GWG (GWGHQ) 10-K 29 Mar 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Mar. 29, 2018	Jun. 30, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	GWG Holdings, Inc.
Entity Central Index Key	1,522,690
Trading Symbol	GWGH
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
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			$ 16,531,000
Entity Common Stock, Shares Outstanding		5,813,555

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2017	Dec. 31, 2016
A S S E T S
Cash and cash equivalents	$ 114,421,491	$ 78,486,982
Restricted cash	28,349,685	37,826,596
Investment in life insurance policies, at fair value	650,527,353	511,192,354
Secured MCA advances	1,661,774	5,703,147
Life insurance policy benefits receivable	16,658,761	5,345,000
Other assets	7,237,110	4,688,103
TOTAL ASSETS	818,856,174	643,242,182
LIABILITIES
Senior Credit Facilities	212,238,192	156,064,818
Series I Secured Notes		16,404,836
L Bonds	447,393,568	381,312,587
Accounts payable	6,394,439	2,226,712
Interest and dividends payable	15,427,509	16,160,599
Other accrued expenses	3,730,723	1,676,761
Deferred taxes, net		2,097,371
TOTAL LIABILITIES	685,184,431	575,943,684
STOCKHOLDERS' EQUITY
CONVERTIBLE PREFERRED STOCK - SERIES A (par value $0.001; shares authorized 40,000,000; shares outstanding 0 and 2,640,521; liquidation preference of $0 and $19,804,000 as of December 31, 2017 and 2016, respectively)		19,701,133
REDEEMABLE PREFERRED STOCK (par value $0.001; shares authorized 100,000; shares outstanding 98,611 and 59,183; liquidation preference of $99,186,000 and $59,183,000 as of December 31, 2017 and 2016, respectively)	92,840,243	59,025,164
SERIES 2 REDEEMABLE PREFERRED STOCK (par value $0.001; shares authorized 150,000; shares outstanding 88,709 and 0; liquidation preference of $89,208,000 and $0 as of December 31, 2017 and 2016, respectively)	80,275,204
COMMON STOCK (par value $0.001: shares authorized 210,000,000; shares issued and outstanding 5,813,555 and 5,980,190 as of December 31, 2017 and 2016, respectively)	5,813	5,980
Additional paid-in capital		7,383,515
Accumulated deficit	(39,449,517)	(18,817,294)
TOTAL STOCKHOLDERS' EQUITY	133,671,743	67,298,498
TOTAL LIABILITIES & EQUITY	$ 818,856,174	$ 643,242,182

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Convertible preferred stock, par value	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	40,000,000	40,000,000
Convertible preferred stock, shares outstanding	0	2,640,521
Convertible preferred stock, liquidation preference	$ 0	$ 19,804,000
Redeemable preferred stock - series A, par value	$ 0.001	$ 0.001
Redeemable preferred stock - series A, shares authorized	100,000	100,000
Redeemable preferred stock - series A, shares outstanding	98,611	59,183
Redeemable preferred stock - series A, liquidation preference	$ 99,080,000	$ 59,183,000
Series 2 Redeemable Preferred, par value	$ 0.001	$ 0.001
Series 2 Redeemable Preferred, shares authorized	150,000	150,000
Series 2 Redeemable Preferred, shares outstanding	88,709	0
Series 2 Redeemable Preferred, liquidation preference	$ 88,709,000	$ 0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	210,000,000	210,000,000
Common stock, shares issued	5,813,555	5,980,190
Common stock, shares outstanding	5,813,555	5,980,190

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
REVENUE
Gain on life insurance policies, net	$ 62,114,403	$ 67,801,565
MCA income	554,341	929,303
Interest and other income	1,465,174	746,466
TOTAL REVENUE	64,133,918	69,477,334
EXPENSES
Interest expense	54,419,444	42,343,374
Employee compensation and benefits	14,869,749	11,784,296
Legal and professional fees	5,095,643	3,947,376
Provision for MCA advances	1,308,000	600,000
Other expenses	11,170,676	10,076,976
TOTAL EXPENSES	86,863,512	68,752,022
INCOME (LOSS) BEFORE INCOME TAXES	(22,729,594)	725,312
INCOME TAX EXPENSE (BENEFIT)	(2,097,371)	333,403
NET INCOME (LOSS)	(20,632,223)	391,909
Preferred stock dividends	12,702,341	3,537,287
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (33,334,564)	$ (3,145,378)
NET LOSS PER SHARE
Basic	$ (5.72)	$ (0.53)
Diluted	$ (5.72)	$ (0.53)
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic	5,826,033	5,967,274
Diluted	5,826,033	5,967,274

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning balance at Dec. 31, 2015	$ 16,145,414	$ 20,784,841	$ 5,942	$ 14,563,834	$ (19,209,203)
Beginning balance, shares at Dec. 31, 2015		2,781,735	5,941,790
Net loss/income	391,909				391,909
Issuance of common stock	244,185		$ 36	244,149
Issuance of common stock, shares			36,450
Issuance of Series A preferred stock	704,743	$ 704,743
Issuance of Series A preferred stock, shares		98,535
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 redeemable preferred stock	54,891,638	$ 59,025,164		(4,133,526)
Issuance of redeemable preferred stock, shares		59,183
Preferred stock dividends	(3,537,287)			(3,537,287)
Stock-based compensation	226,847			226,847
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
Net loss/income	(20,632,223)				(20,632,223)
Issuance of common stock	321,003		$ 33	320,970
Issuance of common stock, shares			33,810
Redemption of common stock	(1,603,560)		$ (200)	(1,603,360)
Redemption of common stock, shares			(200,445)
Issuance of Series A preferred stock	498,659	$ 498,659
Issuance of Series A preferred stock, shares		71,237
Redemption of Series A preferred stock	(20,199,792)	$ (20,199,792)
Redemption of Series A preferred stock, shares		(2,711,916)
Issuance of redeemable preferred stock	120,594,649	$ 122,933,106		(2,338,457)
Issuance of redeemable preferred stock, shares		129,622
Redemption of redeemable preferred stock	(1,327,776)	$ (1,327,776)
Redemption of redeemable preferred stock, shares		(1,328)
Preferred stock dividends	(12,702,341)	$ (8,925,807)		(3,776,534)
Stock-based compensation	1,424,626	1,410,760		13,866
Ending balance at Dec. 31, 2017	$ 133,671,743	$ 173,115,447	$ 5,813		$ (39,449,517)
Ending balance, shares at Dec. 31, 2017		187,319	5,813,555

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (20,632,223)	$ 391,909
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Change in fair value of life insurance policies	(66,760,811)	(70,582,383)
Amortization of deferred financing and issuance costs	8,780,847	8,445,252
Provision for MCA advances	1,308,000	600,000
Deferred income taxes	(2,097,371)	333,402
Preferred stock issued in lieu of cash dividends	498,659	689,742
(Increase) decrease in operating assets:
Life insurance policy benefits receivable	(11,313,761)	(5,345,000)
Other assets	(3,088,071)	(1,427,816)
Increase (decrease) in operating liabilities:
Accounts payable	4,167,728	709,272
Interest and dividends payable	2,708,623	5,171,168
Other accrued expenses	2,622,822	(4,999,443)
NET CASH FLOWS USED IN OPERATING ACTIVITIES	(83,805,558)	(66,013,897)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in life insurance policies	(88,643,819)	(94,952,879)
Carrying value of matured life insurance policies	16,069,632	10,992,624
Investment in Secured MCA advances		(8,727,924)
Proceeds from Secured MCA advances	2,762,784	2,553,466
NET CASH FLOWS USED IN INVESTING ACTIVITIES	(69,811,403)	(90,134,713)
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings on Senior Credit Facilities	59,799,649	104,825,508
Payments for issuance costs of senior debt	(4,510,388)	(7,111,556)
Payments for redemption of Series I Secured Notes	(16,613,667)	(7,469,462)
Proceeds from issuance of L Bonds	131,796,220	153,874,402
Payments for issuance costs of L Bonds	(10,896,925)	(10,149,316)
Payments for redemption of L Bonds	(60,848,460)	(45,754,691)
Proceeds from (increase in) restricted cash	9,476,911	(35,484,697)
(Redemption) issuance of common stock	(1,603,560)	244,185
Proceeds from issuance of preferred stock	127,279,847	57,112,501
Payments for issuance costs of preferred stock	(9,027,190)	(4,140,867)
Payments for redemption of preferred stock	(22,598,626)	(2,198,233)
Preferred stock dividends	(12,702,341)	(3,537,287)
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	189,551,470	200,210,487
NET INCREASE IN CASH AND CASH EQUIVALENTS	35,934,509	44,061,877
CASH AND CASH EQUIVALENTS
BEGINNING OF YEAR	78,486,982	34,425,105
END OF YEAR	114,421,491	78,486,982
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest paid	45,990,000	34,607,000
Premiums paid, including prepaid	55,471,000	40,239,000
Stock-based compensation	1,425,000	227,000
Payments for exercised stock options	346,000
NON-CASH INVESTING AND FINANCING ACTIVITIES
Options and stock appreciation rights issued	534,000	638,000
Series I Secured Notes:
Conversion of accrued interest and commission payable to principal		234,000
L Bonds:
Conversion of accrued interest and commission payable to principal	1,756,000	1,988,000
Series A Preferred Stock:
Conversion to common stock		39,000
Common stock issued for vendor services	321,003
Investment in life insurance policies included in accounts payable	$ 3,913,000	$ 605,000

Nature of Business and Summary

Nature of Business and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
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 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 provide cash advances to small businesses. On August 25, 2016, GWG Holdings formed a wholly owned subsidiary, Actüa Life & Annuity Ltd., renamed to Life Epigenetics Inc. (“Life Epigenetics”) in August 2017, to engage in various life insurance related businesses and activities related to its exclusive license for “DNA Methylation Based Predictor of Mortality” technology. Use of Estimates Cash and Cash Equivalents Life Insurance Policies Investments in Insurance Contracts 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, 2017 and December 31, 2016, a total of $0 and $42,000, respectively, of our “other assets” comprised direct costs and deposits that we had advanced for life insurance policy acquisitions. We also recognize realized gain (or loss) 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 (upon 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 we receive sale proceeds. Other Assets Stock-Based Compensation 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 the standard deviation of the average continuously compounded rate of return of five selected comparable companies. We have not historically issued any common stock dividends and do not expect to do so in the foreseeable future. Deferred Financing and Issuance Costs Earnings (loss) per Share Recently Issued Accounting Pronouncements Simplifying the Presentation of Debt Issuance Costs On February 25, 2016, the FASB issued Accounting Standards Update 2016-02 Leases In March 2016, the FASB issued Accounting Standards Update 2016-09 (“ASU 2016-09”) to simplify the accounting for stock compensation related to the following items: income tax accounting, award classification, estimation of forfeitures, and cash flow presentation. The new guidance is effective for fiscal years beginning after December 15, 2016. We adopted ASU 2016-09 effective January 1, 2017. The impact of the adoption was not material to the financial statements. In November 2016, the FASB issued Accounting Standards Update 2016-18 (“ASU 2016-18”), which amends ASC 230 Statement of Cash Flows

Restrictions on Cash

Restrictions on Cash	12 Months Ended
	Dec. 31, 2017
Restrictions on Cash [Abstract]
Restrictions on Cash	(2) Restrictions on Cash Under the terms of our senior credit facility with LNV Corporation (discussed in Note 6), we are required to maintain collection account that is used to collect policy benefits from pledged policies, pay interest and other charges under the facility, and distribute funds to pay down the facility. The agents for the lenders authorize the disbursements from these accounts. At December 31, 2017 and December 31, 2016, there was a balance of $28,350,000 and $37,827,000, respectively, in these restricted cash accounts.

Investment in Life Insurance Po

Investment in Life Insurance Policies	12 Months Ended
	Dec. 31, 2017
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 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, other than insured lives covered under small face amount policies (i.e., $1 million in face value benefits or less), assumptions relating to cost-of-insurance (premium) rates and other assumptions. The discount rate we apply incorporates current information about discount rates applied by other public reporting companies owning portfolios of life insurance policies, the discount rates observed in the life insurance secondary market, market interest rates, the estimated credit exposure to the insurance companies that issued the life insurance policies and management’s estimate of the operational risk premium a purchaser would require to receive the future cash flows derived from our portfolio as a whole. Management has discretion regarding the combination of these and other factors when determining the discount rate. As a result of management’s analysis, discount rates of 10.45% and 10.96% were applied to our portfolio as of December 31, 2017 and December 31, 2016, respectively. A summary of our policies, organized according to their estimated life expectancy dates as of the reporting date, is as follows: As of December 31, 2017 As of December 31, 2016 Years Ending December 31, Number of Policies Estimated Fair Value Face Value Number of Policies Estimated Fair Value Face Value 2017 — $ — $ — 11 $ 14,837,000 $ 16,939,000 2018 8 4,398,000 4,689,000 23 30,830,000 42,564,000 2019 48 63,356,000 83,720,000 55 57,556,000 88,858,000 2020 87 79,342,000 127,373,000 93 85,414,000 159,814,000 2021 98 96,154,000 170,695,000 86 73,825,000 158,744,000 2022 90 85,877,000 181,120,000 66 56,909,000 147,222,000 2023 93 69,467,000 175,458,000 64 44,953,000 128,581,000 Thereafter 474 251,933,000 933,093,000 292 146,868,000 618,953,000 Totals 898 $ 650,527,000 $ 1,676,148,000 690 $ 511,192,000 $ 1,361,675,000 We recognized life insurance benefits of $64,719,000 and $48,452,000 during 2017 and 2016, respectively, related to policies with a carrying value of $16,070,000 and $10,993,000, respectively, and as a result recorded realized gains of $48,649,000 and $37,459,000. Reconciliation of gain on life insurance policies: Years Ended December 31, 2017 2016 Change in estimated probabilistic cash flows $ 63,241,000 $ 46,515,000 Unrealized gain on acquisitions 31,019,000 38,205,000 Premiums and other annual fees (53,296,000 ) (40,239,000 ) Change in discount rates (1) 14,931,000 3,188,000 Change in life expectancy evaluation (2) (20,257,000 ) (6,029,000 ) Face value of matured policies 64,719,000 48,452,000 Fair value of matured policies (38,243,000 ) (22,290,000 ) Gain on life insurance policies, net $ 62,114,000 $ 67,802,000 ____________ (1) The discount rate applied to estimate the fair value of the portfolio of life insurance policies we own was 10.45% as of December 31, 2017, compared to 10.96% as of December 31, 2016. The carrying value of policies acquired during each quarterly reporting period is adjusted to current fair value using the fair value discount rate applied to the entire portfolio as of that reporting date. (2) The change in fair value due to updating independent life expectancy estimates on certain life insurance policies in our portfolio. 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 2018 $ 53,548,000 $ 1,102,000 $ 54,650,000 2019 61,125,000 1,102,000 62,227,000 2020 69,886,000 1,102,000 70,988,000 2021 79,081,000 1,102,000 80,183,000 2022 89,102,000 1,102,000 90,204,000 $ 352,742,000 $ 5,510,000 $ 358,252,000 Management anticipates funding the majority of the premium payments estimated above with additional borrowing capacity, created as the premiums and servicing costs of pledged life insurance policies become due, under the amended and restated senior credit facility with LNV Corporation as described in Note 6. Management anticipates funding premiums and servicing costs of non-pledged life insurance policies from proceeds from the receipt of policy benefits from our portfolio of life insurance policies and net proceeds from our offering of L Bonds and RPS 2. The proceeds of these capital sources may also be used for the purchase, financing, and maintenance of additional life insurance policies as well as servicing the interest, dividends and principal on existing and future capital.

