GWG (GWGHQ) 10-K 15 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Mar. 15, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	GWG Holdings, Inc.
Entity Central Index Key	1,522,690
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float	$ 0
Entity Common Stock, Shares Outstanding		5,779,745

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2016	Dec. 31, 2015
A S S E T S
Cash and cash equivalents	$ 78,486,982	$ 34,425,105
Restricted cash	37,826,596	2,341,900
Investment in life insurance policies, at fair value	511,192,354	356,649,715
Secured MCA advances	5,703,147
Life insurance policy benefits receivable	5,345,000
Other assets	4,688,103	2,461,045
TOTAL ASSETS	643,242,182	395,877,765
LIABILITIES
Senior credit facilities	156,064,818	63,279,596
Series I Secured Notes	16,404,836	23,287,704
L Bonds	381,312,587	276,482,796
Accounts payable	2,226,712	1,517,440
Interest payable	16,160,599	12,340,061
Other accrued expenses	1,676,761	1,060,786
Deferred taxes, net	2,097,371	1,763,968
TOTAL LIABILITIES	575,943,684	379,732,351
STOCKHOLDERS' EQUITY
CONVERTIBLE PREFERRED STOCK - Series A (par value $0.001; shares authorized 40,000,000; shares outstanding 2,640,521 and 2,781,735; liquidation preference of $19,804,000 and $20,863,000 as of December 31, 2016 and 2015, respectively)	19,701,133	20,784,841
REDEEMABLE PREFERRED STOCK - RPS (par value $0.001; shares authorized 100,000; shares outstanding 59,183 as of December 31, 2016)	59,025,164
COMMON STOCK (par value $0.001: shares authorized 210,000,000; shares issued and outstanding 5,980,190 and 5,941,790 as of December 31, 2016 and 2015, respectively)	5,980	5,942
Additional paid-in capital	7,383,515	14,563,834
Accumulated deficit	(18,817,294)	(19,209,203)
TOTAL STOCKHOLDERS' EQUITY	67,298,498	16,145,414
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	$ 643,242,182	$ 395,877,765

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Convertible preferred stock Series A, par value	$ 0.001	$ 0.001
Convertible preferred stock Series A, shares authorized	40,000,000	40,000,000
Convertible preferred stock Series A, shares outstanding	2,640,521	2,781,735
Convertible preferred stock Series A, liquidation preference	$ 19,804,000	$ 20,863,000
Redeemable preferred stock, par value	$ 0.001
Redeemable preferred stock, shares authorized	100,000
Redeemable preferred stock, shares outstanding	59,183
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	210,000,000	210,000,000
Common stock, shares issued	5,980,190	5,941,790
Common stock, shares outstanding	5,980,190	5,941,790

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
REVENUE
Gain on life insurance policies, net	$ 67,801,565	$ 39,381,003
MCA income	929,303
Interest and other income	746,466	251,249
TOTAL REVENUE	69,477,334	39,632,252
EXPENSES
Interest expense	42,343,374	29,518,718
Employee compensation and benefits	11,784,296	8,010,020
Legal and professional fees	3,947,376	3,152,783
Other expenses	10,676,976	7,784,350
TOTAL EXPENSES	68,752,022	48,465,871
INCOME (LOSS) BEFORE INCOME TAXES	725,312	(8,833,619)
Income tax expense (benefit)	(333,403)	3,509,587
NET INCOME (LOSS)	391,909	(5,324,032)
Preferred stock dividends	(3,537,287)	(2,069,242)
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (3,145,378)	$ (7,393,274)
NET LOSS PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS
Basic	$ (0.53)	$ (1.25)
Diluted	$ (0.53)	$ (1.25)
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic	5,967,274	5,906,761
Diluted	5,967,274	5,906,761

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders' Equity - USD ($)	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning balance at Dec. 31, 2014	$ 22,389,936	$ 20,527,866	$ 5,870	$ 15,741,371	$ (13,885,171)
Begining balance, shares at Dec. 31, 2014		2,738,966	5,870,193
Net loss	(5,324,032)				(5,324,032)
Issuance of common stock	582,000		$ 60	$ 581,940
Issuance of common stock, shares			60,000
Series A Preferred Stock conversion to common stock		$ (115,973)	$ 12	$ 115,961
Series A Preferred Stock conversion to common stock, shares		(15,463)	11,597
Issuance of preferred stock	372,948	$ 372,948
Issuance of preferred stock, shares		58,232
Preferred stock dividends	(2,069,242)			$ (2,069,242)	$ (3,537,288)
Issuance of stock options
Stock-based compensation	193,804			193,804
Ending balance at Dec. 31, 2015	16,145,414	$ 20,784,841	$ 5,942	14,563,834	(19,209,203)
Ending balance, shares at Dec. 31, 2015		2,781,735	5,941,790
Net loss	391,909				391,909
Issuance of common stock	244,185		$ 36	244,149
Issuance of common stock, shares			36,450
Preferred stock dividends	(3,537,288)			(3,537,288)
Redemption of Series A Preferred Stock	(1,768,951)	$ (1,788,451)	$ 2	19,498
Redemption of Series A Preferred Stock, shares		(239,749)	1,950
Issuance of Series A Preferred Stock	704,743	$ 704,743
Issuance of Series A Preferred Stock, shares		98,535
Issuance Redeemable Preferred Stock	54,891,639	$ 59,025,164		(4,133,525)
Issuance Redeemable Preferred Stock, shares		59,183
Issuance of stock options	226,847			226,847
Stock-based compensation
Ending balance at Dec. 31, 2016	$ 67,298,498	$ 78,726,297	$ 5,980	$ 7,383,515	$ (18,817,294)
Ending balance, shares at Dec. 31, 2016		2,699,704	5,980,190

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ 391,909	$ (5,324,032)
Adjustments to reconcile net loss to net cash flows used in operating activities:
Gain on life insurance policies	(48,988,406)	(39,371,059)
Amortization of deferred financing and issuance costs	8,445,252	3,712,056
Deferred income taxes	333,402	(3,509,587)
Preferred stock issued in lieu of cash dividends	689,742	683,133
Preferred stock dividends payable	302,972	6,800
(Increase) decrease in operating assets:
Due from related parties	1,169	(1,256)
Life insurance policy benefits receivable	(5,345,000)	1,750,000
Other assets	(23,022,962)	(304,526)
Increase in operating liabilities:
Accounts payable	709,272	313,864
Interest payable	4,868,196	2,213,529
Other accrued expenses	(4,399,443)	2,183,393
NET CASH FLOWS USED IN OPERATING ACTIVITIES	(66,013,897)	(37,647,685)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in life insurance policies	(94,952,879)	(38,906,934)
Carrying value of matured life insurance policies	10,992,624	4,511,289
Investment in Secured MCA advances	(8,727,924)
Proceeds from Secured MCA advances	2,553,466
NET CASH FLOWS USED IN INVESTING ACTIVITIES	(90,134,713)	(34,395,645)
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings on (repayments of) Senior Credit Facilities	97,713,952	(7,150,000)
Payments for redemption of Series I Secured Notes	(7,469,462)	(4,891,681)
Proceeds from issuance of L Bonds	153,874,402	131,159,348
Payments for issuance and redemption of L Bonds	(10,149,316)	(7,499,601)
Payments for redemption of L Bonds	(45,754,691)	(35,984,061)
Proceeds from (increase in) restricted cash	(35,484,697)	1,954,153
Issuance of common stock	244,185	582,000
Proceeds from issuance of preferred stock	57,112,501
Payments for issuance costs of preferred stock	(4,140,866)
Payments for redemption of preferred stock	(2,198,233)	(295,185)
Payments of preferred stock dividends	(3,537,288)	(2,069,242)
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	200,210,487	75,805,731
NET INCREASE IN CASH AND CASH EQUIVALENTS	44,061,877	3,762,401
CASH AND CASH EQUIVALENTS
BEGINNING OF YEAR	34,425,105	30,662,704
END OF YEAR	78,486,982	34,425,105
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest paid	34,607,000	22,648,000
Premiums paid	40,240,000	26,650,000
Stock-based compensation	227,000	194,000
NON-CASH INVESTING AND FINANCING ACTIVITIES
Options issued to purchase common stock	638,000	353,000
Series I Secured Notes:
Conversion of accrued interest and commission payable to principal	234,000	203,000
L Bonds:
Conversion of accrued interest and commission payable to principal	1,988,000	806,000
Series A Preferred Stock:
Conversion to common stock	39,000	116,000
Issuance of preferred stock in lieu of cash dividends	690,000	683,000
Investment in life insurance policies included in accounts payable	$ 605,000	$ 1,079,000

Nature of Business and Summary

Nature of Business and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Nature of Business and Summary of Significant Accounting Policies [Abstract]
Nature of Business and Summary of Significant Accounting Policies	( 1 ) Nature of Business and Summary of Significant Accounting Policies Nature of Business GWG Holdings, Inc. and all of its subsidiaries are incorporated and organized in Delaware. Unless the context otherwise requires or we specifically so indicate, all references in these footnotes to “we,” “us,” “our,” “our Company,” “GWG,” or the “Company” refer to GWG Holdings, Inc. and its subsidiaries collectively and on a consolidated basis. References to the full names of particular entities, such as “GWG Holdings, Inc.” or “GWG Holdings,” are meant to refer only to the particular entity referenced. On September 30, 2015, GWG Holdings formed a wholly owned subsidiary, Wirth Park Agency, LLC. Wirth Park Agency was formed to convert term life insurance policies into universal, or permanent life insurance. Wirth Park Agency produces commission revenue through this activity. On December 7, 2015, GWG Holdings formed a wholly owned subsidiary, GWG MCA, LLC. On January 13, 2016, GWG MCA, LLC was converted to a corporation and became GWG MCA Capital, Inc. GWG MCA Capital, Inc. was formed to engage in the merchant cash advance business. On August 25, 2016, GWG Holdings formed a wholly owned subsidiary, Actüa Life & Annuity Ltd. to engage in various life insurance related businesses and activities. Use of Estimates Cash and Cash Equivalents Life Insurance Policies We also recognize realized gain (revenue) from a life insurance policy upon one of the two following events: (1) our receipt of notice or verified mortality of the insured; or (2) our sale of the policy, filing of change-of-ownership forms and receipt of payment. In the case of mortality, the gain (or loss) we recognize is the difference between the policy benefits and the carrying values of the policy once we determine that collection of the policy benefits is realizable and reasonably assured. In the case of a policy sale, the gain (or loss) we recognize is the difference between the sale price and the carrying value of the policy on the date of our receipt of sale proceeds. In a case where our acquisition of a policy is not complete as of a reporting date, but we have nonetheless advanced direct costs and deposits for the acquisition, those costs and deposits are recorded as “other assets” on our balance sheet until the acquisition is complete and we have secured title to the policy. On December 31, 2016 and 2015, a total of $42,000 and $31,000, respectively, of our “other assets” comprised direct costs and deposits that we advanced for policy acquisitions. Other Assets – Actüa Life & Annuity Ltd. (“Actüa”) is a new wholly-owned subsidiary of GWG Holdings engaged in various life insurance businesses and activities. In August 2016, Actüa entered into an exclusive option agreement with the Regents of the University of California to explore the use of predictive mortality forecasting using an epigenetic mortality predictor invented by Dr. Steve Horvath. The cost of entering into this exclusive option agreement is listed as “other assets.” Stock-Based Compensation The expected terms of the options are based on evaluations of historical and expected future employee exercise behavior. The risk-free interest rate is based on the U.S. Treasury rates at the date of grant with maturity dates approximately equal to the expected life at grant date. Volatility is based on historical and expected future volatility of our stock. To date, we have not paid any dividends on our common stock. Forfeitures for both option and restricted stock grants are estimated at the time of the grant and revised in subsequent periods if actual forfeitures differ from estimates. Deferred Financing and Issuance Costs Earnings (loss) per Share – Basic earnings (loss) per share attributable to common shareholders are calculated using the weighted-average number of shares outstanding during the reported period. Diluted earnings (loss) per share are calculated based on the potential dilutive impact of our outstanding Series A, RPS, warrants and stock options. Due to our net loss for years ended December 31, 2016 and 2015, there are no dilutive securities. Recently Adopted Pronouncements On April 7, 2015, the FASB issued Accounting Standards Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs On February 25, 2016, the FASB issued ASU 2016-02 Leases

Restrictions on Cash

Restrictions on Cash	12 Months Ended
	Dec. 31, 2016
Restrictions on Cash [Abstract]
Restrictions on Cash	( 2 ) Restrictions on Cash Under the terms of our senior credit facilities (discussed in Notes 5 and 6), we are required to maintain collection and escrow accounts that are used to fund the acquisition of policies, pay annual policy premiums, pay interest and other charges under the facility, and collect policy benefits. The agent for the lender authorizes the disbursements from these accounts. At December 31, 2016 and December 31, 2015, there was a balance of $37,827,000, and $2,342,000, respectively, in these restricted cash accounts.

Investment in Life Insurance Po

Investment in Life Insurance Policies	12 Months Ended
	Dec. 31, 2016
Investment in Life Insurance Policies [Abstract]
Investment in Life Insurance Policies	( 3 ) Investment in Life Insurance Policies Life insurance policies are valued based on unobservable inputs that are significant to their overall fair value. Changes in the fair value of these policies are recorded as gain or loss on life insurance policies, net of cash premiums paid on those policies, in our consolidated statements of operations. Fair value is determined on a discounted cash flow basis that incorporates life expectancy assumptions generally derived from reports obtained from widely accepted life expectancy providers, assumptions relating to cost-of-insurance (premium) rates and other assumptions. The discount rate we apply incorporates current information about discount rate applied by other reporting companies owning portfolios of life insurance policies, the discount rates observed in the life insurance secondary market, market interest rates, the credit exposure to the insurance companies that issued the life insurance policies and management’s estimate of the risk premium a purchaser would require to receive the future cash flows derived from our portfolio as a whole. As a result of management’s analysis, discount rates of 10.96% and 11.09% were applied to our portfolio as of December 31, 2016 and December 31, 2015, respectively. A summary of our policies, organized according to their estimated life expectancy dates as of the dates indicated, is as follows: As of December 31, 2016 As of December 31, 2015 Years Ending December 31, Number of Policies Estimated Fair Value Face Value Number of Policies Estimated Fair Value Face Value 2016 - $ - $ - 5 $ 7,503,000 $ 8,500,000 2017 11 14,837,000 16,939,000 12 12,875,000 17,418,000 2018 23 30,830,000 42,564,000 27 37,109,000 58,428,000 2019 55 57,556,000 88,858,000 51 54,242,000 100,967,000 2020 93 85,414,000 159,814,000 59 64,750,000 137,868,000 2021 86 73,825,000 158,744,000 48 45,724,000 116,805,000 2022 66 56,909,000 147,222,000 44 38,394,000 116,998,000 Thereafter 356 191,821,000 747,534,000 150 96,053,000 387,860,000 Totals 690 $ 511,192,000 1,361,675,000 396 $ 356,650,000 $ 944,844,000 We recognized life insurance benefits of $48,452,000 and $31,232,000 during 2016 and 2015, respectively, related to policies with a carrying value of $10,993,000 and $4,511,000, respectively, and as a result recorded realized gains of $37,459,000 and $26,721,000. Reconciliation of gain on life insurance policies: Years Ended 2016 2015 Change in fair value $ 70,582,000 $ 39,371,000 Premiums and other annual fees (40,240,000 ) (26,711,000 ) Policy maturities 37,460,000 26,721,000 Gain on life insurance policies, net $ 67,802,000 $ 39,381,000 We currently estimate that premium payments and servicing fees required to maintain our current portfolio of life insurance policies in force for the next five years, assuming no mortalities, are as follows: Years Ending December 31, Premiums Servicing Premiums and Servicing Fees 2017 $ 44,787,000 $ 534,000 $ 45,321,000 2018 50,165,000 534,000 50,699,000 2019 55,685,000 534,000 56,219,000 2020 60,561,000 534,000 61,095,000 2021 67,824,000 534,000 68,358,000 $ 279,022,000 $ 2,670,000 $ 281,692,000 Management anticipates funding the premium payments estimated above with proceeds from our senior credit facilities, proceeds from additional debt and equity financing, and proceeds from maturities of life insurance policies. The proceeds of these capital sources may also be used for the purchase, financing, and maintenance of additional life insurance policies.

