchased $9.2 million of the Convertible Notes. The Convertible Notes are general senior unsecured obligations and rank equally in right of payment with all of the Company’s other existing and future senior unsecured indebtedness. The Convertible Notes are effectively subordinate to all of the Company’s secured indebtedness to the extent of the value of the assets collateralizing such indebtedness. The Convertible Notes are not guaranteed by the Company’s subsidiaries. The maturity date of the Convertible Notes is February 15, 2019 . The Convertible Notes accrue interest at the rate of 8.50% per annum on the principal amount of the Convertible Notes, payable semi-annually in arrears on August 15 and February 15 of each year . The Convertible Notes are convertible into shares of common stock at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date. Initially, the Convertible Notes were convertible into shares of common stock at a conversion rate of 147.9290 shares of common stock per $1,000 principal amount of Convertible Notes (equivalent to a conversion price of $6.76 per share of common stock). In the second quarter of 2015, the conversion rate was adjusted to 151.7912 shares of common stock per $1,000 principal amount of Convertible Notes (equivalent to a conversion price of $6.59 per share of common stock) in connection with anti-dilution adjustment triggered by a rights offering that resulted in the issuance of 6,688,433 shares of the Company’s common stock. The Company may not redeem the Convertible Notes prior to February 15, 2017 . On and after such date, and prior to the maturity date, the Company may redeem for cash all, but not less than all, of the Convertible Notes if the last reported sale price of the Company’s common stock equals or exceeds 130% of the applicable conversion price for at least 20 trading days during the 30 consecutive trading day period ending on the trading day immediately prior to the date the Company delivers notice of the redemption. The redemption price will be equal to 100% of the principal amount of the Convertible Notes, plus any accrued and unpaid interest to, but excluding, the redemption date. In addition, if the Company calls the Convertible Notes for redemption, a make-whole fundamental charge will be deemed to occur. As a result, the Company will, in certain circumstances, increase the conversion rate by a number of additional shares of common stock for holders who convert their notes prior to the redemption date. The Company determined that an embedded conversion option existed in the Convertible Notes that was required to be separately accounted for as a derivative under ASC 815 which required the Company to bifurcate the embedded conversion option, record it as a liability at fair value and record a debt discount by an equal amount. Upon receipt of shareholder approval to issue shares of common stock upon conversion of the Convertible Notes in an amount that exceeded applicable New York Stock Exchange limits for issuances without shareholder approval, the Company reclassified the embedded conversion derivative liability to equity. The Convertible Notes are recorded at accreted value and will continue to be accreted up to the par value of the Convertible Notes at maturity. As of June 30, 2016 , the carrying value of the Convertible Notes was $58.6 million , net of unamortized debt discounts and origination costs of $10.6 million and $1.6 million , respectively. These are being amortized over the remaining life of the Convertible Notes using the effective interest method. The Company recorded $2.4 million and $2.3 million of interest expense on the Convertible Notes, including $1.5 million , $782,000 and $116,000 and $1.5 million , $661,000 and $98,000 from interest, amortizing debt discounts and origination costs, during the three months ended June 30, 2016 and 2015 , respectively. The Company recorded $4.8 million and $4.5 million of interest expense on the Convertible Notes, including $3.0 million , $1.5 million and $227,000 and $3.0 million , $1.3 million and $189,000 from interest, amortizing debt discounts and origination costs, during the six months ended June 30, 2016 and 2015 , respectively. During the six months ended June 30, 2016 the Company adopted ASU No. 2015-03, "Interest-Imputation of Interest (Subtopic 835-30)." This standard provides guidance on the balance sheet presentation of debt issuance cost, discount and premiums. See Note 2 "Principles of Consolidation and Basis of Presentation."

15.00% Senior Secured Notes

15.00% Senior Secured Notes	6 Months Ended
	Jun. 30, 2016
15.0% Senior Secured Notes
Debt Instrument [Line Items]
Senior Notes	15.00% Senior Secured Notes On March 11, 2016 (the "Initial Closing Date"), the Company, as issuer, entered into an indenture with Wilmington Trust Company, as indenture trustee. The indenture provides for the issuance of up to $30.0 million in senior secured notes (the "Senior Secured Notes"), of which approximately $21.2 million were issued on the Initial Closing Date with an additional $8.8 million issued on March 24, 2016. The Senior Secured Notes were purchased in private transactions exempt from the registration requirements of the Securities Act of 1933, as amended, under the note purchase agreements with certain accredited investors and/or non U.S. persons, including certain members of the Company's board of directors, management and their affiliates, who purchased approximately $3.3 million of the Senior Secured Notes issued on the Initial Closing Date. Interest on the Senior Secured Notes accrues at 15.0% per annum payable quarterly and all Senior Secured Notes will mature on September 14, 2018 (the "Maturity Date"). The Senior Secured Notes may be optionally redeemed in full at any time and must be redeemed in full upon additional issuances of debt by Emergent Capital, Inc., in each case, at a price equal to 100% of the principal amount redeemed plus (i) accrued and unpaid interest on the Senior Secured Notes redeemed up to the date of redemption, and (ii) the present value, as of the date of redemption of all remaining interest payments to the Maturity Date using a discount rate equal to the yield to maturity at the time of computation on the US treasury security with a constant maturity most nearly equal to the period from the redemption date to the Maturity Date plus 50 basis points. Upon a change of control, the Company will be required to make an offer to holders of the Senior Secured Notes to repurchase the Senior Secured Notes at a price equal to 107.5% of their principal amount. The Senior Secured Notes contain negative covenants restricting additional debt incurred by Emergent Capital, Inc., creation of liens on the collateral securing the Senior Secured Notes, and restrictions on dividends and stock repurchases. The Senior Secured Notes are secured by settlement proceeds, if any, received from certain litigation involving the Company, certain notes issued to the Company and a pledge of 65% of the equity interests in Blue Heron Designated Activity Company, OLIPP IV, LLC and Red Reef Alternative Investments, LLC. During the three months ended June 30, 2016 , the Company adopted ASU No. 2015-03, "Interest - Imputation of Interest (Subtopic 835-30)." This standard provides guidance on the balance sheet presentation of debt issuance cost, discount and premiums. As of June 30, 2016 , the carrying value of the Senior Secured Notes was $29.1 million , net of unamortized debt origination costs of $875,000 , which is being amortized over the remaining life of the Senior Secured Notes using the effective interest method. The Company recorded approximately $1.2 million of interest expense on the Senior Secured Notes, which includes $1.1 million of interest and $111,000 of amortizing debt issuance costs, during the three months ended June 30, 2016 . The Company recorded approximately $1.5 million of interest expense on the Senior Secured Notes, which includes $1.4 million of interest and $176,000 of amortizing debt issuance costs, during the six months ended June 30, 2016 .