Fair Value Definition and Hiera

Fair Value Definition and Hierarchy	12 Months Ended
	Dec. 31, 2017
Fair Value Definition and Hierarchy [Abstract]
Fair Value Definition and Hierarchy	(4) Fair Value Definition and Hierarchy Accounting Standards Codification 820, Fair Value Measurements and Disclosures 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 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 the Company has the ability to access. Because valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. • Level 2 — 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 rates 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 estimated credit exposure to the insurance company that issued the life insurance policy and management’s estimate of the operational risk premium a purchaser would require to receive the future cash flows derived from our portfolio as a whole. Management has discretion regarding the combination of these and other factors when determining the discount rate. These inputs are then used to estimate the discounted cash flows from the portfolio using the MAPS 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 MAPS 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 December 31, 2017 2016 Beginning balance $ 511,192,000 $ 356,650,000 Purchases 88,644,000 94,953,000 Maturities (initial cost basis) (16,070,000 ) (10,993,000 ) Net change in fair value 66,761,000 70,582,000 Ending balance $ 650,527,000 $ 511,192,000 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. Currently, however, the terms of our senior credit facility with LNV Corporation require us update the independent life expectancy estimates every two years beginning from the date of the amended facility. The following table summarizes the inputs utilized in estimating the fair value of our portfolio of life insurance policies: As of December 31, 2017 As of December 31, 2016 Weighted-average age of insured, years* 81.7 81.6 Weighted-average life expectancy, months* 82.4 83.2 Average face amount per policy $ 1,867,000 $ 1,973,000 Discount rate 10.45 % 10.96 % ____________ (*) Weighted-average by face amount of policy benefits Life expectancy estimates and market discount rates for a portfolio of life insurance policies are 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 8 months minus 4 months plus 4 months plus 8 months December 31, 2017 $ 86,391,000 $ 42,886,000 $ (42,481,000 ) $ (84,238,000 ) December 31, 2016 $ 69,253,000 $ 34,601,000 $ (33,846,000 ) $ (67,028,000 ) Change in discount rate minus 2% minus 1% plus 1% plus 2% December 31, 2017 $ 68,117,000 $ 32,587,000 $ (29,964,000 ) $ (57,583,000 ) December 31, 2016 $ 53,764,000 $ 25,728,000 $ (23,668,000 ) $ (45,491,000 ) 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 L Bonds, having an aggregate face value of $461,427,000 as of December 31, 2017, is approximately $470,672,000 based on a weighted-average market interest rate of 6.70%. The carrying value of the senior credit facility with LNV Corporation reflects interest charged at 12-month LIBOR 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 cash advances, and determine if an impairment reserve is necessary. At December 31, 2017 one of our secured cash advances was impaired. Specifically, the secured loan to Nulook Capital LLC had an outstanding balance of $1,954,000 and a loan loss reserve of $1,908,000 at December 31, 2017. 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, referred to as an impairment charge. We recorded an impairment charge of $1,308,000 and $600,000 for the years ended December 31, 2017 and 2016, respectively. The following table summarizes outstanding warrants as of December 31, 2017: Month issued Warrants issued Fair value per share Risk free rate Volatility Term September 2014 16,000 $ 1.26 1.85 % 17.03 % 5 years 16,000

Credit Facility - Autobahn Fund

Credit Facility - Autobahn Funding Company LLC	12 Months Ended
	Dec. 31, 2017
Credit Facility - Autobahn Funding Company LLC [Abstract]
Credit Facility - Autobahn Funding Company LLC	(5) Credit Facility — Autobahn Funding Company LLC On September 12, 2017, we terminated our $105 million senior credit facility with Autobahn Funding Company LLC, the Credit and Security Agreement governing the facility as well as the related pledge agreement, pursuant to which our obligations under the facility were secured. We had paid off in full all obligations under the facility on September 14, 2016, and since that date, we have had no amounts outstanding under the facility. The Credit and Security Agreement contained certain financial and non-financial covenants, and we were in compliance with these covenants during the year ended December 31, 2017 until the date of termination.

Credit Facility - LNV Corporati

Credit Facility - LNV Corporation	12 Months Ended
	Dec. 31, 2017
Credit Facility - LNV Corporation [Abstract]
Credit Facility - LNV Corporation	(6) Credit Facility — LNV Corporation On September 27, 2017, we entered into an amended and restated senior credit facility with LNV Corporation as lender through our subsidiary GWG DLP Funding IV, LLC (“DLP IV”). The Amended and Restated Loan Agreement governing the facility makes available a total of up to $300,000,000 in credit with a maturity date of September 27, 2029. Additional advances are available under the Amended and Restated Loan Agreement at the LIBOR rate as defined in the Amended and Restated Loan Agreement. Advances are available as the result of additional borrowing base capacity, created as the premiums and servicing costs of pledged life insurance policies become due. Interest will accrue on amounts borrowed under the Amended and Restated Loan 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) 7.50% per annum. The effective rate at December 31, 2017 was 9.31%. Interest payments are made on a quarterly basis. As of December 31, 2017, approximately 82.6% of the total face value of our portfolio is pledged to LNV Corporation. The amount outstanding under this facility was $222,525,000 and $162,725,000 at December 31, 2017 and 2016, respectively. Obligations under the facility are secured by a security interest in DLP IV’s assets, for the benefit of the lenders under the Amended and Restated Loan Agreement, through an arrangement under which Wells Fargo serves as securities intermediary. The life insurance policies owned by DLP IV do not serve as direct collateral for the obligations of GWG Holdings under the L Bonds. The difference between the amount outstanding and the carrying amount on our balance sheet is due to netting of unamortized debt issuance costs. The Amended and Restated Loan Agreement does not require DLP IV to maintain a reserve account for future premiums. The Amended and Restated Loan Agreement has certain financial and nonfinancial covenants, and we were in compliance with these covenants at December 31, 2017, and with the covenants in the original Loan Agreement at December 31, 2016.

Series I Secured Notes

Series I Secured Notes	12 Months Ended
	Dec. 31, 2017
Series I Secured Notes [Abstract]
Series I Secured Notes	(7) Series I Secured Notes Series I Secured Notes were legal obligations of GWG Life and were privately offered and sold from August 2009 through June 2011. On September 8, 2017, we redeemed all outstanding Series I Secured Notes for an aggregate of $6,815,000. The Series I Secured Notes were governed by an Intercreditor Agreement, a Third Amended and Restated Note Issuance and Security Agreement dated November 1, 2011, as amended, and a related Pledge Agreement. Upon the redemption of the Series I Secured Notes and the termination of all obligations outstanding thereunder, those agreements were terminated effective as of September 8, 2017.

L Bonds

L Bonds	12 Months Ended
	Dec. 31, 2017
L Bonds [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 facility (see Note 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, 2017 and 2016. On December 1, 2017, an additional public offering sold on a continuous basis of L Bonds permitting us to sell up to $1.0 billion in principal amount of L Bonds was declared effective. The new offering is a follow-on to the previous L Bond offering and contains the same terms and features. 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, 2017 and 2016, the weighted-average interest rate of our L Bonds was 7.29% and 7.23%, respectively. The principal amount of L Bonds outstanding was $461,427,000 and $387,067,000 at December 31, 2017 and 2016, 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, cash receipts for new issuances and payments of redemptions in process. Amortization of deferred issuance costs was $6,940,000 and $7,099,000 in 2017 and 2016, respectively. Future expected amortization of deferred financing costs as of December 31, 2017 is $15,593,000 in total over the next seven years. Future contractual maturities of L Bonds, and future amortization of their deferred financing costs, at December 31, 2017 are as follows: Years Ending December 31, Contractual Maturities Amortization of Deferred Financing Costs 2018 $ 105,916,000 $ 1,182,000 2019 151,689,000 4,485,000 2020 78,402,000 3,297,000 2021 30,759,000 1,331,000 2022 40,018,000 2,137,000 Thereafter 54,643,000 3,161,000 $ 461,427,000 $ 15,593,000

Series A Convertible Preferred

Series A Convertible Preferred Stock	12 Months Ended
	Dec. 31, 2017
Series A Convertible Preferred Stock [Abstract]
Series A Convertible Preferred Stock	(9) Series A Convertible Preferred Stock From July 2011 through 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 were entitled to cumulative dividends at the rate of 10% per annum, paid quarterly. The Series A Convertible Preferred Stock were only redeemable at our option. Purchasers of Series A in our offering received warrants to purchase an aggregate of 416,000 shares of our common stock at an exercise price of $12.50 per share. As of December 31, 2017, all of these warrants have expired and none of them had been exercised. On October 9, 2017 all shares of Series A were redeemed with a redemption payment equal to the sum of: (i) $8.25 per Series A share and (ii) all accrued but unpaid dividends.

Redeemable Preferred Stock

Redeemable Preferred Stock	12 Months Ended
	Dec. 31, 2017
Redeemable Preferred Stock [Abstract]
Redeemable Preferred Stock	(10) Redeemable Preferred Stock On November 30, 2015, our public offering of up to 100,000 shares of Redeemable Preferred Stock (“RPS”) at $1,000 per share was declared effective. 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, if any, then to the outstanding balance of the preferred stock if additional paid-in-capital has been exhausted. 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 RPS 2 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 sole discretion to grant or decline 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 March 31, 2017, we closed the RPS offering to investors having sold 99,127 shares of RPS for an aggregate gross consideration of $99,127,000 and incurred approximately $7,019,000 of related selling costs. At the time of its issuance, we determined that the RPS contained two embedded features: (1) optional redemption by the holder 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 Accounting Standards Codification 470 “ Debt”

Series 2 Redeemable Preferred S

Series 2 Redeemable Preferred Stock	12 Months Ended
	Dec. 31, 2017
Series Two 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 are recorded as a reduction to additional paid-in capital, if any, then to the outstanding balance of the preferred stock if additional paid-in capital has been exhausted. 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 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 by such holder from us and still held by such holder. Holders of RPS 2 may request that we redeem their RPS 2 shares at a price equal to their liquidation preference, less an applicable redemption fee, if any. Nevertheless, the Certificate of Designation for RPS 2 permits us sole discretion to grant or 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). The selling broker dealer has agreed to sell the RPS 2 shares to qualified accounts with a selling commission of 6.0% of the gross proceeds from the RPS 2 shares sold by the selling broker dealer which will result in a sales price of $940 per RPS 2 share. The net proceeds to the Company from the sales to qualified accounts will not be affected by the reduction in the selling broker dealer’s commissions. As of December 31, 2017, we had sold 88,709 shares of RPS 2 for aggregate gross consideration of $88,709,000 and incurred approximately $6,142,000 of selling costs related to the sale of those shares. At the time of its issuance, we determined that the RPS 2 contained two embedded features: (1) optional redemption by the holder; 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 2 should be considered an equity host for the purposes of assessing the embedded derivatives for potential bifurcation. Based on our assessment under ASC 470 we do not believe bifurcation of either the holder’s redemption or conversion feature is appropriate.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
Income Taxes [Abstract]
Income Taxes	(12) Income Taxes We had a current income tax liability of $0 as of both December 31, 2017 and 2016. The components of our income tax expense (benefit) and the reconciliation at the statutory federal tax rate to our actual income tax expense (benefit) for the years ended December 31, 2017 and 2016 consisted of the following: 2017 2016 Statutory federal income tax (benefit) $ (7,728,000 ) 34.0 % $ 247,000 34.0 % State income taxes (benefit), net of federal benefit (1,433,000 ) 6.3 % 56,000 7.8 % Impact of change in enacted rate 2,605,000 (11.4 )% — — Change in valuation allowance 4,222,000 (18.6 )% — — Other permanent differences 237,000 (1.1 )% 30,000 4.2 % Total income tax expense (benefit) $ (2,097,000 ) 9.2 % $ 333,000 46.0 % The tax effects of temporary differences that give rise to deferred income taxes were as follows: As of As of Deferred tax assets: Note Receivable from related party $ 1,437,000 $ 2,023,000 Net operating loss carryforwards 9,995,000 10,781,000 Other assets 1,724,000 1,130,000 Subtotal $ 13,156,000 $ 13,934,000 Valuation allowance (6,386,000 ) (2,164,000 ) Deferred tax assets $ 6,770,000 $ 11,770,000 Deferred tax liabilities: Investment in life insurance policies $ (6,630,000 ) $ (13,867,000 ) Other liabilities (140,000 ) — Net deferred tax asset/(liability) $ — $ (2,097,000 ) At December 31, 2017 and 2016, we had federal net operating loss (“NOL”) carryforwards of $34,775,000 and $26,642,000, respectively, and aggregate state NOL carryforwards of approximately $34,749,000 and $26,616,000, 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 prior issuance of common stock has resulted in an ownership change under Section 382 through December 31, 2017. We provide for a valuation allowance when it is not considered “more likely than not” that our deferred tax assets will be realized. As of December 31, 2017, based on all available evidence, we have provided a valuation allowance against our total net deferred tax asset of $6,386,000 due to uncertainty as to the realization of our deferred tax assets during the carryover periods. As of December 31, 2016, we had 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. On December 22, 2017, the U.S. federal government enacted the Tax Cuts and Jobs Act (“Tax Reform Bill”). The Tax Reform Bill changed existing United States tax law, including a reduction of the U.S. corporate income tax rate. The Company re-measured deferred taxes as of the date of enactment, resulting in a $2,605,000 reduction of net deferred income tax assets. The Company’s measurement of the income tax effects of the Tax Reform Bill for the year ended December 31, 2017 is reasonably estimated and, therefore, included in these financial statements in accordance with SEC Staff Accounting Bulletin No. 118. 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 is 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 has 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, 2018. 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, 2017 and 2016, we recorded no accrued interest or penalties related to uncertain tax positions. Our income tax returns for tax years ended December 31, 2014, 2015, 2016 and 2017, when filed, remain open to examination by the Internal Revenue Service and various state taxing jurisdictions. Our income tax return for tax year ended December 31, 2013 also remains open to examination by various state taxing jurisdictions.