Fair Value Definition and Hiera

Fair Value Definition and Hierarchy	12 Months Ended
	Dec. 31, 2016
Fair Value Definition and Hierarchy [Abstract]
Fair Value Definition and Hierarchy	( 4 ) Fair Value Definition and Hierarchy ASC 820 establishes a hierarchical disclosure framework that prioritizes and ranks the level of market price observability used in measuring assets and liabilities at fair value. Market price observability is affected by a number of factors, including the type of investment, the characteristics specific to the investment and the state of the marketplace, including the existence and transparency of transactions between market participants. Assets and liabilities with readily available and actively quoted prices, or for which fair value can be measured from actively quoted prices in an orderly market, generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. ASC 820 maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the use of observable inputs whenever available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect assumptions about how market participants price an asset or liability developed based on the best available information. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. The hierarchy is broken down into three levels based on the observability of inputs as follows: ● Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access. Since valuations are based 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 - Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. ● Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The availability of observable inputs can vary by types of assets and liabilities and is affected by a wide variety of factors, including, for example, whether an instrument is established in the marketplace, the liquidity of markets and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for assets and liabilities categorized in Level 3. Level 3 Valuation Process The estimated fair value of our portfolio of life insurance policies is determined on a quarterly basis by our portfolio management committee, taking into consideration changes in discount rate assumptions, estimated premium payments and life expectancy estimate assumptions, as well as any changes in economic and other relevant conditions. The discount rate incorporates current information about discount rate applied by other reporting companies owning portfolios of life insurance policies, the discount rates observed in the life insurance secondary market, market interest rates, the credit exposure to the insurance company that issued the life insurance policy and management’s estimate of the risk premium a purchaser would require to receive the future cash flows derived from our portfolio as a whole. These inputs are then used to estimate the discounted cash flows from the portfolio using the Model Actuarial Pricing System probabilistic portfolio price model, which estimates the cash flows using various mortality probabilities and scenarios. The valuation process includes a review by senior management as of each valuation date. We also engage a third-party expert to independently test the accuracy of the valuations using the inputs we provide on a quarterly basis. See Exhibit 99.1 filed herewith. The following table reconciles the beginning and ending fair value of our Level 3 investments in our portfolio of life insurance policies for the periods ended December 31, as follows: Years Ended 2016 2015 Beginning balance $ 356,650,000 $ 282,883,000 Purchases 94,953,000 38,907,000 Maturities (initial cost basis) (10,993,000 ) (4,511,000 ) Net change in fair value 70,582,000 39,371,000 Ending balance $ 511,192,000 $ 356,650,000 In the past, we periodically updated the independent life expectancy estimates on the insured lives in our portfolio, other than insured lives covered under small face amount policies (i.e., $1 million in face value benefits or less), on a continuous rotating three-year cycle, and through that effort attempted to update life expectancies for approximately one-twelfth of our portfolio each quarter. Nevertheless, the terms of our senior credit facility with LNV Corporation currently requires us to attempt to update life expectancies on a rotating two-year cycle. The following table summarizes the inputs utilized in estimating the fair value of our portfolio of life insurance policies: As of December 31, 2016 As of December 31, 2015 Weighted-average age of insured, years 81.6 82.6 Weighted-average life expectancy, months 83.2 79.3 Average face amount per policy $ 1,973,000 $ 2,386,000 Discount rate 10.96 % 11.09 % These assumptions are, by their nature, inherently uncertain and the effect of changes in estimates may be significant. For example, if the life expectancy estimates were increased or decreased by four and eight months on each outstanding policy, and the discount rates were increased or decreased by 1% and 2%, while all other variables were held constant, the fair value of our investment in life insurance policies would increase or (decrease) as summarized below: Change in Fair Value of the Investment in Life Insurance Policies Change in life expectancy estimates minus minus plus plus December 31, 2016 $ 69,253,000 $ 34,601,000 $ (33,846,000 ) $ (67,028,000 ) December 31, 2015 $ 48,339,000 $ 24,076,000 $ (23,501,000 ) $ (46,482,000 ) Change in discount rate minus 2% minus 1% plus 1% plus 2% December 31, 2016 $ 53,764,000 $ 25,728,000 $ (23,668,000 ) $ (45,491,000 ) December 31, 2015 $ 35,024,000 $ 16,786,000 $ (15,485,000 ) $ (29,803,000 ) Other Fair Value Considerations The carrying value of receivables, prepaid expenses, accounts payable and accrued expenses approximate fair value due to their short-term maturities and low credit risk. Using the income-based valuation approach, the estimated fair value of our Series I Secured Notes and L Bonds, having a combined aggregate face value of $403,681,000 as of December 31, 2016, is approximately $414,419,000 based on a weighted-average market interest rate of 6.45%. The carrying value of the senior credit facilities reflects interest charged at the commercial paper rate or 12-month LIBOR, as applicable, plus an applicable margin. The margin represents our credit risk, and the strength of the portfolio of life insurance policies collateralizing the debt. The overall rate reflects market, and the carrying value of the facility approximates fair value. GWG MCA participates in the merchant cash advance industry by directly advancing sums to merchants and lending money, on a secured basis, to companies that advance sums to merchants. Each quarter, we review the carrying value of these advances and loans, and determine if an impairment reserve is necessary. At December 31, 2016 one of our secured loans was potentially impaired. The secured loan to Nulook Capital LLC had an outstanding balance of $2,527,000 and a loan loss reserve of $600,000 at December 31, 2016. We deem fair value to be the estimated collectible value on each loan or advance made from GWG MCA. Where we estimate the collectible amount to be less than the outstanding balance, we record a reserve for the difference. The following table summarizes outstanding warrants as of December 31, 2016: Month issued Warrants issued Fair value per share Risk free Volatility Term March 2012 38,130 $ 0.52 0.38 % 36.20 % 5 years June 2012 161,840 $ 1.16 0.41 % 47.36 % 5 years July 2012 144,547 $ 1.16 0.41 % 47.36 % 5 years September 2012 2,500 $ 0.72 0.31 % 40.49 % 5 years September 2014 16,000 $ 1.26 1.85 % 17.03 % 5 years 363,017

Credit Facility - Autobahn Fund

Credit Facility - Autobahn Funding Company LLC	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Credit Facility - Autobahn Funding Company LLC	( 5 ) Credit Facility – Autobahn Funding Company LLC Through DLP III, we are party to a $105 million senior credit facility with Autobahn Funding Company LLC (“Autobahn”), with a maturity date of June 30, 2018. The facility is governed by a Credit and Security Agreement (the “Agreement”), and DZ Bank AG Deutsche Zentral-Genossenschaftsbank (“DZ Bank”) acts as the agent for Autobahn under the Agreement. On September 14, 2016, we paid off the senior credit facility in full with funds received from a new senior credit facility with LNV Corporation as described in Note 6. Advances under the facility bear interest at a commercial paper rate of the lender at the time of the advance, or at the lender’s cost of borrowing plus 4.25%. We make interest payments on a monthly basis. The effective rate of interest was 5.42% at September 14, 2016 and 5.58% at December 31, 2015. The amount outstanding under this facility was $0 and $65,011,000 at December 31, 2016 and December 31, 2015, respectively. GWG Holdings is a performance guarantor of the various obligations of GWG Life, as servicer, under the Agreement. Obligations under the facility are secured by our pledge of ownership in our life insurance policies to DZ Bank through an arrangement under which Wells Fargo serves as a securities intermediary. The Agreement has certain financial (as described below) and nonfinancial covenants, and we were in compliance with these covenants at both December 31, 2016 and 2015. We have agreed to maintain (i) a positive consolidated net income on a non-GAAP basis (as defined and calculated under the Agreement) for each complete fiscal year, (ii) a tangible net worth on a non-GAAP basis (again, as defined and calculated under the Agreement) of not less than $45 million, and (iii) maintain cash and eligible investments of $15 million or above. Consolidated non-GAAP net income and non-GAAP tangible net worth as of and for the four quarters ended December 31, 2016, as calculated under the Agreement, was $38,642,000 and $182,514,000, respectively. Total funds available for additional borrowings under the facility at December 31, 2016 and 2015, were $0 and $39,989,000, respectively.

Credit Facility - CSG Investmen

Credit Facility - CSG Investments, Inc.	12 Months Ended
	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Credit Facility - CSG Investments, Inc.	( 6 ) Credit Facility – CSG Investments, Inc. On September 14, 2016, we entered into a senior credit facility with LNV Corporation as lender through our subsidiary GWG DLP Funding IV, LLC (“DLP IV”). The facility is governed by a Loan and Security Agreement (the “Loan Agreement”), with CLMG Corp. acting as administrative agent on behalf of the lenders under the Loan Agreement. The Loan Agreement makes available a total of up to $172,300,000 in credit with a maturity date of September 14, 2026. Additional quarterly advances are available under the Loan Agreement at the LIBOR rate as defined by the lender. Interest will accrue on amounts borrowed under the agreement at an annual interest rate, determined as of each date of borrowing or quarterly if there is no borrowing, equal to (A) the greater of 12-month LIBOR or the federal funds rate (as defined in the agreement) plus one-half of one percent per annum, plus (B) 5.75% per annum. Interest payments are made on a quarterly basis. The amount outstanding under this facility was $162,725,000 at December 31, 2016. Obligations under the facility are secured by a security interest in DLP IV’s assets, for the benefit of the lenders under the Loan Agreement, through an arrangement under which Wells Fargo serves as security intermediary. The life insurance policies owned by DLP IV do not serve as direct collateral for the obligations of GWG Holdings under its L Bonds or Series I Secured Notes. The difference between the outstanding balance as of December 31, 2016 and the carrying amount relates to unamortized debt issuance costs. The Loan Agreement requires DLP IV to maintain a reserve account in an amount sufficient to pay 12 months of servicing, administrative and third party expenses identified under the Loan Agreement, and 12 months of debt service as calculated under the Loan Agreement. As of December 31, 2016, the amount set aside in the reserve account was $27,500,000. The Agreement has certain financial and nonfinancial covenants, and we were in compliance with these covenants at December 31, 2016. Total funds available for additional borrowings under the facility at December 31, 2016 was $0.

Series I Secured Notes

Series I Secured Notes	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Series I Secured Notes	( 7 ) Series I Secured Notes Series I Secured Notes (“Series I”) are legal obligations of GWG Life and were privately offered and sold from August 2009 through June 2011. The Series I are secured by the assets of GWG Life and are subordinate to obligations under our senior credit facilities (see Notes 5 and 6). We are party to a Third Amended and Restated Note Issuance and Security Agreement dated November 1, 2011, as amended, under which GWG Life is obligor, GWG Holdings is guarantor, and Lord Securities Corporation serves as trustee of the GWG Life Trust (“Trust”). This agreement contains certain financial and non-financial covenants, and we were in compliance with these covenants at both December 31, 2016 and 2015. The Series I were sold with original maturity dates ranging from six months to seven years, and with fixed interest rates varying from 5.65% to 9.55% depending on the term of the note. The Series I have renewal features under which we may elect to permit their renewal, subject to the right of bondholders to elect to receive payment at maturity. Effective September 1, 2016, we no longer renew the Series I. Interest on the Series I is payable monthly, quarterly, annually or at maturity depending on the election of the investor. At December 31, 2016 and 2015, the weighted-average interest rate of our Series I was 8.68% and 8.47%, respectively. The principal amount of Series I outstanding was $16,614,000 and $23,578,000 at December 31, 2016 and 2015, respectively. The difference between the amount outstanding on the Series I and the carrying amount on our balance sheet is due to netting of unamortized deferred issuance costs. Overall, interest expense includes amortization of deferred financing and issuance costs of $332,000 and $362,000 in 2016 and 2015, respectively. Future expected amortization of deferred financing costs is $209,000 in total over the next five years. Future contractual maturities of Series I payable and future amortization of their deferred financing costs at December 31, 2016 are as follows: Years Ending December 31, Contractual Maturities Amortization of Deferred Financing Costs 2017 $ 10,523,000 $ 41,000 2018 2,401,000 41,000 2019 1,024,000 20,000 2020 1,725,000 52,000 2021 941,000 55,000 $ 16,614,000 $ 209,000

L Bonds

L Bonds	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
L Bonds	( 8 ) L Bonds Our L Bonds are legal obligations of GWG Holdings. Obligations under the L Bonds are secured by the assets of GWG Holdings and by GWG Life, as a guarantor, and are subordinate to the obligations under our senior credit facilities (see Notes 5 and 6). We began publicly offering and selling L Bonds in January 2012 under the name “Renewable Secured Debentures.” These debt securities were re-named “L Bonds” in January 2015. L Bonds are publicly offered and sold on a continuous basis under a registration statement permitting us to sell up to $1.0 billion in principal amount of L Bonds. We are party to an indenture governing the L Bonds dated October 19, 2011, as amended (“Indenture”), under which GWG Holdings is obligor, GWG Life is guarantor, and Bank of Utah serves as indenture trustee. The Indenture contains certain financial and non-financial covenants, and we were in compliance with these covenants at December 31, 2016 and 2015. Effective September 1, 2016, we ceased selling 6-month and 1-year L Bonds until further notice. In addition, effective September 1, 2016, the L Bond interest rates changed to 5.50%, 6.25%, 7.50% and 8.50% for the 2-, 3-, 5- and 7-year L Bonds, respectively. The bonds have renewal features under which we may elect to permit their renewal, subject to the right of bondholders to elect to receive payment at maturity. Interest is payable monthly or annually depending on the election of the investor. At December 31, 2016 and 2015, the weighted-average interest rate of our L Bonds was 7.23% and 7.16%, respectively. The principal amount of L Bonds outstanding was $387,067,000 and $282,171,000 at December 31, 2016 and 2015, respectively. The difference between the amount of outstanding L Bonds and the carrying amount on our balance sheets is due to netting of unamortized deferred issuance costs and cash receipts for new issuances in process. Amortization of deferred issuance costs was $7,099,000 and $5,285,000 in 2016 and 2015, respectively. Future expected amortization of deferred financing costs as of December 31, 2016 is $11,636,000 in total over the next eight years. Future contractual maturities of L Bonds, and future amortization of their deferred financing costs, at December 31, 2016 are as follows: Years Ending December 31, Contractual Maturities Amortization of Deferred Financing Costs 2017 $ 106,955,000 $ 1,178,000 2018 109,407,000 3,000,000 2019 90,463,000 3,450,000 2020 20,679,000 809,000 2021 28,923,000 1,512,000 Thereafter 30,640,000 1,687,000 $ 387,067,000 $ 11,636,000

Series A Convertible Preferred

Series A Convertible Preferred Stock	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Series Convertible Preferred Stock	( 9 ) Series A Convertible Preferred Stock From July 2011 until September 2012, we privately offered shares of Series A of GWG Holdings at $7.50 per share. In the offering, we sold an aggregate of 3,278,000 shares for gross consideration of $24,582,000. Holders of Series A are entitled to cumulative dividends at the rate of 10% per annum, paid quarterly. Dividends on the Series A are accumulating and are recorded as a reduction to additional paid-in capital. Under certain circumstances described in the Certificate of Designation for the Series A, additional Series A shares may be issued in lieu of cash dividends at the rate of $7.00 per share. Holders of Series A are entitled to a liquidation preference equal to the stated value of their preferred shares (i.e., $7.50 per share) plus accrued but unpaid dividends. Holders of Series A may presently convert each share of their Series A into 0.75 shares of our common stock at a price of $10.00 per share. As of December 31, 2016, we issued an aggregate of 473,000 shares of Series A in satisfaction of $3,310,000 in dividends on the Series A, and an aggregate of 696,000 shares of Series A were converted into 522,000 shares of our common stock. As of December 31, 2016, we had 2,640,000 Series A shares outstanding with respect to which we incurred aggregate issuance costs of $2,838,000, all of which is included as a component of additional paid-in capital. Purchasers of Series A in our offering received warrants to purchase an aggregate of 431,954 shares of our common stock at an exercise price of $12.50 per share. The grant date fair value of these warrants was $428,000. As of December 31, 2016, none of these warrants were exercised, 69,000 warrants have expired. The weighted-average remaining life of these warrants was 0.56 and 1.43 years at December 31, 2016 and 2015, respectively. In September 2014, we completed, at our discretion, a public offering of our common stock and, as a result, the Series A was reclassified from temporary equity to permanent equity. We may redeem Series A shares at a price equal to 110% of their liquidation preference ($7.50 per share) at any time. As of December 31, 2016, we have redeemed an aggregate of 277,000 shares of Series A.

Redeemable Preferred Stock

Redeemable Preferred Stock	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Redeemable Preferred Stock	( 10 ) Redeemable Preferred Stock Beginning November 30, 2015, we began publicly offering up to 100,000 shares of Redeemable Preferred Stock (“RPS”) at $1,000 per share. Holders of RPS are entitled to cumulative dividends at the rate of 7% per annum, paid monthly. Dividends on the RPS are recorded as a reduction to additional paid-in capital. Under certain circumstances described in the Certificate of Designation for the RPS, additional shares of RPS may be issued in lieu of cash dividends. The RPS ranks senior to our common stock and pari passu with our Series A, and entitles its holders to a liquidation preference equal to the stated value per share (i.e., $1,000) plus accrued but unpaid dividends. Holders of RPS may presently convert their RPS into our common stock at a conversion price equal to the volume-weighted average price of our common stock for the 20 trading days immediately prior to the date of conversion, subject to a minimum conversion price of $15.00 and in an aggregate amount limited to 15% of the stated value of RPS originally purchased by such holder from us and still held by such holder. Holders of RPS may request that we redeem their RPS at a price equal to their stated value plus accrued but unpaid dividends, less an applicable redemption fee, if any. Nevertheless, the Certificate of Designation for RPS permits us complete discretion to grant redemption requests. Subject to certain restrictions and conditions, we may also redeem shares of RPS without a redemption fee upon a holder’s death, total disability or bankruptcy. In addition, after one year from the date of original issuance, we may, at our option, call and redeem shares of RPS at a price equal to their liquidation preference. As of December 31, 2016, we had sold 59,183 shares of RPS for aggregate gross consideration of $59,025,000, and incurred approximately $4,134,000 of selling costs related to the sale of those shares. At the time of its issuance, we determined that the RPS contained two embedded features: (1) optional redemption by the holder at our discretion and (2) optional conversion by the holder. We determined that each of the embedded features met the definition of a derivative and that the RPS should be considered an equity host for the purposes of assessing the embedded derivatives for potential bifurcation. Based on our assessment under ASC 470 “Debt” we do not believe bifurcation of either the holder’s redemption or conversion feature is appropriate.