12.875% Senior Secured Notes

12.875% Senior Secured Notes	6 Months Ended
	Jun. 30, 2016
12.875% Senior Secured Notes
Debt Instrument [Line Items]
Senior Notes	12.875% Senior Secured Notes On November 10, 2014 and January 21, 2015, the Company issued an aggregate of $50.0 million in 12.875% Senior Secured Notes (the "Secured Notes") in two $25.0 million tranches. The Secured Notes were issued at 96% of their face amount. Fees and expenses paid by the Company in connection with the initial and subsequent issuances were approximately $1.8 million and $305,000 , respectively. All Secured Notes issued under the indenture were scheduled to mature on November 10, 2017 . On July 16, 2015, the Company redeemed all of the outstanding Secured Notes at 106% of their principal amount plus interest up to November 10, 2015. Approximately $8.8 million was expensed as extinguishment related to the early repayment of the facility in July 2015, including $5.2 million , $171,000 , $1.7 million and $1.7 million related to interest and prepayment penalties, unused fees, a write off of debt discounts and write off of issuance costs, respectively. For the three months ended June 30, 2015 , the Company recorded $2.0 million of interest expense on the Secured Notes, including $1.6 million , $126,000 , $147,000 and $149,000 for interest, unused fees, amortizing debt discounts and issuance costs, respectively. For the six months ended June 30, 2015 , the Company recorded $3.8 million of interest expense on the Secured Notes, including $3.0 million , $255,000 , $264,000 and $277,000 for interest, unused fees, amortizing debt discounts and issuance costs, respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company carries life settlements and debt under the Revolving Credit Facilities at fair value as shown in the consolidated balance sheets. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. Fair value measurements are classified based on the following fair value hierarchy: Level 1 -Valuation is based on unadjusted quoted prices in active markets for identical assets and liabilities that are accessible at the reporting date. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Level 2 -Valuation is determined from pricing inputs that are other than quoted prices in active markets that are either directly or indirectly observable as of the reporting date. Observable inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and interest rates and yield curves that are observable at commonly quoted intervals. Level 3 -Valuation is based on inputs that are both significant to the fair value measurement and unobservable. Level 3 inputs include situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value generally require significant management judgment or estimation. Assets and liabilities measured at fair value on a recurring basis The balances of the Company’s assets measured at fair value on a recurring basis as of June 30, 2016 , are as follows (in thousands): Level 1 Level 2 Level 3 Total Fair Value Assets: Life settlements $ — $ — $ 473,046 $ 473,046 $ — $ — $ 473,046 $ 473,046 The balances of the Company’s liabilities measured at fair value on a recurring basis as of June 30, 2016 are as follows (in thousands): Level 1 Level 2 Level 3 Total Fair Value Liabilities: White Eagle Revolving Credit Facility $ — $ — $ 172,361 $ 172,361 Red Falcon Revolving Credit Facility — — 55,082 55,082 $ — $ — $ 227,443 $ 227,443 The balances of the Company’s assets measured at fair value on a recurring basis as of December 31, 2015 , are as follows (in thousands): Level 1 Level 2 Level 3 Total Fair Value Assets: Life settlements $ — $ — $ 461,925 $ 461,925 $ — $ — $ 461,925 $ 461,925 The balances of the Company’s liabilities measured at fair value on a recurring basis as of December 31, 2015 , are as follows (in thousands): Level 1 Level 2 Level 3 Total Fair Value Liabilities: White Eagle Revolving Credit Facility $ — $ — $ 169,131 $ 169,131 Red Falcon Revolving Credit Facility $ 55,658 $ 55,658 $ — $ — $ 224,789 $ 224,789 The Company categorizes its investment in life settlement portfolio in two classes, non-premium financed and premium financed. In considering the categories, historically, it has generally believed that market participants would require a lower risk premium for policies that were non-premium financed, while a higher risk premium would be required for policies that were premium financed; the Company believes that this risk premium has been declining. ($ in thousands) Quantitative Information about Level 3 Fair Value Measurements Fair Value Aggregate Valuation Technique Unobservable Input (s) Range (Weighted Average) Non-premium financed $ 101,757 $335,203 Discounted cash flow Discount rate 15.00% - 21.00% Life expectancy evaluation (5.9 years) Premium financed $ 371,289 $2,631,185 Discounted cash flow Discount rate 16.00% - 22.00% Life expectancy evaluation (9.8 years) Life settlements $ 473,046 $2,966,388 Discounted cash flow Discount rate 16.49% Life expectancy evaluation (9.4 years) White Eagle Revolving Credit Facility $ 172,361 $2,180,147 Discounted cash flow Discount rate 19.90% Life expectancy evaluation (9.3 years) Red Falcon Revolving Credit Facility $ 55,082 $599,947 Discounted cash flow Discount Rate 11.06% Life expectancy evaluation (8.9 years) Following is a description of the methodologies used to estimate the fair values of assets and liabilities measured at fair value on a recurring basis and within the fair value hierarchy. Life settlements —The Company has elected to account for the life settlement policies it acquires using the fair value method. The Company uses a present value technique to estimate the fair value of its life settlements, which is a Level 3 fair value measurement as the significant inputs are unobservable and require significant management judgment or estimation. The Company currently uses a probabilistic method of valuing life insurance policies, which the Company believes to be the preferred valuation method in the industry. The most significant assumptions are the estimates of life expectancy of the insured and the discount rate. The Company provides medical records for each insured to independent life expectancy providers (each, an "LE provider"). Each LE provider reviews and analyzes the medical records and identifies all medical conditions it feels are relevant to the life expectancy determination of the insured. Debits and credits are assigned by each LE provider to the individual’s health based on identified medical conditions, which are derived from the experience of mortality attributed to relevant conditions in the portfolio of lives that the LE provider monitors. The health of the insured is summarized by the LE provider into a life assessment of the individual’s life expectancy expressed both in terms of months and in mortality factor. The mortality factor represents the degree to which the given life can be considered more or less impaired than a life having similar characteristics (e.g. gender, age, smoking, etc.). For example, a standard insured (the average life for the given mortality table) would carry a mortality rating of 100% . A similar but impaired life bearing a mortality rating of 200% would be considered to have twice the chance of dying earlier than the standard life relative to the LE provider’s population. Since each provider’s mortality factor is based on its own mortality table, the Company calculates its own factors to apply to the table selected by the Company. The Company calculates mortality factors so that when applied to the mortality table selected by the Company, the resulting LE equals the LE provided by each LE provider. The resulting mortality factors are then blended to determine a factor for each insured. A mortality curve is then generated based on the calculated mortality factors and the rates from the Company selected mortality table to generate the best estimated probabilistic cash flow stream. The net present value of the cash flows is then calculated to determine the policy value. If the insured dies earlier than expected, the return will be higher than if the insured dies when expected or later than expected. The calculation allows for the possibility that if the insured dies earlier than expected, the premiums needed to keep the policy in force will not have to be paid. Conversely, the calculation also considers the possibility that if the insured lives longer than expected, more premium payments will be necessary. Since the quarter ended September 30, 2012, and prior to June 30, 2016, the Company used the 2008 Valuation Basic tables, smoker distinct ("2008 VBT"), mortality tables developed by the U.S. Society of Actuaries (the "SOA"). The mortality tables are created based on the expected rates of death among different groups categorized by factors such as age and gender. During 2015, the U.S. Society of Actuaries released new versions of the Valuation Basic Tables, the ("2015 VBT"). The 2015 VBT has a significant increase in exposure and number of claims over the 2008 VBT and is believed to be a better fit for the life settlement industry and is becoming more widely accepted. During the quarter ended June 30, 2016 , the Company changed its valuation technique and decided to adopt the 2015 VBT, smoker and gender distinct tables, to determine the value of the policies. The table shows lower mortality rates in the earlier select periods at most ages, so while the Company continues to fit the life expectancies from the LE providers to the 2015 VBT, the change in the mortality curve changes the timing of the Company’s expected cash flow streams. The resulting impact is approximately $17.6 million reduction in the fair value of our life settlements. Future changes in the life expectancies could have a material adverse effect on the fair value of the Company’s life settlements, which could have a material adverse effect on its business, financial condition and results of operations Life expectancy sensitivity analysis If all of the insured lives in the Company’s life settlement portfolio live six months shorter or longer than the life expectancies provided by these third parties, the change in estimated fair value would be as follows (dollars in thousands): Life Expectancy Months Adjustment Value Change in Value +6 $ 394,432 $ (78,614 ) - $ 473,046 — -6 $ 557,416 $ 84,370 Discount rate The discount rate incorporates current information about market interest rates, the credit exposure to the insurance company that issued the life insurance policy and our estimate of the risk premium an investor in the policy would require. The Company re-evaluates its discount rates at the end of every reporting period in order to reflect the estimated discount rates that could reasonably be used in a market transaction involving the Company’s portfolio of life insurance policies. In doing so, the Company relies on management insight, engages third party consultants to corroborate its assessment, engages in discussions with other market participants and extrapolates the discount rate underlying actual sales of policies. At one time, due to the Company’s association with the USAO Investigation and certain civil litigation involving the Company, the Company believed that, when given the choice to invest in a policy that was associated with the Company’s premium finance business and a similar policy without such an association, all else being equal, an investor would have generally opted to invest in the policy that was not associated with the Company’s premium finance business. However, since the Company entered into a non-prosecution agreement, investors have required less of a risk premium to transact in policies associated with the Company’s legacy premium finance business. With passage of time, and resolution of litigations, the Company now believes investors no longer require a greater risk premium for policies associated with the Company's premium finance business than the risk premium otherwise required for policies that were premium financed. In general, the Company believes that the risk premium an investor would require to transact in a policy that has been premium financed versus a policy without premium financing is lessening in the current market environment and further expects that, with the passage of time, investors will continue to require less of a risk premium to transact in policies associated that had been premium financed. Credit exposure of insurance company The Company considers the financial standing of the issuer of each life insurance policy. Typically, we seek to hold policies issued by insurance companies that are rated investment grade by the top three credit rating agencies. At June 30, 2016 , the Company had 19 life insurance policies issued by three carriers that were rated non-investment grade as of that date. In order to compensate a market participant for the perceived credit and challenge risks associated with these policies, the Company applied an additional 300 basis point risk premium. The following table provides information about the life insurance issuer concentrations that exceed 10% of total death benefit and 10% of total fair value of the Company’s life settlements as of June 30, 2016 : Carrier Percentage of Total Fair Value Percentage of Total Death Benefit Moody's Rating S&P Rating Transamerica Life Insurance Company 17.9 % 20.5 % A1 AA- Lincoln National Life Insurance Company 23.5 % 19.6 % A1 AA- Estimated risk premium As of June 30, 2016 , the Company owned 625 policies with an estimated fair value of $473.0 million . Of these 625 policies, 540 were previously premium financed and are valued using discount rates that range from 16.00% to 22.00% . The remaining 85 policies, which are non-premium financed, are valued using discount rates that range from 15.00% to 21.00% . As of June 30, 2016 , the weighted average discount rate calculated based on death benefit used in valuing the policies in the Company’s life settlement portfolio was 16.49% . The discount rate incorporates current information about market interest rates, the credit exposure to the insurance company that issued the life insurance policy and our estimate of the risk premium an investor in the policy would require. The extent to which the fair value could vary in the near term has been quantified by evaluating the effect of changes in the weighted average discount rate on the death benefit used to estimate the fair value. If the weighted average discount rate was increased or decreased by 1/2 of 1% and the other assumptions used to estimate fair value remained the same, the change in estimated fair value would be as follows (dollars in thousands): Market interest rate sensitivity analysis Weighted Average Rate Calculated Based on Death Benefit Rate Adjustment Value Change in Value 15.99% -0.50% $ 486,171 $ 13,125 16.49% — $ 473,046 $ — 16.99% +0.50% $ 460,480 $ (12,566 ) Future changes in the discount rates we use to value life insurance policies could have a material effect on the yield on life settlement transactions, which could have a material adverse effect on our business, financial condition and results of our operations. At the end of each reporting period we re-value the life insurance policies using our valuation model in order to update our estimate of fair value for investments in policies held on our balance sheet. This includes reviewing our assumptions for discount rates and life expectancies as well as incorporating current information for premium payments and the passage of time. White Eagle Revolving Credit Facility — In connection with the White Eagle Revolving Credit Facility, 433 policies are pledged by White Eagle to serve as collateral for its obligations under the facility. Absent an event of default under the White Eagle Revolving Credit Facility, ongoing borrowings will be used to pay the premiums on these policies and certain approved third party expenses. As more fully described in Note 9, "White Eagle Revolving Credit Facility," proceeds from the policies pledged as collateral will be distributed pursuant to a waterfall with 50% of the proceeds remaining following the Excess LTV Payments and/or preference amount, as the case may be, being directed to the lenders with the remainder paid to White Eagle. We have elected to account for this long-term debt, which includes the lender’s interest in policy proceeds, using the fair value method. The fair value of the debt is the amount the Company would have to pay to transfer the debt to a market participant in an orderly transaction. We calculated the fair value of the debt using a discounted cash flow model taking into account the stated interest rate of the White Eagle Revolving Credit Facility and probabilistic cash flows from the pledged policies. Accordingly, our estimates are not necessarily indicative of the amounts that we, or holders of the instruments, could realize in a current market exchange. The most significant assumptions are the estimates of life expectancy of the insured and the discount rate. The use of different assumptions and/or estimation methodologies could have a material effect on the estimated fair values. During the quarter ended June 30, 2016 , the Company changed its valuation technique by adopting the 2015 VBT, smoker and gender distinct tables, to determine the value of the life insurance policies pledged as collateral in the facility. The table shows lower mortality rates in the earlier select periods at most ages, so while the Company continues to fit the life expectancies from the LE providers to the 2015 VBT, the change in the mortality curve changes the timing of the Company’s expected cash flow streams, which resulted in an increase in borrowings. The resulting impact is approximately $14.7 million positive change in fair value of the White Eagle Revolving Credit Facility. Life expectancy sensitivity analysis of the White Eagle Revolving Credit Facility A considerable portion of the fair value of the White Eagle Revolving Credit Facility is determined by the timing of receipt of future policy proceeds. Should life expectancies lengthen such that policy proceeds are collected further into the future, the fair value of this debt will decline. Conversely, should life expectancies shorten, the fair value of this debt will increase. Considerable judgment is required in interpreting market data to develop the estimates of fair value. If all of the insured lives in the life settlement portfolio pledged under the White Eagle Revolving Credit Facility live six months shorter or longer than the life expectancies used to calculate the estimated fair value of the White Eagle Revolving Credit Facility debt, the change in estimated fair value would be as follows (dollars in thousands): Life Expectancy Months Adjustment Fair Value of White Eagle Revolving Credit Facility Change in Value +6 $ 141,389 $ (30,972 ) $ 172,361 — -6 $ 204,533 $ 32,172 Future changes in the life expectancies could have a material effect on the fair value of the White Eagle Revolving Credit Facility, which could have a material adverse effect on its business, financial condition and results of operations. Discount rate of the White Eagle Revolving Credit Facility The discount rate incorporates current information about market interest rates, credit exposure to insurance companies and the Company’s estimate of the return a lender lending against the policies would require. Market interest rate sensitivity analysis of the White Eagle Revolving Credit Facility The extent to which the fair value of the White Eagle Revolving Credit Facility could vary in the near term has been quantified by evaluating the effect of changes in the weighted average discount. If the weighted average discount rate were increased or decreased by 1/2 of 1% and the other assumptions used to estimate fair value remained the same, the change in estimated fair value of the White Eagle Revolving Credit Facility as of June 30, 2016 would be as follows (dollars in thousands): Discount Rate Rate Adjustment Fair Value of White Eagle Revolving Credit Facility Change in Value 19.40% -0.50 % $ 176,692 $ 4,331 19.90% — $ 172,361 $ — 20.40% +0.50 % $ 168,194 $ (4,167 ) Future changes in the discount rates could have a material effect on the fair value of the White Eagle Revolving Credit Facility, which could have a material adverse effect on its business, financial condition and results of its operations. At June 30, 2016 , the fair value of the debt was $172.4 million and the outstanding principal was approximately $189.7 million . Red Falcon Revolving Credit Facility — In connection with the Red Falcon Revolving Credit Facility, 152 policies are pledged by Red Falcon to serve as collateral for its obligations under the facility. Proceeds from the policies pledged as collateral under the Red Falcon Credit Facility are distributed pursuant to a waterfall with, subject to yield maintenance provisions, 5% of policy proceeds directed to the lenders. Thereafter proceeds are directed to pay fees to service providers and premiums with any remaining proceeds directed to pay outstanding interest and required amortization of 8% per annum on the loan. Generally, after payment of interest and required amortization, a percentage of the collections from policy proceeds are to be paid to the lenders to repay the then outstanding principal balance, which will vary depending on the then loan to value ratio as more fully described in Note 10, "Red Falcon Revolving Credit Facility." The Company has elected to account for this long-term debt using the fair value method. The fair value of the debt is the amount the Company would have to pay to transfer the debt to a market participant in an orderly transaction. The Company calculated the fair value of the debt using a discounted cash flow model taking into account the stated interest rate of the Red Falcon Revolving Credit Facility and probabilistic cash flows from the pledged policies. Accordingly, the Company’s estimates are not necessarily indicative of the amounts that the Company, or holders of the instruments, could realize in a current market exchange. The most significant assumptions are the estimates of life expectancy of the insured and the discount rate. The use of different assumptions and/or estimation methodologies could have a material effect on the estimated fair values. During the quarter ended June 30, 2016 , the Company changed its valuation technique by adopting the 2015 VBT, smoker and gender distinct tables, to determine the value of the life insurance policies pledged as collateral in the facility. The table shows lower mortality rates in the earlier select periods at most ages, so while the Company continues to fit the life expectancies from the LE providers to the 2015 VBT, the change in the mortality curve changes the timing of the Company’s expected cash flow streams, which resulted in an increase in borrowings. The resulting impact is approximately $1.0 million positive change in fair value of the Red Falcon Revolving Credit Facility. Life expectancy sensitivity analysis of the Red Falcon Revolving Credit Facility A considerable portion of the fair value of the Red Falcon Revolving Credit Facility is determined by the timing of receipt of future policy proceeds. Should life expectancies lengthen such that policy proceeds are collected further into the future, the fair value of this debt will decline. Conversely, should life expectancies shorten; the fair value of this debt will increase. Considerable judgment is required in interpreting market data to develop the estimates of fair value. If all of the insured lives in the life settlement portfolio pledged under the Red Falcon Credit Facility live six months shorter or longer than the life expectancies used to calculate the estimated fair value of the Red Falcon Revolving Credit Facility, the change in estimated fair value would be as follows (dollars in thousands): Life Expectancy Months Adjustment Fair Value of Red Falcon Revolving Credit Facility Change in Value +6 $ 52,375 $ (2,707 ) $ 55,082 — -6 $ 57,062 $ 1,980 Future changes in the life expectancies could have a material effect on the fair value of the Red Falcon Revolving Credit Facility, which could have a material adverse effect on its business, financial condition and results of operations. Discount rate of the Red Falcon Revolving Credit Facility The discount rate incorporates current information about market interest rates, credit exposure to insurance companies and the Company’s estimate of the return a lender lending against the policies would require. Market interest rate sensitivity analysis of the Red Falcon Revolving Credit Facility The extent to which the fair value of the Red Falcon Revolving Credit Facility could vary in the near term has been quantified by evaluating the effect of changes in the weighted average discount. If the weighted average discount rate were increased or decreased by 1/2 of 1% and the other assumptions used to estimate fair value remained the same, the change in estimated fair value of the Red Falcon Revolving Credit Facility as of June 30, 2016 would be as follows (dollars in thousands): Discount Rate Rate Adjustment Fair Value of Red Falcon Revolving Credit Facility Change in Value 10.56% -0.50 % $ 55,950 $ 868 11.06% — $ 55,082 $ — 11.56% +0.50 % $ 54,236 $ (846 ) Future changes in the discount rates could have a material effect on the fair value of the Red Falcon Revolving Credit Facility, which could have a material adverse effect on its business, financial condition and results of its operations. At June 30, 2016 , the fair value of the debt was $55.1 million and the outstanding principal was approximately $56.0 million . Convertible Notes —The Company determined that an embedded conversion option in the Convertible Notes was required to be separately accounted for as a derivative under Accounting Standards Codification 815, Derivatives and Hedging ("ASC 815") . ASC 815 required the Company to bifurcate the embedded conversion option and record it as a liability at fair value and reduce the debt liability by a corresponding discount of an equivalent amount. The Company used a Black Scholes pricing model that incorporates present valuation techniques and reflect both the time value and the intrinsic value of the embedded conversion option to approximate the fair value of the conversion derivative liability at the end of each reporting period. This model required assumptions as to expected volatility, dividends, terms, and risk free rates. In accordance with ASC 815, upon receipt of shareholder approval the Company reclassified the embedded derivative to stockholders’ equity along with unamortized transaction costs proportionate to the allocation of the initial debt discount and the principal amount of the Convertible Notes. The Convertible Notes continue to be recorded at accreted value up to the par value of the Convertible Notes at maturity. See Note 11 , " 8.50% Senior Unsecured Convertible Notes ." Although the Company believes its valuation method is appropriate, the use of different methodologies or assumptions to determine the fair value could result in different fair values. Changes in Fair Value The following table provides a roll-forward in the changes in fair value for six months ended June 30, 2016 , for all assets for which the Company determines fair value using a material level of unobservable (Level 3) inputs, which consists solely of life settlements (in thousands): Life Settlements: Balance, January 1, 2016 $ 461,925 Purchase of policies 16 Retained death benefits acquisitions 1,374 Change in fair value* (7,425 ) Matured/lapsed/sold policies (17,180 ) Premiums paid 34,336 Transfers into level 3 — Transfer out of level 3 — Balance, June 30, 2016 $ 473,046 Changes in fair value included in earnings for the period relating to assets held at June 30, 2016 $ (18,182 ) *Change in the mortality curve after adoption of 2015 VBT resulted in approximately $17.6 million reduction in the fair value of our life settlements. The following table provides a roll-forward in the changes in fair value for six months ended June 30, 2016 , for the White Eagle Revolving Credit Facility for which the Company determines fair value using a material level of unobservable (Level 3) inputs (in thousands): White Eagle Revolving Credit Facility: Balance, January 1, 2016 $ 169,131 Draws under the White Eagle Revolving Credit Facility 25,587 Payments on White Eagle Revolving Credit Facility (7,952 ) Unrealized change in fair value (14,405 ) Transfers into level 3 — Transfer out of level 3 — Balance, June 30, 2016 $ 172,361 Changes in fair value included in earnings for period relating to liabilities held at June 30, 2016 $ (14,405 ) The following table provides a roll-forward in the changes in fair value for six months ended June 30, 2016 , for the Red Falcon Revolving Credit Facility for which the Company determines fair value using a material level of unobservable (Level 3) inputs (in thousands): Red Falcon Revolving Credit Facility: Balance, January 1, 2016 $ 55,658 Draws under the Red Falcon Revolving Credit Facility 8,603 Payments on Red Falcon Revolving Credit Facility (8,014 ) Unrealized change in fair value (1,165 ) Transfers into level 3 — Transfer out of level 3 — Balance, June 30, 2016 $ 55,082 Changes in fair value included in earnings for period relating to liabilities held at June 30, 2016 $ (1,165 ) The following table provides a roll-forward in the changes in fair value for six months ended June 30, 2015 , for all assets for which the Company determines fair value using a material level of unobservable (Level 3) inputs, which consist solely of life settlements (in thousands): Life Settlements: Balance, January 1, 2015 $ 388,886 Purchase of policies 27,535 Change in fair value 40,914 Matured/sold policies (49,766 ) Premiums paid 31,417 Transfers into level 3 — Transfer out of level 3 — Balance, June 30, 2015 $ 438,986 Changes in fair value included in earnings for the period relating to assets held at June 30, 2015 $ 2,598 The following tables provide a roll-forward in the changes in fair value for the six months ended June 30, 2015 , for the White Eagle Revolving Credit Facility for which the Company determines fair value using a material level of unobservable (Level 3) inputs (in thousands): White Eagle Revolving Credit Facility: Balance, January 1, 2015 $ 145,831 Draws under the White Eagle Revolving Credit Facility 25,912 Payments on White Eagle Revolving Credit Facility (18,577 ) Unrealized change in fair value 17,692 Transfers into level 3 — Transfer out of level 3 — Balance, June 30, 2015 $ 170,858 Changes in fair value included in earnings for the period relating to liabilities held at June 30, 2015 $ 17,692 There were no transfers of financial assets or liabilities between levels of the fair value hierarchy during the six months ended June 30, 2016 and 2015 . Other Fair Value Considerations - Carrying value of certificate of deposits, prepaid expenses and other assets, receivable for maturity of life settlements, investment in affiliates, Senior Secured Notes, accounts payable and accrued expenses approximate fair value due to their short-term maturities and/or low credit risk.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Segment Information	Segment Information On October 25, 2013, the Company sold its structured settlement business, which was previously reported as an operating segment. The operating results related to the Company’s structured settlement business have been included in discontinued operations in the Company’s Consolidated Statements of Operations for all periods presented and the Company has discontinued segment reporting.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lease Agreements The Company leases office space under a lease that commenced on October 1, 2014. The lease expires on September 30, 2020 . The annual base rent is $231,900 , with a provision for a 3% increase on each anniversary of the rent commencement date. Rent expense was approximately $104,000 and $103,000 for the three months ended June 30, 2016 and 2015 , respectively. Future minimum lease payments for the remainder of 2016 are approximately $118,000 . Employment Agreements The Company has entered into employment agreements with certain of its officers, including with its chief executive officer, whose agreement provides for substantial payments in the event that the executive terminates his employment with the Company due to a material change in the geographic location where the chief executive officer performs his duties or upon a material diminution of his base salary or responsibilities, with or without cause. These payments are equal to three times the sum of the chief executive officer’s base salary and the average of the preceding three years’ annual cash bonus. The Company does not have any general policies regarding the use of employment agreements, but has and may, from time to time, enter into such a written agreement to reflect the terms and conditions of employment of a particular named executive officer, whether at the time of hire or thereafter. Separation Agreement On April 26, 2012, the Company entered into a Separation Agreement and General Release of Claims (the "Separation Agreement") with its former chief operating officer, Jonathan Neuman. The Separation Agreement obligates the Company to indemnify Mr. Neuman for his legal expenses including expenses incurred as part of the USAO Investigation and SEC investigation. The Company recognized indemnification expenses of $251,000 and $822,000 during the three months ended June 30, 2016 and 2015 , respectively, and $429,000 and $1.5 million during the six months ended June 30, 2016 and 2015 . On December 31, 2015, the Company received a letter from the USAO indicating that the USAO had concluded the USAO Investigation. Accordingly, the Company does not expect to incur advancement or indemnification expenses related to the USAO Investigation going forward. Litigation In accordance with applicable accounting guidance, the Company establishes an accrued liability for litigation and regulatory matters when those matters present loss contingencies that are both probable and estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. When a loss contingency is not both probable and estimable, the Company does not establish an accrued liability. As a litigation or regulatory matter develops, the Company, in conjunction with any outside counsel handling the matter, evaluates on an ongoing basis whether such matter presents a loss contingency that is probable and estimable. If, at the time of evaluation, the loss contingency related to a litigation or regulatory matter is not both probable and estimable, the matter will continue to be monitored for further developments that would make such loss contingency both probable and estimable. When a loss contingency related to a litigation or regulatory matter is deemed to be both probable and estimable, the Company will establish an accrued liability with respect to such loss contingency and record a corresponding amount of litigation-related expense. The Company will then continue to monitor the matter for further developments that could affect the amount of any such accrued liability. Non-Prosecution Agreement & Indemnification Obligations On September 27, 2011, the Company was informed that it was being investigated by the U.S. Attorney’s Office for the District of New Hampshire in connection with the Company’s now legacy premium finance loan business. On April 30, 2012, the Company entered into a Non-Prosecution Agreement (the "Non-Prosecution Agreement") with the USAO. The Non-Prosecution Agreement had a term of three years and expired in accordance with its terms on April 30, 2015. While the Non-Prosecution Agreement effectively resolved the USAO Investigation as it pertained to the Company, the Company had continuing cooperation obligations to the USAO and, since entering the Non-Prosecution Agreement, the USAO had been to investigating certain individuals and entities formerly associated with the Company’s legacy premium finance business. Settlements of certain civil litigation with the Company’s director and officer liability insurance carriers related to the USAO Investigation and other contractual obligations required the Company to advance legal fees to and indemnify these individuals and entities. On December 31, 2015, the Company received a letter from the USAO indicating that the USAO Investigation had formally concluded, that the Company fully complied with all of its obligations under the Non-Prosecution Agreement and that the Company was released from any further obligations under the Non-Prosecution Agreement. Accordingly, the Company does not expect to incur advancement or indemnification expenses related to the USAO Investigation going forward. SEC Investigation On February 17, 2012, the Company received an initial subpoena issued by the staff of the SEC seeking documents from 2007 through the date of the subpoena, generally related to the Company’s premium finance business and corresponding financial reporting. The SEC is investigating whether any violations of federal securities laws have occurred and the Company has been cooperating with the SEC regarding this matter. The Company is unable to predict what action, if any, might be taken in the future by the SEC or its staff as a result of the investigation or what impact, if any, the cost of responding to the SEC might have on the Company’s financial position, results of operations, or cash flows. The Company has not established any provision for losses in respect of this matter. Sun Life On April 18, 2013, Sun Life Assurance Company of Canada ("Sun Life") filed a complaint against the Company and several of its affiliates in the United States District Court for the Southern District of Florida, entitled Sun Life Assurance Company of Canada v. Imperial Holdings, Inc., et al . (" Sun Life Case "), asserting, among other things, that at least 28 life insurance policies issued by Sun Life and owned by the Company through certain of its subsidiary companies were invalid. The Sun Life complaint, as amended, asserted the following claims: (1) violations of the federal Racketeer Influenced and Corrupt Organizations ("RICO") Act, (2) conspiracy to violate the RICO Act, (3) common law fraud, (4) aiding and abetting fraud, (5) civil conspiracy to commit fraud, (6) tortious interference with contractual obligations, and (7) a declaration that the policies issued were void. Following the filing of a motion by the Company to dismiss the Sun Life Case, on December 9, 2014, counts (2), (4), (5), (6) and (7) of the Sun Life Case were dismissed with prejudice. The Company then filed a motion for summary judgment on the remaining counts. On February 4, 2015, the Court issued an order (the "Order") granting the Company’s motion for summary judgment on counts (1) and (3), resulting in the Company prevailing on all counts in the Sun Life Case. On July 29, 2013, the Company filed a separate complaint against Sun Life in United States District Court for the Southern District of Florida, entitled Imperial Premium Finance, LLC v. Sun Life Assurance Company of Canada (" Imperial Case "), which was subsequently consolidated with the Sun Life Case. The Imperial complaint asserts claims against Sun Life for breach of contract, breach of the covenant of good faith and fair dealing, and fraud, and seeks a judgment declaring that Sun Life is obligated to comply with the promises made by it in certain insurance policies. The complaint also seeks compensatory damages of no less than $30.0 million in addition to an award of punitive damages. On August 23, 2013, Sun Life moved to dismiss the complaint, which was denied by the Court as part of the Order. On February 26, 2015, Sun Life filed a Notice of Appeal from the Order to the United States Court of Appeals for the Eleventh Circuit, which had denied Sun Life’s motion to dismiss. On December 17, 2015, after the matter was fully briefed, the Circuit Court issued an order granting the Company’s motion to dismiss and sent the case back to the District Court. The District Court lifted the stay and ordered Sun Life to file its Answer to the Imperial Case by January 22, 2016. On February 3, 2016, the District Court set a trial date of the Imperial Case for October 31, 2016. IRS Investigation The Internal Revenue Service (“IRS”) Criminal Investigation Division notified the Company in February 2014 that it was conducting an investigation related to the Company and its legacy structured settlements business (the "IRS Investigation"). On May 3, 2016, the Company was informed that the IRS Investigation has been closed. The IRS may still refer any civil aspects of this matter to its Collection and Examination functions. If any such referral is made and results in a determination by the IRS that the Company had failed to comply with any of its obligations under the Internal Revenue Code or regulations thereunder, the Company could incur additional tax liability, restitution payment obligations, penalties, and fines or other liabilities, that could have a material adverse effect on the Company, its personnel, its financial condition, cash flows and its financial results of operations. The Company has not established any provision for losses related to this matter. Other Litigation A complaint was filed against the Company’s subsidiary, styled Kenneth Jennings v. Washington Square Financial, LLC d/b/a Imperial Structured Settlements ("Washington Square"), and is currently pending in the United States District Court for the Northern District of Illinois. The plaintiff seeks, in a purported class action, to represent all individuals who sold all or a part of a structured settlement annuity to Washington Square under the Illinois Structured Settlement Protections Act (the “Illinois Act”), where the underlying annuity contract contained an anti-assignment clause, and where a court issued an order under the Illinois Act approving the transaction. The complaint seeks, among other things, a declaration that all such transactions are void and compensatory and punitive damages. To date, the District Court has made no rulings with respect to whether the claims raised in the complaint state a cause of action. The Company has not established any provision for losses in respect of this matter. The Company is party to various other legal proceedings that arise in the ordinary course of business. Due to the inherent difficulty of predicting the outcome of litigation and other legal proceedings, the Company cannot predict the eventual outcome of these matters, and it is reasonably possible that some of them could be resolved unfavorably to the Company. As a result, it is possible that the Company’s results of operations or cash flows in a particular fiscal period could be materially affected by an unfavorable resolution of pending litigation or contingencies. However, the Company believes that the resolution of these other proceedings will not, based on information currently available, have a material adverse effect on the Company’s financial position or results of operations.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity During the second quarter of 2015, the Company issued 6,688,433 shares of common stock pursuant to a rights offering at a price of $5.75 per share. In connection with the settlement of class litigation, the Company issued warrants to purchase two million shares of the Company’s stock into an escrow account in April 2014 and were distributed in October 2014. The estimated fair value at the measurement date of such warrants was $5.4 million , which is included in stockholder’s equity. The warrants have a five -year term from the date of their distribution with an exercise price of $10.75 . The Company is obligated to file a registration statement to register the shares underlying the warrants with the SEC if shares of the Company’s common stock have an average daily trading closing price of at least $8.50 per share for a 45 day period. The warrants will be exercisable upon effectiveness of the registration statement. The Company has reserved an aggregate of 2,700,000 shares of common stock under its Omnibus Plan, of which 763,594 options to purchase shares of common stock granted to existing employees were outstanding as of June 30, 2016 , and 116,871 shares of restricted stock had been granted to directors under the plan with 265,212 shares subject to vesting. There were 1,754,323 securities remaining for future issuance under the Omnibus Plan as of June 30, 2016 . On September 1, 2015, the Company announced that its Board of Directors authorized a $10.0 million share and note repurchase program. The program has a two -year expiration date, and authorizes the Company to repurchase up to $10.0 million of its common stock and/or its Convertible Notes due 2019. During 2015, the Company purchased 608,000 shares for a total cost of approximately $2.5 million , which is an average cost of $4.17 per share, including transaction fees. There were no purchases during three months ended June 30, 2016 or six months ended June 30, 2016 . As of June 30, 2016 , the Company may purchase up to approximately $7.5 million of additional common stock or Convertible Notes under its board authorized plan. However, the Company's Senior Secured Notes restrict the Company from repurchasing its common stock if the Company has less than $20 million in cash and cash equivalents. On March 14, 2016, the Company filed a prospectus supplement with the SEC related to the offer and sale from time to time of the Company's common stock at an aggregate offering price of up to $50.0 million through FBR Capital Markets & Co. and MLV & Co. LLC, as distribution agents. Sales of shares of the Company's common stock under the prospectus supplement and the equity distribution agreement entered into with the distribution agents, if any, may be made in negotiated transactions or transactions that are deemed to be "at the market" offerings as defined in Rule 415 under the Securities Act of 1933. The Company has agreed to pay the distribution agents a commission rate of up to 3% of the gross proceeds from the sale of any shares of common stock sold through the equity distribution agreement. There were no shares of common stock sold under this prospectus supplement during the three months and six months ended June 30, 2016 .