Common Stock

Common Stock	12 Months Ended
	Dec. 31, 2017
Common Stock [Abstract]
Common Stock	(13) 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.” In conjunction with the initial public offering our Company issued warrants to purchase 16,000 shares of common stock at an exercise price of $15.63 per share. As of December 31, 2017, none of these warrants had been exercised. The remaining life of these warrants at December 31, 2017 was 1.8 years.

Stock Incentive Plan

Stock Incentive Plan	12 Months Ended
	Dec. 31, 2017
Stock Incentive Plan [Abstract]
Stock Incentive Plan	(14) Stock Incentive Plan We adopted our 2013 Stock Incentive Plan in March 2013, as amended on June 1, 2015 and May 5, 2017. The Compensation Committee of our Board of Directors is responsible for the administration of the plan. Participants 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. Awards generally expire 10 years from the date of grant. As of December 31, 2017, 3,000,000 common stock options are authorized under the plan, of which 866,000 remain available for issuance. Stock Options Through December 31, 2017, we had outstanding stock options for 1,637,000 shares of common stock to employees, officers, and directors under the plan. Options for 857,000 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 $10.38 for those beneficially owning more than 10% of our common stock, and between $4.83 and $11.00 for all others, which is equal to the 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 ranged from 19.7% to 29.0%. The annual volatility rate is based on the standard deviation of the average continuously compounded rate of return of five selected comparable companies. As of December 31, 2017, stock options for 685,000 shares had been forfeited and stock options for 154,000 shares had been exercised. Outstanding stock options: Vested Un-vested Total 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 Granted during the year 61,099 367,500 428,599 Vested during the year 327,061 (327,061 ) — Exercised during the year (126,498 ) — (126,498 ) Forfeited during the year (142,535 ) (105,017 ) (247,552 ) Balance as of December 31, 2017 857,192 779,756 1,636,948 As of December 31, 2017, unrecognized compensation expense related to un-vested options is $1,096,000. We expect to recognize this compensation expense over the next three years ($577,000 in 2018, $397,000 in 2019, and $122,000 in 2020). Stock Appreciation Rights (SARs) As of December 31, 2017, we have issued SARs for 343,000 shares of the common stock to employees. The strike price of the SARs was between $7.84 and $10.38, which was equal to the market price of the common stock at the date of issuance. As of December 31, 2017, 189,000 of the SARs were vested. On December 31, 2017, the market price of GWG’s common stock was $8.32. Outstanding SARs: Vested Un-vested Total Balance as of December 31, 2015 — — — Granted during the year 106,608 133,127 239,735 Balance as of December 31, 2016 106,608 133,127 239,735 Granted during the year 13,001 91,986 104,987 Vested during the year 69,444 (69,444 ) — Forfeited during the year — (1,750 ) (1,750 ) Balance as of December 31, 2017 189,053 153,919 342,972 The liability for the SARs as of December 31, 2017, recorded within other accrued expenses, was $551,000. Employee compensation and benefits expense for SARs of $547,000 and $4,000 was recorded for the years ending December 31, 2017 and 2016, respectively. Upon the exercise of SARs, the Company is obligated to make cash payment equal to the positive difference between the fair market value of the Company’s common stock on the date of exercise less the fair market value of the common stock on the date of grant. The following summarizes information concerning outstanding shares issuable under the 2013 Stock Incentive Plan: December 31, 2017 Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Life (years) Weighted-Average Fair Value at Vested Stock Options 857,192 $ 8.05 6.17 $ 1.76 SARs 189,053 $ 8.54 5.86 $ 1.90 Total Vested 1,046,245 $ 8.14 6.11 $ 1.78 Unvested Stock Options 779,756 $ 9.21 7.50 $ 2.17 SARs 153,919 $ 9.16 6.24 $ 2.02 Total Unvested 933,675 $ 9.21 7.30 $ 2.15 December 31, 2016 Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Life (years) Weighted-Average Fair Value at Vested Stock Options 745,565 $ 8.41 7.00 $ 1.64 SARs 106,608 $ 8.35 6.81 $ 1.83 Total Vested 852,173 $ 8.40 6.98 $ 1.66 Unvested Stock Options 844,334 $ 8.72 7.04 $ 1.82 SARs 133,127 $ 8.41 6.82 $ 2.00 Total Unvested 977,461 $ 8.68 7.01 $ 1.84

Other Expenses

Other Expenses	12 Months Ended
	Dec. 31, 2017
Other Expenses [Abstract]
Other Expenses	(15) Other Expenses The components of “Other expenses” in our consolidated statements of operations for the years ended December 31, 2017 and 2016 are as follows: 2017 2016 Contract labor $ 550,000 $ 913,000 Marketing 2,226,000 1,702,000 Information technology 1,555,000 739,000 Servicing and facility fees 1,226,000 1,159,000 Travel and entertainment 1,047,000 1,092,000 Insurance and regulatory 1,591,000 1,729,000 Charitable contributions 462,000 280,000 General and administrative 2,514,000 2,463,000 Total other expenses $ 11,171,000 $ 10,077,000

Net Loss Attributable to Common

Net Loss Attributable to Common Shareholders	12 Months Ended
	Dec. 31, 2017
Net Loss Attributable to Common Shareholders [Abstract]
Net Loss Attributable to Common Shareholders	(16) Net Loss Attributable to Common Shareholders We have outstanding RPS and RPS 2, as described in Notes 10 and 11. RPS and RPS 2 are anti-dilutive to our net loss attributable to common shareholders calculation for the years ended December 31, 2017 and December 31, 2016. Our vested and un-vested stock options are anti-dilutive at both December 31, 2017 and 2016.

Commitments

Commitments	12 Months Ended
	Dec. 31, 2017
Commitments/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 October 2025. 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 $442,000 and $415,000 for the years ended December 31, 2017 and 2016, respectively. Minimum lease payments under the amended lease are as follows: 2018 $ 266,000 2019 275,000 2020 284,000 2021 293,000 2022 302,000 Thereafter 904,000 $ 2,324,000

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2017
Commitments/Contingencies [Abstract]
Contingencies	(18) Contingencies Litigation

Guarantee of L Bonds

Guarantee of L Bonds	12 Months Ended
	Dec. 31, 2017
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. GWG Life’s equity in DLP IV serve as collateral for our L Bond obligations. Substantially all of our life insurance policies are held by DLP IV and the Trust. The policies held by DLP IV are not collateral for the L Bond obligations as such policies are pledged to the senior credit facility with LNV Corporation. 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 substantial majority of insurance policies we currently own are subject to a collateral arrangement with LNV Corporation described in Note 6. Under this arrangement, we are required to maintain a collection account that is used to collect policy benefits from pledged policies, pay interest and other charges under the facility, and distribute funds to pay down the facility. The following represents consolidating financial information as of December 31, 2017 and December 31, 2016, with respect to the financial position, and for the years ended December 31, 2017 and 2016, 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 IV and the Trust under the equity method. The non-guarantor subsidiaries column presents the financial information of all non-guarantor subsidiaries, including DLP IV and the Trust. Consolidating Balance Sheets December 31, 2017 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 111,952,829 $ 1,486,623 $ 982,039 $ — $ 114,421,491 Restricted cash — 9,367,410 18,982,275 — 28,349,685 Investment in life insurance policies, at fair value — 51,093,362 599,433,991 — 650,527,353 Secured MCA advances — — 1,661,774 — 1,661,774 Life insurance policy benefits receivable — 1,500,000 15,158,761 — 16,658,761 Other assets 1,912,203 1,986,312 3,338,595 — 7,237,110 Investment in subsidiaries 480,659,789 415,235,212 — (895,895,001 ) — TOTAL ASSETS $ 594,524,821 $ 480,668,919 $ 639,557,435 $ (895,895,001 ) $ 818,856,174 LIABILITIES & STOCKHOLDERS’ EQUITY LIABILITIES Senior Credit Facilities $ — $ — $ 212,238,192 $ — $ 212,238,192 L Bonds 447,393,568 — — — 447,393,568 Accounts payable 1,434,623 844,899 4,114,917 — 6,394,439 Interest and dividends payable 10,296,584 — 5,130,925 — 15,427,509 Other accrued expenses 1,728,303 1,610,773 391,647 — 3,730,723 TOTAL LIABILITIES 460,853,078 2,455,672 221,875,681 — 685,184,431 STOCKHOLDERS’ EQUITY Member capital — 478,213,247 417,681,754 (895,895,001 ) — Redeemable preferred stock and Series 2 redeemable preferred stock 173,115,447 — — — 173,115,447 Common stock 5,813 — — — 5,813 Accumulated deficit (39,449,517 ) — — — (39,449,517 ) TOTAL STOCKHOLDERS’ EQUITY 133,671,743 478,213,247 417,681,754 (895,895,001 ) 133,671,743 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 594,524,821 $ 480,668,919 $ 639,557,435 $ (895,895,001 ) $ 818,856,174 December 31, 2016 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS 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 LIABILITIES & STOCKHOLDERS’ EQUITY 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 and dividends 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 Consolidating Statements of Operations For the year ended December 31, 2017 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated REVENUE Gain on life insurance policies, net $ — $ 6,979,773 $ 55,134,630 $ — $ 62,114,403 MCA income — — 554,341 — 554,341 Interest and other income 244,202 496,886 1,199,457 (475,371 ) 1,465,174 TOTAL REVENUE 244,202 7,476,659 56,888,428 (475,371 ) 64,133,918 EXPENSES Interest expense 37,754,984 930,837 15,813,944 (80,321 ) 54,419,444 Employee compensation and benefits 9,043,509 5,310,498 515,742 — 14,869,749 Legal and professional fees 1,937,714 962,778 2,195,151 — 5,095,643 Provision for MCA advances — — 1,308,000 — 1,308,000 Other expenses 7,058,209 2,715,374 1,792,143 (395,050 ) 11,170,676 TOTAL EXPENSES 55,794,416 9,919,487 21,624,980 (475,371 ) 86,863,512 INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES (55,550,214 ) (2,442,828 ) 35,263,448 — (22,729,594 ) EQUITY IN INCOME OF SUBSIDIARIES 32,820,620 38,392,230 — (71,212,850 ) — INCOME (LOSS) BEFORE INCOME TAXES (22,729,594 ) 35,949,402 35,263,448 (71,212,850 ) (22,729,594 ) INCOME TAX BENEFIT (2,097,371 ) — — — (2,097,371 ) NET INCOME (LOSS) (20,632,223 ) 35,949,402 35,263,448 (71,212,850 ) (20,632,223 ) Preferred stock dividends 12,702,341 — — — 12,702,341 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (33,334,564 ) $ 35,949,402 $ 35,263,448 $ (71,212,850 ) $ (33,334,564 ) For the year ended December 31, 2016 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated REVENUE 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 72,757 639,414 (225,792 ) 746,466 TOTAL REVENUE 260,087 452,162 68,990,877 (225,792 ) 69,477,334 EXPENSES 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 Provision for MCA advances — — 600,000 — 600,000 Other expenses 5,822,621 2,871,318 1,396,454 (13,417 ) 10,076,976 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 ) — INCOME (LOSS) 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 (LOSS) 391,909 48,104,754 58,136,633 (106,241,387 ) 391,909 Preferred stock dividends 3,537,287 — — — 3,537,287 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (3,145,378 ) $ 48,104,754 $ 58,136,633 $ (106,241,387 ) $ (3,145,378 ) Consolidating Statements of Cash Flows For the year ended December 31, 2017 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (20,632,223 ) $ 35,949,402 $ 35,263,448 $ (71,212,850 ) $ (20,632,223 ) Adjustments to reconcile net income (loss) to net cash flows from operating activities: Equity of subsidiaries (32,820,620 ) (38,392,230 ) — 71,212,850 — Change in fair value of life insurance policies — (7,746,744 ) (59,014,067 ) — (66,760,811 ) Amortization of deferred financing and issuance costs 6,939,841 208,829 1,632,177 — 8,780,847 Provision for MCA advances — — 1,308,000 — 1,308,000 Deferred income taxes (2,097,371 ) — — — (2,097,371 ) Preferred stock issued in lieu of cash dividends 498,659 — — — 498,659 (Increase) decrease in operating assets: Life insurance policy benefits receivable — (1,500,000 ) (9,813,761 ) — (11,313,761 ) Other assets (15,870,956 ) (24,497,313 ) (5,155,644 ) 42,435,842 (3,088,071 ) Increase (decrease) in operating liabilities: Accounts payable 581,153 113,202 3,473,373 — 4,167,728 Interest and dividends payable 3,771,709 (3,743,277 ) 2,680,191 — 2,708,623 Other accrued expenses 1,702,625 1,066,743 (146,546 ) — 2,622,822 NET CASH FLOWS USED IN OPERATING ACTIVITIES (57,927,183 ) (38,541,388 ) (29,772,829 ) 42,435,842 (83,805,558 ) CASH FLOWS FROM INVESTING ACTIVITIES Investment in life insurance policies — (3,022,439 ) (85,621,380 ) — (88,643,819 ) Carrying value of matured life insurance policies — 2,091,713 13,977,919 — 16,069,632 Proceeds from Secured MCA advances — — 2,762,784 — 2,762,784 NET CASH FLOWS USED IN INVESTING ACTIVITIES — (930,726 ) (68,880,677 ) — (69,811,403 ) CASH FLOWS FROM FINANCING ACTIVITIES Net borrowings on Senior Credit Facilities — — 59,799,649 — 59,799,649 Payments for issuance costs of senior debt — (1,076,118 ) (3,434,270 ) — (4,510,388 ) Payments for redemption of Series I Secured Notes — (16,613,667 ) — — (16,613,667 ) Proceeds from issuance of L Bonds 131,796,220 — — — 131,796,220 Payments for issuance costs of L Bonds (10,896,925 ) — — — (10,896,925 ) Payments for redemption of L Bonds (60,848,460 ) — — — (60,848,460 ) Proceeds from (increase in) restricted cash — (7,249,761 ) 16,726,672 — 9,476,911 Issuance of member capital — 16,537,331 25,898,511 (42,435,842 ) — Redemption of common stock (1,603,560 ) — — — (1,603,560 ) Proceeds from issuance of preferred stock 127,279,847 — — — 127,279,847 Payments for issuance costs of preferred stock (9,027,190 ) — — — (9,027,190 ) Payments for redemption of preferred stock (22,598,626 ) — — — (22,598,626 ) Preferred stock dividends (12,702,341 ) — — — (12,702,341 ) NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES 141,398,965 (8,402,215 ) 98,990,562 (42,435,842 ) 189,551,470 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 83,471,782 (47,874,329 ) 337,056 — 35,934,509 CASH AND CASH EQUIVALENTS BEGINNING OF THE PERIOD 28,481,047 49,360,952 644,983 — 78,486,982 END OF THE PERIOD $ 111,952,829 $ 1,486,623 $ 982,039 $ — $ 114,421,491 For the year ended December 31, 2016 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries 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 (loss) to net cash flows from operating activities: Equity of subsidiaries (47,418,844 ) (58,822,543 ) — 106,241,387 — Change in fair value of life insurance policies — (900,808 ) (69,681,575 ) — (70,582,383 ) Amortization of deferred financing and issuance costs 7,720,065 (1,307,640 ) 2,032,827 — 8,445,252 Provision for MCA advances — — 600,000 — 600,000 Deferred income taxes 333,402 — — — 333,402 Preferred stock issued in lieu of cash dividends 689,742 — — — 689,742 (Increase) decrease in operating assets: Life insurance policy benefits receivable — — (5,345,000 ) — (5,345,000 ) Other assets (114,758,710 ) (43,964,379 ) 42,410,680 114,884,593 (1,427,816 ) Increase (decrease) in operating liabilities: Accounts payable 572,483 574,481 (437,692 ) — 709,272 Interest and dividends payable 2,494,085 420,259 2,256,824 — 5,171,168 Other accrued expenses 706,719 2,873,233 (8,579,395 ) — (4,999,443 ) 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 — — 104,825,508 — 104,825,508 Payments for issuance costs of senior debt — — (7,111,556 ) (7,111,556 ) 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 Payments for issuance costs of L Bonds (10,149,316 ) — — — (10,149,316 ) Payments for redemption of L Bonds (45,754,691 ) — — — (45,754,691 ) Issuance of member capital — 107,885,727 6,998,866 (114,884,593 ) — Increase in restricted cash — (15,392 ) (35,469,305 ) — (35,484,697 ) Issuance of common stock 244,185 — — — 244,185 Proceeds from issuance of preferred stock 57,040,946 — 71,555 — 57,112,501 Payments for issuance costs of preferred stock (4,133,527 ) — (7,340 ) — (4,140,867 ) Payments for redemption of preferred stock (2,126,678 ) — (71,555 ) — (2,198,233 ) Preferred stock dividends (3,537,287 ) — — — (3,537,287 ) 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