Series 2 Redeemable Preferred S

Series 2 Redeemable Preferred Stock	12 Months Ended
	Dec. 31, 2016
Series 2 Redeemable Preferred Stock [Abstract]
Series 2 Redeemable Preferred Stock	( 11 ) Series 2 Redeemable Preferred Stock On February 14, 2017, our public offering up to 150,000 shares of Series 2 Redeemable Preferred Stock (“RPS 2”) at $1,000 per share was declared effective. Holders of RPS 2 are entitled to cumulative dividends at the rate of 7% per annum, paid monthly. Dividends on the RPS 2, when payable, will be recorded as a reduction to additional paid-in capital. Under certain circumstances described in the Certificate of Designation for the RPS 2, additional shares of RPS 2 may be issued in lieu of cash dividends. The RPS 2 ranks senior to our common stock and pari passu with our Series A and RPS, and entitles its holders to a liquidation preference equal to the stated value per share (i.e., $1,000) plus accrued but unpaid dividends. Holders of RPS 2 may, less an applicable conversion discount, if any, convert their RPS 2 into our common stock at a conversion price equal to the volume-weighted average price of our common stock for the 20 trading days immediately prior to the date of conversion, subject to a minimum conversion price of $12.75 and in an aggregate amount limited to 10% of the stated value of RPS 2 originally purchased from us. Holders of RPS 2 may request that we redeem their RPS 2 at a price equal to their liquidation preference at a price equal to their stated value plus accrued but unpaid dividends, less an applicable redemption fee, if any. Nevertheless, the Certificate of Designation for RPS 2 permits us complete discretion to decline requests for redemption. Subject to certain restrictions and conditions, we may also redeem shares of RPS 2 without a redemption fee upon a holder’s death, total disability or bankruptcy. In addition, we may, at our option, call and redeem shares of RPS 2 at a price equal to their liquidation preference (subject to a minimum redemption price, in the event of redemptions occurring less than one year after issuance, of 107% of the stated value of the shares being redeemed). We have not sold any shares of RPS 2.

GWG MCA Capital, Inc - 9% Prefe

GWG MCA Capital, Inc - 9% Preferred Stock	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
GWG MCA Capital, Inc - 9% Preferred Stock	( 12 ) GWG MCA Capital, Inc - 9% Preferred Stock Beginning March 31, 2016, GWG MCA began privately offering up to 2,000,000 shares of GWG MCA 9% Preferred Stock (“MCA Preferred”) at $10.00 per share. Holders of MCA Preferred are entitled to cumulative dividends at a rate of 9% per annum, paid monthly. Dividends on the MCA Preferred are included as interest expense in the statements of operations. As of December 31, 2016, a total of 7,155 shares of MCA Preferred had been sold for aggregate gross consideration of $72,000 and approximately $7,000 of selling costs related to the sale of these shares were incurred. Holders of MCA Preferred were redeemed as of December 31, 2016 at the stated value of their shares plus accrued but unpaid dividends.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Taxes [Abstract]
Income Taxes	( 13 ) Income Taxes We had a current income tax liability of $0 as of both December 31, 2016 and 2015. The components of deferred income tax expense (benefit) for 2016 and 2015, respectfully, consisted of the following: Income tax provision: 2016 2015 Deferred: Federal $ 252,000 $ (2,660,000 ) State 81,000 (850,000 ) Total income tax expense (benefit) $ 333,000 $ (3,510,000 ) We provided a valuation allowance against the deferred tax asset related to a note receivable, which was charged-off for financial reporting purposes, because we believe that, when realized for tax purposes, it will result in a capital loss that will not be utilized because we have no expectation of generating a capital gain within the applicable carryforward period. Therefore, we do not believe that it is “more likely than not” that the deferred tax asset will be realized. We also provided a valuation allowance against the deferred tax asset related to a tax basis capital loss generated with respect to our settlement and subsequent disposal of an earlier investment. As we have no expectation of generating capital gains with the applicable carryforward period, we do not believe that it is “more likely than not” that the deferred asset will be realized. The primary differences between the December 31, 2016 effective tax rate and the statutory federal rate are state taxes, and other non-deductible expenses. The most significant temporary differences between GAAP net income and taxable net income are the treatment of interest costs with respect to the acquisition of the life insurance policies and revenue recognition with respect to the mark-to-market of our life insurance portfolio. The following table provides a reconciliation of our income tax expense (benefit) at the statutory federal tax rate to our actual income tax expense (benefit): 2016 2015 Statutory federal income tax $ 247,000 34.0 % $ (3,004,000 ) 34.0 % State income taxes, net of federal benefit 56,000 7.8 % (561,000 ) 6.3 % Other permanent differences 30,000 4.2 % 55,000 (0.6 )% Total income tax expense $ 333,000 46.0 % $ (3,510,000 ) 39.7 % The tax effects of temporary differences that give rise to deferred income taxes were as follows: 2016 2015 Deferred tax assets : Note receivable from related party $ 2,023,000 $ 2,023,000 Net operating loss carryforwards 10,781,000 7,049,000 Other assets 1,130,000 375,000 Subtotal 13,934,000 9,447,000 Valuation allowance (2,164,000 ) (2,164,000 ) Deferred tax assets 11,770,000 7,283,000 Deferred tax liabilities: Investment in life insurance policies (13,867,000 ) (9,046,000 ) Other - (1,000 ) Net deferred tax liability $ (2,097,000 ) $ (1,764,000 ) At December 31, 2016 and 2015, we had federal net operating loss (“NOL”) carryforwards of $26,642,000 and $17,451,000, respectively, and aggregate state NOL carryforwards of approximately $26,616,000 and $17,423,000, respectively. The NOL carryforwards will begin to expire in 2031. Future utilization of NOL carryforwards is subject to limitations under Section 382 of the Internal Revenue Code. This section generally relates to a more than 50 percent change in ownership over a three-year period. We currently do not believe that any issuance of common stock has resulted in an ownership change under Section 382. We provide for a valuation allowance when it is not considered “more likely than not” that our deferred tax assets will be realized. At both December 31, 2016 and 2015 based upon all available evidence, we provided a valuation allowance of $2,164,000, against deferred tax assets related to the likelihood of recovering the tax benefit of a capital loss on a note receivable from a related entity and other capital losses. Management believes all other deferred tax assets are recoverable. ASC 740 requires the reporting of certain tax positions that do not meet a threshold of “more-likely-than-not” to be recorded as uncertain tax benefits. It management's responsibility to determine whether it is “more-likely-than-not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation, based upon the technical merits of the position. Management has reviewed all income tax positions taken or expected to be taken for all open years and determined that the income tax positions are appropriately stated and supported. We do not anticipate that the total unrecognized tax benefits will significantly change prior to December 31, 2016. Under our accounting policies, interest and penalties on unrecognized tax benefits, as well as interest received from favorable tax settlements are recognized as components of income tax expense. At December 31, 2016 and 2015, we recorded no accrued interest or penalties related to uncertain tax positions. Our income tax returns for tax years ended December 31, 2013, 2014, 2015 and 2016, when filed, remain open to examination by the Internal Revenue Service and various state taxing jurisdictions. Our tax return for tax year 2012 has now been examined by the IRS (finalized April of 2015) but is open for examination by various state taxing jurisdictions.

Common Stock

Common Stock	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Common Stock	( 14 ) Common Stock In September 2014, we consummated an initial public offering of our common stock resulting in the sale of 800,000 shares of common stock at $12.50 per share, and net proceeds of approximately $8.6 million after the payment of underwriting commissions, discounts and expense reimbursements. In connection with this offering, we listed our common stock on the Nasdaq Capital Market under the ticker symbol “GWGH.” On June 24, 2015 we issued 60,000 restricted common shares at $9.70 per share, determined by the closing market price on the date of grant, to a vendor as payment for services to be rendered over three years. The cost of these shares is amortized over a 12-month period. On March 17, 2016, we issued an additional 6,500 restricted common shares at an average price of $7.16 per share, determined by the closing market price on the date of grant, to this same vendor for additional services provided to us. On April 25, 2016, we issued 25,000 restricted shares of common stock at $6.25 per share, determined by the closing market price on the date of grant, to a vendor as a form of payment for services the vendor is providing to us, which is expensed in the current period.

Stock Incentive Plan

Stock Incentive Plan	12 Months Ended
	Dec. 31, 2016
Stock Incentive Plan [Abstract]
Stock Incentive Plan	( 15 ) Stock Incentive Plan We adopted our 2013 Stock Incentive Plan in March 2013. The Compensation Committee of our Board of Directors is responsible for the administration the plan. Incentives under the plan may be granted incentive stock options and non-statutory stock options; stock appreciation rights; stock awards; restricted stock; restricted stock units; and performance shares. Eligible participants include officers and employees of GWG Holdings and its subsidiaries, members of our Board of Directors, and consultants. 2,000,000 common shares are presently issuable under the plan. In September 2014, we entered into a stock option agreement with a new management employee granting the employee the right to purchase up to 318,000 of our common stock at an exercise price of $12.50. The grant of such rights to purchase our common stock was treated as an inducement grant and was issued outside the GWG Holdings Inc. 2013 Stock Incentive Plan. Through December 31, 2016, we had issued stock options for 2,048,000 shares of common stock to employees, officers, and directors under the plan. Options for 738,000 shares have vested, and the remaining options are scheduled to vest over three years. The options were issued with an exercise price between $6.35 and $10.18 for those beneficially owning more than 10% of our common stock, and between $6.00 and $10.25 for all others, which is equal to the estimated market price of the shares on the date of grant. The expected annualized volatility used in the Black-Scholes model valuation of options issued during the period was 25.9%. The annual volatility rate is based on the standard deviation of the average continuously compounded rate of return of five selected comparable companies over the previous 52 weeks. A forfeiture rate of 15% is based on historical information and expected future trend. As of December 31, 2016, stock options for 437,000 shares were forfeited and stock options for 28,000 shares were exercised. Outstanding stock options: Vested Un-vested Total Balance as of December 31, 2014 314,288 685,813 1,000,101 Granted during the year 79,500 273,700 353,200 Vested during the year 238,999 (238,999 ) - Exercised during the year (27,667 ) - (27,667 ) Forfeited during the year (121,417 ) (150,602 ) (272,019 ) Balance as of December 31, 2015 483,703 569,912 1,053,615 Granted during the year 22,500 608,350 630,850 Vested during the year 251,788 (251,788 ) - Forfeited during the year (19,926 ) (82,140 ) (102,066 ) Balance as of December 31, 2016 738,065 844,334 1,582,399 Compensation expense related to un-vested options not yet recognized is $525,000. We expect to recognize this compensation expense over the next three years ($265,000 in 2017, $157,000 in 2018, and $103,000 in 2019). Stock Appreciation Rights (SARs) - On September 19, 2016 we issued SARs for 145,388 shares of the common stock to employees. The strike price of the SARs was $8.76, which was equal to the market price of the common stock at the close of business on September 19, 2016. 56,358 of the SARs were vested as of December 31, 2016, on which date the market price of the common stock was $8.82. A forfeiture rate of 15% was used in calculating our liability for the SARs. Outstanding Stock Appreciation Rights: Vested Un-vested Total Balance as of December 31, 2015 - - - Granted during the year 106,608 133,127 239,735 Forfeited during the year - - - Balance as of December 31, 2016 106,608 133,127 239,735 A liability for Stock Appreciation Rights - Compensation Expense was recorded on December 31, 2016 in the amount of $4,266 and Compensation Expense was charged for the same amount.

Net Loss per Common Share

Net Loss per Common Share	12 Months Ended
	Dec. 31, 2016
Net Loss per Common Share [Abstract]
Net Loss per Common Share	( 16 ) Net Loss per Common Share We have outstanding Series A and RPS, as described in Notes 9 and 10. The Series A and RPS are anti-dilutive to our net loss attributable to common shareholders calculation for the years ended December 31, 2016 and December 31, 2015. We also issued warrants to purchase common stock in conjunction with the sale of Series A (see Note 9). Both those warrants and our vested stock options are anti-dilutive at December 31, 2016 and 2015 and have not been included in the fully diluted net loss per common share calculation.

Commitments

Commitments	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies [Abstract]
Commitments	( 17 ) Commitments We are party to an office lease with U.S. Bank National Association as the landlord. On September 1, 2015, we entered into an amendment to our original lease that expanded the leased space to 17,687 square feet and extended the term through 2026. Under the amended lease we are obligated to pay base rent plus common area maintenance and a share of building operating costs. Rent expenses under this agreement were $415,000 and $283,000 during 2016 and 2015, respectively. Minimum lease payments under the amended lease are as follows: 2017 178,000 2018 185,000 2019 191,000 2020 198,000 2021 204,000 2022 210,000 2023 217,000 2024 223,000 2025 230,000 $ 1,836,000

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies [Abstract]
Contingencies	( 18 ) Contingencies Litigation – In the normal course of business, we are involved in various legal proceedings. In the opinion of management, any liability resulting from such proceedings would not have a material adverse effect on our financial position, results of operations or cash flows.