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s provision for income taxes from continuing operations is estimated to result in an annual effective tax rate of approximately 0.0% for the six month period ended June 30, 2016 as compared to 41.2% during the same period in 2015 . The Company’s quarterly effective income tax rates are based upon the Company’s current estimated annual rate. The Company’s annual effective income tax rate varies based upon the Company’s taxable earnings, as well as on a mix of taxable earnings in the various state and foreign jurisdictions. In December 2015, based on the Company's evaluation, a deferred tax valuation allowance was established against its net deferred tax assets. In its evaluation, management considers taxable loss carryback availability, expectations of sufficient future taxable income, trends in earnings, existence of taxable income in recent years, the future reversal of temporary differences, and available tax planning strategies that could be implemented, if required. Valuation allowances are established based on the consideration of all available evidence using a more likely than not standard. This valuation allowance was determined to be necessary as an offset to the full amount of the federal and state deferred tax asset. During the six month period ended June 30, 2016 , the Company does not expect that position to change and therefore is not recording any benefit. In March of 2014, the Company was notified by the IRS of its intention to examine our tax returns for the years ended 2012 and 2013. Tax years prior to 2012 are no longer subject to IRS examination. Various state jurisdiction tax years remain open to examination. The Company and its subsidiary companies are subject to U.S. federal income tax, as well as to income tax in Florida and other states and foreign jurisdictions in which it operates.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Effective July 15, 2016, Red Falcon entered into a first amendment to its revolving loan and security agreement with LNV Corporation, as initial lender, the other lenders party thereto from time to time, Imperial Finance & Trading, LLC, as guarantor, Blue Heron as portfolio administrator and CLMG Corp., as administrative agent. Upon the closing of the amendment, six additional policies and additional portions of 20 policies that were previously pledged in part as collateral under the initial credit agreement were pledged for an additional policy advance. Amounts advanced to Red Falcon following effectiveness of the amendment to the credit agreement were approximately $3.0 million . On August 1, 2016, the Company initiated a formal process to explore strategic alternatives in response to receiving a number of unsolicited inquiries from several interested parties. The Company’s Board of Directors has formed a special committee whose mandate is to review and consider strategic alternatives and to make recommendations to the full Board of Directors. Some of the possible strategic alternatives the special committee may consider are a sale of the Company, a merger or other business combination, a sale of all or a material portion of the Company’s assets, a joint venture, and a recapitalization. In addition, FBR Capital Markets & Co. has been engaged as financial advisor to the Company.