Concentration

Concentration	12 Months Ended
	Dec. 31, 2017
Concentration [Abstract]
Concentration	(20) Concentration We mostly 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 our portfolio. As of December 31, Life insurance company 2017 2016 John Hancock 15.57 % 14.36 % AXA Equitable 11.88 % 13.42 % Lincoln National 10.80 % 11.22 % 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 2017 2016 Florida 20.16 % 19.42 % California 18.60 % 20.72 %

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	(21) Subsequent Events Subsequent to December 31, 2017, thirteen policies covering thirteen individuals have matured. The combined insurance benefits of these policies were $10,704,000. Subsequent to December 31, 2017, we have issued approximately $34,493,000 of L Bonds. Subsequent to December 31, 2017, we have issued approximately $46,260,000 of RPS 2. On January 12, 2018, we entered into a Master Exchange Agreement, pursuant to which we have agreed to issue an aggregate of up to 29.1 million shares of GWG common stock as partial consideration in exchange for our receipt of outstanding common units of The Beneficient Company Group, L.P., a Delaware limited partnership, we will receive from certain related trusts (“Seller Trusts”). Our common stock will be issued in the exchange to the Seller Trusts at a deemed purchase price of $10.00 per share. In addition to shares of our common stock, the aggregate consideration to the Seller Trusts will consist of up to $359 million of our L Bonds and payment of $150 million in cash. We may also issue and sell, in our sole discretion, a combination of common stock (at a purchase price of $10.00 per share) and L Bonds to MHT Financial SPV, L.L.C., a Delaware limited liability company, for an aggregate purchase price of $150 million in cash. Such combination will represent at least 10.9 million additional shares of common stock (including $41 million in L Bonds) but no more than 12.5 million additional shares of our common stock (including $25 million in L Bonds). The Exchange Transaction is expected to close in the second quarter of 2018, subject to the satisfaction of various closing conditions set forth in the Master Agreement.

Nature of Business and Summar28

Nature of Business and Summary of Significant Accounting Policies(Policies)	12 Months Ended
	Dec. 31, 2017
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 Investments in Insurance Contracts 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, 2017 and December 31, 2016, a total of $0 and $42,000, respectively, of our “other assets” comprised direct costs and deposits that we had advanced for life insurance policy acquisitions. We also recognize realized gain (or loss) 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 (upon 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 we receive sale proceeds.
Other Assets	Other Assets
Stock-based compensation	Stock-Based Compensation 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 the standard deviation of the average continuously compounded rate of return of five selected comparable companies. We have not historically issued any common stock dividends and do not expect to do so in the foreseeable future.
Deferred Financing and Issuance Costs	Deferred Financing and Issuance Costs
Earnings (loss) per Share	Earnings (loss) per Share
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Simplifying the Presentation of Debt Issuance Costs On February 25, 2016, the FASB issued Accounting Standards Update 2016-02 Leases In March 2016, the FASB issued Accounting Standards Update 2016-09 (“ASU 2016-09”) to simplify the accounting for stock compensation related to the following items: income tax accounting, award classification, estimation of forfeitures, and cash flow presentation. The new guidance is effective for fiscal years beginning after December 15, 2016. We adopted ASU 2016-09 effective January 1, 2017. The impact of the adoption was not material to the financial statements. In November 2016, the FASB issued Accounting Standards Update 2016-18 (“ASU 2016-18”), which amends ASC 230 Statement of Cash Flows

Investment in Life Insurance 29

Investment in Life Insurance Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Investment in Life Insurance Policies [Abstract]
Summary of policies according to estimated life expectancy dates	As of December 31, 2017 As of December 31, 2016 Years Ending December 31, Number of Policies Estimated Fair Value Face Value Number of Policies Estimated Fair Value Face Value 2017 — $ — $ — 11 $ 14,837,000 $ 16,939,000 2018 8 4,398,000 4,689,000 23 30,830,000 42,564,000 2019 48 63,356,000 83,720,000 55 57,556,000 88,858,000 2020 87 79,342,000 127,373,000 93 85,414,000 159,814,000 2021 98 96,154,000 170,695,000 86 73,825,000 158,744,000 2022 90 85,877,000 181,120,000 66 56,909,000 147,222,000 2023 93 69,467,000 175,458,000 64 44,953,000 128,581,000 Thereafter 474 251,933,000 933,093,000 292 146,868,000 618,953,000 Totals 898 $ 650,527,000 $ 1,676,148,000 690 $ 511,192,000 $ 1,361,675,000
Schedule of reconciliation of gain on life insurance policies	Years Ended December 31, 2017 2016 Change in estimated probabilistic cash flows $ 63,241,000 $ 46,515,000 Unrealized gain on acquisitions 31,019,000 38,205,000 Premiums and other annual fees (53,296,000 ) (40,239,000 ) Change in discount rates (1) 14,931,000 3,188,000 Change in life expectancy evaluation (2) (20,257,000 ) (6,029,000 ) Face value of matured policies 64,719,000 48,452,000 Fair value of matured policies (38,243,000 ) (22,290,000 ) Gain on life insurance policies, net $ 62,114,000 $ 67,802,000 (1) The discount rate applied to estimate the fair value of the portfolio of life insurance policies we own was 10.45% as of December 31, 2017, compared to 10.96% as of December 31, 2016. The carrying value of policies acquired during each quarterly reporting period is adjusted to current fair value using the fair value discount rate applied to the entire portfolio as of that reporting date. (2) The change in fair value due to updating independent life expectancy estimates on certain life insurance policies in our portfolio.
Schedule of estimate that premium payments and servicing fees required to maintain our current portfolio of life insurance policies	Years Ending December 31, Premiums Servicing Premiums and Servicing Fees 2018 $ 53,548,000 $ 1,102,000 $ 54,650,000 2019 61,125,000 1,102,000 62,227,000 2020 69,886,000 1,102,000 70,988,000 2021 79,081,000 1,102,000 80,183,000 2022 89,102,000 1,102,000 90,204,000 $ 352,742,000 $ 5,510,000 $ 358,252,000

Fair Value Definition and Hie30

Fair Value Definition and Hierarchy (Tables)	12 Months Ended
	Dec. 31, 2017
Fair Value Definition and Hierarchy [Abstract]
Schedule of reconciliation of investments in life insurance policies	Years Ended December 31, 2017 2016 Beginning balance $ 511,192,000 $ 356,650,000 Purchases 88,644,000 94,953,000 Maturities (initial cost basis) (16,070,000 ) (10,993,000 ) Net change in fair value 66,761,000 70,582,000 Ending balance $ 650,527,000 $ 511,192,000
Summary of inputs utilized in estimating fair value of portfolio life insurance policies	As of December 31, 2017 As of December 31, 2016 Weighted-average age of insured, years* 81.7 81.6 Weighted-average life expectancy, months* 82.4 83.2 Average face amount per policy $ 1,867,000 $ 1,973,000 Discount rate 10.45 % 10.96 %
Summary of change in fair value of the investment in life insurance policies	Change in life expectancy estimates minus 8 months minus 4 months plus 4 months plus 8 months December 31, 2017 $ 86,391,000 $ 42,886,000 $ (42,481,000 ) $ (84,238,000 ) December 31, 2016 $ 69,253,000 $ 34,601,000 $ (33,846,000 ) $ (67,028,000 ) Change in discount rate minus 2% minus 1% plus 1% plus 2% December 31, 2017 $ 68,117,000 $ 32,587,000 $ (29,964,000 ) $ (57,583,000 ) December 31, 2016 $ 53,764,000 $ 25,728,000 $ (23,668,000 ) $ (45,491,000 )
Summary of outstanding warrants	Month issued Warrants issued Fair value per share Risk free rate Volatility Term September 2014 16,000 $ 1.26 1.85 % 17.03 % 5 years 16,000

L Bonds (Tables)

L Bonds (Tables)	12 Months Ended
	Dec. 31, 2017
L Bonds [Abstract]
Schedule of future contractual maturities of L Bonds, and future amortization of deferred financing costs	Years Ending December 31, Contractual Maturities Amortization of Deferred Financing Costs 2018 $ 105,916,000 $ 1,182,000 2019 151,689,000 4,485,000 2020 78,402,000 3,297,000 2021 30,759,000 1,331,000 2022 40,018,000 2,137,000 Thereafter 54,643,000 3,161,000 $ 461,427,000 $ 15,593,000

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Income Taxes [Abstract]
Schedule of reconciliation of income tax expense (benefit) at the statutory federal tax rate to actual income tax expense (benefit)	2017 2016 Statutory federal income tax (benefit) $ (7,728,000 ) 34.0 % $ 247,000 34.0 % State income taxes (benefit), net of federal benefit (1,433,000 ) 6.3 % 56,000 7.8 % Impact of change in enacted rate 2,605,000 (11.4 )% — — Change in valuation allowance 4,222,000 (18.6 )% — — Other permanent differences 237,000 (1.1 )% 30,000 4.2 % Total income tax expense (benefit) $ (2,097,000 ) 9.2 % $ 333,000 46.0 %
Schedule of tax effects of temporary differences that give rise to deferred income taxes	As of December 31, 2017 As of December 31, 2016 Deferred tax assets: Note Receivable from related party $ 1,437,000 $ 2,023,000 Net operating loss carryforwards 9,995,000 10,781,000 Other assets 1,724,000 1,130,000 Subtotal $ 13,156,000 $ 13,934,000 Valuation allowance (6,386,000 ) (2,164,000 ) Deferred tax assets $ 6,770,000 $ 11,770,000 Deferred tax liabilities: Investment in life insurance policies $ (6,630,000 ) $ (13,867,000 ) Other liabilities (140,000 ) — Net deferred tax asset/(liability) $ — $ (2,097,000 )

Stock Incentive Plan (Tables)