Guarantee of L Bonds

Guarantee of L Bonds	12 Months Ended
	Dec. 31, 2016
Guarantee of L Bonds [Abstract]
Guarantee of L Bonds	( 19 ) Guarantee of L Bonds We are publicly offering and selling L Bonds under a registration statement declared effective by the SEC, as described in Note 8. Our obligations under the L Bonds are secured by substantially all the assets of GWG Holdings, a pledge of all our common stock held individually by our largest stockholders, and by a guarantee and corresponding grant of a security interest in substantially all the assets of GWG Life. As a guarantor, GWG Life has fully and unconditionally guaranteed the payment of principal and interest on the L Bonds. Substantially all of our life insurance policies are held by DLP III, DLP IV and the Trust. The policies held by DLP III and DLP IV are not collateral for the L Bond obligations as such policies serve as direct collateral for the senior credit facilities. The consolidating financial statements are presented in lieu of separate financial statements and other related disclosures of the subsidiary guarantor and issuer because management does not believe that separate financial statements and related disclosures would be material to investors. There are currently no significant restrictions on the ability of GWG Holdings or GWG Life, the guarantor subsidiary, to obtain funds from its subsidiaries by dividend or loan, except as described in these notes. A majority of insurance policies we own are subject to a collateral arrangement with LNV described in Note 6. Under this arrangement, collection and escrow accounts are used to fund premiums for the insurance policies and to pay interest and other charges under the senior credit facility. The following represents consolidating financial information as of December 31, 2016 and December 31, 2015, with respect to the financial position, and as of December 31, 2016 and 2015, with respect to results of operations and cash flows of GWG Holdings and its subsidiaries. The parent column presents the financial information of GWG Holdings, the primary obligor for the L Bonds. The guarantor subsidiary column presents the financial information of GWG Life, the guarantor subsidiary of the L Bonds, presenting its investment in DLP III, DLP IV and the Trust under the equity method. The non-guarantor subsidiaries column presents the financial information of all non-guarantor subsidiaries, including DLP III, DLP IV and the Trust. Consolidating Balance Sheets December 31, 2016 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated A S S E T S Cash and cash equivalents $ 28,481,047 $ 49,360,952 $ 644,983 $ - $ 78,486,982 Restricted cash - 2,117,649 35,708,947 - 37,826,596 Investment in life insurance policies, at fair value - 41,277,896 469,914,458 - 511,192,354 Secured MCA advances - - 5,703,147 - 5,703,147 Life insurance policy benefits receivable - - 5,345,000 - 5,345,000 Other assets 3,854,233 2,056,822 810,640 (2,033,592 ) 4,688,103 Investment in subsidiaries 429,971,148 352,337,037 - (782,308,185 ) - TOTAL ASSETS $ 462,306,428 $ 447,150,356 $ 518,127,175 $ (784,341,777 ) $ 643,242,182 L I A B I L I T I E S & S T O C K H O L D E R S' E Q U I T Y LIABILITIES Senior credit facilities $ - $ - $ 156,064,818 $ - $ 156,064,818 Series I Secured Notes - 16,404,836 - - 16,404,836 L Bonds 381,312,587 - - - 381,312,587 Accounts payable 853,470 731,697 641,545 - 2,226,712 Interest payable 9,882,133 3,743,277 2,535,189 - 16,160,599 Other accrued expenses 862,369 544,032 2,303,952 (2,033,592 ) 1,676,761 Deferred taxes, net 2,097,371 - - - 2,097,371 TOTAL LIABILITIES 395,007,930 21,423,842 161,545,504 (2,033,592 ) 575,943,684 STOCKHOLDERS’ EQUITY (DEFICIT) Member capital - 425,726,514 356,581,671 (782,308,185 ) - Convertible preferred stock 19,701,133 - - - 19,701,133 Redeemable preferred stock 59,025,164 - - - 59,025,164 Common stock 5,980 - - - 5,980 Additional paid-in capital 7,383,515 - - - 7,383,515 Accumulated deficit (18,817,294 ) - - - (18,817,294 ) TOTAL STOCKHOLDERS’ EQUITY 67,298,498 425,726,514 356,581,671 (782,308,185 ) 67,298,498 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 462,306,428 $ 447,150,356 $ 518,127,175 $ (784,341,777 ) $ 643,242,182 December 31, 2015 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated A S S E T S Cash and cash equivalents $ 32,292,162 $ 1,982,722 $ 150,221 $ - $ 34,425,105 Restricted cash - 2,102,257 239,643 - 2,341,900 Investment in life insurance policies, at fair value - - 356,649,715 - 356,649,715 Other assets 1,742,074 688,071 30,900 - 2,461,045 Investment in subsidiaries 269,886,254 291,295,951 - (561,182,205 ) - TOTAL ASSETS $ 303,920,490 $ 296,069,001 $ 357,070,479 $ (561,182,205 ) $ 395,877,765 L I A B I L I T I E S & S T O C K H O L D E R S' E Q U I T Y LIABILITIES Senior credit facilities $ - $ (1,000,000 ) $ 64,279,596 $ - $ 63,279,596 Series I Secured Notes - 23,287,704 - - 23,287,704 L Bonds 276,482,796 - - - 276,482,796 Accounts payable 280,988 157,217 1,079,235 - 1,517,440 Interest payable 8,529,959 3,544,626 265,476 - 12,340,061 Other accrued expenses 717,365 343,421 - - 1,060,786 Deferred taxes, net 1,763,968 - - - 1,763,968 TOTAL LIABILITIES 287,775,076 26,332,968 65,624,307 - 379,732,351 STOCKHOLDERS’ EQUITY (DEFICIT) Member capital - 269,736,033 291,446,172 (561,182,205 ) - Convertible preferred stock 20,784,841 - - - 20,784,841 Common stock 5,942 - - - 5,942 Additional paid-in capital 14,563,834 - - - 17,149,391 Accumulated deficit (19,209,203 ) - - - (19,209,203 ) TOTAL STOCKHOLDERS’ EQUITY 16,145,414 269,736,033 291,446,172 (561,182,205 ) 16,145,414 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 303,920,490 $ 296,069,001 $ 357,070,479 $ (561,182,205 ) $ 395,877,765 Consolidated Statements of Operations For the year ended December 31, 2016 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated REVENUE Policy servicing fees $ - $ 13,417 $ - $ (13,417 ) $ - Gain on life insurance policies, net - 379,405 67,422,160 - 67,801,565 MCA income - - 929,303 - 929,303 Interest and other income 260,087 59,340 639,414 (212,375 ) 746,466 TOTAL REVENUE 260,087 452,162 68,990,877 (225,792 ) 69,477,334 EXPENSES Origination and servicing fees - - 13,417 (13,417 ) - Interest expense 32,149,577 2,311,819 8,094,353 (212,375 ) 42,343,374 Employee compensation and benefits 6,874,368 4,358,406 551,522 - 11,784,296 Legal and professional fees 2,107,053 1,628,408 211,915 - 3,947,376 Other expenses 5,822,621 2,871,318 1,983,037 - 10,676,976 TOTAL EXPENSES 46,953,619 11,169,951 10,854,244 (225,792 ) 68,752,022 INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES (46,693,532 ) (10,717,789 ) 58,136,633 - 725,312 EQUITY IN INCOME OF SUBSIDIARIES 47,418,844 58,822,543 - (106,241,387 ) - NET INCOME BEFORE INCOME TAXES 725,312 48,104,754 58,136,633 (106,241,387 ) 725,312 INCOME TAX EXPENSE 333,403 - - - 333,403 NET INCOME 391,909 48,104,754 58,136,633 (106,241,387 ) 391,909 Preferred stock dividends (3,537,287 ) - - - (3,537,287 ) NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (3,145,378 ) $ - $ - $ - $ (3,145,378 ) For the year ended December 31, 2015 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated REVENUE Policy servicing fees $ - $ 2,217,471 $ - $ (2,217,471 ) $ - Gain on life insurance policies, net - - 39,381,003 - 39,381,003 Interest and other income 45,613 62,125 143,511 251,249 TOTAL REVENUE 45,613 2,279,596 39,524,514 (2,217,471 ) 39,632,252 EXPENSES Origination and servicing fees - - 2,217,471 (2,217,471 ) - Interest expense 22,416,821 2,703,124 4,398,743 - 29,518,718 Employee compensation and benefits 6,007,347 2,002,673 - - 8,010,020 Legal and professional fees 2,115,580 1,037,203 - - 3,152,783 Other expenses 4,295,085 3,347,294 141,971 - 7,784,350 TOTAL EXPENSES 34,834,863 9,090,294 6,758,185 (2,217,471 ) 48,465,871 INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES (34,789,250 ) (6,810,698 ) 32,766,329 - (8,833,619 ) EQUITY IN INCOME OF SUBSIDIARIES 25,955,631 32,766,108 - (58,721,739 ) - NET INCOME (LOSS) BEFORE INCOME TAXES (8,833,619 ) 25,955,410 32,766,329 (58,721,739 ) (8,833,619 ) INCOME TAX BENEFIT (3,509,587 ) - - - (3,509,587 ) NET INCOME (LOSS) (5,324,032 ) 25,955,410 32,766,329 (58,721,739 ) (5,324,032 ) Preferred stock dividends (2,069,242 ) - - - (2,069,242 ) NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (7,393,274 ) $ - $ - $ - $ (7,393,274 ) Consolidated Statements of Cash Flows For the year ended December 31, 2016 Parent Guarantor Non-Guarantor Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ 391,909 $ 48,104,754 $ 58,136,633 $ (106,241,387 ) $ 391,909 Adjustments to reconcile net income to net cash flows from operating activities: (Equity) of subsidiaries (47,418,845 ) (58,822,542 ) - 106,241,387 - Gain on life insurance policies, gross - - (48,988,406 ) - (48,988,406 ) Amortization of deferred financing and issuance costs 7,720,065 (1,307,640 ) 2,032,827 - 8,445,252 Deferred income taxes 333,402 - - - 333,402 Preferred stock issued in lieu of cash dividends 689,742 - - - 689,742 Preferred stock dividends payable 302,972 - - - 302,972 (Increase) decrease in operating assets: Life insurance policy benefits receivable - - (5,345,000 ) - (5,345,000 ) Due from related parties - 1,169 - - 1,169 Other assets (112,725,117 ) (44,866,357 ) 19,683,919 114,884,593 (23,022,962 ) Increase (decrease) in operating liabilities: Due to related party (2,033,592 ) - 2,033,592 - - Accounts payable 572,483 574,481 (437,692 ) - 709,272 Interest payable 2,191,113 420,259 2,256,824 - 4,868,196 Other accrued expenses 706,718 2,873,233 (7,979,395 ) - (4,399,444 ) NET CASH FLOWS USED IN OPERATING ACTIVITIES (149,269,149 ) (53,022,643 ) 21,393,302 114,884,593 (66,013,897 ) CASH FLOWS FROM INVESTING ACTIVITIES Investment in life insurance policies - - (94,952,879 ) - (94,952,879 ) Carrying value of matured life insurance policies - - 10,992,624 - 10,992,624 Investment in Secured MCA advances - - (8,727,924 ) - (8,727,924 ) Proceeds from Secured MCA advances - - 2,553,466 - 2,553,466 NET CASH FLOWS USED IN INVESTING ACTIVITIES - - (90,134,713 ) - (90,134,713 ) CASH FLOWS FROM FINANCING ACTIVITIES Net borrowings on senior credit facilities - - 97,713,952 - 97,713,952 Payments for redemption of Series I Secured Notes - (7,469,462 ) - - (7,469,462 ) Proceeds from issuance of L Bonds 153,874,402 - - - 153,874,402 Payment of deferred issuance costs for L Bonds (10,149,316 ) - - - (10,149,316 ) Payments for redemption of L Bonds (45,754,691 ) - - - (45,754,691 ) Issuance of common stock 244,185 - - - 244,185 Proceeds (payments) from restricted cash - (15,392 ) (35,469,305 ) - (35,484,697 ) Proceeds from issuance of preferred stock 57,040,946 - 71,555 - 57,112,501 Payments for issuance costs of preferred stock (4,133,526 ) - (7,340 ) - (4,140,866 ) Payments for redemption of preferred stock (2,126,678 ) - (71,555 ) - (2,198,233 ) Payments of preferred stock dividends (3,537,288 ) - - - (3,537,288 ) Issuance of member capital - 107,885,727 6,998,866 (114,884,593 ) - NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 145,458,034 100,400,873 69,236,173 (114,884,593 ) 200,210,487 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (3,811,115 ) 47,378,230 494,762 - 44,061,877 CASH AND CASH EQUIVALENTS BEGINNING OF THE PERIOD 32,292,162 1,982,722 150,221 - 34,425,105 END OF THE PERIOD $ 28,481,047 $ 49,360,952 $ 644,983 $ - $ 78,486,982 For the year ended December 31, 2015 Parent Guarantor Non-Guarantor Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (5,324,032 ) $ 25,955,410 $ 32,766,329 $ (58,721,739 ) $ (5,324,032 ) Adjustments to reconcile net income to net cash flows from operating activities: (Equity) of subsidiaries (25,955,632 ) (32,766,107 ) - 58,721,739 - Gain on life insurance policies, gross - - (39,371,059 ) - (39,371,059 ) Amortization of deferred financing and issuance costs 4,081,051 362,457 (731,452 ) - 3,712,056 Deferred income taxes (3,509,587 ) - - - (3,509,587 ) Preferred stock issued in lieu of cash dividends 683,133 - - - 683,133 Preferred stock dividends payable 6,800 - - - 6,800 (Increase) decrease in operating assets: Due from related parties - (1,256 ) - - (1,256 ) Life insurance policy benefits receivable - - 1,750,000 - 1,750,000 Other assets (58,689,451 ) (43,314,345 ) - 101,699,270 (304,526 ) Increase (decrease) in operating liabilities: Accounts payable (129,909 ) (85,463 ) 529,236 - 313,864 Interest payable 2,730,921 233,786 (751,178 ) - 2,213,529 Other accrued expenses 2,059,136 149,242 (24,985 ) - 2,183,393 NET CASH FLOWS USED IN OPERATING ACTIVITIES (84,047,570 ) (49,466,276 ) (5,833,109 ) 101,699,270 (37,647,685 ) CASH FLOWS FROM INVESTING ACTIVITIES Investment in life insurance policies - - (38,906,934 ) - (38,906,934 ) Proceeds from settlement of life insurance policies - - 4,511,289 - 4,511,289 NET CASH FLOWS USED IN INVESTING ACTIVITIES - - (34,395,645 ) - (34,395,645 ) CASH FLOWS FROM FINANCING ACTIVITIES Net repayment of senior credit facilities - - (7,150,000 ) - (7,150,000 ) Payments for redemption of Series I Secured Notes - (4,891,681 ) - - (4,891,681 ) Proceeds from issuance of L Bonds 131,159,348 - - - 131,159,348 Payment of deferred issuance costs for L Bonds (7,499,601 ) - - - (7,499,601 ) Payments for redemption of L Bonds (35,984,061 ) - - - (35,984,061 ) Proceeds (payments) from restricted cash - (2,019,757 ) 3,973,910 - 1,954,153 Issuance of common stock 582,000 - - - 582,000 Payments for redemption of preferred stock (295,185 ) - - - (295,185 ) Payments of preferred stock dividends (2,069,242 ) - - - (2,069,242 ) Issuance of member capital - 58,144,205 43,555,065 (101,699,270 ) - NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 85,893,259 51,232,767 40,378,975 (101,699,270 ) 75,805,731 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,845,689 1,766,491 150,221 - 3,762,401 CASH AND CASH EQUIVALENTS BEGINNING OF THE PERIOD 30,446,473 216,231 - - 30,662,704 END OF THE PERIOD $ 32,292,162 $ 1,982,722 $ 150,221 $ - $ 34,425,105

Concentration

Concentration	12 Months Ended
	Dec. 31, 2016
Concentration [Abstract]
Concentration	( 20 ) Concentration We purchase life insurance policies written by life insurance companies having investment-grade ratings by independent rating agencies. As a result, there may be certain concentrations of policies with life insurance companies. The following summarizes the face value of insurance policies with specific life insurance companies exceeding 10% of the total face value held by us. As of December 31, Life insurance company 2016 2015 John Hancock 14.36 % 12.73 % AXA Equitable 13.42 % 14.00 % Lincoln National 11.22 % * * percentage does not exceed 10% of the total face value. The following summarizes the number of insurance policies held in specific states exceeding 10% of the total face value held by us: As of December 31, State of residence 2016 2015 California 20.72 % 25.25 % Florida 19.42 % 19.95 %

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	( 21 ) Subsequent Events Subsequent to December 31, 2016, eight policies covering seven individuals have matured. The combined insurance benefits of these policies were $15,975,000. We recorded realized gains of $13,956,000 on these seven policies. Subsequent to December 31, 2016, we have issued approximately an additional $15,318,000 in principal amount of L Bonds. Subsequent to December 31, 2016 we have issued approximately $16,871,000 of RPS. On February 9, 2017, we declared a special cash dividend in the amount of $2.50 per share, payable on or about April 14, 2017, to the holders of RPS of record as of the close of business on April 5, 2017. On February 14, 2017, we began a public offering of up to 150,000 shares of RPS 2 at $1,000 per share. As of the date of this report, we have not sold any shares of RPS 2. Effective February 16, 2017, Paul Siegert, Director and Executive Chairman, voluntarily resigned from the Board of Directors. As part of his resignation, we agreed to repurchase Mr. Siegert’s 200,445 shares of GWG common stock for an aggregate of approximately $1.604 million. As a separation payment, Mr. Siegert will continue to receive his regular salary payments (annualized to approximately $201,000) through December 31, 2017 and he forfeited all options, both unvested and vested, to purchase shares of GWG common stock. Following his resignation, the Board of Directors appointed Mark Schwarzmann as a director of the Board and Jon Sabes was appointed Chairman of the Board.

Reclassification of Preferred S

Reclassification of Preferred Stock Dividends	12 Months Ended
	Dec. 31, 2016
Reclassification Of Preferred Stock Dividends [Abstract]
Reclassification of Preferred Stock Dividends	( 22 ) Reclassification of Preferred Stock Dividends For the quarter ended December 31, 2016, we identified an error relating to prior periods in the classification of preferred stock dividends on the consolidated statement of operations and balance sheet. Preferred stock dividends have been classified as interest expense since the third quarter of 2014, when our initial public offering became effective. As a result, dividend cost resulted in an increase of the accumulated deficit on the balance sheet. The preferred stock dividends should have been charged directly to additional paid-in capital and are separately reflected as preferred stock dividends on the consolidated statement of operations. The reclassification of preferred stock dividends did not result in any changes to total equity in any of the periods effected. Additionally, the reclassification did not result in any changes to net loss attributable to common shareholders or net loss per common share for the year ended December 31, 2015.