Principles of Consolidation a26

Principles of Consolidation and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Derivative Instruments	Derivative Instrument In February 2014, the Company issued and sold $70.7 million in aggregate principal amount of 8.50% senior unsecured convertible notes due 2019 (the "Convertible Notes"). Prior to shareholder approval on June 5, 2014 to issue shares of common stock upon conversion of the Convertible Notes in excess of New York Stock Exchange limits for share issuances without shareholder approval, the Convertible Notes contained an embedded derivative feature. In accordance with Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging , derivative instruments are recognized as either assets or liabilities on the Company’s balance sheet and are measured at fair value with gains or losses recognized in earnings. Embedded derivatives that are not clearly and closely related to the host contract, such as the Convertible Notes, are bifurcated and recognized at fair value with changes in fair value recognized as either a gain or loss in earnings if they can be reliably measured. The Company determined the fair value of its embedded derivative based upon available market data and unobservable inputs using a Black Scholes pricing model. In accordance with ASC 815, upon receipt of shareholder approval on June 5, 2014, the Company reclassified the embedded derivative to equity along with unamortized transaction costs proportionate to the allocation of the initial debt discount and the principal amount of the Convertible Notes. The Convertible Notes are recorded at accreted value and will continue to be accreted up to the par value of the Convertible Notes at maturity. See Note 11 , " 8.50% Senior Unsecured Convertible Notes .
Foreign Currency	Foreign Currency The Company owns certain foreign subsidiary companies formed under the laws of Ireland, Bahamas and Bermuda. These foreign subsidiary companies utilize the U.S. dollar as their functional currency. The foreign subsidiary companies' financial statements are denominated in U.S. dollars and therefore, there are no translation gains and losses resulting from translating the financial statements at exchange rates other than the functional currency. Any gains and losses resulting from foreign currency transactions (transactions denominated in a currency other than the subsidiary companies' functional currency) are included in income. These gains and losses are immaterial to the Company’s financial statements.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements, in conformity with accounting principles generally accepted in the United States of America (“GAAP”), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates and such differences could be material. Significant estimates made by management include income taxes, the valuation of life settlements, the valuation of the debt owing under the Revolving Credit Facilities, the valuation of equity awards and the valuation of the conversion derivative liability formerly embedded within the Convertible Notes.
Recent Accounting Pronouncements	Change in Accounting Principle and Accounting for Debt Issuance Costs The Company adopted ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30)” on January 1, 2016. Upon adoption of ASU No. 2015-03, deferred debt issuance costs related to the Convertible Notes previously presented in the Company's consolidated balance sheet as an asset have been reclassified as a direct deduction to the carrying amount of the liability. The adoption of this ASU did not result in changes to the consolidated statements of operations, stockholders' equity, or statement of cash flows. In transitioning the application of this guidance, retrospective application to all periods presented in the consolidated financial statements has been performed as follows (in thousands): In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers," which converges the FASB and the International Accounting Standards Board (“IASB”) standard on revenue recognition. Areas of revenue recognition that will be affected include, but are not limited to, transfer of control, variable consideration, allocation of transfer pricing, licenses, time value of money, contract costs and disclosures. In April 2015, the FASB voted to defer the effective date of the new revenue recognition standard by one year. As a result, the provisions of this ASU are effective for interim and annual periods beginning after December 15, 2017. Following the deferral, in March 2016 the FASB issued ASU No. 2016-08, "Principal versus Agent Considerations (Reporting Revenue Gross versus Net)" which aims to clarify the implementation guidance on principal versus agent considerations. The amendments in this Update do not change the core principle of the guidance in No. 2014-09. The effective date and transition requirements of ASU No. 2016-08 are the same as the effective date and transitions requirements of Update 2014-09. The Company does not expect that this guidance will have a material impact on its financial position, results of operations or cash flows. In August 2014, the FASB issued ASU No. 2014-15, "Disclosures of Uncertainties About an Entity’s Ability to Continue as a Going Concern." The standard provides guidance around management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. The Company does not expect that this guidance will have a material impact on its financial position, results of operations or cash flows. In February 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis." This guidance focuses on a reporting company’s consolidation evaluation to determine whether they should consolidate certain legal entities. This guidance is effective for annual periods beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company has determined that this guidance does not have an impact on its consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, "Interest—Imputation of Interest (Subtopic 835-30)." This standard provides guidance on the balance sheet presentation for debt issuance costs and debt discounts and debt premiums. To simplify the presentation of debt issuance costs, this standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. This ASU is effective for fiscal years beginning after December 15, 2015. The Company adopted this guidance on January 1, 2016. The adoption of this ASU did not result in changes to the consolidated statements of operations, stockholders' equity, or statement of cash flows. In transitioning the application of this guidance, retrospective application to all periods presented in the consolidated financial statements has been performed. In November 2015, the FASB issued ASU No. 2015-17, "Income Taxes (Topic 740): Balance Sheet Classifications of Deferred Taxes," which aligns the FASB and the IASB standard for financial statement presentation of deferred income taxes. To simplify the presentation of deferred income taxes, this standard requires that deferred tax assets and liabilities be presented as noncurrent on the balance sheet. This ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted, including adoption in an interim period. The Company does not expect that this guidance will have a material impact on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-06, "Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments." Topic 815 requires that embedded derivatives be separated from the host contract and accounted for separately as derivatives if certain criteria are met. One of those criteria is that the economic characteristics and risks of the embedded derivatives are not clearly and closely related to the economic characteristics and risks of the host contract (the "clearly and closely related" criterion). The guidance in this ASU intends to resolve the diversity in practice resulting from the application of the existing four-step decision sequence defined in ASC 815-15-25-42 to call (put) options that can accelerate the repayment of principal on a debt instrument if they meet the clearly and closely related criterion by clarifying that an entity is required to perform only the four-step decision sequence. The entity does not have to separately assess whether the event that triggers its ability to exercise the contingent option is itself indexed only to interest rates or credit risk. This ASU is effective for annual periods beginning after December 15, 2017, and interim periods beginning after December 15, 2018. Early adoption is permitted including adoption in an interim period, as long as any adjustment is reflected as of the beginning of the fiscal year that includes the interim period. We are currently evaluating the impact that the adoption of ASU 2016-06 will have on our consolidated financial statements or related disclosures. In March 2016, the FASB issued ASU No. 2016-09, "Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" as part of its Simplification Initiative. The guidance simplifies several aspects of the accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public business entities, these amendments are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted including adoption in an interim period, as long as any adjustment is reflected as of the beginning of the fiscal year that includes the interim period. We are currently evaluating the impact that the adoption of ASU 2016-09 will have on our consolidated financial statements or related disclosures.

Principles of Consolidation a27

Principles of Consolidation and Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Schedule of New Accounting Pronouncements	In transitioning the application of this guidance, retrospective application to all periods presented in the consolidated financial statements has been performed as follows (in thousands): As reported under previous accounting guidance As reported under ASU 2015-03 Effect of change Balance Sheet December 31, 2015 Assets: Deferred debt costs $ 1,797 $ — $ (1,797 ) Total assets $ 509,857 $ 508,060 $ (1,797 ) Liabilities: Convertible Notes, net of discount 58,609 56,812 (1,797 ) Total liabilities 289,500 287,703 (1,797 ) Total stockholders' equity 220,357 220,357 — Total liabilities and stockholders' equity $ 509,857 $ 508,060 $ (1,797 ) Net effect $ — $ — $ —

Consolidation of Variable Int28

Consolidation of Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation of Variable Interest Entities	The following table presents the consolidated assets and consolidated liabilities of VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated in the Company’s financial statements as of June 30, 2016 as well as non-consolidated VIEs for which the Company has determined it is not the primary beneficiary (in thousands): Primary Beneficiary Not Primary Beneficiary Consolidated VIEs Non-consolidated VIEs Assets Liabilities Total Assets Maximum Exposure To Loss June 30, 2016 $ 483,851 $ 227,901 $ 2,384 $ 2,384 December 31, 2015 $ 475,597 $ 225,208 $ 2,384 $ 2,384

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Reconciliation of Actual Basic and Diluted Earnings Per Share	The following table reconciles actual basic and diluted earnings per share for the three months and six months ended June 30, 2016 and 2015 (in thousands except share and per share data). For the Three Months Ended For the Six Months Ended June 30, 2016(1) 2015(2) 2016(1) 2015(3) Income (loss) per share: Numerator: Net income (loss) from continuing operations $ (9,775 ) $ 966 $ (17,221 ) $ (3,198 ) Net income (loss) from discontinued operations (127 ) (145 ) (194 ) (302 ) Net income (loss) $ (9,902 ) $ 821 $ (17,415 ) $ (3,500 ) Basic and diluted income (loss) per common share: Basic and diluted income (loss) from continuing operations $ (0.36 ) $ 0.04 $ (0.63 ) $ (0.15 ) Basic and diluted income (loss) from discontinued operations — — (0.01 ) (0.01 ) Basic and diluted income (loss) per share available to common shareholders $ (0.36 ) $ 0.04 $ (0.64 ) $ (0.16 ) Denominator: Basic 27,491,768 21,961,034 27,486,508 21,663,137 Add: Restricted stock — 3,870 — — Diluted 27,491,768 21,964,904 27,486,508 21,663,137 (1) The computation of diluted EPS does not include 265,212 shares of restricted stock, 763,594 options, 6,240,521 warrants, up to 10,738,165 shares of underlying common stock issuable upon conversion of the Convertible Notes, as the effect of their inclusion would have been anti-dilutive. (2) The computation of diluted EPS includes 3,870 incremental shares of restricted stock, but does not include 794,617 options, 6,240,521 warrants, up to 10,738,165 shares of underlying common stock issuable upon conversion of the Convertible Notes and 323,500 performance shares for the three months ended June 30, 2015 , as the effect of their inclusion would have been anti-dilutive. (3) The computation of diluted EPS did not include 41,259 shares of restricted stock, 794,617 options, 6,240,521 warrants, up to 10,738,165 shares of underlying common stock issuable upon conversion of the Convertible Notes and 323,500 performance shares, as the effect of their inclusion would have been anti-dilutive.