Stock Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2017
Stock Incentive Plan [Abstract]
Schedule of outstanding stock options	Vested Un-vested Total 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 Granted during the year 61,099 367,500 428,599 Vested during the year 327,061 (327,061 ) — Exercised during the year (126,498 ) — (126,498 ) Forfeited during the year (142,535 ) (105,017 ) (247,552 ) Balance as of December 31, 2017 857,192 779,756 1,636,948
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 Balance as of December 31, 2016 106,608 133,127 239,735 Granted during the year 13,001 91,986 104,987 Vested during the year 69,444 (69,444 ) — Forfeited during the year — (1,750 ) (1,750 ) Balance as of December 31, 2017 189,053 153,919 342,972
Schedule of outstanding shares issuable under the 2013 stock incentive plan	December 31, 2017 Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Life (years) Weighted-Average Fair Value at Vested Stock Options 857,192 $ 8.05 6.17 $ 1.76 SARs 189,053 $ 8.54 5.86 $ 1.90 Total Vested 1,046,245 $ 8.14 6.11 $ 1.78 Unvested Stock Options 779,756 $ 9.21 7.50 $ 2.17 SARs 153,919 $ 9.16 6.24 $ 2.02 Total Unvested 933,675 $ 9.21 7.30 $ 2.15 December 31, 2016 Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Life (years) Weighted-Average Fair Value at Vested Stock Options 745,565 $ 8.41 7.00 $ 1.64 SARs 106,608 $ 8.35 6.81 $ 1.83 Total Vested 852,173 $ 8.40 6.98 $ 1.66 Unvested Stock Options 844,334 $ 8.72 7.04 $ 1.82 SARs 133,127 $ 8.41 6.82 $ 2.00 Total Unvested 977,461 $ 8.68 7.01 $ 1.84

Other Expenses (Tables)

Other Expenses (Tables)	12 Months Ended
	Dec. 31, 2017
Other Expenses [Abstract]
Schedule of other expenses in consolidated statements of operations	2017 2016 Contract labor $ 550,000 $ 913,000 Marketing 2,226,000 1,702,000 Information technology 1,555,000 739,000 Servicing and facility fees 1,226,000 1,159,000 Travel and entertainment 1,047,000 1,092,000 Insurance and regulatory 1,591,000 1,729,000 Charitable contributions 462,000 280,000 General and administrative 2,514,000 2,463,000 Total other expenses $ 11,171,000 $ 10,077,000

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Dec. 31, 2017
Commitments/Contingencies [Abstract]
Schedule of minimum lease payments under amendment lease	2018 $ 266,000 2019 275,000 2020 284,000 2021 293,000 2022 302,000 Thereafter 904,000 $ 2,324,000

Guarantee of L Bonds (Tables)

Guarantee of L Bonds (Tables)	12 Months Ended
	Dec. 31, 2017
Guarantee of L Bonds [Abstract]
Schedule of consolidated balance sheets	December 31, 2017 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 111,952,829 $ 1,486,623 $ 982,039 $ — $ 114,421,491 Restricted cash — 9,367,410 18,982,275 — 28,349,685 Investment in life insurance policies, at fair value — 51,093,362 599,433,991 — 650,527,353 Secured MCA advances — — 1,661,774 — 1,661,774 Life insurance policy benefits receivable — 1,500,000 15,158,761 — 16,658,761 Other assets 1,912,203 1,986,312 3,338,595 — 7,237,110 Investment in subsidiaries 480,659,789 415,235,212 — (895,895,001 ) — TOTAL ASSETS $ 594,524,821 $ 480,668,919 $ 639,557,435 $ (895,895,001 ) $ 818,856,174 LIABILITIES & STOCKHOLDERS’ EQUITY LIABILITIES Senior Credit Facilities $ — $ — $ 212,238,192 $ — $ 212,238,192 L Bonds 447,393,568 — — — 447,393,568 Accounts payable 1,434,623 844,899 4,114,917 — 6,394,439 Interest and dividends payable 10,296,584 — 5,130,925 — 15,427,509 Other accrued expenses 1,728,303 1,610,773 391,647 — 3,730,723 TOTAL LIABILITIES 460,853,078 2,455,672 221,875,681 — 685,184,431 STOCKHOLDERS’ EQUITY Member capital — 478,213,247 417,681,754 (895,895,001 ) — Redeemable preferred stock and Series 2 redeemable preferred stock 173,115,447 — — — 173,115,447 Common stock 5,813 — — — 5,813 Accumulated deficit (39,449,517 ) — — — (39,449,517 ) TOTAL STOCKHOLDERS’ EQUITY 133,671,743 478,213,247 417,681,754 (895,895,001 ) 133,671,743 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 594,524,821 $ 480,668,919 $ 639,557,435 $ (895,895,001 ) $ 818,856,174 December 31, 2016 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS 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 LIABILITIES & STOCKHOLDERS’ EQUITY 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 and dividends 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
Schedule of consolidated statements of operations	For the year ended December 31, 2017 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated REVENUE Gain on life insurance policies, net $ — $ 6,979,773 $ 55,134,630 $ — $ 62,114,403 MCA income — — 554,341 — 554,341 Interest and other income 244,202 496,886 1,199,457 (475,371 ) 1,465,174 TOTAL REVENUE 244,202 7,476,659 56,888,428 (475,371 ) 64,133,918 EXPENSES Interest expense 37,754,984 930,837 15,813,944 (80,321 ) 54,419,444 Employee compensation and benefits 9,043,509 5,310,498 515,742 — 14,869,749 Legal and professional fees 1,937,714 962,778 2,195,151 — 5,095,643 Provision for MCA advances — — 1,308,000 — 1,308,000 Other expenses 7,058,209 2,715,374 1,792,143 (395,050 ) 11,170,676 TOTAL EXPENSES 55,794,416 9,919,487 21,624,980 (475,371 ) 86,863,512 INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES (55,550,214 ) (2,442,828 ) 35,263,448 — (22,729,594 ) EQUITY IN INCOME OF SUBSIDIARIES 32,820,620 38,392,230 — (71,212,850 ) — INCOME (LOSS) BEFORE INCOME TAXES (22,729,594 ) 35,949,402 35,263,448 (71,212,850 ) (22,729,594 ) INCOME TAX BENEFIT (2,097,371 ) — — — (2,097,371 ) NET INCOME (LOSS) (20,632,223 ) 35,949,402 35,263,448 (71,212,850 ) (20,632,223 ) Preferred stock dividends 12,702,341 — — — 12,702,341 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (33,334,564 ) $ 35,949,402 $ 35,263,448 $ (71,212,850 ) $ (33,334,564 ) For the year ended December 31, 2016 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated REVENUE 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 72,757 639,414 (225,792 ) 746,466 TOTAL REVENUE 260,087 452,162 68,990,877 (225,792 ) 69,477,334 EXPENSES 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 Provision for MCA advances — — 600,000 — 600,000 Other expenses 5,822,621 2,871,318 1,396,454 (13,417 ) 10,076,976 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 ) — INCOME (LOSS) 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 (LOSS) 391,909 48,104,754 58,136,633 (106,241,387 ) 391,909 Preferred stock dividends 3,537,287 — — — 3,537,287 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (3,145,378 ) $ 48,104,754 $ 58,136,633 $ (106,241,387 ) $ (3,145,378 )
Schedule of consolidated statements of cash flows	For the year ended December 31, 2017 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $ (20,632,223 ) $ 35,949,402 $ 35,263,448 $ (71,212,850 ) $ (20,632,223 ) Adjustments to reconcile net income (loss) to net cash flows from operating activities: Equity of subsidiaries (32,820,620 ) (38,392,230 ) — 71,212,850 — Change in fair value of life insurance policies — (7,746,744 ) (59,014,067 ) — (66,760,811 ) Amortization of deferred financing and issuance costs 6,939,841 208,829 1,632,177 — 8,780,847 Provision for MCA advances — — 1,308,000 — 1,308,000 Deferred income taxes (2,097,371 ) — — — (2,097,371 ) Preferred stock issued in lieu of cash dividends 498,659 — — — 498,659 (Increase) decrease in operating assets: Life insurance policy benefits receivable — (1,500,000 ) (9,813,761 ) — (11,313,761 ) Other assets (15,870,956 ) (24,497,313 ) (5,155,644 ) 42,435,842 (3,088,071 ) Increase (decrease) in operating liabilities: Accounts payable 581,153 113,202 3,473,373 — 4,167,728 Interest and dividends payable 3,771,709 (3,743,277 ) 2,680,191 — 2,708,623 Other accrued expenses 1,702,625 1,066,743 (146,546 ) — 2,622,822 NET CASH FLOWS USED IN OPERATING ACTIVITIES (57,927,183 ) (38,541,388 ) (29,772,829 ) 42,435,842 (83,805,558 ) CASH FLOWS FROM INVESTING ACTIVITIES Investment in life insurance policies — (3,022,439 ) (85,621,380 ) — (88,643,819 ) Carrying value of matured life insurance policies — 2,091,713 13,977,919 — 16,069,632 Proceeds from Secured MCA advances — — 2,762,784 — 2,762,784 NET CASH FLOWS USED IN INVESTING ACTIVITIES — (930,726 ) (68,880,677 ) — (69,811,403 ) CASH FLOWS FROM FINANCING ACTIVITIES Net borrowings on Senior Credit Facilities — — 59,799,649 — 59,799,649 Payments for issuance costs of senior debt — (1,076,118 ) (3,434,270 ) — (4,510,388 ) Payments for redemption of Series I Secured Notes — (16,613,667 ) — — (16,613,667 ) Proceeds from issuance of L Bonds 131,796,220 — — — 131,796,220 Payments for issuance costs of L Bonds (10,896,925 ) — — — (10,896,925 ) Payments for redemption of L Bonds (60,848,460 ) — — — (60,848,460 ) Proceeds from (increase in) restricted cash — (7,249,761 ) 16,726,672 — 9,476,911 Issuance of member capital — 16,537,331 25,898,511 (42,435,842 ) — Redemption of common stock (1,603,560 ) — — — (1,603,560 ) Proceeds from issuance of preferred stock 127,279,847 — — — 127,279,847 Payments for issuance costs of preferred stock (9,027,190 ) — — — (9,027,190 ) Payments for redemption of preferred stock (22,598,626 ) — — — (22,598,626 ) Preferred stock dividends (12,702,341 ) — — — (12,702,341 ) NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES 141,398,965 (8,402,215 ) 98,990,562 (42,435,842 ) 189,551,470 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 83,471,782 (47,874,329 ) 337,056 — 35,934,509 CASH AND CASH EQUIVALENTS BEGINNING OF THE PERIOD 28,481,047 49,360,952 644,983 — 78,486,982 END OF THE PERIOD $ 111,952,829 $ 1,486,623 $ 982,039 $ — $ 114,421,491 For the year ended December 31, 2016 Parent Guarantor Subsidiary Non-Guarantor Subsidiaries 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 (loss) to net cash flows from operating activities: Equity of subsidiaries (47,418,844 ) (58,822,543 ) — 106,241,387 — Change in fair value of life insurance policies — (900,808 ) (69,681,575 ) — (70,582,383 ) Amortization of deferred financing and issuance costs 7,720,065 (1,307,640 ) 2,032,827 — 8,445,252 Provision for MCA advances — — 600,000 — 600,000 Deferred income taxes 333,402 — — — 333,402 Preferred stock issued in lieu of cash dividends 689,742 — — — 689,742 (Increase) decrease in operating assets: Life insurance policy benefits receivable — — (5,345,000 ) — (5,345,000 ) Other assets (114,758,710 ) (43,964,379 ) 42,410,680 114,884,593 (1,427,816 ) Increase (decrease) in operating liabilities: Accounts payable 572,483 574,481 (437,692 ) — 709,272 Interest and dividends payable 2,494,085 420,259 2,256,824 — 5,171,168 Other accrued expenses 706,719 2,873,233 (8,579,395 ) — (4,999,443 ) 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 — — 104,825,508 — 104,825,508 Payments for issuance costs of senior debt — — (7,111,556 ) (7,111,556 ) 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 Payments for issuance costs of L Bonds (10,149,316 ) — — — (10,149,316 ) Payments for redemption of L Bonds (45,754,691 ) — — — (45,754,691 ) Issuance of member capital — 107,885,727 6,998,866 (114,884,593 ) — Increase in restricted cash — (15,392 ) (35,469,305 ) — (35,484,697 ) Issuance of common stock 244,185 — — — 244,185 Proceeds from issuance of preferred stock 57,040,946 — 71,555 — 57,112,501 Payments for issuance costs of preferred stock (4,133,527 ) — (7,340 ) — (4,140,867 ) Payments for redemption of preferred stock (2,126,678 ) — (71,555 ) — (2,198,233 ) Preferred stock dividends (3,537,287 ) — — — (3,537,287 ) 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

Concentration (Tables)

Concentration (Tables)	12 Months Ended
	Dec. 31, 2017
Concentration [Abstract]
Summary of the face value of insurance contracts	As of December 31, Life insurance company 2017 2016 John Hancock 15.57 % 14.36 % AXA Equitable 11.88 % 13.42 % Lincoln National 10.80 % 11.22 %
Summary of the number of insurance contracts	As of December 31, State of residence 2017 2016 Florida 20.16 % 19.42 % California 18.60 % 20.72 %

Nature of Business and Summar38

Nature of Business and Summary of Significant Accounting Policies (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Nature of Business and Summary of Significant Accounting Policies (Textual)
Other assets	$ 7,237,110	$ 4,688,103

Restrictions on Cash (Details)

Restrictions on Cash (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Restrictions on Cash (Textual)
Restricted cash accounts	$ 28,350,000	$ 37,827,000