Nature of Business and Summar29

Nature of Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Nature of Business and Summary of Significant Accounting Policies [Abstract]
Use of Estimates	Use of Estimates
Cash and Cash Equivalents	Cash and Cash Equivalents
Life Insurance Policies	Life Insurance Policies We also recognize realized gain (revenue) from a life insurance policy upon one of the two following events: (1) our receipt of notice or verified mortality of the insured; or (2) our sale of the policy, filing of change-of-ownership forms and receipt of payment. In the case of mortality, the gain (or loss) we recognize is the difference between the policy benefits and the carrying values of the policy once we determine that collection of the policy benefits is realizable and reasonably assured. In the case of a policy sale, the gain (or loss) we recognize is the difference between the sale price and the carrying value of the policy on the date of our receipt of sale proceeds. In a case where our acquisition of a policy is not complete as of a reporting date, but we have nonetheless advanced direct costs and deposits for the acquisition, those costs and deposits are recorded as “other assets” on our balance sheet until the acquisition is complete and we have secured title to the policy. On December 31, 2016 and 2015, a total of $42,000 and $31,000, respectively, of our “other assets” comprised direct costs and deposits that we advanced for policy acquisitions.
Other Assets	Other Assets
Stock-Based Compensation	Stock-Based Compensation The expected terms of the options are based on evaluations of historical and expected future employee exercise behavior. The risk-free interest rate is based on the U.S. Treasury rates at the date of grant with maturity dates approximately equal to the expected life at grant date. Volatility is based on historical and expected future volatility of our stock. To date, we have not paid any dividends on our common stock. Forfeitures for both option and restricted stock grants are estimated at the time of the grant and revised in subsequent periods if actual forfeitures differ from estimates.
Deferred Financing and Issuance Costs	Deferred Financing and Issuance Costs
Earnings (loss) per Share	Earnings (loss) per Share – Basic earnings (loss) per share attributable to common shareholders are calculated using the weighted-average number of shares outstanding during the reported period. Diluted earnings (loss) per share are calculated based on the potential dilutive impact of our outstanding Series A, RPS, warrants and stock options. Due to our net loss for years ended December 31, 2016 and 2015, there are no dilutive securities.
Recently Adopted Pronouncements	Recently Adopted Pronouncements On April 7, 2015, the FASB issued Accounting Standards Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs On February 25, 2016, the FASB issued ASU 2016-02 Leases

Investment in Life Insurance 30

Investment in Life Insurance Policies (Tables)	12 Months Ended
	Dec. 31, 2016
Investment in Life Insurance Policies [Abstract]
Summary of estimated life expectancy dates report	As of December 31, 2016 As of December 31, 2015 Years Ending December 31, Number of Policies Estimated Fair Value Face Value Number of Policies Estimated Fair Value Face Value 2016 - $ - $ - 5 $ 7,503,000 $ 8,500,000 2017 11 14,837,000 16,939,000 12 12,875,000 17,418,000 2018 23 30,830,000 42,564,000 27 37,109,000 58,428,000 2019 55 57,556,000 88,858,000 51 54,242,000 100,967,000 2020 93 85,414,000 159,814,000 59 64,750,000 137,868,000 2021 86 73,825,000 158,744,000 48 45,724,000 116,805,000 2022 66 56,909,000 147,222,000 44 38,394,000 116,998,000 Thereafter 356 191,821,000 747,534,000 150 96,053,000 387,860,000 Totals 690 $ 511,192,000 1,361,675,000 396 $ 356,650,000 $ 944,844,000
Reconciliation of gain on life insurance policies	Years Ended 2016 2015 Change in fair value $ 70,582,000 $ 39,371,000 Premiums and other annual fees (40,240,000 ) (26,711,000 ) Policy maturities 37,460,000 26,721,000 Gain on life insurance policies, net $ 67,802,000 $ 39,381,000
Estimated expected premium payments to maintain the above life insurance policies assuming no mortalities	Years Ending December 31, Premiums Servicing Premiums and Servicing Fees 2017 $ 44,787,000 $ 534,000 $ 45,321,000 2018 50,165,000 534,000 50,699,000 2019 55,685,000 534,000 56,219,000 2020 60,561,000 534,000 61,095,000 2021 67,824,000 534,000 68,358,000 $ 279,022,000 $ 2,670,000 $ 281,692,000

Fair Value Definition and Hie31

Fair Value Definition and Hierarchy (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value Definition and Hierarchy [Abstract]
Reconciliation of investments in life insurance contracts	Years Ended 2016 2015 Beginning balance $ 356,650,000 $ 282,883,000 Purchases 94,953,000 38,907,000 Maturities (initial cost basis) (10,993,000 ) (4,511,000 ) Net change in fair value 70,582,000 39,371,000 Ending balance $ 511,192,000 $ 356,650,000
Summary of inputs utilized in estimating the fair value of life insurance contracts	As of December 31, 2016 As of December 31, 2015 Weighted-average age of insured, years 81.6 82.6 Weighted-average life expectancy, months 83.2 79.3 Average face amount per policy $ 1,973,000 $ 2,386,000 Discount rate 10.96 % 11.09 %
Summary of change in fair value of the investment in life insurance contracts	Change in life expectancy estimates minus minus plus plus December 31, 2016 $ 69,253,000 $ 34,601,000 $ (33,846,000 ) $ (67,028,000 ) December 31, 2015 $ 48,339,000 $ 24,076,000 $ (23,501,000 ) $ (46,482,000 ) Change in discount rate minus 2% minus 1% plus 1% plus 2% December 31, 2016 $ 53,764,000 $ 25,728,000 $ (23,668,000 ) $ (45,491,000 ) December 31, 2015 $ 35,024,000 $ 16,786,000 $ (15,485,000 ) $ (29,803,000 )
Summary of outstanding warrants	Month issued Warrants issued Fair value per share Risk free Volatility Term March 2012 38,130 $ 0.52 0.38 % 36.20 % 5 years June 2012 161,840 $ 1.16 0.41 % 47.36 % 5 years July 2012 144,547 $ 1.16 0.41 % 47.36 % 5 years September 2012 2,500 $ 0.72 0.31 % 40.49 % 5 years September 2014 16,000 $ 1.26 1.85 % 17.03 % 5 years 363,017

Series I Secured Notes (Tables)

Series I Secured Notes (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Future contractual maturities of series I secured notes payable and future amortization of their deferred financing costs	Years Ending December 31, Contractual Maturities Amortization of Deferred Financing Costs 2017 $ 10,523,000 $ 41,000 2018 2,401,000 41,000 2019 1,024,000 20,000 2020 1,725,000 52,000 2021 941,000 55,000 $ 16,614,000 $ 209,000

L Bonds (Tables)

L Bonds (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Schedule of future contractual maturities of L Bonds and future amortization of their deferred financing costs	Years Ending December 31, Contractual Maturities Amortization of Deferred Financing Costs 2017 $ 106,955,000 $ 1,178,000 2018 109,407,000 3,000,000 2019 90,463,000 3,450,000 2020 20,679,000 809,000 2021 28,923,000 1,512,000 Thereafter 30,640,000 1,687,000 $ 387,067,000 $ 11,636,000

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Taxes [Abstract]
Components of current and deferred income tax expense	Income tax provision: 2016 2015 Deferred: Federal $ 252,000 $ (2,660,000 ) State 81,000 (850,000 ) Total income tax expense (benefit) $ 333,000 $ (3,510,000 )
Schedule of reconciliation of income tax expense (benefit) at the statutory federal tax rate to actual income tax expense (benefit)	2016 2015 Statutory federal income tax $ 247,000 34.0 % $ (3,004,000 ) 34.0 % State income taxes, net of federal benefit 56,000 7.8 % (561,000 ) 6.3 % Other permanent differences 30,000 4.2 % 55,000 (0.6 )% Total income tax expense $ 333,000 46.0 % $ (3,510,000 ) 39.7
Summary of tax effects of temporary differences that give rise to deferred income taxes	2016 2015 Deferred tax assets : Note receivable from related party $ 2,023,000 $ 2,023,000 Net operating loss carryforwards 10,781,000 7,049,000 Other assets 1,130,000 375,000 Subtotal 13,934,000 9,447,000 Valuation allowance (2,164,000 ) (2,164,000 ) Deferred tax assets 11,770,000 7,283,000 Deferred tax liabilities: Investment in life insurance policies (13,867,000 ) (9,046,000 ) Other - (1,000 ) Net deferred tax liability $ (2,097,000 ) $ (1,764,000 )

Stock Incentive Plan (Tables)

Stock Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2016
Stock Incentive Plan [Abstract]
Schedule of outstanding stock options	Vested Un-vested Total Balance as of December 31, 2014 314,288 685,813 1,000,101 Granted during the year 79,500 273,700 353,200 Vested during the year 238,999 (238,999 ) - Exercised during the year (27,667 ) - (27,667 ) Forfeited during the year (121,417 ) (150,602 ) (272,019 ) Balance as of December 31, 2015 483,703 569,912 1,053,615 Granted during the year 22,500 608,350 630,850 Vested during the year 251,788 (251,788 ) - Forfeited during the year (19,926 ) (82,140 ) (102,066 ) Balance as of December 31, 2016 738,065 844,334 1,582,399
Schedule of outstanding stock appreciation rights	Vested Un-vested Total Balance as of December 31, 2015 - - - Granted during the year 106,608 133,127 239,735 Forfeited during the year - - - Balance as of December 31, 2016 106,608 133,127 239,735

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies [Abstract]
Schedule of minimum lease payments under the amendment lease	2017 178,000 2018 185,000 2019 191,000 2020 198,000 2021 204,000 2022 210,000 2023 217,000 2024 223,000 2025 230,000 $ 1,836,000

Guarantee of L Bonds (Tables)

Guarantee of L Bonds (Tables)	12 Months Ended
	Dec. 31, 2016
Guarantee of L Bonds [Abstract]
Schedule of consolidating balance sheets	December 31, 2016 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated A S S E T S Cash and cash equivalents $ 28,481,047 $ 49,360,952 $ 644,983 $ - $ 78,486,982 Restricted cash - 2,117,649 35,708,947 - 37,826,596 Investment in life insurance policies, at fair value - 41,277,896 469,914,458 - 511,192,354 Secured MCA advances - - 5,703,147 - 5,703,147 Life insurance policy benefits receivable - - 5,345,000 - 5,345,000 Other assets 3,854,233 2,056,822 810,640 (2,033,592 ) 4,688,103 Investment in subsidiaries 429,971,148 352,337,037 - (782,308,185 ) - TOTAL ASSETS $ 462,306,428 $ 447,150,356 $ 518,127,175 $ (784,341,777 ) $ 643,242,182 L I A B I L I T I E S & S T O C K H O L D E R S' E Q U I T Y LIABILITIES Senior credit facilities $ - $ - $ 156,064,818 $ - $ 156,064,818 Series I Secured Notes - 16,404,836 - - 16,404,836 L Bonds 381,312,587 - - - 381,312,587 Accounts payable 853,470 731,697 641,545 - 2,226,712 Interest payable 9,882,133 3,743,277 2,535,189 - 16,160,599 Other accrued expenses 862,369 544,032 2,303,952 (2,033,592 ) 1,676,761 Deferred taxes, net 2,097,371 - - - 2,097,371 TOTAL LIABILITIES 395,007,930 21,423,842 161,545,504 (2,033,592 ) 575,943,684 STOCKHOLDERS’ EQUITY (DEFICIT) Member capital - 425,726,514 356,581,671 (782,308,185 ) - Convertible preferred stock 19,701,133 - - - 19,701,133 Redeemable preferred stock 59,025,164 - - - 59,025,164 Common stock 5,980 - - - 5,980 Additional paid-in capital 7,383,515 - - - 7,383,515 Accumulated deficit (18,817,294 ) - - - (18,817,294 ) TOTAL STOCKHOLDERS’ EQUITY 67,298,498 425,726,514 356,581,671 (782,308,185 ) 67,298,498 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 462,306,428 $ 447,150,356 $ 518,127,175 $ (784,341,777 ) $ 643,242,182 December 31, 2015 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated A S S E T S Cash and cash equivalents $ 32,292,162 $ 1,982,722 $ 150,221 $ - $ 34,425,105 Restricted cash - 2,102,257 239,643 - 2,341,900 Investment in life insurance policies, at fair value - - 356,649,715 - 356,649,715 Other assets 1,742,074 688,071 30,900 - 2,461,045 Investment in subsidiaries 269,886,254 291,295,951 - (561,182,205 ) - TOTAL ASSETS $ 303,920,490 $ 296,069,001 $ 357,070,479 $ (561,182,205 ) $ 395,877,765 L I A B I L I T I E S & S T O C K H O L D E R S' E Q U I T Y LIABILITIES Senior credit facilities $ - $ (1,000,000 ) $ 64,279,596 $ - $ 63,279,596 Series I Secured Notes - 23,287,704 - - 23,287,704 L Bonds 276,482,796 - - - 276,482,796 Accounts payable 280,988 157,217 1,079,235 - 1,517,440 Interest payable 8,529,959 3,544,626 265,476 - 12,340,061 Other accrued expenses 717,365 343,421 - - 1,060,786 Deferred taxes, net 1,763,968 - - - 1,763,968 TOTAL LIABILITIES 287,775,076 26,332,968 65,624,307 - 379,732,351 STOCKHOLDERS’ EQUITY (DEFICIT) Member capital - 269,736,033 291,446,172 (561,182,205 ) - Convertible preferred stock 20,784,841 - - - 20,784,841 Common stock 5,942 - - - 5,942 Additional paid-in capital 14,563,834 - - - 17,149,391 Accumulated deficit (19,209,203 ) - - - (19,209,203 ) TOTAL STOCKHOLDERS’ EQUITY 16,145,414 269,736,033 291,446,172 (561,182,205 ) 16,145,414 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 303,920,490 $ 296,069,001 $ 357,070,479 $ (561,182,205 ) $ 395,877,765
Schedule of consolidated statements of operations	For the year ended December 31, 2016 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated REVENUE Policy servicing fees $ - $ 13,417 $ - $ (13,417 ) $ - Gain on life insurance policies, net - 379,405 67,422,160 - 67,801,565 MCA income - - 929,303 - 929,303 Interest and other income 260,087 59,340 639,414 (212,375 ) 746,466 TOTAL REVENUE 260,087 452,162 68,990,877 (225,792 ) 69,477,334 EXPENSES Origination and servicing fees - - 13,417 (13,417 ) - Interest expense 32,149,577 2,311,819 8,094,353 (212,375 ) 42,343,374 Employee compensation and benefits 6,874,368 4,358,406 551,522 - 11,784,296 Legal and professional fees 2,107,053 1,628,408 211,915 - 3,947,376 Other expenses 5,822,621 2,871,318 1,983,037 - 10,676,976 TOTAL EXPENSES 46,953,619 11,169,951 10,854,244 (225,792 ) 68,752,022 INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES (46,693,532 ) (10,717,789 ) 58,136,633 - 725,312 EQUITY IN INCOME OF SUBSIDIARIES 47,418,844 58,822,543 - (106,241,387 ) - NET INCOME BEFORE INCOME TAXES 725,312 48,104,754 58,136,633 (106,241,387 ) 725,312 INCOME TAX EXPENSE 333,403 - - - 333,403 NET INCOME 391,909 48,104,754 58,136,633 (106,241,387 ) 391,909 Preferred stock dividends (3,537,287 ) - - - (3,537,287 ) NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (3,145,378 ) $ - $ - $ - $ (3,145,378 ) For the year ended December 31, 2015 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated REVENUE Policy servicing fees $ - $ 2,217,471 $ - $ (2,217,471 ) $ - Gain on life insurance policies, net - - 39,381,003 - 39,381,003 Interest and other income 45,613 62,125 143,511 251,249 TOTAL REVENUE 45,613 2,279,596 39,524,514 (2,217,471 ) 39,632,252 EXPENSES Origination and servicing fees - - 2,217,471 (2,217,471 ) - Interest expense 22,416,821 2,703,124 4,398,743 - 29,518,718 Employee compensation and benefits 6,007,347 2,002,673 - - 8,010,020 Legal and professional fees 2,115,580 1,037,203 - - 3,152,783 Other expenses 4,295,085 3,347,294 141,971 - 7,784,350 TOTAL EXPENSES 34,834,863 9,090,294 6,758,185 (2,217,471 ) 48,465,871 INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES (34,789,250 ) (6,810,698 ) 32,766,329 - (8,833,619 ) EQUITY IN INCOME OF SUBSIDIARIES 25,955,631 32,766,108 - (58,721,739 ) - NET INCOME (LOSS) BEFORE INCOME TAXES (8,833,619 ) 25,955,410 32,766,329 (58,721,739 ) (8,833,619 ) INCOME TAX BENEFIT (3,509,587 ) - - - (3,509,587 ) NET INCOME (LOSS) (5,324,032 ) 25,955,410 32,766,329 (58,721,739 ) (5,324,032 ) Preferred stock dividends (2,069,242 ) - - - (2,069,242 ) NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (7,393,274 ) $ - $ - $ - $ (7,393,274 )
Schedule of consolidated statements of cash flows	For the year ended December 31, 2016 Parent Guarantor Non-Guarantor Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ 391,909 $ 48,104,754 $ 58,136,633 $ (106,241,387 ) $ 391,909 Adjustments to reconcile net income to net cash flows from operating activities: (Equity) of subsidiaries (47,418,845 ) (58,822,542 ) - 106,241,387 - Gain on life insurance policies, gross - - (48,988,406 ) - (48,988,406 ) Amortization of deferred financing and issuance costs 7,720,065 (1,307,640 ) 2,032,827 - 8,445,252 Deferred income taxes 333,402 - - - 333,402 Preferred stock issued in lieu of cash dividends 689,742 - - - 689,742 Preferred stock dividends payable 302,972 - - - 302,972 (Increase) decrease in operating assets: Life insurance policy benefits receivable - - (5,345,000 ) - (5,345,000 ) Due from related parties - 1,169 - - 1,169 Other assets (112,725,117 ) (44,866,357 ) 19,683,919 114,884,593 (23,022,962 ) Increase (decrease) in operating liabilities: Due to related party (2,033,592 ) - 2,033,592 - - Accounts payable 572,483 574,481 (437,692 ) - 709,272 Interest payable 2,191,113 420,259 2,256,824 - 4,868,196 Other accrued expenses 706,718 2,873,233 (7,979,395 ) - (4,399,444 ) NET CASH FLOWS USED IN OPERATING ACTIVITIES (149,269,149 ) (53,022,643 ) 21,393,302 114,884,593 (66,013,897 ) CASH FLOWS FROM INVESTING ACTIVITIES Investment in life insurance policies - - (94,952,879 ) - (94,952,879 ) Carrying value of matured life insurance policies - - 10,992,624 - 10,992,624 Investment in Secured MCA advances - - (8,727,924 ) - (8,727,924 ) Proceeds from Secured MCA advances - - 2,553,466 - 2,553,466 NET CASH FLOWS USED IN INVESTING ACTIVITIES - - (90,134,713 ) - (90,134,713 ) CASH FLOWS FROM FINANCING ACTIVITIES Net borrowings on senior credit facilities - - 97,713,952 - 97,713,952 Payments for redemption of Series I Secured Notes - (7,469,462 ) - - (7,469,462 ) Proceeds from issuance of L Bonds 153,874,402 - - - 153,874,402 Payment of deferred issuance costs for L Bonds (10,149,316 ) - - - (10,149,316 ) Payments for redemption of L Bonds (45,754,691 ) - - - (45,754,691 ) Issuance of common stock 244,185 - - - 244,185 Proceeds (payments) from restricted cash - (15,392 ) (35,469,305 ) - (35,484,697 ) Proceeds from issuance of preferred stock 57,040,946 - 71,555 - 57,112,501 Payments for issuance costs of preferred stock (4,133,526 ) - (7,340 ) - (4,140,866 ) Payments for redemption of preferred stock (2,126,678 ) - (71,555 ) - (2,198,233 ) Payments of preferred stock dividends (3,537,288 ) - - - (3,537,288 ) Issuance of member capital - 107,885,727 6,998,866 (114,884,593 ) - NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 145,458,034 100,400,873 69,236,173 (114,884,593 ) 200,210,487 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (3,811,115 ) 47,378,230 494,762 - 44,061,877 CASH AND CASH EQUIVALENTS BEGINNING OF THE PERIOD 32,292,162 1,982,722 150,221 - 34,425,105 END OF THE PERIOD $ 28,481,047 $ 49,360,952 $ 644,983 $ - $ 78,486,982 For the year ended December 31, 2015 Parent Guarantor Non-Guarantor Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (5,324,032 ) $ 25,955,410 $ 32,766,329 $ (58,721,739 ) $ (5,324,032 ) Adjustments to reconcile net income to net cash flows from operating activities: (Equity) of subsidiaries (25,955,632 ) (32,766,107 ) - 58,721,739 - Gain on life insurance policies, gross - - (39,371,059 ) - (39,371,059 ) Amortization of deferred financing and issuance costs 4,081,051 362,457 (731,452 ) - 3,712,056 Deferred income taxes (3,509,587 ) - - - (3,509,587 ) Preferred stock issued in lieu of cash dividends 683,133 - - - 683,133 Preferred stock dividends payable 6,800 - - - 6,800 (Increase) decrease in operating assets: Due from related parties - (1,256 ) - - (1,256 ) Life insurance policy benefits receivable - - 1,750,000 - 1,750,000 Other assets (58,689,451 ) (43,314,345 ) - 101,699,270 (304,526 ) Increase (decrease) in operating liabilities: Accounts payable (129,909 ) (85,463 ) 529,236 - 313,864 Interest payable 2,730,921 233,786 (751,178 ) - 2,213,529 Other accrued expenses 2,059,136 149,242 (24,985 ) - 2,183,393 NET CASH FLOWS USED IN OPERATING ACTIVITIES (84,047,570 ) (49,466,276 ) (5,833,109 ) 101,699,270 (37,647,685 ) CASH FLOWS FROM INVESTING ACTIVITIES Investment in life insurance policies - - (38,906,934 ) - (38,906,934 ) Proceeds from settlement of life insurance policies - - 4,511,289 - 4,511,289 NET CASH FLOWS USED IN INVESTING ACTIVITIES - - (34,395,645 ) - (34,395,645 ) CASH FLOWS FROM FINANCING ACTIVITIES Net repayment of senior credit facilities - - (7,150,000 ) - (7,150,000 ) Payments for redemption of Series I Secured Notes - (4,891,681 ) - - (4,891,681 ) Proceeds from issuance of L Bonds 131,159,348 - - - 131,159,348 Payment of deferred issuance costs for L Bonds (7,499,601 ) - - - (7,499,601 ) Payments for redemption of L Bonds (35,984,061 ) - - - (35,984,061 ) Proceeds (payments) from restricted cash - (2,019,757 ) 3,973,910 - 1,954,153 Issuance of common stock 582,000 - - - 582,000 Payments for redemption of preferred stock (295,185 ) - - - (295,185 ) Payments of preferred stock dividends (2,069,242 ) - - - (2,069,242 ) Issuance of member capital - 58,144,205 43,555,065 (101,699,270 ) - NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 85,893,259 51,232,767 40,378,975 (101,699,270 ) 75,805,731 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,845,689 1,766,491 150,221 - 3,762,401 CASH AND CASH EQUIVALENTS BEGINNING OF THE PERIOD 30,446,473 216,231 - - 30,662,704 END OF THE PERIOD $ 32,292,162 $ 1,982,722 $ 150,221 $ - $ 34,425,105