Stock-based Compensation (Table

Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Common Stock Option Activity	The following table presents the activity of the Company’s outstanding stock options of common stock for the six months ended June 30, 2016 : Common Stock Options Number of Shares Weighted Average Price per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options outstanding, January 1, 2016 774,394 $ 8.50 3.47 $ — Options granted — Options exercised — Options forfeited (10,800 ) $ 7.22 — Options expired — Options outstanding, June 30, 2016 763,594 $ 8.52 2.97 $ — Exercisable at June 30, 2016 763,594 $ 8.52 2.97 Unvested at June 30, 2016 — — — $ —
Activity of Unvested Shares of Restricted Stock	The following table presents the activity of the Company’s unvested shares of restricted stock for the six months ended June 30, 2016 : Common Unvested Shares Number of Shares Outstanding January 1, 2016 41,259 Granted 265,212 Vested (41,259 ) Forfeited — Outstanding June 30, 2016 265,212
Activity of Performance Share Awards	The following table presents the activity of the Company’s performance share awards for the six months ended June 30, 2016 : Performance Shares Number of Shares Outstanding January 1, 2016 319,500 Awarded — Vested — Forfeited (319,500 ) Outstanding June 30, 2016 —

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Operating Results of Discontinued Structured Settlement Business	Operating results related to the Company’s discontinued structured settlement business are as follows: Three Months Ended Six Months Ended 2016 2015 2016 2015 Total income (loss) $ 3 $ 38 $ 6 $ 73 Total expenses (130 ) (274 ) (200 ) (565 ) Income (loss) before income taxes (127 ) (236 ) (194 ) (492 ) Income tax benefit — (91 ) — (190 ) Net income (loss) from discontinued operations, net of income taxes $ (127 ) $ (145 ) $ (194 ) $ (302 )

Life Settlements (Life Insura32

Life Settlements (Life Insurance Policies) (Tables)	6 Months Ended
	Jun. 30, 2016
Investments, All Other Investments [Abstract]
Life Settlements	The following table describes the Company’s life settlements as of June 30, 2016 (dollars in thousands): Remaining Life Expectancy (In Years)* Number of Life Settlement Contracts Estimated Fair Value Face Value 0 - 1 2 $ 9,657 $ 11,631 1 - 2 18 52,326 77,733 2 - 3 10 27,945 48,890 3 - 4 25 29,125 82,332 4 - 5 36 50,540 146,546 Thereafter 534 303,453 2,599,256 Total 625 $ 473,046 $ 2,966,388 *Based on remaining life expectancy at June 30, 2016 derived from reports of third party life expectancy providers, and does not indicate the timing of expected death benefits. See Note 14, "Fair Value Measurements—Life Settlements." The weighted average life expectancy calculated based on death benefit of insureds in the policies owned by the Company at December 31, 2015 was 9.9 years. The following table describes the Company’s life settlements as of December 31, 2015 (dollars in thousands): Remaining Life Expectancy (In Years)* Number of Life Settlement Contracts Estimated Fair Value Face Value 0-1 — $ — $ — 1-2 12 28,873 42,988 2-3 17 47,272 84,497 3-4 18 24,450 58,154 4-5 31 42,304 124,720 Thereafter 554 319,026 2,668,993 Total 632 $ 461,925 $ 2,979,352 *Based on remaining life expectancy at December 31, 2015 derived from reports of third party life expectancy providers, and does not indicate the timing of expected death benefits. See Note 14, "Fair Value Measurements—Life Settlements."
Estimated Premiums To Be Paid	Estimated premiums to be paid for each of the five succeeding fiscal years and thereafter to keep the life insurance policies in force as of June 30, 2016 , are as follows (in thousands): Remainder of 2016 $ 36,830 2017 80,448 2018 83,506 2019 90,751 2020 95,012 Thereafter 972,026 $ 1,358,573

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets And Liabilities Measured at Fair Value on Recurring Basis	The balances of the Company’s assets measured at fair value on a recurring basis as of June 30, 2016 , are as follows (in thousands): Level 1 Level 2 Level 3 Total Fair Value Assets: Life settlements $ — $ — $ 473,046 $ 473,046 $ — $ — $ 473,046 $ 473,046 The balances of the Company’s liabilities measured at fair value on a recurring basis as of June 30, 2016 are as follows (in thousands): Level 1 Level 2 Level 3 Total Fair Value Liabilities: White Eagle Revolving Credit Facility $ — $ — $ 172,361 $ 172,361 Red Falcon Revolving Credit Facility — — 55,082 55,082 $ — $ — $ 227,443 $ 227,443 The balances of the Company’s assets measured at fair value on a recurring basis as of December 31, 2015 , are as follows (in thousands): Level 1 Level 2 Level 3 Total Fair Value Assets: Life settlements $ — $ — $ 461,925 $ 461,925 $ — $ — $ 461,925 $ 461,925 The balances of the Company’s liabilities measured at fair value on a recurring basis as of December 31, 2015 , are as follows (in thousands): Level 1 Level 2 Level 3 Total Fair Value Liabilities: White Eagle Revolving Credit Facility $ — $ — $ 169,131 $ 169,131 Red Falcon Revolving Credit Facility $ 55,658 $ 55,658 $ — $ — $ 224,789 $ 224,789
Quantitative Information about Level 3 Fair Value Measurements	The Company categorizes its investment in life settlement portfolio in two classes, non-premium financed and premium financed. In considering the categories, historically, it has generally believed that market participants would require a lower risk premium for policies that were non-premium financed, while a higher risk premium would be required for policies that were premium financed; the Company believes that this risk premium has been declining. ($ in thousands) Quantitative Information about Level 3 Fair Value Measurements Fair Value Aggregate Valuation Technique Unobservable Input (s) Range (Weighted Average) Non-premium financed $ 101,757 $335,203 Discounted cash flow Discount rate 15.00% - 21.00% Life expectancy evaluation (5.9 years) Premium financed $ 371,289 $2,631,185 Discounted cash flow Discount rate 16.00% - 22.00% Life expectancy evaluation (9.8 years) Life settlements $ 473,046 $2,966,388 Discounted cash flow Discount rate 16.49% Life expectancy evaluation (9.4 years) White Eagle Revolving Credit Facility $ 172,361 $2,180,147 Discounted cash flow Discount rate 19.90% Life expectancy evaluation (9.3 years) Red Falcon Revolving Credit Facility $ 55,082 $599,947 Discounted cash flow Discount Rate 11.06% Life expectancy evaluation (8.9 years)
Changes in Estimated Fair Value, If All of Insured Lives in Company's Life Settlement Portfolio Live Six Months Shorter or Longer Than Life Expectancies Provided by Third Parties	If all of the insured lives in the Company’s life settlement portfolio live six months shorter or longer than the life expectancies provided by these third parties, the change in estimated fair value would be as follows (dollars in thousands): Life Expectancy Months Adjustment Value Change in Value +6 $ 394,432 $ (78,614 ) - $ 473,046 — -6 $ 557,416 $ 84,370
Life Insurance Issuer concentrations	The following table provides information about the life insurance issuer concentrations that exceed 10% of total death benefit and 10% of total fair value of the Company’s life settlements as of June 30, 2016 : Carrier Percentage of Total Fair Value Percentage of Total Death Benefit Moody's Rating S&P Rating Transamerica Life Insurance Company 17.9 % 20.5 % A1 AA- Lincoln National Life Insurance Company 23.5 % 19.6 % A1 AA-
Changes in Fair Value for All Assets Using Material Level of Unobservable (Level 3) Inputs	The following table provides a roll-forward in the changes in fair value for six months ended June 30, 2015 , for all assets for which the Company determines fair value using a material level of unobservable (Level 3) inputs, which consist solely of life settlements (in thousands): Life Settlements: Balance, January 1, 2015 $ 388,886 Purchase of policies 27,535 Change in fair value 40,914 Matured/sold policies (49,766 ) Premiums paid 31,417 Transfers into level 3 — Transfer out of level 3 — Balance, June 30, 2015 $ 438,986 Changes in fair value included in earnings for the period relating to assets held at June 30, 2015 $ 2,598 The following table provides a roll-forward in the changes in fair value for six months ended June 30, 2016 , for all assets for which the Company determines fair value using a material level of unobservable (Level 3) inputs, which consists solely of life settlements (in thousands): Life Settlements: Balance, January 1, 2016 $ 461,925 Purchase of policies 16 Retained death benefits acquisitions 1,374 Change in fair value* (7,425 ) Matured/lapsed/sold policies (17,180 ) Premiums paid 34,336 Transfers into level 3 — Transfer out of level 3 — Balance, June 30, 2016 $ 473,046 Changes in fair value included in earnings for the period relating to assets held at June 30, 2016 $ (18,182 ) *Change in the mortality curve after adoption of 2015 VBT resulted in approximately $17.6 million reduction in the fair value of our life settlements.
Changes in Fair Value for All Liabilities Using Material Level of Unobservable (Level 3) Inputs	The following tables provide a roll-forward in the changes in fair value for the six months ended June 30, 2015 , for the White Eagle Revolving Credit Facility for which the Company determines fair value using a material level of unobservable (Level 3) inputs (in thousands): White Eagle Revolving Credit Facility: Balance, January 1, 2015 $ 145,831 Draws under the White Eagle Revolving Credit Facility 25,912 Payments on White Eagle Revolving Credit Facility (18,577 ) Unrealized change in fair value 17,692 Transfers into level 3 — Transfer out of level 3 — Balance, June 30, 2015 $ 170,858 Changes in fair value included in earnings for the period relating to liabilities held at June 30, 2015 $ 17,692 The following table provides a roll-forward in the changes in fair value for six months ended June 30, 2016 , for the White Eagle Revolving Credit Facility for which the Company determines fair value using a material level of unobservable (Level 3) inputs (in thousands): White Eagle Revolving Credit Facility: Balance, January 1, 2016 $ 169,131 Draws under the White Eagle Revolving Credit Facility 25,587 Payments on White Eagle Revolving Credit Facility (7,952 ) Unrealized change in fair value (14,405 ) Transfers into level 3 — Transfer out of level 3 — Balance, June 30, 2016 $ 172,361 Changes in fair value included in earnings for period relating to liabilities held at June 30, 2016 $ (14,405 ) The following table provides a roll-forward in the changes in fair value for six months ended June 30, 2016 , for the Red Falcon Revolving Credit Facility for which the Company determines fair value using a material level of unobservable (Level 3) inputs (in thousands): Red Falcon Revolving Credit Facility: Balance, January 1, 2016 $ 55,658 Draws under the Red Falcon Revolving Credit Facility 8,603 Payments on Red Falcon Revolving Credit Facility (8,014 ) Unrealized change in fair value (1,165 ) Transfers into level 3 — Transfer out of level 3 — Balance, June 30, 2016 $ 55,082 Changes in fair value included in earnings for period relating to liabilities held at June 30, 2016 $ (1,165 )
Market Approach Valuation Technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Interest Rate Sensitivity Analysis	Market interest rate sensitivity analysis Weighted Average Rate Calculated Based on Death Benefit Rate Adjustment Value Change in Value 15.99% -0.50% $ 486,171 $ 13,125 16.49% — $ 473,046 $ — 16.99% +0.50% $ 460,480 $ (12,566 )
Market Approach Valuation Technique | Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in Estimated Fair Value, If All of Insured Lives in Company's Life Settlement Portfolio Live Six Months Shorter or Longer Than Life Expectancies Provided by Third Parties	If all of the insured lives in the life settlement portfolio pledged under the White Eagle Revolving Credit Facility live six months shorter or longer than the life expectancies used to calculate the estimated fair value of the White Eagle Revolving Credit Facility debt, the change in estimated fair value would be as follows (dollars in thousands): Life Expectancy Months Adjustment Fair Value of White Eagle Revolving Credit Facility Change in Value +6 $ 141,389 $ (30,972 ) $ 172,361 — -6 $ 204,533 $ 32,172
Market Interest Rate Sensitivity Analysis	The extent to which the fair value of the White Eagle Revolving Credit Facility could vary in the near term has been quantified by evaluating the effect of changes in the weighted average discount. If the weighted average discount rate were increased or decreased by 1/2 of 1% and the other assumptions used to estimate fair value remained the same, the change in estimated fair value of the White Eagle Revolving Credit Facility as of June 30, 2016 would be as follows (dollars in thousands): Discount Rate Rate Adjustment Fair Value of White Eagle Revolving Credit Facility Change in Value 19.40% -0.50 % $ 176,692 $ 4,331 19.90% — $ 172,361 $ — 20.40% +0.50 % $ 168,194 $ (4,167 )
Red Falcon Trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in Estimated Fair Value, If All of Insured Lives in Company's Life Settlement Portfolio Live Six Months Shorter or Longer Than Life Expectancies Provided by Third Parties	If all of the insured lives in the life settlement portfolio pledged under the Red Falcon Credit Facility live six months shorter or longer than the life expectancies used to calculate the estimated fair value of the Red Falcon Revolving Credit Facility, the change in estimated fair value would be as follows (dollars in thousands): Life Expectancy Months Adjustment Fair Value of Red Falcon Revolving Credit Facility Change in Value +6 $ 52,375 $ (2,707 ) $ 55,082 — -6 $ 57,062 $ 1,980
Red Falcon Trust | Market Approach Valuation Technique
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Market Interest Rate Sensitivity Analysis	The extent to which the fair value of the Red Falcon Revolving Credit Facility could vary in the near term has been quantified by evaluating the effect of changes in the weighted average discount. If the weighted average discount rate were increased or decreased by 1/2 of 1% and the other assumptions used to estimate fair value remained the same, the change in estimated fair value of the Red Falcon Revolving Credit Facility as of June 30, 2016 would be as follows (dollars in thousands): Discount Rate Rate Adjustment Fair Value of Red Falcon Revolving Credit Facility Change in Value 10.56% -0.50 % $ 55,950 $ 868 11.06% — $ 55,082 $ — 11.56% +0.50 % $ 54,236 $ (846 )

Description of Business - Addit

Description of Business - Additional Information (Detail)	Jun. 30, 2016USD ($)contractpolicy	Dec. 31, 2015USD ($)contract	Nov. 09, 2015USD ($)	Jul. 16, 2015USD ($)contract	Apr. 29, 2013USD ($)
Organization and Nature of Operations [Line Items]
Number of policies owned (contracts) | contract	625	632
Life insurance estimated fair value	$ 473,046,000	$ 461,925,000
Life insurance policies with aggregate death benefit	2,966,388,000	$ 2,979,352,000
Securities Pledged as Collateral | 12.875% Senior Secured Notes Due 2017
Organization and Nature of Operations [Line Items]
Senior Secured Notes, net of discount and deferred debt costs (Note 12)	$ 110,000,000
Revolving Credit Facility | Securities Not Pledged as Collateral
Organization and Nature of Operations [Line Items]
Number of policies owned (contracts) | policy	40
Life insurance estimated fair value	$ 12,300,000
Life insurance policies with aggregate death benefit	186,300,000
White Eagle | Revolving Credit Facility
Organization and Nature of Operations [Line Items]
Revolving Credit facility, current borrowing capacity	$ 192,400,000		$ 250,000,000		$ 300,000,000
White Eagle | Revolving Credit Facility | Securities Pledged as Collateral
Organization and Nature of Operations [Line Items]
Number of policies owned (contracts) | contract	433
Life insurance estimated fair value	$ 340,600,000
Life insurance policies with aggregate death benefit	2,200,000,000
Revolving Credit facility, current borrowing capacity	250,000,000				$ 250,000,000
Red Falcon Trust | Revolving Credit Facility
Organization and Nature of Operations [Line Items]
Number of policies owned (contracts) | contract				152
Revolving Credit facility, current borrowing capacity	$ 56,300,000			$ 110,000,000