Investment in Life Insurance 40

Investment in Life Insurance Policies (Details)	Dec. 31, 2017USD ($)Policies	Dec. 31, 2016USD ($)Policies
Summary of policies according to estimated life expectancy dates
Number of Policies, 2017 | Policies		11
Number of Policies, 2018 | Policies	8	23
Number of Policies, 2019 | Policies	48	55
Number of Policies, 2020 | Policies	87	93
Number of Policies, 2021 | Policies	98	86
Number of Policies, 2022 | Policies	90	66
Number of Policies, 2023 | Policies	93	64
Number of Policies, Thereafter | Policies	474	292
Number of Policies, Totals | Policies	898	690
Estimated Fair Value, 2017		$ 14,837,000
Estimated Fair Value, 2018	4,398,000	30,830,000
Estimated Fair Value, 2019	63,356,000	57,556,000
Estimated Fair Value, 2020	79,342,000	85,414,000
Estimated Fair Value, 2021	96,154,000	73,825,000
Estimated Fair Value, 2022	85,877,000	56,909,000
Estimated Fair Value, 2023	69,467,000	44,953,000
Estimated Fair Value, Thereafter	251,933,000	146,868,000
Estimated Fair Value, Totals	650,527,000	511,192,000
Face Value, 2017		16,939,000
Face Value, 2018	4,689,000	42,564,000
Face Value, 2019	83,720,000	88,858,000
Face Value, 2020	127,373,000	159,814,000
Face Value, 2021	170,695,000	158,744,000
Face Value, 2022	181,120,000	147,222,000
Face Value, 2023	175,458,000	128,581,000
Face Value, Thereafter	933,093,000	618,953,000
Face Value, Totals	$ 1,676,148,000	$ 1,361,675,000

Investment in Life Insurance 41

Investment in Life Insurance Policies (Details 1) - USD ($)		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016
Schedule of reconciliation of gain on life insurance policies
Change in estimated probabilistic cash flows		$ 63,241,000	$ 46,515,000
Unrealized gain on acquisitions		31,019,000	38,205,000
Premiums and other annual fees		(53,296,000)	(40,239,000)
Change in discount rates	[1]	14,931,000	3,188,000
Change in life expectancy evaluation	[2]	(20,257,000)	(6,029,000)
Face value of matured policies		64,719,000	48,452,000
Fair value of matured policies		(38,243,000)	(22,290,000)
Gain on life insurance policies, net		$ 62,114,000	$ 67,802,000
[1]	The discount rate applied to estimate the fair value of the portfolio of life insurance policies we own was 10.45% as of December 31, 2017, compared to 10.96% as of December 31, 2016. The carrying value of policies acquired during each quarterly reporting period is adjusted to current fair value using the fair value discount rate applied to the entire portfolio as of that reporting date.
[2]	The change in fair value due to updating independent life expectancy estimates on certain life insurance policies in our portfolio.

Investment in Life Insurance 42

Investment in Life Insurance Policies (Details 2)	Dec. 31, 2017USD ($)
Schedule of estimate that premium payments and servicing fees required to maintain our current portfolio of life insurance policies
2,018	$ 54,650,000
2,019	62,227,000
2,020	70,988,000
2,021	80,183,000
2,022	90,204,000
Total	358,252,000
Premiums [Member]
Schedule of estimate that premium payments and servicing fees required to maintain our current portfolio of life insurance policies
2,018	53,548,000
2,019	61,125,000
2,020	69,886,000
2,021	79,081,000
2,022	89,102,000
Total	352,742,000
Servicing [Member]
Schedule of estimate that premium payments and servicing fees required to maintain our current portfolio of life insurance policies
2,018	1,102,000
2,019	1,102,000
2,020	1,102,000
2,021	1,102,000
2,022	1,102,000
Total	$ 5,510,000

Investment in Life Insurance 43

Investment in Life Insurance Policies (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Investment in Life Insurance Policies (Textual)
Life insurance policies fair value	$ 1,000,000
Benefits recognized from insurance policies	64,719,000	$ 48,452,000
Carrying value of life insurance policies	16,070,000	10,993,000
Realized gains from life insurance policies	$ 48,649,000	$ 37,459,000
Life insurance policies [Member]
Investment in Life Insurance Policies (Textual)
Discount rate applied to portfolio	10.45%	10.96%

Fair Value Definition and Hie44

Fair Value Definition and Hierarchy (Details) - Life insurance policies [Member] - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Schedule of reconciliation of investments in life insurance policies
Beginning balance	$ 511,192,000	$ 356,650,000
Purchases	88,644,000	94,953,000
Maturities (initial cost basis)	(16,070,000)	(10,993,000)
Net change in fair value	66,761,000	70,582,000
Ending balance	$ 650,527,000	$ 511,192,000

Fair Value Definition and Hie45

Fair Value Definition and Hierarchy (Details 1) - Life insurance policies [Member] - USD ($)		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016
Summary of inputs utilized in estimating fair value of portfolio life insurance policies
Weighted-average age of insured, years	[1]	81 years 8 months 12 days	81 years 7 months 6 days
Weighted-average life expectancy, months	[1]	82 years 4 months 24 days	83 years 2 months 12 days
Average face amount per policy		$ 1,867,000	$ 1,973,000
Discount rate		10.45%	10.96%
[1]	Weighted-average by face amount of policy benefits

Fair Value Definition and Hie46

Fair Value Definition and Hierarchy (Details 2) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Minus 8 months [Member]
Summary of change in fair value of the investment in life insurance policies
Change in Fair Value of the Investment in Life Insurance Policies	$ 86,391,000	$ 69,253,000
Minus 4 months [Member]
Summary of change in fair value of the investment in life insurance policies
Change in Fair Value of the Investment in Life Insurance Policies	42,886,000	34,601,000
Plus 4 months [Member]
Summary of change in fair value of the investment in life insurance policies
Change in Fair Value of the Investment in Life Insurance Policies	(42,481,000)	(33,846,000)
Plus 8 months [Member]
Summary of change in fair value of the investment in life insurance policies
Change in Fair Value of the Investment in Life Insurance Policies	(84,238,000)	(67,028,000)
Minus 2% [Member]
Summary of change in fair value of the investment in life insurance policies
Change in Fair Value of the Investment in Life Insurance Policies	68,117,000	53,764,000
Minus 1% [Member]
Summary of change in fair value of the investment in life insurance policies
Change in Fair Value of the Investment in Life Insurance Policies	32,587,000	25,728,000
Plus 1% [Member]
Summary of change in fair value of the investment in life insurance policies
Change in Fair Value of the Investment in Life Insurance Policies	(29,964,000)	(23,668,000)
Plus 2% [Member]
Summary of change in fair value of the investment in life insurance policies
Change in Fair Value of the Investment in Life Insurance Policies	$ (57,583,000)	$ (45,491,000)

Fair Value Definition and Hie47

Fair Value Definition and Hierarchy (Details 3)	12 Months Ended
	Dec. 31, 2017$ / sharesshares
Summary of outstanding warrants
Warrants issued	16,000
September 2014 [Member]
Summary of outstanding warrants
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 Hie48

Fair Value Definition and Hierarchy (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Fair Value Definition and Hierarchy (Textual)
Life expectancy report, description	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.
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 L Bonds	$ 461,427,000
Debt instruments face value	$ 470,672,000
Weighted average market interest rate	6.70%
Secured loan outstanding balance	$ 1,954,000
Loan loss reserve	$ 1,908,000
Carrying value of the senior credit facility interest margin, description	12-Month LIBOR
Impairment charge	$ 1,308,000	$ 600,000

Credit Facility - Autobahn Fu49

Credit Facility - Autobahn Funding Company LLC (Details) $ in Millions	Sep. 12, 2017USD ($)
Credit Facility - Autobahn Funding Company LLC (Textual)
Senior credit facility	$ 105

Credit Facility - LNV Corpora50

Credit Facility - LNV Corporation (Details) - USD ($)	1 Months Ended	12 Months Ended
	Sep. 27, 2017	Dec. 31, 2017	Dec. 31, 2016
Credit Facility - LNV Corporation (Textual)
Senior credit facility	$ 300,000,000
Maturity date	Sep. 27, 2029
Interest rate description	Interest will accrue on amounts borrowed under the Amended and Restated Loan 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) 7.50% per annum. The effective rate at December 31, 2017 was 9.31%.
Effective interest rate		9.31%
Outstanding amount of credit facility		$ 222,525,000	$ 162,725,000
Portfolio pledged, percentage		82.60%

Series I Secured Notes (Details

Series I Secured Notes (Details)	Sep. 08, 2017USD ($)
Series I Secured Notes (Textual)
Redeemed aggregate value	$ 6,815,000

L Bonds (Details)

L Bonds (Details) - Renewable Secured Debentures [Member]	Dec. 31, 2017USD ($)
Contractual Maturities
2,018	$ 105,916,000
2,019	151,689,000
2,020	78,402,000
2,021	30,759,000
2,022	40,018,000
Thereafter	54,643,000
Total	461,427,000
Amortization of Deferred Financing Costs
2,018	1,182,000
2,019	4,485,000
2,020	3,297,000
2,021	1,331,000
2,022	2,137,000
Thereafter	3,161,000
Total	$ 15,593,000

L Bonds (Details Textual)

L Bonds (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 01, 2017	Jan. 31, 2015
L Bonds (Textual)
Debentures offer for sale	$ 470,672,000
Weighted average market interest rate	6.70%
Renewable Secured Debentures [Member]
L Bonds (Textual)
Debentures offer for sale			$ 1,000,000,000	$ 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	7.29%	7.23%
Amount outstanding under L bonds	$ 461,427,000	$ 387,067,000
Amortization of deferred issuance costs	6,940,000	$ 7,099,000
Future expected amortization of deferred financing costs	$ 15,593,000
Amortization period of deferred financing cost	7 years

Series A Convertible Preferre54

Series A Convertible Preferred Stock (Details) - Series A Convertible Preferred Stock [Member] - USD ($)	Oct. 09, 2017	Sep. 30, 2012	Dec. 31, 2017
Series A Convertible Preferred Stock (Textual)
Preferred stock, liquidation preference per share		$ 7.50
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%
Aggregate shares of common stock, Warrants			416,000
Exercise price			$ 12.50
Redemption payment per share	$ 8.25

Redeemable Preferred Stock (Det

Redeemable Preferred Stock (Details) - Redeemable Preferred Stock [Member]	Mar. 31, 2017USD ($)shares	Nov. 30, 2015Tradingdays$ / sharesshares
Redeemable Preferred Stock (Textual)
Company offering shares of convertible redeemable preferred stock | shares		100,000
Offering price of series redeemable preferred stock		$ 1,000
Dividends rate of convertible redeemable preferred stock		7.00%
Redeemable preferred stock par value per share		$ 1,000
Number of trading days | Tradingdays		20
Minimum conversion price		$ 15
Preferred stock redemption percentage		15.00%
Redeemable preferred stock, shares issued | shares	99,127
Proceeds from redeemable preferred stock | $	$ 99,127,000
Redeemable preferred stock for sale | $	$ 7,019,000

Series 2 Redeemable Preferred56

Series 2 Redeemable Preferred Stock (Details) - Series 2 Redeemable Preferred Stock [Member]	Feb. 14, 2017USD ($)Tradingdays$ / sharesshares	Dec. 31, 2017USD ($)shares
Series 2 Redeemable Preferred Stock (Textual)
Company offering shares of convertible redeemable preferred stock | shares	150,000
Offering price of series redeemable preferred stock | $ / shares	$ 1,000
Dividend rate of convertible redeemable preferred stock	7.00%
Redeemable preferred stock par value per share | $ / shares	$ 1,000
Number of trading days | Tradingdays	20
Minimum conversion price | $ / shares	$ 12.75
Preferred stock redemption percentage	10.00%
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).
Redeemable preferred stock, shares issued | shares		88,709
Proceeds from redeemable preferred stock | $		$ 88,709,000
Redeemable preferred stock for sale | $		$ 6,142,000
Selling commission, percentage	6.00%
Gross proceeds selling commission price | $	$ 940

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Income Taxes [Abstract]
Statutory federal income tax (benefit)	$ (7,728,000)	$ 247,000
State income taxes (benefit), net of federal benefit	(1,433,000)	56,000
Impact of change in enacted rate	2,605,000
Change in valuation allowance	4,222,000
Other permanent differences	237,000	30,000
Total income tax expense (benefit)	$ (2,097,371)	$ 333,403
Statutory federal income tax (benefit), Percentage	34.00%	34.00%
State income taxes (benefit), net of federal benefit, Percentage	6.30%	7.80%
Impact of change in enacted rate, Percentage	(11.40%)
Change in valuation allowance, Percentage	(18.60%)
Other permanent differences, Percentage	(1.10%)	4.20%
Total income tax expense (benefit)	9.20%	46.00%

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets:
Note Receivable from related party	$ 1,437,000	$ 2,023,000
Net operating loss carryforwards	9,995,000	10,781,000
Other assets	1,724,000	1,130,000
Subtotal	13,156,000	13,934,000
Valuation allowance	(6,386,000)	(2,164,000)
Deferred tax assets	6,770,000	11,770,000
Deferred tax liabilities:
Investment in life insurance policies	(6,630,000)	(13,867,000)
Other liabilities	(140,000)
Net deferred tax asset/(liability)		$ (2,097,000)

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 22, 2017
Income Taxes (Textual)
Current income tax liability	$ 0	$ 0
Valuation allowance	6,386,000	2,164,000
Federal net operating loss carryforwards	34,775,000	26,642,000
State net operating loss carryforwards	$ 34,749,000	$ 26,616,000
Net operating loss carryforwards expiration date	Dec. 31, 2031
Future utilization of net operating loss carryforwards, description	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.
Net deferred income tax assets			$ 2,605,000

Common Stock (Details)

Common Stock (Details) - USD ($)	1 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2017	Dec. 31, 2016
Common Stock (Textual)
Net proceeds		$ (1,603,560)	$ 244,185
Initial public offering [Member]
Common Stock (Textual)
Exercise price		$ 15.63
Warrants issued		16,000
Warrants term		1 year 9 months 18 days
GWG Holdings, Inc. [Member]
Common Stock (Textual)
Issuance of common stock, shares	800,000
Common stock, par value	$ 12.50
Net proceeds	$ 8,600,000

Stock Incentive Plan (Details)