Concentration (Tables)

Concentration (Tables)	12 Months Ended
	Dec. 31, 2016
Concentration [Abstract]
Summary of the face value of insurance contracts	As of December 31, Life insurance company 2016 2015 John Hancock 14.36 % 12.73 % AXA Equitable 13.42 % 14.00 % Lincoln National 11.22 % * * percentage does not exceed 10% of the total face value.
Summary of the number of insurance contracts	As of December 31, State of residence 2016 2015 California 20.72 % 25.25 % Florida 19.42 % 19.95 %

Nature of Business and Summar39

Nature of Business and Summary of Significant Accounting Policies (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Nature of business and summary of significant accounting policies (Textual)
Portfolio of life insurance contracts aggreate fair value	$ 511,200,000
Direct costs and deposits	$ 42,000	$ 31,000

Restrictions on Cash (Details)

Restrictions on Cash (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Restrictions on Cash (Textual)
Restricted cash	$ 37,827,000	$ 2,342,000

Investment in Life Insurance 41

Investment in Life Insurance Policies (Details)	Dec. 31, 2016USD ($)Policy	Dec. 31, 2015USD ($)Policy
Summary of Company's life insurance policies accounted for under fair value method and their estimated maturity dates, based on remaining life expectancy
Number of Policies, 2016 | Policy		5
Number of Policies, 2017 | Policy	11	12
Number of Policies, 2018 | Policy	23	27
Number of Policies, 2019 | Policy	55	51
Number of Policies, 2020 | Policy	93	59
Number of Policies, 2021 | Policy	86	48
Number of Policies, 2022 | Policy	66	44
Number of Policies, Thereafter | Policy	356	150
Number of Policies, Totals | Policy	690	396
Estimated Fair Value, 2016		$ 7,503,000
Estimated Fair Value, 2017	14,837,000	12,875,000
Estimated Fair Value, 2018	30,830,000	37,109,000
Estimated Fair Value, 2019	57,556,000	54,242,000
Estimated Fair Value, 2020	85,414,000	64,750,000
Estimated Fair Value, 2021	73,825,000	45,724,000
Estimated Fair Value, 2022	56,909,000	38,394,000
Estimated Fair Value, Thereafter	191,821,000	96,053,000
Estimated Fair Value, Totals	511,192,000	356,650,000
Face Value, 2016		8,500,000
Face Value, 2017	16,939,000	17,418,000
Face Value, 2018	42,564,000	58,428,000
Face Value, 2019	88,858,000	100,967,000
Face Value, 2020	159,814,000	137,868,000
Face Value, 2021	158,744,000	116,805,000
Face Value, 2022	147,222,000	116,998,000
Face Value, Thereafter	747,534,000	387,860,000
Face Value, Totals	$ 1,361,675,000	$ 944,844,000

Investment in Life Insurance 42

Investment in Life Insurance Policies (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Summary of reconciliation of gain on life settlements
Change in fair value	$ 70,582,000	$ 39,371,000
Premiums and other annual fees	(40,240,000)	(26,711,000)
Policy maturities	37,460,000	26,721,000
Gain on life insurance policies, net	$ 67,802,000	$ 39,381,000

Investment in Life Insurance 43

Investment in Life Insurance Policies (Details 2)	Dec. 31, 2016USD ($)
Summary of estimated expected premium payments to maintain the above life insurance policies assuming no mortalities
2,017	$ 45,321,000
2,018	50,699,000
2,019	56,219,000
2,020	61,095,000
2,021	68,358,000
Estimated expected premium payments	281,692,000
Premiums [Member]
Summary of estimated expected premium payments to maintain the above life insurance policies assuming no mortalities
2,017	44,787,000
2,018	50,165,000
2,019	55,685,000
2,020	60,561,000
2,021	67,824,000
Estimated expected premium payments	279,022,000
Servicing [Member]
Summary of estimated expected premium payments to maintain the above life insurance policies assuming no mortalities
2,017	534,000
2,018	534,000
2,019	534,000
2,020	534,000
2,021	534,000
Estimated expected premium payments	$ 2,670,000

Investment in Life Insurance 44

Investment in Life Insurance Policies (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Investment in Life Insurance Contracts (Textual)
Benefit recognized from insurance policy	$ 48,452,000	$ 31,232,000
Carrying value of life insurance policy	10,993,000	4,511,000
Realized gains from life insurance policy	$ 37,459,000	$ 26,721,000
Life insurance policies [Member]
Investment in Life Insurance Contracts (Textual)
Discount rate applied to portfolio	10.96%	11.09%

Fair Value Definition and Hie45

Fair Value Definition and Hierarchy (Details) - Life Insurance Policies [Member] - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Summary of reconciliation of investments in life insurance contracts
Beginning balance	$ 356,650,000	$ 282,883,000
Purchases	94,953,000	38,907,000
Maturities (initial cost basis)	(10,993,000)	(4,511,000)
Net change in fair value	70,582,000	39,371,000
Ending balance	$ 511,192,000	$ 356,650,000

Fair Value Definition and Hie46

Fair Value Definition and Hierarchy (Details 1) - Life insurance policies [Member] - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Summary of inputs utilized in estimating the fair value
Weighted-average age of insured, years	81 years 7 months 6 days	82 years 7 months 6 days
Weighted-average life expectancy, months	83 months 6 days	79 months 9 days
Average face amount per policy	$ 1,973,000	$ 2,386,000
Discount rate	10.96%	11.09%

Fair Value Definition and Hie47

Fair Value Definition and Hierarchy (Details 2) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Minus 8 months [Member]
Fair value sensitivity analysis on the investment in life insurance policies
Investment in life insurance contracts	$ 69,253,000	$ 48,339,000
Minus 4 Months [Member]
Fair value sensitivity analysis on the investment in life insurance policies
Investment in life insurance contracts	34,601,000	24,076,000
Plus 4 Months [Member]
Fair value sensitivity analysis on the investment in life insurance policies
Investment in life insurance contracts	(33,846,000)	(23,501,000)
Plus 8 months [Member]
Fair value sensitivity analysis on the investment in life insurance policies
Investment in life insurance contracts	(67,028,000)	(46,482,000)
Minus 2% [Member]
Fair value sensitivity analysis on the investment in life insurance policies
Investment in life insurance contracts	53,764,000	35,024,000
Minus 1% [Member]
Fair value sensitivity analysis on the investment in life insurance policies
Investment in life insurance contracts	25,728,000	16,786,000
Plus 1% [Member]
Fair value sensitivity analysis on the investment in life insurance policies
Investment in life insurance contracts	(23,668,000)	(15,485,000)
Plus 2% [Member]
Fair value sensitivity analysis on the investment in life insurance policies
Investment in life insurance contracts	$ (45,491,000)	$ (29,803,000)

Fair value definition and hie48

Fair value definition and hierarchy (Details 3) - Level 3 [Member]	12 Months Ended
	Dec. 31, 2016$ / sharesshares
Warrants Level 3 instruments and measured at fair value upon issuance
Warrants issued	363,017
March 2012 [Member]
Warrants Level 3 instruments and measured at fair value upon issuance
Month issued	Mar. 31, 2012
Warrants issued	38,130
Fair value per share | $ / shares	$ 0.52
Risk free rate	0.38%
Volatility	36.20%
Term	5 years
June 2012 [Member]
Warrants Level 3 instruments and measured at fair value upon issuance
Month issued	Jun. 30, 2012
Warrants issued	161,840
Fair value per share | $ / shares	$ 1.16
Risk free rate	0.41%
Volatility	47.36%
Term	5 years
July 2012 [Member]
Warrants Level 3 instruments and measured at fair value upon issuance
Month issued	Jul. 31, 2012
Warrants issued	144,547
Fair value per share | $ / shares	$ 1.16
Risk free rate	0.41%
Volatility	47.36%
Term	5 years
September 2012 [Member]
Warrants Level 3 instruments and measured at fair value upon issuance
Month issued	Sep. 30, 2012
Warrants issued	2,500
Fair value per share | $ / shares	$ 0.72
Risk free rate	0.31%
Volatility	40.49%
Term	5 years
September 2014 [Member]
Warrants Level 3 instruments and measured at fair value upon issuance
Month issued	Sep. 30, 2014
Warrants issued	16,000
Fair value per share | $ / shares	$ 1.26
Risk free rate	1.85%
Volatility	17.03%
Term	5 years

Fair Value Definition and Hie49

Fair Value Definition and Hierarchy (Details Textual)	12 Months Ended
	Dec. 31, 2016USD ($)
Fair Value Definition and Hierarchy (Textual)
Life expectancy report, description	We periodically update the independent life expectancy estimates on the insured lives in our portfolio, other than insured lives covered under small face amount policies (i.e., $1 million in face value benefits or less), on a continuous rotating three-year cycle. Accordingly, we update life expectancies for approximately one-twelfth of our portfolio each quarter.
Description for change in discount factor	If the life expectancy estimates were increased or decreased by four and eight months on each outstanding policy, and the discount rates were increased or decreased by 1% and 2%, while all other variables were held constant.
Increase decrease in life expectancy	Four and eight months
Increase decrease in discount rate	1% and 2
Estimated fair value of series I secured notes payable and L Bonds	$ 403,681,000
Debt instruments face value	$ 414,419,000
Weighted average market interest rate of secured notes payable	6.45%
Loan receivable through credit agreement	$ 2,527,000
Loan loss reserve	$ 600,000

Credit Facility - Autobahn Fu50

Credit Facility - Autobahn Funding Company LLC (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Sep. 14, 2016	Dec. 31, 2015
Credit Facility - Autobahn Funding Company LLC (Textual)
Maximum borrowing amount under line of credit facility	$ 105,000,000
Expiry date of line of credit	Jun. 30, 2018
Effective rate of interest		5.42%	5.58%
Amount outstanding under line of credit facility	$ 0		$ 65,011,000
Minimum tangible net worth to be maintained by company	45,000,000
Minimum cash and eligible investments	15,000,000
Consolidated tangible net worth under credit and security agreement	38,642,000
Consolidated net income under credit and security agreement	$ 182,514,000
Credit facility, Description	Advances under the facility bear interest at a commercial paper rate of the lender at the time of the advance, or at the lender's cost of borrowing plus 4.25%.
Funds available for additional borrowings under the borrowing base formula criteria	$ 0		$ 39,989,000

Credit Facility - CSG Investm51

Credit Facility - CSG Investments, Inc. (Details) - USD ($)	Sep. 14, 2016	Dec. 31, 2016
Line of Credit Facility [Line Items]
Secured term loan	$ 172,300,000
Maturity date	Sep. 14, 2026
Interest rate description	Interest will accrue on amounts borrowed under the agreement at an annual interest rate, determined as of each date of borrowing, equal to (A) the greater of 12-month LIBOR or the federal funds rate (as defined in the agreement) plus one-half of one percent per annum, plus (B) 5.75% per annum. Interest payments are made on a quarterly basis.
Reserve account		$ 27,500,000
Additional amount borrowing under line of credit		0
Outstanding amount of credit facility		$ 162,725,000

Series I Secured Notes (Details

Series I Secured Notes (Details) - Series I Secured Notes Payable [Member]	Dec. 31, 2016USD ($)
Summary of future contractual maturities
2,017	$ 10,523,000
2,018	2,401,000
2,019	1,024,000
2,020	1,725,000
2,021	941,000
Total	16,614,000
Summary of amortization of deferred financing costs
2,017	41,000
2,018	41,000
2,019	20,000
2,020	52,000
2,021	55,000
Total	$ 209,000

Series I Secured Notes (Detai53

Series I Secured Notes (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Sep. 14, 2016
Series I Secured Notes Payable (Textual)
Effective rate of interest		5.58%	5.42%
Weighted average interest rate of secured notes payable	6.45%
Series I Secured Notes Payable [Member]
Series I Secured Notes Payable (Textual)
Weighted average interest rate of secured notes payable	8.68%	8.47%
Principal amount outstanding under Series I Secured notes	$ 16,614,000	$ 23,578,000
Amortization of deferred financing and issuance costs	332,000	$ 362,000
Future expected amortization of deferred financing costs	$ 209,000
Minimum maturity period of secured notes	6 months
Maximum maturity period of secured notes	7 years
Amortizatoin period of deferred financing cost	5 years
Series I Secured Notes Payable [Member] | Maximum [Member]
Series I Secured Notes Payable (Textual)
Effective rate of interest	9.55%
Series I Secured Notes Payable [Member] | Minimum [Member]
Series I Secured Notes Payable (Textual)
Effective rate of interest	5.65%

L Bonds (Details)

L Bonds (Details) - Renewable Secured Debentures [Member]	Dec. 31, 2016USD ($)
Contractual Maturities
2,017	$ 106,955,000
2,018	109,407,000
2,019	90,463,000
2,020	20,679,000
2,021	28,923,000
Thereafter	30,640,000
Total	387,067,000
Amortization of Deferred Financing Costs
2,017	1,178,000
2,018	3,000,000
2,019	3,450,000
2,020	809,000
2,021	1,512,000
Thereafter	1,687,000
Total	$ 11,636,000