Principles of Consolidation a35

Principles of Consolidation and Basis of Presentation - Additional Information (Detail) $ in Thousands	Oct. 25, 2013USD ($)	Jun. 30, 2016USD ($)contract	Dec. 31, 2015USD ($)contract	Jul. 16, 2015contract	Feb. 28, 2014USD ($)
Organization and Nature of Operations [Line Items]
Number of policies owned (contracts) | contract		625	632
Life insurance policies with aggregate death benefit		$ 2,966,388	$ 2,979,352
Life insurance estimated fair value		$ 473,046	$ 461,925
Sale of structured settlement business	$ 12,000
8.50% Senior Unsecured Convertible Notes Due 2019
Organization and Nature of Operations [Line Items]
Debt instrument issued					$ 70,700
Stated interest rate					8.50%
White Eagle | Revolving Credit Facility | Securities Pledged as Collateral
Organization and Nature of Operations [Line Items]
Number of policies owned (contracts) | contract		433
Life insurance policies with aggregate death benefit		$ 2,200,000
Life insurance estimated fair value		$ 340,600
Red Falcon Trust | Revolving Credit Facility
Organization and Nature of Operations [Line Items]
Number of policies owned (contracts) | contract				152

Principles of Consolidation a36

Principles of Consolidation and Basis of Presentation - Change in Accounting Policy (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total assets	$ 524,753	$ 508,060	[1]
Total liabilities	321,691
Total stockholders' equity	203,062	220,357
Total liabilities and stockholders' equity	$ 524,753	508,060	[1]
As reported under previous accounting guidance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred debt costs		1,797
Total assets		509,857
Convertible Notes, net of discount		58,609
Total liabilities		289,500
Total stockholders' equity		220,357
Total liabilities and stockholders' equity		509,857
Net effect		0
Effect of change
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred debt costs		(1,797)
Total assets		(1,797)
Convertible Notes, net of discount		(1,797)
Total liabilities		(1,797)
Total stockholders' equity		0
Total liabilities and stockholders' equity		(1,797)
Net effect		0
As reported under ASU 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred debt costs		0
Total assets		508,060
Convertible Notes, net of discount		56,812
Total liabilities		287,703
Total stockholders' equity		220,357
Total liabilities and stockholders' equity		508,060
Net effect		$ 0
[1]	Derived from audited consolidated financial statements.

Consolidation of Variable Int37

Consolidation of Variable Interest Entities (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Primary Beneficiary Variable Interest Entity
Variable Interest Entity [Line Items]
Primary Beneficiary Consolidated VIEs, assets	$ 483,851	$ 475,597
Primary Beneficiary Consolidated VIEs, liabilities	227,901	225,208
Not Primary Beneficiary Variable Interest Entity
Variable Interest Entity [Line Items]
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets	2,384	2,384
Not Primary Beneficiary Non-consolidated VIEs, Maximum Exposure to Loss	$ 2,384	$ 2,384

Consolidation of Variable Int38

Consolidation of Variable Interest Entities - Additional Information (Detail) $ in Thousands	Jun. 30, 2016USD ($)contract	Dec. 31, 2015USD ($)contract
Variable Interest Entity [Line Items]
Number of policies owned (contracts) | contract	625	632
Life insurance policies with aggregate death benefit	$ 2,966,388	$ 2,979,352
Life insurance estimated fair value	$ 473,046	$ 461,925
White Eagle | Revolving Credit Facility | Securities Pledged as Collateral
Variable Interest Entity [Line Items]
Number of policies owned (contracts) | contract	433
Life insurance policies with aggregate death benefit	$ 2,200,000
Life insurance estimated fair value	$ 340,600
Red Falcon | Revolving Credit Facility | Securities Pledged as Collateral
Variable Interest Entity [Line Items]
Number of policies owned (contracts) | contract	152
Life insurance policies with aggregate death benefit	$ 599,900
Life insurance estimated fair value	$ 120,100

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015
Earnings Per Share [Abstract]
Common stock, shares issued (shares)	28,393,535	28,130,508	28,130,508
Common stock, shares outstanding (shares)	27,785,535	27,522,508	28,130,508
Treasury stock (shares)	608,000	608,000	0

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Numerator:
Net income (loss) from continuing operations	$ (9,775)	$ 966	$ (17,221)	$ (3,198)
Net income (loss) from discontinued operations	(127)	(145)	(194)	(302)
Net income (loss)	$ (9,902)	$ 821	$ (17,415)	$ (3,500)
Basic and diluted income (loss) per common share:
Basic and diluted income (loss) from continuing operations (usd per share)	$ (0.36)	$ 0.04	$ (0.63)	$ (0.15)
Basic and diluted loss from discontinued operations (usd per share)	0	0	(0.01)	(0.01)
Basic and diluted income (loss) per share available to common shareholders (usd per share)	$ (0.36)	$ 0.04	$ (0.64)	$ (0.16)
Denominator:
Weighted average shares outstanding, basic (shares)	27,491,768	21,961,034	27,486,508	21,663,137
Add: Restricted stock	0	3,870	0	0
Weighted average shares outstanding, diluted (shares)	27,491,768	21,964,904	27,486,508	21,663,137

Earnings Per Share - Reconcil41

Earnings Per Share - Reconciliation Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities included in diluted earnings per share (shares)	0	3,870	0	0
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (shares)	265,212		265,212	41,259
Potentially dilutive securities included in diluted earnings per share (shares)		3,870
Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (shares)	763,594	794,617	763,594	794,617
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (shares)	6,240,521	6,240,521	6,240,521	6,240,521
Convertible Debt Securities | Maximum
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (shares)		10,738,165	10,738,165	10,738,165
Performance Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (shares)		323,500		323,500

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Detail)	Feb. 11, 2011shareholder$ / sharesshares	Apr. 30, 2014shares	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2015USD ($)shares	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2015USD ($)shares	Dec. 31, 2015$ / sharesshares	Dec. 31, 2014shares	May 28, 2015shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding and unexercised (shares)			763,594		763,594		774,394
Options outstanding and unexercised, weighted average price (usd per share) | $ / shares			$ 8.52		$ 8.52		$ 8.50
Remaining unamortized amounts | $			$ 0		$ 0
Options outstanding, Beginning Balance (shares)					2 years 11 months 19 days		3 years 5 months 19 days
Warrants issued (shares)		2,000,000
Exercise price of warrants (usd per share) | $ / shares			$ 10.75		$ 10.75
Estimated fair value of warrants | $			$ 5,400,000		$ 5,400,000
Common stock warrants term					5 years
USAO Investigation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of warrants (usd per share) | $ / shares			$ 10.75		$ 10.75
Litigation settlement, shares to escrow (shares)					2,000,000
Estimated fair value of warrants | $			$ 5,400,000		$ 5,400,000
Common stock warrants term					5 years
Including Overallotment Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of warrants (usd per share) | $ / shares	$ 14.51
Warrant expiration period	7 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average daily trading closing price (usd per share) | $ / shares			$ 8.50		$ 8.50
Average daily trading closing price, period					45 days
Minimum | USAO Investigation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average daily trading closing price (usd per share) | $ / shares			$ 8.50		$ 8.50
Average daily trading closing price, period					45 days
Maximum | Including Overallotment Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shareholders | shareholder	3
Warrants issued (shares)	4,240,521
Stock Options | Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock reserved for future grant									2,700,000
Options outstanding and unexercised (shares)			763,594		763,594
Allocated share-based compensation expense | $				$ 104,000		$ 237,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock vested (shares)					41,259
Stock granted (shares)					265,212
Forfeited (shares)					0
Restricted Stock | Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense | $			$ 68,000	$ 71,000	$ 128,000	131,000
Restricted Stock | Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding and unexercised, weighted average price (usd per share) | $ / shares			$ 8.52		$ 8.52
Stock vested (shares)				41,060
Fair value of stock granted | $			$ 255,000		$ 255,000
Stock granted (shares)							265,212
Restricted Stock | Omnibus Plan | Restricted Stock Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense | $			$ 43,000	$ 22,000	$ 103,000	$ 22,000
Restricted Stock | Omnibus Plan | Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock vested (shares)						41,060
Fair value of stock granted | $				255,000		$ 255,000
Stock granted (shares)			65,212		65,212
Stock vesting period					1 year
Restricted stock, aggregate intrinsic value | $			$ 255,000		$ 255,000
Aggregate intrinsic value | $			$ 218,000		218,000
Options outstanding, Beginning Balance (shares)			11 months 2 days
Allocated share-based compensation expense | $			$ 19,000	49,000	$ 19,000	$ 108,000
Restricted Stock | Omnibus Plan | Certain Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock granted (shares)			200,000		200,000
Stock vesting period					2 years
Restricted stock, aggregate intrinsic value | $			$ 674,000		$ 674,000
Aggregate intrinsic value | $			$ 672,000		672,000
Options outstanding, Beginning Balance (shares)			1 year 11 months 22 days
Allocated share-based compensation expense | $			$ 6,000		$ 6,000
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock vested (shares)					0
Stock granted (shares)					0
Forfeited (shares)					319,500
Performance Shares | Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock granted (shares)								323,500
Stock granted, subject to shareholders' approval of an amended and restated of plan								150,000
Forfeited (shares)							4,000
Allocated share-based compensation expense | $				$ 0	$ 0
Performance Shares | Omnibus Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Actual shares to be issued								0.00%
Performance Shares | Omnibus Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Actual shares to be issued								150.00%
Common Stock | Restricted Stock | Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock vested (shares)			41,259

Stock-based Compensation - Comm

Stock-based Compensation - Common Stock Options Activity (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares
Number of Shares
Options outstanding, Beginning Balance (shares) | shares	774,394
Options granted (shares) | shares	0
Options exercised (shares) | shares	0
Options forfeited (shares) | shares	(10,800)
Options expired (shares) | shares	0
Options outstanding, Ending Balance (shares) | shares	763,594	774,394
Exercisable at end of period (shares) | shares	763,594
Unvested at end of period (shares) | shares	0
Weighted Average Price per Share
Options outstanding, Beginning Balance (usd per share) | $ / shares	$ 8.50
Options granted (usd per share) | $ / shares
Options exercised (usd per share) | $ / shares
Options forfeited (usd per share) | $ / shares	7.22
Options expired (usd per share) | $ / shares
Options outstanding, Ending Balance (usd per share) | $ / shares	8.52	$ 8.50
Exercisable at end of period (usd per share) | $ / shares	8.52
Unvested at end of period (usd per share) | $ / shares	$ 0
Weighted Average Remaining Contractual Term
Options outstanding, Beginning Balance (shares)	2 years 11 months 19 days	3 years 5 months 19 days
Exercisable at end of period (shares)	2 years 11 months 19 days
Unvested at end of period (shares)	0 years
Aggregate Intrinsic Value
Options outstanding, Beginning Balance | $	$ 0
Options granted | $
Options exercised | $
Options forfeited | $
Options expired | $
Options outstanding, Ending Balance | $	0	$ 0
Exercisable at end of period | $
Unvested at end of period | $	$ 0

Stock-based Compensation - Acti

Stock-based Compensation - Activity of Unvested Shares of Restricted Stock (Detail) - Restricted Stock	6 Months Ended
	Jun. 30, 2016shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Common Unvested Shares outstanding, Beginning Balance (shares)	41,259
Granted (shares)	265,212
Vested (shares)	(41,259)
Forfeited (shares)	0
Common Unvested Shares outstanding, Ending Balance (shares)	265,212

Stock-based Compensation - Ac45

Stock-based Compensation - Activity of Performance Share Awards (Detail) - Performance Shares	6 Months Ended
	Jun. 30, 2016shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Common Unvested Shares outstanding, Beginning Balance (shares)	319,500
Awarded (shares)	0
Vested (shares)	0
Forfeited (shares)	(319,500)
Common Unvested Shares outstanding, Ending Balance (shares)	0

Discontinued Operations - Opera

Discontinued Operations - Operating Results of Structured Settlement Business (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Total income (loss)	$ 3	$ 38	$ 6	$ 73
Total expenses	(130)	(274)	(200)	(565)
Income (loss) before income taxes	(127)	(236)	(194)	(492)
Income tax benefit	0	(91)	0	(190)
Net income (loss) from discontinued operations	$ (127)	$ (145)	$ (194)	$ (302)

Life Settlements (Life Insura47

Life Settlements (Life Insurance Policies) - Additional Information (Detail) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016USD ($)contract	Dec. 31, 2015USD ($)contract
Investments, All Other Investments [Abstract]
Number of policies owned (contracts) | contract	625	632
Life insurance estimated fair value	$ 473,046	$ 461,925
Average life expectancy of insured	9 years 5 months 12 days	9 years 10 months 24 days
Estimated future premium payments	$ 1,358,573

Life Settlements (Life Insura48

Life Settlements (Life Insurance Policies) - Schedule of Life Settlements (Detail) $ in Thousands	Jun. 30, 2016USD ($)contract	Dec. 31, 2015USD ($)contract
Number of Life Settlement Contracts
0-1 | contract	2	0
1-2 | contract	18	12
2-3 | contract	10	17
3-4 | contract	25	18
4-5 | contract	36	31
Thereafter | contract	534	554
Total | contract	625	632
Estimated Fair Value
0-1	$ 9,657	$ 0
1-2	52,326	28,873
2-3	27,945	47,272
3-4	29,125	24,450
4-5	50,540	42,304
Thereafter	303,453	319,026
Total	473,046	461,925
Face Value
0-1	11,631	0
1-2	77,733	42,988
2-3	48,890	84,497
3-4	82,332	58,154
4-5	146,546	124,720
Thereafter	2,599,256	2,668,993
Total	$ 2,966,388	$ 2,979,352

Life Settlements (Life Insura49

Life Settlements (Life Insurance Policies) - Estimated Premiums to be Paid (Detail) $ in Thousands	Jun. 30, 2016USD ($)
Investments, All Other Investments [Abstract]
Remainder of 2016	$ 36,830
2,017	80,448
2,018	83,506
2,019	90,751
2,020	95,012
Thereafter	972,026
Estimated future premium payments	$ 1,358,573