Stock Incentive Plan (Details) - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Stock Option [Member]
Outstanding stock options:
Beginning Balance	1,582,399	1,053,615
Granted year-to-date	428,599	630,850
Vested during the year
Exercised during the year	(126,498)
Forfeited during the year	(247,552)	(102,066)
Ending Balance	1,636,948	1,582,399
Vested [Member]
Outstanding stock options:
Beginning Balance	738,065	483,703
Granted year-to-date	61,099	22,500
Vested during the year	327,061	251,788
Exercised during the year	(126,498)
Forfeited during the year	(142,535)	(19,926)
Ending Balance	857,192	738,065
Un-vested [Member]
Outstanding stock options:
Beginning Balance	844,334	569,912
Granted year-to-date	367,500	608,350
Vested during the year	(327,061)	(251,788)
Exercised during the year
Forfeited during the year	(105,017)	(82,140)
Ending Balance	779,756	844,334

Stock Incentive Plan (Details 1

Stock Incentive Plan (Details 1) - Stock Appreciation Rights [Member] - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Outstanding Stock Appreciation Rights:
Beginning Balance	239,735
Granted year-to-date	104,987	239,735
Vested during the year
Forfeited during the year	(1,750)
Ending Balance	342,972	239,735
Vested [Member]
Outstanding Stock Appreciation Rights:
Beginning Balance	106,608
Granted year-to-date	13,001	106,608
Vested during the year	69,444
Forfeited during the year
Ending Balance	189,053	106,608
Un-vested [Member]
Outstanding Stock Appreciation Rights:
Beginning Balance	133,127
Granted year-to-date	91,986	133,127
Vested during the year	(69,444)
Forfeited during the year	(1,750)
Ending Balance	153,919	133,127

Stock Incentive Plan (Details 2

Stock Incentive Plan (Details 2) - 2013 Stock Incentive Plan [Member] - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Vested [Member] | SARs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding	189,053	106,608
Weighted-Average Exercise Price	$ 8.54	$ 8.35
Weighted-Average Remaining Life (years)	5 years 10 months 10 days	6 years 9 months 22 days
Weighted-Average Fair Value at Grant Date	$ 1.90	$ 1.83
Vested [Member] | Total Vested [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding	1,046,245	852,173
Weighted-Average Exercise Price	$ 8.14	$ 8.40
Weighted-Average Remaining Life (years)	6 years 1 month 9 days	6 years 11 months 23 days
Weighted-Average Fair Value at Grant Date	$ 1.78	$ 1.66
Vested [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding	857,192	745,565
Weighted-Average Exercise Price	$ 8.05	$ 8.41
Weighted-Average Remaining Life (years)	6 years 2 months 1 day	7 years
Weighted-Average Fair Value at Grant Date	$ 1.76	$ 1.64
Unvested [Member] | SARs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding	153,919	133,127
Weighted-Average Exercise Price	$ 9.16	$ 8.41
Weighted-Average Remaining Life (years)	6 years 2 months 27 days	6 years 9 months 25 days
Weighted-Average Fair Value at Grant Date	$ 2.02	$ 2
Unvested [Member] | Total Vested [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding	933,675	977,461
Weighted-Average Exercise Price	$ 9.21	$ 8.68
Weighted-Average Remaining Life (years)	7 years 3 months 19 days	7 years 4 days
Weighted-Average Fair Value at Grant Date	$ 2.15	$ 1.84
Unvested [Member] | Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding	779,756	844,334
Weighted-Average Exercise Price	$ 9.21	$ 8.72
Weighted-Average Remaining Life (years)	7 years 6 months	7 years 15 days
Weighted-Average Fair Value at Grant Date	$ 2.17	$ 1.82

Stock Incentive Plan (Details T

Stock Incentive Plan (Details Textual)	12 Months Ended
	Dec. 31, 2017USD ($)$ / pureshares	Dec. 31, 2016USD ($)
Stock Options [Member]
Stock Incentive Plan (Textual)
Outstanding stock options	1,637,000
Number of options vested	857,000
Options exercise price description	The options were issued with an exercise price between $6.35 and $10.38 for those beneficially owning more than 10% of our common stock, and between $4.83 and $11.00 for all others, which is equal to the market price of the shares on the date of grant.
Forfeited	685,000
Exercised during the year	154,000
Unrecognized compensation expense related to un-vested options | $	$ 1,096,000
Unrecognized compensation expense related to un-vested options, period of recognition	3 years
Compensation expense in 2018 | $	$ 577,000
Compensation expense in 2019 | $	397,000
Compensation expense in 2020 | $	$ 122,000
Expiry award grant term	10 years
Stock Options [Member] | Maximum [Member]
Stock Incentive Plan (Textual)
Expected volatility rate	29.00%
Stock Options [Member] | Minimum [Member]
Stock Incentive Plan (Textual)
Expected volatility rate	19.70%
2013 Stock Incentive Plan [Member]
Stock Incentive Plan (Textual)
Common stock options authorized	3,000,000
Common stock options available for issuance	866,000
Stock Appreciation Rights [Member]
Stock Incentive Plan (Textual)
Outstanding stock options	343,000
Number of options vested	189,000
Options exercise price description	The strike price of the SARs was between $7.84 and $10.38, which was equal to the market price of the common stock at the date of issuance.
Strike price	8.32
Other accrued expenses | $	$ 551,000
Employee compensation and benefits expense | $	$ 547,000	$ 4,000

Other Expenses (Details)

Other Expenses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Other Expenses [Abstract]
Contract labor	$ 550,000	$ 913,000
Marketing	2,226,000	1,702,000
Information technology	1,555,000	739,000
Servicing and facility fees	1,226,000	1,159,000
Travel and entertainment	1,047,000	1,092,000
Insurance and regulatory	1,591,000	1,729,000
Charitable contributions	462,000	280,000
General and administrative	2,514,000	2,463,000
Total other expenses	$ 11,170,676	$ 10,076,976

Commitments (Details)

Commitments (Details)	Dec. 31, 2017USD ($)
Summary of minimum lease payments under amendment lease
2,018	$ 266,000
2,019	275,000
2,020	284,000
2,021	293,000
2,022	302,000
Thereafter	904,000
Total	$ 2,324,000

Commitments (Details Textual)

Commitments (Details Textual)	Sep. 01, 2015ft²	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Commitments (Textual)
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 October 2025.
Office space in square feet | ft²	17,687
Lease term date	Oct. 31, 2025
Rent expenses | $		$ 442,000	$ 415,000

Guarantee of L Bonds (Details)

Guarantee of L Bonds (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
A S S E T S
Cash and cash equivalents	$ 114,421,491	$ 78,486,982	$ 34,425,105
Restricted cash	28,349,685	37,826,596
Investment in life insurance policies, at fair value	650,527,353	511,192,354
Secured MCA advances	1,661,774	5,703,147
Life insurance policy benefits receivable	16,658,761	5,345,000
Other assets	7,237,110	4,688,103
Investment in subsidiaries
TOTAL ASSETS	818,856,174	643,242,182
LIABILITIES
Senior Credit Facilities	212,238,192	156,064,818
Series I Secured Notes		16,404,836
L Bonds	447,393,568	381,312,587
Accounts payable	6,394,439	2,226,712
Interest and dividends payable	15,427,509	16,160,599
Other accrued expenses	3,730,723	1,676,761
Deferred taxes, net		2,097,371
TOTAL LIABILITIES	685,184,431	575,943,684
STOCKHOLDERS' EQUITY
Member's capital
Convertible preferred stock		19,701,133
Redeemable preferred stock and Series 2 redeemable preferred stock	92,840,243	59,025,164
Common stock	5,813	5,980
Additional paid-in capital		7,383,515
Accumulated deficit	(39,449,517)	(18,817,294)
TOTAL STOCKHOLDERS' EQUITY	133,671,743	67,298,498	16,145,414
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	818,856,174	643,242,182
Parent [Member]
A S S E T S
Cash and cash equivalents	111,952,829	28,481,047
Restricted cash
Investment in life insurance policies, at fair value
Secured MCA advances
Life insurance policy benefits receivable
Other assets	1,912,203	3,854,233
Investment in subsidiaries	480,659,789	429,971,148
TOTAL ASSETS	594,524,821	462,306,428
LIABILITIES
Senior Credit Facilities
Series I Secured Notes
L Bonds	447,393,568	381,312,587
Accounts payable	1,434,623	853,470
Interest and dividends payable	10,296,584	9,882,133
Other accrued expenses	1,728,303	862,369
Deferred taxes, net		2,097,371
TOTAL LIABILITIES	460,853,078	395,007,930
STOCKHOLDERS' EQUITY
Member's capital
Convertible preferred stock		19,701,133
Redeemable preferred stock and Series 2 redeemable preferred stock	173,115,447	59,025,164
Common stock	5,813	5,980
Additional paid-in capital		7,383,515
Accumulated deficit	(39,449,517)	(18,817,294)
TOTAL STOCKHOLDERS' EQUITY	133,671,743	67,298,498
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	594,524,821	462,306,428
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 policy benefits receivable
Other assets		(2,033,592)
Investment in subsidiaries	(895,895,001)	(782,308,185)
TOTAL ASSETS	(895,895,001)	(784,341,777)
LIABILITIES
Senior Credit Facilities
Series I Secured Notes
L Bonds
Accounts payable
Interest and dividends payable
Other accrued expenses		(2,033,592)
Deferred taxes, net
TOTAL LIABILITIES		(2,033,592)
STOCKHOLDERS' EQUITY
Member's capital	(895,895,001)	(782,308,185)
Convertible preferred stock
Redeemable preferred stock and Series 2 redeemable preferred stock
Common stock
Additional paid-in capital
Accumulated deficit
TOTAL STOCKHOLDERS' EQUITY	(895,895,001)	(782,308,185)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	(895,895,001)	(784,341,777)
Guarantor Subsidiary [Member]
A S S E T S
Cash and cash equivalents	1,486,623	49,360,952	1,982,722
Restricted cash	9,367,410	2,117,649
Investment in life insurance policies, at fair value	51,093,362	41,277,896
Secured MCA advances
Life insurance policy benefits receivable	1,500,000
Other assets	1,986,312	2,056,822
Investment in subsidiaries	415,235,212	352,337,037
TOTAL ASSETS	480,668,919	447,150,356
LIABILITIES
Senior Credit Facilities
Series I Secured Notes		16,404,836
L Bonds
Accounts payable	844,899	731,697
Interest and dividends payable		3,743,277
Other accrued expenses	1,610,773	544,032
Deferred taxes, net
TOTAL LIABILITIES	2,455,672	21,423,842
STOCKHOLDERS' EQUITY
Member's capital	478,213,247	425,726,514
Convertible preferred stock
Redeemable preferred stock and Series 2 redeemable preferred stock
Common stock
Additional paid-in capital
Accumulated deficit
TOTAL STOCKHOLDERS' EQUITY	478,213,247	425,726,514
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	480,668,919	447,150,356
Non-Guarantor Subsidiaries [Member]
A S S E T S
Cash and cash equivalents	982,039	644,983	$ 150,221
Restricted cash	18,982,275	35,708,947
Investment in life insurance policies, at fair value	599,433,991	469,914,458
Secured MCA advances	1,661,774	5,703,147
Life insurance policy benefits receivable	15,158,761	5,345,000
Other assets	3,338,595	810,640
Investment in subsidiaries
TOTAL ASSETS	639,557,435	518,127,175
LIABILITIES
Senior Credit Facilities	212,238,192	156,064,818
Series I Secured Notes
L Bonds
Accounts payable	4,114,917	641,545
Interest and dividends payable	5,130,925	2,535,189
Other accrued expenses	391,647	2,303,952
Deferred taxes, net
TOTAL LIABILITIES	221,875,681	161,545,504
STOCKHOLDERS' EQUITY
Member's capital	417,681,754	356,581,671
Convertible preferred stock
Redeemable preferred stock and Series 2 redeemable preferred stock
Common stock
Additional paid-in capital
Accumulated deficit
TOTAL STOCKHOLDERS' EQUITY	417,681,754	356,581,671
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 639,557,435	$ 518,127,175