L Bonds (Details Textual)

L Bonds (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
	Sep. 01, 2016	Dec. 31, 2016	Dec. 31, 2015	Jan. 31, 2015
L Bonds (Textual)
Debentures offer for sale		$ 414,419,000
Weighted average market interest rate of secured notes payable		6.45%
For the 2 year [Member]
L Bonds (Textual)
Interest rate change	5.50%
For the 3 year [Member]
L Bonds (Textual)
Interest rate change	6.25%
For the 5 year [Member]
L Bonds (Textual)
Interest rate change	7.50%
For the 7 year [Member]
L Bonds (Textual)
Interest rate change	8.50%
Renewable Secured Debentures [Member]
L Bonds (Textual)
Debentures offer for sale				$ 1,000,000,000
Description of interest payment		Interest is payable monthly or annually depending on the election of the investor
Weighted average market interest rate of secured notes payable		7.23%	7.16%
Amount outstanding under L bonds		$ 387,067,000	$ 282,171,000
Amortization of deferred issuance costs		7,099,000	$ 5,285,000
Future expected amortization of deferred financing costs		$ 11,636,000
Amortizatoin period of deferred financing cost		8 years

Series A Convertible Preferre56

Series A Convertible Preferred Stock (Details) - USD ($)	12 Months Ended		15 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2012
Convertible Preferred Stock (Textual)
Series A preferred stock shares sold for cash	7,350
Series A preferred stock value issued in conversion of dividends	$ (3,537,288)	$ (2,069,242)
Series A preferred stock outstanding	59,183
Class of warrant, expired	$ 69,000
Series A Convertible Preferred Stock [Member]
Convertible Preferred Stock (Textual)
Series A preferred stock shares sold for cash			3,278,000
Consideration received on sale of Series A preferred stock			$ 24,582,000
Cumulative dividends rate, Percentage			10.00%
Series A preferred stock, Dividend rate			$ 7
Conversion term for series A preferred stock	Holders of Series A are entitled to a liquidation preference equal to the stated value of their preferred shares (i.e., $7.50 per share) plus accrued but unpaid dividends. Holders of Series A may presently convert each share of their Series A into 0.75 shares of our common stock at the rate of $10.00 per share.
Series A preferred stock shares issued in conversion of dividends	473,000
Series A preferred stock value issued in conversion of dividends	$ 3,310,000
Aggregate shares of common stock, Warrants	431,954
Convertible preferred stock, shares issued upon conversion	696,000
Conversion of stock, shares converted into common stock	522,000
Exercise price	$ 12.50
Preferred stock, liquidation preference per share			$ 7.50
Series A preferred stock outstanding	2,640,000
Series A preferred stock issuance costs	$ 2,838,000
Fair value of warrants	$ 428,000
Weighted average remaining life of warrants outstanding	6 months 22 days	1 year 5 months 5 days
Preferred stock redemption terms	We may redeem Series A shares at a price equal to 110% of their liquidation preference ($7.50 per share) at any time.
Redeemed shares of Series A preferred stock	277,000

Redeemable Preferred Stock (Det

Redeemable Preferred Stock (Details)	12 Months Ended
	Dec. 31, 2016USD ($)Tradingdays$ / sharesshares
Redeemable Preferred Stock (Textual)
Minimum conversion price | $ / shares	$ 15
Number of trading days | Tradingdays	20
Proceeds from redeemable preferred stock | $	$ 16,871,000
Series A 7% redeemable preferred stocks [Member]
Redeemable Preferred Stock (Textual)
Company offering shares of convertible redeemable preferred stock | shares	100,000
Offering price of series redeemable preferred stock | $ / shares	$ 1,000
Redeemable preferred stock par value per share | $ / shares	$ 1,000
Dividend rate of convertible redeemable preferred stock	7.00%
Preferred stock redemption percentage	15.00%
Redeemable Preferred Stock [Member]
Redeemable Preferred Stock (Textual)
Redeemable preferred stock, shares issued | shares	59,183
Proceeds from redeemable preferred stock | $	$ 59,025,000
Redeemable Preferred Stock For Sale | $	$ 4,134,000

Series 2 Redeemable Preferred58

Series 2 Redeemable Preferred Stock (Details)	1 Months Ended	12 Months Ended
	Feb. 14, 2017Tradingdays$ / sharesshares	Dec. 31, 2016Tradingdays$ / shares
Series 2 Redeemable Preferred Stock (Textual)
Minimum conversion price		$ 15
Number of trading days | Tradingdays		20
Series 2 Redeemable Preferred Stock [Member] | Subsequent Event [Member]
Series 2 Redeemable Preferred Stock (Textual)
Company offering shares of convertible redeemable preferred stock | shares	150,000
Offering price of series redeemable preferred stock	$ 1,000
Redeemable preferred stock par value per share	$ 1,000
Dividend rate of convertible redeemable preferred stock	7.00%
Minimum conversion price	$ 12.75
Preferred stock redemption percentage	10.00%
Number of trading days | Tradingdays	20
Preferred stock redemption terms	We may, at our option, call and redeem shares of RPS 2 at a price equal to their liquidation preference. (subject to a minimum redemption price, in the event of redemptions occurring less than one year after issuance, of 107% of the stated value of the shares being redeemed).

GWG MCA Capital, Inc - 9% Pre59

GWG MCA Capital, Inc - 9% Preferred Stock (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2016
GWG MCA Capital, Inc - 9% Preferred Stock (Textual)
Preferred stock shares sold for cash, shares		7,350
Proceeds from redeemable preferred stock		$ 16,871,000
Mca Preferred Stock [Member]
GWG MCA Capital, Inc - 9% Preferred Stock (Textual)
Preferred stock shares sold for cash, shares	2,000,000
Preferred stock, sale price per share		$ 10
Percentage of preferred stock issued	9.00%
Redeemable preferred stock, shares issued		7,155
Proceeds from redeemable preferred stock		$ 72,000
Redeemable Preferred Stock For Sale		$ 7,000

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Deferred:
Federal	$ 252,000	$ (2,660,000)
State	81,000	(850,000)
Total income tax expense (benefit)	$ 333,000	$ (3,510,000)

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Summary of reconciliation of income tax expense at the statutory federal tax rate to actual income tax expense
Statutory federal income tax	$ 247,000	$ (3,004,000)
State income taxes, net of federal benefit	56,000	(561,000)
Other permanent differences	30,000	55,000
Total income tax expense	$ 333,000	$ (3,510,000)
Statutory federal income tax, Tax rate	34.00%	34.00%
State income taxes, net of federal benefit, Tax rate	7.80%	6.30%
Other permanent differences, Tax rate	4.20%	(0.60%)
Total income tax expense	46.00%	39.70%

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Deferred tax assets :
Note receivable from related party	$ 2,023,000	$ 2,023,000
Net operating loss carryforwards	10,781,000	7,049,000
Other assets	1,130,000	375,000
Subtotal	13,934,000	9,447,000
Valuation allowance	(2,164,000)	(2,164,000)
Deferred tax assets	11,770,000	7,283,000
Deferred tax liabilities:
Investment in life insurance policies	(13,867,000)	(9,046,000)
Other		(1,000)
Net deferred tax liability	$ (2,097,000)	$ (1,764,000)

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Income Taxes (Textual)
Federal net operating loss carryforwards	$ 26,642,000	$ 17,451,000
Operating loss carry forward expiration period	Begin to expire in 2031
Valuation allowance	$ 2,164,000	2,164,000
Accrued interest or penalties related to uncertain tax positions
State net operating loss carryforwards	$ 26,616,000	$ 17,423,000
Onwership percentage	50.00%

Common Stock (Details)

Common Stock (Details) - GWG MCA Capital, Inc. (Member) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Apr. 25, 2016	Mar. 17, 2016	Jun. 24, 2015	Sep. 30, 2014
Common Stock (Textual)
Restricted Common stock issued	25,000	6,500	60,000	800,000
Common stock, par value	$ 6.25	$ 7.16	$ 9.70	$ 12.50
Net proceeds				$ 8.6

Stock Incentive Plan (Details)

Stock Incentive Plan (Details) - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Stock Option [Member]
Outstanding stock options
Beginning Balance	1,053,615	1,000,101
Granted during the year	630,850	353,200
Vested during the year
Exercised during the year		(27,667)
Forfeited during the year	(102,066)	(272,019)
Ending Balance	1,582,399	1,053,615
Vested [Member]
Outstanding stock options
Beginning Balance	483,703	314,288
Granted during the year	22,500	79,500
Vested during the year	251,788	238,999
Exercised during the year		(27,667)
Forfeited during the year	(19,926)	(121,417)
Ending Balance	738,065	483,703
Un-vested [Member]
Outstanding stock options
Beginning Balance	569,912	685,813
Granted during the year	608,350	273,700
Vested during the year	(251,788)	(238,999)
Exercised during the year
Forfeited during the year	(82,140)	(150,602)
Ending Balance	844,334	569,912

Stock Incentive Plan (Details 1

Stock Incentive Plan (Details 1) - Stock Appreciation Rights (SARs) [Member]	12 Months Ended
	Dec. 31, 2016shares
Outstanding Stock Appreciation Rights:
Beginning Balance
Granted during the year	239,735
Forfeited during the year
Ending Balance	239,735
Vested [Member]
Outstanding Stock Appreciation Rights:
Beginning Balance
Granted during the year	106,608
Forfeited during the year
Ending Balance	106,608
Un-vested [Member]
Outstanding Stock Appreciation Rights:
Beginning Balance
Granted during the year	133,127
Forfeited during the year
Ending Balance	133,127

Stock Incentive Plan (Details T

Stock Incentive Plan (Details Textual)	Sep. 19, 2016$ / pureshares	Sep. 30, 2014$ / sharesshares	Dec. 31, 2016USD ($)$ / shares$ / pureshares	Mar. 31, 2013shares
Stock Incentive Plan (Textual)
Options vesting period			3 years
Compensation expense related to un-vested options not yet recognized | $			$ 525,000
Compensation expense related to un-vested options, period of recognition			3 years
Compensation Expense in 2017 | $			$ 265,000
Compensation Expense in 2018 | $			157,000
Compensation Expense in 2019 | $			$ 103,000
Common Stock [Member]
Stock Incentive Plan (Textual)
Number of shares issued to employees, officers and directors			2,048,000
Number of options vested			738,000
Others [Member] | Maximum [Member]
Stock Incentive Plan (Textual)
Exercise Price | $ / shares			$ 10.25
Others [Member] | Minimum [Member]
Stock Incentive Plan (Textual)
Exercise Price | $ / shares			6
Owning more than 10% [Member] | Maximum [Member]
Stock Incentive Plan (Textual)
Exercise Price | $ / shares			10.18
Owning more than 10% [Member] | Minimum [Member]
Stock Incentive Plan (Textual)
Exercise Price | $ / shares			$ 6.35
2013 Stock Incentive Plan [Member]
Stock Incentive Plan (Textual)
Number of shares issuable				2,000,000
Stock based compensation, Method used			The annual volatility rate is based on the standard deviation of the average continuously compounded rate of return of five selected comparable companies over the previous 52 weeks.
Expected volatility rate			25.50%
2013 Stock Incentive Plan [Member] | Common Stock [Member]
Stock Incentive Plan (Textual)
Employee granting right purchase of common stock		318,000
Exercise Price | $ / shares		$ 12.50
Forfeited during the year			437,000
Forfeited during the year, Percent			15.00%
Exercised during the year			28,000
Stock Appreciation Rights (SARs) [Member]
Stock Incentive Plan (Textual)
Number of shares issued to employees, officers and directors			239,735
Number of options vested			56,358
Forfeited during the year
Compensation Expense | $			$ 4,266
Common stock issued to employees	145,388
Strike price	8.76		8.82

Commitments (Details)

Commitments (Details)	Dec. 31, 2016USD ($)
Summary of Minimum lease payments under the lease agreement
2,017	$ 178,000
2,018	185,000
2,019	191,000
2,020	198,000
2,021	204,000
2,022	210,000
2,023	217,000
2,024	223,000
2,025	230,000
Total	$ 1,836,000

Commitments (Details Textual)

Commitments (Details Textual)	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 01, 2015ft²
Commitments (Textual)
Office space in square feet | ft²			17,687
Lease term date	Aug. 31, 2026
Rent expenses | $	$ 415,000	$ 283,000
Description of lessor leasing arrangements	On September 1, 2015, we entered into an amendment to our original lease that expanded the leased space to 17,687 square feet and extended the term through August 31, 2026.

Guarantee of L Bonds (Details)

Guarantee of L Bonds (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
A S S E T S
Cash and cash equivalents	$ 78,486,982	$ 34,425,105	$ 30,662,704
Restricted cash	37,826,596	2,341,900
Investment in life insurance policies, at fair value	511,192,354	356,649,715
Secured MCA advances	5,703,147
Life insurance contract benefits receivable	5,345,000
Other assets	4,688,103	2,461,045
Investment in subsidiaries
TOTAL ASSETS	643,242,182	395,877,765
LIABILITIES
Senior credit facilities	156,064,818	63,279,596
Series I Secured Notes	16,404,836	23,287,704
L Bonds	381,312,587	276,482,796
Accounts payable	2,226,712	1,517,440
Interest payable	16,160,599	12,340,061
Other accrued expenses	1,676,761	1,060,786
Deferred taxes, net	2,097,371	1,763,968
TOTAL LIABILITIES	575,943,684	379,732,351
STOCKHOLDERS' EQUITY (DEFICIT)
Member capital
Convertible preferred stock	19,701,133	20,784,841
Redeemable preferred stock	59,025,164
Common stock	5,980	5,942
Additional paid-in capital	7,383,515	14,563,834
Accumulated deficit	(18,817,294)	(19,209,203)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	67,298,498	16,145,414
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	643,242,182	395,877,765
Parent [Member]
A S S E T S
Cash and cash equivalents	28,481,047	32,292,162	30,446,473
Restricted cash
Investment in life insurance policies, at fair value
Secured MCA advances
Life insurance contract benefits receivable
Other assets	3,854,233	1,742,074
Investment in subsidiaries	429,971,148	269,886,254
TOTAL ASSETS	462,306,428	303,920,490
LIABILITIES
Senior credit facilities
Series I Secured Notes
L Bonds	381,312,587	276,482,796
Accounts payable	853,470	280,988
Interest payable	9,882,133	8,529,959
Other accrued expenses	862,369	717,365
Deferred taxes, net	2,097,371	1,763,968
TOTAL LIABILITIES	395,007,930	287,775,076
STOCKHOLDERS' EQUITY (DEFICIT)
Member capital
Convertible preferred stock	19,701,133	20,784,841
Redeemable preferred stock	59,025,164
Common stock	5,980	5,942
Additional paid-in capital	7,383,515	14,563,834
Accumulated deficit	(18,817,294)	(19,209,203)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	67,298,498	16,145,414
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	462,306,428	303,920,490
Guarantor Subsidiary [Member]
A S S E T S
Cash and cash equivalents	49,360,952	1,982,722	216,231
Restricted cash	2,117,649	2,102,257
Investment in life insurance policies, at fair value	41,277,896
Secured MCA advances
Life insurance contract benefits receivable
Other assets	2,056,822	688,071
Investment in subsidiaries	352,337,037	291,295,951
TOTAL ASSETS	447,150,356	296,069,001
LIABILITIES
Senior credit facilities		(1,000,000)
Series I Secured Notes	16,404,836	23,287,704
L Bonds
Accounts payable	731,697	157,217
Interest payable	3,743,277	3,544,626
Other accrued expenses	544,032	343,421
Deferred taxes, net
TOTAL LIABILITIES	21,423,842	26,332,968
STOCKHOLDERS' EQUITY (DEFICIT)
Member capital	425,726,514	269,736,033
Convertible preferred stock
Redeemable preferred stock
Common stock
Additional paid-in capital
Accumulated deficit
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	425,726,514	269,736,033
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	447,150,356	296,069,001
Non-Guarantor Subsidiaries [Member]
A S S E T S
Cash and cash equivalents	644,983	150,221
Restricted cash	35,708,947	239,643
Investment in life insurance policies, at fair value	469,914,458	356,649,715
Secured MCA advances	5,703,147
Life insurance contract benefits receivable	5,345,000
Other assets	810,640	30,900
Investment in subsidiaries
TOTAL ASSETS	518,127,175	357,070,479
LIABILITIES
Senior credit facilities	156,064,818	64,279,596
Series I Secured Notes
L Bonds
Accounts payable	641,545	1,079,235
Interest payable	2,535,189	265,476
Other accrued expenses	2,303,952
Deferred taxes, net
TOTAL LIABILITIES	161,545,504	65,624,307
STOCKHOLDERS' EQUITY (DEFICIT)
Member capital	356,581,671	291,446,172
Convertible preferred stock
Redeemable preferred stock
Common stock
Additional paid-in capital
Accumulated deficit
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	356,581,671	291,446,172
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	518,127,175	357,070,479
Eliminations [Member]
A S S E T S
Cash and cash equivalents
Restricted cash
Investment in life insurance policies, at fair value
Secured MCA advances
Life insurance contract benefits receivable
Other assets	(2,033,592)
Investment in subsidiaries	(782,308,185)	(561,182,205)
TOTAL ASSETS	(784,341,777)	(561,182,205)
LIABILITIES
Senior credit facilities
Series I Secured Notes
L Bonds
Accounts payable
Interest payable
Other accrued expenses	(2,033,592)
Deferred taxes, net
TOTAL LIABILITIES	(2,033,592)
STOCKHOLDERS' EQUITY (DEFICIT)
Member capital	(782,308,185)	(561,182,205)
Convertible preferred stock
Redeemable preferred stock
Common stock
Additional paid-in capital
Accumulated deficit
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	(782,308,185)	(561,182,205)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ (784,341,777)	$ (561,182,205)