White Eagle Revolving Credit 50

White Eagle Revolving Credit Facility - Additional Information (Detail)	Nov. 09, 2015USD ($)	Apr. 29, 2013USD ($)	Jun. 30, 2016USD ($)contract	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)contract	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)contract
Debt Instrument [Line Items]
Number of policies owned (contracts) | contract			625		625		632
Life insurance policies with aggregate death benefit			$ 2,966,388,000		$ 2,966,388,000		$ 2,979,352,000
Life insurance estimated fair value			473,046,000		473,046,000		$ 461,925,000
Interest expense on the facility			7,385,000	$ 6,600,000	13,435,000	$ 12,877,000
Interest expense withheld from borrowings by lender					420,000	3,688,000
Interest paid					11,294,000	7,408,000
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving Credit Facility debt, at estimated fair value			172,361,000	$ 172,361,000	$ 172,361,000	$ 172,361,000
White Eagle Asset Portfolio, LLC | Revolving Credit Facility
Debt Instrument [Line Items]
Percentage of remaining proceeds					50.00%
White Eagle | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility effective date		Apr. 29, 2013
Revolving credit facility period		15 years
Revolving Credit facility, current borrowing capacity	$ 250,000,000	$ 300,000,000	192,400,000		$ 192,400,000
Annual decrease in borrowing capacity	$ 25,000,000
Interest rate increase	0.50%
Line of credit facility, maximum borrowing capacity			60,315,051		60,315,051
Line of credit facility, remaining borrowing capacity			2,800,000		$ 2,800,000
Covenant terms, net total investment percentage minimum					15.00%
Preference amount, distributed upon pay down of outstanding indebtedness			$ 76,100,000		$ 76,100,000
Collateral pledge percentage for distributions to be altered			25.00%		25.00%
Base rate			0.50%		0.50%
Debt instrument effective rate			6.00%	5.50%	6.00%	5.50%
Interest expense on the facility			$ 2,800,000	$ 2,300,000	$ 5,200,000	$ 4,600,000
Interest expense withheld from borrowings by lender				1,700,000		3,300,000
Interest paid				$ 622,000		$ 1,200,000
Credit agreement expiration date					Apr. 28, 2028
Revolving Credit Facility debt, at estimated fair value			172,400,000		$ 172,400,000
Revolving Credit Facility debt, outstanding			189,700,000		189,700,000
Amount available for distribution			$ 5,500,000		$ 5,500,000
White Eagle | Revolving Credit Facility | Maintenance Costs
Debt Instrument [Line Items]
Line of credit borrowing base percentage			100.00%		100.00%
White Eagle | Revolving Credit Facility | Accrued and Unpaid Interest
Debt Instrument [Line Items]
Line of credit borrowing base percentage			100.00%		100.00%
White Eagle | Revolving Credit Facility | Other Fees and Expense [Member]
Debt Instrument [Line Items]
Line of credit borrowing base percentage			100.00%		100.00%
White Eagle | Revolving Credit Facility | Policies pledged as collateral as determined by the lenders
Debt Instrument [Line Items]
Line of credit borrowing base percentage			75.00%		75.00%
White Eagle | Revolving Credit Facility | Policies pledged as collateral excluding certain specified life insurance policies
Debt Instrument [Line Items]
Line of credit borrowing base percentage			50.00%		50.00%
White Eagle | Revolving Credit Facility | Securities Pledged as Collateral
Debt Instrument [Line Items]
Revolving Credit facility, current borrowing capacity		$ 250,000,000	$ 250,000,000		$ 250,000,000
Number of policies owned (contracts) | contract			433		433
Life insurance policies with aggregate death benefit			$ 2,200,000,000		$ 2,200,000,000
Life insurance estimated fair value			$ 340,600,000		$ 340,600,000
White Eagle | Revolving Credit Facility | Applicable Margin
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%				4.50%
Interest rate floor	4.00%
White Eagle | Revolving Credit Facility | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate					0.75%
White Eagle | White Eagle Asset Portfolio, LLC | Revolving Credit Facility
Debt Instrument [Line Items]
Percentage of remaining proceeds					50.00%
Life insurance issuer concentrations that exceed 10% of total death benefit | White Eagle | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, percentage of remaining outstanding balance					65.00%
Scenario 3 | White Eagle | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, percentage of remaining outstanding balance					35.00%
Minimum | White Eagle | Revolving Credit Facility | Securities Pledged as Collateral
Debt Instrument [Line Items]
Number of policies owned (contracts) | contract			75		75
Minimum | 10% of total fair value of our investments in life settlements | White Eagle | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, loan to value ratio					50.00%
Minimum | Life insurance issuer concentrations that exceed 10% of total death benefit | White Eagle | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, loan to value ratio					25.00%
Maximum | Life insurance issuer concentrations that exceed 10% of total death benefit | White Eagle | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, loan to value ratio					50.00%
Maximum | Scenario 3 | White Eagle | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, loan to value ratio					25.00%

Red Falcon Revolving Credit F51

Red Falcon Revolving Credit Facility - Additional Information (Details)	Jul. 16, 2015USD ($)contract	Jun. 30, 2016USD ($)contract	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)contract	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)contract
Debt Instrument [Line Items]
Number of policies owned (contracts) | contract		625		625		632
Life insurance policies with aggregate death benefit		$ 2,966,388,000		$ 2,966,388,000		$ 2,979,352,000
Life insurance estimated fair value		473,046,000		473,046,000		$ 461,925,000
Interest expense		7,385,000	$ 6,600,000	13,435,000	$ 12,877,000
Revolving Credit Facility
Debt Instrument [Line Items]
Borrowings from revolving credit facility				25,238,000	22,225,000
Revolving Credit Facility debt, at estimated fair value		172,361,000	$ 172,361,000	172,361,000	172,361,000
Red Falcon Trust | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility effective date	Jul. 16, 2015
Number of policies owned (contracts) | contract	152
Revolving Credit facility, current borrowing capacity	$ 110,000,000	56,300,000		56,300,000
Line of credit facility, maximum borrowing capacity		54,023,702		54,023,702
Line of credit facility, remaining borrowing capacity		307,000		$ 307,000
Line of credit, amortization percentage	8.00%			8.00%
Borrowings from revolving credit facility	$ 54,000,000			$ 8,533,000	$ 0
Basis spread on variable rate	0.50%
Effective interest rate				5.50%
Interest expense		939,000		$ 1,900,000
Revolving Credit Facility debt, at estimated fair value		55,100,000		55,100,000
Revolving Credit Facility debt, outstanding		$ 56,000,000		$ 56,000,000
Yield maintenance provision.	5.00%			5.00%
Red Falcon Trust | Revolving Credit Facility | Applicable Margin
Debt Instrument [Line Items]
Basis spread on variable rate	4.50%
Red Falcon Trust | Revolving Credit Facility | Floor Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Red Falcon Trust | Revolving Credit Facility | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%
Red Falcon Trust | Maintenance Costs | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit borrowing base percentage	100.00%
Red Falcon Trust | Policies pledged as collateral as determined by the lenders | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit borrowing base percentage	60.00%
Red Falcon Trust | Policies pledged as collateral excluding certain specified life insurance policies | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit borrowing base percentage	45.00%
Life insurance issuer concentrations that exceed 10% of total death benefit | Red Falcon Trust | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, percentage of remaining outstanding balance	65.00%
Scenario 3 | Red Falcon Trust | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, percentage of remaining outstanding balance	35.00%
Minimum | 10% of total fair value of our investments in life settlements | Red Falcon Trust | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, loan to value ratio	50.00%
Minimum | Life insurance issuer concentrations that exceed 10% of total death benefit | Red Falcon Trust | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, loan to value ratio	25.00%
Maximum | Life insurance issuer concentrations that exceed 10% of total death benefit | Red Falcon Trust | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, loan to value ratio	50.00%
Maximum | Scenario 3 | Red Falcon Trust | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, loan to value ratio	25.00%
Red Falcon | Securities Pledged as Collateral | Revolving Credit Facility
Debt Instrument [Line Items]
Number of policies owned (contracts) | contract		152		152
Life insurance policies with aggregate death benefit		$ 599,900,000		$ 599,900,000
Life insurance estimated fair value		$ 120,100,000		$ 120,100,000
Debt instrument term	5 years
12.875% Senior Secured Notes Due 2017 | Securities Pledged as Collateral | Indaba Capital Management Lp
Debt Instrument [Line Items]
Stated interest rate		12.875%		12.875%

8.50% Senior Unsecured Conver52

8.50% Senior Unsecured Convertible Notes - Additional Information (Detail) $ / shares in Units, $ in Thousands	Feb. 21, 2014	Jul. 31, 2015USD ($)	Feb. 28, 2014USD ($)ddirector$ / shares	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)$ / shares
Debt Instrument [Line Items]
Common stock issued for rights offering, net of costs | shares					6,688,433
Interest		$ 5,200
Amortizing debt discounts		1,700
Payments of debt issuance costs		$ 1,700
8.50% Senior Unsecured Convertible Notes Due 2019
Debt Instrument [Line Items]
Debt instrument issued			$ 70,700
Stated interest rate			8.50%
Debt instrument, due date							2,019
Debt instrument, issuance date	Feb. 21, 2014
Number of board of directors | director			2
Debt instrument, maturity date						Feb. 15, 2019
Debt instrument, frequency of periodic payment						semi-annually in arrears on August 15 and February 15 of each year
Debt instrument, convertible, conversion rate			147.9290		151.7912		151.7912
Debt instrument, conversion price (usd per share) | $ / shares			$ 6.76		$ 6.59		$ 6.59
Common stock issued for rights offering, net of costs | shares					6,688,433
Debt instrument, redemption start date						Feb. 15, 2017
Debt instrument, convertible, minimum percentage of common stock price			130.00%
Debt instrument, convertible, threshold trading days | d			20
Debt instrument, convertible, threshold consecutive trading days			30 days
Debt instrument, redemption price, percentage			100.00%
Convertible Notes, net of discount and deferred debt costs (Note 11)				$ 58,600		$ 58,600
Unamortized debt discount				10,600		10,600
Debt instrument origination cost				1,600		1,600
8.50% Senior Unsecured Convertible Notes Due 2019 | Bulldog Investors Llc
Debt Instrument [Line Items]
Debt instrument issued			$ 9,200
Conversion derivative liability | 8.50% Senior Unsecured Convertible Notes Due 2019
Debt Instrument [Line Items]
Interest expense of notes				2,400	$ 2,300	4,800	$ 4,500
Interest				1,500	1,500	3,000	3,000
Amortizing debt discounts				782	661	1,500	1,300
Payments of debt issuance costs				$ 116	$ 98	$ 227	$ 189

15.00% Senior Secured Notes - A

15.00% Senior Secured Notes - Additional Information (Details) - USD ($)	Mar. 11, 2016	Jul. 31, 2015	Jun. 30, 2016	Jun. 30, 2016	Mar. 24, 2016	Dec. 31, 2015	[1]
Debt Instrument [Line Items]
Interest		$ 5,200,000
Amortizing debt discounts		$ 1,700,000
15.0% Senior Secured Notes
Debt Instrument [Line Items]
Senior Secured Notes, net of discount and deferred debt costs (Note 12)			$ 29,125,000	$ 29,125,000		$ 0
Unamortized debt issuance expense			875,000	875,000
Senior Secured Notes | 15.0% Senior Secured Notes
Debt Instrument [Line Items]
Debt issued	$ 21,200,000				$ 8,800,000
Debt instrument, redemption price, percentage	100.00%
Basis spread on variable rate	50.00%
Change of control redemption, percent	107.50%
Debt Covenant, percent of equity interests pledged as collateral	65.00%
Interest expense			1,200,000	1,500,000
Interest			1,100,000	1,400,000
Amortizing debt discounts			$ 111,000	$ 176,000
Maximum | Senior Secured Notes | 15.0% Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument issued	$ 30,000,000
Securities Pledged as Collateral | Senior Secured Notes | 15.0% Senior Secured Notes
Debt Instrument [Line Items]
Stated interest rate	15.00%
Board of directors and management | Senior Secured Notes | 15.0% Senior Secured Notes
Debt Instrument [Line Items]
Debt sold in private transaction	$ 3,300,000
[1]	Derived from audited consolidated financial statements.

12.875% Senior Secured Notes -

12.875% Senior Secured Notes - Additional Information (Detail)	Jul. 16, 2015USD ($)	Jan. 21, 2015USD ($)tranche	Nov. 10, 2014USD ($)	Jul. 31, 2015USD ($)	Jun. 30, 2016USD ($)contract	Jun. 30, 2016USD ($)contract	Dec. 31, 2015contract
Debt Instrument [Line Items]
Payments of debt issuance costs				$ 1,700,000
Extinguishment of Secured Notes	$ 8,800,000
Number of policies owned (contracts) | contract					625	625	632
Interest				5,200,000
Unused fees of debt				171,000
Amortizing debt discounts				$ 1,700,000
12.875% Senior Secured Notes Due 2017
Debt Instrument [Line Items]
Payments of debt issuance costs					$ 149,000	$ 277,000
Debt instrument, maturity date			Nov. 10, 2017
Debt instrument, redemption price, percentage	106.00%
Interest expense					2,000,000	3,800,000
Interest					1,600,000	3,000,000
Unused fees of debt					126,000	255,000
Amortizing debt discounts					$ 147,000	$ 264,000
12.875% Senior Secured Notes Due 2017 | Indaba Capital Management Lp
Debt Instrument [Line Items]
Debt instrument, face amount		$ 50,000,000
Number of tranches | tranche		2
Amount issued per tranche		$ 25,000,000
Secured notes issuance price as percentage of face amount			96.00%
Payments of debt issuance costs		$ 305,000	$ 1,800,000
12.875% Senior Secured Notes Due 2017 | Securities Pledged as Collateral | Indaba Capital Management Lp
Debt Instrument [Line Items]
Stated interest rate					12.875%	12.875%