Guarantee of L Bonds (Details 1

Guarantee of L Bonds (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
REVENUE
Gain on life insurance policies, net	$ 62,114,403	$ 67,801,565
MCA income	554,341	929,303
Interest and other income	1,465,174	746,466
TOTAL REVENUE	64,133,918	69,477,334
EXPENSES
Interest expense	54,419,444	42,343,374
Employee compensation and benefits	14,869,749	11,784,296
Legal and professional fees	5,095,643	3,947,376
Provision for MCA advances	1,308,000	600,000
Other expenses	11,170,676	10,076,976
TOTAL EXPENSES	86,863,512	68,752,022
INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES	(22,729,594)	725,312
EQUITY IN INCOME OF SUBSIDIARIES
INCOME (LOSS) BEFORE INCOME TAXES	(22,729,594)	725,312
INCOME TAX (BENEFIT) EXPENSE	(2,097,371)	333,403
NET INCOME (LOSS)	(20,632,223)	391,909
Preferred stock dividends	12,702,341	3,537,287
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	(33,334,564)	(3,145,378)
Eliminations [Member]
REVENUE
Gain on life insurance policies, net
MCA income
Interest and other income	(475,371)	(225,792)
TOTAL REVENUE	(475,371)	(225,792)
EXPENSES
Interest expense	(80,321)	(212,375)
Employee compensation and benefits
Legal and professional fees
Provision for MCA advances
Other expenses	(395,050)	(13,417)
TOTAL EXPENSES	(475,371)	(225,792)
INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES
EQUITY IN INCOME OF SUBSIDIARIES	(71,212,850)	(106,241,387)
INCOME (LOSS) BEFORE INCOME TAXES	(71,212,850)	(106,241,387)
INCOME TAX (BENEFIT) EXPENSE
NET INCOME (LOSS)	(71,212,850)	(106,241,387)
Preferred stock dividends
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	(71,212,850)	(106,241,387)
Parent [Member]
REVENUE
Gain on life insurance policies, net
MCA income
Interest and other income	244,202	260,087
TOTAL REVENUE	244,202	260,087
EXPENSES
Interest expense	37,754,984	32,149,577
Employee compensation and benefits	9,043,509	6,874,368
Legal and professional fees	1,937,714	2,107,053
Provision for MCA advances
Other expenses	7,058,209	5,822,621
TOTAL EXPENSES	55,794,416	46,953,619
INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES	(55,550,214)	(46,693,532)
EQUITY IN INCOME OF SUBSIDIARIES	32,820,620	47,418,844
INCOME (LOSS) BEFORE INCOME TAXES	(22,729,594)	725,312
INCOME TAX (BENEFIT) EXPENSE	(2,097,371)	333,403
NET INCOME (LOSS)	(20,632,223)	391,909
Preferred stock dividends	12,702,341	3,537,287
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	(33,334,564)	(3,145,378)
Guarantor Subsidiary [Member]
REVENUE
Gain on life insurance policies, net	6,979,773	379,405
MCA income
Interest and other income	496,886	72,757
TOTAL REVENUE	7,476,659	452,162
EXPENSES
Interest expense	930,837	2,311,819
Employee compensation and benefits	5,310,498	4,358,406
Legal and professional fees	962,778	1,628,408
Provision for MCA advances
Other expenses	2,715,374	2,871,318
TOTAL EXPENSES	9,919,487	11,169,951
INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES	(2,442,828)	(10,717,789)
EQUITY IN INCOME OF SUBSIDIARIES	38,392,230	58,822,543
INCOME (LOSS) BEFORE INCOME TAXES	35,949,402	48,104,754
INCOME TAX (BENEFIT) EXPENSE
NET INCOME (LOSS)	35,949,402	48,104,754
Preferred stock dividends
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	35,949,402	48,104,754
Non-Guarantor Subsidiaries [Member]
REVENUE
Gain on life insurance policies, net	55,134,630	67,422,160
MCA income	554,341	929,303
Interest and other income	1,199,457	639,414
TOTAL REVENUE	56,888,428	68,990,877
EXPENSES
Interest expense	15,813,944	8,094,353
Employee compensation and benefits	515,742	551,522
Legal and professional fees	2,195,151	211,915
Provision for MCA advances	1,308,000	600,000
Other expenses	1,792,143	1,396,454
TOTAL EXPENSES	21,624,980	10,854,244
INCOME (LOSS) BEFORE EQUITY IN INCOME OF SUBSIDIARIES	35,263,448	58,136,633
EQUITY IN INCOME OF SUBSIDIARIES
INCOME (LOSS) BEFORE INCOME TAXES	35,263,448	58,136,633
INCOME TAX (BENEFIT) EXPENSE
NET INCOME (LOSS)	35,263,448	58,136,633
Preferred stock dividends
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 35,263,448	$ 58,136,633

Guarantee of L Bonds (Details 2

Guarantee of L Bonds (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (20,632,223)	$ 391,909
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Equity of subsidiaries
Change in fair value of life insurance policies	(66,760,811)	(70,582,383)
Amortization of deferred financing and issuance costs	8,780,847	8,445,252
Provision for MCA advances	1,308,000	600,000
Deferred income taxes	(2,097,371)	333,402
Preferred stock issued in lieu of cash dividends	498,659	689,742
(Increase) decrease in operating assets:
Life insurance policy benefits receivable	(11,313,761)	(5,345,000)
Other assets	(3,088,071)	(1,427,816)
Increase (decrease) in operating liabilities:
Accounts payable	4,167,728	709,272
Interest and dividends payable	2,708,623	5,171,168
Other accrued expenses	2,622,822	(4,999,443)
NET CASH FLOWS USED IN OPERATING ACTIVITIES	(83,805,558)	(66,013,897)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in life insurance policies	(88,643,819)	(94,952,879)
Carrying value of matured life insurance policies	16,069,632	10,992,624
Proceeds from Secured MCA advances	2,762,784	2,553,466
Investment in Secured MCA advances		(8,727,924)
NET CASH FLOWS USED IN INVESTING ACTIVITIES	(69,811,403)	(90,134,713)
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings on Senior Credit Facilities	59,799,649	104,825,508
Payments for issuance costs of senior debt	(4,510,388)	(7,111,556)
Payments for redemption of Series I Secured Notes	(16,613,667)	(7,469,462)
Proceeds from issuance of L Bonds	131,796,220	153,874,402
Payments for issuance costs of L Bonds	(10,896,925)	(10,149,316)
Payments for redemption of L Bonds	(60,848,460)	(45,754,691)
Proceeds from (increase in) restricted cash	9,476,911	(35,484,697)
Issuance of member capital
Redemption of common stock	(1,603,560)	244,185
Proceeds from issuance of preferred stock	127,279,847	57,112,501
Payments for issuance costs of preferred stock	(9,027,190)	(4,140,867)
Payments for redemption of preferred stock	(22,598,626)	(2,198,233)
Preferred stock dividends	(12,702,341)	(3,537,287)
NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES	189,551,470	200,210,487
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	35,934,509	44,061,877
CASH AND CASH EQUIVALENTS
BEGINNING OF YEAR	78,486,982	34,425,105
END OF YEAR	114,421,491	78,486,982
Eliminations [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	(71,212,850)	(106,241,387)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Equity of subsidiaries	71,212,850	106,241,387
Change in fair value of life insurance policies
Amortization of deferred financing and issuance costs
Provision for MCA advances
Deferred income taxes
Preferred stock issued in lieu of cash dividends
(Increase) decrease in operating assets:
Life insurance policy benefits receivable
Other assets	42,435,842	114,884,593
Increase (decrease) in operating liabilities:
Accounts payable
Interest and dividends payable
Other accrued expenses
NET CASH FLOWS USED IN OPERATING ACTIVITIES	42,435,842	114,884,593
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in life insurance policies
Carrying value of matured life insurance policies
Proceeds from Secured MCA advances
Investment in Secured MCA advances
NET CASH FLOWS USED IN INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings on Senior Credit Facilities
Payments for issuance costs of senior debt
Payments for redemption of Series I Secured Notes
Proceeds from issuance of L Bonds
Payments for issuance costs of L Bonds
Payments for redemption of L Bonds
Proceeds from (increase in) restricted cash
Issuance of member capital	(42,435,842)	(114,884,593)
Redemption of common stock
Proceeds from issuance of preferred stock
Payments for issuance costs of preferred stock
Payments for redemption of preferred stock
Preferred stock dividends
NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES	(42,435,842)	(114,884,593)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS
BEGINNING OF YEAR
END OF YEAR
Parent [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	(20,632,223)	391,909
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Equity of subsidiaries	(32,820,620)	(47,418,844)
Change in fair value of life insurance policies
Amortization of deferred financing and issuance costs	6,939,841	7,720,065
Provision for MCA advances
Deferred income taxes	(2,097,371)	333,402
Preferred stock issued in lieu of cash dividends	498,659	689,742
(Increase) decrease in operating assets:
Life insurance policy benefits receivable
Other assets	(15,870,956)	(114,758,710)
Increase (decrease) in operating liabilities:
Accounts payable	581,153	572,483
Interest and dividends payable	3,771,709	2,494,085
Other accrued expenses	1,702,625	706,719
NET CASH FLOWS USED IN OPERATING ACTIVITIES	(57,927,183)	(149,269,149)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in life insurance policies
Carrying value of matured life insurance policies
Proceeds from Secured MCA advances
Investment in Secured MCA advances
NET CASH FLOWS USED IN INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings on Senior Credit Facilities
Payments for issuance costs of senior debt
Payments for redemption of Series I Secured Notes
Proceeds from issuance of L Bonds	131,796,220	153,874,402
Payments for issuance costs of L Bonds	(10,896,925)	(10,149,316)
Payments for redemption of L Bonds	(60,848,460)	(45,754,691)
Proceeds from (increase in) restricted cash
Issuance of member capital
Redemption of common stock	(1,603,560)	244,185
Proceeds from issuance of preferred stock	127,279,847	57,040,946
Payments for issuance costs of preferred stock	(9,027,190)	(4,133,527)
Payments for redemption of preferred stock	(22,598,626)	(2,126,678)
Preferred stock dividends	(12,702,341)	(3,537,287)
NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES	141,398,965	145,458,034
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	83,471,782	(3,811,115)
CASH AND CASH EQUIVALENTS
BEGINNING OF YEAR	28,481,047	32,292,162
END OF YEAR	111,952,829	28,481,047
Guarantor Subsidiary [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	35,949,402	48,104,754
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Equity of subsidiaries	(38,392,230)	(58,822,543)
Change in fair value of life insurance policies	(7,746,744)	900,808
Amortization of deferred financing and issuance costs	208,829	(1,307,640)
Provision for MCA advances
Deferred income taxes
Preferred stock issued in lieu of cash dividends
(Increase) decrease in operating assets:
Life insurance policy benefits receivable	(1,500,000)
Other assets	(24,497,313)	(43,964,379)
Increase (decrease) in operating liabilities:
Accounts payable	113,202	574,481
Interest and dividends payable	(3,743,277)	420,259
Other accrued expenses	1,066,743	2,873,233
NET CASH FLOWS USED IN OPERATING ACTIVITIES	(38,541,388)	(53,022,643)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in life insurance policies	(3,022,439)
Carrying value of matured life insurance policies	2,091,713
Proceeds from Secured MCA advances
Investment in Secured MCA advances
NET CASH FLOWS USED IN INVESTING ACTIVITIES	(930,726)
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings on Senior Credit Facilities
Payments for issuance costs of senior debt	(1,076,118)
Payments for redemption of Series I Secured Notes	(16,613,667)	(7,469,462)
Proceeds from issuance of L Bonds
Payments for issuance costs of L Bonds
Payments for redemption of L Bonds
Proceeds from (increase in) restricted cash	(7,249,761)	(15,392)
Issuance of member capital	16,537,331	107,885,727
Redemption of common stock
Proceeds from issuance of preferred stock
Payments for issuance costs of preferred stock
Payments for redemption of preferred stock
Preferred stock dividends
NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES	(8,402,215)	100,400,873
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(47,874,329)	47,378,230
CASH AND CASH EQUIVALENTS
BEGINNING OF YEAR	49,360,952	1,982,722
END OF YEAR	1,486,623	49,360,952
Non-Guarantor Subsidiaries [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	35,263,448	58,136,633
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Equity of subsidiaries
Change in fair value of life insurance policies	(59,014,067)	69,681,575
Amortization of deferred financing and issuance costs	1,632,177	2,032,827
Provision for MCA advances	1,308,000	600,000
Deferred income taxes
Preferred stock issued in lieu of cash dividends
(Increase) decrease in operating assets:
Life insurance policy benefits receivable	(9,813,761)	(5,345,000)
Other assets	(5,155,644)	42,410,680
Increase (decrease) in operating liabilities:
Accounts payable	3,473,373	(437,692)
Interest and dividends payable	2,680,191	2,256,824
Other accrued expenses	(146,546)	(8,579,395)
NET CASH FLOWS USED IN OPERATING ACTIVITIES	(29,772,829)	21,393,302
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in life insurance policies	(85,621,380)	(94,952,879)
Carrying value of matured life insurance policies	13,977,919	10,992,624
Proceeds from Secured MCA advances	2,762,784	2,553,466
Investment in Secured MCA advances		(8,727,924)
NET CASH FLOWS USED IN INVESTING ACTIVITIES	(68,880,677)	(90,134,713)
CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings on Senior Credit Facilities	59,799,649	104,825,508
Payments for issuance costs of senior debt	(3,434,270)	(7,111,556)
Payments for redemption of Series I Secured Notes
Proceeds from issuance of L Bonds
Payments for issuance costs of L Bonds
Payments for redemption of L Bonds
Proceeds from (increase in) restricted cash	16,726,672	(35,469,305)
Issuance of member capital	25,898,511	6,998,866
Redemption of common stock
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)
Preferred stock dividends
NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES	98,990,562	69,236,173
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	337,056	494,762
CASH AND CASH EQUIVALENTS
BEGINNING OF YEAR	644,983	150,221
END OF YEAR	$ 982,039	$ 644,983

Concentration (Details)

Concentration (Details)	Dec. 31, 2017	Dec. 31, 2016
John Hancock [Member]
Summary of the face value of insurance contracts with specific life insurance companies
Face value percentage of insurance policies with specific life insurance companies	15.57%	14.36%
AXA Equitable [Member]
Summary of the face value of insurance contracts with specific life insurance companies
Face value percentage of insurance policies with specific life insurance companies	11.88%	13.42%
Lincoln National [Member]
Summary of the face value of insurance contracts with specific life insurance companies
Face value percentage of insurance policies with specific life insurance companies	10.80%	11.22%

Concentration (Details 1)

Concentration (Details 1)	Dec. 31, 2017	Dec. 31, 2016
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 policies held in specific states	20.16%	19.42%
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 policies held in specific states	18.60%	20.72%

Concentration (Details Textual)

Concentration (Details Textual)	12 Months Ended
	Dec. 31, 2017
Concentrations (Textual)
Description of issuance policies with specific life insurance companies and contracts held in specific states	Exceeding 10% of the total face value.

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, shares in Millions	Jan. 12, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)PoliciesIndividuals
Subsequent Events (Textual)
Number of insurance policies | Policies		13
Number of insurance policies covering individuals | Individuals		13
Combined insurance policies benefits		$ 10,704,000
L Bonds [Member]
Subsequent Events (Textual)
Value of issued shares		34,493,000
RPS 2 [Member]
Subsequent Events (Textual)
Value of issued shares		$ 46,260,000
Subsequent Event [Member]
Subsequent Events (Textual)
Issue and sell sole discretion combination of common stock description	We may also issue and sell, in our sole discretion, a combination of common stock (at a purchase price of $10.00 per share) and L Bonds to MHT Financial SPV, L.L.C., a Delaware limited liability company, for an aggregate purchase price of $150 million in cash. Such combination will represent at least 10.9 million additional shares of common stock (including $41 million in L Bonds) but no more than 12.5 million additional shares of our common stock (including $25 million in L Bonds).
Subsequent Event [Member] | Master Exchange Agreement [Member]
Subsequent Events (Textual)
Aggregate shares of common stock | shares	29.1
Purchase price of acquisition | $ / shares	$ 10
Aggregate shares of common stock, value	$ 359,000,000
Cash payment of bonds	$ 150,000,000