Guarantee of L Bonds (Details 1

Guarantee of L Bonds (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
REVENUE
Policy servicing fees
Gain on life insurance policies, net	67,801,565	39,381,003
MCA income	929,303
Interest and other income	746,466	251,249
TOTAL REVENUE	69,477,334	39,632,252
EXPENSES
Origination and servicing fees
Interest expense	42,343,374	29,518,718
Employee compensation and benefits	11,784,296	8,010,020
Legal and professional fees	3,947,376	3,152,783
Other expenses	10,676,976	7,784,350
TOTAL EXPENSES	68,752,022	48,465,871
INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES	725,312	(8,833,619)
EQUITY IN INCOME OF SUBSIDIARY
NET INCOME BEFORE INCOME TAXES	725,312	(8,833,619)
INCOME TAX BENEFIT	333,403	(3,509,587)
NET INCOME (LOSS)	391,909	(5,324,032)
Preferred Stock Dividends, Income Statement Impact	3,537,287	2,069,242
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	(3,145,378)	(7,393,274)
Parent [Member]
REVENUE
Policy servicing fees
Gain on life insurance policies, net
MCA income
Interest and other income	260,087	45,613
TOTAL REVENUE	260,087	45,613
EXPENSES
Origination and servicing fees
Interest expense	32,149,577	22,416,821
Employee compensation and benefits	6,874,368	6,007,347
Legal and professional fees	2,107,053	2,115,580
Other expenses	5,822,621	4,295,085
TOTAL EXPENSES	46,953,619	36,904,105
INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES	(46,693,532)	(34,789,250)
EQUITY IN INCOME OF SUBSIDIARY	47,418,845	25,955,632
NET INCOME BEFORE INCOME TAXES	725,312	(8,833,619)
INCOME TAX BENEFIT	333,403	(3,509,587)
NET INCOME (LOSS)	391,909	(5,324,032)
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	(3,145,378)	(7,393,274)
Guarantor Subsidiary [Member]
REVENUE
Policy servicing fees	13,417	2,217,471
Gain on life insurance policies, net	379,405
MCA income
Interest and other income	59,340	62,125
TOTAL REVENUE	452,162	2,279,596
EXPENSES
Origination and servicing fees
Interest expense	2,311,819	2,703,124
Employee compensation and benefits	4,358,406	2,002,673
Legal and professional fees	1,628,408	1,037,203
Other expenses	2,871,318	3,347,294
TOTAL EXPENSES	11,169,951	9,090,294
INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES	(10,717,789)	(6,810,698)
EQUITY IN INCOME OF SUBSIDIARY	58,822,543	32,766,107
NET INCOME BEFORE INCOME TAXES	48,104,754	25,955,410
INCOME TAX BENEFIT
NET INCOME (LOSS)	48,104,754	25,955,410
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS
Non-Guarantor Subsidiaries [Member]
REVENUE
Policy servicing fees
Gain on life insurance policies, net	67,422,160	39,381,003
MCA income	929,303
Interest and other income	639,414	143,511
TOTAL REVENUE	68,990,877	39,524,514
EXPENSES
Origination and servicing fees	13,417	2,217,471
Interest expense	8,094,353	4,398,743
Employee compensation and benefits	551,522
Legal and professional fees	211,915
Other expenses	1,983,037	141,971
TOTAL EXPENSES	10,854,244	6,758,185
INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES	58,136,633	32,766,329
EQUITY IN INCOME OF SUBSIDIARY
NET INCOME BEFORE INCOME TAXES	58,136,633	32,766,329
INCOME TAX BENEFIT
NET INCOME (LOSS)	58,136,633	32,766,329
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS
Eliminations [Member]
REVENUE
Policy servicing fees	(13,417)	(2,217,471)
Gain on life insurance policies, net
MCA income
Interest and other income	(212,375)
TOTAL REVENUE	(225,792)	(2,217,471)
EXPENSES
Origination and servicing fees	(13,417)	(2,217,471)
Interest expense	(212,375)
Employee compensation and benefits
Legal and professional fees
Other expenses
TOTAL EXPENSES	(225,792)	(2,217,471)
INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES
EQUITY IN INCOME OF SUBSIDIARY	(106,241,387)	(58,721,739)
NET INCOME BEFORE INCOME TAXES	(106,241,387)	(58,721,739)
INCOME TAX BENEFIT
NET INCOME (LOSS)	(106,241,387)	(58,721,739)
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS

Guarantee of L Bonds (Details 2

Guarantee of L Bonds (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 391,909	$ (5,324,032)
Adjustments to reconcile net income to net cash flows from operating activities:
(Equity) of subsidiaries
Gain on life insurance policies	(48,988,406)	(39,371,059)
Amortization of deferred financing and issuance costs	8,445,252	3,712,056
Deferred income taxes	333,402	(3,509,587)
Preferred stock issued in lieu of cash dividends	689,742	683,133
Preferred stock dividends payable	302,972	6,800
(Increase) decrease in operating assets:
Life insurance policy benefits receivable	(5,345,000)	1,750,000
Due from related parties	(1,169)	1,256
Other assets	(23,022,962)	(304,526)
Increase (decrease) in operating liabilities:
Due to related party
Accounts payable	709,272	313,864
Interest payable	4,868,196	2,213,529
Other accrued expenses	(4,399,443)	2,183,393
NET CASH FLOWS USED IN OPERATING ACTIVITIES	(66,013,897)	(37,647,685)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in life insurance policies	(94,952,879)	(38,906,934)
Carrying value of matured life insurance policies	10,992,624	4,511,289
Investment in Secured MCA advances	(8,727,924)
Proceeds from Secured MCA advances	2,553,466
NET CASH FLOWS USED IN INVESTING ACTIVITIES	(90,134,713)	(34,395,645)
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings on Senior Credit Facilities	97,713,952	(7,150,000)
Payments for redemption of Series I Secured Notes	(7,469,462)	(4,891,681)
Proceeds from issuance of L Bonds	153,874,402	131,159,348
Payment of deferred issuance costs for L Bonds	(10,149,316)	7,499,601
Payments for redemption of L Bonds	(45,754,691)	(35,984,061)
Issuance of common stock	244,185	582,000
Proceeds (payments) from restricted cash	(35,484,697)	1,954,153
Proceeds from issuance of preferred stock	57,112,501
Payments for issuance costs of preferred stock	4,140,866
Payments for redemption of preferred stock	2,198,233	295,185
Payments of preferred stock dividends	3,537,288	2,069,242
Issuance of member capital
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	200,210,487	75,805,731
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	44,061,877	3,762,401
CASH AND CASH EQUIVALENTS
BEGINNING OF YEAR	34,425,105	30,662,704
END OF YEAR	78,486,982	34,425,105
Parent [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	391,909	(5,324,032)
Adjustments to reconcile net income to net cash flows from operating activities:
(Equity) of subsidiaries	(47,418,845)	(25,955,632)
Gain on life insurance policies
Amortization of deferred financing and issuance costs	7,720,065	4,081,051
Deferred income taxes	333,402	(3,509,587)
Preferred stock issued in lieu of cash dividends	689,742	683,133
Preferred stock dividends payable	302,972	6,800
(Increase) decrease in operating assets:
Life insurance policy benefits receivable
Due from related parties
Other assets	(112,725,117)	(58,689,451)
Increase (decrease) in operating liabilities:
Due to related party	(2,033,592)
Accounts payable	572,483	(129,909)
Interest payable	2,191,113	2,730,921
Other accrued expenses	706,718	2,059,136
NET CASH FLOWS USED IN OPERATING ACTIVITIES	(149,269,149)	(84,047,570)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in life insurance policies
Carrying value of matured life insurance policies
Investment in Secured MCA advances
Proceeds from Secured MCA advances
NET CASH FLOWS USED IN INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings on Senior Credit Facilities
Payments for redemption of Series I Secured Notes
Proceeds from issuance of L Bonds	153,874,402	131,159,348
Payment of deferred issuance costs for L Bonds	(10,149,316)	(7,499,601)
Payments for redemption of L Bonds	(45,754,691)	(35,984,061)
Issuance of common stock	244,185	582,000
Proceeds (payments) from restricted cash
Proceeds from issuance of preferred stock	57,040,946
Payments for issuance costs of preferred stock	(4,133,526)
Payments for redemption of preferred stock	(2,126,678)	(295,185)
Payments of preferred stock dividends	(3,537,288)	(2,069,242)
Issuance of member capital
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	145,458,034	85,893,259
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(3,811,115)	1,845,689
CASH AND CASH EQUIVALENTS
BEGINNING OF YEAR	32,292,162	30,446,473
END OF YEAR	28,481,047	32,292,162
Guarantor Sub [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	48,104,754	25,955,410
Adjustments to reconcile net income to net cash flows from operating activities:
(Equity) of subsidiaries	(58,822,543)	(32,766,107)
Gain on life insurance policies
Amortization of deferred financing and issuance costs	(1,307,640)	362,457
Deferred income taxes
Preferred stock issued in lieu of cash dividends
Preferred stock dividends payable
(Increase) decrease in operating assets:
Life insurance policy benefits receivable
Due from related parties	1,169	(1,256)
Other assets	(44,866,357)	(43,314,345)
Increase (decrease) in operating liabilities:
Due to related party
Accounts payable	574,481	(85,463)
Interest payable	420,259	233,786
Other accrued expenses	2,873,233	149,242
NET CASH FLOWS USED IN OPERATING ACTIVITIES	(53,022,643)	(49,466,276)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in life insurance policies
Carrying value of matured life insurance policies
Investment in Secured MCA advances
Proceeds from Secured MCA advances
NET CASH FLOWS USED IN INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings on Senior Credit Facilities
Payments for redemption of Series I Secured Notes	(7,469,462)	(4,891,681)
Proceeds from issuance of L Bonds
Payment of deferred issuance costs for L Bonds
Payments for redemption of L Bonds
Issuance of common stock
Proceeds (payments) from restricted cash	(15,392)	(2,019,757)
Proceeds from issuance of preferred stock
Payments for issuance costs of preferred stock
Payments for redemption of preferred stock
Payments of preferred stock dividends
Issuance of member capital	107,885,727	58,144,205
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	100,400,873	51,232,767
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	47,378,230	1,766,491
CASH AND CASH EQUIVALENTS
BEGINNING OF YEAR	1,982,722	216,231
END OF YEAR	49,360,952	1,982,722
Non-Guarantor Sub [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	58,136,633	32,766,329
Adjustments to reconcile net income to net cash flows from operating activities:
(Equity) of subsidiaries
Gain on life insurance policies	(48,988,406)	(39,371,059)
Amortization of deferred financing and issuance costs	2,032,827	(731,452)
Deferred income taxes
Preferred stock issued in lieu of cash dividends
Preferred stock dividends payable
(Increase) decrease in operating assets:
Life insurance policy benefits receivable	(5,345,000)	1,750,000
Due from related parties
Other assets	19,683,919
Increase (decrease) in operating liabilities:
Due to related party	2,033,592
Accounts payable	(437,692)	529,236
Interest payable	2,256,824	(751,178)
Other accrued expenses	(7,979,395)	(24,985)
NET CASH FLOWS USED IN OPERATING ACTIVITIES	21,393,302	(5,833,109)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in life insurance policies	(94,952,879)	(38,906,934)
Carrying value of matured life insurance policies	10,992,624	4,511,289
Investment in Secured MCA advances	(8,727,924)
Proceeds from Secured MCA advances	2,553,466
NET CASH FLOWS USED IN INVESTING ACTIVITIES	(90,134,713)	(34,395,645)
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings on Senior Credit Facilities	97,713,952	(7,150,000)
Payments for redemption of Series I Secured Notes
Proceeds from issuance of L Bonds
Payment of deferred issuance costs for L Bonds
Payments for redemption of L Bonds
Issuance of common stock
Proceeds (payments) from restricted cash	(35,469,305)	3,973,910
Proceeds from issuance of preferred stock	71,555
Payments for issuance costs of preferred stock	(7,340)
Payments for redemption of preferred stock	(71,555)
Payments of preferred stock dividends
Issuance of member capital	6,998,866	43,555,065
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	69,236,173	40,378,975
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	494,762	150,221
CASH AND CASH EQUIVALENTS
BEGINNING OF YEAR	150,221
END OF YEAR	644,983	150,221
Eliminations [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	(106,241,387)	(58,721,739)
Adjustments to reconcile net income to net cash flows from operating activities:
(Equity) of subsidiaries	106,241,387	58,721,739
Gain on life insurance policies
Amortization of deferred financing and issuance costs
Deferred income taxes
Preferred stock issued in lieu of cash dividends
Preferred stock dividends payable
(Increase) decrease in operating assets:
Life insurance policy benefits receivable
Due from related parties
Other assets	114,884,593	101,699,270
Increase (decrease) in operating liabilities:
Due to related party
Accounts payable
Interest payable
Other accrued expenses
NET CASH FLOWS USED IN OPERATING ACTIVITIES	114,884,593	101,699,270
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in life insurance policies
Carrying value of matured life insurance policies
Investment in Secured MCA advances
Proceeds from Secured MCA advances
NET CASH FLOWS USED IN INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings on Senior Credit Facilities
Payments for redemption of Series I Secured Notes
Proceeds from issuance of L Bonds
Payment of deferred issuance costs for L Bonds
Payments for redemption of L Bonds
Issuance of common stock
Proceeds (payments) from restricted cash
Proceeds from issuance of preferred stock
Payments for issuance costs of preferred stock
Payments for redemption of preferred stock
Payments of preferred stock dividends
Issuance of member capital	(114,884,593)	(101,699,270)
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	(114,884,593)	(101,699,270)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS
BEGINNING OF YEAR
END OF YEAR

Concentration (Details)

Concentration (Details)	Dec. 31, 2016	Dec. 31, 2015
John Hancock [Member]
Summary of the face value of insurance contracts with specific life insurance companies
Face value percentage of insurance contracts with specific life insurance companies	14.36%	12.73%
AXA Equitable [Member]
Summary of the face value of insurance contracts with specific life insurance companies
Face value percentage of insurance contracts with specific life insurance companies	13.42%	14.00%
Lincoln National [Member]
Summary of the face value of insurance contracts with specific life insurance companies
Face value percentage of insurance contracts with specific life insurance companies	11.22%		[1]
[1]	percentage does not exceed 10% of the total face value.

Concentration (Details 1)

Concentration (Details 1)	Dec. 31, 2016	Dec. 31, 2015
California [Member]
Summary of the number of insurance contracts held in specific states exceeding 10% of the total face value held by the Company
Percentage of insurance contracts held in specific states	20.72%	25.25%
Florida [Member]
Summary of the number of insurance contracts held in specific states exceeding 10% of the total face value held by the Company
Percentage of insurance contracts held in specific states	19.42%	19.95%

Concentration (Details Textual)

Concentration (Details Textual)	12 Months Ended
	Dec. 31, 2016
Concentration (Textual)
Description of issuance contracts with specific life insurance companies and contracts held in specific states	Exceeding 10% of the total face value

Subsequent Events (Details)

Subsequent Events (Details)	Dec. 31, 2017USD ($)	Feb. 16, 2017USD ($)shares	Dec. 31, 2016USD ($)Policyindividualshares	Dec. 31, 2015USD ($)	Feb. 14, 2017USD ($)shares	Feb. 09, 2017$ / shares
Subsequent Events (Textual)
Number of policies | Policy			8
Number of individuals | individual			7
Insurance benefits of policy matured			$ 15,975,000
Additional principal amount of L bonds			15,318,000
Realized gains of policies			13,956,000
Proceeds from issuance of preferred stock			16,871,000
Repurchase of common stock value			244,185	$ 582,000
Series 2 Redeemable Preferred Stock [Member]
Subsequent Events (Textual)
Proceeds from issuance of preferred stock			$ 59,025,000
Redeemable preferred stock, shares issued | shares			59,183
Subsequent Event [Member]
Subsequent Events (Textual)
Cash dividend per share amount | $ / shares						$ 2.50
Subsequent Event [Member] | Series 2 Redeemable Preferred Stock [Member]
Subsequent Events (Textual)
Redeemable preferred stock, shares issued | shares					150,000
Redeemable preferred stock					$ 1,000
Subsequent Event [Member] | Mr. Siegert's [Member]
Subsequent Events (Textual)
Repurchase of common stock shares | shares		200,445
Repurchase of common stock value		$ 1,604,000
Regular salary payments	$ 201,000