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) $ in Thousands	Jul. 16, 2015contract	Jun. 30, 2016USD ($)contractpolicycarrier	Jun. 30, 2016USD ($)contractpolicycarrier	Dec. 31, 2015USD ($)contract	Jun. 30, 2015USD ($)
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Mortality rate		100.00%	100.00%
Increase (decrease) in fair value resulting from changes in assumptions		$ (17,600)
Number of life insurance policies (contracts) | contract		625	625	632
Life insurance estimated fair value		$ 473,046	$ 473,046	$ 461,925
Weighted average discount rate			16.49%
Red Falcon Trust
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life insurance estimated fair value		55,082	$ 55,082
Discount rates			11.06%
Revolving Credit Facility debt, at estimated fair value		$ 55,082	$ 55,082
Noninvestment grade
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of carriers related to non-investment grade policies | carrier		3	3
Number of life insurance policies (contracts) | policy		19	19
Additional basis point risk premium			3.00%
Premium Financed
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of life insurance policies (contracts) | contract		540	540
Premium Financed | Minimum
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Discount rates			16.00%
Premium Financed | Maximum
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Discount rates			22.00%
Non Premium Financed
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of life insurance policies (contracts) | contract		85	85
Non Premium Financed | Minimum
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Discount rates			15.00%
Non Premium Financed | Maximum
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Discount rates			21.00%
Impaired life bearing
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Mortality rate		200.00%	200.00%
Revolving Credit Facility
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Revolving Credit Facility debt, at estimated fair value		$ 172,361	$ 172,361		$ 172,361
Revolving Credit Facility | Red Falcon Trust
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Increase (decrease) in fair value resulting from changes in assumptions		1,000
Number of life insurance policies (contracts) | contract	152
Revolving Credit Facility debt, at estimated fair value		55,100	55,100
Revolving Credit Facility debt, outstanding		56,000	$ 56,000
Yield maintenance provision.	5.00%		5.00%
Line of credit, amortization percentage	8.00%		8.00%
Revolving Credit Facility | White Eagle Asset Portfolio, LLC
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Increase (decrease) in fair value resulting from changes in assumptions		14,700
Percentage of remaining proceeds			50.00%
White Eagle | Revolving Credit Facility
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Revolving Credit Facility debt, at estimated fair value		172,400	$ 172,400
Revolving Credit Facility debt, outstanding		$ 189,700	$ 189,700
White Eagle | Revolving Credit Facility | White Eagle Asset Portfolio, LLC
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Percentage of remaining proceeds			50.00%
White Eagle | Revolving Credit Facility | Securities Pledged as Collateral
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of life insurance policies (contracts) | contract		433	433
Life insurance estimated fair value		$ 340,600	$ 340,600
White Eagle | Revolving Credit Facility | Securities Pledged as Collateral | Minimum
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of life insurance policies (contracts) | contract		75	75

Fair Value Measurements - Asset

Fair Value Measurements - Assets And Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Life settlements	$ 473,046	$ 461,925
Total assets	473,046	461,925
Total Liabilities	227,443	224,789
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Life settlements	0	0
Total assets	0	0
Total Liabilities	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Life settlements	0	0
Total assets	0	0
Total Liabilities	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Life settlements	473,046	461,925
Total assets	473,046	461,925
Total Liabilities	227,443	224,789
White Eagle Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revolving Credit Facility debt, at estimated fair value	172,361	169,131
White Eagle Revolving Credit Facility | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revolving Credit Facility debt, at estimated fair value	0	0
White Eagle Revolving Credit Facility | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revolving Credit Facility debt, at estimated fair value	0	0
White Eagle Revolving Credit Facility | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revolving Credit Facility debt, at estimated fair value	172,361	169,131
Red Falcon Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revolving Credit Facility debt, at estimated fair value	55,082	55,658
Red Falcon Revolving Credit Facility | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revolving Credit Facility debt, at estimated fair value	0
Red Falcon Revolving Credit Facility | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revolving Credit Facility debt, at estimated fair value	0
Red Falcon Revolving Credit Facility | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revolving Credit Facility debt, at estimated fair value	$ 55,082	$ 55,658

Fair Value Measurements - Quant

Fair Value Measurements - Quantitative Information about Level 3 Fair Value Measurements (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life settlements	$ 473,046	$ 461,925
Life settlements	$ 2,966,388	2,979,352
Weighted average discount rate	16.49%
Revolving Credit Facility
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Revolving Credit Facility debt	$ 172,361		$ 172,361
Minimum | Non Premium Financed
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Discount Rate	15.00%
Minimum | Premium Financed
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Discount Rate	16.00%
Maximum | Non Premium Financed
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Discount Rate	21.00%
Maximum | Premium Financed
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Discount Rate	22.00%
Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life settlements	$ 473,046	$ 461,925
Level 3 | Life Finance
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life settlements	473,046
Life settlements	$ 2,966,388
Valuation Technique	Discounted cash flow
Weighted average life expectancy valuation period	9 years 5 months 12 days
Weighted average discount rate	16.49%
Level 3 | Life Finance | Non Premium Financed
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life settlements	$ 101,757
Life settlements	$ 335,203
Valuation Technique	Discounted cash flow
Weighted average life expectancy valuation period	5 years 10 months 18 days
Level 3 | Life Finance | Premium Financed
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life settlements	$ 371,289
Life settlements	$ 2,631,185
Valuation Technique	Discounted cash flow
Weighted average life expectancy valuation period	9 years 9 months 6 days
Level 3 | Minimum | Life Finance | Non Premium Financed
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Discount Rate	15.00%
Level 3 | Minimum | Life Finance | Premium Financed
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Discount Rate	16.00%
Level 3 | Maximum | Life Finance | Non Premium Financed
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Discount Rate	21.00%
Level 3 | Maximum | Life Finance | Premium Financed
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Discount Rate	22.00%
Red Falcon | Level 3 | Revolving Credit Facility
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Revolving Credit Facility debt	$ 55,082
Life settlements	$ 600
Valuation Technique	Discounted cash flow
Discount Rate	11.06%
White Eagle | Revolving Credit Facility
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Revolving Credit Facility debt	$ 172,400
White Eagle | Level 3 | Revolving Credit Facility
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Revolving Credit Facility debt	172,361
Life settlements	$ 2,180
Valuation Technique	Discounted cash flow
Weighted average life expectancy valuation period	9 years 4 months 6 days
Weighted average discount rate	19.90%
Discount Rate	19.90%

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Life Expectancy Used to Estimate Fair Value (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value	$ 473,046	$ 461,925
Change in Value	0
+6 Life Expectancy Months Adjustment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value	394,432
Change in Value	(78,614)
-6 Life Expectancy Months Adjustment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value	557,416
Change in Value	84,370
Red Falcon Trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value	55,082
Change in Value	0
Red Falcon Trust | +6 Life Expectancy Months Adjustment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value	52,375
Change in Value	(2,707)
Red Falcon Trust | -6 Life Expectancy Months Adjustment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value	57,062
Change in Value	$ 1,980

Fair Value Measurements - Life

Fair Value Measurements - Life Insurance Issuer concentrations (Detail) - Credit Concentration Risk [Member] - Moody's, A1 Rating - Standard & Poor's, AA- Rating	6 Months Ended
	Jun. 30, 2016
Lincoln National Life Insurance Company | 10% of total fair value of our investments in life settlements
Concentration Risk [Line Items]
Concentrations risk percentage	17.90%
Lincoln National Life Insurance Company | Life insurance issuer concentrations that exceed 10% of total death benefit
Concentration Risk [Line Items]
Concentrations risk percentage	20.50%
Transamerica Occidental Life Insurance Company | 10% of total fair value of our investments in life settlements
Concentration Risk [Line Items]
Concentrations risk percentage	23.50%
Transamerica Occidental Life Insurance Company | Life insurance issuer concentrations that exceed 10% of total death benefit
Concentration Risk [Line Items]
Concentrations risk percentage	19.60%

Fair Value Measurements - Cha60

Fair Value Measurements - Changes in Weighted Average Discount Rate Used to Estimate Fair Value (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Rate	16.49%
Value	$ 473,046	$ 461,925
Change in Value	$ 0
.50% Decrease in Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Rate	15.99%
Value	$ 486,171
Change in Value	$ 13,125
.50% Increase in Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Rate	16.99%
Value	$ 460,480
Change in Value	$ (12,566)

Fair Value Measurements - Cha61

Fair Value Measurements - Changes in Life Expectancy Used to Estimate Fair Value of Revolving Credit Facility (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in Value		$ 0
Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value	$ 172,361	$ 172,361
Change in Value	0
+6 Life Expectancy Months Adjustment | Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value	141,389
Change in Value	(30,972)
-6 Life Expectancy Months Adjustment | Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value	204,533
Change in Value	$ 32,172

Fair Value Measurements - Cha62

Fair Value Measurements - Changes in Weighted Average Discount Rate Used to Estimate Fair Value of Revolving Credit Facility (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in Value		$ 0
Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value	$ 172,361	$ 172,361
Change in Value	$ 0
.50% Decrease in Discount Rate | Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount Rate		19.40%
Value		$ 176,692
Change in Value		$ 4,331
.50% Increase in Discount Rate | Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount Rate		20.40%
Value		$ 168,194
Change in Value		$ (4,167)
Red Falcon Trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount Rate		11.06%
Value		$ 55,082
Change in Value		$ 0
Red Falcon Trust | .50% Decrease in Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount Rate		10.56%
Value		$ 55,950
Change in Value		$ 868
Red Falcon Trust | .50% Increase in Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount Rate		11.56%
Value		$ 54,236
Change in Value		$ (846)

Fair Value Measurements - Cha63

Fair Value Measurements - Changes in Fair Value for All Assets and Liabilities Using Material Level of Unobservable (Level 3) Inputs (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Life Finance
Fair Value, Assets, Unobservable Input Reconciliation [Roll Forward]
Balance, January 1, 2016	$ 461,925	$ 388,886
Purchase of policies	16	27,535
Retained death benefits acquisitions	1,374
Change in fair value	(7,425)	40,914
Matured/lapsed/sold policies	(17,180)	(49,766)
Premiums paid	34,336	31,417
Transfers into level 3	0	0
Transfer out of level 3	0	0
Balance, June 30, 2016	473,046	438,986
Changes in fair value included in earnings for the period relating to assets held at June 30, 2016	(18,182)	2,598
White Eagle | Revolving Credit Facility
White Eagle Revolving Credit Facility:
Balance, January 1, 2016	169,131	145,831
Draws under the Revolving Credit Facility	25,587	25,912
Payments on Revolving Credit Facility	(7,952)	(18,577)
Unrealized change in fair value	(14,405)	17,692
Transfers into level 3	0	0
Transfer out of level 3	0	0
Balance, June 30, 2016	172,361	170,858
Changes in fair value included in earnings for period relating to liabilities held at June 30, 2016	(14,405)	$ 17,692
Red Falcon Trust | Revolving Credit Facility
White Eagle Revolving Credit Facility:
Balance, January 1, 2016	55,658
Draws under the Revolving Credit Facility	8,603
Payments on Revolving Credit Facility	(8,014)
Unrealized change in fair value	(1,165)
Transfers into level 3	0
Transfer out of level 3	0
Balance, June 30, 2016	55,082
Changes in fair value included in earnings for period relating to liabilities held at June 30, 2016	$ (1,165)

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Jul. 29, 2013USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Apr. 18, 2013contract
Commitments and Contingencies [Line Items]
Lease expiration date				Sep. 30, 2020
Annual base rent				$ 231,900
Percentage of annual increase of base rent				3.00%
Rent expense under operating lease		$ 104,000	$ 103,000
Operating leases, remainder of year ended		118,000		$ 118,000
Indemnification expenses		$ 251,000	$ 822,000	$ 429,000	$ 1,500,000
Non-prosecution agreement terms				3 years
Pending Litigation
Commitments and Contingencies [Line Items]
Number of policies | contract						28
Pending Litigation | Minimum
Commitments and Contingencies [Line Items]
Compensatory damages sought in addition to an award of punitive damages	$ 30,000,000
Chief Executive Officer
Commitments and Contingencies [Line Items]
Employment agreement, base salary multiplier				300.00%
Employment agreement, average of preceding years cash bonus				3 years

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	Sep. 01, 2015	Apr. 30, 2014	Jun. 30, 2015	Jun. 30, 2016	Dec. 31, 2015		Dec. 31, 2014	Mar. 14, 2016
Stockholders Equity [Line Items]
Common stock issued for rights offering, net of costs			6,688,433
Shares Issued, price per share (usd per share)			$ 5.75
Warrants issued (shares)		2,000,000
Estimated fair value of warrants				$ 5,400,000
Common stock warrants term				5 years
Exercise price of warrants (usd per share)				$ 10.75
Options outstanding (shares)				763,594	774,394
Share and note repurchase program, authorized amount	$ 10,000,000
Stock repurchase program, term of plan	2 years
Cost of shares acquired				$ 2,534,000	$ 2,534,000	[1]
Average cost per share (usd per share)					$ 4.17
Remaining authorized amount				$ 7,500,000
Restricted Stock
Stockholders Equity [Line Items]
Stock granted (shares)				265,212
Forfeited (shares)				0
Shares remaining outstanding (shares)				265,212	41,259
Performance Shares
Stockholders Equity [Line Items]
Stock granted (shares)				0
Forfeited (shares)				319,500
Shares remaining outstanding (shares)				0	319,500
Minimum
Stockholders Equity [Line Items]
Average daily trading closing price (usd per share)				$ 8.50
Average daily trading closing price, period				45 days
Common Stock | Maximum
Stockholders Equity [Line Items]
Sale of stock, aggregate offering price								$ 50,000,000
Stock issuance costs, commission rate								3.00%
Treasury Stock
Stockholders Equity [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (shares)					608,000
Omnibus Plan
Stockholders Equity [Line Items]
Securities remaining for future issuance				1,754,323
Omnibus Plan | Restricted Stock
Stockholders Equity [Line Items]
Number of common stock reserved for issuance				116,871
Stock granted (shares)					265,212
Omnibus Plan | Performance Shares
Stockholders Equity [Line Items]
Stock granted (shares)							323,500
Stock granted, subject to shareholders' approval of an amendment and restatement							150,000
Forfeited (shares)					4,000
Omnibus Plan | Minimum | Performance Shares
Stockholders Equity [Line Items]
Actual shares to be issued							0.00%
Omnibus Plan | Maximum | Performance Shares
Stockholders Equity [Line Items]
Actual shares to be issued							150.00%
Senior Secured Notes
Stockholders Equity [Line Items]
Minimum cash and cash equivalents to repurchase common stock				$ 20,000,000
[1]	Derived from audited consolidated financial statements.

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Annual effective tax rate	0.00%	41.20%

Subsequent Events (Details)

Subsequent Events (Details) - Red Falcon - First Amendment to Revolving Loan and Security Agreement - Securities Pledged as Collateral - Revolving Credit Facility - Subsequent Event	Jul. 15, 2016USD ($)policy
Subsequent Event [Line Items]
Number of additional policies	6
Number of policies amended	20
Increase in borrowing capacity | $	$ 3,000,000